adesso AG

EANS-Adhoc: adesso AG
Earnings decrease despite rising sales in the second quarter, annual forecast is being reduced

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  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.
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Preliminary Figures

14.08.2012

Based on the preliminary figures for the second quarter of 2012, adesso closes
the period with sales revenues rising further to EUR 28.9 million (Q1: EUR 27.4
million; previous year: EUR 26.0 million) and operating earnings (EBITDA)
dropping to EUR 0.1 million (Q1: EUR 1.3 million; previous year: EUR 2.6
million). In the first half of the year, sales came to EUR 56.3 million
(previous year: EUR 52.9 million) and EBITDA to EUR 1.4 million (previous year:
EUR 5.3 million). The full year guidance is being reduced despite the expected
earnings increase in the second half of the year.

The drop in operating earnings in the second quarter resulted from a lower
number of real working days, a reduction in consultant and developer capacity
utilisation in several business fields, an unprofitable fixed-fee project, lower
license sales for company-produced products and solutions as well as expenses
for restructuring the energy and water management consulting business. The low
capacity utilisation was primarily due to the large number of new hires; demand
remained stable in most sectors. The average number of employees was 949 in the
first half of 2012, 26 % up year-on-year, while sales in this period rose by
merely 6 %. Especially in Germany, adesso invested in developing new units and
fields such as business intelligence and telecommunications and expanded
existing units and locations. Earnings before taxes (EBT) amounted to EUR -3.0
million in the second quarter, primarily on account of the already reported EUR
2.1 million impairment of the discontinued dynamic.suite product family
development. EBT in the first half of 2012 came to EUR -2.2 million (previous
year: EUR 2.8 million).

In the second half of the year, sales revenues are expected to rise further as
well as earnings thanks to an improved capacity utilisation and income from the
restructuring of the energy and water management business. In addition, two
quarters of profitable ARITHNEA GmbH, consolidated as from April, will be
included in operating earnings in the second half of the year. Planning for the
second half of the year expects sales revenues of EUR 58 to 60 million and an
again significantly higher EBITDA of EUR 3.0 to 3.7 million. Hence the 2012
forecast is being reduced to EUR 114 to 116 million in sales and EUR 4.4 to 5.1
million in EBITDA. Due to the impairment relating to the dynamic.suite as well
as ongoing depreciation and amortisation, particularly on purchase price
allocations, this will be resulting in a slightly negative or balanced result in
earnings before taxes.

The complete Half-year Report, including final figures, will be published on 28
August 2012.

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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issuer:      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, München, Hamburg, Düsseldorf, Stuttgart,
             regulated dealing/general standard: Frankfurt 
language:   English
 



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