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Lavide Holding N.V. — Earnings Release 2009
Apr 23, 2009
3859_iss_2009-04-23_7ac2c976-a593-4978-b9b6-1c7f6593e0b0.pdf
Earnings Release
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QURIUS REPORTS POSITIVE EBIT FOR Q1, 2009 BUT REMAINS CAUTIOUS FOR THE REMAINDER OF THE YEAR
| (in EUR x 1,000) | Q1 2009 | Q1 2008 |
|---|---|---|
| Net sales | 34,782 | 36,952 |
| EBIT | 661 | 1,442 |
| Net result | 176 | 839 |
| Earnings per share (in EUR) | 0.00 | 0.01 |
23 April 2009 – In the first quarter of 2009 Qurius net sales decreased with EUR 2.2 million to EUR 34.8 million, compared to the first quarter of 2008. The Q1-2009 EBIT performance was EUR 0.6 million (2008: EUR 1.4 million). The net result in Q1-2009 was EUR 0.2 million (2008: EUR 0.8 million).
Fred Hermans, CEO: "We posted as expected a positive EBIT result following the restructuring measures that we took in our operations last year. However, increasingly challenging market conditions have caused the profitability for this quarter to be lower than expected. We see lower than expected new software license sales in some countries and increasing customer reluctance to engage in sizable contracts. We are reducing subcontractor costs, internal headcount and other expenses to reduce our cost base as we are very cautious regarding the developments for the remainder of 2009. On a more positive note, we service a growing number of customers very successfully with our hosting proposition, which require less upfront investments by the customer."
Qurius has its full focus solidifying profitability as it is carefully managing operational developments in all its subsidiaries. The positive effects of measures taken in 2008 are becoming visible, but more measures may be required in the course of 2009, depending on the speed and depth of the effects of the economic recession. In our market, new license sales to new customers are becoming more difficult. Therefore the company remains cautious with regards to the remainder of 2009.
Profit & loss account
| (in EUR x 1,000, except percentages) | Q1 2009 | Q1 2008 | % change |
|---|---|---|---|
| Net sales | 34,782 | 36,952 | -6% |
| Cost of sales | 10,440 | 11,283 | -6% |
| Gross margin | 24,342 | 25,669 | -5% |
| (as % of net sales) | 70% | 70% | |
| Cost of personnel | 19,546 | 19,869 | -2% |
| Other operating expenses | 3,044 | 3,589 | -15% |
| Operating expenses | 22,590 | 23,458 | -4% |
| EBITDA | 1,752 | 2,211 | -21% |
| (as % of net sales) | 5% | 6% | |
| Depreciation and amortisation | 1,091 | 769 | 42% |
| EBIT | 661 | 1,442 | -54% |
| (as % of net sales) | 2% | 4% | |
| Financial income and expenses | -318 | -251 | 26% |
| Result before taxation | 343 | 1,191 | -71% |
| Taxation | -165 | -310 | -47% |
| Third party interest | -2 | -42 | |
| Result after taxes | 176 | 839 | -79% |
| (as % of net sales) | 1% | 2% |
Net sales segmentation
The net sales by category for the periods indicated are presented below.
| (in EUR x 1,000, except percentages) | Q1 2009 | Q1 2008 | % change |
|---|---|---|---|
| Software licenses | 3,750 | 4,848 | -23% |
| Maintenance | 5,301 | 6,101 | -13% |
| Services | 23,282 | 23,264 | 0% |
| Hardware | 2,449 | 2,739 | -11% |
| 34,782 | 36,952 | -6% |
The net sales per geographical area for the periods indicated are presented below.
| (in EUR x 1,000, except percentages) | Q1 2009 | Q1 2008 | % change |
|---|---|---|---|
| Germany | 7,869 | 7,417 | 6% |
| Netherlands | 15,411 | 16,653 | -7% |
| Spain | 3,881 | 3,925 | -1% |
| Other international activities* | 7,621 | 8,957 | -15% |
| 34,782 | 36,952 | -6% |
The EBIT per geographical area for the periods indicated is presented below.
| (in EUR x 1,000, except percentages)* | Q1 2009 | Q1 2008 | % change |
|---|---|---|---|
| Germany | -163 | -72 | -126% |
| Netherlands | 1,010 | 1,322 | -24% |
| Spain | 51 | 145 | -65% |
| Other international activities | -237 | 47 | -597% |
| 661 | 1,442 | -54% |
*Holding costs have been allocated to the various country operations.
Employees
| Number of employees (fte) | 31 March 2009 | 31 March 2008 |
|---|---|---|
| Germany | 209 | 237 |
| Netherlands | 403 | 409 |
| Spain | 158 | 153 |
| Other international activities | 294 | 306 |
| 1,064 | 1,105 |
End of press release
Qurius N.V.
Qurius provides architecture, realisation and systems management of Microsoft technology based business and IT solutions, including infrastructures. Qurius has over 1,000 staff members; its headquarters are located in Zaltbommel, the Netherlands. Its offices in Belgium, Denmark, Germany and Austria, Italy, the Netherlands, Norway, Spain, Sweden, the United Kingdom and its near shore development centre in the Czech Republic serve over 2,800 clients. Qurius has been publicly listed on Euronext Amsterdam since 1998 and is included in the AScX-index. Currently Qurius has 105,432,619 listed shares. For more information, visit www.qurius.com.
Contact
Qurius, Suzanne Schaapman: tel. +31 (0)418 683 500 or [email protected]