Our Business - · PDF fileWina firsthybrid nearshoreprojectforadesso Turkey ... COGNOS AG...
Transcript of Our Business - · PDF fileWina firsthybrid nearshoreprojectforadesso Turkey ... COGNOS AG...
Our Business
adesso helps companies to optimise the core business processes with IT: custom software development, consulting and solutions.
2 Company Portrait
Our Portfolio
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IndustrySolutions
Content Solutions
Mobile Solutions
IT-Solutions
IT-Services
Company Portrait
Premium IT Services & Solutions
► adesso combines> Top IT consulting> Cutting edge customised software development> Portfolio of own products and solutions
► adesso will expand to form one of the leading IT consultancies in central Europe for sector-specific businessprocesses
► adesso aims to grow by at least twice the rate of the market
► adesso has an operating margin that is above the sectoraverage
► adesso pays out dividends
Equity Story
Key figures
► More than 1,500 employees
► More than EUR 192 millionrevenues expected in 2015
► Constantly profitable
► EUR 18 million cash after 9M 2015
Company Portrait4
Growth Model
4 drivers for growth
► Tried-and-tested model for expanding sector-wide presence► Transfer of model to new sectors:
> Build up a new core sector every 2-3 years> Currently under construction: Automotive
► Regional expansion
► Creation of a product & solutions portfolio
Implementation organisation
► Strategy group for defining sectors and solutions
► Industry groups for creating sector-wide presence
► Competence centres to cluster professional know-how and technology
BeispielbildConsulting Implemen-
tationSolutions
(Re-)Insurance
Banking
Healthcare
Lotteries
Public sector
Utilities
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Automotive
Geographic Expansion
Paths for Expansion
► IT Services
> Central Europe
Phase 1: Germany/Austria/Switzerland
Phase 2: Turkey
► Products & Solutions
> Worldwide
Germany
Switzerland, UK, Nordics, Benelux, France
USA
Company Portrait6
► Increase US license sales; establish first Cloud-models► Establish new line of business „Automotive & Transportation“► Structure & expand adesso insurance solutions► Win a first hybrid nearshore project for adesso Turkey► M&A-Deal
Roadmap & Guidance 2015
8 Company Portrait
IFRSin EUR m 2014 Guidance
2015 6m 2015 + Born-Acquisition
Updated Guidance
Sales 157 166 - 171 87 13 192 - 198
EBITDA 9.8 9.8 - 10.5 4.2 1.3 11.0 - 12.0
M&A-Deal
Biggest acquisition in company history so far► Acquisition of Born Informatik AG, Berne► 125 JAVA & .NET-experts with a very strong footprint in the public swiss sector► With about CHF 40 million in turnover a new IT-Powerhouse in Switzerland was built
► First time consolidation from 7/2015 – Merger into new adesso CH already done► Purchase price is financed completely externally, thereof > 70 % in CHF, loans with
maturities from 5 to 10 years► Q3/2015: 6.5 million € turnover, 0.6 million € EBITDA and – 0.03 € EPS
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Strong ramp up – operational structure for projects now in place► 40 headcount with several teams► Able to serve local and international projects► First large project > 500 md won (Mobility)► Two nearshore clients in Germany won► Next:
> Increase contribution margin> Win next hybrid nearshore customer> Positive result 2016
Development of adesso Turkey
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On the way to a leading provider of IT-solutions for the insurance industry► in|SURE software suite for insurance companies: Life I Health I General I Car► Acquisition of remaining 50 % of PSLife GmbH (EUR 5.25 million )► Formation of PSLife Consulting GmbH
adesso insurance solutions
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Interim Report 9M 2015
Ongoing strong organic growth► Sales up 22 % yoy thereof 18 % organic to a new record high in 9M-figures► Growth derives especially from the core business in Germany and Switzerland
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Interim Report 9M 2015
Operational earnings (EBITDA) raised disproportionally by 38 %► High capacity utilisation and licence sales of adesso insurance solutions► adesso Switzerland, Austria and Turkey with improved earnings► EPS up 80 % from EUR 0.36 to EUR 0.64
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Business Performance 9M 2015
Balance Sheet Figuresin EUR k 30.09.2015 31.12.2014 30.09.2014 30.09. yoy
Liquid Assets 18,012 23,724 16,309 + 1,703
Interest-bearing liabilities 23,510 5,747 6,080 - 17,430
Net cash position - 5,498 17,977 10,229 - 15,727
Working Capital 33,821 23,600 29,369 + 15 %
Equity Ratio 37.4 % 46.1 % 46.5 % - 9,1%-P.
Cashflowin EUR k 9M 2015 2014 9M 2014EBT 7,166 7,288 5,300
CF, operating activities 3,164 9,248 - 1,378
CF, investment activities - 24,098 - 5,408 - 2,710
CF, financing activities 15,465 - 1,735 - 1,281
Change in Cash - 5,712 2,080 - 5,335
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Outlook Q4 2015
► Good order situation in Germany and Switzerland► Good capacity utilisation in Germany in consulting and
software development► Most projects in good health► License deal with PSLife expected► Average pipeline for license sales with CMS (US-)► Austria and Turkey with tailwind► Ex-Born Informatik adding EBITDA
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IFRSin EUR m 2014 Guidance
2015Updated
Guidance 9M 2015
Sales 157 166 - 171 192 - 198 140
EBITDA 9.8 9.8 - 10.5 11.0 - 12.0 9.6
Raised Guidance confirmed at upper end
What is next?
Growth - Consolidate► Ramp up adesso insurance solutions and new customers► Consolidating e-Spirit international activities► Grow at least twice as...► Strengthen e-Business activities to meet demand in digital transformation► Improve profit contribution of adesso Austria and Turkey
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Thank you for your attention.
adesso AGChristoph JungeMember of the Executive BoardStockholmer Allee 2044269 DortmundGermanyT +49 231 [email protected] www.adesso-group.de/en/
Key figures (Quarters)
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in EUR k Q3/2013 Q4/2013 Q1/2014 Q2/2014 Q3/2014 Q4/2014 Q1/2015 Q2/2015 Q3/2015
Profit situation
Sales revenues 35,256 35,056 37,845 36,715 40,425 41,930 42,081 44,909 53,255domestic 29,869 29,036 31,262 30,258 33,234 37,187 33,738 36,295 37,377foreign 5,387 6,020 6,583 6,457 7,191 4,743 8,343 8,614 15,878EBITDA 3,276 1,588 2,741 548 3,682 2,807 1,509 2,667 5,435EBITDA margin (in %) 9.3 4.5 7.2 1.5 9.1 6.7 3.6 5.9 10.2Consolidated earnings 1,834 40 1,269 -317 1,612 1,431 422 896 2,716
Balance Sheet
Balance sheet total 75,832 75,129 79,507 73,443 80,203 84,030 87,918 105,909 111,339Equity 36,626 36,044 37,253 35,780 37,295 38,748 39,658 39,260 41,674Euqity ratio (in %) 48.3 48.0 46.9 48.7 46.5 46.1 45.1 37.1 37.4Liquid assets 14,886 21,644 18,481 12,320 16,309 23,724 21,943 16,006 18,012Net cash position 8,949 16,288 13,653 7,931 10,229 17,977 16,657 -7,229 -5,223
Employees
Employees (FTE) 1,201 1,221 1,233 1,289 1,340 1,377 1,410 1,468 1,625domestic 1,082 1,106 1,115 1,164 1,209 1,236 1,260 1,314 1,378foreign 119 115 118 125 131 141 150 154 247Gross profit/Employees 108 102 110 101 107 106 107 111 116
Share
Number 5,763,327 5,763,327 5,763,327 5,763,327 5,793,720 5,793,720 5,793,720 5,793,720 5,799,720Price at the end of the period (in EUR) 8.37 10.55 11.00 13.50 12.35 13.50 14.01 18.06 19.20Market Cap (in EUR m) 48.2 60.8 63.4 77.8 71.6 78.2 81.2 104.6 111.4Earnings per share (in EUR) 0.30 -0.01 0.20 -0.08 0.24 0.23 0.07 0.14 0.43
Company Portrait
Key figures (FY)
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in EUR k 2009 2010 2011 2012 2013 2014Profit situationSales revenues 71,338 85,684 105,986 120,521 135,283 156,915domestic 60,361 69,225 85,375 97,504 112,840 131,941foreign 10,977 16,459 20,611 23,017 22,443 24,974EBITDA 5,757 5,595 8,606 6,711 7,776 9,778EBITDA margin (in %) 8.1 6.5 8.1 5.6 5.7 6.2Consolidated earnings 3,583 2,492 3,911 -92 3,027 3,995Balance SheetBalance sheet total 58,883 62,320 69,850 76,940 75,129 84,030Equity 28,847 30,902 34,368 34,476 36,044 38,748Euqity ratio (in %) 49.0 49.6 49.2 44.8 48.0 46.1Liquid assets 17,340 17,021 22,491 21,368 21,644 23,724Net cash position 10,551 10,169 17,706 13,661 16,288 17,977EmployeesEmployees (FTE) 598 729 847 1,084 1,221 1,377domestic 521 647 752 986 1,106 1,236foreign 77 82 95 98 115 141Gross profit/Employees 111 112 118 106 105 106ShareNumber 5,714,532 5,714,532 5,741,663 5,747,716 5,763,327 5,793,720Price at the end of the period (in EUR) 5.35 5.39 6.30 6.40 10.55 13.50Market Cap (in EUR m) 30.6 30.8 36.2 36.8 60.8 78.2Earnings per share (in EUR) 0.61 0.42 0.72 0.12 0.48 0.59Dividend per share (in EUR) 0.15 0.15 0.18 0.18 0.21 0.25
Company Portrait
Shareholder Structure
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Founders still hold ~ 50 % of the sharesSome more institutional investors on board
Company Portrait
The share
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► Share price up 42 % in the first 9M 2015 / Outperformance vs. TecDAX 15 %► Market Cap raised by EUR 33.2 million to EUR 111.4 million / Now: ~ EUR 137.6 million
Company Portrait
adesso Share, Basic Data
ISIN Code DE000A0Z23Q5
WKN (national securities identificationnumber) A0Z23Q
Symbol / Code ADN1
Reuters Instrument Code ADNGk.DE
Bloomberg Symbol ADN1:GR
First day of trading 21. June 2000
Trading platforms Xetra
Market Segment General Standard
Number of Shares 5,799,720
Currency EUR
Nominal value
No share with nominal value;EUR 1.00 (mathematically)
Share capital 5,799,720
Voting rights per Share 1
Index
CDAX, DAXsector All Software, DAXsubsector All IT-Services, General
All-Share, General Standard Index, NRW-MIX 50
Reporting Standard IFRS
End of fiscal year 31 Dec.
24 Company Portrait
Executive Board
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Michael Kenfenheuer, CEOMichael Kenfenheuer (born in 1958) is a member of the Executive Board and responsible for the departments Banking, Health and Insurance. In the Executive Board of adesso he is furthermore in charge of the adesso shareholdings adesso insurance solutions GmbH, areal drei advisory GmbH, ARITHNEA GmbH, e-Spirit AG, gadiv GmbH, phb services GmbH and PSLife GmbH. He was appointed as a member of the adesso AG Executive Board for these responsibilities in 2000. With his many years of business management and project management experience, Michael Kenfenheuer is having a major impact on the development and expansion of the company's network of technical and industry experts. From 2011 to mid- 2015 Michael Kenfenheuer was the Co-Chairman of adesso AG. Since 1 July 2015 he assumes the Chairmanship.
Christoph Junge, CFOChristoph Junge (born in 1970) is a member of the Executive Board and responsible for Finance, Human Resources, Administration and Legal Affairs also Mergers & Acquisition. He is furthermore in charge of the adesso shareholding percision services GmbH and CFO of e-Spirit AG. Before he was appointed as a member of the BOV AG (now adesso AG as the result of a merger) Executive Board in May 2005, he helped shape the company’s business operations as Director of Finance and Company Development.
Andreas Prenneis, Member of the Executive BoardAndreas Prenneis (born in 1965) is a member of the Executive Board and responsible for adesso’s automotive & transportation, cross industries, public administration, IT management consulting and energy sector business and is furthermore in charge of the adesso shareholdings adesso hosting services und adesso mobile solutions. He was appointed as a member of the adesso AG Executive Board for these responsibilities in 2015. Andreas Prenneis joins adesso from CompuGroup Medical Germany, where he managed a number of business areas in his role as Area Vice President Telematik & AddOn.
Company Portrait
Supervisory Board
Six members experienced with high industry knowledge► Prof. Dr. Volker Gruhn (Chairman): co-founder of adesso, professor for Software
Engineering► Dr. Friedrich Wöbking (Deputy Chairman): e.g. former member of the executive board of
Dresdner Bank and Allianz► Prof. Dr. Gottfried Koch: e.g. former managing director of a stocklisted software company,
professor of insurance information technology► Hermann Kögler: Director of Finance/Controlling and Spokesman of the Board at
COGNOS AG► Heinz-Werner Richter: e.g. former member of the executive board of Barmenia Insurance,
German Insurance Industry Association► Rainer Rudolf: co-founder of adesso, managing director of a software company
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Finance calendar
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Date Event2015-03-30 Publication of the 2014 annual report, financial press / analyst conference, Dortmund
2015-05-05 6th DVFA Frühjahrskonferenz, Frankfurt/Main
2015-05-13 Interim announcement of the group within the 1st half-year
2015-05-21 19th MKK Münchner Kapitalmarkt Konferenz, Munich
2015-06-02 Regular ASM, Dortmund
2015-08-28 Publication of the 2015 half-year figures
2015-09-09 5th ZKK Zürcher Kapitalmarkt Konferenz, Zurich
2015-11-13 Interim announcement of the group within the 2nd half-year
2015-11-23/24 German Equity Forum/One-on-Ones, Frankfurt/Main
Company Portrait
Thank you for your attention.
adesso AGChristoph JungeMember of the Executive BoardStockholmer Allee 2044269 DortmundGermanyT +49 231 [email protected] www.adesso-group.de/en/