Second-quarter and half-year results 2009
(Thomson Reuters ONE) - Second quarter shows stabilisation in revenue decline, costs loweredby 22%and an improved debt positionAlmere, 24 July 2009, 07:00 AM CETQ2 2009 highlights* In the second quarter, the decline in revenue stabilised; the group revenue fell by 31% in the second quarter compared to last year (corrected for the difference in the number of working days between Q2 2008 and Q2 2009, this decline came to 28%)* Operating cash flow rose to ? 25 million (Q2 2008: ? 22 million)* The net debt position fell by ? 18 million to ? 485 million in the second quarter; the net borrowings from the banks, excluding subordinated loans, amounted to ? 333 million on 30 June (31 December 2008: ? 352 million); the debt position was partly lowered as a result of factoring of a part of the trade receivables to a maximum of ? 50 million* The bank covenants were satisfied, the senior leverage ratio amounted to 2.1 at the end of the second quarter and the interest coverage ratio came to 5.7; the bank covenants were relaxed with effect from the third quarter. The senior leverage ratio is raised from 2.5 to 3.0 and the interest coverage ratio is lowered from 4.0 to 3.0* The underlying operating expenses declined by 22% compared to last year* The underlying EBITA came to ? 12 million (2008: ? 63 million)Key figuresResults Q2 Q2 6 months 6 months(in ? 2009* 2008 growth to June 2009* to June growthmillions) 2008Revenue 722 -31% 1,477 2,004 -26% 1,040Gross 163 -36% 341 495 -31%result 257Operating 145 -22% 304 366 -17%expenses * 187EBITDA 18 -74% 129 -71% 70 37EBITA 12 -81% 115 -80% 63 23Net result -97% -100% 1 32 0 61EPS (in ? ? ? ? 0.95euro) 0.01 0.49 0.00* underlying results, excluding reorganisation costs and unrealisedvalue changes in interest-rate derivatives"We saw some stabilisation in the decline in revenue in the last fewmonths," said Rob Zandbergen, CFO and interim CEO of USG People. "Afew markets are once again showing slight improvement and others seemto be stabilising, although recovery is not yet clearly evident here.If the markets manage to pick up again, our commercial efforts willhave more effect since we have drastically cut costs. In the secondquarter we lowered our operating expenses by 22% compared to lastyear through restructuring. Our organisation has become morestreamlined as a result and we have become more decisive, which meanswe will be able to fully benefit from a recovering market. Ourexpertise and years of experience in Human Resource services and inthe small and medium-sized enterprise sector remain our foundationfor high-quality service provision towards our customers and anappealing work environment for our candidates.We took preventative measures in the second quarter to provide extrasecurity for our financing. The debt position has been lowered byfactoring of a part of the trade receivables to a maximum of ? 50million and stringent working capital management. Additionally, theconditions for the bank covenants were relaxed within the existingcredit facilities. In the coming months we will continue to focus onfurther improving the balance sheet.I would like to thank all the employees of USG People for theirdedication to the organisation in today's challenging circumstances."FOR THE FULL PRESS RELEASE PLEASE OPEN THE ENCLOSED PDF FILEhttp://hugin.info/130803/R/1330625/314593.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 24.07.2009 - 07:00 Uhr
Sprache: Deutsch
News-ID 3929
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