PR Newswire/Les Echos/
Press release, 28 September 2010
Fiscal 2009/10 Results
Higher operating margin
Cap 2014 Plan
(Euro thousands) FY08/09 FY08/09 FY09/10 Change
headline adjusted* vs adjusted
Revenues 40,057 40,057 40,415 +1.0%
Operating income before exceptional items 450 698 1,028 +46.9%
Other operating income & charges 0 0 - 227 -
Operating income 450 698 802 +14.4%
Net financial items -20 -20 2 NS
Affiliates -19 -19 27 NS
Taxes -193 -440 -313 -28.8%
Net income 219 219 517 +136%
* Adjustment of the Corporate Value Added Contribution to make the data
comparable with the previous year: EUR +248,000 in taxes for fiscal 2008/09
versus reported
Aedian is today publishing its consolidated results for fiscal 2009/10 ended
30 June 2010.
* Back to profitable growth
Aedian announces fiscal 2009/10 revenues of EUR 40.4 m, up 1% compared with the
previous year, despite the recession in its market.
As of 30 June 2010, the operating income before exceptional items increased to
EUR 1.0 m, or 2.5% of revenues, versus 1.1% reported as of 30 June 2009 (1.7%
as of 30 June 2009 after adjusting for the Corporate Value Added Contribution).
Aedian is thus reaping the first benefits of the measures taken in 2009-2010 to
simplify the organization and to better manage costs.
The operating income of the year includes non-recurring charges of EUR 227,000,
which relate to the first half. It grew by 78% to EUR 802,000 (EUR 450,000 as
of 30 June 2009). Net income increased by 136%, also benefiting from the
contribution of the equity-accounted Tunisian subsidiary Aexia and the positive
financial position.
Aedian's balance sheet remains solid. As of 30 June 2010, net cash stood at
EUR 2.6 m and debt was almost nil. The company's free cash flow rose sharply to
EUR 1.4 m. At the beginning of the year, the end of the factoring contract and
temporarily high trade receivables because of arrears settled after
30 June 2010 exceptionally affected the change in WCR, which stood at
EUR 2.2 m.
The Board of Directors will propose to the shareholders convened to the AGM on
26 November 2010 the payment of a EUR 0.16 dividend, reflecting a dividend
yield of 4.2% based on a share price of EUR 3.85.
* Outlook - Cap 2014 plan launched
Positioned in markets with attractive long-term prospects, and backed by a
solid base of customers and accreditations, Aedian will remain a pure player
with expertise in services to the financial industry and public sector. To
expand the growth rate and its positions in these attractive markets, Aedian
has implemented a plan called Cap 2014, and articulated around its three growth
businesses - consulting, qualification and projects.
The purpose of Cap 2014 is to enhance Aedian's attractiveness with Customers,
Talents and Shareholders by working on the differentiation of the range of
services offered, the HR package proposed to our employees and the company's
profitability, which must tend toward industry standards. We have therefore
set an underlying operating income target of more than 5% by the end of the
period.
The success of the 2010-2014 strategy requires optimizing the company's
operating efficiency. Ten potential drivers have been identified in three
fields: Human resources, Marketing & Trade and Internal organization. Their
implementation will enable Aedian to speed up its transformation.
SFAF meeting on 29 September 2010 at 10 a.m. in the Centre de conférences
Edouard VII - 23, square Edouard VII - Paris 9eme
Condensed balance sheets (in thousands of euro)
ASSETS 30 June 10 30 June 09
Goodwill 9,223 9,223
Fixed intangible assets 18 28
Fixed tangible assets 115 196
Affiliates 33 5
Other financial assets 1,173 1,151
NON-CURRENT ASSETS 10,561 10,604
Trade & other receivables 11,060 7,440
Other current assets 1,445 1,292
Corporate income tax receivable 677 142
Net cash & equivalents 2,647 4,204
CURRENT ASSETS 15,829 13,079
TOTAL ASSETS 26,391 23,682
SHAREHOLDERS' EQUITY AND LIABILITIES 30 June 10 30 June 09
Share capital 1,226 1,226
Additional paid-in-capital 6,247 6,108
Reserves 2,675 2,667
Translation gains 1 1
Attributable net income 517 219
Minorities 0 0
SHAREHOLDERS' EQUITY 10,666 10,222
Employee benefits 27 142
Provisions 255 0
Long-term share of debt 0 85
Deferred taxes 22 41
NON-CURRENT LIABILITIES 304 268
Reserves 312 143
Short-term share of debt 89 311
Trade payables 3,579 2,532
Other current liabilities 11,440 10,206
CURRENT LIABILITIES 15,421 13,192
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 26,391 23,682
Condensed income statements (in thousands of euro)
30 June 10 30 June 09
reported
Revenues 40,415 40,057
Purchases (4,914) (4,167)
Personnel (30,170) (30,806)
External charges (2,943) (3,265)
Taxes other than corporate tax (774) (1,085)
Depreciation (139) (190)
Impairment allowances (399) (82)
Other operating expenses (47) (11)
Operating income before exceptional items 1,029 450
Other operating costs (227) 0
Operating income 802 450
Income from cash & equivalents 1 42
Gross interest expense (12) (61)
Net interest expense (11) (20)
Other financial income 13 0
Net financial items 2 (20)
Share of income (losses) from affiliates 27 (18)
Taxes (314) (193)
Net income 517 219
Net income attributable to:
- Owners of the parent company 517 219
- Minorities 0 0
Basic earnings per share (in euro) 0.30 0.13
An IT consultancy and services company focused on the financial industry and
the public sector
430 employees
www.aedian.com
ISIN - FR0004005924
Aedian
Stéphane Morvillez
Chief Executive Officer /
Managing Director
smorvillez@aedian.com
Frédéric Bourdon
Deputy Managing Director
fbourdon@aedian.com
Tel. (+33) 1 56 35 30 00
CM-CIC EMETTEUR
Financial communication
Arnaud Cadart
Tel. 2001 45 96 79 44
cadartar@cmcics.com
MP CONSEIL
Michelle Pilczer
Tel. (+33) 1 47 10 94 94
mpconseil@mpconseil.com
Next publication:
First-quarter 2010/11 revenues 27 October 2010
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