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Mamut ASA (OSL:MAMUT) Mamut ASA continues its growth and reached operating revenues of MNOK 251.6 in 1H08, compared to MNOK 221.9 in 1H07, a growth representing 13 per cent. The company reaches EBITDA of MNOK 46.6 and EBIT of MNOK 18.6 for 1H08, an EBIT improvement of 55% compared with 1H07.
Financials Second Quarter 2008 Mamut ASA increased its operating revenues to MNOK 123.5 in 2Q08 compared to MNOK 108.6 in 2Q07. Operating profit before depreciation (EBITDA) for 2Q08 was MNOK 23.3, compared to MNOK 17.5 in 2Q07. EBIT for 2Q08 was MNOK 9.0, compared to MNOK 5.1 in 2Q07. Profit before tax for 2Q08 was MNOK 4.9, compared to MNOK 2.1 in 2Q07.
Cash and cash equivalents were MNOK 58.0 at the end of 2Q08 compared with MNOK 71.0 at the end of 1Q08. Equity ratio was 46 per cent and deferred revenues reached MNOK 97.3. Diluted earnings per share (EPS) were NOK 0.05 for 2Q08, compared with NOK 0.02 in 2Q07.
At the end of 2Q07, the Company had 480 employees (including employees from acquired companies MYOB and KlubbenOnline) compared to 425 at the end of 2Q07 and 450 at the end of 1Q08.
Segment information Segment reporting consolidates all business units in three regions; Nordic/HQ, Western Europe and Central Europe.
Nordic/HQ Operating revenues reached MNOK 87.2 in 2Q08 (10% growth), EBITDA was MNOK 21.4 and EBIT was MNOK 14.5, an EBIT margin of 17 per cent. This region includes Norway, Sweden, Denmark and Finland.
Western Europe Operating revenues reached MNOK 25.1 in 2Q08 (22% growth), EBITDA was MNOK 0.3 and EBIT was MNOK -2.8. This region includes the Netherlands, the UK, Republic of Ireland, Germany, Austria, Belgium, France, Switzerland and Spain.
Central Europe Operating revenues reached MNOK 11.1 in 2Q08 (28% growth), EBITDA was MNOK 1.6 and EBIT was MNOK 1.1, an EBIT margin of 10 per cent. This region includes the Czech Republic, Poland and Serbia.
Highlights Q2 - Operating revenues of MNOK 123.5 in 2Q08, up from MNOK 108.6 in 2Q07 - Earnings before interest, tax, depreciation and amortisation (EBITDA) of MNOK 23.3 in 2Q08 compared to MNOK 17.5 in 2Q07. EBIT of MNOK 9.0 in 2Q08 - Continued growth in all existing markets and well positioned for future growth and profitability - Mamut added more than 40,000 new customers in 2Q08, whereof approx 28,000 from acquisitions, exceeding 400,000 customers in total - Mamut has acquired MYOB Business Division in the UK from MYOB Limited (ASX: MYO) for a cash payment of £1.7 million. MYOB's UK Business Division has a total of 50,000 customers including 20,000 active customers using MYOB accounting software, retail software and payroll software - Mamut has signed a Letter of Intent (LOI) with Germany's leading supplier of small business software, Lexware GMBH, a fully owned subsidiary of Haufe Media Group with 600,000 active customers - Mamut has announced that it will extend its Software + Services offering with Microsoft Online Services, in order to provide customers with increased flexibility and additional services - On July 8th, CEO Eilert Hanoa presented the Mamut Software + Services strategy in his key note at the Microsoft Worldwide Partner Conference 2008 in Houston, USA. Moreover, Mamut was awarded "ISV partner of the year" by Microsoft Norway - Mamut has signed a final agreement regarding acquisition of `KlubbenOnline` including `Medlemsservice` from EDDA Digital. In addition, Mamut has entered into a co-operation with the Norwegian Confederation of Sports (NIF) in which NIF considers Mamut the main provider of e-solutions to Norwegian sports associations - Preparing for forthcoming launches of new strategic partnerships built on Mamut Business Platform - After being contacted by several parties regarding strategic alternatives, Mamut ASA has decided to engage ABG Sundal Collier ASA and Jefferies International Limited as financial advisors
Outlook Mamut is well positioned for further growth and improved results in all markets. The company continues to maintain its focus on establishing and strengthening strategic alliances with international partners and increasing the distribution of Mamut's products and services. The company sees a considerable growth potential following the launch of Mamut One in combination with existing customer bases in acquired companies.
