cyan AG confirms growth course and closes 2018 successfully
- Pro forma group revenues of 22.9 million Euro, pro forma EBITDA of 4.8 million Euro
- Forecast for 2019 with revenue growth to EUR 35 million and EBITDA to EUR 20 million confirmed
- Product roll-out of cyan technology successfully launched at Orange
- Acquisition of minority interests in I-New Unified Mobile Solutions AG completed
Munich / 22 March 2019. cyan AG closed its first full fiscal year 2018 very successfully with pro forma group revenues of 22.9 million Euro and EBITDA of 4.8 million Euro (pro forma consolidated figures including I-New; unaudited).
The pro forma cyan group including I-New Unified Mobile Solutions AG ("I-New") achieved an EBITDA margin of 21% in fiscal year 2018. The EBITDA includes provisions for risks at the subsidiary I-New in the amount of approximately 3 million Euro. Adjusted for these provisions, the margin increases to 34%.
Michael Sieghart, CFO of cyan AG: "Our development in the course of 2018 was very eventful and successful both strategically and operationally. In order to provide our shareholders with a true picture of the performance strength achieved by our group, we have compiled pro forma group key figures for 2018. These include our subsidiaries I-New and cyan security group GmbH retroactively from January 1, 2018 at one hundred percent each. The new year has started well and we confirm our forecast for 2019".
Key Figures cyan/I-New Group
|in EUR||01.01.2018 bis 31.12.2018|
|Gross Profit Margin||41 %|
|Other Expenses 2||-1,587,985|
|1) I-New, acquired on 30 July 2018, is considered here as if the company had already belonged to the group on 1 January 2018.|
2) This item includes adjustments of EUR 845,511 for direct and indirect IPO expenses.
After cyan successfully asserted itself in an international tender process at the end of 2018 and concluded a global contract with Orange for 28 countries and a total of more than 260 million end consumers. Preparations for the integration of cyan technology into the Orange networks have started with great momentum. Both companies have already set up project teams. cyan has opened a project office in Paris, reflecting the importance of by far the largest and most important contract in the company's history. The roll-out of cyan technology will start in Orange's French domestic market and will be extended to other countries in the course of the year. The management of cyan continues to expect a significant profit contribution from this contract starting from 2020.
In December cyan announced the acquisition of the minority shares in I-New and thus the increase of its own share to 100%. The non-cash capital increase for the acquisition of minority interests was entered in the commercial register in March 2019 and the new shares were included in trading. The total number of shares of cyan AG thus increased to 8,885,944.
The integration of cyan and I-New will continue at full speed. The company site in Brno/CZ was closed at the end of 2018. In order to complete the integration of I-New, cyan will move to a new headquarter in Vienna in mid-2019. Management has already started negotiations on the sale of the Mattersburg site. Munich will continue to be the principal office of the holding company.
In February 2019 cyan presented itself at the Mobile World Congress in Barcelona for the first time with the complete range of cyan and I-New services under one roof. More than 200 customer meetings were held at the world's most important trade fair for the mobile communications industry. Due to the validation of the technology by the global Orange contract, interest was particularly high.
Peter Arnoth, CEO of cyan AG: "2018 was a groundbreaking year for us. Now it is up to us to reap the fruits of our intensive work in the coming years and develop cyan into a global provider in IT security".
cyan is a leading European provider of intelligent, white labeled IT security solutions with more than 15 years of experience in the area of IT security. cyan's holding company is based in Munich, Germany. The main business areas of the company are mobile security solutions for the end customers of mobile network operators and fixed line internet service providers (MNO, ISP), mobile virtual network operators (MVNO), the insurance and financial services sector and government institutions. With the acquisition of I-New in July 2018, cyan became a one-stop solution for MVNOs worldwide. Today, the group has more than 40 international MVNOs with around 5.5 million end consumers among its contractual partners. cyan's solutions can easily be integrated into the existing infrastructure of business partners and introduced to the market via a revenue share model. In addition, data protection is assured through full integration into the customer's own network environment. In December 2018 cyan has concluded a global group contract with Orange for its cyber-security solutions.
cyan operates its own research and development center and maintains close links to universities, international research institutes, security, financial and social organizations. This close collaboration ensures the early recognition of trends and technical developments for integration into cyan's products.
Further information is available at www.cyansecurity.com
Florian Rukover, Head of IR
Better Orange IR & HV AG
Tel. +49 89 88 96 906 14
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