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S&T AG

EANS-Adhoc: S&T System Integration&Technology Distribution AG
Positive EBITDA and good performance in south-eastern Europe

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
quaterly report/Q1 2009
30.04.2009
Share of total sales realized by solutions and services business is 
now 54 %
S&T´s strategic goal of increasing the share of total group sales 
achieved by the solutions and services business continued to be 
successfully pursued during the first quarter of 2009. Consulting and
service provision projects now account for 54 % of total sales - the 
corresponding figure in the first quarter of 2008 was 49 %. Overall, 
S&T achieved sales of 98.6 million euros in Q1 2009 (Q1 2008: 116.6 
million euros / -15.4 %), an EBIT of -1.6 million euros (Q1 2008: 2.2
million euros) and a positive EBITDA. The gross margin remained 
stable in percentage terms. S&T is expecting incoming orders to 
stabilize during Q2 and Q3 2009 and is forecasting improved financial
results.
Sales volumes in the core S&T fields of business during the first 
quarter of 2009 reflect the general situation in the IT market. 
Whereas the area of managed services (MS), which mainly involves 
long-term service contracts, saw growth in sales of 2.6 % compared to
2008 and realized 23.5 million euros, sales in the area of enterprise
systems (ES), which focuses on infrastructure, fell by 23.4 % to 45.2
million euros. Business solutions (BS), with its provision of 
consulting services, registered a contraction in sales of 13.8 % to 
29.9 million euros. "The decline in our total sales revenues is 
primarily a result of the current situation in the overall 
infrastructure market, which is traditionally difficult during any 
first quarter. We have managed to defend our market share in the 
infrastructure business and have kept gross margins stable in 
percentage terms, but we are, of course, less than satisfied with the
financial result. However, the MS area of business has really 
developed well. In the business solutions area we are currently 
seeing extremes - during Q1, we were awarded a number of new, large 
contracts, but at the same time a number of ongoing projects were 
postponed or cancelled at short notice by customers. Such a situation
makes our work with planning of resources and costs very difficult 
and has an impact on the results," explains Christian Rosner, CEO 
S&T.
Good results in the Adriatic region and Romania In geographical 
terms, the Adriatic region and Romania made particularly good 
contributions to the overall group results during the first quarter. 
In contrast, the DACH region (Germany, Austria, Switzerland) as well 
as Russia, Turkey, Hungary and Ukraine could not avoid the impact of 
the ongoing crisis. In the German-speaking countries in particular, 
there were a number of projects that were cancelled or postponed, 
including projects in which implementation was about to start or was 
already underway, and for which personnel and budget resources had 
already been allocated. Rosner: "We have already initiated some 
appropriate measures in the business units to tailor the available 
resources to current needs. We are currently assessing our continued 
involvement in Turkey and, furthermore, our office in 
Bosnia-Herzegovina has been reduced to a small operational core team 
and, in Russia, we are looking to establish a strategic partnership 
with a leading local provider."
Balancing act with personnel resources At the end of the first 
quarter of 2009, S&T had 3,048 employees (full time equivalent), 
which is 87 (2.8 %) less than at the beginning of the year. "For us 
as a service provider, we have to play a balancing act of ensuring 
that we retain key resources in order to maintain the high quality of
our services, while at the same time acknowledging that we are forced
to cut costs. It is also the case that measures implemented in terms 
of personnel do not have an immediate effect on the cost structure as
the resulting savings are only seen two or three months later. We 
envisage having approximately 2,850 staff at the end of June and hope
that no further reductions will then need to be made," comments 
Rosner.
Share price on the rise Following a decision by the Austrian Takeover
Commission regarding the issue of AvW, the S&T share price has shown 
a clearly positive trend once again. The price at the end of the 
first quarter was 8.53 euros (March 31, 2009) but within a few days 
of the decision being publicized it had reached a level of 13.50 
euros (April 17, 2009). S&T currently (April 29, 2009) has a market 
capitalization of 42.98 million euros and the share price is 11.99 
euros.
Q2 2009: Positive financial results expected "We are expecting a 
positive operational result for the second quarter of 2009," states 
Rosner. "The forecasts in our individual countries show a positive 
development in the infrastructure business in comparison to the first
quarter. The business solutions area should now have bottomed out in 
terms of sales and the third quarter should produce positive figures 
again here. At present, we are also forecasting a positive result for
the third quarter and sales revenues that should not be much below 
those of last year."
end of announcement                               euro adhoc

Further inquiry note:

Gabriela Mair
Head of Corporate Communications
T: +43 1 367 80 88 1024
Mobil: +43 664 60191 1024
Gabriela.Mair@snt-world.com
www.snt-world.com

Branche: Computing & Information Technology
ISIN: AT0000905351
WKN:
Index: WBI, ATX Prime
Börsen: Wiener Börse AG / official market

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