adesso AG 2008 with High Growth Rate in Sales Revenues and Results

Dortmund, 30 March 2009 - The IT service provider adesso AG sustained its strong growth track in 2008. Sales revenues were up 46 % to EUR 66.8 million (prior year: EUR 45.6 million). The so far most successful year in company history forms another important step on the road to establishing the company as a leading IT partner for consulting and software development of industry-specific business processes in Central Europe.

Operating earnings before interest, taxes, depreciation and amortization amounted to EUR 8.1 million after EUR 5.3 million in the prior year. The operating EBITDA margin improved once again, from 11.6 % in the prior year to 12.1 %. Consolidated profit grew disproportionately by 76 % to EUR 4.3 million (prior year: EUR 2.4 million). Both the targets set for 2008 as well as the revised forecast released with the half-year figures were significantly exceeded.

Increased workload and consultancy share drive rise in margins

Liquid assets grew to EUR 18.7 million after amounting to EUR 11.6 million in the prior year. Equity increased to EUR 25.3 million (prior year: EUR 21.0 million) while the equity ratio totaled 45 %. adesso therefore has a solid foundation from which it can push the development of its business and cushion the company from any possible effects from the current economic downturn.

In line with the strategy, market penetration in adesso's core industries increased, one new market segment was tapped and the company's range of technology extended. In the core industry of insurance groups, 15 of the 25 largest companies in Germany now belong to adesso's active clientele. In the field of reinsurance, adesso now supports the world market leader and therefore three of the world's five largest providers. The new banking core segment has expanded rapidly and generated sales revenues in excess of EUR 9 million in 2008. In the field of legal protection insurance a new market segment was opened up, in which adesso already plans to generate sales revenues in the seven-digit region in 2009. Finally, the rapid set up and expansion of the Microsoft Technologies business area to over 40 employees underscores the company's ability to generate organic growth.

On the product side, 'web in|Motion' was successfully placed on the market as a solution for mapping business processes and web content on mobile devices like mobile phones. Important projects were implemented for customers like VR-Networld, Schufa, E.ON and Süddeutsche Zeitung, generating over EUR 1 million sales revenues. The product 'FirstSpirit' was further developed as an enterprise content management system for high end users and generated a double-digit margin with sales revenues of over EUR 7 million.

Since the takeover of Vienna-based beiT Consulting at the start of 2009, adesso is represented throughout the Germany/Switzerland/Austria region and now employs more than 600 people (more than 550 FTE).

Later than in other industries, the repercussions from the financial and economic crisis are increasingly hitting the IT sector. In line with the industry association BITKOM, adesso is expecting the IT services sector to tend sideward while it anticipates the market for software products to decline slightly. The impacts from the recession will result in lower average capacity utilization. Against this backdrop adesso is planning sales revenues in the region between EUR 68 to 70 million and an operating EBITDA margin of at least 5 %. adesso is strategically well positioned for profitable growth in an exceptionally dynamic market segment. The company will quickly return to its double-digit growth and margin targets as soon as the recessionary phase subsides.

The annual report will be available for download today, 30 March 2009, at www.adesso-group.de .