Jaarcijfers 2009 - Qurius NV

Financial highlights

(in EUR x 1,000)	2009*	2008*
Net sales	117,201	126,187
EBIT (excl. restructuring costs and impairment charges)	944	3,323
Non-recurring restructuring costs	-2,158	-1,256
Impairment charges	-2,043	-10,225
EBIT	-3,256	-8,158
Net result	-9,032	-22,495
Earnings per share (in EUR)	-0.09	-0.21

* Continued operations

2009 Developments

·        Revenue from  continued operations fell by EUR 8.9 million (7%) caused by decreased license revenues (EUR 17.6 million down to EUR 13 million) and decreased maintenance and services revenues (EUR 97.5 million down to EUR 93.7 million)

·        Operating expenses from continued operations decreased by EUR 4.4 million (6%)

·        EBIT exc. restructuring and impairment charges amounted to EUR 0.9 million

·        EBIT inc. restructuring and impairment charges amounted to EUR – 3.2 million

·        Operations in Denmark and Sweden have been discontinued, Multiplus Norway was sold. Result from discontinued operations amounted to EUR -1.7 million

·        Net result EUR – 9 million

Fourth Quarter 2009 Developments

·        Revenue from continued operations decreased by 12% to EUR 29 million (2008: EUR 33 million)

·        License revenue from continued operations amounted to EUR 3.5 million – a reduction of 29% (2008: EUR 5.9 million)

·        Lower total personnel costs (EUR -1.1 million) off-set by additional provisions for bad debt as a result of adverse market conditions and legal costs following customer claims

Looking ahead to 2010

·        We see no signs of economic recovery yet. It will take some more time this year and next before our markets recover

·        Further cost reduction measures have occurred in Q1, 2010, including a reduction in overhead.

·        We expect a negative net result inc. restructuring for Q1, 2010.

Leen Zevenbergen, CEO, on developments in 2009 and 2010

“Although Qurius has a very strong European position within the Microsoft market for business software, awareness of that fact within the market place is not great. Name and brand recognition are not at all commensurate with the prestigious projects undertaken by the company, both in the past and currently.

Since my start in January 2010, I have been working on building a strong operation with which we can move forward into the future. We have been focusing on minimizing overhead costs in the various countries, and in addition we have strengthened our management, both financial and operational. This relatively small but important restructuring operation has been the focus of our attention during the first quarter of 2010.

Over the coming period restructuring work will continue, implementing strong financial and operational mechanisms. Besides improving operations in all countries in which we are active, we will put a considerable effort in loading our brand, so raising the company’s reputation as a strong player in the market for ERP.

 

Most importantly, however, is our effort to create a strong Vision Document, which will be supported by our complete team of international management. This Vision Document will be presented at our Annual Meeting of Shareholders and will play an important role in the years to come.”

For the full press release in pdf click here.