FINaNCIaLS
PC market questioned
RESELLERS Mkt cap
Price (4
% month
)
The aLSO Group increased consolidated net sales in the first quarter of 2008
10.03.08 - 10.04.08
change 4
P/E ratio
m
by 8% to CHF 1 297m (€802m) (Q1/2007: CHF 1 198m (€741m)) and its operating
profit by 9% to CHF 15.6m (€9.65m) (Q1/2007: CHF 14.3m (€8.85m)). At CHF 3.3m
Dolmen
11.95 4 85 12
(€2.04m), consolidated net income was slightly higher than last year (Q1/2007:
Econocom
7.62 -2 197 11
CHF 3.2m (€1.98m)). The figures might have been better than this, were it not
for the fact that the group has been subject to higher financing costs this year. Systemat
5.09 0 37 11
Additionally, Sweden and Norway could not report a profit during the first
EDB Gruppen
quarter of 2008.
17.62 11 64 12
Groupe Ares
2.58 7 38 -
With the first signs of a cooling-off period beginning to manifest themselves in
parts of Europe, future market development will be decisive as to whether the Bechtle 20.20 6 428 11
Group achieves its net income target of around CHF 30m (€18.57m).
Cancom
3.66 8 38 8
In most European countries, the PC market will probably have shown little
PC-Ware
13.18 10 80 11
growth in value and may, in fact, have fallen slightly, it says. In view of the
fact that the Easter holiday fell in March, the first quarter of 2008 had fewer
Altec
1.27 9 127 42
working days than last year.
Info-Quest
2.20 1 107 9
In a market whose value was virtually stagnant, ALSO pushed up sales in
Simac Techniek 2.17 -1 32 31
Switzerland and Germany by a total of 22% to CHF 743m (€459m) (Q1/2007:
CHF 611m (€378m)), mainly due to continued healthy growth in Germany.
Komplett
10.16 7 135 21
At the same time, competition on the German market became decidedly
stiffer compared with last year, after two competitors had embarked on a
ProAct
4.28 17 45 14
price war leading to a reduction in margins for everyone in the market. In the
Computacenter (£)
2.51 29 386 11
Nordic countries (Finland, Norway, Sweden) sales were down by a total of 7%
compared with the same quarter last year to CHF 409m (€253m) (Q1/2007: CHF
IS Solutions (£)
0.32 0 8 16
437m (€270m)). This was due mainly to the refocusing of the product range in
Sweden and Norway. In the Baltic states and Poland, the markets have cooled
Didata (£) 0.57 -8 880 17
off noticeably. Although market shares remained stable, sales in this region
Morse (£)
0.67 -13 86 11
were down 7% on last year to CHF 145m (€90m) (Q1/2007: CHF 156m (€96m)).
Insight 7.01 -39 341 8
Net income in the second quarter of 2008, and thus also for the first six
months of 2008, should be significantly higher than last year, as during the
Systemax
9.63 23 348 8
same period in 2007 GNT had incurred extraordinary costs for restructuring
and balance sheet adjustments. With the publication of figures for the first
half of the year, ALSO will review the situation and the outlook for the Group.
RETaILERS
month Mkt cap
Price (4
%
) tio
10.03.08 - 10.04.08
change 4
P/E ra
m
IFS’ net revenue amounted to SKr 556m (€59.5m), an increase of 6%, or 7% if
exchange rate differences are excluded. License revenue continues to grow,
PPR 82.37 -3 10550 10
17% on a rolling 12 months basis, and is still supported by a strong pipeline.
Arcandor 12.38 -1 2711 -
Maintenance and support revenue has seen slower growth in the first quarter
due mainly to the phasing out of the support of old legacy products at the Metro 48.70 -4 15784 19
beginning of the year. Consulting is steadily improving with more revenue
being delivered with lower headcount. The previously reported effects
Synaxon 6.00 -3 23 9
of problem projects in the Nordic region and staff turnover have eased
Plaisio 8.00 2 177 33
considerably, leading to stronger consulting revenue in the quarter.
CDC 2.34 29 29 209
“Although the first quarter as a norm is seasonally weaker than other quarters,
and this year was also burdened by Easter falling within the quarter, IFS
CHL 0.41 32 55 -
continued to grow across the line. In March IFS announced a new phase in
DSGi (£) 64.50 -5 1104 -
which product revenues are planned to double by 2012. This will be achieved
by continuing the organic growth we have become accustomed to over the Game Group (£) 3.13 29 1080 31
past few years and through acquisitions. Inorganic growth will be fueled by a
healthy cash flow. It is therefore pleasing that in the first quarter our financial
Kesa Electricals (£) 2.53 4 1342 11
position has continued to strengthen. This gives us the platform to take the
Office Depot 7.45 -7 2032 8
next step and carry out the value-creating acquisitions we are evaluating.”
“We have seen that the strategy of concentrating activities in our target
S
ource: Thomson Financial Datastream
02 may 2008 27
It0808 - 26-31_financials.indd 27 30/04/2008 11:47:03
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