Novasoft AG
Novasoft AG discloses its first-quarter 2004 figures
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Novasoft AG discloses its first-quarter 2004 figures
· Revenues total EUR 14,500,000, on par with the previous quarter
(Q4/03: EUR 14,800,000).
· EBIT rose to EUR 899,000 – one-time factors caused a loss of EUR 348,000 to
be posted three months earlier. This translates into an EBIT margin of 6.2
percent.
· The EBITA of EUR 1,300,000, up from EUR 305,000 as at 31 Dec., 2003, spells a
margin of 9.0 percent.
· EBT rose to EUR 1,100,000, as compared with a fourth-quarter 2003 loss before
taxes of EUR 362,000. The EBT margin thus came to 7.6 percent.
· Net income for the period surged to EUR 525,000 from a net loss for the prior
quarter of EUR 1,200,000. EPS totaled EUR 0.03, the same figure as for the
year-before quarter.
· The tax bracket fell by more than half from 92.5 percent to 44 percent. This
is the direct consequence of the optimization in Group structure initiated in
2003.
The successful impact of the optimization of the Group structure initiated last
year was already discernible in first-quarter 2004. By integrating subsidiaries
we slashed our tax bracket from 92.5 percent in 2003 to 44 percent. The
integration costs were all carried in the books for financial 2003. The
organizational inclusion of the subsidiaries has since also been completed. And
the Group’s structure has been further optimized by our taking over the
outstanding shares in the Böblingen-based subsidiary in April 2004. The entire
proceeds of said company for business 2004 will be included in the consolidated
annual financial statements. Operations in Böblingen will continue as before,
meaning that no extraordinary effects will arise as a result of integration
costs.
Moreover, Novasoft has successfully penetrated the Russian market. With the
first complete introduction of “SAP for Retail” in Russia, Novasoft has
positioned itself at an early date in this fledgling growth market for SAP
services as the know-how company. Additional projects are already in the
pipeline.
Regional revenue trends
First-quarter 2004 revenue totaled EUR 14,500,000 and was thus down EUR
1,600,000 on the figure for the year-before quarter of EUR 16,100,000. Compared
with fourth-quarter 2003, revenue has, however, held steady and is in line with
budgets for first-half 2004. Inside Germany, revenue was on a par with the prior
quarter at approx. EUR 5,000,000. Compared with the first three months of 2003,
the impact of the weak market is noticeable, with revenue faltering EUR
1,400,000 or by 22.3 percent. Nevertheless, project business with members of our
client-base was consistently advanced and in some instances actually broadened.
In other European countries, Novasoft scored stable revenue compared with both
the prior quarter and on a y-o-y basis, with the figure coming to EUR 8,400,000
(first-quarter 2003: EUR 8,500,000; fourth-quarter 2003: EUR 8,500,000). We
identify growth potential above all in Russia.
In countries outside Europe, Novasoft achieved an approx. 30-percent increase in
revenue on the prior quarter, namely from EUR 924,000 to EUR 1,200,000.
Compared with the year-before quarter, revenue (EUR 1,400,000) remained as good
as stable.
Results
EBIT for first-quarter 2004 amounted to EUR 899,000, as against EUR 1,400,000
one year earlier. During the quarter under review, revenues and operating
profits were not appreciably influenced by exchange-rate movements. The EBIT
margin came to 6.2 percent for the first three months of 2004 and was thus in
line with budgets (first-quarter 2003: 8.5%). EBITA totaled EUR 1,300,000, as
compared with EUR 1,800,000 one year before, and this corresponds to a margin of
9.0 percent, down from 11.0 percent 12 months earlier.
In first-quarter 2004, Novasoft booked EBT of EUR 1,100,000, as against EUR
1,600,000 for first-quarter 2003. Net financial income came to EUR 208,000, up
on the figure for the year-before quarter of EUR 194,000. We used forward
futures transactions to hedge against exchange-rate fluctuations, and thus
generated foreign currency gains of EUR 66,000, as compared with a loss one year
earlier of EUR 34,000.
Novasoft posted net first-quarter income of EUR 525,000, as compared with EUR
650,000 one year before. EPS ran at EUR 0.03, exactly the same figure as that
for first-quarter 2003.
High level of order receipts
Novasoft assumes as budgeted that the average depth of the order backlog is five
months. Inside Germany the Company boasts a fixed order backlog of 4.5 months,
in countries outside Europe the figure is 3.5 months and in other European
countries it comes to six months. In other words, high-level capacity
utilization is ensured for the first half of the year.
Outlook
“We are on the right path, not just in structural but likewise in strategic
terms. Our greatest growth potential stems from focusing on specific core
sectors where we can bring our business know-how combined with our experience in
SAP to bear,” says Dr. Georg Konrad, Member of the Board of Management and
founder of Novasoft AG. “Russia is the most recent example of how successful
this strategy is,” he continued.
Novasoft has confirmed its forecasts for financial 2004. From today’s viewpoint,
management assumes that second-quarter 2004 will see stable revenues and
earnings. Should the market pick up, and this is still expected to happen, then
we anticipate increased revenue in second-half 2004 and as a result a
considerable improvement in the EBIT margin.
end of ad-hoc-announcement (c)DGAP 05.05.2004
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WKN: 677890; ISIN: DE0006778905; Index:
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart
050700 Mai 04
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