Ad-hoc: Half-Year Results / Growth Burdens Results
Stuttgart, 01 August 2008 – The successful sale of ACCURAT (discontinued operation) that was completed on 19 May 2008 and the agreements for restructuring the corporate financing that were signed on 24 June 2008 were two important milestones that All for One Midmarket AG (formerly AC-Service AG) reached in the 2nd quarter of 2008 as it proceeds to further strengthen its integrated business model.
The volume of sales exceeded that of the corresponding prior-year quarter for the 10th time in succession. Half-year revenues increased by 12% to EUR 41.0 million. The drivers behind this growth were the proceeds from the sale of SAP licenses (+69%) and the recurring revenues from Outsourcing Services (+18%). The EBITA was EUR 0.5 million (1st half-year 2007: EUR 0.9 million) and the EBIT was EUR 0.1 million (1st half-year 2007: EUR 0.4 million). This decline is attributable mostly to what are significantly higher costs for the continued expansion of the team of consultants and the ongoing Group restructuring. The staffing strength increased by 21% and totalled 460 full-time positions as at 30 June 2008 (1st half-year 2007: 381).
Including the contribution to earnings made by the sale of ACCURAT (discontinued operation), All for One Midmarket AG achieved semi-annual earnings per share of 54 euro cents (1st half-year 2007: 17 euro cents).
The signing of new long-term financing agreements did much to help strengthen the balance sheet as at 30 June 2008. The equity ratio increased from 38% to 48%. The net debt was reduced from EUR 5.9 million to 2.3 million. Cash and cash equivalents totalled EUR 7.2 million (31 December 2007: EUR 7.4 million).
In light of the continuing successful integration of the business model, this robust growth curve should continue in the second half of the year. The reorganisation of group structures, along with the ongoing shortage of qualified IT professionals and the higher costs of recruitment and training that go with it, may however burden the current year's earnings somewhat more than anticipated. The Management Board has reaffirmed its sales projections of EUR 82 million to 85 million for the full 2008 year and currently expects an EBIT for 2008 that will be above the prior year's figure of EUR 1.0 million (earlier EBIT projection for 2008: EUR 1.3 million to 1.7 million).
The complete 2008 1st half-year report for 2008 will be published as scheduled on 20 August 2008.