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INTERSHOP COMMUNICATIONS AKTIENGESELLSCHAFT

(ISHA)
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PRESS RELEASE : Intershop reports growing cloud business and continued profitable performance in the first nine months of 2021

10/21/2021 | 02:11am EST

DGAP-News: Intershop Communications AG / Key word(s): 9 Month figures Intershop reports growing cloud business and continued profitable performance in the first nine months of 2021 2021-10-21 / 08:10 The issuer is solely responsible for the content of this announcement.

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- 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. Contact: Investor Relations T: +49-3641-50-1000 F: +49-3641-50-1309 ir@intershop.com

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2021-10-21 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

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Language:     English 
Company:      Intershop Communications AG 
              Steinweg 10 
              07743 Jena 
              Germany 
Phone:        +49 (0)3641-50-0 
Fax:          +49 (0)3641-50-1309 
E-mail:       ir@intershop.de 
Internet:     www.intershop.de 
ISIN:         DE000A254211 
WKN:          A25421 
Indices:      CDAX, PRIMEALL, TECHALLSHARE 
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 
              Hamburg, Munich, Stuttgart, Tradegate Exchange 
EQS News ID:  1242389 
 
End of News   DGAP News Service 
=------------ 

1242389 2021-10-21

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1242389&application_name=news

(END) Dow Jones Newswires

October 21, 2021 02:10 ET (06:10 GMT)

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Financials
Sales 2021 35,2 M 39,8 M 39,8 M
Net income 2021 1,20 M 1,36 M 1,36 M
Net cash 2021 10,7 M 12,1 M 12,1 M
P/E ratio 2021 52,8x
Yield 2021 -
Capitalization 59,9 M 67,3 M 67,6 M
EV / Sales 2021 1,40x
EV / Sales 2022 1,24x
Nbr of Employees 290
Free-Float 100%
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Mean consensus BUY
Number of Analysts 2
Last Close Price 4,22 €
Average target price 5,95 €
Spread / Average Target 41,0%
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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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