OpenLimit Holding AG announced unaudited group earnings results for the first quarter ended March 31, 2014. Turnover increases by 15% to EUR 1.16 million during the first three months of 2014 compared to EUR 1.01 million a year ago. Compared with the previous year, the operating loss (EBIT) decreased from EUR 0.72 million to EUR 0.46 million (-37%) while the net loss decreased from EUR 0.77 million to EUR 0.55 million (-29%). Total earnings figure was reported at EUR 1.83 million, which corresponds to an increase of 8% over the previous year's figure (2013: EUR 1.69 million). EBITDA (operating result before depreciation) was EUR 0.06 million was slightly positive compared to LBITDA of EUR 0.07 million a year ago. The financial loss of EUR 0.07 million was somewhat lower than the previous year's figure of EUR 0.02 million. This is due mainly to higher interest charges as a result of the issuing of convertible loans and use of lines of credit as well as reduced foreign currency exchange differences.

The outlook for the 2014 financial year remains the same as that described in the Annual Report for 2013 which was published recently. The company has a solid order backlog in the mid 7-digit range for 2014. This improves the liquidity planning situation compared with previous periods, although long payment periods will have to be granted in some cases. The company is however reliant on generating substantial new business in order to achieve its goal of moderate sales growth compared with the previous year as well as reaching the EBIT breakeven point. This aim is sometimes heavily dependent on legal and other frameworks which lie beyond the company's control. Because of the sales pipeline that exists for the signature and truedentity(R) products, the acquisition of further major orders could to some extent cushion any delay in the introduction of the Smart Meter Gateway. Ultimately however, the chances of realizing the company's aims cannot be assessed until later in the year. At present, the company expects the legal and technical frameworks for the Smart Meter Gateway to be complete in the third quarter. This would significantly boost sales activities in the energy sector. The company's management will, in any event, do everything in its power to achieve the goals set.