Novasoft AG
Novasoft AG: Positive Outlook after Revenues Decline in 2003
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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In 2003, Novasoft generated total revenues of EUR 61.4 million
(2002: EUR 72.1 million.
Currency changes (e.g. 7.6% decline of the British pound to EUR 1.42 in the
course of the year on strongly growing UK business) and non-recurring effects in
Q4 are seen at top line and EBIT figures. On the basis of constant currency
rates, revenues were EUR 63.9 million and EBIT EUR 3.1 million. Non-recurring
charges of EUR 930,000 negatively impacted the EBIT. Adjusted for currency and
non-recurring effects, EBIT is EUR 4.0 million.
The result before depreciation on goodwill (EBITA) is EUR 4.6 million, resulting
in an EBITA margin of 7.6% (2002: 11.7%). Without adjustments for currency
movements and non-recurring effects, the EBITA margin is 8.8%.
The operating result is EUR 2.8 million (2002: EUR 6.7 million), equivalent to
an EBIT margin of 4.5% (2002: 9.4%). The EBIT margin adjusted for currency
changes and non-recurring effects is 6.2%.
The non-recurring effects result primarily from the integration of two
subsidiaries into Novasoft AG. The restructuring creates an important condition
to offset the structurally related high tax rate at Novasoft.
Restructuring results in the one-off transfer of deferred taxes of EUR 600,000.
The tax rate is thus 92.5%. In the current tax year, restructuring will already
pay off in the form of a tax rate at the normal level.
It is pleasing that, despite the weak general economic situation in the core
retail industry, Novasoft increased revenues by 48.4% (up EUR 9.8 million). This
is where the growth potential for the future lies.
Novasoft expects a return to growth and a substantial improvement in the EBIT
margin
It is possible to discern a slow but cautious return to making targeted IT
investments. “The market demands a clear profile. Our core competencies are
managing major customers and our proven industry expertise. We believe our
growth potential lies in focussing on industries and concentrating on specific
themes within SAP” – this is how Dr. Georg Konrad, Chairman of the management
board at Novasoft AG describes our strategic prospects. He continues “In 2004,
our aim is to sharpen this profile and thus increase revenue and earnings.”
Novasoft is expecting stable revenue for the first six months of 2004. If the
generally accepted recovery of the market takes place in the second half of the
year, an increase in revenue of 10% is expected for the year as a whole. This is
expected to be achieved by growth in core industries in particular. The
management anticipates being in a position to substantially improve the EBIT
margin.
end of ad-hoc-announcement (c)DGAP 25.03.2004
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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
250700 Mär 04
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