ORDINA N.V. ANNUAL RESULTS 2011: RESULTS IN LINE WITH EXPECTATIONS
(Thomson Reuters ONE) -
KEY DEVELOPMENTS 2011
* Results in line with the outlook published in the third quarter:
* Recurring EBITDA EUR 16.3 million (2010: EUR 18.1 million), in line with
outlook of approximately EUR 16 million;
* Net debt reduced to EUR 12.4 million: well within the forecast of around
EUR 18 million after refinancing (year-end 2010: EUR 43.3 million).
This brings the net debt/EBITDA ratio to 0.8;
* Recurring revenue EUR 424.3 million in 2011; a drop of 0.8% compared with
2010 (EUR 427.7 million). Reported revenue 2011 EUR 426.3 million;
* Net loss of EUR 15.8 million (2010: net loss of EUR 7.0 million) including
one-off income and expenses (EUR 13.4 million restructuring costs);
* Refinancing completed in Q4 2011. The financing facilities of 2009 repaid.
The share issue has strengthened the balance sheet by EUR 40 million. New
senior debt financing arranged for the coming five years with ABN AMRO, ING
and NIBC;
* Ordina simplified the management structure by eliminating two management
layers and introducing a new divisional structure. This new divisional
structure has been operational as of 1 January 2012.
OUTLOOK 2012
The current economic outlook and the developments on the European financial
markets are unpredictable. On the one hand, ICT is the engine which enables
companies to reduce costs, improve customer interaction and innovation. Yet on
the other hand, we are faced with (short-term) cost reduction programmes which
also affect our clients' ICT spending. As a result, development of revenue and
financial results is difficult to predict.
STÉPAN BREEDVELD, CEO ORDINA, ON THE RESULTS
Results in line with expectations
"Our full-year 2011 results were in line with the forecast we published in the
third quarter. In addition, in 2011 we laid a firm foundation for the future of
Ordina. We took significant steps in both financial and operational terms, for
instance by working on strengthening the balance sheet and by improving our
financial position. We boosted our financial position by arranging a new senior
financing facility and by repaying our financing facilities from 2009.
Efficient organisation
In terms of our organisational structure, we also made significant progress
towards a flexible, market-focused organisation. We have eliminated two
management layers and introduced a new divisional structure, with more
individual responsibility. We have also established an Executive Committee, in
which the divisional directors have been given a seat. This structure ensures
more direct management and an efficient organisation. We introduced greater
focus in our portfolio and introduced transfer pricing within the organisation
to increase profitability. We also improved the balance between direct and
indirect (support) staff. The high number of new employees we welcomed in 2011
shows that we are an interesting employer. No fewer than 459 people joined
Ordina in 2011. This influx was partly the result of the successful recruitment
campaign we conducted in the first half of 2011.
Market conditions
Market conditions remain uncertain in 2012, partly due to the continuing unrest
in the European financial markets. However, even in difficult market conditions,
there are sufficient opportunities for us and the services we provide. We
demonstrated this in 2011, by winning contracts in the public/healthcare market,
the industry market and the financial services sector. Given the foundation we
have laid in 2011, we can will be able to decisively respond to changing market
conditions."
ABOUT ORDINA
Ordina is a specialist knowledge provider. Our coherent offering of consulting,
ICT and application outsourcing services helps lay the foundation for our
clients' future success. Ordina helps clients to achieve their strategic targets
and to resolve social and ethical issues. Our knowledge of the local market and
business processes, combined with our inventive approach to ICT solutions, helps
clients to be more competitive and more effective. Our professionals, who work
in multi-disciplinary teams, forge close ties with our clients. We provide our
services in the Benelux to organisations operating in finance, the public
sector, healthcare and industry. Ordina N.V. was incorporated in 1973. Its
shares are listed on Amsterdam's Euronext Stock Exchange, where they are
included in the Midkap Index.
MORE INFORMATION:
Ordina N.V.
Pieter Schaffels, Director Corporate Communications & Investor Relations
Tel: +31 (0)30 - 663 74 02 / +31 (0)6 132 85 033
www.ordina.nl
Press release Ordina N.V. - Annual Results:
http://hugin.info/130778/R/1589429/499107.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ordina via Thomson Reuters ONE
[HUG#1589429]
Unternehmensinformation / Kurzprofil:
Datum: 28.02.2012 - 07:30 Uhr
Sprache: Deutsch
News-ID 119158
Anzahl Zeichen: 5773
contact information:
Town:
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Kategorie:
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