INTERSHOP COMMUNICATIONS AG

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PR 21nd Oct 2021, 08:10 CEST Intershop reports growing cloud business and continued profitable performance in the first nine months of 2021 Read more

10/26/2021 | 03:26am EDT
  • Total revenues climb 10% to EUR 26.6 million (previous year: EUR 24.3 million)
  • Cloud revenues up 54% to EUR 8.1 million; incoming cloud orders of EUR 11.3 million at the previous-year level
  • Cloud ARR improve by 36% to EUR 11.4 million; net new ARR climb 29% to EUR 2.1 million
  • Earnings before interest and taxes (EBIT) of EUR 1.2 million (previous year: EUR 0.6 million)

Jena, 21 October 2021 - Intershop Communications AG (ISIN: DE000A254211), a leading independent provider of innovative solutions for omnichannel commerce, continued its profitable growth in the first nine months of 2021. The company generated total revenues of EUR 26.6 million in the reporting period, up 10% on the same period of the previous year. Earnings before interest and taxes (EBIT) remained positive also in the third quarter and totaled approx. EUR 1.2 million in the first nine months of 2021 (previous year: EUR 0.6 million).

Cloud and subscription revenues increased by a strong 54% to EUR 8.1 million in the reporting period. Incoming cloud orders (new and existing customers) were at the previous-year level of EUR 11.3 million in the first nine months of 2021. Cloud ARR (annual recurring revenues) were up 36% to EUR 11.4 million at the end of September 2021 (30 September 2020: EUR 8.4 million). Net new ARR increased from EUR 1.6 million to EUR 2.1 million.

As expected, license and maintenance revenues declined to EUR 6.8 million in the first nine months, down from EUR 8.7 million in the same period of the previous year. Service revenues increased by 13% to EUR 11.7 million.

The gross margin improved by two percentage points to 47%. Operating expenses rose by 10% to EUR 11.4 million. They were driven primarily by R&D expenses attributable to increased investments in the company's own cloud platform, which climbed to EUR 3.9 million (previous year: EUR 2.7 million). At EUR 5.6 million, sales and marketing expenses were slightly higher than in the same period of the previous year (previous year: EUR 5.5 million). General and administrative expenses rose to EUR 2.5 million, compared to EUR 2.2 million in the first nine months of 2020.

Earnings before interest and taxes (EBIT) amounted to EUR 1.2 million (previous year: EUR 0.6 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at EUR 3.5 million (previous year: EUR 3.2 million). Net income for the period after taxes amounted to EUR 0.8 million (previous year: EUR 0.4 million).

At the interim balance sheet date of 30 September 2021, total assets of the Intershop Group amounted to EUR 38.6 million. Compared to the end of 2020, this represents an increase by 31%, which is mainly attributable to the capitalization of the right of use for the rental of the new office premises pursuant to IFRS 16. As a result of the increase in total assets, the equity ratio declined from 56% to 45% at the interim balance sheet date. As of 30 September 2021, cash and cash equivalents stood at EUR 11.7 million, a slight increase of EUR 0.1 million compared to the end of 2020.

"Looking at the first nine months as a whole, we are very satisfied," said Markus Klahn, CEO of Intershop Communications AG. "Our cloud figures show a clearly positive trend, although the third quarter was again challenging as it has been in the past. It is particularly pleasing that we have now posted a positive operating result for the seventh consecutive quarter. Against this background and based on our attractive new customer pipeline, we are optimistic about the current quarter."

The company has confirmed its guidance for the full year 2021 and expects incoming cloud orders to rise by at least 10% and a slight increase in net new ARR. Earnings before interest and taxes (EBIT) are projected to be slightly positive on moderately growing revenues.

The quarterly statement for the first nine months of 2021 is available at https://www.intershop.com/en/financial-reports.

Disclaimer

Intershop Communications AG published this content on 26 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2021 07:25:08 UTC.


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Financials
Sales 2022 39,7 M 42,1 M 42,1 M
Net income 2022 0,33 M 0,35 M 0,35 M
Net cash 2022 3,41 M 3,61 M 3,61 M
P/E ratio 2022 170x
Yield 2022 -
Capitalization 62,5 M 66,1 M 66,1 M
EV / Sales 2022 1,49x
EV / Sales 2023 1,34x
Nbr of Employees 294
Free-Float 100%
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Number of Analysts 2
Last Close Price 4,40 €
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Managers and Directors
Jochen Wiechen Chief Executive Officer
Christian Oecking Chairman-Supervisory Board
Markus Klahn Chief Operating Officer
Louis Velthuis Member-Supervisory Board
Ulrich Praedel Vice Chairman-Supervisory Board
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