Profitable Growth Planned / Ad-hoc: Improved Results
Stuttgart, 28 March 2006 – AC-Service AG, focused on Managed IT Services, SAP Solutions and Human Resource Services, today released its consolidated figures for the financial year 2005. The Group posted sales of EUR 45.7 million (prior year: EUR 44.5 million), an EBITDA of EUR 6.6 million (prior year: EUR 6.4 million) and an EBIT of 1.6 million EUR (prior year: minus EUR 0.9 million). Profit after tax totalled EUR 1.3 million (prior year: minus EUR 2.1 million). Net earnings (after minority interests) totalled EUR 1.4 million (prior year: minus EUR 2.2 million) and represent earnings per share (IFRS) of 27 euro cents (prior year: minus 43 euro cents). Regular goodwill amortisation, which put a EUR 0.8 million burden on 2004 earnings, were eliminated in 2005 due to changed accounting standards (IFRS). The relationship between finances and the balance sheet are very healthy. The shareholders' equity of EUR 25.2 million (31 Dec 2004: EUR 23.6 million) accounts for 63% (31 Dec 2004: 60%) of the balance sheet total of EUR 40.1 million (31 Dec 2004: EUR 39.2 million). As at 31 December 2005, cash and cash equivalents, after purchase payments for the acquisition of Process Partner, KWP and AC Solutions, totalled EUR 11.9 million (31 Dec 2004: 13.0 million EUR). The annual average number of full-time equivalents was 302 persons (prior year: 291) and there were 303 people (prior year: 282) employed in the group at the close of 2005.
The AC Group has taken one of the top positions among SAP service providers in the German-language midmarket segment thanks to its acquisition of All for One Systemhaus GmbH Midmarket Solutions, which was fully consolidated effective February 2006. The Group now offers the entire value chain including SAP licenses, industry solutions, implementation, maintenance and operation from within its Outsourcing Service Centers. The board of directors expects sales of some EUR 67 to 70 million for 2006; about EUR 76 to 80 million for 2007 and some EUR 80 to 85 million in 2008. The completed acquisitions result in regular amortisation of intangible assets. Accounting standards have also changed for certain business activities in connection with providing hardware to clients. This will lead to an EBITA lowered by about EUR 0.8 to 1.0 million in 2006 and by about EUR 0.2 to 0.4 million in both 2007 and 2008. Because of this, the board of directors projects an EBITA in 2006 of between EUR 2.4 and 2.9 million; for 2007 of between EUR 4.6 and 5.4 million and for 2008 of between EUR 6 and 7 million. Despite loan obligations of EUR 15.5 million for funding the acquisition, the AC Group still has a healthy balance of accounts. The board of directors plans to repay the loan within five years from self-generated cash flows.
AC-Service AG intends to play a proactive role in the ongoing consolidation process within the IT services industry and further strengthen and expand its market position with further acquisitions.