DGAP-News: IBS Group Holding Ltd.: IBS Group Announces its Preliminary Results for 2009 financial year
(firmenpresse) - IBS Group Holding Ltd. / Final Results
25.06.2010 08:01
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IBS Group Announces its Preliminary Results for 2009 financial year
IBS Group Holding Limited (hereinafter the 'Group' or 'IBS Group')
announces its preliminary US GAAP results for 2009 financial year (April 1,
2009 - March 31, 2010). The Group expects to announce its audited US GAAP
results for 2009 financial year in August - September 2010.
$ million, US GAAP
FY'2009 FY'2008 FY'2009 vs. FY'2008Note:
Consolidated revenue* 504.5 656.7 -23%
IT Services (IBS IT Services) 310.0 472.2 -34%
Software Development (Luxoft) 149.0 119.0 +25%
Online Software Delivery 46.5 53.2 -13%
(Softkey)
OIBDA** 36.7 26.2 +40%
OIBDA margin 7.3% 4.0 -
- * Revenue for both periods (FY'2008 and FY'2009) is exclusive of DEPO
Computers (divested in September 2009).
- ** OIBDA is calculated as Operating Income Before Depreciation and
Amortisation.
Financial year 2009 highlights:
- Consolidated revenue totalled $504.5 million, a 23% decrease from 2008
financial year. The revenue decrease was due to the overall decline in
the Russian IT services market and depreciation of the rouble, which
was partly offset by revenue growth in the software development
segment.
- OIBDA (Operating Income Before Depreciation and Amortisation) totalled
$36.7 million, a 40% increase from 2008 financial year. The OIBDA
growth was due to a substantial revenue growth in the software
development segment and cost reduction efforts.
- OIBDA margin reached 7.3%, compared with 4.0% in 2008 financial year.
- Net debt fell to $25.6 million as of March 31, 2010, a 41% decrease
from March 31, 2009. The reduction of net debt was due to a substantial
positive operating cash flow.
- IBS IT Services (the IT Services segment) demonstrated improved
profitability compared with 2008 due to its cost control efforts, while
the services component of the segment's revenue remained almost
unchanged compared with 2008 in rouble terms. In 2009 IBS IT Services
was again named Russia's top consulting company by 'Expert' Rating
Agency.
- Luxoft (the Software Development segment) demonstrated strong 25%
revenue growth and substantially higher profitability. In 2009 Luxoft
has been named the top software development outsourcing service
provider in Central and Eastern Europe by the Black Book of Outsourcing
survey. The company was also named as one of the world's top 100
outsourcing companies for the fourth consecutive year in 'Global
Outsourcing 100' rating by International Association of Outsourcing
Professionals (IAOP).
- The Group successfully restructured its business by divesting Depo
Computers, its manufacturing business, in the form of management
buy-out in September 2009.- In 2009 the headcount of the Group exceeded 6,000 employees, which
gives IBS Group the largest pool of software designers and engineers in
Russia and the CIS.
Commenting on the preliminary 2009 results, Anatoly Karachinsky, President
and CEO of IBS Group said:
'We are satisfied with the results achieved by our management team in 2009.
A comprehensive range of cost control efforts and successful restructuring
of the Group secured substantial profit growth. The management efforts also
resulted in a significant reduction in debt. Despite a challenging market
environment, we continued to execute our business strategy and are now
well-positioned to benefit from the expected continued growth in demand for
IT services in Russia and beyond.'
---------------
About IBS Group:
IBS Group is the leading Russian IT company. Through 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, Switzerland, the UK,
Ukraine, the USA, and Vietnam. IBS Group employs more than 6,000 people
worldwide. In 2009 financial year, IBS Group reported preliminary US GAAP
revenues of $505m.
IBS Group's Global Depositary Receipts (GDRs) are listed on the Open Market
at the Frankfurt Stock Exchange (Bloomberg: ZY71 GR; Reuters: ZY71.DE). IBS
Group is majority-owned by management; institutional investors hold 36% of
the Group's share capital.
25.06.2010 08:01 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: IBS Group Holding Ltd.
Dmitrovskoe shosse 9b
127434 Moscow
Russland
Phone: +7 (495) 967-8080
Fax: +7 (495) 967-8081
E-mail: ibs(at)ibs.ru
Internet: www.ibs-company.com
ISIN: US4509391037
WKN: A0MJ2Z
End of News DGAP News-Service
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Datum: 25.06.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 23007
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