26.08.2016
adesso AG DE000A0Z23Q5
DGAP-News: adesso increases sales and earnings in the first half of 2016
DGAP-News: adesso AG / Key word(s): Half Year Results
adesso increases sales and earnings in the first half of 2016
26.08.2016 / 09:40
The issuer is solely responsible for the content of this announcement.
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adesso increases sales and earnings in the first half of 2016
* Sales grow by 37 % to EUR 119 million
* EBITDA climbs 113 % from EUR 4.2 million to EUR 8.9 million
* Earnings per share amount to EUR 0.65 (previous year: EUR 0.21)
With the presentation of its half-year report, adesso AG has confirmed the
figures that were published in advance. In the first six months of 2016,
the adesso Group increased sales year on year by 37 % to a new half-year
record of EUR 119.0 million. Organic growth through the successful
expansion of existing business activities accounted for 19 percentage
points of this growth. This enabled adesso to easily exceed its target of
expanding through organic growth by at least twice the rate of the market.
Business performance was also assessed positively in terms of the full-year
forecast.
Business was bolstered by ongoing investment from companies and public-
sector authorities in digital transformation and increased efficiency
through the modernisation of IT systems. All business areas succeeded in
increasing sales. As a result, sales in the recently added Automotive &
Transportation core industry also rose further year on year. The Banking
business area generated the strongest sales growth, both including and
excluding the acquisition of Smarthouse. Sales in the Enterprise Mobility
and e-Commerce business areas expanded further, while sales attributable to
the FirstSpirit content management system also grew as a result of a rise
in service and maintenance proceeds.
Sales also increased across all reporting regions (Germany, Austria,
Switzerland and Other). Sales shot up in particular in Switzerland by 116 %
following the acquisition of Born Informatik AG in summer 2015. The adesso
subsidiary in Turkey generated a further increase in sales and even turned
a profit in some months.
At EUR 8.9 million, the operating result (EBITDA) rose faster than sales
revenues in the first half of 2016, up 113 % on the previous year's figure.
Drivers of this trend were the solid order volume, high capacity
utilisation despite the strong increase in headcount (up 34 % to some 2,000
employees) and the rise in maintenance proceeds with own products. In the
first half of 2016, EBITDA of EUR 3.8 million was generated in the first
quarter and EUR 5.1 million in the second quarter. As in the previous year,
earnings were negatively impacted by investment in adesso's
internationalisation strategy. Earnings before taxes increased by 112 % to
EUR 6.3 million (previous year: EUR 3.0 million). Consolidated earnings
came to EUR 4.0 million (previous year: EUR 1.3 million), while earnings
per share more than tripled to EUR 0.65 (previous year: EUR 0.21).
As at 30 June 2016, equity decreased as a result of a EUR 1.8 million
dividend payment (previous year: EUR 1.5 million) from its 31 December 2015
level due to the increase of the shareholding in ARITHNEA GmbH recognised
under equity by EUR 3.4 million to EUR 39.2 million. At the reporting date,
cash and cash equivalents totalled EUR 15.0 million (previous year: EUR
16.0 million; 31 December 2015: EUR 28.2 million). Net liquidity less
interest-bearing liabilities amounted to EUR -28.0 million as at the
reporting date. The reduction in the first half of the year is in line with
the development of cash and cash equivalents in previous periods and is
primarily the result of the planned payment of variable salary components
for the previous year, the payment of dividends in the amount of EUR 1.8
million and the payment patterns of major customers, which tend to pay a
comparatively high proportion of their outstanding items at the end of the
year. Furthermore, EUR 4.0 million of existing liquidity was spent as part
of the purchase price payment for the acquisition of Smarthouse Media GmbH.
Two company acquisitions with a tangible effect on the net assets,
financial position or results of operations took place in the reporting
period. In May 2016, the adesso Group acquired a 100 % stake in Smarthouse
Media GmbH at a cost of EUR 23.6 million. In addition, an amount of EUR 4.1
million was paid and a non-cash capital increase of EUR 0.9 million
performed in return for the increase in the stake in ARITHNEA GmbH from 51
% to 100 % agreed in 2015.
Sales revenues stood at EUR 119 million after the first six months of 2016,
meaning that the adesso Group achieved more than 50 % of the mean full-year
sales target of EUR 231 million to EUR 243 million following the
adjustments owing to the Smarthouse acquisition. Given the solid level of
capacity utilisation and the inclusion of Smarthouse in the consolidated
financial statements for the full six months instead of just two, the sales
forecast is confirmed with a tendency towards the upper end of this range.
In terms of earnings performance, the operating result (EBITDA) stood at
EUR 8.9 million after the first half of 2016, 49 % (previous year: 43 %) of
the mean full-year forecast of EUR 17.0 million to EUR 19.5 million. The
full-year EBITDA forecast for 2016 can be confirmed with a positive outlook
against the backdrop of the higher EBITDA contribution from Smarthouse in
the second half of the year and the current capacity utilisation and order
situation.
The complete half-year report and an overview of key performance indicators
in table form are available on the adesso website at http://www.adesso-
group.de/en/investorrelations/.
Contact:
Martin Möllmann
Manager Investor Relations
Tel.: +49 231 7000-7000
E-Mail: [email protected]
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26.08.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: adesso AG
Stockholmer Allee 20
44269 Dortmund
Germany
Phone: +49 231 7000-7000
Fax: +49 231 7000-1000
E-mail: [email protected]
Internet: www.adesso-group.de
ISIN: DE000A0Z23Q5
WKN: A0Z23Q
Listed: Regulated Market in Frankfurt (General Standard);
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Stuttgart, Tradegate Exchange; London
End of News DGAP News Service
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496147 26.08.2016
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