DGAP-News: adesso AG publishes 2008 figures - high growth in sales revenues and result

adesso AG / Final Results

30.03.2009 

Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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adesso AG publishes 2008 figures - high growth in sales revenues and result

adesso records sales revenues of EUR 66.8 million (+ 46 %), operating
result EUR 8.1 million (+ 52 %)

adesso AG sustained its strong growth track in 2008. Sales revenues were up
46 % to EUR 66.8 million (prior year: EUR 45.6 million). 2008 therefore
represents the most successful year in company history and forms another
important step on the road to establishing the company as a leading IT
partner for consulting and software development industry-specific business
processes in Central Europe.

Increased workload and consultancy share drive rise in margins

Operating earnings before interest, taxes, depreciation and amortization
amounted to EUR 8.1 million after EUR 5.3 million in the prior year. The
operating EBITDA margin improved once again, from 11.6 % in the prior year
to 12.1 %. Consolidated profit grew disproportionately by 76 % to EUR 4.3
million (prior year: EUR 2.4 million). Both the targets set for 2008 as
well as the revised forecast released with the half-year figures were
significantly exceeded.

Strong cash flow of EUR 8.4 million and 45 % equity ratio form solid
foundation for further development

Liquid assets grew to EUR 18.7 million after amounting to EUR 11.6 million
in the prior year. This was primarily attributable to the strong cash flow
from operations totaling EUR 8.4 million (prior year: EUR 5.9 million).
Interest-bearing liabilities were reduced from EUR 3.8 million to EUR 2.9
million thanks to regular repayments. Equity increased to EUR 25.3 million
(prior year: EUR 21.0 million) while the equity ratio totaled 45 %. adesso
therefore has a solid foundation from which it can push the development of
its business and cushion the company from any possible effects from the
current economic downturn.

Background information and outlook

In line with the strategy, market penetration in adesso's core industries
increased, one new market segment was tapped and the company's range of
technology extended. In the core industry of insurance groups, 15 of the 25
largest companies in Germany now belong to adesso's active clientele. In
the field of reinsurance, adesso now supports the world market leader and
therefore three of the world's five largest providers. The new banking core
segment has expanded rapidly and generated sales revenues in excess of EUR
9 million in 2008. In the field of legal protection insurance a new market
segment was opened up, in which adesso already plans to generate sales
revenues in the seven-digit region in 2009. Finally, the rapid set up and
expansion of the Microsoft Technologies business area to over 40 employees
underscores the company's ability to generate organic growth.

On the product side, 'web in|Motion' was successfully placed on the market
as a solution for mapping business processes and web content on mobile
devices like mobile phones. Important projects were implemented for
customers like VR-Networld, Schufa, E.ON and Süddeutsche Zeitung,
generating over EUR 1 million sales revenues. The product 'FirstSpirit' was
further developed as an enterprise content management system for high end
users and generated a double-digit margin with sales revenues of over EUR 7
million.

Since the takeover of Vienna-based beiT Consulting at the start of 2009,
adesso is represented throughout the Germany/Switzerland/Austria region and
now employs more than 600 people (more than 550 FTE).

Later than in other industries, the repercussions from the financial and
economic crisis are increasingly hitting the IT sector. In line with the
industry association BITKOM, adesso is expecting the IT services sector to
tend sideward while it anticipates the market for software products to
decline slightly. The impacts from the recession will result in lower
average capacity utilization. Against this backdrop adesso is planning
sales revenues in the region between EUR 68 to 70 million and an operating
EBITDA margin of at least 5 %. adesso is strategically well positioned for
profitable growth in an exceptionally dynamic market segment. The company
will quickly return to its double-digit growth and margin targets as soon
as the recessionary phase subsides.

The annual report will be available for download today, 30 March 2009, at
www.adesso-group.de. The annual financial accounts press conference is
scheduled for today at 10:00 a.m. followed by an analysts' conference at
12:00 noon.

Contact person, Investor Relations:
Christoph Junge
junge@adesso.de

Contact person, Press Relations:
Martin Moellmann
moellmann@adesso.de

adesso AG
Stockholmer Allee 24
44269 Dortmund
GERMANY
Tel.: +49 231 930-9330
Fax: +49 231 930-8996
www.adesso-group.de | www.adesso.de


DGAP 30.03.2009 
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Language:     English
Issuer:       adesso AG
              Stockholmer Allee 24
              44269 Dortmund
              Deutschland
Phone:        +49 (0) 231 930-9330
Fax:          +49 (0) 231 930-8996
E-mail:       ir@adesso.de
Internet:     www.adesso-group.de
ISIN:         DE0005493704
WKN:          549370
Listed:       Regulierter Markt in Frankfurt (General Standard);
              Freiverkehr in Berlin, Stuttgart, München, Hamburg,
              Düsseldorf
End of News                                     DGAP News-Service
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