Results of the financial year 2008/09

Prepared for the future

The economic recession has not left Systematic unaffected. Nevertheless, our strategy remains unchanged. We run a healthy business and continue our transition from being primarily focused on projects to also being focused on products.

Financially strong company

Systematic is a financially solid company with the highest credit rating and no bank debts. However, the worldwide financial downturn has also had an effect on Systematic’s accounts for the 2008/09 financial year.

The Group’s operating profit for 2008/09 amounted to EUR 0.8 million, compared to EUR 5.1 million the previous year. We achieved a turnover of EUR 47.4 million, which was a fall of 6% compared to 2007/08. To a high degree, this was a consequence of restraint on the part of our customers when it comes to new investments in IT systems – especially on the part of defence organisations. Our profit after taxes and minority interests amounted to EUR 0.5 million. 36% of our sales stem from outside the Danish market.

Strong liquidity

Our liquidity is good. As of 30 September 2009, our bank balance amounted to EUR 3.7 million and we have no bank debt whatsoever. Our equity capital amounts to EUR 8.8 million, corresponding to a solvency ratio of 31.9%. Our D&B credit rating is AAA – the highest level attainable, and a rating achieved by only 4% of companies.

Expectations for the future

Even in a difficult market, we have maintained our strategic focus, based on a conviction that we will experience increased growth in the years to come. For this reason, we have developed our key skills still further, just as we have boosted investment in our own products.