SAF announces unaudited results for the 2008 fiscal year
Tägerwilen (euro adhoc) -
Contract negotiations underway in direct business - 2008 total annual revenues at prior year level
ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
companies/unaudited consolidated financial statements 2008
- Total annual revenues of EUR 13.4 million at prior year level (FY/07: EUR 13.2 million) - Net profit of EUR 2.1 million (FY/07: EUR 3.0 million) - Concrete contract negotiations underway in direct business
Tägerwilen/Switzerland, March 5, 2009. SAF AG, which is listed in the Prime Standard of the Frankfurt Stock Exchange (ISIN CH0024848738), reports unaudited revenues of EUR 13.4 million for the total fiscal year 2008 (FY/07: EUR 13.2 million) at prior year level and an unaudited net profit of EUR 2.1 million (FY/07: EUR 3.0 million).
Due to the difficult economic situation and projections for 2009, many retail companies postponed their capital expenditures at year end contrary to their original planning. As a result, SAF was surprised by the weakness of sales in the license business during the normally highest revenue quarter. During fourth quarter 2008, the Company achieved revenues of EUR 2.9 million (Q4/07: EUR 3.9 million) that generated a net profit of EUR 0.4 million (Q4/07: EUR 1.2 million).
At present, Dr. Andreas von Beringe, SAF CEO, assesses the current business development of the direct business as definitely positive: "During the first months of this year, we have been able to reintensify our discussions with potential new customers. We currently are conducting concrete contract negotiations with important retail companies both in Europe and in the USA on the implementation of our software." The Company expects to be able to soon announce additional successes in the direct business and currently assumes that additional license agreements can be concluded with potential new customers in the OEM Business.
During the past fiscal year, the Company realized EUR 5.1 million (FY/07: EUR 7.4 million) in revenues from license agreements of which EUR 0.6 million were achieved in the fourth quarter (Q4/07: EUR 2.3 million). This was triggered by the severe incidence of postponements of capital expenditure spending in response to the current economic situation. During the reporting period, maintenance revenues increased significantly again by 32.6 percent from EUR 4.8 million to EUR 6.3 million (Q4/08: EUR 1.7 million and Q4/07: EUR 1.3 million). Maintenance revenues grew further proportionately with software license revenues and thus track the latter with a time lag.
Already in 2008, the Company's costs developed moderately. Operating costs - 66.3 percent of which consist of personnel costs - increased by 9.1 percent (including tax effect) versus prior year from EUR 11.1 million to EUR 12.1 million (Q4/08: EUR 2.6 million).
"Particularly during economically difficult periods, companies analyze their processes and search for measures that will strengthen their competitive position while, at the same time, increasing revenues and reducing costs. This development is currently reflected in the sustainable customer pipeline of our direct business," comments von Beringe in assessing the situation for 2009. In addition, SAF will profit from the increasing maintenance business that has developed into an important and stable revenue guarantor, as well as from service revenues. In addition, SAF will also benefit from a solid cash position. For these reasons, SAF feels that it is well prepared to also deal with difficult times in order to sustainably develop its business.
********************************************************************* **********
SAF AG SAF Simulation, Analysis and Forecasting AG specializes in the development of automated ordering and forecasting software for retailers and industrial manufacturers. SAF deploys the demand chain management approach, which controls replenishment planning based on consumer demand patterns. SAF software assists users to realize substantial cost savings and optimizes general logistics conditions through its simulation capabilities. As a result, significant competitive advantages are achieved along the entire value chain: lower inventories, improved product availability, and last, but not least, a higher level of customer satisfaction.
SAF AG was established in 1996 by Dr. Andreas von Beringe and Prof. Dr. Gerhard Arminger. SAF shares are listed at the official market (Prime Standard) at the Frankfurt Stock Exchange (FWB). Today, the company employs approx. 100 people. Consolidated sales revenues for fiscal year 2007, were approx. 13.2 million EUR with consolidated profit of 3.0 million EUR according to IFRS statements. SAF's products are distributed in many European countries as well as in the United States. The company is headquartered in Tägerwilen, Switzerland. SAF also has a subsidiary in the United States: SAF Simulation, Analysis and Forecasting U.S.A., Inc., Grapevine, Texas and in Slovakia, Bratislava: SAF Simulation, Analysis and Forecasting Slovakia s.r.o. with the focus on Nearshore-Development.
Forward Looking Statements and Estimates This information contains forward looking statements based on assumptions and estimates of SAF's Management Board. Although we assume the expectations in these forward looking statements are realistic, we cannot guarantee they will prove to be correct. The assumptions may harbor risks and uncertainties that may cause the actual figures to differ considerably from the forward looking statements. Factors that may cause such discrepancies include, among other things, risks that are mentioned in the annual report 2007. SAF does not plan to update the forward looking statements, nor does it assume the obligation to do so.
end of announcement euro adhoc
Further inquiry note:
Astrid Strömer
+41 (0)71 666 79 48
astrid.stroemer@saf-ag.com
Branche: Software
ISIN: CH0024848738
WKN: A0JD78
Index: Prime All Share, Technologie All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / free trade