Hi, ich halte auch noch, habe auch schon an verkaufen gedacht.
Ich frage mich schon zum 100ten Mal, wie Börse Online nach
eingehender Analyse zu einem KGV von schlappen 17 kam?!
Quelle Jahresnedbericht www.adera.se/templates/36.asp?ItemID=1037
Auch auf Englisch da.
Sieht so aus, als hätten sie einen massiven Einbruch in der Auftragslage
und zuviele Leute durch Aquisitionen dazubekommen. Die sitzen jetzt
rum und freuen sich über exzellente Konditionen der Übernahmen.
Lies mal die Bilanz, ist echt eine Lektüre.
Seltsame in der Bilanz ist, dass die Lokationen ausserhalb Schwedens
zu 47% am EBITA beitragen, und Schweden selbst nur 10%, obwohl
Schweden die Hauptlast der Umsätze schultert (102%, witzig).
:) tetsuo
Auszug Erklärung was schief ging:
Development during fourth quarter was highly unsatisfactory, with weak earnings at many offices. There are many explanations; the first is the changed market conditions, with longer sales cycles, project delays and in certain cases purchase freezes prior to year-end. Another explanation is that the skills mix at some offices was incorrect, which resulted in difficulties in delivering what the customer wanted at the same time as the employee utilisation was low. Additional explanation are difficulties in some projects and administrative shortcomings in our organisation.
At the same time it is important to note that today within Adera there is substantial hidden structural capital in the form of an impressive customer list and a large number of knowledgeable and committed employees. In order to deliver profits as fast as possible, which we know we should and can generate, we are now implementing a number of significant changes at a rapid pace. We are implementing an extensive structural action program, which is presented in greater detail below, that is aimed at optimising the skills mix and reducing the cost base. We are also carrying out a reorganisation to eliminate unnecessary hierarchies and to put the customer in focus.
Structural action program
__________________________
The Board of Adera has adopted an extensive structural action program to adapt costs in those operations in which the earnings trend is unsatisfactory. In brief, the program involves the following:
The office in Munich is being closed, but the customer undertakings are being taken over by other Adera offices. The operations in Amsterdam are being divided into two units, In Stockholm, the Stureplan office is being closed and these operations will be transferred to other Stockholm offices.
In total, the action program affects 110 employees. Personnel and central administrative expenses are expected to be reduced by SEK 73 M, while estimated costs of the action program of SEK 28 M will be charged against earnings in the first two quarters of this year.
Parallel with the action program, a new and simplified organisation is being implemented. Responsibility for quality and profitability now lies with the office, which is supported by two prioritised and Group-wide processes – strategic sales and technical development. In order to meet continually increasing demands for leading-edge technical skills the Group’s co-operation with universities, independent contractors and development companies will be intensified.
