OPENLiMiT Holding AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act]
07.11.2008
Interim report according to Article 37x of the WpHG
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OPENLiMiT Holding AG: Interim Announcement According to Article 37x WpHG
- Revenues for Q3 exceeded CHF 1.1 million and increased by 263% over the
same period of the previous year and by 96% for the first nine months in
comparison to the same period of the previous year.
- Pre-Sales results confirm strong interest in OPENLiMiT's new archiving
technologies.
- New legislation provides favorable mid-term outlook for electronic
signature technolo-gies.
Baar, Switzerland, November 7, 2008
General Development
Q3 2008 continued the positive developments of the first half-year.
Highlights in Q3 involve some significant e-Invoicing installations
delivered as companies realize the cost benefits of paperless invoicing.
This is a clear trend that will continue in Q4 2008 and develop further in
2009. One noteworthy reference project for e-Invoicing in 2008 is the
rental car company Sixt GmbH & Co. Autovermietung KG. Sixt has chosen the
OPENLiMiT server technologies to provide its customers with the option of
receiving electronic invoices in the future, compliant with the legal
requirements in Germany. Sixt will also be an early adopter of the new
archive technologies, providing a fully integrated paperless operation.
A separate and equally noteworthy trend is that collection procedures of
unpaid receivables must be concluded electronically with an electronic
signature, as per December 1, 2008, in Germany. OPENLiMiT is well
positioned in this niche market with several of its distribution partners,
resulting in several thousand licenses issued to various law firms in Q3.
OPENLiMiT also added several new distribution partners to its network in Q3
to date. The two most promising new distribution partners are the Verlag
für Standesamtswesen GmbH and TC TrustCenter GmbH. The focus of the Verlag
für Standesamtswesen is a pilot project to enable the electronic
administration of the registry for births, deaths and marriages. The
OPENLiMiT technologies have been successfully integrated into the
administrative IT-infrastructures. Once the pilot has been completed, the
Verlag für Standesamtswesen intends to offer the combined solution to the
communal data processing centers in Germany. It is expected that most
communal data processing centers will adapt an electronic civil registry by
Q4 2009. TC TrustCenter is an accredited trust center in Germany with
operations in Europe and the US. TC TrustCenter intends to offer the
OPENLiMiT technologies in conjunction with its trust center services and
products. The solutions were exhibited at the Messe Moderner Staat,
November 4-5, in Berlin.
The product development department of OPENLiMiT has been working on the
development of the next software releases, including new technological
features such as XMLDSIG and elliptic curve signature support. The software
is currently being certified by the German Federal Office for Information
Security (BSI) according to the internationally recognized IT-security
standard, Common Criteria EAL 4+, and is scheduled for release in December
of this year. The new release will provide a certified signature solution
for Lotus Forms from IBM. Once released, the OPENLiMiT product portfolio
will encompass certified signature technologies for the three major form
server products from Adobe, IBM and Microsoft respectively, enabling
legally-binding electronic processes that save time and money.
Additionally, OPENLiMiT will soon release OPENLiMiT SignOver and OPENLiMiT
MigSafe, two technologies for long-term archiving for the enterprise and
public sectors. The long-term archiving solutions with electronic
signatures are expected to become important products in the OPENLiMiT
product portfolio in the coming years, already generating considerable
support over various verticals.
In July of this year, the German Federal Cabinet passed legislation in
regard to the electronic ID-card (e-ID). The new e-ID is expected to be
released in November 2010, providing all German citizens with an ID-card
that can also be used for authentication and optionally for legally-binding
processes in the internet and in communication with businesses and public
administrations. This legislation thus positively effects the future
development of the electronic signature market. In preparation for this
development, OPENLiMiT has started with the integration of the prototype
e-ID and required functionality into its Version 3 product, which is
currently in certification according to the eCard-API-Framework (BSI TR
013112), an IT-standard for interoperating with official government IDs.
OPENLiMiT is making this technology available in various on-going pilot
projects to test the application in day to day use. OPENLiMiT has a clear
focus on e-ID functionality and views this as an important extension of its
IT-security technologies.
Operative Development of the OPENLiMiT Group
Revenues for Q3 passed the million mark reaching CHF 1'110'743, an
impressive 263% in-crease compared to the same period in 2007 (CHF
305'583). The period also recorded a positive EBIT result, CHF 19'017,
compared to an EBIT loss of CHF 454'396 in 2007. This positive trend
follows the sales cycle of OPENLiMiT with contract cycles typically taking
between six and nine months to complete. Operational costs (CHF 1'400'153)
(excluding depreciation and amortization) in the same period only increased
by 19% compared to 2007 (CHF 1'174'245) illustrating the benefits of
earlier investments in personnel and marketing activities. First nine month
2008 revenues increased by CHF 1'158'809 or 96% to CHF 2'368'327 compared
to first nine months 2007, reinforcing the growth trend. First nine month
2008 operational costs (excluding depreciation and amortization) rose by
22% to CHF 4'121'243, compared to first nine months 2007 (CHF 3'379'235).
The net loss CHF 1'323'103 is greater than in the first nine months 2007
(CHF 853'282) due to increased amortization charges (+ CHF 801'049), a
process which only began in Q4 2007. Working capital at the end of the
period equaled CHF 2'301'662 which ensures OPENLiMiT is in a strong
position as it enters Q4, historically the strongest quarter in the sales
cycle. The developments thus remain in line with the company's
expectations.
Outlook
The OPENLiMiT management maintains a similar growth pattern this year as in
previous years, resulting in a high percentage of annual revenues occurring
in Q4. The current economic crisis demands that prudence is added to the
forecast for Q4, as the short term effects of an impending economic
slowdown take a grip. Based on the projects currently in discussion, the
management remains confident of continued growth in Q4 and a positive net
income result, although it is difficult to accurately gauge the effects of
the financial crisis on the outcome of project negotiations, especially on
larger scale projects anticipated at this time. The outlook remains
cautionary while monitoring the economic developments closely, but retains
optimism as we see our product as a clear cost saver to companies.
About OPENLiMiT
OPENLiMiT is an internationally leading solution provider of certified
signature software. The components of the solution can be easily integrated
into existing applications, and enable all documents to be managed
efficiently in electronic form, for all business areas. The first
world-wide certification according to the internationally recognized
security standard, Common Criteria EAL 4+, ensures the highest degree of
security and legal enforceability.
For additional information, please visit www.openlimit.com.
Legal Disclaimer:
This press release contains forward-looking statements. Forward-looking
statements are statements which do not describe actual facts from the past;
they also comprise statements about our assumptions and expectations. Every
statement in this press release which reflects our intentions, assumptions,
expectations or forecasts (together with the assumptions that give rise to
our views) constitutes a forward-looking statement. These statements refer
to plans, estimates and forecasts which are currently available to the
management of OPENLiMiT Holding AG. Thus forward-looking statements only
refer to the day on which they were made. We shall accept no obligation to
adjust and/or publicize such adjusted statements in the light of new
information or future results.
DGAP 07.11.2008
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Language: English
Issuer: OPENLiMiT Holding AG
Zugerstrasse 76 b
6341 Baar
Schweiz
Internet: www.openlimit.com
End of News DGAP News-Service
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DGAP-IRE: OPENLiMiT Holding AG: Interim Report November 2008
| Source: EQS Group AG