DGAP-News: IBS Group Holding Limited: IBS Group Reports its Operating Results for the 9 Months Ending December 31, 2010
ID: 360081
Report/Preliminary Results
IBS Group Holding Limited: IBS Group Reports its Operating Results for
the 9 Months Ending December 31, 2010
03.03.2011 / 13:13
---------------------------------------------------------------------
Please refer to important legal information at the end of the document
IBS Group Reports its Operating Results for the 9 Months Ending December
31, 2010
The Isle of Man, 03 March, 2011 - IBS Group Holding Limited (IBSG.DE,
IBSG.F) announces today its preliminary unaudited operating results for the
nine months of FY'2010 (1 April 2010 - 31 December 2010).
Consolidated Revenues, Net of Intercompany Sales*
US$ million 9M 9M Change, H1* Based on the preliminary unaudited management accounts for the 9M of
FY'2010 FY'2009 % FY'2010
Consolidated revenues 505.2 406.8 +24% 285.8
Revenues in the IT Services segment 307.3 263.1 +17% 164.0
Revenues in the Software Development 150.6 111.2 +35% 92.1
segment
Revenues in the Online Software 48.0 33.1 +45% 29.7
Delivery segment
FY'2010 and for the 9M of FY'2009, revenues for both periods are exclusive
of DEPO Computers (divested in September 2009)
- Consolidated revenues for the 9M of FY'2010 totalled US$505.2 million,
a 24% increase from the 9M of FY'2009 driven by continued sales growth
in all business segments.
- The IT Services segment (IBS IT Services) demonstrated a 17% revenue
growth on the back of a rapid recovery in the system integration
services and infrastructure projects market. The Group expects to reach
a 30% year on year revenue growth in the segment for full FY'2010.
- The Software Development segment (Luxoft) demonstrated a 35% revenue
growth as a result of its geographic expansion and an increasing global
demand for software engineers.
- The Online Software Delivery segment (Softkey) demonstrated a 45%
revenue growth, reflecting a growing popularity of licensed software as
well as an increasing brand recognition by customers.
Consolidated Revenues by Geographies*
9M FY'2010 9M FY'2009 Change* Based on the unaudited management accounts for the 9M of FY'2010 and
Revenues generated in Russia and the 76.6% 77.7% -1.1%
CIS
Revenues generated in Europe 8.4% 4.0% +4.4%
Revenues generated in North America 14.9% 18.3% -3.4%
Revenues generated in Asia 0.1% - n/a
for the 9M of FY'2009
- The growth of the Software Development segment resulted in a further
increase in the share of international operations as a percentage of
total revenues at IBS Group. International operations now account for
23.4% of the Group's revenues compared with 22.2% a year before.
- The share of revenues generated in Europe more than doubled from 4% to
8.4%, driven by an increase of 164% in absolute terms due to a rapid
expansion in the European market.
- The share of revenues generated in North America declined from 18.3% to
14.9%, following an increase of 1.4% in absolute terms.
- The Software Development segment expanded its presence in Asia through
its newly launched development centre in Singapore. The share of
revenues generated in Asia amounted to 0.1%.
- Revenues generated in Russia and the CIS increased 22.3% in absolute
terms, but their share in consolidated revenues declined a marginal
1.1%.
Group Headcount
Number of 31.12. 31.12. Change from 30.09. Change fromAs of 31 December 2010, the headcount of the Group reached 7,272 employees,
employees 2010 2009 previous year 2010 previous quarter
Group 7,272 5,757 +26% 6,771 +7%
headcount
an increase of 26% compared to the 9 M of FY'2009 and a 7% gain over the
third quarter of FY'2010. Most of the personnel growth was due to an
expansion of the Software Development segment, where the number of
employees increased by 47.3%, from 2,800 as of 31 December 2009 to 4,124 as
of 31 December 2010. Such personnel growth is warranted by aggressive
growth within the Software Development segment and its increasing EBITDA
margins.
Debt Position
Debt financing is used to cover short term cash requirements and
acquisitions. Due to the business seasonality in the IT Services segment
the Group periodically borrows funds to finance its working and operating
capital and uses borrowings and overdrafts to finance any short-term
liquidity needs.
US$ million 31.12.2010 30.09.2 Change* Based on the unaudited management accounts for the 9M of FY'2010 and
010
Total debt, including 69.8 79.6 -9.8 -12%
Short-term debt 31.3 38.7 -7.4 -19%
Long-term debt, including 37.6 40.5 -2.9 -7%
Current portion of long-term debt 10.8 12.9 -2.1 -16%
Non-current portion of long-term 26.8 27.6 -0.8 -3%
debt
US$ million 31.12.2010 30.09.2 Change
010
Capital lease obligation 0.9 0.3 +0.6 +20
0%
Current portion of capital lease 0.4 0.1 +0.3 +30
obligation 0%
Non-current portion of capital 0.5 0.2 +0.3 +11
lease obligation 4%
Cash and cash equivalents 36.1 27.2 +8.9 +33%
Net debt 33.7 52.4 -18.7 -36%
for H1 of FY'2010
- Total borrowings decreased by 12% during the third quarter of the
FY'2010 mainly due to the repayment of short-term loans used to finance
working capital requirements over the first half of the fiscal year.
- Cash and cash equivalents reached US$36.1 million as of 31 December
2010, an increase of 33%, reflecting the seasonality effect in the IT
Services segment.
- Net debt stood at US$33.7 million as of 31 December 2010, a 36%
decrease from US$52.4 million as of 30 September 2010.
- The Group expects further reduction in its short-term debt by the end
of FY'2010.
Full Year Revenue Forecast
IBS Group increases its guidance on the consolidated revenue expectations
to US$675 million (vs. previous US$650 million) for the financial year
ending 31 March 2011 (FY'2010), based on a higher than expected growth of
its IT Services segment.
_____________________
IBS Group is the leading emerging European IT company. Through its two
principal subsidiaries, IBS IT Services and Luxoft, it provides a wide
variety of information technology services, such as business and IT
consulting, business applications implementation, IT outsourcing and
software development. IBS Group is headquartered in Russia and has business
operations in Russia, Canada, Germany, Romania, Poland, Switzerland, the
UK, Ukraine, the USA, Vietnam and Singapore. IBS Group employs more than
7,200 people worldwide. In 2009 financial year, IBS Group reported US GAAP
revenues of US$505m.
IBS Group's Global Depositary Receipts (GDRs) are listed on the Regulated
Market (General Standard) at the Frankfurt Stock Exchange (Bloomberg:
IBSG:GR; Reuters: IBSGq.DE). IBS Group is majority-owned by management with
portfolio investors holding 31% of the Group's share capital.
_____________________
For more information about IBS Group please visit www.ibsgr.com or contact
Investor Relations:
Dmitry Ivanov
Investor Relations Director
tel: +7 (495) 967 8000
fax: +7 (495) 967 8099
mob: +7 (916) 618 4034
_____________________
The information contained in this press release is not intended for
distribution, publication or disclosure in or within the United States of
America, Canada, Australia or Japan.
Disclaimer
The information contained in this press release is not for publication,
distribution or release, directly or indirectly, in the United States of
America (including its territories and possessions, any states of the
United States and the District of Columbia) or any other jurisdiction where
such distribution is unlawful. Such press release does not constitute an
offer for the sale of securities in the United States of America, Canada,
Australia, Japan or in any other jurisdiction in which an offer is subject
to legal restrictions.
The information communicated in this document contains certain statements
that are or may be projections or forward looking. These statements
typically contain the words 'anticipate', 'believe', 'intend', 'estimate',
'expect', 'plan', 'project' and words of similar meaning. By their nature,
forward-looking statements are not statements of historical fact and
reflect the current assessments, views, assumptions and beliefs made by the
Company's management according to the information available at the time
made about future events, operating performance, financial condition,
business strategy, the Company's plans and objectives for future operations
and the industry in which the Company operates. Forward-looking statements
are subject to known and unknown risks, uncertainties and other factors,
any of which can lead to the actual results of operations, profitability,
performance, profits or achievements of the Company to be materially
different from the results of operations, profitability, performance,
profits or achievements of the Company expressed or implied by these
forward-looking statements. Factors that could cause the actual results to
differ materially from those contained in projections or forward-looking
statements of the Company may include, among others, general economic and
competitive environment conditions in the markets in which the Company
operates as well as many other risks affecting the Company and its
operations. In view of these risks, uncertainties and other factors, you
should not place undue reliance on these forward-looking statements.
The Company undertakes no obligation to review, update, amend or revise any
of its forward-looking statements, whether as a result of new information,
future events or developments or otherwise, or to reflect actual results,
changes in assumptions or changes in factors affecting these statements.
There may be additional material risks that are currently not considered to
be material or of which the Company and its advisors or representatives are
unaware. All subsequent written and oral forward-looking statements
attributable to the Company, and those acting on its behalf, are expressly
qualified in their entirety by the foregoing.
End of Corporate News
---------------------------------------------------------------------
03.03.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: IBS Group Holding Limited
Kissack Court, 29 Parliament Street
IM8IJA Ramsey (Isle of Man)
Isle of Man
Phone: +7 495 967 80 00
Fax: +7 495 967 80 99
E-mail: ibsgr@com
Internet: www.ibsgr.com
ISIN: US4509391037
WKN: A0MJ2Z
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin
End of News DGAP News-Service
---------------------------------------------------------------------
114301 03.03.2011Unternehmensinformation / Kurzprofil:
Datum: 03.03.2011 - 13:13 Uhr
Sprache: Deutsch
News-ID 360081
Anzahl Zeichen: 14000
Kontakt-Informationen:
Kategorie:
Wirtschaft (allg.)
Diese Pressemitteilung wurde bisher 219 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: IBS Group Holding Limited: IBS Group Reports its Operating Results for the 9 Months Ending December 31, 2010"
steht unter der journalistisch-redaktionellen Verantwortung von
IBS Group Holding Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
