InVision Releases 2013 Annual Report And Expects 2014 EBIT To Grow 125+ Percent To More Than EUR 4m
Today, InVision AG (ISIN: DE0005859698) has released its 2013 Annual Report and confirmed the preliminary results for the preceding financial year, which were previously published on 18th February 2014. In 2013, the Company achieved an EBIT (Earnings Before Interest and Taxes) of EUR 1.754 million, thereby improving its operating result year-on-year by 115 percent (2012: EUR 0.816 million). The EBIT margin increased to 13 percent (2012: 6 percent). The consolidated group result improved by 157 percent to EUR 1.728 million (2012: EUR 0.673 million), whereas earnings per share increased by 145 percent up to EUR 0.71 (2012: EUR 0.29).
Total revenues increased by 2 percent to EUR 13.557 million (2012: EUR 13.228 million). Revenues from Software and Subscriptions also increased slightly, by 2 percent to EUR 10.754 million (2012: EUR 10.554 million), while cloud services revenues recorded an upper two-digit growth rate. On the other hand, revenues from the the traditional licence business continued to decline. In addition, EUR 2.803 million revenues were generated with Services (2012: EUR 2.674 million).
The operating cash flow increased by 134 percent to EUR 3.023 million (2012: EUR 1.294 million). As of 31st December 2013, liquid funds increased by 84 percent to EUR 4.576 million (31st December 2012: EUR 2.490 million). At the same time, EUR 0.875 million were spent on the buyback of treasury shares. With regard to the current business, InVision AG had an excellent start to the financial year of 2014 and expect to achieve a record result in the first quarter. Supported by an anticipated three-digit growth rate, even stronger growth dynamics for cloud learning offerings and cloud-based workforce management solutions can be expected in 2014. At the same time, the annual cost base for 2014 was once more reduced to less than EUR 9.5 million.
For the financial year of 2014, the Company expects an EBIT growth by at least 125 percent to more than EUR 4 million and an EBIT margin of approximately 30 percent, which is supposed to further increase to 40 to 50 percent in the medium-term. Due to the very positive operative prospects and the established sustainable growth trend, the Executive Board of InVision AG has decided to cease M&A activities, in order to support the exclusive focus on the optimisation of the operative business
With the 2013 results, the Company was able to compensate the accumulated losses of the previous years, thereby basically creating the ability to distribute dividends. First-time with the current financial year, the Company now aims to distribute at least 50 percent of the net profit of a financial year. In this context, the Executive Board of InVision AG has decided to terminate the current share buyback programme prematurely with immediate effect.
The complete Annual Report of the financial year of 2013 is available now for download from the Company’s website at: http://www.ivx.com/investors/.