Sirma Group Holding Announces 18.73% Increase in Consolidated Revenues (Preliminary Results Q4 2015)

Sirma Group Holding (BSE ticker SKK) announces its preliminary financial results for Q4 2015.. According to the preliminary data the companies within the group have aggregated (non-IFRS) revenues of 40.806 Million leva (20.840 Million euro), including the sales of software licenses. The total size of transactions related parties form revenue of 6.7 Million leva (3.43 Million euro) and non-IFRS revenues of 1.02 Million leva (0.52 Million euro).

Consolidated revenues for 2015 according to IFRS standards are expected to be 33.086 Million leva (16.92 Million euro) which stands for an increase in consolidated revenues of 18.73% compared to year 2014 (27.866 Million leva or 14.248 Million euro).

“Most of the companies in Sirma Group Holding managed to increase their revenues in 2015, mostly due to the fact that we have been very consistent with our investment and innovation strategies. As the raised capital from the successful IPO was expected towards the end of the year, many of the companies within the group have started to execute their market expansion strategies much earlier (especially for the US market) throughout the year and that had evident outcome. We have also stressed a lot on our product development strategies for Ontotext, Sirma ITT, Loyax, Sirma Business Consulting and EngView Systems, which would make us more competitive on the global market for years to come”, said Tsvetan Alexiev, Chief Executive Officer of Sirma Group Holding.

The investments in intangible assets in 2015 are roughly 10.8 Million leva (5.518 Million euro) spent mostly on semantic technologies, loyalty management systems, CAD/CAM software, image recognition and computer vision, software for the financial and insurance industry, and the Sirma platform – a comprehensive enterprise solution for intelligent management of business processes, including document management and integration of various information systems handling vast data sets. Sirma Group Holding has also invested in hardware (tangible assets) approx. 1.1 Million leva (0.564 Million euro).

The total consolidated expenses of the group for 2015 is estimated to 30.294 Million leva (15.489 Million euro) thus forming a Earning Before Tax (EBT) of 2.792 Million leva (1.428 Million euro). Net cash used in financing activities is 0.292 Million leva (0.149 Million euro). The preliminary data indicates for Net Profit of 2.205 Million leva (1.127 Million euro) and EBITDA of 9.703 Million leva (4.961 Million euro).

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