+------------------------------------------------------------+ | (in EUR x 1,000) | H1 2009 | H1 2008 | % change | |-----------------------------+---------+---------+----------| | Net sales | 63,623 | 66,717 | -5% | |-----------------------------+---------+---------+----------| | EBIT | 1,558 | 3,500 | -55% | |-----------------------------+---------+---------+----------| | Result after taxes | 39 | 1,687 | -98% | |-----------------------------+---------+---------+----------| | Earnings per share (in EUR) | 0.00 | 0.02 | -100% | +------------------------------------------------------------+ 23 July 2009 - In the first half of 2009 Qurius net sales decreased with EUR 3.1 million to EUR 63.6 million, compared to H1 2008. In H1 2009 an EBIT of continued operations before restructuring costs of EUR 2.2 million was achieved (2008: EUR 3.6 million). Including restructuring costs the EBIT of continued operations amounted to EUR 1.6 million (2008: EUR 3.5 million). Net result continued operations in H1 2009 was EUR 0.6 million (2008: EUR 2.0 million), net result including the discontinued operations was break even (2009: EUR 39,000 ; 2008: EUR 1.7 million). Fred Hermans, CEO: "Qurius has performed relatively well in the first six months of 2009, despite the challenging market conditions. The results of our Netherlands operations are satisfactory and our German revenue outperforms 2008 level. However, overall our revenue is obviously negatively impacted by the recession. As a result of this we have implemented further cost reduction measures in the entire group, including adapting our organization structure in some countries to the changing markets needs. This has resulted in cutting subcontractor costs and headcount reductions where possible and practical. In Sweden en Denmark we decided to close down our operations. The full effect of all our restructuring measures will become visible in the second half year of 2009, as we expect a further cost base reduction. However, we remain very cautious with regards to revenue developments in the second half year" In the second quarter 'continued business' Qurius reports license revenues of EUR 3.9 million (2008: EUR 5.4 million) and services revenue of EUR 19.4 million (2008: EUR 20.0 million). The German operations continued its strong performance in the second quarter, generating 10% higher H1 2009 sales than in H1 2008. The effects of cost reduction measures taken in Germany will become visible in the second half year 2009 and beyond. The Netherlands operations have been able to achieve revenue levels only slightly below 2008, whilst at the same time the effects of restructuring measures are becoming visible through lower personnel costs and higher utilization. In Spain, services revenue is consistently exceeding 2008 level. However, the second quarter license revenue achieved well under the 2008 level. The effects of restructuring measures taken in Spain will become visible in the second half year of 2009. Outlook Qurius is committed to further solidifying its profitability. Rigorous restructuring measures taken in the first half year throughout the group have resulted in a reduced cost base going forward, which will become more visible in the second half of 2009. This will enable the operations to improve their profitability. However, Qurius does not anticipate an improvement of its markets for the second half of 2009. New software sales in the third quarter will not be at the levels that Qurius strives for. Furthermore, as a result of the seasonality of our services business, Qurius does not expect generating a positive EBIT in Q3. Depending on market developments in the second half of 2009 more restructuring measures may be required. Amidst the current economic climate, Qurius will continue to cut cost aggressively. Qurius expects to generate a positive EBIT in the fourth quarter but remains cautious with regards to the total EBIT for the second half year. Qurius will continue actions to improve cash flow via active working capital management. In addition, Qurius will further improve its competitive position by strengthening its vertical market focus and increasing the competitiveness of our solutions. Multiplus (Norway) The company furthermore announces that it has entered into exclusive negotiations with an undisclosed buyer for the sale of Multiplus, its non-Micosoft Dynamics based subsidiary focusing on specific maritime ERP solutions. When this will result in a definitive agreement, transaction closure may be expected in the second half year of 2009. This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.