All for One Group SE — Earnings Release 2005

Aug 24, 2005

News Details

Ad-hoc | 24 August 2005 07:29

AC-Service AG: AC-Service Boosts Sales and Earnings

Ad hoc announcement §15 WpHG Quarterly Report 2/2005 AC-Service AG: AC-Service Boosts Sales and Earnings Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. —————————————————————————— AC-Service Boosts Sales and Earnings Second quarter with 5% increase in sales over prior year. Impressive surge in earnings. KWP equity interest included in results since March 2005. Substantial cash flow. Strong balance sheet with 65% shareholders’ equity. Stuttgart, 24 August 2005 – AC-Service, an IT service provider focused on IT Outsourcing, Human Resource Services and SAP Consulting, today finalised its quarterly report for the period April to June 2005 and reported sales of EUR 11.5 million (prior year: EUR 10.9 million), an EBIT of EUR 0.3 million (prior year: EUR 0.2 million) and net earnings (after minority interests) of EUR 0.1 million (minus EUR 0.7 million). Together with the results of the first quarter, the company closed the first half-year with sales of EUR 22.4 million (prior year: EUR 22.6 million) and an EBIT of EUR 0.9 million (prior year: EUR 0.5 million). The net earnings of EUR 0.4 million (minus EUR 0.8 million) equate to half-year earnings per share (IFRS) of 9 euro cents (minus 15 euro cents). Regular goodwill amortisation, which burdened earnings in the first half of 2004 with EUR 0.4 million, have been eliminated starting in 2005 as a result of changes in accounting regulations (IFRS). In addition, the net earnings reported for the first half-year 2004 included EUR 0.8 million (1HY 2005: none) in value adjustments on deferred income tax assets. The majority stake in KWP, a consultancy specialised in SAP HR consulting, which has been fully consolidated in the group financial statements only since March 2005, contributed to these half-year results with revenues of EUR 2.5 million and modestly positive earnings (EBIT) of EUR 0.02 million. AC-Service continues to enjoy a robust and healthy balance sheet. Shareholders’ equity accounts for 65% (31 Dec 04: 60%) of the balance sheet total. Following changes in working capital, the operating cash flow now totals EUR 2.9 million (prior year: EUR 0.5 million). Cash and cash equivalents are EUR 11.3 million (30 Jun 04: EUR 10.7 million) despite the cash flows used in acquiring the interests in KWP (EUR 0.5 million) and Process Partner (EUR 1.9 million) in the first quarter of 2005. The average staffing strength in full-time equivalents (FTE) during this first half-year was 298 (prior year: 297 FTE). The AC-Service Group employed 303 FTE (prior year: 288 FTE) as at the close of this first half- year. This increase in staff is due primarily to having incorporated KWP. Favourable momentum is expected to grow thanks to improved organisation, a high-quality range of products, systems and services, as well as important new client contracts such as with the computer manufacturer Dell (HR Business Process Outsourcing), the healthcare facilities of the Canton of Zürich (SAP Outsourcing) and companies of the Axpo Group (SAP Consulting). Overall we expect to achieve an impressive increase in earnings compared to sales performance during the current year. Additional information available on the Internet at http://www.ac-service.com AC-Service AG Schockenriedstr. 7 70565 Stuttgart Deutschland ISIN: DE0005110001 WKN: 511000 Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart End of ad hoc announcement (c)DGAP 24.08.2005 240729 Aug 05