Cologne, November 10, 2010. Sedo Holding AG today announced its consolidated figures for the first nine months of 2010. Business progressed in line with the company’s expectations.
As expected, consolidated sales of Sedo Holding AG fell from EUR 105.4 million last year to EUR 83.9 million in the first nine months of 2010. The main reason for the fall in sales is the changed contractual relationship with a major Affiliate Marketing customer as of the fourth quarter of 2009. Adjusted for sales revenues generated with this one major customer, sales increased by EUR 2.9 million (+3.6%). Due to a change in the sales mix, there was an increase in gross margin from 20.0% in the first nine months of 2009 to 23.7% in the first nine months of 2010. As a result of the improved interest result, earnings before taxes (EBT) rose slightly from EUR 3.7 million (comparable prior-year figure without positive special items of EUR 12.7 million) to EUR 3.9 million. Earnings per share from continued operations (EPS) remained unchanged on EUR 0.05 (comparable prior-year figure without net positive special items of EUR 0.49).
The equity capital of Sedo Holding AG increased from EUR 91.3 million as of December 31, 2009 to EUR 94.2 million on September 30, 2010. The equity ratio rose from 74.2% to 77.4%.
Operative cash flow from continued operations improved from EUR 5.1 million in the same period last year to EUR 5.3 million as of September 30, 2010.
After progressing as expected in the first nine months, business has so far fallen short of the company’s expectations in the fourth quarter. On the basis of current market conditions, the Management Board of Sedo Holding AG does not believe this shortfall can be made up in the remaining course of the quarter. Against this backdrop, the Management Board expects weaker pre-tax earnings for the year as a whole of approx. EUR 5 million (previous forecast: approx. EUR 6.6 million).
9-month comparison in EUR millions | Jan. – Sept. 2009 | Jan. – Sept. 2010 | Change |
|---|---|---|---|
Sales | 105.4 | 83.9 | -20.4% |
EBT* | 3.7 | 3.9 | 5.4% |
EPS from continued operations** | 0.05 | 0.05 |
*EBT January to September 2009 without positive special items of EUR 12.7 million from the sale of shares in Hi-media and Goldbach Media to United Internet.
**EPS January to September 2009 without positive special items of EUR 0.49 EUR from the sale of shares in Hi-media and Goldbach Media to United Internet.