adesso SE

Earnings Release • Aug 28, 2009

News Details

Corporate | 28 August 2009 09:08

adesso AG announces half year figures: The company continues to generate profits at lower levels during period of economic downturn; forecast for full year confirmed

adesso AG / Half Year Results

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adesso AG announces half year figures: The company continues to generate
profits at lower levels during period of economic downturn; forecast for
full year confirmed

• Sales Revenues +6% in the first half year to EUR 32.5 million (first half
  of 2008: EUR 30.8 million)
• Anti-cyclical investments as a continuation of the growth strategy
• EBITDA drops to EUR 1.3 million (first half of 2008: EUR 4.2 million)
• Half year result of EUR 0.7 million (first half of 2008: EUR 2.2 million)

adesso AG, a leading consulting and software development partner for
industry-specific business processes solutions, was able to increase sales
revenues by 6% to EUR 32.5 million compared to the same period in the
previous year despite the generally difficult market situation in the first
six months of 2009. 4% of this increase was generated with organic growth.
With a market volume declining in some segments and stagnating overall,
adesso was able to enhance its own market position in the reporting period
and benefited in particular from stable relations with existing customers.
Due to the increase in employee numbers outpacing the rise in sales, as
well as the anticipated caution among customers when investing in software
products, the operating margin of 4.1% did not remain at the same level of
the previous year (previous year: 13.7%). EBITDA amounted to EUR 1.3
million, after totalling EUR 4.2 million in the previous year. adesso
generated consolidated earnings totalling EUR 0.7 million (previous year:
EUR 2.2 million), of which EUR 0.3 million is attributable to the first
quarter and EUR 0.4 million to the second quarter of 2009. adesso also
benefited from the new IFRS regulations relating to the recognition of
goodwill from company mergers.

During the downturn phase of the global economy, adesso is pursuing a
future-driven strategy and continues to invest in the expansion of existing
business areas and the development of new ones. As a result, the company
continued to employ high qualified staff, expanded sales and business
development anti-cyclically by 50% and entered into the Austrian market.
The number of employees increased in the first half year from 529 to 567
(pro-rata full-time positions). The share of sales to banks and insurances
remained stable, while capacity utilisation for consulting and software
development continued to increase in the second quarter of 2009. In
addition, the sales pipeline in the product area grew again compared to the
start of the year.

Liquid assets amounted to EUR 10.7 million at the end of the half year (31
December 2008: EUR 18.7 million). The decline in liquid assets is primarily
attributable to the scheduled payment of variable, performance-related
salary components for the previous year amounting to EUR 5.1 million, the
increase in working capital of EUR 3.4 million and net outflow of EUR 0.8
million from the acquisition in Austria. By taking out an acquisition loan
totalling EUR 3 million, the net cash item dropped accordingly to EUR 5.4
million (31 December 2008: EUR 15.8 million). Equity amounted to EUR 25.9
million after coming in at EUR 25.3 million at the end of 2008. The equity
ratio rose to 51.8% (31 December 2008: 45.4%).

Despite results being slightly below prediction for the first half of the
year, the forecast delivered for the full year 2009 will be maintained. The
basis for this forecast is the rise in capacity utilisation for consulting
and software development in the second quarter of 2009, the further
increase in the sales pipeline for the product area and the growth
investments. As a result, the company continues to expect a slight increase
in the sales volume from EUR 68 million to EUR 70 million compared to the
previous year and an operating EBITDA margin of at least 5%.

The interim report for the first half of 2009 is available for download on
the website www.adesso-group.de/en/.

The Executive Board

Contact:
Contact person, Investor Relations:
Christoph Junge
junge@adesso.de

Contact person, Press Relations:
Martin Moellmann
moellmann@adesso.de

adesso AG
Stockholmer Allee 24
44269 Dortmund
GERMANY
Tel.: +49 231 930-9330
Fax: +49 231 930-8996
www.adesso-group.de/en/ | www.adesso.de/en/

28.08.2009 Financial News transmitted by DGAP

Language: English
Issuer: adesso AG
Stockholmer Allee 24
44269 Dortmund
Deutschland
Phone: +49 (0) 231 930-9330
Fax: +49 (0) 231 930-8996
E-mail: ir@adesso.de
Internet: www.adesso-group.de
ISIN: DE000A0Z23Q5
WKN: A0Z23Q
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, München, Düsseldorf, Stuttgart,
Hamburg

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