TIE's first half year 2009: TIE profitable for four quarters in a row
TIE Holding N.V. ("TIE") hereby publishes its First half year 2009
Unaudited Condensed Consolidated Interim Financial Statements, for
the 6 months ended March 31, 2009.
TIE reports First half year 2009 Total Income of EUR 5.61m (6M_2008:
EUR 4.58m) and EBIT of EUR 338k (6M_2008: EBIT of EUR -2,110k). The
(Deferred) Tax charge for the first six months 2009 amounts to EUR
182k (6M_2008: EUR 3k).
Net Income for the First six months 2009 amounts to EUR 144k
(6M_2008: Net Income EUR -2,126k).
Total Income, for the First six months 2009, in the Netherlands
increased by 41%, in North America decreased by 6% (in $) and in the
Rest of World (ROW) increased by 18% compared to the first six months
last year. The foreign currency rate effect (EUR/USD) on Total Income
for the First six months amounts to EUR 202k.
In the First six months, Saas Income increased by 46%, Consultancy
Income increased by 29%, Maintenance Income increased by 7% and
License Income decreased by 19%, all compared to the first six months
2008. Other Income, originating mainly from participation in European
Commission Supported Projects, increased by 189% in comparison to
6m_2008. MamboFive (four months) contributed EUR 308k to Income.
Total Operating Expenses decreased by EUR 1,494k (25% in the First
six months, compared to the first six months of 2008. The
appreciation of the USD against the EURO had an adverse effect on
costs of EUR 177k, and the costs effect of the MamboFive acquisition
(adjusted for Sinfox as of February 22, 2008) is approximately EUR
350k.
Shareholder's Equity amounted to EUR 1.23m (at September 30, 2008 EUR
0.45m), with Equity totaling to EUR 3.18m (at September 30 2008: EUR
2.18m).
The Company generated a positive net cash flow, during the First six
months 2009, from operating activities of EUR 603k (first six months
2008: EUR -282k).
The net cash position of the Company per March 31, 2009 amounted to
EUR 569k (March 31, 2008: EUR 114K).
Jan Sundelin, CEO said: "As TIE has taken precautions before the
economical crisis started, the Company now benefits from its cost
reductions and reorganizations, our focus to generate continuous
Income through Software as a Service (SaaS) sales and the improving
occupation grade of Consultants. The Company now generates profits
for four quarters in a row. We are pleased that the eCommerce
platform of MamboFive completes our TIE Kinetix portfolio. Together
with new product development for our Business Integration Platform
and Content Syndication Platform, we foresee continuous growth".
Further details with respect to these First Six Months Results can be
found in the separate Condensed Consolidated Interim Financial
Statements for the six month period ended on March 31, 2009, which
are attached hereto and are reported in accordance with IAS 34
Interim Financial Reporting. These Condensed Consolidated Interim
Financial Statements reported therein are unaudited.
On May 19, 2009 the Company completed the share transfer of 24,5% of
the shares of MamboFive B.V. effectively April 1, 2009. In accordance
with the Sale Purchase Agreement of December 11, 2008 the purchase
price of ¤ 450k has been paid on April 1, 2009 by the issue of
Convertible Bonds to the old shareholders, at a fixed conversion rate
of ¤ 0,10, an one year lock-up and a 5 year maturity period. The
Company now holds 75,5% in MamboFive with an option on the remaining
24,5%.
Profile TIE
Master Data Management Software Company TIE (NYSE Euronext: TIE
Holding) bridges the gap between online and traditional business. TIE
helps industry and supply chain partners to achieve electronic
business collaboration with solutions in the traditional and upcoming
markets like Data Quality Management, e-Invoicing, Master Data
Management and Digital Channel Communications. Our solutions are
proven to lower costs, increase revenue and optimize business
processes. Because we have decades of experience to share, TIE
remains a key contributor to the development and implementation of
global eCommerce standards. TIE is a publicly held company with
offices in the United States, France, and the Netherlands.
Further information:
TIE Holding N.V.
Jan Sundelin, CEO
Antareslaan 22-24
2132 JE Hoofddorp
The Netherlands
T: +31-20-658 93 33
F: +31-20-658 90 01
E: info@TIEglobal.com
W: www.TIEglobal.com
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