ORDINA N.V. REPORTS SOLID FINANCIAL RESULTS FOR DIFFICULT 2009
(Thomson Reuters ONE) -
Challenging start in 2010 despite positive signals
Nieuwegein, the Netherlands, 2 March 2010
HIGHLIGHTS FINANCIAL RESULTS 2009
§ Revenue from continued operations came at EUR 542.3 million in 2009.
In 2008, revenue from continued operations was EUR 632.6 million. This is a
decrease of 14%.
§ Revenue share deriving from multi-year contracts was up from 18% in
2008 to 27% in 2009.
§ Recurring EBITDA from continuing operations stood at EUR 41.4 million
compared to EUR 59.4 million in 2008. This resulted in a relative margin for
2009 of 7.6% compared to 9.4% in 2008.
§ Total net debt, including the subordinated loan with a face amount of
EUR 27.5 million, was EUR 37.7 million at 31 December 2009. Net debt stood at
EUR 85.1 million at year-end 2008. Total net debt to adjusted EBITDA amounted to
0.9 (1.6 at year-end 2008) and remains very well within the convenants.
§ Net profit for the year on continuing operations, including
non-recurring expenses at the sum of EUR 9.0 million, amounted to EUR 1.3
million, compared to a net profit of EUR 15.6 million for 2008 (2008 was
inclusive of a profit at EUR 10.4 million resulting from the sale of technical
automation activities).
§ Net earnings per share before amortisation of intangible assets due
to acquisitions was EUR 0.25 (2008: EUR 1.66 negative). Recurring net earnings
per share before amortisation of intangible assets due to acquisitions stood at
EUR 0.43 (2008: EUR 0.50).
§ Ordina's dividend policy stipulates that 25% of the net profit for
the year is to be distributed as a cash dividend. Considering the modest net
profit for 2009, it will be proposed to the Annual General Meeting of
Shareholders, in line with Ordina's policy, not to pay-out dividend over 2009.
§ To what extend and at what pace positive signals in the market will
crystallize into an upturn in demand, continues to be difficult to predict. It
is also worth noting that Ordina's employee base is smaller at the beginning of
2010 than the average number of employees in 2009. All in all, it is realistic
to assume that 2010 as well will be a challenging year. It is therefore too
early to provide a definite outlook for revenue and profit at this time.
RONALD KASTEEL, ORDINA'S CEO, ON THE FINANCIAL RESULTS FOR 2009
"2009 will be remembered as a special year for Ordina in our more than 35-year
history. A year that was off to a rough start, but that we managed to pull
through rather well in the end considering the circumstances. This is in part
thanks to the 32% increase in revenue share deriving from long-term contracts.
The first half of the year was characterised most of all by taking measures in
order to address the severely deteriorated market.
We implemented a reorganisation that resulted in the loss of about 300
employment positions. We completed the sale of our severely lossmaking BPO
activities and we made preparations for the strengthening of our capital base
and the broadening and renewal of our financing facilities. The strengthening of
our financial position was finalized in the second half of the year. In the same
period we also saw the first signs of stabilisation in the market. By
maintaining our strong focus during the year on both cost control and the
existing opportunities the market still had to offer, we were able to end the
year relatively good considering the
circumstances.
The economy is showing some positive signs, although they do not give us cause
to believe that market conditions in our industry will improve quickly and
robustly. For the time being, we expect 2010 to be another challenging year. The
start of 2010 confirms this. But 2010 will also be a year in which we plan to
further shape our profile as a locally based specialist service provider. Our
sound financial base and our close client relations are a strong base on which
we can step into the year 2010 with confidence and to go all-out together in
order to deliver the best possible results again in 2010."
About Ordina
With our about 4,000-strong workforce, Ordina aims to improve the business
processes of enterprises in the Benelux by providing advisory services,
developing, implementing, integrating and managing auxiliary applications or
taking on a wide range of business processes, including ICT. Ordina N.V. was
incorporated in 1973. Ordina N.V. shares are quoted on Amsterdam's Euronext
Stock Exchange, where they are included in the Midkap Index.
For more information:
Ordina N.V.
Saskia Huuskes, Director Corporate Communications
Telephone: + 31 (0)30 - 6637402
www.ordina.nl
[HUG#1389863]
2 March 2010 - Press Release Ordina NV reports solid financial results for difficult 2009: http://hugin.info/130778/R/1389863/348005.pdf
Unternehmensinformation / Kurzprofil:
Datum: 02.03.2010 - 08:00 Uhr
Sprache: Deutsch
News-ID 13034
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Town:
Nieuwegein
Kategorie:
Business News
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