AEDIAN 
By PR Newswire/Les Echos/
Press Release, 18 February 2010
First-half 2009-10 revenues and net income
(Euro millions) 2009-2010 2008-2009 Change
Q1 revenues (July-September) 9.0 9.6 - 6.0%
Q2 revenues (October-December) 10.1 10.3 - 1.8%
TOTAL H1 REVENUES 19.1 19.8 - 3.9%
Operating income before exceptional items 0.47 0.14 + 227.1%
As a % of revenues 2.5% 0.7% +180bp
Operating income 0.25 0.14 + 73.6%
Net income 0.08 0.06 + 41.8%
In the first half of FY2009-10 (July-December 2009) Aedian's revenues came to
EUR 19.1 m (-3.9%). The operating margin before exceptional items amounted to
2.5%, up from 0.7% during the same period of the previous year.
* Revenues
In the second quarter of the year (October-December 2009), trading showed good
resilience, with revenues contracting slightly by 1.8% against a backdrop of
persistently weak demand and intense competition. The workforce was unchanged
compared to the year-earlier period.
* Operating income
Operating income before exceptional items increased sharply to 2.5% of revenues,
versus 0.7% in the same period of the previous year.
Aedian thus reaped the first rewards of the organisation and management actions
implemented at the beginning of the year, aimed at enhancing the operating
efficiency and securing a satisfactory level of profitability. We made progress
in particular in cost management, namely by cutting expenses not directly
related to ongoing contracts, and in the efficiency of our sales processes, by
lowering the inter-contract downtime to 5.7%, vs. 6.4% in the year-earlier
period. These efforts enabled us to offset the persistently negative impact of
price trends.
Despite non-recurring charges, the company's operating and net income rose by
73.6% and 41.8%, respectively. The balance sheet has remained strong, with net
cash of EUR 2.1 m as of 31 December 2009.
* Outlook
The consulting and services industry is not expected to stage a solid recovery
within the next six months, but Aedian is likely to outperform the market again
in the first half of 2010. The sales performance so far in 2010 suggests that
the risk of a further contraction in organic growth has abated. Although
visibility remains low, the goal for the next half-year is therefore to keep
improving the operating margin.
We have begun preparing our strategic plan for the next four-year period
(2010-2011 to 201 3-2014), which we will present in September 2010.
Aedian is an IT consultancy and services company focused on the financial
industry and the public sector
Headcount (31 Dec 2009):
431 employees
www.aedian.com
ISIN - FR0004005924
AEDIAN
Stéphane Morvillez
Managing Director
Director
smorvillez@aedian.com
Frédéric Bourdon
Deputy Managing
fbourdon@aedian.com
Phone (+33) 1 56 35 30 00
CM-CIC EMETTEUR
Financial communication
Arnaud Cadart
Phone (+33) 1 47 10 94 94
MP CONSEIL
Michelle Pilczer
Phone (+33) 1 45 96 79 44
mpconseil@mpconseil.com
cadartar@cmcics.com
SUMMARIZED
BALANCE SHEETS (in thousands of euros)
ASSETS 31 Dec 2009 30 Jun 2009
Goodwill 9,223 9,223
Fixed intangible assets 16 28
Fixed tangible assets 149 196
Holdings in equity-accounted affiliates 6 5
Other financial assets 1,250 1,151
NON-CURRENT ASSETS 10,644 10,604
Trade notes & accounts receivable 8,479 7,440
Other current assets 1,246 1,292
Tax receivable 0 142
Net cash and equivalents 2,372 4,204
CURRENT ASSETS 12,097 13,079
TOTAL ASSETS 22,741 23,682
SHAREHOLDERS' EQUITY & LIABILITIES 31 Dec 2009 30 Jun 2009
Capital 1,226 1,226
Additional paid-in capital 6,179 6,108
Reserves 2,691 2,667
Translation gains 1 1
Attributable net income 78 219
SHAREHOLDERS' EQUITY GROUP SHARE 10,174 10,222
Minorities 0 0
TOTAL SHAREHOLDERS' EQUITY 10,174 10,222
Employee benefits 0 142
Long-term share of debt 38 85
Deferred taxes 88 41
NON-CURRENT LIABILITIES 126 268
Reserves 308 143
Short-term share of debt 205 311
Trade notes and accounts payable 2,720 2,532
Corporate income tax due 25 0
Other current liabilities 9,183 10,206
CURRENT LIABILITIES 12,441 13,192
TOTAL SHAREHOLDERS' EQUITY & LIABILITIES 22,741 23,682
SUMMARIZED INCOME STATEMENTS (in thousands of euros)
31 Dec 2009 31 Dec 2008
6 months 6 months
Revenues 19,071 19,835
Purchases (2,163) (2,076)
Personnel (14,360) (15,196)
External charges (1,495) (1,735)
Taxes other than corporate tax (504) (550)
Net depreciation and amortisation expense (85) (92)
Net impairment allowance 28 (56)
Other operating income and expenses (21) 13
Operating income before one-off items 472 144
Other operating income and costs (221) (0)
Operating income 250 144
Income from cash and equivalents 1 32
Gross interest expense (8) (41)
Net interest expense (8) (9)
Other financial items 2 (10)
Net financial items (5) (19)
Affiliates 1 (19)
Corporate income tax (168) (51)
Net income 78 55
Other items of total after-tax income
Translation gains or losses on foreign operations 0 0
Other items of total after-tax income 0 0
Total net income recognized in shareholders' equity 0 0
Total net income of the year 78 55
Earnings of the year attributable:
- To the owners of the parent company 78 55
- To minorities 0 0
Total earnings attributable:
- To the owners of the parent company 78 55
- To minorities 0 0
Basic earnings per share (in EUR) 0.04 0.03
- Group share 0.04 0.03
- Minorities 0.00 0.00
Diluted earnings per share (in EUR) 0.04 0.03
- Group share 0.04 0.03
- Minorities 0.00 0.00
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information. All information should be checked prior to publication.AEDIAN : First half 2009-10 revenues and net income
February 18, 2010 at 02:55 am EST
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