Quarterly Report Q1 / 2009
Quarterly Report Q1 / 2009
April 27, 2009 at 9:04 AM CEST
Satisfactory results despite hesitant market CEO, Claus Hansen: "Despite a hesitating approach towards new purchases in the market - especially in the US - Columbus IT managed to obtain satisfactory results in Q1 2009. Revenues are in line with Q1 2008, when adjusted for sold-off subsidiaries and the strengthened krone rate. Earnings are also satisfactory. During the past months we have aimed at adjusting our capacity to the market situation, but due to the global financial turbulence expectations to 2009 are still reflecting considerable uncertainty ”. • Revenues for Q1/2009 totaled DKK 198.6M (DKK 219.1M in Q1/2008), corresponding to a decrease of 9%. 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 0.3%. The result is in line with the management's expectations. • Earnings before depreciation (EBITDA) for the period totaled DKK 4.0M (DKK 8.2M in Q1/2008) cor-responding to a decrease of 51% compared to Q1/2008. The result is in line with the management's expectations. • Revenues in the Nordic region amounted to DKK 94M in Q1/2009 (DKK 81M in Q1/2008), correspond-ing to an increase of 16%. EBITDA for the period totaled DKK 10.0M (DKK 4.4M in Q1/2008), which is an increase of 127% compared to 2008. • Revenues in Western Europe amounted to DKK 42M in Q1/2009 (DKK 52M in Q1/2008). EBITDA for the period totaled DKK 4.6M (DKK 4.4M in Q1/2008), corresponding to an increase of 5% compared to the same period 2008.. • Revenues in Eastern Europe amounted to DKK 38M in Q1/2009 (DKK 49M in Q1/2008). EBITDA for the period totaled DKK -0.7M (DKK 2.0 in Q1/2008). • Revenues in North and South America amounted to DKK 25M in Q1/2009 (DKK 37M in Q1/2008). EBITDA for the period totaled DKK -3.5M (DKK 3.6M in Q1/2008). • The Group's software development company, To-Increase, had gross revenues of DKK 9.1M in Q1/2009 (DKK 8.0M in Q1/2008), corresponding to an increase of 14%. EBITDA for the period amounted to DKK 2.4M (DKK 1.2M in Q1/2008), corresponding to an increase of 99%. • The result amounted to DKK -2.8M in Q1/2009 (DKK 0.4M in Q1/2008). • Total equity increased to DKK 244.4M (DKK 224.5M in Q1/2008), resulting in a solvency ratio of 45.6% (41.2 in 2007). • Previously announced expectations for 2009 are being maintained. Due to the uncertainty about the extent and duration of the current global financial turbulence, expectations to 2009 are reflecting con-siderable uncertainty. Group revenues from the sold-off subsidiaries in seven countries with effect from December 1st 2008 amounted to DKK 69M, corresponding to 7% of total revenues. Due to both the strengthened krone rate and the expected macroeconomic recession on the Group's markets, revenues in the remaining subsidiaries of the Group are expected to be below 2008 level. Consequently and 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.