Novasoft AG
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Report on the third quarter of 2003: Previous quarter’s result exceeded by 70 %
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Report on the third quarter of 2003: Previous quarter’s result exceeded by 70 %
Heidelberg, 3.11.2003: Compared with the previous quarter, in the third quarter
Novasoft reported a significantly improved result and consistently extended the
revenue trend of the first six months: on revenues of 15.1 mill. EUR, Novasoft
increased the operating income (EBIT) by around 70 % to 1.1 mill. EUR (2nd
quarter 2003: 15.3 mill.; 0.6 mill.). This represents an EBIT margin of 7.2 %.
Excluding the amortisation of goodwill, the result (EBITA) in the third quarter
was 1.5 mill. EUR. The EBITA margin is thus around 10 %. In comparison to the
previous quarter, the result before income taxes (EBT) increased by around 40 %
to 1 mill. EUR (2nd quarter 2003: 0.7 mill.) Although revenue and operating
income continue to be below the previous year’s levels (3rd quarter 2002: 19.1
Mill.; 2.3 mill.), the figures confirm the stable development in this fiscal
year.
In the first nine months, the Novasoft Group generated revenues of 46.5 mill.
EUR (2002: 56.4 mill.) The operating income was 3.1 mill. EUR (2002: 6.8 mill.).
As a result of the wide spread and the sure investment of financial funds,
Novasoft earned additional profits and thus, despite currency exchange losses,
nevertheless recorded a result before income taxes of 3.3 mill. EUR (2002: 6.7
mill.). The losses from foreign currencies will be countered, as of the fourth
quarter, by hedging transactions for accounts payable in foreign currency which
became necessary as a result of the rising share of border-crossing turnover. In
order to reduce the high tax burden, measures have already been initiated which
will begin to have an effect in 2004.
The decline in total revenue this year resulted mainly from the business trend
in Germany. Although projects continue to be commissioned very hesitantly in the
domestic market, in recent weeks there have been signs of a more positive
trend. Novasoft has also acquired projects in Germany; the utilisation rate in
Germany is thus secured up to the end of the year at a high level. Abroad the
trend is generally encouraging. Special mention must be made here of the growing
importance of the Russian market. The orders on hand cover more than six months
and thus extend into the 2nd quarter of 2004.
For the fourth quarter there are no signs of any significant changes compared to
the third quarter of 2003.
end of ad-hoc-announcement (c)DGAP 03.11.2003
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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
030659 Nov 03
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