CompuGROUP confirms 2008 financial goals after good first-half results
Geschrieben am 14-08-2008 |
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-------------------------------------------------------------------------------- ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
finances
Koblenz (euro adhoc) - Contact person:
Markus Georgi Head of Investor Relations CompuGROUP Holding AG Telephone: +49 (261) 80 00 1238 E-Mail: investor@compugroup.com
CompuGROUP confirms 2008 financial goals after good first-half results
. Revenues rose 12% in the first six months to EUR 94.2 million . At EUR 23.9 million, EBITDA slightly above H1 2007 . Adjusted EBITDA rose 10.3% to EUR 23.6 million from EUR 21.4 million in H1 2007 . 100% of Profdoc acquired
Koblenz - August 14, 2008: CompuGROUP Holding AG increased revenues by 12% over the first half of the previous year to EUR 94.2 million. Earnings before interest, tax, depreciation and amortization (EBITDA) edged up to EUR 23.9 million. After non-recurring items, EBITDA was EUR 23.6 million (previous year: EUR 21.4 million). This corresponds to a 10.3% increase in adjusted EBITDA. Earnings were primarily held back by planned personnel cost increases as development, marketing and sales employees were recruited to build up the health insurance business in Germany. These recruitments have not yet had a major positive impact on earnings.
Depreciation was up by some EUR 3 million including EUR 1.7 million with no cash impact since it relates to intangibles acquired in conjunction with company acquisitions.
As a result of this increase in depreciation and a higher income tax charge (H1 2007 EUR 3.2 million tax gain,vs. H1 2008 EUR 3.1 million tax charge) reported consolidated earnings for the first six months of 2008 fell to EUR 6.8 million, down from EUR 15.3 million in the first half of 2007. Cash Net Income amounted to EUR 17.4 million, down from EUR 24.3 million in the first half of 2007, which was also boosted by this non-recurring tax gain in 2007.
Frank Gotthardt, Chairman of the Management Board of CompuGROUP Holding AG, said: "The first-half came in largely in line with our forecasts. Our successes in the first half confirm that we are on the right path to continued value- based growth. In addition, the acquisition of Profdoc, All for One and Fliegel Data will yield considerable synergies while once again substantially increasing our capacity for future growth.
Following success of its voluntary tender offer, CompuGROUP has managed to acquire the entire share capital of Profdoc ASA and is now market leader in three additional European countries backed by a customer database of some 330,000 health service providers. CompuGROUP now has by far the largest market presence with physicians in Europe.
The acquisition of a 90% equity stake in All for One Systemhaus AG significantly bolstered the Group's position on the German Rehab and Care market. As a result, the Group became German market leader in rehab clinic information systems by quite some margin over other suppliers.
Employees Excluding the Profdoc and All for One acquisitions, CompuGROUP employed on average 1,796 employees worldwide in the first half of 2008, up around 29% from first half 2007 largely due to acquisitions.
Outlook
Given that the introduction of the health fund in Germany is currently causing reluctance among statutory health insurers to invest, the Group now expects that sales originally planned for the second half will be postponed.
The Company is also anticipating a reduction in sales and earnings in the remainder of 2008 as a result of regulatory changes (Arzneimittelversorgungswirtschaftlichkeitsgesetz (AVWG)) which affect the pharmaceutical communications business line. In this regard, the Group is expecting to have to make long drawn-out product conversions in order to comply with the new regulations.
The Group maintains its revised forecast as at 8 July 2008 for full year 2008 EBITDA of around EUR 50 million and 2008 sales of some EUR 225 million.
Key figures in brief
|Major items |06/2008 |06/2007 | | |E m |E m | |Consolidated revenues |94,188 |84,171 | |Expenses for goods |-20,216 |-19,319 | |and services purchased | | | |Personnel expenses |-37,385 |-31,760 | |Other operating expenses |-18,464 |-15,572 | |EBITDA |23,950 |23,728 | |in % |25.43% |28.19% | |EBIT |10,301 |13,051 | |in % |10.94% |15.51% | |EBT |9,899 |12,085 | |in% |10.51% |14.36% | |Consolidates net income for the period |6,770 |15,339 | |in% |7.19% |18.22% | |Earnings per share (in E) |0.13 |0.32 | |Cash Net Income* |17,433 |24,293 | |in% |18.51% |28.86% | |Cash Net Income per share (in E) |0.33 |0.51 | |Cash flows | | | |from operating activities** |9,171 |20,444 | |from investing activities |-96,371 |-32,392 | |from financing activities |80,372 |109,711 | |Capital investments |103,022 |34,205 | |in intangible assets |940 |29,252 | |Capitalized software |2,338 |2,469 | |In fixed assets |5,290 |2,484 | |In acquisitions of new companies |94,454 |0 | |Depreciation and Amortization |13,649 |10,677 | |of intangible assets |10,663 |8,954 | |of capitalized software |1,546 |520 | |of tangible assets |1,440 |1,203 | |Sharoholders' Equity |179,259 |192,258 | |in % |44.47% |0.55 | |Balance sheet total |403,063 |350,638 | | | | | |*Cash Net Income: Profit for the period before minority | |interests and depreciation on intangible assets with the | |exception of depreciation on capitalized software. | |** 2008 cashflows from operating activities are sharply lower| |due to a EUR 12.1 million payment in advance on the purchase | |of All for one. |
Teleconference for journalists, investors and analysts.
CompuGROUP invites you to a teleconference for analysts, investors and journalists today, August 14, at 2 pm Frankfurt local time (1 pm London time). Frank Gotthardt, the Chairman of the Management Board, Dr Erik Massmann, CFO, und Jan Broer, Member of the Management Board responsible for the HCS Segment, will give detailled insight into the six-month figures and be available for questions.
Use the following dial-in numbers to participate in the teleconference:
+49 (0) 69 2222 2246 (Germany) +44 (0) 20 7138 0837 (London) +1 718 354 1172 (USA)
A recording of the teleconference will be available about 30 minutes after its completion and remain so for an additional 5 days.
In this case, please call:
+49 (0) 69 22222 0418 (Germany) +44 (0) 20 7806 1970 (London) +1 718 354 1112 (USA)
Replay Passcode: 7627641#
A presentation will be made available at the beginning of the teleconference on the CompuGROUP website at www.compugroup.com
About CompuGROUP Holding AG CompuGROUP is one of the leading E-health companies worldwide. Its software
products, designed to support all medical and organisational activities in doctors' surgeries and hospitals, its information services for all involved parties within the healthcare system and its web-based personal health records contribute towards safer and more efficient healthcare. The services of CompuGROUP are centred on its unique customer base of around 330,000 doctors, dentists, hospitals, associations and networks as well as other service providers. CompuGROUP is the eHealth company with the biggest coverage among
eHealth service providers worldwide. The company operates in 14 European countries and currently employs around 2,500 people.
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end of announcement euro adhoc --------------------------------------------------------------------------------
ots Originaltext: CompuGROUP Holding AG Im Internet recherchierbar: http://www.presseportal.de
Further inquiry note:
Markus Georgi
Tel.: +49(0)261-8000 1238
E-Mail: investor@compugroup.com
Branche: Software ISIN: DE0005437305 WKN: 543730 Börsen: Börse Frankfurt / regulated dealing/prime standard Börse Berlin / free trade Börse Hamburg / free trade Börse Stuttgart / free trade Börse Düsseldorf / free trade Börse München / free trade
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