adesso AG

EANS-News: adesso AG continues strong sales and operating result growth in first half of year
forecast increased


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6-month report

Subtitle: adesso sets new sales and operating result records in first half of
year / positive development continues in second quarter

Dortmund (euro adhoc) - adesso sets new sales and operating result records in
first half of year / positive development continues in second quarter

* 40% sales increase to EUR 52.9 million
* EBITDA climbs 184% from EUR 1.9 million to EUR 5.3 million
* Earnings per share up from EUR 0.10 to EUR 0.34 despite special amortisation
* Sales and operating result forecast for 2011 has been raised

In a positive market environment, adesso continued its strong development in the
second quarter reaching new sales and operating result highs. The 40% sales
increase to EUR 52.9 million was mainly due to the expansion of business in
Switzerland, high license revenues from its own high-end content management
system FirstSpirit, the continuing boom in the development of mobile
applications and its first life insurance project. adesso´s own combination of
consulting, tailored software development and solutions for mobilisation and
digital content management won it a number of important new customers such as
Debeka, KLM, Geberit and PAYBACK. 32 growth percentage points related to organic
growth and 8 percentage points to the delayed effects of the change to the
consolidated group.

The operating margin rose to 10.1% from 5.0% in the last year. This increase was
driven by the pleasing development of target licensing revenues, continuing high
utilisation and successes in pushing through higher daily rates. In the first
half of the year, the operating result, as measured by EBITDA, amounted to EUR
5.3 million after EUR 1.9 million in the previous year. EBITDA for the second
quarter amounted to EUR 2.6 million, following EUR 2.8 million in the first
quarter.

Consolidated earnings more than tripled to EUR 2.0 million (previous year: EUR
0.6 million). Earnings per share amounted to EUR 0.34 after EUR 0.10 at the same
time last year and EUR 0.42 for 2010. Special amortisation resulted in earnings
per share in the second quarter falling to EUR 0.03 after EUR 0.31 in the first
quarter. As of the reporting date 30 June 2011, EUR 1.4 million (corresponding
to EUR 0.25 per share) was recognised as an expense from the partial
amortisation of the goodwill assigned to adesso Austria. Performance in Austria
was lower than expected in 2011 and an impairment test on the amounts from
acquisitions led to this partial amortisation, which impacted earnings.

Liquidity and balance sheet figures continue to show a solid basis for reserves
and investment opportunities. Cash and cash assets amounted to EUR 13.3 million
as of the reporting date 30 June (previous year: EUR 12.8 million) and net
liquidity less interest-bearing liabilities was at EUR 7.2 million (previous
year: EUR 4.8 million). Consolidated earnings less the dividend payout increased
equity to EUR 32.4 million (31 December 2010: EUR 30.9 million) and the equity
ratio was up 0.8 percentage points in the first half of the year, totalling
50.4%.

adesso held its own in a challenging personnel market. In the first half of the
year alone, the number of employees (full-time equivalents) rose by 5% to 764.

Outlook: Sales and operating result forecast increased

Given the forecasts for the overall economy and the IT sector for the second
half of the year, adesso is predicting declining demand pressures, particularly
in the financial sector. Average utilisation will be good but is expected to
fall slightly. In production, pipeline demand will continue to be high for the
remainder of 2011. Overall, the sales forecast for 2011 is being increased to
more than EUR 100 million (previously: EUR 92 - 95 million) on the basis of the
positive development.

The EBITDA forecast for 2011 is also being raised, from EUR 6.2 - 6.5 million to
EUR 7.5 - 8.0 million. The implied slowdown in the second half of the year is
due to expected lower utilisation, no more activations of self-developed
software (first half of the year: EUR 544 thousand) as well as higher costs of
further developing the "dynamic.suite" product family. Excluding the EUR 1.4
million special amortisation of goodwill in the first half of the year,
consolidated earnings will develop disproportionately well compared to EBITDA in
the second half of the year.

The complete interim report is available online at www.adesso-group.de.

The Executive Board


Further inquiry note:
Martin Möllmann
Manager Investor Relations
Tel.: +49 231 930-9330
E-Mail: ir@adesso.de

end of announcement                               euro adhoc 
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company:     adesso AG
             Stockholmer Allee 24
             D-44269 Dortmund
phone:       +49 231 930-9330
FAX:         +49 231 930-9331
mail:     ir@adesso.de
WWW:      http://www.adesso-group.de
sector:      Computing & Information Technology
ISIN:        DE000A0Z23Q5
indexes:     CDAX
stockmarkets: free trade: Berlin, Hamburg, Stuttgart, Düsseldorf, München,
             regulated dealing/general standard: Frankfurt 
language:   English
 

 

 



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