Exact Holding N.V., represented in Australia by Exact Software , report that their early preparation for the global economic downturn and diligent cost management successfully mitigated the impact on profitability.
Exact Holding N.V. (represented by Exact Software) have announced their results for FY 2009.
Financial highlights for Exact Software:
- The global economic crisis impacted revenue across all regions negatively, resulting in a decline of total revenue by 10.9% to € 232.5 million (FY 2008: € 261.0 million). This was caused by a decline in license and service revenue, which was partly offset by an increase in maintenance revenue.
- Total operating costs have been reduced by € 24.8 million to € 186.8 million (FY 2008: € 211.6 million), representing a decline of 11.7% and mainly driven by a decrease in personnel expenses.
- EBITDA margin increased to 23.4% (FY 2008: 22.3%) as a result of compensating some 85% of the revenue decline by early initiation of cost savings. EBITDA amounted to € 54.3 million (FY 2008: € 58.2 million), representing a decline of 6.6%.
- The net cash position increased to € 48.9 million as per December 31, 2009 (December 31, 2008: € 44.7 million). The balance sheet remains very strong and virtually debt free.
- EPS amounted to € 1.47 (FY 2008: € 1.54), representing a decrease of 4.5%.
- A final dividend payout of € 0.81 per share will be proposed in addition to the interim dividend of € 0.66 per share paid on August 7, 2009. This amounts to a total dividend for 2009 of € 1.47 per share, which represents a 100% payout of net income in line with dividend policy.
- Net income amounted to € 33.6 million (FY 2008: € 36.4 million), representing a decrease of 7.7% as a result of a lower operating income.
- Despite the negative economic climate the operating cash flow increased by 5.6% to € 49.8 million (FY 2008: € 47.1 million), representing a profit to cash conversion of 147% (FY 2008: 128%).
Exact software believes that the effects of the global economic downturn reached their bottom at the end of 2009, but expects that the global economy will only gradually recover in the next 24 months.
In anticipation thereof and in line with the expected gradual improvement of the market conditions for business software solutions, Exact Software will continue to invest sensibly in key strategic areas driving profitable growth mainly in selected strategic market segments.
These are international companies successfully addressed with Exact’s parenting strategy, the professional services sector globally and the low end SMB market in the Netherlands and Belgium with a focus on solutions based on Exact Online.