Q2 Half-year report for 2009

Wirecard AG: successful second quarter and first half of fiscal 2009

Grasbrunn n. Munich, August 19, 2009 – The operating results of Wirecard AG in the second quarter and first half of 2009 once again outperformed the respective figures recorded in the previous year periods.

In the first half of 2009 consolidated sales revenues were up by 17.4 percent to 103.6 million euros, compared with 88.3 million euros generated in the same period a year earlier. Sales revenues in the second quarter of 2009 rose by 14.9 percent to EUR 54.5 million euros, from 47.4 million euros in the previous year period.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 15.4 percent in the first six months of 2009, to 27.4 million euros (6M/2008: 23.7 million euros). In the second quarter of 2009 EBITDA rose by 13.0 percent to 14.6 million euros (Q2/2008: 12.9 million euros).
In the first half of 2009 group earnings before interest and taxes (EBIT) climbed by 14.9 percent to 25.6 million euros (6M/2008: 22.2 million euros). In the second quarter of 2009 EBIT was up by 12.3 percent and amounted to 13.7 million euros (Q2/2008: 12.2 million euros).
The consolidated cash flow on current operations adjusted for transaction volumes of a transitory nature rose by just under 49 percent in the first half year of 2009 from 14.9 million euros to 22.2 million euros.

Development of core segments in the first half of 2009
Sales revenues generated by risk management services and the processing of online payment transactions in the core segment of “Payment Processing & Risk Management” increased by about 18.8 percent in the first half of 2009, to 98.3 million euros (6M/2008: 82.8 million euros). EBIT recorded in this segment in the first half of fiscal 2009 came to 17.0 million euros (6M/2008: 16.4 million euros).

The share of consolidated sales revenues contributed by the “Acquiring & Issuing” segment and, therefore, by Wirecard Bank AG, increased by 87.1 percent in the first half of 2009 year-on-year, from 16.7 million euro to 31.2 million euros. The EBIT contribution achieved by this segment amounted to 8.5 million euros in the first half of 2009, up by 47.4 percent year-on-year (6M/2008: 5.8 million euros).

This favorable performance was achieved despite the substantially lower level of interest income of Wirecard Bank AG compared with the first half of 2008, which is included in consolidated revenues and has corresponding impacts on earnings figures. While deposits made by business and private customers more or less doubled as at June 30, 2009 year-on-year, to 102.9 million euros, due to the generally low level of interest rates the income generated in the process turned out to be roughly one million euros lower than in the same period in 2008.  

Consolidated effects and earnings per share after 6 months
In terms of income by segment, sales revenues amounting to 28.1 million euros were consolidated between segments in the first half of 2009 (6M/2008: 13.7 million euros). These increasingly higher consolidation effects impressively demonstrate the integrated approach adopted within the scope of the Wirecard Group’s business model, comprising technological expertise and integrated banking services.

In the first half of 2009, earnings per share rose from 0.18 euros to 0.20 euros, equivalent to an increase of 11.1 percent. In this context, the capital increase from company funds in fiscal 2008 should also be taken into account.

Double-digit growth of the e-Commerce market
Even in the crisis-ridden year 2009, the pan-European e-Commerce market expanded by 10 percent in the first six months. Forecasts by market research institutes for the year as a whole range from 8 to 12 percent in Europe, depending on the industry branch in question.

Outlook
“Thanks to our good positioning we succeeded in outperforming the market quite significantly in a challenging economic environment. We will continue to intensify our growth strategy even further in the European and Asian market,” said Dr Markus Braun, CEO of Wirecard AG.

The Management Board of Wirecard AG affirms its forecast of EBIT growth of 10 to 25 percent in the current financial year.

The quarterly and half-year reports for 2009 are available for download in PDF format with immediate effect from our website ir.wirecard.com under the heading “Financial reports”.

Press Release

Wirecard Media Contact:
Wirecard AG
Iris Stöckl
Bretonischer Ring 4
D-85630 Grasbrunn / Munich
Germany
Ph.:  +49 (0) 89 4424 0424
Fax:  +49 (0) 89 4424 0524
e-mail: iris.stoeckl@wirecard.com
Internet: www.wirecard.de

About Wirecard AG:
Wirecard AG is one of the leading international providers of electronic payment and risk management solutions. Worldwide, Wirecard supports over 10,000 companies from many and various industry segments in automating their payment processes and minimizing cases of default. Wirecard Bank AG provides account and credit card services both for business and private customers and is a Principal Member of VISA, MasterCard and JCB. The Internet payment service Wirecard enables consumers to make secure payments at millions of MasterCard acceptance outlets worldwide. In addition, registered users can send or receive money orders to each other on a real-time basis. Wirecard AG is listed on the Frankfurt Securities Exchange (TecDAX, ISIN DE0007472060, WDI).

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