- Cost management shows sustained effect
- Cash flow from operations sees sharp rise on previous year, increased net cash and cash equivalents
- Group revenue of EUR 61.7 million – down 13%
- Software revenue of EUR 12.2 million
- Consulting business revenue of EUR 49.5 million
- Total EBIT of EUR 2.6 million, Q4 EBIT EUR 1.3 million
Walldorf, February 22, 2010. In spite of the difficult economic environment, REALTECH managed to boost cash flow from operations substantially, increasing it from EUR 3.3 million in 2008 to EUR 5.2 million in 2009. As a result, net cash and cash equivalents rose from EUR 6.4 million to EUR 7.4 million on the basis of the same key date.
According to provisional figures, REALTECH’s revenue in fiscal year 2009 was EUR 61.7 million (2008: EUR 70.8 million). This included software solutions of EUR 12.2 million (EUR 16.8 million). The consulting business area reported revenues of EUR 49.5 million (EUR 54.0 million).
Earnings before interest, tax, depreciation, and amortization (EBITDA) were reduced to EUR 3.5 million (EUR 8.0 million), while EBIT decreased to EUR 2.6 million (EUR 7.0 million). The consulting business area directly accounted for a 47 percent share of Group EBIT (previous year: 53 percent). Accordingly, the software business area contributed a 53 percent share (previous year: 47 percent).
Net income amounted to EUR 1.2 million (EUR 5.7 million). Accordingly, earnings per share were EUR 0.23 (EUR 1.08).
Fourth quarter of 2009:
Revenues amounted to EUR 15.6 million (Q4/2008: EUR 19.5 million). This included software revenues of EUR 3.4 million (EUR 7.0 million). In consulting, revenues matched the previous year’s figure of EUR 12.2 million (EUR 12.5 million).
EBITDA amounted to EUR 2.5 million (EUR 2.8 million), while the operating result (EBIT) was EUR 1.3 million (EUR 2.5 million). Thanks to the timely introduction of cost-cutting measures, the EBIT reported for the fourth quarter of 2009 was almost the same as the EBIT for the previous three quarters combined.
Net income amounted to EUR 0.9 million (EUR 2.3 million), corresponding to earnings per share of EUR 0.12 (EUR 0.43).
Nicola Glowinski, CEO of REALTECH AG, made the following comments: “It was clear to see at the end of 2008 that the 2009 fiscal year would be difficult. Right then, at the end of 2008, we implemented appropriate programs to reduce costs in a sustained manner. In our opinion, the fourth quarter of 2009, during which the EBIT we achieved was comparable to the combined figure for the previous three quarters, reflected the calmer global economic situation.”
In view of the improvement in the order book compared to the 2009 fiscal year, and the sustained effect of the cost-cutting measures, the Executive Board is expecting moderate revenue growth during the current fiscal year and for EBIT to increase by more than 20 percent.
REALTECH will be publishing its final consolidated financial statements for 2009 on March 25, 2010.
Contact:
Volker Hensel
Investor Relations
REALTECH AG
69190 Walldorf
Tel.: +49.6227.837.500
Fax: +49.6227.837.9134