EANS-Adhoc: adesso AG with All-time High in Sales Revenues in 2009 - First Dividend Payment Suggested
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.
annual report
26.03.2010
- Sales Revenues increased at 7 % to over EUR 71.3 million - Consolidated profit of EUR 3.6 million exceeds expectations in difficult market environment
adesso AG closed the 2009 business year with a new all-time high in sales revenues of EUR 71.3 million, despite the difficult general economic situation. This corresponds to an increase of 7 percent of which 4 percentage-points result from organic growth. The consolidated profit of EUR 3.6 million is less than last year´s result of EUR 4.3 million, but significantly exceeds the company´s own expectations for 2009. Corresponding to today´s decision of the Supervisory Board the Executive Board and the Supervisory Board will suggest a dividend payment for the first time of EUR 0.15 per share on the adesso annual shareholders meeting.
In the fourth quarter of 2009 the turnover increased to a new peak-value of EUR 20.5 million. The operating result EBITDA of EUR 1.9 million increased at 40 %, compared to last year´s result. EBITDA margin amounted to 9.1 % (Q4/2008: 7.3%). The result and turnover in the product business increased distinctly compared to the first nine month, particularly due to the sale of licenses of the company´s own software to E.ON group. The number of employers increased to 598 (FTE) in adesso Group (last year: 529) at year´s end. Liquid assets rose to EUR 4.3 million in the 4th quarter.
While the IT market in Germany decreased by 2.6 percent, adesso was able to gain organic growth. Due to lower work capacities and higher personnel costs in the first half-year, EBITDA margin decreased to 8.1 % (12.1 in 2008). The minimum forecast of 5 % due to the economic crises as well as the forecast of 7 % made during the year had thus been outnumbered. The operative EBITDA margin decreased at 30 % to EUR 5.8 million, after EUR 8.1 million in 2008. Depreciations reduced at 820 EURk and positive tax revenues of 293 EURk lead to consolidated profits of EUR 3.6 million (EUR 4.3 in 2008). The result per share adds up to EUR 0.61 after EUR 0.74 in 2008. The suggestion to pay out a dividend of EUR 0.15 per share corresponds to a return of 3 % to the adesso share equity price at year´s end, respectively a payout ratio of 24% of the net income.
At year´s end, adesso has liquid assets of more than EUR 17.3 million and a net-cash of more than EUR 10.6 million after liabilities. Equity ratio increased to 49 percent (45 percent in 2008). Based on these results, adesso will continue its growth strategy.
adesso expects a slightly recovering economy in 2010 and a growth of the IT market in the German-speaking area between 2% and 3%. With a target of 5 % adesso Group wants to grow faster than the market average and thus anticipates sales revenues between EUR 73 and 75 million for 2010. With an at-least solid price level and a higher degree of capacity utilization of its consultants and software developers, the operating EBITDA margin is expected to increase at 15 percent to EUR 6.5 million. The first quarter of 2010 will probably be weaker than the following quarters. Consolidated profit is intended to increase to approximately EUR 4 million. For 2011 the Executive Board expects a more rapid growth and a return to the aim of a double-digit operating margin.
The annual report 2009 will be published today, 26 March 2010, and will be available on the website at www.adesso-group.de.
end of ad-hoc-announcement ========================================== ====================================== Further information on the business development:
Besides increasing sales in the insurance and banks sectors, the business segment mobile applications contributed to the profits. With its own technology platform of the subsidiary adesso mobile solutions GmbH as well as by providing know-how and having various renowned references, adesso was able to gain good grounds in this field. Together with the high-end content management system FirstSpirit of the subsidiary e-Spirit AG adesso offers a unique combination of consultancy, software development, standardized solutions and application management for an integrated generation, administration and multi-channel distribution of digital contents. This service range, which addresses the top 100 companies in Germany as well as the top 15 Austrian and Swiss companies, is very promising. With E.ON AG adesso could win a major customer who already ordered the complete services. The adesso solutions will be the worldwide standard of E.ON group, bearing an order volume of EUR 6.5 million for licenses and services. Moreover, another new business approach of adesso developed successfully: One year ago, the company announced the development of a portal for the efficient processing between law firms and legal protection insurances. This portal now already contributed with more than EUR 1.0 million to the consolidated profit.
Despite the difficult market environment in 2009, adesso has extended its Sales and Business Development departments and expanded locally, which both contributes to excellent growths perspectives. In Germany adesso opened a new premise in Stuttgart which opens the doors to a new economic region. In addition to that, adesso entered the Austrian market by acquiring beiT Consulting GmbH and CFC Informationssysteme. Both companies achieved sales revenues of more than EUR 5.5 million, of which EUR 3.8 million are already part of the consolidated profit.
adesso moves up to rank 20 in the current Luenendonk listing of Germany's Top IT consultancy and system integration companies.
end of announcement euro adhoc
Further inquiry note:
Christoph Junge
Member of the Board
Tel.: +49 231 930-9330
E-Mail: ir@adesso.de
Branche: Computing & Information Technology
ISIN: DE000A0Z23Q5
WKN: A0Z23Q
Index: CDAX
Börsen: Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade
Frankfurt / regulated dealing/general standard