IBS Group Announces its Audited Results for Financial Year 2009
MOSCOW, September 30, 2010 /PRNewswire-FirstCall/ -- IBS Group Holding Limited (hereinafter the "Group" or "IBS Group") announces its audited US GAAP results for 2009 financial year (April 1, 2009 - March 31, 2010).
FY'2009 FY'2008 FY'2009 $ million, US GAAP vs. FY'2008 Consolidated revenue* 505.1 656.7 -23% IT Services segment 310.7 472.2 -34% (IBS IT Services) Software Development segment 149.0 130.4 +14% (Luxoft) Online Software Delivery segment 53.2 -13% (Softkey) 46.5 OIBDA** 33.9 26.2 +29% OIBDA margin 6,7% 4.0% +2,7%
* Revenue for both periods (FY'2008 and FY'2009) is exclusive of DEPO Computers (divested in September 2009).
** OIBDA is calculated as Operating Income Before Depreciation and Amortization and Goodwill impairment.
Financial year 2009 highlights: - Consolidated revenue totalled $505.1 million, a 23% decrease from FY'2008. The revenue decrease was due to the overall decline in the Russian IT services market and depreciation of the rouble, which was partly offset by the revenue growth in the software development segment. - OIBDA totalled $33.9 million, a 29% increase from FY'2008. The OIBDA growth was due to a services revenue share growth in the total Group revenue and cost reduction measures. - OIBDA margin reached 6.7%, compared with 4.0% in FY'2008. - Net Income totalled $13.9 million, compared with a loss in FY'2008. - Net Margin reached 2.7%, compared with a negative net margin in FY'2008. - Net debt fell to $27.3 million as of March 31, 2010, a 38% decrease from March 31, 2009. The reduction of the net debt was due to a substantial positive operating cash flow. - IBS IT Services (the IT Services segment) demonstrated improved profitability compared with 2008 due to its cost control efforts, while the services component of the segment's revenue remained almost unchanged compared with 2008 in rouble terms. In 2009 IBS IT Services was again named Russia's top consulting company by "Expert" Rating Agency. - Luxoft (the Software Development segment) demonstrated 14% revenue growth and substantially higher profitability. In 2009 Luxoft has been named the top software development outsourcing service provider in Central and Eastern Europe by the Black Book of Outsourcing survey. The company was also named as one of the world's top 100 outsourcing companies for the fourth consecutive year in "Global Outsourcing 100" rating by International Association of Outsourcing Professionals (IAOP). - The Group successfully restructured its business by divesting Depo Computers, its manufacturing business, in the form of management buy-out in September 2009. - In 2009 the headcount of the Group exceeded 6,000 employees, which gives IBS Group the largest pool of software designers and engineers in Russia and the CIS.
Commenting on the audited 2009 financial year results, Anatoly Karachinsky, President and CEO of IBS Group said:
"We are satisfied with the audited results confirming earlier management forecasts of strong business recovery and improved profitability in 2009. We are now well-positioned to benefit from the expected continued growth in demand for IT services in Russia and beyond. We will continue to execute our business strategy ".
About IBS Group:
IBS Group is the leading Russian IT company. Through two principal subsidiaries, IBS IT Services and Luxoft, it provides a wide variety of information technology services, such as business and IT consulting, business applications implementation, IT outsourcing and software development. IBS Group is headquartered in Russia and has business operations in Russia, Canada, Germany, Romania, Switzerland, the UK, Ukraine, the USA, and Vietnam. IBS Group employs more than 6,000 people worldwide. In 2009 financial year, IBS Group reported US GAAP revenues of $505,1m.
IBS Group's Global Depositary Receipts (GDRs) are listed on the Open Market at the Frankfurt Stock Exchange (Bloomberg: IBSG:GR; Reuters: IBSGq.DE). IBS Group is majority-owned by management; institutional investors hold 34% of the Group's share capital.
For more information about IBS Group: Please visit http://www.ibsgr.com. Please contact: Gamid Kostoev Director, Corporate Communications Tel. +7-(495)-967-8080 Mobile +7-(903)-720-6078 Fax +7-(495)-967-8081 E-mail email@example.com Dmitry Ivanov Director, Investor Relations Tel. +7-(495)-967-8087 Mobile +7-(916)-618-4034 Fax +7-(495)-967-8099 E-mail firstname.lastname@example.org
SOURCE IBS Group Holding Ltd