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par Intershop Communications AG (isin : DE000A0EPUH1)

Intershop publishes figures for Q1 2023

EQS-News: Intershop Communications AG / Key word(s): Quarter Results
Intershop publishes figures for Q1 2023

26.04.2023 / 07:10 CET/CEST
The issuer is solely responsible for the content of this announcement.


  • Moderate start to 2023 with total revenues slightly below prior year at EUR 8.9 million
  • As expected, three-month EBIT of EUR -0.9 million still affected by low service revenues
  • Cloud revenue of EUR 3.7 million, 21% higher than in the previous year

Jena, 26 April 2023 – Intershop Communications AG (ISIN: DE000A254211), a global provider of B2B commerce solutions for the upper mid-market in the manufacturing and wholesaler sectors, generated revenues of EUR 8.9 million in the first three months of the financial year 2023, down 4% on the prior year period (EUR 9.2 million). Revenues from the strategically important cloud business rose by 21% to EUR 3.7 million (previous year: EUR 3.1 million). Cloud revenues accounted for 42% of total revenues, up eight percentage points on the previous year’s 34%. Incoming cloud orders decreased by 70% to EUR 2.6 million (previous year: EUR 8.7 million), which should be seen in the context of the exceptionally high order intake in the first quarter of the previous year. Also, there was noticeable restraint on the part of potential new customers in the first quarter of 2023 due to the uncertain macroeconomic situation. Cloud ARR (annual recurring revenues) rose to EUR 15.7 million as of 31 March 2023 – an increase of 21% (previous year: EUR 13.0 million). Net new ARR dropped by 67% to EUR 0.3 million (previous year: EUR 0.8 million).

Earnings before interest and taxes (EBIT) amounted to EUR -0.9 million in the first quarter of 2023 (previous year: kEUR 31). The main reason for the decline in earnings was that in addition to the lower overall revenues, even lower-margin service revenues had an impact. This was due to inefficiencies in the costing and handling of projects, which have now been eliminated, though. As announced, the efficiency-increasing measures initiated in mid-2022 will take effect in the further course of the year; as a result, service revenues and margins are expected to rise noticeably again. With the focus placed on the cloud business, license and maintenance revenues declined as expected by 32% to EUR 2.0 million (previous year: EUR 2.9 million).

Gross profit on revenues amounted to EUR 3.6 million in the reporting period (previous year: EUR 4.5 million). The gross profit margin dropped eight percentage points to 41%. At EUR 4.5 million, operating expenses and income were on a par with the previous year. R&D expenses declined slightly by 5% to EUR 1.8 million. Sales and marketing expenses remained at the prior year level at EUR 1.9 million; this also applied to general administrative expenses, at EUR 0.8 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at kEUR -5 in the reporting period (previous year: EUR 0.8 million). The result after taxes amounted to EUR -1.0 million (previous year: EUR -0.1 million).

Markus Klahn, CEO of Intershop Communications AG: “The start of 2023 is characterized by restraint on the part of potential customers due to the uncertain macroeconomic situation and the recent negative impact on some service contracts. Nevertheless, we are seeing a clear pick-up in demand, especially towards the end of the first quarter. For instance, Intershop has been able to win Toolineo GmbH & Co. KG as a new customer. Toolineo is an online marketplace for professional craft supplies that has been established for seven years and has high ambitions for further growth. It is a 100% subsidiary of Einkaufsbüro deutscher Eisenhändler GmbH, Europe’s largest purchasing and marketing confederation in the industrial B2B sector. In the context of the cooperation, the IT behind Toolineo will be gradually redesigned over a period of two years. For Intershop, this means not only a high cloud order intake but also additional large-volume service orders for the Intershop Professional Services Team. This is why we remain optimistic about the business trend and confirm our forecast for the financial year 2023.”

At the interim balance sheet date, equity capital amounted to EUR 13.6 million (31 December 2022: EUR 13.9 million). At 32%, the equity ratio was thus slightly lower than at the end of 2022 (34%). Cash flow from operations stood at EUR 1.5 million in the first three months, compared to EUR 3.2 million in the same period of the previous year. Cash and cash equivalents as of 31 March 2023 were up by 6% on the end of the previous year and reached EUR 11.1 million.

For the full year 2023, the Management Board continues to expect both incoming cloud orders and net new ARR to grow by more than 10% each. The Board also projects an increase of over 10% in revenues and a balanced operating result (EBIT).

The quarterly statement for the first quarter of 2023 is available at https://www.intershop.com/financial-reports.

 

Contact:
Investor Relations
Mercedes Celine Zaremba
T: +49-3641-50-1000
ir@intershop.de



26.04.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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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:1616997

 
End of NewsEQS News Service

1616997  26.04.2023 CET/CEST

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