ALTRAN TECHNOLOGIES :H1 2015 Results
(Thomson Reuters ONE) -
Press release
3 September 2015
H1 2015 Results
Solid growth and sharp rise in profitability
* Revenues: Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +11%
* Operating income on ordinary activities: Â Â Â Â Â Â Â Â Â Â +22%
* Net income: Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +34%
Commenting on the Group's interim results, Altran Chairman and Chief Executive
Officer Dominique Cerutti declared, "These interim results underscore the
sustained improvement in Altran's performances for more than four years. Given
the scope for further growth in certain zones, notably in Germany, these results
are particularly promising and reinforce our ambition with respect to the 2020
Strategic Plan which will be presented to the market on 17 November."
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(in millions of euros) H1 2015 H1 2014* %
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Revenues 954.5 861.8 +10.8 %
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Gross margin 256.7 225.6 +13.8 %
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As a % of revenues 26.9 % 26.2 %
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Indirect costs (184.6) (166.4) +10.9 %
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Operating income on ordinary activities 72.1 59.2 +21.8 %
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As a % of revenues 7.6% 6.9 %
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Other non-recurring operating income and expenses (9.7) (14.4)
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Amortisation of customer-relationship intangible (3.2) (1.2)
assets
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Operating income 59.2 43.6 +35.8 %
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Financial income (charges) (3.9) (3.5)
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Tax income/charges (17.2) (11.8)
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Net income before discontinued operations 38.1 28.3
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Net income/loss on discontinued operations
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Minority interests (0.1) 0.1
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Net income 38.0 28.4 +33.9 %
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(* )2014 figures restated for the impact of IFRIC 21 Interpretation
Results
Altran reported H1 2015 revenues of ?954.5m, up 10.8% on H1 2014 levels
(?861.8m). On a like-for-like, constant forex and working-day basis, economic
growth[1] came out at +4Â %.
The H1 2015 consolidated gross margin stood at ?256.7m, equivalent to 26.9% of
revenues, vs. the year-earlier level of 26.2%. The bulk of this increase was
underpinned by the sustained improvement in the invoicing rate, which widened to
86.9% at end-June 2015 from the year-earlier level of 85.6%.
Indirect costs as a percentage of revenues remained stable on H1 2014 levels at
19.3%, on the back of the Group's tight cost management maintained over the
period.
Consolidated operating income on ordinary activities (EBIT) came out at ?72.1m
(7.6% of revenues) compared with ?59.2m (6.9%) in H1 2014. Note that, excluding
Germany, Group EBIT reached 9.4% in the first half of 2015.
Non-recurring expenses narrowed sharply to ?9.7m over the period from ?14.4m in
H1 2014, due notably to the diminution of around 50% in restructuring charges.
On the back of these favourable elements, consolidated net income advanced 34%
from ?28.4m at end-June 2014 to ?38m in H1 2015.
Cash and debt
Over the twelve month period, free cash flow[2] as a percentage of revenues
widened from 4.4% at end-June 2014 to 4.8 % at end-June 2015.
At the interim stage, free cash flow was negative at -?25m versus ?1m at end-
June 2014. This increase stemmed mainly from the temporary hike in WCF as a
result of:
* an exceptional calendar effect making for a sharp rise in organic growth in
June 2015 revenues (+11% due to 2 more business days than in June 2014);
* an increase in June 2015 DSO levels (90.1 days vs. 87.3 in June 2014) linked
to the sharp increase in Germany.
Consolidated net debt came out at ?212m in H1 2015, versus the year-earlier
level of ?155m.
At the end of the interim period, the Group had available cash of ?383m, vs.
?233m at end-June 2014.
Moreover, in July 2015, Altran obtained a new credit line of ?300m maturing in
five years which gives the Group ample means to implement its 2016/2020
Strategic Plan.
SiconTech acquisition
On 1 September 2015, Altran finalised the acquisition of SiCon Design
Technologies (SiconTech), an Indian engineering company specialised in semi-
conductor design with a staff of over 500 employees.
SiConTech currently works with seven of the top ten global semiconductor
companies and was ranked one of the fastest growing ASIC design services
companies in the Deloitte India Fast 50 index in 2013 and 2014. The SiconTech
acquisition reinforces the Group's position in India as well as its global
Intelligent Systems solution.
Outlook
Based on the information currently available, management believes that 2015 will
be another year of profitable growth for the Group.
Additional information
Altran's Board of Directors met on 2 September 2015 to approve the H1 2015
financial statements.
The Statutory Auditors have performed a limited review of the Group's H1 2014
and H1 2015 financial data.
Financial calendar
29 October 2015Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Publication of Q3Â 2015 revenues
17 November 2015Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Presentation of the 2020 Strategic Plan
About Altran
As global leader in innovation and high tech engineering consulting, Altran
accompanies its clients in the creation and development of their new products
and services. Altran Innovation Makers[3] have been providing services for
thirty years to key players in the Aerospace, Automotive, Energy, Railways,
Finance, Healthcare and Telecoms sectors. Covering every stage of project
development from strategic planning to manufacturing, Altran solutions
capitalise on the Group's technological know-how in five key areas: Innovative
Product Development, Intelligent Systems, Lifecycle Experience, Mechanical
Engineering, and Information Systems.
In 2014, the Group generated revenues of ?1.756bn. Altran now has a staff of
over 24,000 employees operating in more than 20 countries throughout the world.
www.altran.com/fr
Altran contacts: Financial press relations:
Altran group Publicis Consultants
Dominique Cerutti Véronique Duhoux
Chairman and Chief Executive Officer Tel: +33Â (0)1Â 44 82 46 33
Tel. : + 33 (0)1 46 41 71 89 veronique.duhoux(at)consultants.publicis.fr
Olivier Aldrin
Executive Vice-President and CFO
Tel: +33Â (0)1Â 46 41 71 89
comfi(at)altran.com
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[1]Economic growth = organic growth restated for the forex impact and the
change in the number of working days
[2]Free Cash-Flow: (EBIT + depreciation and amortisation) - exceptional costs -
tax - Capex +/- change in WCR.
[3]Employees of the Altran group
PR_ALT_2015 HY RESULTS:
http://hugin.info/143397/R/1949388/708383.pdf
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Source: ALTRAN TECHNOLOGIES via GlobeNewswire
[HUG#1949388]
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Datum: 03.09.2015 - 07:01 Uhr
Sprache: Deutsch
News-ID 417768
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