EANS-Adhoc: adesso AG
Earnings decrease despite rising sales in the second
quarter, annual forecast is being reduced
-------------------------------------------------------------------------------- ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Preliminary Figures 14.08.2012 Based on the preliminary figures for the second quarter of 2012, adesso closes the period with sales revenues rising further to EUR 28.9 million (Q1: EUR 27.4 million; previous year: EUR 26.0 million) and operating earnings (EBITDA) dropping to EUR 0.1 million (Q1: EUR 1.3 million; previous year: EUR 2.6 million). In the first half of the year, sales came to EUR 56.3 million (previous year: EUR 52.9 million) and EBITDA to EUR 1.4 million (previous year: EUR 5.3 million). The full year guidance is being reduced despite the expected earnings increase in the second half of the year. The drop in operating earnings in the second quarter resulted from a lower number of real working days, a reduction in consultant and developer capacity utilisation in several business fields, an unprofitable fixed-fee project, lower license sales for company-produced products and solutions as well as expenses for restructuring the energy and water management consulting business. The low capacity utilisation was primarily due to the large number of new hires; demand remained stable in most sectors. The average number of employees was 949 in the first half of 2012, 26 % up year-on-year, while sales in this period rose by merely 6 %. Especially in Germany, adesso invested in developing new units and fields such as business intelligence and telecommunications and expanded existing units and locations. Earnings before taxes (EBT) amounted to EUR -3.0 million in the second quarter, primarily on account of the already reported EUR 2.1 million impairment of the discontinued dynamic.suite product family development. EBT in the first half of 2012 came to EUR -2.2 million (previous year: EUR 2.8 million). In the second half of the year, sales revenues are expected to rise further as well as earnings thanks to an improved capacity utilisation and income from the restructuring of the energy and water management business. In addition, two quarters of profitable ARITHNEA GmbH, consolidated as from April, will be included in operating earnings in the second half of the year. Planning for the second half of the year expects sales revenues of EUR 58 to 60 million and an again significantly higher EBITDA of EUR 3.0 to 3.7 million. Hence the 2012 forecast is being reduced to EUR 114 to 116 million in sales and EUR 4.4 to 5.1 million in EBITDA. Due to the impairment relating to the dynamic.suite as well as ongoing depreciation and amortisation, particularly on purchase price allocations, this will be resulting in a slightly negative or balanced result in earnings before taxes. The complete Half-year Report, including final figures, will be published on 28 August 2012. The Executive Board Further inquiry note: Martin Möllmann Manager Investor Relations Tel.: +49 231 930-9330 E-Mail: ir@adesso.de end of announcement euro adhoc -------------------------------------------------------------------------------- issuer: adesso AG Stockholmer Allee 24 D-44269 Dortmund phone: +49 231 930-9330 FAX: +49 231 930-9331 mail: ir@adesso.de WWW: http://www.adesso-group.de sector: Computing & Information Technology ISIN: DE000A0Z23Q5 indexes: CDAX stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart, regulated dealing/general standard: Frankfurt language: English
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