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CompuGROUP Holding AG

euro adhoc: CompuGROUP Holding AG
Earnings Forecast
CompuGROUP adjusts 2008 guidance and confirms medium-term growth and earnings targets. EBITDA forecast of EUR 50 million

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
08.07.2008
Ad hoc announcement of CompuGROUP Holding according to § 15 WpHG
CompuGROUP adjusts 2008 guidance and confirms medium-term growth and 
earnings targets. EBITDA forecast of EUR 50 million.
The management board of CompuGROUP Holding AG has adjusted its 
outlook for the remainder of the year. In the HCS business sector 
regulated health insurers are continuing to withhold contracts as a 
result of discussions regarding the consequences of the introduction 
of the health fund, so that a considerable number of these expected 
orders will probably be delayed until next year. Due to mandatory and
time-consuming product changes in order to conform to regulatory 
changes in Germany, it is prudent to downgrade expectations for the 
pharmaceutical communications business in the second half of the 
year. The guidance set in March of this year has therefore been 
adjusted accordingly. For fiscal 2008 the board forecasts EBITDA of 
approximately EUR 50 million (roughly equivalent to 2007 levels), and
consolidated revenues of about EUR215 million (which represents a 25%
growth versus 2007).  The March guidance anticipated EBITDA and 
revenues of EUR 65 million and EUR 215 million respectively.  The 
margin reduction is due to the expected reductions in high-margin 
work in the HCS business sector, albeit whilst maintaining similar 
total sales volumes. Proforma 2008 revenues of the CompuGROUP group 
of companies after full consolidation of the businesses acquired 
during 2008 amount to EUR 265 million (2007: approx. EUR 180 
million).  The management board expects growth of revenues and above 
average growth of group EBITDA in 2009.
End of adhoc announcement
Additional information:
The negative effects, which on balance lead to a reduction of the 
guidance from March of this year of approximately EUR 15million in 
EBITDA, are primarily attributable to the HCS (EUR -14million) and 
EPS (EUR -4million) sectors. In contrast, growth of the HPS business 
has slightly exceeded targets.
While the lack of growth in HCS is somewhat based on time-limited 
factors, the start-up phase in EPS appears to be lasting longer than 
expected due to a controversial public discussion concerning 
Web-supported patient records.
In the Health Professional Services (HPS) sector - solutions for 
doctors and dentists - sales and earnings in the domestic business 
increased at a disproportionately high rate in the first half of 2008
and exceeded targets as a result of organic growth. Margins of 30% in
2nd-year EBITDA have already been achieved by the foreign AIS 
providers in France and the Czech Republic following the respective 
integration phases. Lower growth and margins are still apparent in 
the companies acquired in 2007 in Austria and Turkey where 
anticipated integration costs were still being incurred in the first 
half of 2008.
The hospital software division (KIS), which also forms part the HPS 
sector, shows a comparable trend. The greatest contributor to sales, 
Systema Österreich, which was fully consolidated in 2007 for the 
first time, continued to develop according to plan and posted an 
above-average EBITDA margin of just under 20%. The Turkish company 
Tepe and the hospital business in Germany acquired in early 2008 are 
still undergoing restructuring and therefore continue to show 
negligible growth and contributions to earnings. Due to its strong 
customer base, CompuGROUP expects that these companies will show 
positive earnings and significantly increased sales as early as 2009.
The same applies to the most recent acquisition, the All for One 
group of companies in Germany.
The high growth and income Health Connectivity Services (HCS) sector 
has performed in line with budget for both sales and earnings up to 
the mid-year point. The Pharma Communications division showed 
significant positive growth compared to 2007 due to reorganisation.
However, more recent amendments to the 
Arzneimittelwirtschaftlichkeitsgesetz (AVWG) in Germany make it 
prudent to currently assume a decrease in earnings during the second 
half of the year.
Contrary to expectations, the new regulations scheduled to take 
effect on January 1, 2009 (e.g. the planned introduction of the 
health fund in Germany) have had a negative impact on the investment 
climate for health insurance funds investing in innovative products 
and services. Despite extremely positive responses to HCS product 
tenders and a large number of sales appointments, customers continue 
to be beset by uncertainty.
In the Electronic Patient Services (EPS) sector, the board sees the 
sluggish introduction of the elektronischen Gesundheitskarte (eGk) 
and the associated lack of infrastructure as a major obstacle to 
conducting business with any degree of success. Allied to this is the
confusion in many people´s minds between the debate of the pros and 
cons of eGk, and vita-X. The break-even point expected in this 
segment for 2008 will not be achieved.
The companies acquired in 2008, organic growth and a revitalisation 
of the HCS business in 2009 lead the board to expect that the 
consolidated CompuGROUP EBITDA margin will again move towards 30% 
with sales volumes of EUR 250 million- EUR 300 million.
end of announcement                               euro adhoc

Further inquiry note:

Markus Georgi
Head of Investor Relations
Tel.: +49 (0) 261 8000-1238
E-Mail: mkg@compugroup.com

Branche: Software
ISIN: DE0005437305
WKN: 543730
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / free trade

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