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Heiler Software AG

euro adhoc: Heiler Software AG
Annual Reports
Heiler Software releases figures for fiscal 2003/04

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
- Sales revenues in 2003/04 increased by 13% to 5.3 million Euro
- High sales growth of Q2 and Q3 continued in Q4 (+65%)
- EBIT slightly improved
- Net income influenced by non-cash special effect
- Liquidity and shareholders’ equity remains at a high level
Stuttgart, November 25, 2004 - Based on preliminary consolidated IFRS
figures for fiscal 2003/04 (September 30), Heiler Software AG was
able to increase its sales revenues by 13% to 5.3 million Euro (prior
year: 4.7 million Euro). The sales growth rate in the fourth quarter
of fiscal 2003/04 increased to 65% to revenues of 1.5 million Euro,
which is a further increase to the good growth rates of the second
quarter and third quarter of 57% and 56%, respectively. License-,
maintenance- and Application Service Providing (ASP) revenues for the
fourth quarter each reached the highest level of the fiscal year
2003/04. The sales growth of the fiscal year 2003/04 stems mostly
from consulting, maintenance and ASP revenues. Consulting revenues
increased by 25% to 3.2 million Euro, maintenance and ASP revenues
increased by 39% to 1.2 million Euro. In comparison, license revenues
decreased by 0.5 million Euro to 0.8 million Euro, which is due to
the change of the sales structure from purely license sales to
long-term license and ASP agreements. Under these long-term
agreements, revenues are recognized over the contract period.
Consolidated earnings before interest and taxes (EBIT) improved from
-2.7 million Euro to -2.6 million Euro. Restrictions on the usage of
tax loss carry-forwards in Germany, which were imposed for the first
time in 2004, led in conjunction with the tax planning to a one-time,
non-cash influencing impairment of the deferred tax assets of 2.6
million Euro to 0.9 million Euro. Mainly because of this special tax
effect the net loss increased from 1.8 million Euro to 4.9 million
Euro. Earnings before taxes decreased from -2.2 million Euro to -2.3
million Euro, which is due to a lower interest income. 
At fiscal year end, cash and cash equivalents amount to 16.9 million
Euro (prior year: 19.3 million Euro) and shareholders’ equity amounts
to 18.4 million Euro or 93% of total assets (prior year: 23.2 million
Euro or 96% of total assets). Therefore, the Company still retains a
very solid financial position.
The finalized figures will be published together with the annual
report for fiscal year 2003/04 on December 16, 2004.
More information at
end of announcement                    euro adhoc 25.11.2004 13:57:09 

Further inquiry note:

Constanze Hay
Tel.: +49 (0)711 13984150

Branche: Software
ISIN: DE0005429906
WKN: 542990
Index: Prime Standard, CDAX, Prime All Share, Technologie All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Berliner Wertpapierbörse / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Niedersächsische Börse zu Hannover / free trade
Bayerische Börse / free trade
Bremer Wertpapierbörse (BWB) / free trade

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