Ordina results third quarter 2013: Modest growth and improvement in results
(Thomson Reuters ONE) -
Nieuwegein, 7 November 2013
HIGHLIGHTS
* Recurring EBITDA was up at EUR 4.2 million (Q3 2012: EUR 2.7 million)
boosted by one extra working day in Q3 compared to 2012 and the results of
the cost-savings programme launched;
* Recurring EBITDA margin came in at 4.5% (Q3 2012: 2.8%);
* Turnover fell 2.7% to EUR 92.8 million (Q3 2012: EUR 95.3 million).
Corrected for the impact of the extra working day and the loss of the
offshore component from the Rabobank contract, turnover was up 1.9%;
* The net debt position improved to EUR 18.5 million (Q3 2012: EUR 21.9
million). The net debt / adjusted EBITDA ratio stood at 1.2, which is well
within the boundaries agreed in the bank covenants (less than or equal
to1.75);
* The cost-savings programme with expected savings of around EUR 8 million
annually is on target;
* Ordina Innovation Challenge launched to take innovations to the market
successfully.
STÉPAN BREEDVELD, CEO ORDINA, ABOUT THE RESULTS
"Ordina booked improved results in the third quarter of 2013 when compared to Q3
2012. The previously announced cost-savings programme with expected savings of
around EUR 8 million annually is on target. These cost-saving measures will be
fully implemented as of 1 January 2014. I am proud that our efforts in the
industry and healthcare markets have helped us to increase turnover.
We have adapted our organisation to further improve our effectiveness and focus
on results. As of 1 January 2014, we will be operating via five divisions:
business consulting & solutions, application management, technology &
competencies, managed sourcing and Belgium-Luxembourg. This structure gives
Ordina an clearer profile in the eyes of its clients and puts us in a position
to maintain tighter control of the various business models.
Ordina celebrates its 40th anniversary this year. We are the largest,
independent IT services provider in the Benelux. We launched the Ordina
Innovation Challenge to mark this anniversary. The Innovation Challenge offers
start-ups a basis to further develop their innovative ideas. Ordina provides the
winner of the Innovation Challenge with support and assistance in the form of
know-how, expertise and funding to market their innovations. For the first
Challenge, we chose start-ups in the healthcare sector. We are working with
these start-ups to create innovations that facilitate improvements in the care
sector and help keep it affordable. This is the tangible impact of our new
mission: Innovating sustainably together."
OUTLOOK
We will refrain from giving an outlook for the upcoming period.
RESULTS
Ordina recorded turnover of EUR 92.8 million in the third quarter of 2013 (Q3
2012: 95.3 million). Corrected for the impact of the extra working day and the
loss of the offshore component from the Rabobank contract, turnover was up 1.9%.
Turnover in the public sector drops 7.1% to EUR 34.6 million (Q3 2012: EUR 37.3
million), due primarily to a drop in the number of large projects and a decline
in demand for consulting services. Turnover in the financial services sector
increased by 4.1% to EUR 26.0 million (Q3 2012: EUR 25.0 million). Thanks to our
dedicated focus on a number of specific segments in the industry market, such as
carriers & mainports and telecom, turnover in this market increased by 7.0% to
EUR 28.4 million (Q3 2012: EUR 26.5 million). New contracts from clients such as
the Martini hospital and CVZ helped us to increase turnover in the healthcare
market by 68.5% to EUR 3.8 million (Q3 2012: EUR 2.2 million).
Translated to the divisions, this means:
INNOVATION
Ordina has a programme of innovation themes. We have now added the new theme of
ICT Talent Development to this programme, as many of our clients have shown an
interest in this subject. Ordina can call upon its 40 years of experience to
help clients recruit, train and deploy IT professionals.
EMPLOYEES
At the end of Q3 2013, the total number of FTEs stood at 2,976 (end Q2
2013: 2,987). Earning capacity increased slightly to 2,582 direct FTEs (end Q2
2013: 2,579).
FINANCIAL POSITION
The net debt position stood at EUR 18.5 million at the end of Q3 2013 (Q3 2012:
EUR 21.9 million). The net debt to 'adjusted' EBITDA ratio as defined in the
financing facility stood at 1.2 at 30 September 2013, well below the maximum of
1.75 defined in the bank covenants. The Interest Cover Ratio stood at 10.6 in
Q3 (Q3 2012: 10.7). This is well above the minimum of 5.0.
ABOUT ORDINA
Ordina is the largest independent services provider in the field of consulting,
solutions and IT in the Benelux. We focus on the financial services sector,
public sector, healthcare sector and a number of specific segments in the
industry sector.
As the designers, builders and managers of a better digital world, we have the
know-how and expertise to future-proof, rejuvenate and improve corporate
processes and IT. Our strength lies in the fact that we can implement strategy
and policies on the basis of real knowledge of our clients' business, local laws
and regulations, language and culture. We then translate this from business
into IT. Our aim is to team up with our clients to realise sustainable
innovations.
We focus on eight innovation themes to support our clients in the necessary
transformations they face: Big Data, Cloud Computing, Mobile, Social Media,
Security, Smart Sourcing, Unified Communications & Collaboration and ICT Talent
Development.
Ordina's head office is in Nieuwegein. Ordina also has a number of regional
offices in the Netherlands, Belgium and Luxembourg. The company was founded in
1973. Its shares have been listed on the NYSE Euronext Amsterdam since 1987 and
are included in the Small cap Index (AScX). In 2012, Ordina recorded turnover of
more than EUR 400 million.
ADDITIONAL INFORMATION
For more information about this press release:
Jolanda Poots-Bijl, CFO
Mail: jolanda.poots(at)ordina.nl
Telephone: +31 (0)30 663 8906
Stépan Breedveld, CEO
Mail: stepan.breedveld(at)ordina.nl
Telephone: +31 (0)30 663 7111
Financial diary
13 February 2014 Publication annual results 2013
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
globalisation in 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.
Annex: Cumulative turnover
Q3 Trading Update Ordina B.V. UK:
http://hugin.info/130778/R/1741270/585002.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(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#1741270]
Unternehmensinformation / Kurzprofil:
Datum: 07.11.2013 - 07:00 Uhr
Sprache: Deutsch
News-ID 313695
Anzahl Zeichen: 8465
contact information:
Town:
Nieuwegein
Kategorie:
Business News
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