H1 / 2009
H1 / 2009
August 13, 2009 at 11:33 AM CEST
Results in line with management's expectations CEO, Claus Hansen: "Despite the difficult market situation, we have - when adjusted for sold-off subsidiaries and the strengthened krone rate - by and large managed to maintain revenues in the level of H1 2008, which was the best first half year in the Group's history. Earnings increased in Q2 compared to Q1, and we have been able to create a large positive cash flow from op-erating activities in the first half of 2009”. • Revenues for H1/2009 totaled DKK 422.8M (DKK 494.6M in H1/2008), corresponding to a decrease of 15%. Adjusted for the revenues in the seven subsidiaries which were sold off as of December 1st, 2008 as well as for foreign currency translation the decrease totals 6%. The result is in line with the management's expectations. • Earnings before depreciation (EBITDA) for the period totaled DKK 13.1M (DKK 31.5M in H1/2008) corresponding to a decrease of 58% compared to H1/2008. The result is in line with the management's expectations. • Revenues in the Nordic region amounted to DKK 195M in H1/2009 (DKK 185M in H1/2008), corres-ponding to an increase of 5%. EBITDA for the period totaled DKK 18.1M (DKK 18.5M in H1/2008), which is a decrease of 2% compared to 2008. • Revenues in Western Europe amounted to DKK 91M in H1/2009 (DKK 111M in H1/2008). EBITDA for the period totaled DKK 11.4M (DKK 8.9M in H1/2008), corresponding to an increase of 28% compared to the same period 2008. • Revenues in Eastern Europe amounted to DKK 87M in H1/2009 (DKK 111M in H1/2008). EBITDA for the period totaled DKK 2.7M (DKK 7.5 in H1/2008). • Revenues in North and South America amounted to DKK 50M in H1/2009 (DKK 88M in H1/2008). EBITDA for the period totaled DKK -3.3M (DKK 11.1M in H1/2008). • The Group's software development companies, To-Increase, had gross revenues of DKK 21.1M in H1/2009 (DKK 20.1M in H1/2008), corresponding to an increase of 5%. EBITDA for the period amounted to DKK 7.6M (DKK 6.4M in H1/2008), corresponding to an increase of 20%. The figures for To-Increase are also included in the regional figures stated above. • The result amounted to DKK -4.4M in H1/2009 (DKK 18.9M in H1/2008). • Total equity amounted to DKK 244.0M (DKK 243.1M in H1/2008), resulting in a solvency ratio of 45.9% (40.7% in 2008). • Previously announced expectations for 2009 are being maintained. Due to the general financial uncertainty, earnings for 2009 are expected to be considerably below 2008 level. Ib Kunøe Claus Hansen Chairman CEO Columbus IT Partner A/S Columbus IT Partner A/S For further information, please contact: CEO Claus E. Hansen, or CFO Heine Thorsgaard, T: +45 70 20 50 00 Translation: In the event of any inconsistency between this document and the Danish language version, the Danish language version shall be the governing version.