PRESS RELEASE 25 August 2011
Net profit for first six months of 2011
Electronic payments double
Brussels, Belgium - 25 August 2011 Keyware (EURONEXT Brussels: KEYW) a leading supplier of electronic-payment solutions, loyalty systems, identity applications and related transaction management, today announced its financial results for the first six months and the second quarter of 2011, which closed on 30 June 2011. Keyware realised a net profit of EUR 50 k compared to a profit of EUR 172 k for 2010. However, the profit booked in 2010 could be wholly attributed to a non-recurrent gain. Whereas, the profit of 2011 does not contain any non-recurring gains.
Keyware concluded the first six months and the second quarter of 2011 in line with the expectations. The company realised a positive result for the fifth consecutive quarter. This result can mainly be attributed to the combined sale of terminals and transaction contracts.
In comparison to the first six months of 2010, Keyware has further expanded its market share in payment terminals and transaction subscriptions in the higher quality market segments. These segments are characterised by a constant growth, long-term contracts and the possibility to deliver additional payment services.
Keyware's position as an independent payment partner with a personalised service package is also reflected, in particular, in the substantial progress in the market of retail and services chains.
In the field of payment transactions, Keyware more than doubled both the volume and the value in comparison to the first half of 2010. Never before did so many retailers switch to Keyware's attractive transaction offer for Maestro, V-Pay, MasterCard, Visa, AMEX, DinnersClub and JCB.
Stéphane Vandervelde, CEO: "Our unique positioning offers a real and constant added value within the various growth market segments. In the coming quarters, Keyware expects to be able to increase its market share and also launch additional payment services. With this, we are opting for higher and profitable growth.
Guido Van der Schueren, Chairman of the Board of Directors: "The past two years were characterised by generally difficult economic conditions. As a result of Keyware's strong products and services, its streamlined business model and the constant growth of electronic payments, Keyware has succeeded in presenting profitable figures quarter after quarter. Keyware also expects to be profitable for the full financial year 2011, without taking non- recurring gains into account.
First six months of 2011:
- the Group realised a turnover of EUR 2,991 k in comparison to EUR 3,255 k for the same period in 2010, which represents a decrease in turnover of 8.11%;
- the operating cash flow (EBITDA) for the first six months came to EUR 230 k, compared to EUR 683 k for the first six months of 2010, which represents a decrease of 66.32%;
- the net profit for the period amounted to EUR 50 k, compared to a net profit of EUR
172 k as at 30 June 2010;
- the net cash flow amounted to EUR 301 k, compared to EUR 651 k as at 30 June 2010, representing a decrease of 53.76%;
- the gross profit margin rose from 78.99% to 82.85%.
Second quarter of 2011:
- the Group realised a turnover of EUR 1,537 k in comparison to EUR 1,643 k for the same period in 2010, which represents a decrease in turnover of 6.45%;
- the operating cash flow (EBITDA) for the second quarter came to EUR 114 k, compared to EUR 569 k for the second quarter of 2010;
- the net profit for the period amounted to EUR 36 k, in comparison to a net profit of EUR
250 k for the second quarter of 2010;
- the net cash flow amounted to EUR 168 k in comparison to EUR 541 k for the second quarter of 2010;
- the gross profit margin rose from 77.66% to 81.07%.
Six months ending on 2nd quarter
Key figures for the period 30.06.2011 30.06.2010 30.06.2011 30.06.2010
ending on 30 June kEUR kEUR kEUR kEUR
(unaudited) (unaudited) (unaudited) (unaudited)
2,991 3,255 1,537 1,643
Profit/(loss) for the period
50 172 36 250
Net cash flow
230 683 114 569
301 651 168 541
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Keyware (EURONEXT Brussels: KEYW) is a leading supplier of electronic-payment solutions, loyalty systems, identity applications and related transaction management. Keyware is based in Zaventem, Belgium. More information is available on www.keyware.com.
For additional information, please contact:
Mr Stéphane Vandervelde
President & CEO Keyware Technologies
Tel: +32 (0)2 346.25.23 [email protected]