adesso AG

EANS-Interim Report: adesso AG
Zwischenmitteilung

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  Intermediate report of the management pursuant to section 37x of the WpHG
  transmitted by euro adhoc. The issuer is responsible for the content of this
  announcement.
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adesso AG records strong sales and earnings growth in the third quarter of 2010

- EBITDA in Q3 more than doubled compared to Q2 - Sales after nine months at EUR 60.9 million, 20 % up year on year - EBITDA rises in the first nine months by 6 % to EUR 4.0 million - Earnings per share after nine months of EUR 0.27 (previous year: EUR 0.38)

In the first nine months of 2010, adesso AG increased its sales revenues by 20 % year on year to EUR 60.9 million. After a weaker first half of the year, operating earnings more than doubled in the third quarter. Earnings per share amounted to EUR 0.17 in the third quarter and to EUR 0.27 in the first nine months (previous year: EUR 0.38).

Demand in IT services and software solutions went up significantly in the third quarter of 2010. adesso was able to benefit from this development in all areas. Capacity utilisation for consultants and software developers has been rising steeply again since June, leading to sales revenues increasing by 15 % and EBITDA more than doubling in the third quarter compared to the second quarter. The IT solutions segment was able to continue at the positive level of the previous months with its software solutions developed by adesso. Sales in the third quarter went up by EUR 4.7 million to EUR 23.0 million year on year (+26 %), whereas EBITDA of EUR 2.2 million fell EUR 0.3 million short of the previous year´s figure. The EBIITDA margin came to 9.4 % in the third quarter (previous year: 13.6 %). The increase in demand and full capacity utilization of the industry has not yet resulted in rising prices for adesso, but the price pressure has decreased.

adesso continued to successfully implement its industry-oriented strategy. The company considerably expanded its banking segment in Switzerland. Solutions for mobile banking were sold for the first time in Switzerland and Austria. The positive development of the new public sector segment was reflected in the company receiving its first large orders. In this segment, the company obtained an important order from the Dutch government. adesso successfully positioned its high-end contents management system FirstSpirit in an international tender and achieved a six-figure licensing volume. 120,000 Dutch government employees will be working linked up on the adesso system. The company also concluded important contracts with the Austrian public administration sector. The integration of evu.it GmbH, of which the company acquired a majority share in April 2010, is going according to plan. The company specialises in energy and water management and employs more than 80 people. Its operations are profitable and are contributing a higher percentage to earnings now than assumed at the time of the acquisition.

In the first nine months of 2010, adesso increased sales by 20 % year on year to EUR 60.9 million (previous year: EUR 50.9 million). 9 percentage points of this figure relate to organic growth. Headcount increased by 136 or 24 % to 709 full time employees. The gross margin remained almost the same while personnel costs rose slightly disproportionately compared to sales by 22 % to EUR 40.5 million and other operating expenses fell disproportionately by 19 % to EUR 12.2 million. The central operating performance indicator of adesso, EBITDA, therefore went up EUR 0.2 million or 6 % year on year to EUR 4.0 million (previous year: EUR 3.8 million). The EBITDA margin in the first nine months amounted to 6.6 % compared to 7.5 % in the previous year. Depreciation and amortization increased by EUR 157 thousand due to new acquisitions, the financial result dropped by EUR 323 thousand and tax expenses rose by EUR 251 thousand. Consolidated earnings in the first nine months of 2010 therefore came to EUR 1.6 million in total, EUR 0.5 million or 24 % below the previous year´s value. The financial result was impacted by the additional acquisition loan of EUR 1.5 million for the takeover of evu.it GmbH and lower interest rates on assets. Earnings per share amounted to EUR 0.27 compared to EUR 0.38 in the previous year.

As of 30 September 2010, adesso held EUR 13.0 million in liquid assets, the identical amount as in the same period in the previous year (31 December 2009: EUR 17.3 million). The equity ratio went up to 50 % in the first nine months (31 December 2009: 49 %) and the net cash position amounted to EUR 5.6 million on 30 September 2010. adesso therefore has a solid balance sheet structure and is in a steady financial position.

Capacity utilisation for consultants and software developers continues to be high at the beginning of the fourth quarter of 2010. The product segment´s 2010 sales pipeline hints at a continuation of the good results in this segment and the company therefore again expects an increase in sales revenues and earnings in the fourth quarter compared to the quarters in the first half of the year. The 2010 forecast, which was updated upon announcement of the half-year figures, has been confirmed. Depending on the extent to which the product segment will be able to realise several large sales opportunities, there are good prospects, these expectations may even be exceeded.

These and other key figures of the third quarter of 2010 and the first nine months of 2010 are available on the adesso website at http://www.adesso-group.de/de/investorrelations/ under Investor Relations.

The Executive Board

end of announcement                               euro adhoc
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Branche: Computing & Information Technology
ISIN: DE000A0Z23Q5
WKN: A0Z23Q
Index: CDAX
Börsen: Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade
Frankfurt / regulated dealing/general standard

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