Exact reports annual results 2012:

on . Posted in News

Ready for the future after completing organizational turnaround

Delft, February 20, 2013


Key financial highlights

  • Increase in overall reported revenue of 0.7% to € 217.1 million from € 215.6 million; operational revenue[1] declined by 2.1%;
  • Cloud Solutions accelerates further, with 47.2% revenue growth driven by successful introduction of vertical propositions for Manufacturing, Wholesale and Time & Billing;
  • Reported EBITDA decline of € 8.1 million; EBITDA was negatively impacted by total one-time charges of € 8.6 million (of which € 7.0 million restructuring) for the full year 2012; 2011 numbers contained a € 3.1 million restructuring charge. EBITDA margin on an operational basis adjusted for one-time charges was 23.4% (FY 2011: 24.4%);
  • The restructuring is expected to result in € 8.0 million of net annual savings; these savings will be reinvested in R&D, to support accelerated growth. Net income for 2012 contains one-time tax charges of € 2.8 million, which included a reassessment of our deferred tax position in relation to innovation tax facilities, provisions for uncertain tax positions in various jurisdictions and tax savings as result of one-time charges;
  • Earnings per share (EPS) came in at € 0.82 (2011: € 0.65), an increase of 25.9% versus prior year. Exact proposes to pay a full-year dividend of € 1.00. An interim dividend of € 0.44 per share was paid in August 2012.

 

Other Highlights

  • New Board of Managing Directors and Supervisory Board in place to lead Exact in the next phase of its development; appointments of MD Cloud Solutions, Hartmut Wagner, and MD Business Solutions, Marinus ter Laak to be confirmed on the General Meeting of Shareholders on May 22, 2013 as members of the Board of Managing Directors;
  • Organizational turnaround completed, new business unit structure now in place and fully operational;
  • Increased investments in R&D will lead to an innovation boost and an exciting new product roadmap for all three of our Business Units;
  • Over 3,500 of our current and prospective customers, accountants and partners visited “Exact Live” in Ahoy signifying our commitment to increased customer focus and customer intimacy;
  • Non-core activity Orisoft was divested on October 9, 2012 for € 1.2 million through a management buy-out.

[1] Operational change considers the impact of foreign exchange rates by translating prior year’s results at current year’s exchange rates.

 

 

Erik van der Meijden, CEO Exact Holding: “Last year was a year of accelerated change for Exact. In July, we announced our new strategy: ‘Growth through focus, innovation and simplicity’. This announcement was the starting point of a major change, not only in the way we are doing business but in our organization too. We have completed the restructuring as part of the new organizational setup and we are convinced that the new business unit structure has put us in a strong position to benefit from the potential in our markets.

We are operating in continuingly difficult market circumstances. We saw customers across all markets postponing investment decisions, leading to pressure on our revenues. We had to charge one-time costs to our results, partly related to the restructuring. This led to a decline in our results compared to the previous year. At the same time, we saw continued strong growth for Exact Online, emphasizing the rapid adoption of cloud solutions.

We have adjusted our cost structure, which will lead to significant savings to be reinvested in our future growth, enabling us to reap the benefits of this transformation in the years to come.

For our on-premises solutions we will focus on new business with larger customers and strengthen our sales channel in the largest European countries. For existing customers we will be focusing on reducing attrition through customer intimacy programs.

We are on the verge of rolling out our cloud-based solutions internationally, and we have a very ambitious and strong new product roadmap for the years ahead. Our new structure will help us to take full advantage of the changing dynamics in the software market.”

 

Strategy

The software market is changing quickly. The adoption of cloud-based solutions is growing rapidly. Internet, social media and smartphones are ubiquitous and business users have become used to software with a degree of user friendliness previously seen only in the consumer market.

Exact’s new organizational structure enables the company to respond quickly and efficiently to these changes. We can be more innovative and flexible, leveraging our existing on-premises business as a solid basis. The organization is now structured around three business units: Business Solutions, Cloud Solutions and Specialized Solutions. From 2013 onwards, the results will be reported in line with this new structure.

The new strategy and organizational structure require different skills and capabilities. As a consequence, Exact’s workforce was cut by 150 FTEs. The annual savings of € 8 million will be reinvested in the company, leading to an increase of R&D spending as a percentage of revenue to 14% in 2013 and 15% in subsequent years. This will facilitate a higher degree of innovation, which is important to maintain and extend our market leadership. To support this goal, we expect to hire approximately 140 professionals this year, fitting the new profile of our businesses.

The new strategy also resulted in proposed changes in the Board of Managing Directors. In December 2012, Marinus ter Laak joined Exact as the new MD Business Solutions. Hartmut Wagner, the new MD Cloud Solutions, joined in January 2013. They will be nominated for appointment as Board members at the Annual General Meeting of Shareholders on May 22, 2013. Together with CEO Erik van der Meijden and CFO Onno Krap, they will form the new Board of Managing Directors.

Opportunities in the markets in which we operate are extensive. Our broad portfolio creates tremendous cross-selling potential, allowing us to get more business from our customer base. Most of our products are an excellent fit with the needs of larger organizations, which gives us access to higher market segments. Finally, we see international opportunities, in particular with the rapid adoption of cloud-based solutions.

 

Operational review per business unit

 

Cloud Solutions

Our Cloud Solutions business saw a growth of 47.2% to € 14.2 million in 2012, emphasizing our clear market leader position in cloud solutions for SMBs in the Benelux. Growth in monthly recurring revenues (MRR) came in at 43.5% and on December 31 2012 our annualized MRR amounted to € 16.7 million (December 31, 2011: € 11.6 million). Exact Online solutions address the specific challenges faced by industries such as manufacturing, professional services, wholesale and distribution and accountancy. Customers can both access the service, as well as their data, from any location worldwide. Additional functionality can be provided to all customers instantaneously and with a pricing model based on monthly subscriptions. This gives customers maximum flexibility at minimal financial risk. Exact considers security as an essential part of its offering. External specialists continuously monitor our infrastructure to ensure maximum security. We set best in industry standards with our Exact Online Solutions, which was underlined by the very positive customer feedback we received in 2012 for our product and the support we provide to our customers.

The Cloud market is growing on a worldwide basis and while cloud-readiness is still different country by country, there is an underlying growing trend for the adoption and use of cloud solutions. Exact is in an excellent position to become a leader in those markets by providing high quality solutions that improve efficiency and value for accountants and SMB customers. There is ample opportunity for further market penetration within the small companies segment (up to 20 employees). We are strengthening our relationship with accountants as a channel towards this segment.

The market for business software for small companies will gradually change from on-premises to cloud solutions. In addition, the products and services we offer through Exact Online are increasingly well suited to larger companies. By adding functionality required by larger companies with more complex processes, we can also target companies of up to 100 employees. To further accelerate our growth, we will roll out Exact Online in controlled release in the UK & US in the second quarter of 2013 and Germany in the fourth quarter of 2013. We will be launching the controlled release for France in 2014.

 

Business Solutions

Revenues from Business Solutions for the full year 2012 decreased by 6.8% to € 120.3 million. Market circumstances remained difficult, attrition levels were too high and our focus on the market was adversely affected by the measures taken in the reorganization. However, we do feel that already now we are reaping the fruits of our new strategy.

The market is looking for increased flexibility in both pricing models and delivery models. We also see an increased demand for industry-specific tooling integrated with powerful back and front office functionality.

In 2012, we successfully launched a number of new propositions and enhanced our existing propositions by adding new functionality. The R&D investments in Exact Business Solutions focused on a number of themes: user experience, mobility, connectivity and added value for specific market segments. Our development roadmap is largely market-driven, giving our customers a strong voice in the functionalities we develop.

The business unit will be pursuing development in two directions: expanding its footprint within the installed base, and leveraging its leadership position to increase traction with larger SMB companies. The re-launch of Exact Financials and the breadth of Exact Synergy Enterprise with its ability for companywide integration will allow us to move up in the market.

 

Specialized Solutions

The business unit Specialized Solutions consists of Exact Macola, Exact MAX and Exact JobBOSS (our US manufacturing software businesses), LongView (corporate performance management and tax) and Exact Lohn (payroll services in Germany).

Revenues for this business unit increased by 7.4% to € 82.6 million in the full year 2012 (operational basis: + 0.5%).

Our position in the US market for manufacturing software solutions is quite strong. Exact JobBOSS showed impressive growth in 2012, but Exact Macola and Exact MAX, lagged somewhat behind, mainly due to realignment of our US organization. As part of this realignment we closed our regional head-office in Boston

Our strong customer manufacturing base in the US will provide leverage and traction for the US launch of Exact Online Manufacturing in 2013.

Our payroll software business in Germany, Exact Lohn, is performing well and is showing continued growth as it starts to capitalize on the growing German market for payroll outsourcing.

Following significant investments in Longview in recent years, we now see traction for our new tax offerings and our corporate performance management (CPM) solutions. Growth in 2012 was not yet at the levels we had anticipated, but we do see an improving pipeline, especially on our tax offering.

As previously announced, we divested Orisoft as a non-core business activity just after the closing of the third quarter.

 

Outlook

In July 2012, Exact expressed its ambition to restore, over time, revenue growth to a level of 4-7% per year. We have identified investments in R&D and commercial routes to market to push revenue growth towards the envisaged level. We expect Exact Online to grow by 30 to 50% per year in the coming years, as our customer base expands. For Business Solutions and Specialized Solutions, we are aiming for a low single-digit growth in more mature markets.

We estimate ongoing annual savings from the reorganization at € 8.0 million, which we will reinvest in our future growth. We have completed the reorganization and we are well positioned to increase our revenues over time. Growth for Cloud Solutions requires investments that are recovered over a longer period of time due to the subscription based pricing model. Despite the 30%- 50% growth expectation for Cloud Solutions, the relatively small base versus the overall base will limit the impact on overall growth for the next few years.

For Business Solutions we are closely watching our attrition levels. Reducing attrition is an important process where we are making good progress. However, results will only materialize over a longer period of time.

We expect the economic climate to remain difficult, putting pressure on our growth in 2013. We expect to realize an EBITDA between € 47 and € 52 million.

 

Financial review

On July 25, 2012, Exact presented the new strategy: “Growth through focus, innovation and simplicity”. To execute our new strategy, we have realigned the organization, turning it around from a geographical organization with a matrix structure into an organization with end-to-end business units. We achieved this by merging the on-premises and hosted part of the Benelux region with the International region and by making Exact Online a separate business unit. The business units Cloud Solutions and Business Solutions have been fully operational since the end of the third quarter.

 

Realignment of the organization

We carried out a restructuring program in 2012. The restructuring expenses amounted to € 7.0 million and are mainly attributable to severance payments (€ 5.5 million), consultancy charges (€ 1.1 million) and leasehold expenses (€ 0.4 million). Following the restructuring, we are now fully aligned with the markets in which we operate, which allow us to target our (potential) customers more effectively and to further increase customer intimacy. The restructuring affected a significant part of the organization and led to a reduction of 150 FTEs. As part of the organizational restructuring, we also closed the regional head office of the former Americas business unit in Boston. Exact Macola, Exact MAX and Exact JobBOSS now report directly to the Board of Managing Directors.

The savings achieved with this operation will enable us to make investments in knowledge and skills in the parts of the organization that will generate further growth. A significant part of the investments will be in Cloud Solutions, but we will also make significant selective investments in other parts of the business. We estimate that the restructuring program will lead to total annualized cost savings of € 8.0 million, mainly in the area of salary expenses, rent and other operating expenses.

 

Divestment Orisoft

In the context of the overall restructuring exercise, we also concluded that Orisoft, one of the companies in the former Specialty Brands business unit, did not fit the strategy of Exact going forward. The company was divested on October 9, 2012, for an amount of € 1.2 million. Prior to the divestment, we recognized a € 2.2 million impairment charge on the assets of Orisoft to the expected sales price, of which € 0.2 million was recognized in operating expenses. In the divestment, the currency translation reserve was reclassified to the profit and loss, which had a positive impact of € 0.7 million.

 

Revenue

Total revenue on a reported basis increased by 0.7% to € 217.1 million (FY 2011:          € 215.6 million). Currency effects had a positive impact of 2.8%, mainly due to a stronger US Dollar. Revenue on an operational basis was 2.1% lower than in 2011. The decline in operational revenue is mainly due to lower license revenue and the effect of the realignment of the internal organization that primarily affected our International region. Exact Online realized sharp growth of 47.2% compared to the previous year. Recurring revenue on an operational basis increased by 2.7% to € 144.5 million in 2012, accounting for 66.5% of total revenue (FY 2011: 63.4%). The increase in recurring revenue was primarily driven by the growth of Exact online. The recurring outsourced payroll services (BPO) at Exact Lohn also contributed to the increase of recurring revenues.

Online revenue on a reported basis increased by 47.2% to € 14.2 million from € 9.7 million (operational basis: + 47.2%). The increase was solely driven by the sharp growth booked by Exact Online. Cloud Solutions continues to gain traction in the ERP software market, specifically in the SMB market, where Exact traditionally has a strong position. The Annualized Monthly Recurring Revenue of Exact Online as at December 31, 2012, amounted to € 16.7 million (December 31, 2011: € 11.6 million).

License revenue on a reported basis fell by 13.3% to € 37.0 million from € 42.7 million (operational basis -/- 16.3%). This drop was predominantly due to our International and Benelux region, as well as Longview. Markets are slow in the current economic climate and Exact is faced with a cautious investment climate for ERP software. Our International region was also impacted by the restructuring programs that were executed in 2011 and 2012. Exact JobBOSS and Exact Lohn showed license revenue growth for the full year 2012.

Maintenance revenue (excluding Exact Online) on a reported basis rose by 1.5% to     € 128.7 million from € 126.8 million (operational basis -/- 0.8%). The decline on an operational basis was largely the result of a reduction in the maintenance base in the Benelux region, as well as for Exact Macola. At the same time, maintenance revenue for Longview, Exact JobBOSS, and Exact MAX showed healthy growth, due to low attrition rates and an expanding customer base.

Service revenue on a reported basis increased by 2.0% to € 37.2 million from € 36.4 million (operational basis: -/- 2.4%). The decline on an operational basis was driven by the Benelux (-/- 11.6%) and the International region (-/- 24.3%), as a result of less license deals materializing and the restructuring operations carried out in 2011 and 2012. Exact Lohn and Longview showed strong operational service revenue growth of 34.2% and 21.2% respectively, primarily driven by increased business momentum as a result of growth in BPO activities and the launch of the new tax data product proposition.

 

Summary of one-time charges

Exact’s 2012 results were impacted by one-time charges that had a negative impact of    € 14.1 million on net income (FY 2011: € 20.7 million). We are showing these one-time charges to provide additional insight into the quality of our earnings.

EBITDA and EBIT

Operating expenses (excluding depreciation and amortization) on a reported basis increased by 5.8% to € 175.0 million, from € 165.4 million (operational basis: + 2.4%). Operating expenses on an operational basis included one-time charges of    € 8.6 million (€ 7.0 million restructuring expenses and € 1.6 million other charges), compared with € 3.1 million one-time charges in 2011. We successfully completed the restructuring carried out to realign the organization to end-to-end business units in the fourth quarter of 2012. We have already started to see the effects of the restructuring in operating expenses on an operational basis, as these fell by 2.0% in the second half of 2012 compared to the same period in the previous year.

EBITDA on a reported basis fell by 16.2% to € 42.1 million, from € 50.2 million (operational basis: -/- 17.2%), primarily due to the € 8.6 million one-time charges in 2012, compared € 3.1 million in 2011, plus a drop of € 4.7 million in revenue on an operational basis.

Research and development expenses on an operational basis (included in operating expenses) increased by 6.1% to € 26.4 million from € 24.9 million, which represents 12.2% of revenue. The increase was primarily driven by R&D expenses for the development of Exact Online, which were € 2.9 million higher at € 6.9 million.

Depreciation and amortization dropped by 56.3% to € 11.6 million, from € 26.4 million (Operational basis: -/- 56.5%), mainly due to a 2011 one-time charge of € 18.5 million (Longview impairment charge of € 18.4 million), compared with a 2012 one-time charge of € 2.0 million (impairment on disposal of Orisoft).

Reported EBIT increased by 28.3% from € 23.8 million to € 30.6 million. The increase was driven by the € 18.4 million Longview impairment charge in 2011, which was partly offset by a total of € 11.3 million one-time charges recognized in 2012.

 

Finance expenses and tax

Total finance expenses amounted to € 0.8 million (FY 2011: € 0.7 million). Finance expenses included several offsetting one-time charges: a negative impact from a € 1.6 million cash flow hedge that was reclassified to the profit and loss, partly offset by positive currency effects on the divestment of Orisoft for € 0.7 million and the liquidation of certain foreign operations.

The average tax rate increased to 37.3% in 2012, from 35.7% in 2011. In 2012, our tax rate was impacted negatively by several one-time charges mainly due to a reassessment of our deferred tax position in relation to innovation tax facilities, taxation effects from the IP transfer of the Longview software from the Netherlands to Canada, the impairment of Orisoft (not deductible for tax purposes) and provisions for uncertain tax positions in various jurisdictions.

 

Cash flow

The net cash position increased to € 58.2 million as at December 31, 2012 (December 31, 2012: € 53.8 million).

The increase in the cash balance was driven by a positive profit before tax of € 29.8 million and a continued focus on credit collection leading to a € 3.0 million reduction in accounts receivable. Exact made total dividend payments (interim 2012 and final 2011) in the amount of € 29.9 million.

The average days sales outstanding fell to 44.3 days (FY 2011: 45.6 days) and reflect a continued focus on credit collection.

 

Net income, EPS and dividend

Net income attributable to shareholders amounted to € 18.7 million (FY 2011: € 14.8 million). Earnings per share (EPS) consequently amounted to € 0.82 (FY 2011: € 0.65).

In light of Exacts dividend policy but also taken into consideration the strong cash position, the Board of managing Directors intends to propose at the General Meeting of Shareholders on May 22, 2013, a final dividend of € 0.56 per share. Combined with the interim dividend of € 0.44 distributed in August 2012, this brings the annual dividend per share to € 1.00.

The dividend will be payable to holders of ordinary shares at close of business on May 29, 2013. The shares will go ex-dividend on May 24, 2013.

Exact intends to issue dividends at 100% of net income unless the year-end cash position drops below € 40.0 million or in case of significant acquisitions. We foresee significant investments in the coming years in line with our growth ambitions and we will refrain from compensating for non-cash items going forward.

 

APPENDICES:

 

Segmental information

During 2012 the organization was transformed from a geographical organization with a matrix structure into an organization with end-to-end business units. The new business unit structure is operational since the 3rd quarter, but reporting to the Board of Managing Directors in 2012 was still based on the geographical organization and matrix structure. It is our view that for 2012 the operating segments still comprise the International and the Benelux region. As of January 1, 2013, Exact will present its segment reporting in line with the new Business Unit structure containing Cloud and Business Solutions, instead of International and Benelux.

In 2012, the reporting structure for Specialty Brands has been split into Longview, Exact Lohn and Orisoft. Exact Lohn and Orisoft have been grouped into one reportable segment called ‘Other’.

The sum of the EBITDA’s disclosed below does not reconcile to the consolidated EBITDA as an amount of -/- € 11.6 million (2011: -/- € 8.1 million) relates to Corporate activities.

 

Benelux

Total revenue on a reported basis increased by 0.7% to € 97.7 million in 2012, from      € 97.0 million in 2011 (operational basis: + 0.7%). The growth in revenue was driven by Exact Online, with the number of commercial administrations increasing to 97,392 and the annualized MRR as at December 31, 2012, amounting to € 16.7 million (December 31, 2011: € 11.6 million). Exact Online revenue for the year 2012 grew by 47.2% to € 14.2 million, mainly driven by the successful market introduction of Exact Online Wholesale & Distribution and Exact Online Time & Billing. These products were introduced in 2011, positioning Exact as a leader in cloud solutions for the SMB market. Exact Online Manufacturing and CRM capabilities for Exact Online were launched in the last quarter of 2012, making Exact Online a unique all-in-one cloud solution for the SMB market.

Reported license revenue declined by 7.1% to € 13.9 million (FY 2011: € 15.0 million), mainly due to softness in the direct channel. Reported maintenance revenue (excluding Exact Online) on an operational basis decreased by 3.0%, primarily as a result of attrition not being offset by enough new license deals. Reported service revenue on an operational basis was 11.6% down, mainly due to the drop in license deals generated by Exact’s direct sales force.

Operating expenses on a reported basis increased by 1.3% to € 58.1 million, from          € 57.3 million. This increase was mainly due to expenses incurred for the customer event Exact Live’12. EBITDA fell by 0.1% to € 39.6 million (FY 2011: € 39.7 million).

 

International

Total reported revenue fell by 11.8% to € 36.8 million in 2012, from € 41.7 million in 2011 (operational basis: -/- 13.6%). The decline in operational revenue was mainly due to the effect of the realignment of the internal organization. The restructuring program was completed in the third quarter and the new end-to-end business unit structure will facilitate the return to sustainable growth.

Reported license revenue declined by 32.5% to € 7.1 million, from € 10.6 million (operational basis: -/- 34.0%). Reported maintenance revenue increased by 1.4% to      € 23.4 million (operational basis: -/- 0.5%). Reported service revenue dropped by 22.7% to € 6.2 million (operational basis: -/- 24.3%).

Reported operating expenses were down 13.5% at € 34.9 million, compared with € 40.3 million in 2011 (operational basis: -/- 15.3%), primarily as a result of the full-year saving effect of the restructuring programs carried out. EBITDA increased by 35.4% to € 1.9 million (FY 2011: € 1.4 million).

 

Americas

Reported revenue for the America’s increased by 5.5% to € 48.4 million, from € 45.8 million (operational basis: -/- 2.3%). The operational drop was driven by a decline of 8.3% at Exact Macola, which was partly offset by a 10.2% increase in revenue from Exact JobBOSS.

License revenue on a reported basis was 2.6% lower at € 10.4 million, compared  with    € 10.7 million (operational basis: -/- 9.9%). There was weakness in the license revenue of Exact Macola in 2012, which was partly offset by license revenue growth at Exact JobBOSS. The maintenance revenue on a reported basis increased by 9.5% to € 27.3 million from € 24.9 million (operational basis: + 1.3%). This increase was the result of a modest price hike in some product ranges as of January 1, 2012, as well as ongoing stable attrition rates. Service revenue on a reported basis was up 4.4% at € 10.7 million, from € 10.2 million (operational basis: -/- 3.3%). The decrease on an operational basis was mainly due to less license deals from Exact Macola.

Reported operating expenses increased by 8.5% to € 36.2 million, from € 33.4 million (operational basis: + 0.3%). Reported EBITDA fell by 2.3% to € 12.1 million. (operational basis: 9.3%). The decline in operational revenue was driven by the decline in license revenue.

 

Longview

Total reported revenue increased by 15.1% to € 21.3 million, from € 18.5 million (operational basis: + 6.5%). The increase in total operational revenue was driven by increased services revenue (+ 21.2%) and increased maintenance revenue (+11.2%).

Reported license revenue growth declined by 17.5% (operational: -/- 23.6%), as the challenging market circumstances led to the postponement of investments by (potential) customers. Reported maintenance revenue increased by 19.9% to € 7.5 million (operational basis: + 11.2%), driven by stable, low attrition rates. Service revenue increased by 31.4 % to € 9.9 million (operational basis: + 21.2%).

Reported operating expenses, excluding depreciation and amortization, increased by 44.3% to € 23.1 million, from € 16.0 million (operational basis: + 34.2%). The increase is primarily driven by increased personnel and outwork expenses and has various reasons. Current year includes expenses related to the new tax proposition after the go-live early in 2012. These costs cannot be capitalized as they are considered to be maintenance. Furthermore, the year under review included restructuring expenses to streamline the organization, increased consulting costs for services work and finally included investments to gain a footprint in Europe.

Reported EBITDA fell by € 4.3 million to a loss of € 1.7 million (operational basis: -/- 162.9%). The drop in EBITDA on an operational basis was driven by the higher operating expenses.

 

Other (Exact Lohn and Orisoft)

Total reported revenue for the Other segment increased by 3.1% on a reported basis to   € 12.9 million, from € 12.5 million (operational basis: + 2.0%).

Exact Lohn showed 8.4% revenue growth in 2012. The revenue growth resulted from increased marketing, as well as from the next generation Lohn XL proposition that was launched in the second quarter of 2012. The initiatives aimed at hosted solutions and BPO (outsourced payroll services) are gaining traction and we expect them to grow further in the near future. Orisoft was divested on October 9, 2012, for an amount of      € 1.2 million in a management buy-out. Prior to the divestment, the assets of Orisoft were impaired by € 2.2 million to the expected sales price.

Reported operating expenses increased by 9.0% to € 11.1 million, from € 10.1 million (operational basis: + 7.4%). Operating expenses on an operational basis increased on account of additional investments in Exact Lohn. Reported EBITDA fell 21.9% to € 1.9 million (operational basis:-/- 21.6%), due to the decline in revenue.

 

 

------------------------

 

Exact. And it all comes together.

 

Exact is a leading global supplier of business software. Since we began in 1984, our focus has shifted from supporting financial processes to providing a complete ERP offering for small and medium-sized businesses. Innovative solutions such as Exact Globe Next, Exact Synergy Enterprise and Exact Online support over 100,000 customers – local and international companies – in the daily management of their business.

Exact develops industry-specific on-premise and cloud solutions for manufacturing, wholesale and distribution, professional services, small business, and accountancy. Exact is headquartered in Delft, the Netherlands, and has been listed on the NYSE Euronext Amsterdam since June 1999. The company booked revenues of € 217.1 million in 2012.

For further information about Exact, visit www.exact.com.

 

For further information

Media Relations
Exact Holding N.V.
Jelle Zuidema 
T: +31 (0)15 711 5462 or +31 (0)6 4179 4588
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations
Exact Holding N.V.
Onno Krap
T: +31 (0)15 711 5190
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

Citigate First Financial
Claire Verhagen
T: +31 (0) 20 575 4010 or +31(0)6 5051 6325
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

Exact Holding N.V.
P.O. Box 5066
2600 GB Delft
The Netherlands

Tel: +31 (0)15 711 5000
Fax: +31 (0)15711 5010

www.exact.com