IT Competence Group N.V. announces annual report 2007 and changes in the management

PRESS RELEASE: IT Competence Group N.V. announces annual report 2007 and changes in the management

IT Competence Group N.V. / Final Results 
 
31.07.2008 
 
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. 
The issuer / publisher is solely responsible for the content of this announcement. 
=-------------------------------------------------------------------------- 
 
Eindhoven, July 31, 2008 - IT Competence Group N.V. today published the 
annual report for the fiscal year 2007 and is pleased to present financial 
figures for a complete fiscal year for the first time, since its founding 
in 2006. The company generated consolidated revenues of EUR 11.7m and an 
EBIT of EUR 0.3m. 
 
As of December 31st 2007, the IT Competence Group N.V. held participations 
in two companies: Human Internet CONSULT AG (HIC) and BEAM IT CONSULT GmbH 
(Beam). Whilst HIC has been a subsidiary of the IT Competence Group N.V. 
since 2006, BEAM IT CONSULT GmbH was set up as a new corporate entity in 
2007 to assume the acquired assets and employees of the former beam AG. 
 
As Beam mainly concentrated on restructuring and the development of its 
business activities, it only contributed revenues of EUR 0.2m and generated 
a negative EBIT of EUR -0.1m. Most of the revenues, EUR 11.5m, were 
generated by HIC. Due to the termination of a long-term service project in 
the finance sector, HIC showed a slight downward trend in revenues of 
approximately -3% compared with the previous year (2006: EUR 12.1m). 
Therefore, HIC's development in 2007 was affected by extensive 
reorganisation and expansion of its sales team as well as suboptimal use of 
its personnel. HIC generated an EBIT of EUR 0.4m. Thus, EBIT of IT 
Competence Group N.V. amounts to EUR 0.1m and the company achieved a Net 
Income of EUR 5k. 
 
For the fiscal year 2008, the IT Competence Group N.V. is optimistic and 
expects to see the positive effects of the corporate restructuring at HIC 
as well as the first operational successes of Beam. The incoming orders in 
the first quarter of 2008 of more than EUR 3m is clear evidence of the 
successful start. The annual group turnover for 2008 is expected to be EUR 
12.5m. The full annual report for 2007 will be made available, for all 
interested parties, on the company website at www.it-competencegroup.com. 
 
Moreover, IT Competence Group N.V. announces that Mr. Bert Mayr resigns 
from the management board of IT Competence at July 31st, 2008 at his own 
request for personal reasons and correspondingly leaves the management 
board of the 100% subsidiary Human Internet CONSULT AG. The Supervisory 
Board thanks Mr. Mayr for its commitment to the company. Currently, it is 
not intended to appoint a new member to the management board to take Mr. 
Mayr's position. The managing directors Marc Schlindwein and Gunther 
Adelhelm consequently will take over Mr. Mayr's duties and tasks. 
 
For further information please contact our investor relations team 
directly. 
 
Contact Investor Relations: 
IT Competence Group N.V. 
Investor Relations 
Phone [phone] 
Fax [phone] 
[e-mail] 
 
About IT Competence Group N.V. 
The IT Competence Group N.V. acts as a holding company for fast growing IT 
companies and sees itself as a provider of Consulting and Personnel 
Services in the IT business. Within the concept of a buy & build strategy 
the Holding focuses on the acquisition, development and administration of 
the several companies. Regarding an efficient development, implementation 
and utilisation of their IT environment, the IT Competence Group N.V. 
offers its customers a variety of services and independent consulting. 
 
 
31.07.2008  Financial News transmitted by DGAP 
 
=-------------------------------------------------------------------------- 
 

(END) Dow Jones Newswires

July 31, 2008 09:17 ET (13:17 GMT)