EANS-Adhoc: S&T System Integration&Technology Distribution AG
S&T results for
first six months of 2010
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
28.07.2010
S&T results for first six months of 2010:
Revenues improved by 10% in Q2/2010 compared to Q1/2010 Change at the top - Thomas Streimelweger succeeds Christian Rosner as CEO Dynamic infrastructure and outsourcing business - Infrastructure Solutions segment raises sales by 3.5 % in 1H/2010 vs. 1H/2009 Consulting business still unsatisfactory - Business Solutions segment sales down 37.0% in 1H/2010 vs. 1H/2009 Improved earnings development in Q2 following Q1
Differentiated sales development After declining sales in previous quarters and in the turnaround phase, the S&T group improved on both the revenue and the cost side. Sales in Q2/2010 increased from EUR 82.7 million to EUR 91.0 million, compared to Q1.
Compared to the first six months of last year, the sales increase in the IS segment by 3.5% to EUR 136.1 million compares to a decline in sales in the BS segment by 37% to EUR 37.5 million. But also BS showed a sales increase of 10.7% in Q2 2010 compared to Q1/2010.
The number of employees decreased in the first half from 2581 to 2406 FTEs, in parallel to the personnel cost. Costs related to write-downs and provisions for projects were reduced following improved receivables and project management.
Earnings Consolidated EBITDA improved to EUR -2.2 million (Q1/2010: EUR -4.5 million), whereas EBIT was up to EUR -3.5 million (Q1/2010: EUR -5.9 million). For the first six months of 2010, EBITDA was EUR -6.8 million (compared to EUR +1.5 million in first six months of 2009), EBIT was EUR -9.4 million (compared with EUR +1.5 million in first six months of 2009).
Financial Position Net financial debt amounted to EUR 70.1 million at 30 June 2010 (from 51.8 million at 31 December 2009), which represents 37.7% (23.9%) of total assets. Shareholders' equity decreased to EUR 23.0 million (after 33.4 million at 31 December 2009), which is 12.4% (15.4%) of total assets. The Group plans to strengthen its equity capital.
Order situation The order situation is stronger in Q2, but has not yet shown full impact on the total turnover. The planned development of the services offering should be the basis for subsequent long-term contracts and high-margin and know-how-dominated projects which should further strengthen the financial situation. In the IS segment S&T focuses on the expansion of our workplace management / virtual desktop and data center services, outsourcing and cloud computing services. The Group has openings for over 100 highly qualified employees.
Outlook Through a set of comprehensive measures, S&T considers itself back in a good position to harvest new business in the second half year of 2010. S&T expects a good recovery in both segments and above all a strong Q4 in the IS segment. Thomas Streimelweger, new CEO of S&T since 1 July 2010, has prioritized the fastest possible return to the operational and bottom line profitability, which shall be achieved in the fourth quarter.
end of announcement euro adhoc
Further inquiry note:
Mag. Michael Dvorak
Head of Investor Relations
T: +43 1 367 80 88 1020
Mobil: +43 664 60191 1020
michael.dvorak@snt-world.com
www.snt-world.com
Branche: Computing & Information Technology
ISIN: AT0000905351
WKN:
Index: WBI, ATX Prime
Börsen: Wien / official market