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Corporate News: Financial Statements Confirm Strong Figures for 2010/11

Sales: EUR 90.2 million (+14% over Oct 09 – Sep 10) / EBIT: EUR 4.7 million (+ 86% over Oct 09 – Sep 10) / Net group earnings: EUR 7.3 million (+ 260% over Oct 09 – Sep 10) / Equity ratio: 59% (30 Sep 2010: 55%) / New brand launch as All for One Steeb well-received / No noticeable economic slowdown to date

Filderstadt, 19 December 2011 – All for One Midmarket AG, which is a leader in the German-language SAP midmarket segment and, after having acquired Steeb Anwendungssysteme GmbH, now appears on the market under the new brand name All for One Steeb, today published its consolidated financial statements for the financial year 1 October 2010 to 30 September 2011. These financial statements do not include earnings contributions from Steeb. This wholly-owned subsidiary will be included in the consolidation beginning on 1 December 2011.

All for One again managed to give added momentum to its continuing outstanding business performance in what is now the third year following the extensive restructuring of 2007/08. Major improvements were posted in all areas thanks to the company’s clear profile as an SAP full-service provider. The recurring revenues from Outsourcing Services increased 13% to EUR 35.5 million (Oct 2009 – Sep 2010: EUR 31.4 million). Licensing revenues totalled EUR 14.0 million and surpassed the high levels achieved last year by 19% (Oct 2009 – Sep 2010: EUR 11.8 million). The sharp rise in projects for both new and existing clients also led to major increases in consulting revenues, which improved 14% from EUR 32.8 million (Oct 2009 – Sep 2010) to EUR 37.5 million. Overall this SAP full-service provider’s sales revenues grew organically by 14% to EUR 90.2 million (Oct 2009 – Sep 2010: EUR 78.8 million).

This good revenue performance also resulted in substantial progress on the earnings side. The EBIT for the 12-month period improved 86% from EUR 2.5 million to 4.7 million. This figure already includes expenses of EUR 0.3 million which arose primarily for the due diligence in the run-up to the acquisition of Steeb Anwendungssysteme GmbH that was closed on 1 December 2011. The EBIT to sales margin was 5% (Oct 2009 – Sep 2010: 3%).

Group net earnings more than tripled from EUR 2.0 million (Oct 2009 – Sep 2010) to EUR 7.3 million (Oct 2010 – Sep 2011). This remarkably large increase is attributable not only to good operating business performance, but also to an earnout in the amount of EUR 2.1 million, which was a late effect from the sale of the shareholdings in AC-Service (Schweiz) AG (discontinued operation) that was completed in 2009. As a result earnings per share were EUR 1.41 (Oct 2009 – Sep 2010: EUR 0.38).

The newly formed company All for One Steeb expects to generate total revenues of more than EUR 160 million in the financial year 2012/13 once the integration phase is completed (financial year 2011/12 to 30 September 2012) and Steeb is included for the first time on a full-year basis. The anticipated EBIT margin should then be more than 5%.

All for One Chief Executive Officer Lars Landwehrkamp: »These strong figures have given added momentum to our new market image. All for One Steeb is not only being well-received on the market, but is providing an enormous boost to the integration effort. Our intention is to form the most efficient SAP full-service provider in the midmarket segment and the one with the largest SAP customer base in countries where German is spoken. Although we cannot rule out an economic downturn, we have not seen or felt any signs of it happening so far«.

The complete annual report for the financial year 2010/11 is available here.