DGAP-News

Intershop publishes figures for H1 2014

DGAP-News: Intershop Communications AG / Key word(s): Half Year
Results
Intershop publishes figures for H1 2014

06.08.2014 / 08:14

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- Licensing revenues climb 33%

- Moderate decline in net revenues; improved gross margin

- Positive operating cash flow

- Operating result (EBIT) at EUR -4.3 million

Jena, 6 August 2014 - Intershop Communications AG (ISIN: DE000A0EPUH1),
leading independent provider of innovative solutions for omni-channel
commerce, generated net revenues of EUR 23.8 million in the first six
months of 2014, which represents a 6% decline on the previous year.
Licensing revenues climbed 33% to EUR 2.4 million. At EUR 21.4 million,
services, maintenance, and other revenues were down by 9% on the previous
year, which was exclusively due to lower revenues from two major customers.

Ludwig Lutter, Chief Financial Officer of Intershop Communications AG: "We
continue to push our transformation from a service provider to a product
company. Despite the significant increase in license revenues in the first
half of 2014 we still came out below our expectations. Our goal for the
second half of this year is to accelerate the growth in licensing
revenues."

Gross profit improved by 4% to EUR 7.6 million, while the operating result
(EBIT) came in at a negative EUR -4.3 million., Among other things, this is
due to continued high expenditure on sales and marketing (+11% to EUR 6.4
million) and the fact that the positive license revenue effects have not
entirely materialized yet. Intershop's earnings before interest, taxes,
depreciation, and amortisation amounted to EUR -2.2 million (previous year:
EUR -1.1 million). Total operating expenses increased by approx. 17% to EUR
11.9 million. The cost ratio is expected to decline in the second half of
the year. Earnings per share stood at EUR -0.14 at the six-month stage
(previous year: EUR -0.10).

Intershop's net assets and financial position remains stable, with the
equity ratio at a high 65%. Liquid funds amounted to EUR 6.4 million as of
the interim balance sheet date. Moreover, Intershop generated positive
operating cash flow of EUR 0.5 million.

The first half of the year saw Intershop win numerous new customers,
especially in the new target segments of fast-growing small and
medium-sized online customers. Among them are Ekosport, the French market
leader in skiing and outdoor equipment, Trony, a leading Italian hi-fi
electronics retailer, GartenXXL, a subsidiary of Germany's Tengelmann
Group, and Papier Liebl, a medium-sized office supplies company. Music