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13.11.2012 – 07:01

adesso AG

EANS-Interim Report: adesso AG

  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
adesso AG profits soar in the third quarter of 2012

* Sales rise by 9 % to EUR 31.6 million compared to Q2
* EBITDA of EUR 2.9 million in Q3 marks a new record
* Earnings contributions increase in all business areas
* Earnings per share up year-on-year to EUR 0.23 in Q3

adesso AG considerably increased both sales and operating margin in the third
quarter of 2012 compared to the first two quarters of the year. Quarterly sales
exceeded EUR 30 million for the first time. At EUR 2.9 million, operating
earnings (EBITDA) also hit a new record. However, key income figures in the
first nine months of 2012 continued to remain down year-on-year due to
investments in the company's growth and restructuring expenses in the first half
of the year.

Business development

In the third quarter, adesso increased sales from IT consulting, software
development and licenses for its own products compared with the previous quarter
in a stable market environment. A large number of working days, a further rise
in the number of employees, strong demand in Mobile Solutions and high license
sales from FirstSpirit, adesso Group's high-end content management system,
formed the basis for this development. Total sales in the third quarter of 2012
increased by 21 % year-on-year to EUR 31.6 million (previously: EUR 26.1
million; Q2 2012: EUR 28.9 million). 

In addition to ARITHNEA GmbH, a company in which adesso acquired a majority
share in March, adesso's business in Austria and Switzerland also developed
positively. adesso received a large order with a volume of EUR 2.3 million from
the University of Vienna. The Swiss subsidiary is developing its business with
additional projects for PostFinance, Roche and Alstom and is aiming for new
sales and income records following 2011.

License sales revenues for the company's own product, FirstSpirit, surpassed
expectations in the third quarter. In September alone, EUR 1.0 million in
license sales revenues were generated from business with renowned new customers
in the banking, insurance and industry sectors.

Income development

Capacity utilisation was stable and developed in line with the rising number of
employees, and expenses for a fixed-fee project were down; adesso Deutschland's
sales and operating margin rose steeply as a result in the third quarter. The
company successfully continued to restructure its energy and water management
business, and these measures no longer created any burden on income.

The share of purchased services in sales fell by 3 %, meaning that, at 24 %,
gross income rose faster than sales revenues. Personnel costs increased by 15 %
year-on-year to EUR 19.9 million, and other operating expenses went up by 5 % to
EUR 5.4 million. Operating earnings (EBITDA) rose by EUR 1.0 million, or 59 %,
compared to the previous year and reached a new quarterly record of EUR 2.9
million (Q2 2012: EUR 0.1 million). The EBITDA margin increased to 9.2 % in the
third quarter (previously: 7.0 %).

Depreciation and amortisation amounted to EUR 780 thousand (previously: EUR 513
thousand; Q2 2012: EUR 806 thousand), of which EUR 467 thousand pertained to
scheduled amortisation on purchase price components. Income from financing and
investment activities of EUR -53 thousand (previously: EUR -48 thousand; Q2
2012: EUR -2,237 thousand) resulted in earnings before taxes of EUR 2.1 million
in the third quarter (previously: EUR 1.3 million; Q2 2012: EUR -3.0 million).
Consolidated earnings came to EUR 1.4 million compared to EUR 1.2 million in the
previous year and EUR -3.8 million in the second quarter. At EUR 0.23, earnings
per share rose by 6 % year-on-year.

The first nine months of the year

Sales increased by 11 % year-on-year to EUR 87.9 million in the first nine
months of 2012. At the same time, the average number of employees went up by 213
or 28 %. adesso Group employed 1,055 people as of the reporting date. Personnel
costs amounted to EUR 57.5 million compared to EUR 50.7 million in the previous
year. The gross income margin remained unchanged at 88 %. Other operating
expenses increased by 15 % to EUR 17.3 million. Operating earnings (EBITDA) came
to EUR 4.3 million in the first nine months of 2012 after EUR 7.2 million in the
previous year. Particularly the large investments in product development and
restructuring measures in the energy and water management business as well as
investments in the growth of adesso Deutschland left their mark in the first
half of 2012. As a result, the income figures for the first nine months of 2012
were down year-on-year and did not meet the target despite the successful third

Earnings before taxes came to EUR -114 thousand (previously: EUR 4.1 million)
and consolidated earnings to EUR -1.8 million (previously: EUR 3.2 million).
Earnings per share amounted to EUR -0.24 (previously: EUR 0.55).

Additional key figures

On 30 September 2012, adesso held liquid assets of EUR 17.6 million (previously:
EUR 18.1 million), EUR 4.9 million less than on 31 December 2011. Liquid assets
created by positive cash flow from operating activities rose by EUR 2.0 million
in the third quarter of 2012. The net cash position was EUR 9.2 million
(previously: EUR 12.6 million) and the equity ratio came to 43 %. These figures
continue to provide adesso with a solid balance sheet structure and financial
position. Liquid assets are expected to rise further in the fourth quarter.


At the time of this report, both order situation and volume of business
activities could be regarded as positive in view of the remaining weeks of 2012.
As the third quarter was a strong one, the company believes that there is a high
probability of exceeding the earnings growth forecast for the second half of the
year, which had been increased to EBITDA of EUR 4.4 million to EUR 5.1 million
by the end of the year (Q3 2012: EUR 4.3 million).

These and additional indicators for the first nine months of 2012 are available
on the adesso website under Investor Relations:

The Executive Board

end of announcement                               euro adhoc 

issuer:      adesso AG
             Stockholmer Allee 24
             D-44269 Dortmund
phone:       +49 231 930-9330
FAX:         +49 231 930-9331
sector:      Computing & Information Technology
ISIN:        DE000A0Z23Q5
indexes:     CDAX
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
             regulated dealing/general standard: Frankfurt 
language:   English

Original content of: adesso AG, transmitted by news aktuell

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