Press Release | 2012-02-22

Intershop generates another record result in 2011

• Revenues surge by 29 % to EUR 49.2 million
• EBIT grows by 17 % to EUR 2.6 million
• Cash & Equivalents at record level despite large investments

Jena, February 22, 2012 – Today, Intershop Communications AG (ISIN: DE000A0EPUH1), supplier of integrated e-commerce solutions, announced its preliminary figures for fiscal year 2011. The Company generated net revenues of EUR 49.2 million, corresponding to 29 % growth year over year. With strong Q4 results, Intershop exceeded its guidance of “revenues growth of 20 % to 25 %”, which it had already increased in fall 2011. The reasons for this steep rise in revenues were the positive performance of business with major strategic customers (platinum accounts), as well as a large number of new customers and projects in e-commerce and online marketing. In Q4 2011 alone, the Company’s net revenues amounted to around EUR 13.6 million, the highest quarterly result in the past 10 years.

CFO Ludwig Lutter: “2011 was another successful year for Intershop. The results we achieved confirm our strategy and the way we implement it. At the same time, they show our path for the years to come: we want to continue growing profitably.”

Intershop continued on its growth path of the last 4 years with strong revenue performance and double-digit growth rates each year. All segments contributed to the positive development in the reporting period. Consulting business remains the largest segment, accounting for around 55 % of net revenues with EUR 26.8 million, a 35 % rise year over year. The license business showed an above average improvement compared to the same period in 2010. Intershop generated revenues of EUR 5.5 million in this segment last year, a rise of 31 %. The other revenues (full service and The Bakery business) and online marketing also recorded strong growth.

Gross profit increased by 27 % to EUR 20.0 million, with a gross margin of 41 %, i.e. the same level as in the prior year. Earnings before interest and taxes (EBIT) went up by 17 % to EUR 2.6 million. Despite a steep rise in expenses mainly due to investments in resources and innovation, the EBIT margin came to 5 %, representing about the same level as last year. The number of employees increased by 111 to 470 over the year. EBITDA was EUR 4.5 million. This corresponds to an EBITDA margin of 9 %. Depreciation and amortization decreased from EUR 2.8 million in the previous year to EUR 1.9 million in 2011. Net profit after taxes came to EUR 3.0 million compared to EUR 1.9 million in the prior year. Earnings per share went up from EUR 0.06 to EUR 0.10 (diluted and undiluted) in the fiscal year.

Intershop’s preliminary consolidated balance sheet as of December 31, 2011 showed a very strong financial position. At 69 %, the equity ratio is on par with last year’s high level (68 %). The Company remains free of financial debt. The balance sheet total increased as receivables went up by a total of 14 % to EUR 41.2 million on the balance sheet date. Unrestricted cash rose by 3 % to EUR 16.9 million at the end of 2011.

E-Commerce alliance expanded

In the past fiscal year, the Company continued to successfully drive its strategy of expanding international alliances, which it had introduced in 2010. In addition to the cooperation with the leading US provider of e-commerce and interactive marketing services, a global technology company became a further partner in 2011. With the alliance, Intershop aims to shorten development cycles significantly for its software platforms and increase innovation by pooling the available know-how from the partners.

Intershop 7 creates growth momentum in 2012

Overall, Intershop exceeded its revenues and earnings targets last year. The Company extended the contracts of its major platinum accounts and further intensified its cooperation with these customers. In addition, measures such as the expansion of sales capacities and improved lead generation and marketing are gradually showing their result. The introduction at CeBIT 2012 of their new e-commerce software solution Intershop 7, which was developed in cooperation with the alliance partners, will be a milestone for the Company this year. Henry Göttler, Member of the Board of Management in charge of product development: “The new e-commerce software changes the rules of the game. With Intershop 7, e-commerce managers can easily configure websites, campaigns or multivariant testing instead of programming them and  therefore have total control over their business at any time and can act flexibly and very quickly. Intershop 7 is a breakthrough for shop managers – and for Intershop.”

For fiscal year 2012, the Executive Board anticipates revenues and earnings to grow at a rate of about 10% to 20% year over year, despite the difficult market conditions and the Euro crisis. However, due to the high one-off costs resulting from the upcoming Intershop 7 launch, the Executive Board anticipates negative earnings for Q1 2012, which will be offset during the remainder of the year.

All FY 2011 figures are preliminary and have not yet been audited.

Contact:

Investor Relations
Heide Rausch
Phone: +49 3641 50-1000
Fax: +49 3641 50-1010
ir@intershop.com