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ATOSS Software AG — Earnings Release 2011
Jul 25, 2011
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Earnings Release
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Corporate | 25 July 2011 08:30
ATOSS Software AG reports double-digit growth in sales and earnings
ATOSS Software AG / Key word(s): Half Year Results
25.07.2011 / 08:30
Corporate News
ATOSS Software AG reports double-digit growth in sales and earnings
Munich, 25.07.2011 – In the first half of 2011 ATOSS Software AG succeeded in increasing sales by 10% to EUR 15.8 million, while the operating profit (EBIT) climbed 13% to EUR 3.9 million. The company's earnings potential is also reflected in the EBIT margin of 25%. Earnings per share rose by a substantial 14% to EUR 0.68. The Munich-based specialist in workforce management has now turned in record results for six years in succession.
The current-year outlook for the IT industry is excellent. Market researchers at the Gartner Group anticipate worldwide growth of up to 7%, well ahead of the forecast for the global economy, which is expected to lag some three percentage points behind. In the German market, industry association BITKOM sees a realistic prospect of sales increases in excess of 4% in 2011.
ATOSS growth far outpaces the market
Once again in the first half of 2011, ATOSS Software AG outpaced the market with sales growth of 10%. Turnover in the company's key software segment was up 5% over the year before at EUR 9.3 million. In addition as expected the consulting business was again well ahead of the year before with growth of 14%. ATOSS generated sales in this segment of EUR 4.3 million which even exceeded the strong performance (EUR 4.2 million) recorded in 2009. Hardware sales increased from EUR 1.1 million to EUR 1.4 million, while other sales revenues totaled EUR 0.7 million (previous year EUR 0.5 million).
Profitability further improved
EBIT at EUR 3.9 million was up 13% on the previous year's record figure. The pattern of strong earnings development, which has been sustained over a period of years, reflects the management's goal of achieving above-average profitability. The performance to date is testimony to the stable cost structures as well as the high quality of sales recorded by ATOSS.
Earnings before taxes (EBT) amounted to EUR 4.0 million for the period under review (previous year: EUR 3.5 million), while net income came in at EUR 2.7 million (previous year: EUR 2.4 million) with earnings per share of EUR 0.68 (previous year: EUR 0.60). These figures collectively represented a substantial increase of 14%, while the EBIT margin was one percent higher at 25%.
The cash flow from operations at EUR 3.9 million (previous year EUR 2.7 million) underscores the stability of the ATOSS business model. And with liquidity of EUR 22.4 million (previous year EUR 17.8), the company is largely independent of external funding. As of June 30, liquidity per share stood at EUR 5.63 (previous year EUR 4.49). In this respect, the company follows an investment policy whereby the company's liquidity is invested in part or in its entirety in material assets, in particular physical gold, stocks with high dividend yields or fixed term deposits. The company's solid balance sheet ratios are underpinned by an equity ratio of 61% (previous year 60%).
Workforce management increasingly perceived as a priority area
The aspect of work itself is increasingly becoming the center of attention as a growth factor. Companies are focusing ever more closely on workforce management and rebalancing their investment priorities accordingly. One of the reasons is to be found in rising wage costs, which climbed 5%, even in the crisis in 2009. However, demographic change and the resulting shortage of skilled labor is also putting pressure on corporate decision makers to address this issue with an eye to future efficiencies.
ATOSS offers strategic solutions that have the potential for consistent and continuous refinement. Sustained investment in research and development was and is the basis of the company's success. R&D spending in the first half of 2011 was increased by a further 13% to EUR 3.2 million, equivalent to 21% of sales. 44% of ATOSS employees are engaged in the ongoing development of products and solutions as the management stands by its strategy of extending the technological and product leadership that ATOSS enjoys.
Positive order situation provides an outstanding basis for business development
In the first half of 2011 ATOSS succeeded in acquiring numerous new customers, among them the premium fashion brand Tommy Hilfiger, the Praktiker DIY stores chain, and in the health sector, which holds significant future potential, the BDH Klinik Verbund. In addition ATOSS has been able to build on existing customer relationships and secure follow-up orders. As a result of the company's success in serving both new and existing customers, in the first six months ATOSS booked orders for software licenses valued at EUR 3.3 million (previous year EUR 3.0 million). Orders on hand as of June 30 stood at EUR 3.1 million (previous year EUR 3.0 million), providing an outstanding basis for further positive development in the second half of 2011.
Upcoming dates:
15.08.2011 Publication of the 6-monthly financial statements
24.10.2011 Press release announcing the 9-monthly statements
14.11.2011 Publication of the 9-monthly financial statements
22.11.2011 Analysts conference, Deutsches Eigenkapitalforum, Frankfurt
| For further information visit: http://www.atoss.com Contact: ATOSS Software AG |
| Christof Leiber / Member of the Management Board |
| Am Moosfeld 3, D-81829 Munich |
| Tel.: +49 (0) 89 4 27 71 – 0 |
| Fax: +49 (0) 89 4 27 71 – 100 |
| [email protected] |
CONSOLIDATED OVERVIEW: Half-yearly comparison to June 30
| In TEUR (as per IFRS) | 01.01.2011 – 30.06.2011 |
Proportion of Total sales revenues |
01.01.2010 – 30.06.2010 |
Proportion of Total sales revenues |
Change |
| Sales | 15,762 | 100% | 14,265 | 100% | 10% |
| Software | 9,280 | 59% | 8,811 | 62% | 5% |
| of which software licensing | 3,328 | 21% | 3,286 | 23% | 1% |
| hie of which software maintenance | 5,952 | 38% | 5,525 | 39% | 8% |
| Consulting | 4,306 | 27% | 3,782 | 27% | 14% |
| Hardware | 1,435 | 9% | 1,141 | 8% | 26% |
| Miscellaneous | 741 | 5% | 531 | 4% | 40% |
| EBITDA | 4,108 | 26% | 3,679 | 26% | 12% |
| EBIT | 3,877 | 25% | 3,442 | 24% | 13% |
| EBT | 3,982 | 25% | 3,485 | 24% | 14% |
| Net income | 2,704 | 17% | 2,373 | 17% | 14% |
| Cash flow | 3,931 | 25% | 2,713 | 20% | 45% |
| Liquidity L |
22,375 | 17,789 | 26% | ||
| EPS (in euro) | 0.68 | 0.60 | 14% | ||
| Employees (3) | 249 | 242 | 3% |
CONSOLIDATED OVERVIEW: Quarterly comparison with the previous year
| In TEUR (as per IFRS) | Q2/11 | Q1/11 | Q4/10 | Q3/10 | Q2/10 |
| Sales | 7,913 | 7,848 | 7,870 | 7,178 | 7,118 |
| Software | 4,705 | 4,574 | 4,652 | 4,384 | 4,459 |
| of which software licensing | 1,676 | 1,652 | 1,711 | 1,544 | 1,658 |
| of which software maintenance | 3,029 | 2,922 | 2,941 | 2,840 | 2,801 |
| Consulting | 2,184 | 2,122 | 2,204 | 1,928 | 1,894 |
| Hardware | 548 | 887 | 809 | 502 | 601 |
| Miscellaneous | 476 | 265 | 206 | 364 | 164 |
| EBITDA | 2,054 | 2,054 | 1,684 | 1,928 | 1,894 |
| EBIT | 1,941 | 1,936 | 1,582 | 1,815 | 1,779 |
| EBIT margin in % | 25% | 25% | 20% | 25% | 25% |
| EBT | 2,015 | 1,967 | 1,642 | 1,831 | 1,792 |
| Net income | 1,367 | 1,337 | 1,183 | 1,243 | 1,220 |
| Cash flow | 843 | 3,088 | -1,168 | 4,250 | -403 |
| Liquidity (1/2) | 22,375 | 23,682 | 20,691 | 21,980 | 17,789 |
| EPS (in euro) | 0.34 | 0.34 | 0.30 | 0.31 | 0.31 |
| Employees (3) | 249 | 253 | 247 | 247 | 242 |
(1): Cash and equivalents, current and non-current other financial assets (e.g. gold, equities); (2): Dividend of EUR 0.50 per share on May 3, 2010 (TEUR 1,981) and EUR 0.60 on May 4, 2011 (TEUR 2,386); (3): at the end of the quarter
End of Corporate News
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| Language: | English |
| Company: | ATOSS Software AG |
| Am Moosfeld 3 | |
| 81829 München | |
| Germany | |
| Phone: | +49 (0)89 4 27 71-0 |
| Fax: | +49 (0)89 4 27 71-100 |
| E-mail: | [email protected] |
| Internet: | www.atoss.com |
| ISIN: | DE0005104400 |
| WKN: | 510440 |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart |
| End of News | DGAP News-Service |
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| 132955 25.07.2011 |