Ordina N.V. first quarter results
(Thomson Reuters ONE) -
Solid results in disappointing market conditions
Nieuwegein, the Netherlands, 15 May 2013
Key developments
* Recurring EBITDA dropped by EUR 1.5 million to EUR 2.5 million (Q1 2012: EUR
4.0 million). Largely due to the fact that there were two fewer working days
(approximately EUR 1.7 million);
* Recurring EBITDA margin 2.6% (Q1 2012: 3.9%);
* Revenue down 9% to EUR 93.9 million (Q1 2012: EUR 103.3 million). Adjusted
for the effect of the fewer working days and the loss of the offshore
component of the Rabobank contract, revenue fell by 2.1%;
* Net debt / EBITDA ratio at 1.3, well within the agreed covenants (smaller or
equal to 2.0);
* Modest growth in earning capacity: 2,968 FTEs at end Q1 2013 (end of Q4
2012: 2,920);
* Various new clients in the healthcare sector, including CAK and the Centrum
Indicatiestelling Zorg. Contract for management and development made-to-
measure applications ProRail and successful delivery of Haaglanden Region
alarm centre.
Stépan Breedveld, CEO Ordina about the results
"The market recovery we noted in the fourth quarter of 2012 did not continue in
the first quarter of 2013. Despite these conditions, we have made progress with
our management agenda. For instance, our focus on the healthcare sector has
resulted in strong growth in this market. We obtained new contracts from various
healthcare organisations such as CAK and Centrum Indicatiestelling Zorg. In
Belgium and Luxembourg we are now seeing the first results of the improvement
program we launched in the second half of 2012."
Outlook 2013
The economic outlook in the Benelux region remains uncertain. This makes it
difficult to predict revenue development and thus profit and we will therefore
refrain from giving a forecast for the upcoming period.
Results
The tables below take into account the effect of the number of working days and
the impact of the offshore component of the Rabobank contract that was renewed
in December 2012. The first quarter of 2013 has two less working days at 63 (Q1
2012: 65). This has an impact of around EUR 1.7 million on revenue and EBITDA.
Revenue per market (rounded in EUR million)
+--------------------------+-------+-------------------+-------+----------+
| |Q1 2012|Q1 2012 adjusted(1)|Q1 2103|Difference|
+--------------------------+-------+-------------------+-------+----------+
|Public sector / Healthcare| 41.0| 40.3| 40.7| 0.7 %|
+--------------------------+-------+-------------------+-------+----------+
|Financial services | 33.5| 27.5| 25.6| -6.9 %|
+--------------------------+-------+-------------------+-------+----------+
|Industry | 28.8| 28.3| 27.6| -2.5 %|
+--------------------------+-------+-------------------+-------+----------+
|Total | 103.3| 96.1| 93.9| -2.1 %|
+--------------------------+-------+-------------------+-------+----------+
( )
(1) Adjusted for the effect of fewer working days and the absence of the
offshore component of the Rabobank contract.
Revenue from the public sector and healthcare market was up 0.7% compared with
Q1 2012, largely due to higher revenue in the healthcare market. Thanks to our
focus on the industry market the drop in revenue levelled off in the period
under review. Revenue in the industry market fell 2.5% in the first quarter
compared with the same period of last year (Q4 2012: 5.9%). The decline in the
financial services market eased to 6.9% in Q1 2013 compared to the same quarter
of 2012 (Q4 2012: 8.3%).
Revenue per division (rounded in EUR million)
+-------------------------------+-------+-------------------+-------+----------+
| |Q1 2012|Q1 2012 adjusted(1)|Q1 2013|Difference|
+-------------------------------+-------+-------------------+-------+----------+
|Professional Services & | 71.6| 64.8| 63.9| -1.4 %|
|Projects(2) | | | | |
+-------------------------------+-------+-------------------+-------+----------+
|Business Solutions(2) | 8.2| 8.0| 6.5| -18.8 %|
+-------------------------------+-------+-------------------+-------+----------+
|Consulting | 9.2| 9.0| 8.1| -9.2 %|
+-------------------------------+-------+-------------------+-------+----------+
|Belgium/Luxembourg | 18.7| 18.5| 18.5| -|
+-------------------------------+-------+-------------------+-------+----------+
|Intra-company services(2) | -4.3| -4.2| -3.1| -26.2%|
+-------------------------------+-------+-------------------+-------+----------+
|Total | 103.3| 96.1| 93.9| -2.1%|
+-------------------------------+-------+-------------------+-------+----------+
( )
(1) Adjusted for the effect of fewer working days and the absence of the
offshore component of the Rabobank contract.
(2 )Q1 2012 figures for Professional Services & Projects, Business Solutions
and intra-company services have been adjusted for activities which have been
transferred to Business Solutions from Professional Services & Projects.
At the end of 2012, Rabobank renewed its contract with Ordina for the design,
development and testing of applications. Under the new agreement, Rabobank will
itself take charge of contacts with the offshore partner. The related revenue
came in at around EUR 5.5 million in the first quarter of 2012. This impacted
the results of the Professional Services & Projects division. The drop in
revenue at Business Solutions was due to the termination of less profitable
activities. The decline in revenue at the Consulting division was primarily due
to the low demand for consultancy services in the public sector. In the second
half of 2012, we started an improvement program in Belgium/Luxembourg. This
program is on schedule and resulted in a stabilisation of revenue in the first
quarter of 2013.
Innovation
The programme for proposition development based on a number of innovation themes
is progressing on schedule One example is our development of Secure Mobile Data,
a patented solution for mobile data at the cutting edge of the themes Mobile and
Security. This solution offers users the opportunity to view data on their
mobile phones, desktop computer or tablet without having to have this data
physically downloaded to the hardware. The solution offers companies the
opportunity to handle confidential data in a responsible manner.
For the Big Data theme, we created a testing ground to allow clients to get
acquainted with the various analytical options of Big Data. This gives clients
the opportunity to gain experience with so-called Big Analytics tools.
Staff
At the end of the first quarter of 2013, Ordina had 2,968 employees, an increase
by 48 FTEs compared with year-end 2012. The total number of FTEs dropped by 12
in comparison to the end of the first quarter of 2012.
Financial position
The net debt position at the end of the first quarter of 2013 was EUR 20.1
million, compared with EUR 23.0 million a year earlier. There was an increase of
EUR 10.3 million compared with EUR 9.8 million at the end of the fourth quarter
of 2012, in line with normal seasonal patterns. The net debt/EBITDA ratio stood
at 1.3 (covenant: smaller or equal to 2.0), and the Interest Coverage Ratio was
14.3 (covenant: larger or equal to 5.0). The ratios are therefore well within
the agreed bank covenants.
# # #
ABOUT ORDINA
Ordina implements strategy in business processes and ICT systems. We design,
develop and manage solutions for a sustainable digital world. We believe
cooperation with our clients, partners and suppliers produces the best results.
We have specialist divisions for consulting, solutions and ICT, providing
services across the Benelux region. We also provide (reproducible) solutions and
expertise for organisations in the financial services sector, the public sector,
healthcare and a number of specific segments in the industrial sector. Ordina
N.V. was founded in 1973 and its shares are listed on the NYSE Euronext
Amsterdam as part of the Small Cap index. In 2012, Ordina booked turnover of
over EUR 400 million, with a staff of more than 2,900.
For more information:
Media:
Sabine Steen-Lakerveld
Tel: +31(0)6 109 22 171
Sabine.Steen-Lakerveld(at)ordina.nl
www.ordina.nl
Analysts:
Paul van Giersbergen
Tel: +31(0)6 125 22 194
Paul.van.Giersbergen(at)ordina.nl
www.ordina.nl
This document contains pronouncements forecasting the future financial
performance of Ordina N.V. and outlines certain plans, targets and ambitions
based on current insights. Obviously, such forecasts are not without risk; they
entail a relative degree of uncertainty since no guarantees exist on future
circumstances. There are many factors that could potentially affect the actual
performance and forecasts, causing them to deviate from the situation described
in this document. Such factors include: general economic trends, the pace of the
globalisation of the solutions, ICT and consulting markets, the growing number
of projects with responsibility for deliverables, scarcity on the labour market,
and future acquisitions and disposals.
In case of any discrepancies, the Dutch version prevails.
15-5-2013 Ordina N.V. first quarter results: Solid results...:
http://hugin.info/130778/R/1701910/562117.pdf
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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#1701910]
Unternehmensinformation / Kurzprofil:
Datum: 15.05.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 260094
Anzahl Zeichen: 11333
contact information:
Town:
Nieuwegein
Kategorie:
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