QURIUS RESULTS Q3 2009 QURIUS IMPROVES CASH POSITION AND AGREES NEW
COVENANTS
(Thomson Reuters ONE) - (in EUR x 1,000) Q3 2009 Q3 2008 Change % Q3 2009 Q3 2008 Change YTD YTD %Net sales (continuedoperations) 87,530 92,777 -6% 26,550 28,806 -8%EBIT(continuedoperations) 316 1,712 -82% -1,150 -1,375 16%Result after taxes(continuedoperations) -416 722 -158% -938 -1,057 11%Result discontinuedoperations -1,429 -631 n.a. -946 -539 n.a.Net result -1,845 91 n.a. -1,884 -1,596 -18%Earnings per share(in EUR) -0.02 0.0022 October 2009 - In the third quarter of 2009 Qurius completed thesale of Multiplus, which together with strong working capitalmanagement has resulted in a significantly improved cash position.Third quarter EBIT (continued operations) amounted to EUR -1.2million (2008: EUR -1.4 million). Furthermore, Qurius has agreed newfinancing arrangements for its existing facility.Fred Hermans, CEO: "The third quarter is generally characterized bylower business volumes. Overall, our operations performed accordingto our expectations, yet insufficient. Our Netherlands operationscontinue to show strong performance with healthy margins. The marketin Germany develops positively, and with the anticipated effects ofcost reductions, margins of our German operations will furtherimprove. However, in some of our other markets, margin improvementlags behind plan as macro economic recovery is more remote. We willcontinue to push for better performance, although we realize that inthese markets improvement also requires a stronger fundament in macroeconomic recovery. We expect a positive EBIT for our fourth quarter.While in the third quarter Qurius operational performance shows signsof improvement, cash performance improved significantly. At quarterend Qurius has a cash position of EUR 10.8 million, which is thedirect effect of strong working capital management focus through theentire company.In the third quarter Qurius has completed the sale of its subsidiaryMultiplus. The proceeds of the sale amounted to EUR 3.7 million(excluding a possible earn out), of which Qurius has used EUR 1.5million as debt repayment to its lender. At the end of Q3 Qurius hasa total debt of EUR 16 million."Consolidated income statement(in EUR x 1,000) Q3 2009 - Q3 2008 - Change Q3 2009 Q3 2008 Change YTD YTD % %Net sales 87,530 92,777 -6% 26,550 28,806 -8%Cost of sales -28,519 -29,556 -4% -8,715 -9,085 -4%Gross margin 59,011 63,221 -7% 17,835 19,721 -10%(as % of net sales) 67% 68% 67% 68%Employee costs 47,952 50,934 -6% 15,574 17,281 -10%Other operatingexpenses 7,050 7,676 -8% 2,210 2,518 -12%Operating expenses 55,002 58,610 -6% 17,784 19,799 -10%EBITDA (beforerestructuring ) 4,009 4,611 -13% 51 -78 165%(as % of net sales) 4.6% 5.0% 0.2% -0.3%Depreciation andamortisation -2,784 -2,345 -19% -915 -893 -3%EBIT (beforerestructuring ) 1,225 2,266 -46% -864 -971 11%(as % of net sales) 1,4% 2,4% -3,3% -3,4%Restructuringcosts -909 -554 -286 -404EBIT 316 1,712 -82% -1,150 -1,375 16%Financial incomeand expenses -884 -729 -21% -141 -219 -36%Result beforetaxation -568 983 -1,291 -1,594Taxation* 157 -262 356 537Minority interests -5 1 -3 0Net resultcontinuedoperations -416 722 -158% -938 -1,057 11%(as % of net sales) -0.5% 0.8% -3.5% -3.7%Net resultdiscontinuedoperations -1,429 -631 -946 -539Net result -1,845 91 n.a. -1,884 -1,596 -18%* Fiscal valuation effects of the discontinuation of our Danish andSwedish operations have not been taken into consideration yet. Suchvaluation effects could result in a positive effect on the line'taxation' in 2009 continued operations. We expect to be able toinclude such effects in the second half year 2009.Discontinued operationsOn 4 May 2009, Qurius announced that it had decided to discontinueits Danish operations, a small office in Copenhagen-Herlev with 6employees. In view of challenging economic conditions as well as dueto lack of scale, the company in Denmark was unable to successfullyachieve its strategic ambitions. Until April 2009, Denmarkcontributed EUR 0.2 million in net sales, until 30 September 2008Denmark contributed EUR 1.1 million. The EBIT contribution in 2009was EUR -0.2 million (2008: EUR 5.000). The deconsolidation ofDenmark results in a small loss of EUR 6.000 (including a provisionrelated to the unwinding of the activities).On 12 June 2009, Qurius announced that it had decided to discontinueits Swedish operations with offices in Stockholm, Linkoping andGoteborg. In total 78 employees were affected. The Qurius ExecutiveBoard has reached this decision taking into account the ongoinglosses and adverse market conditions. During 2008 and the first halfyear of 2009 Qurius took several restructuring measures. However, theeffects proved insufficient to rationalise the business in thecurrent economic climate.Until May, Sweden contributed EUR 3.3 million in net sales, until 30September 2008 Sweden contributed EUR 8.2 million. The EBITcontribution in 2009 was EUR -0.7 million (2008: EUR -1.2 million). The deconsolidation of Sweden results in a profit of EUR 0.2 million(including a provision related to the unwinding of the activities).On 13 August 2009, Qurius announced the sale of its Norwegiansubsidiary Multiplus with offices in Sandefjord, Denmark and China.The Multiplus activity, although positioned strongly in a nichemarket, was a standalone activity within Qurius as it serviced itsown customers (maritime and shipping sector) with a niche solution(not Microsoft Dynamics based). With 40 employees it generated anEBIT of EUR - 98.000 in Q3, 2009 (EUR nil YTD Q3, 2009) which hasbeen reported under discontinued operations. On the sale (withproceeds of EUR 3.7 million in cash) a loss of EUR 0.7 million hasbeen recognized, which has also been included under discontinuedoperations.Step up in debt repayments and adaption of financing arrangementsQurius has reached agreement on the adaption of the existingfinancing arrangements. The initially suspended quarterly debtrepayments for 2009, amounting to EUR 2.5 million in total, will berepaid per year end 2009. In the third quarter Qurius has made avoluntary repayment of EUR 1.5 million from the proceeds of the saleof Multiplus. Therefore, the facility will amount to EUR 13.5 millionper year end 2009. As from 2010 the quarterly instalments of EUR0.625 million will be continued in accordance with the terms of thefacility.The covenant for net debt over last twelve months ("LTM") EBITDA willamount maximum 3 up to September 30, 2010. Thereafter it will amountto 2. The quarterly covenant for LTM EBITDA amounts to EUR 3.6million for September 30, 2009 and thereafter EUR 4.2 million, EUR3.8 million, EUR 4.1 million, EUR 4.9 and EUR 5.0 millionrespectively. The solvency covenant will remain at 40% and theInterest Cover Ratio will not be applicable. The margin (overEuribor) on the facility amounts to 350 basis points. The currentaccounts facilities and the shares of the Netherlands and Germanoperations will be pledged as security.The other terms and conditions of the existing financing arrangementswill continue to apply.Net sales segmentationThe net sales by category for the periods indicated are presentedbelow.Per category (in EUR x 1.000 Q3 2009 - YTD Q3 2008 - YTD % Changeexcept percentages) Continued Continued operations operationsSoftware licenses 9,498 12,605 -25%Maintenance 14,375 16,203 -11%Services 55,791 56,456 -1%Hardware 7,866 7,513 5% 87,530 92,777 -6%The net sales per geographical area for the periods indicated arepresented below.Per country (in EUR x 1.000 Q3 2009 - YTD Q3 2008 - YTD % Changeexcept percentages) Continued Continued operations operationsGermany 23,371 22,338 5%Netherlands 43,726 46,449 -6%Spain 10,838 11,358 -5%Other international activities 9,595 12,632 -24% 87,530 92,777 -6%EBIT segmentationThe EBIT per geographical area for the periods indicated is presentedbelow.Per country* (in EUR x 1.000 Q3 2009 - YTD Q3 2008 - YTD % Changeexcept percentages) Continued Continued operations operationsGermany -541 -423 -28%Netherlands 1,589 2,250 -29%Spain -455 -783 42%Other international activities -277 668 -141% 316 1,712 -82%*) Holding costs have been allocated to the various continuingcountry operations.EmployeesThe employees in FTE's per period end are presented below.Per country Q3 2009 - YTD Continued Q3 2008 - YTD % Change operations Continued operationsGermany 202 215 -6%Netherlands 370 392 -6%Spain 138 153 -10%Other international 141 150 -6%activities 851 910 -6%In certain of our operations we have reduced the number of employeesin indirect functions whist increasing the number of fee earningemployees as and where necessary.End of press releaseQurius N.V.Qurius provides architecture, realisation and systems management ofMicrosoft technology based business and IT solutions, includinginfrastructures. Qurius has over 850 staff members; its headquartersare located in Zaltbommel, the Netherlands. Its offices in Belgium,Germany and Austria, Italy, the Netherlands, Spain, the UnitedKingdom and its near shore development centre in the Czech Republicserve over 2,800 clients. Qurius has been publicly listed on EuronextAmsterdam since 1998 and is included in the AScX-index. CurrentlyQurius has 108,030,023 listed shares. For more information, visitwww.qurius.com.ContactQurius, Christiaan Jeekel: tel. +31 (0)418 683 500 orc.jeekel(at)qurius.comhttp://hugin.info/132802/R/1349241/325041.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 22.10.2009 - 07:30 Uhr
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