cyan AG publishes audited IFRS consolidated financial statements 2018
Munich / 1 July 2019. cyan AG has published audited consolidated financial statements according to IFRS for the first time and on a voluntary basis. Accordingly, the annual financial statements only include five months of revenues from I-New AG, which was acquired in July 2018. Total revenues amounted to EUR 20.0 million, EBITDA reached EUR 3.4 million in 2018. Due to the first-time preparation of the consolidated financial statements, there were no comparable figures for the previous year.
Michael Sieghart, CFO of cyan AG: "The audited consolidated financial statements show that our preliminary pro forma consolidated figures for 2018 published in March were very conservative. The provisional pro forma consolidated revenues of EUR 22.9 million reported at the time had included I-New, acquired in July 2018, on a 12-month basis and would have to be significantly adjusted upwards due to massive consolidation effects. In particular, the acquisition of I-New has proved to be even more valuable than expected."
The first few months of 2019 have been very positive - in particular the preparations for the rollout at Orange, which will start in Q4 2019, are progressing rapidly.
Peter Arnoth, CEO of cyan AG: "We are currently in advanced negotiations with some other MNOs and MVNOs and are confident to be able to announce further contracts very soon".
cyan's management confirms its guidance for 2019 and continues to target revenue growth to EUR 35 million and EBITDA of EUR 20 million.
Note: The audited IFRS consolidated financial statements for 2018 are available for download in English at www.cyansecurity.com in the Investor Relations section.
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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