September 01, 2009 09:01 ET

Unit 4 Agresso Announces Result for First Half of 2009

North American Revenue Continues Upward Trend

IRVING, TEXAS and VICTORIA, BRITISH COLUMBIA--(Marketwire - Sept. 1, 2009) - Unit 4 Agresso, the global business software developer and parent company of Agresso North America (, today announced its results for the half year ended 30 June 2009. The ongoing uncertainty in the global economy continues but the Group has made consistent progress and its results are in line with expectations.

In North America, revenue increased by 18% (pro forma 8%). With two branches distributed across the West and East coasts and a product range covering both Agresso Business World and CODA products, major orders were received especially during June.

The Group's mission for 2009 called for improving organizational efficiency (cost reduction) and focusing on cash through the control of working capital management. Unit 4 Agresso has been particularly successful in the latter objective, strongly improving cash flow during the first half of 2009. The operating cash flow during the first half of 2009 amounted to EURO 47.7 million ($67.31 million), compared to EURO 30.8 million ($43.46 million) in H1 2008. By paying even closer attention to cash flow (credit control and invoicing), Unit 4 Agresso improved its working capital by EURO 29.5 million ($41.62 million) despite the recession.

Half-year results for the Group include the following:

- Total revenues declined by 2% to EURO 187.1 million (H1 2008: EURO 190.5 million)

- Share recurring (contract) revenue increased from 42% to 47%

- Without restructuring costs, EBITDA rose by 6% to EURO 34.0 million (H1 2008: EURO 32.1 million)

- Restructuring costs reduced EBITDA by 5% to EURO 28.8 million (H1 2008: EURO 30.4 million)

- Net profit was reduced by negative (IAS 39) valuation of interest derivates (-/- EURO 6.4 million)

- Without restructuring costs, EBITDA margin climbed to 18.2%

- Strongly increased operating cash flow through effective working capital management: + EURO 47.7 million (H1 2008: + EURO 30.8 million)

"In the first half of 2009 we achieved improved synergy benefits and adjusted cost levels to the current economic circumstances wherever necessary," said Chris Ouwinga, CEO of Unit 4 Agresso. "We proved that our relatively flexible cost structure enables us to be effective in poor economic circumstances. We also witnessed the successful integration of CODA and Agresso."

NOTE: This is a summary of the full Semi-Annual Financial Results press release for Unit 4 Agresso. The full release may be viewed or downloaded here: Details of the financial results audio webcast can also be found there.

Notes to editors

This document contains certain future expectations about the financial state of affairs and results of the activities of Unit 4 Agresso as well as certain related plans and objectives. Such expectations for the future are naturally associated with risks and uncertainties because they relate to future events, and as such depend on certain circumstances not arising in future.

About Agresso

Agresso ( is a $500 million enterprise resource planning (ERP) company, listed in the Netherlands as Unit 4 Agresso (Dutch Stock Exchange EURONEXT-U4AGR) and one of the top five providers of ERP solutions for professional services and public sector organizations. Agresso offers a uniquely integrated data/ process/ delivery architecture designed specifically for Businesses Living IN Change (BLINC)™. Agresso is known as "The ERP Market's Definition of Agility" as it allows an unlimited amount of ongoing, post-implementation changes without the typical external IT costs and intervention that nets billions of dollars in revenue to the market leaders. Over 2,900 companies and organizations in 100 countries deploy Agresso Business World for both operational support and strategic management. The company's role-based, Web Services and Services-Oriented Architecture (SOA) enabled solutions include: Financial Management, Human Resources and Payroll, Procurement Management, Project Costing and Billing, Reporting and Analytics, Business Process Automation, Field Services and Asset Maintenance, and CRM.

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