Earnings Release • May 15, 2013
Earnings Release
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Ireland | 15 May 2013 10:25
adesso AG: Sales and earnings up year-on-year in the first quarter of 2013
adesso AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act]
15.05.2013 10:25
Interim report according to Article 37x of the WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
adesso AG closed the first quarter of 2013 with
sales increase to EUR 32.3 million and improved EBITDA of EUR 1.5 million,
thereby confirming the preliminary figures released in the ad hoc dated 13
May 2013. Lower license sales, a 5 % drop in working days as well as an
unusually high sickness rate in January and February due to the wave of
influenza in Germany all prevented EBITDA from rising even higher. However,
the figures generated are on target when taking into account the
distribution of working days in 2013 and the typical seasonality of license
sales. The company maintains its own forecasts for full-year 2013.
In a market environment that remains positive overall, adesso increased its
sales by 18 % year on year to EUR 32.3 million. Of this growth, 12
percentage points were attributable to the inclusion of Arithnea GmbH,
which was only consolidated from the second quarter of the previous year.
Hence, sales almost remained constant compared to the final quarter 2012,
which is typically stronger due to seasonality reasons.
Personnel costs climbed faster than sales up 23 % year on year to EUR 21.4
million. This was due to the significant increase in employee headcount in
2012, which laid the foundations for further growth. In the first three
months of 2013, the number of employees increased organically by hiring an
additional 3% to 1,112. Additional earnings potential is expected over the
course of the year due to increasing capacity utilisation in the IT
Services business.
The adesso Group continued to make investments in further growth and its
own solutions. Steps to tap into the US market for the FirstSpirit product
were intensified in the first quarter of 2013. This saw a local team being
established to build up the pipeline for more license sales in the USA.
However, there have been no additional license sales revenues in the USA in
the first quarter. adesso hosting services GmbH, which was established as a
joint venture at the beginning of 2013, is already serving a number of
customers and is developing profitably as planned. Utilities sector has not
yet made a positive contribution to earnings in the first quarter.
Overall, operating earnings (EBITDA) rose by 14 % to EUR 1.5 million
compared to the first quarter of 2012 (previous year: EUR 1.3 million). The
EBITDA margin was 4.6 % (previous year: 4.8 %).
With depreciation and amortisation of EUR 557 thousand (previous year: EUR
552 thousand) and financial earnings of EUR -67 thousand (previous year:
EUR 26 thousand), this led to pre-tax earnings (EBT) of EUR 0.9 million
compared to EUR 0.8 million in the previous year. Consolidated earnings of
the first quarter 2013 rose by 23 % to EUR 0.7 million. Earnings per share
increased only slightly to EUR 0.13 (previous year: EUR 0.12) due to
changes in the minority share.
On 31 March 2013, adesso held liquid assets of EUR 20.5 million (previous
year: EUR 19.5 million), EUR 0.8 million less than on 31 December 2012. Net
liquidity is EUR 13.4 million (previous year: EUR 15.2 million). Due to an
increase in sales working capital rose by a considerable 36 % year on year,
or EUR 6.1 million, to EUR 23.2 million. The equity ratio is 45 % (previous
year: 49 %). These figures continue to provide adesso with a solid balance
sheet structure and financial position.
On a pro rate basis, the quarterly operating result (EBITDA) generated fell
short of the annual target of between EUR 7.5 million and EUR 8.0 million.
However, the figures generated are on target when taking into account the
distribution of working days in 2013 and the typical seasonality of license
sales. Additional potential is seen in the increase of capacity utilisation
in some business areas. The company maintains its own forecasts for
full-year 2013.
Additional figures
Other operating income: EUR 0.5 million (previous year: EUR 0.6 million)
Material costs: EUR 3.4 million (previous year: EUR 3.6 million)
Other operating expenses: EUR 6.5 million (previous year: EUR 5.9 million)
Amortization from purchase price allocations: EUR 240 thousand (previous
year: EUR 275 thousand).
These and additional indicators for Q1/2013 are available in table form
under Investor Relations on the adesso website:
www.adesso-group.de/en/investorrelations/.
The Executive Board
Contact person for Investor Relations:
adesso AG
Christoph Junge
Member of the Executive Board
Stockholmer Allee 24
44269 Dortmund
Germany
T: +49 231 930-9330
F: +49 231 930-9331
[email protected]
www.adesso-group.de/en/ | www.adesso.de/en/
15.05.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: adesso AG
Stockholmer Allee 24
44269 Dortmund
Germany
Internet: www.adesso-group.de
End of Announcement DGAP News-Service
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