EANS-News: adesso AG closed the 2010 financial year with a good fourth quarter and increased annual sales revenues by 20% to a new all-time high — dividend policy remains unchanged

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Annual Reports

Dortmund (euro adhoc) - adesso AG closed the 2010 financial year with
a good fourth quarter and increased annual sales revenues by 20% to a
new all-time high — dividend policy remains unchanged

- 20% increase in sales revenues to EUR 85.7 million - Significant
profit growth in the second half of the year - Dividend proposal
totalling EUR 0.15 per share - Positive outlook for 2011: 7.5% to 10%
increase in sales revenues to between EUR 92 to 95 million and a 10%
to 15% increase in EBITDA to between EUR 6.2 to 6.5 million

adesso AG, a leading IT service provider specialised in industry
specific software development, closed the 2010 financial year with
good second half results, achieving record sales revenues of EUR 85.7
million for the full year. This represents a 20% increase year on
year, with 8% of this increase coming from organic growth. Once
again, adesso has grown much faster than the market. Operating profit
(EBITDA) for the full year was EUR 5.6 million, slightly below last
year´s figures and, despite the stronger second half of the year,
also lagging behind plan. The consolidated group profit was EUR 2.5
million; earnings per share amounted to EUR 0.42 per share, following
EUR 0.61 per share in prior year. Like last year Executive Board and
Supervisory Board will propose a dividend distribution of EUR 0.15
per share to the Annual General Meeting of adesso.

In the fourth quarter 2010, the positive performance of the third
quarter continued, following a weaker first half of the year. With
quarterly sales revenues increasing to EUR 24.8 million, the
operating profit (EBITDA) reached EUR 1.5 million; the first two
quarters of the year only achieved results below EUR 1 million each.
Good capacity utilisation for consultants and software developers as
well as ongoing good product sales were the drivers of this positive
performance. Headcount in the adesso Group rose to 729 at year end
(prior year: 598). Cash and cash equivalents increased by EUR 4.0
million to EUR 17.0 million in the fourth quarter. Shareholders´
equity was EUR 30.9 million, compared to EUR 28.8 in prior year; the
company´s equity ratio grew from 49.0 % to 49.6 %.

The IT market relevant for adesso grew by 3% in 2010. The organic
growth of 8 percentage points and total sales revenues growth of 20%
therefore underscore the growth capabilities of adesso. However,
profit goals were not achieved, despite the good performance in the
second half of the year, as was forecast when the first half results
were announced. Personnel costs grew disproportionately to sales
revenues by 24% because of below plan capacity utilisation and lower
average daily rates in the first half of the year. As a result, the
EBITDA margin fell to 6.5% (prior year: 8.1%). EBITDA totalled EUR
5.6 million, following EUR 5.8 million in the prior year.
Consolidated group profit amounted to EUR 2.5 million (prior year:
EUR 3.6 million), due to increased amortisation of purchase price
allocations associated with the acquisition of evu.it GmbH, as well
as financial and tax effects.

For 2011, adesso expects growth in the IT sector of German speaking
countries in an overall good economic environment of between 2.5% and
3.5%. With sales revenues growth of 7.5% to 10%, the adesso Group
wants to continue its ambitious growth strategy and increase sales
revenues to EUR 92 to 95 million. A 10% to 15% increase in operating
profit, as measured in EBITDA, is expected, reaching EUR 6.2 to 6.5
million. The margin should be improved by increasing daily rates,
higher average capacity utilisation and the actions taken at the
beginning of the year to improve the personnel cost structure. In
2011, adesso will invest more in the build-up of its own industry
solutions as a core of its future growth. The higher expense
associated with this investment, EUR 1 million compared to prior
year, is included in the 2011 EBITDA forecast. Without considering
possible acquisitions, group consolidated profit in 2011 is planned
to grow faster than operating profit.

In 2010, sales revenues grew in each core industry segment of adesso.
The Banking segment performed especially well, thanks in part to
several new major customers in Switzerland. The new adesso Public
Sector core segment also performed well. In Austria, the company
received an order worth more than EUR 6 million from Agrarmarkt
Austria; in Germany, adesso won the large project Zensus 2011 from
the German Federal Statistical Office.

evu.it GmbH, a renowned IT service provider in the sectors energy and
water management that was acquired in 2010, achieved targets and
contributed more than EUR 0.5 million to the operating profit of the
overall company. However, the group consolidated profit was also
negatively impacted by EUR 250 thousand resulting from the planned
write-off of order backlog and customer lists as well as from the
interest associated with the loan taken out to finance the
acquisition. For 2011, however, a positive contribution to
consolidated group profit is expected.

The products unit achieved its best result ever in 2010. Both the
Mobile Solutions segment as well as the Content Solutions segment
showed increased sales revenue and profits; this growth was based
upon a large number of license sales to new customers. For the first
time ever, license sales of over EUR 1 million were achieved abroad.

The complete annual report is available for download at
www.adesso-group.de. Here you will also find important key figures in
table format.

The Executive Board

end of announcement euro adhoc
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ots Originaltext: adesso AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Christoph Junge
Mitglied des Vorstands
Tel.: +49 231 930-9330
E-Mail: ir@adesso.de

Branche: Computing & Information Technology
ISIN: DE000A0Z23Q5
WKN: A0Z23Q
Index: CDAX
Börsen: Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade
Frankfurt / regulated dealing/general standard