Qurius Annual Results 2009
(Thomson Reuters ONE) -
18 MARCH 2010 - QURIUS REPORTS OPERATIONAL LOSS FOR 2009 CAUSED BY RESTRUCTURING
CHARGES AND LOWER LICENSE SALES
Financial highlights
+---------------------------------------------------------+---------+---------+
| (in EUR x 1,000) | 2009(*) | 2008(*) |
+---------------------------------------------------------+---------+---------+
| Net sales | 117,201 | 126,187 |
+---------------------------------------------------------+---------+---------+
| EBIT (excl. restructuring costs and impairment charges) | 944 | 3,323 |
+---------------------------------------------------------+---------+---------+
| Non-recurring restructuring costs | -2,158 | -1,256 |
+---------------------------------------------------------+---------+---------+
| Impairment charges | -2,043 | -10,225 |
+---------------------------------------------------------+---------+---------+
| EBIT | -3,256 | -8,158 |
+---------------------------------------------------------+---------+---------+
| Net result | -9,032 | -22,495 |
+---------------------------------------------------------+---------+---------+
| Earnings per share (in EUR) | -0.09 | -0.21 |
+---------------------------------------------------------+---------+---------+
* Continued operations
2009 Developments
· Revenue from continued operations fell by EUR 8.9 million (7%) caused by
decreased license revenues (EUR 17.6 million down to EUR 13 million) and
decreased maintenance and services revenues (EUR 97.5 million down to EUR 93.7
million)
· Operating expenses from continued operations decreased by EUR 4.4 million (6%)
· EBIT exc. restructuring and impairment charges amounted to EUR 0.9 million
· EBIT inc. restructuring and impairment charges amounted to EUR - 3.2 million
· Operations in Denmark and Sweden have been discontinued, Multiplus Norway was
sold. Result from discontinued operations amounted to EUR -1.7 million
· Net result EUR - 9 million
Fourth Quarter 2009 Developments
· Revenue from continued operations decreased by 12% to EUR 29 million (2008:
EUR 33 million)
· License revenue from continued operations amounted to EUR 3.5 million - a
reduction of 29% (2008: EUR 5.9 million)
· Lower total personnel costs (EUR -1.1 million) off-set by additional
provisions for bad debt as a result of adverse market conditions and legal costs
following customer claims
Looking ahead to 2010
· We see no signs of economic recovery yet. It will take some more time this
year and next before our markets recover
· Further cost reduction measures have occurred in Q1, 2010, including a
reduction in overhead.
· We expect a negative net result inc. restructuring for Q1, 2010.
Leen Zevenbergen, CEO, on developments in 2009 and 2010
"Although Qurius has a very strong European position within the Microsoft market
for business software, awareness of that fact within the market place is not
great. Name and brand recognition are not at all commensurate with the
prestigious projects undertaken by the company, both in the past and currently.
Since my start in January 2010, I have been working on building a strong
operation with which we can move forward into the future. We have been focusing
on minimizing overhead costs in the various countries, and in addition we have
strengthened our management, both financial and operational. This relatively
small but important restructuring operation has been the focus of our attention
during the first quarter of 2010.
Over the coming period restructuring work will continue, implementing strong
financial and operational mechanisms. Besides improving operations in all
countries in which we are active, we will put a considerable effort in loading
our brand, so raising the company's reputation as a strong player in the market
for ERP.
Most importantly, however, is our effort to create a strong Vision Document,
which will be supported by our complete team of international management. This
Vision Document will be presented at our Annual Meeting of Shareholders and will
play an important role in the years to come."
Revenue segmentation for 2009:
+-------------+---------+---------+----------+
| By category | 2009(*) | 2008(*) | % Change |
+-------------+---------+---------+----------+
| Licenses | 13,042 | 17,590 | -25.9% |
+-------------+---------+---------+----------+
| Maintenance | 19,111 | 21,857 | -12.6% |
+-------------+---------+---------+----------+
| Services | 74,691 | 75,693 | -1.3% |
+-------------+---------+---------+----------+
| Hardware | 10,357 | 11,047 | -6.2% |
+-------------+---------+---------+----------+
| | 117,201 | 126,187 | -7.1% |
+-------------+ | | |
* Continued operations
+-------------+---------+---------+----------+
| By country | 2009(*) | 2008(*) | % Change |
+-------------+---------+---------+----------+
| Germany | 31,179 | 29,669 | 5.1% |
+-------------+---------+---------+----------+
| Netherlands | 58,080 | 63,088 | -7.9% |
+-------------+---------+---------+----------+
| Spain | 14,248 | 15,717 | -9.3% |
+-------------+---------+---------+----------+
| Other | 13,694 | 17,713 | -22.7% |
+-------------+---------+---------+----------+
| | 117,201 | 126,187 | -7.1% |
+-------------+ | | |
* Continued operations
Total revenue fell in 2009 by an amount of EUR 9.0 million, or 7.1%. New license
revenue suffered from adverse market conditions in all countries. Most affected
were the Netherlands (EUR -2.0 million), Spain (EUR -1.2 million) and the UK
(EUR -0.7 million).
Germany realized an increase in revenue of EUR 1.0 million as a result of a
increase in service revenue. The decrease in the category of Other is mainly due
to the UK operation which suffered from a lack of license sales (EUR -0.7
million) as well as a fall in revenue from Services (EUR -0.6 million).
Recurring EBIT margin (exc. restructuring costs and impairment charges)
+-------------+---------+---------+
| | 2009(*) | 2008(*) |
+-------------+---------+---------+
| Germany | -886 | -173 |
+-------------+---------+---------+
| Netherlands | 3,585 | 3,432 |
+-------------+---------+---------+
| Spain | -1,247 | -275 |
+-------------+---------+---------+
| Other | -508 | 339 |
+-------------+---------+---------+
| | 944 | 3,323 |
+-------------+ | |
* Continued operations
Excluding non-recurring restructuring costs and impairment charges, the
recurring EBIT margin realized in 2009 amounted to EUR 0.9 million (2008: EUR
3.3 million).
The recurring EBIT in Germany suffered from an increase in the provision of bad
debt amounting to EUR 0.3 million as a result of adverse market conditions.
Furthermore, following restructuring measures during the year 2009, the cost
base for the full year fell by an amount of approximately EUR 1.0 million.
In the Netherlands, the effect of cost reduction measures compensated for a fall
in gross margin, resulting in a slight increase in EBIT.
In Spain, Qurius was confronted with significantly weaker customer payment
behavior, resulting in additional provisions for bad debt.
As a result of the various cost reduction programs put in place, employee costs
were EUR 3.2 million (5%) lower than in 2008.
Non-recurring restructuring costs
Non-recurring restructuring costs impacted EBIT to an amount of EUR 2.2 million
(2008: EUR 1.3 million). These costs, which were incurred in operational
restructuring in all countries, comprised EUR 1.7 million in one-off severance
payments for rightsizing the respective operations and management replacements,
and EUR 0.5 million for closing offices and related costs.
Impairment charges
Due to changing long-term growth rates and their effect on expected operational
results, Qurius has taken an impairment charge of EUR 2.0 million on the
carrying value of our Spanish operation.
Tax charges
Lower than expected earnings have resulted in a derecognition of part of the
Deferred Tax Assets. This charge amounts to EUR 1.1 million and has been
accounted for in the tax line in the Profit and Loss account.
For the current year result, Qurius has not recognized deferred income tax
amounting to EUR 1.7 million. Due to the combination of available tax losses and
a time horizon of 5 years, we do not expect that we will be able to compensate
for the current year's losses.
Net debt position
On 31 December 2009, our net debt position (long-term debt minus cash at hand)
amounted to EUR 5.6 million (2008: EUR 16.1 million), and our long-term debt
amounted to EUR 13.5 million (2008: 17.5 million). New debt covenants have been
agreed between Qurius and NIBC.
Employees
+-----------------------+---------+---------+
| FTE as at 31 December | 2009(*) | 2008(*) |
+-----------------------+---------+---------+
| Germany | 198 | 216 |
+-----------------------+---------+---------+
| Netherlands | 393 | 402 |
+-----------------------+---------+---------+
| Spain | 148 | 160 |
+-----------------------+---------+---------+
| Other countries | 143 | 143 |
+-----------------------+---------+---------+
| | 890 | 921 |
+-----------------------+ | |
* Continued operations
On 31 December 2009, Qurius employed 882 FTEs (2008: 921 FTEs). The total number
of employees decreased throughout 2009.
Annual report, first quarter results and AGM
Qurius will publish its digital 2009 annual report on 12 April 2010 and its
first quarter results on 28 April 2010. The Annual General Meeting of
Shareholders will take place on 29 April, at 10.00 a.m. in NH Utrecht Hotel.
Under the current practice rules of chartered accountants, the company reports
that the annual results have not been audited. Consultations with the auditor
give no reason to expect material changes.
End of press release
Qurius N.V.
Qurius provides architecture, realization and systems management of Microsoft
technology based business and IT solutions, including infrastructures. Qurius
has around 900 staff members; its headquarters are located in Zaltbommel, the
Netherlands. Its offices in Belgium, Germany and Austria, Italy, the
Netherlands, Spain, the United Kingdom and its near-shore development centre in
the Czech Republic serve over 2,800 clients. Qurius has been publicly listed on
Euronext Amsterdam since 1998 and is included in the AScX-index. Currently,
Qurius has 108,030,023 listed shares. For more information, visit
www.qurius.com.
Contact
Qurius, Suzanne Schaapman, Investor Relations Manager: tel. +31 (0)418 683 500
or s.schaapman(at)qurius.com
[HUG#1395130]
Qurius Annual Results 2009: http://hugin.info/132802/R/1395130/351978.pdf
Unternehmensinformation / Kurzprofil:
Datum: 18.03.2010 - 07:53 Uhr
Sprache: Deutsch
News-ID 17676
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