In order to optimize our website for you and to continuously improve it, we use cookies. By continuing to use the website, you consent to the use of cookies. For more information on cookies, please refer to our Privacy Policy.
Content Page Introduction

Quarterly Results: 1st Quarter Finished with a Plus Against the Trend

AC-Service (Schweiz) AG reported as discontinued operation pending divestment / Continuing operations post a sales plus of 11% over Q1 2008 / EBITDA increases 2% to EUR 1.1 million / EBIT at EUR 0.2 million (Q1 2008: EUR 0.4 million) / Core outsourcing services business grows 22%

Filderstadt, 11 May 2009 – All for One Midmarket AG, a leader in the German-language SAP midmarket segment, finished the 1st quarter 2009 favourably and positively distanced itself from what is currently a waning IT market. The SAP full-service provider was able to improve sales revenues by 11% to EUR 19.9 million (Q1 2008: EUR 18.0 million) despite operating predominantly for companies in the automotive and the machinery and equipment manufacturing industries, which were the ones hardest hit by the economic crisis.

AC-Service (Schweiz) AG is no longer included in these figures, since the 95% equity interest in this company is to be sold in the near future (see the related ad-hoc announcement dated 23 April 2009). This equity interest is reported separately as a »discontinued operation«.

Significant new-customer projects, including the largest SAP licensing deal in the entire midmarket segment in Germany, led to sales revenues from SAP licenses (Q1 2009: EUR 2.7 million) that were higher than expected. In the case of the 1st quarter 2008, it was the largest licensing contract in the company’s history that was mainly responsible for generating licensing revenues totalling EUR 4.1 million. Following record investments in new mirrored high-end data centers in 2008, and in integrating the business model, the recurring outsourcing revenues from the continuing operations in the 1st quarter 2009 increased 22% to EUR 6.6 million as compared to the 1st quarter 2008, and accounted for about 1/3 of total sales revenues. Thanks to a high degree of capacity utilisation, consulting revenues also improved 30% to EUR 9.5 million on a quarterly comparison.

Despite expenses in the 1st quarter 2009 relating to increased risk provisioning for doubtful accounts, the EBITDA of the continuing operations increased some 2% to EUR 1.1 million. The corresponding EBIT was EUR 0.2 million (Q1 2008: EUR 0.4 million), while the EBT was EUR 0.3 million (Q1 2008: EUR 0.4 million).

The total earnings after tax in the 1st quarter 2009 of EUR 0.1 million also include the contribution to earnings of the discontinued operation. Besides AC-Service (Schweiz) AG, the corresponding prior-year figure (Q1 2008: EUR 0.5 million) also included ACCURAT Informatik GmbH which was sold on 19 May 2008. The equity ratio was 45% as at 31 March 2009 (end of prior year: 45%) and cash and cash equivalents totalled EUR 7.5 million (end of prior year: EUR 8.5 million).

All for One Midmarket AG is well-positioned following a comprehensive corporate restructuring in 2008. The company’s external financing is geared to the long term. The individual performance elements that comprise its overall range of services increasingly reinforce one another as the portfolio is further enhanced. At the same time, this robustly growing portfolio lessens the company’s dependence on one-time sales revenues from new business. Despite what is an extremely demanding environment, All for One Midmarket AG still expects – contrary to the downward IT market trend – a modest increase in sales revenues for the year 2009. The emphasis will, however, be on improving operational profitability.

The complete financial report for the 1st quarter 2009 will be published as scheduled on 12 May 2009.