ATOS :Strong first half 2016 results
(Thomson Reuters ONE) -
Revenue at ? 5,697 million, up +18% at constant exchange rates and +1.7%
organically
Continued commercial dynamism with order entry up +24% year-on-year
Operating margin up by +23% year-on-year to 7.8% of revenue
Net income Group share up by +67% year-on-year
Free cash flow at ? 181 million, up +74% year-on-year
All 2016 objectives raised
Bezons, July 26, 2016 - Atos, a global leader in digital services, today
announces its financial results for the first half of 2016.
Revenue was ? 5,697 million, up +17.9% at constant exchange rates and +1.7% at
constant scope and exchange rates. Organic growth at +1.8% during the second
quarter of 2016 reflected the sustainability of the revenue momentum.
Order entry totaled ? 6,309 million during the first half of 2016, up +24.0%
year-on-year and representing a book to bill ratio of 111%. Commercial activity
remained strong in Q2 with a book to bill ratio of 120%.
Operating margin was ? 444.4 million, up +23.1% compared to H1 2015 operating
margin and representing 7.8% of revenue, an improvement by +60 basis points at
constant scope and exchange rates. Net income was ? 234 million including ? 51
million for Worldline share in Visa Europe sold to Visa Inc.. Net income Group
share reached ? 205 million (including ? 36 million Group share for Visa), up
+66.9% compared to H1 2015.
Free cash flow totaled ? 181 million during the first half of 2016, +74.2%
compared to H1 2015 free cash flow. Further to free cash flow generation,
payment of Unify acquisition, dividend paid on 2015 results, and proceeds
received from Visa Inc., Group net cash position was ? 412 million at the end of
June 2016.
Thierry Breton, Chairman and CEO said: "During the first half of the year we
delivered very strong financial results materializing our strategy to leverage
our leading position in Managed Services in order to cross-sell the skills and
expertise of all our Service Lines. As we continue to invest in our offerings, I
am proud of the momentum we have created in our business with new bookings up
+24% in H1 2016, a record revenue at ? 5.7 billion, a strong free cash flow up
+74%, and an EPS growing four times faster than revenue. We foresee a strong
second half of the year and we anticipate a very limited effect from Brexit due
to our low exposure to discretionary IT spending in financial services in the
UK. Considering all of this, the Group raised all its objectives for 2016."
2016 objectives
The Group raised all its objectives for 2016:
Revenue: Organic growth of +1.5% to +2.0% (vs. above +0.4% initially). Growth at
constant exchange rates above +11% (vs. above +8% initially).
Operating margin: Between 9.2% and 9.5% of revenue (vs. 9.0% to 9.5% initially).
Free cash flow: Above ? 550 million (vs. circa ? 550 million initially).
The figures above include Unify Managed Services from February 1(st), 2016 and
exclude Equens contribution.
H1 2016 performance by Service Line
Revenue Operating Operating
margin margin %
In ? million H1 2016 H1 % organic H1 2016 H1 H1 2016 H1
2015* 2015* 2015*
------------------------------------------- ----------------- ---------------
Managed 3,221 3,203 +0.6% 281.0 230.4 8.7% 7.2%
Services
Consulting &
Systems 1,584 1,576 +0.5% 77.8 74.8 4.9% 4.7%
Integration
Big Data & 302 268 +12.8% 42.4 37.1 14.0% 13.9%
Cybersecurity
Corporate -48.4 -17.8 -0.9% -0.4%
costs**
Worldline 589 556 +5.9% 91.6 76.9 15.6% 13.8%
------------------------------------------- ----------------- ---------------
TOTAL GROUP 5,697 5,603 +1.7% 444.4 401.5 7.8% 7.2%
------------------------------------------- ----------------- ---------------
* At constant
scope and
exchange rates
** Corporate costs exclude Global Service
Lines costs allocated to the Service Lines
Managed Services
Managed Services revenue was ? 3,221 million, +0.6% at constant scope and
exchange rates. The Service Line continued to successfully drive the transition
of its customers to hybrid cloud infrastructures resulting in positive organic
growth, thanks to growing volumes and new contracts globally compensating for
the decrease in the unit price, while increasing margin. This trend materialized
particularly in North America with a strong commercial dynamism further to the
integration of Xerox ITO, and in Germany with existing large customers including
Siemens. Asia Pacific also contributed to growth mostly thanks to higher volumes
in Financial Services.
Operating margin was ? 281.0 million, representing 8.7% of revenue compared to
7.2% during the first half of 2015 at constant scope and exchange rates. This
strong improvement came from the continued actions to decrease the cost base
thanks to higher industrialization as well as more cloud based businesses and
automation. The increased profitability was also generated by the successful
integration of Xerox ITO and by the first effects of the cost saving plan on
Unify from restructuring, rationalization, and procurement.
Consulting & Systems Integration
Revenue in Consulting & Systems Integration was ? 1,584 million, up +0.5% at
constant scope and exchange rates materializing a steady top line improvement. A
stronger activity with several large banks in France and Germany, compensated
for the Ashgabat project delivered last year in Central & Eastern Europe. The
business was also fueled by new contracts with central and local administrations
in France and Germany and with a large media company in the UK, offsetting
contracts delivered last year in Manufacturing and Retail in the US and in the
UK.
Operating margin was ? 77.8 million, representing 4.9% of revenue, +20 basis
points compared to the first half of 2015 at constant scope and exchange rates.
Excluding pension one-offs recorded in H1 2015, the margin improvement
represented +70 basis points thanks to a strong revenue growth in Germany and in
France, and a better project and workforce management in all geographies.
Big Data & Cybersecurity
Revenue growth in Big Data & Cybersecurity accelerated at +12.8% at constant
scope and exchange rates, leading to ? 302 million revenue in H1 2016. Revenue
growth was generated in all geographies and mostly in the public sector. Demand
for High Performance Computing remained very strong in order to support the
growing Big Data processing needs of our clients, as well as for encryption,
access management solutions, and Intrusion testing solutions.
Operating margin was ? 42.4 million, up by +14.1% compared to H1 2015 at
constant scope and exchange rates and representing 14.0% of revenue, thanks to
revenue growth and the remaining synergies resulting from the Bull integration.
Worldline
From a contributive perspective to Atos, Worldline revenue was ? 589 million,
improving by +5.9% organically. On a standalone basis, revenue reached ? 615
million, up +6.0% at constant scope and exchange rates. Merchant Services &
Terminals was up +10.0% mainly thanks to higher volumes and positive price mix
in Commercial Acquiring. Financial Processing & Software Licensing was up
+4.1%, mainly driven by Acquiring processing volume growth in France and India
and a strong level of license sales in Payment Software & Licensing. Mobility &
e-Transactional Services grew by +3.5% thanks to a strong activity in
e-Government Collection and in e-Consumer & Mobility compensating for the UK
VOSA contract ended in Q3 2015. Except the UK, all the geographies strongly
grew.
Standalone OMDA increased by +80 basis points, reaching ? 117.2 million and
representing 19.1% of revenue. Contributive operating margin was ? 91.6 million,
or 15.6% of revenue, +180 basis points at constant scope and exchange rates
compared to H1 2015. This strong improvement was led by Merchant Services &
Terminals, thanks to both volume transaction growth and a tight cost control.
A detailed presentation of Worldline H1 2016 performance is available at
worldline.com, in the investors section.
H1 2016 performance by Business Unit
Revenue Operating Operating
margin margin %
In ? million H1 2016 H1 2015* % organic H1 2016 H1 H1 2016 H1
2015* 2015*
-------------------------------------------- ----------------- ----------------
North America 990 948 +4.4% 100.4 72.7 10.1% 7.7%
Germany 930 886 +4.9% 80.8 43.3 8.7% 4.9%
United-Kingdom 918 962 -4.6% 89.0 98.9 9.7% 10.3%
& Ireland
France 847 819 +3.4% 47.6 31.0 5.6% 3.8%
Benelux & The 492 521 -5.5% 38.3 48.0 7.8% 9.2%
Nordics
Other Business 931 911 +2.2% 53.4 56.5 5.7% 6.2%
Units
Global -56.8 -25.8 -1.1% -0.5%
structures**
Worldline 589 556 +5.9% 91.6 76.9 15.6% 13.8%
-------------------------------------------- ----------------- ----------------
TOTAL GROUP 5,697 5,603 +1.7% 444.4 401.5 7.8% 7.2%
-------------------------------------------- ----------------- ----------------
* At constant
scope and
exchange rates
** Global structures include the Global Services Lines costs not
allocated to the Group Business Unit and Corporate costs
Several large geographies significantly improved their revenue performance
during the first semester:
* Germany confirmed its recovery, turning back to positive in all Service
Lines, with a strong organic growth of +4.9% (to be compared to -1.4% posted
in H2 2015), notably thanks to strong actions undertaken by the management
combined with positive sales achieved in Big Data & Cybersecurity;
* North America was up +4.4%, compared to +0.1% posted in H2 last year,
benefitting from the full effect of the integration of Xerox ITO and the new
sales dynamic in Managed Services;
* France with +3.4% revenue organic growth, improving compared to +1.1%
recorded in H2 2015, grew notably in Systems Integration and in Big Data &
Cybersecurity.
Worldline continued to contribute to the Group organic growth with a strong
+5.9% over the period and "Other Business Units" also contributed to Group
revenue increase, thanks to a double digit growth in Asia Pacific, South America
and IMEA.
Conversely:
* The United Kingdom posted a -4.6% organic decrease mainly attributable to
the base effect of outstanding volumes processed for NS&I in H1 2015;
* Benelux & The Nordics at -5.5% due to the ramp-down of contracts in Managed
Services, notably in Financial Services.
During the first half of 2016, the Group continued to execute the Tier One
program through industrialization, global delivery from offshore locations, and
continuous optimization of SG&A. In addition, operating margin benefitted from
ongoing cost synergies including the integration of Unify. This resulted in a
strong margin improvement in several large geographies such as Germany, North
America, and France. Finally, in the first half of 2016, the Group did not
benefit from any positive one-off impact of pension schemes optimization.
Global structures costs for IT Services increased by +60 basis points compared
to the first semester of 2015 at constant scope and exchange rates, mainly due
the positive effect recorded in H1 2015 for pension plan optimization.
Globally, the Group improved its operating margin rate by +60 basis points. The
improvement was +130 basis points excluding pension schemes optimization one-
offs recorded in H1 2015.
Commercial activity
During the first half of 2016, the Group recorded ? 6,309 million order entry,
up +24.0% year-on-year and representing a book to bill ratio of 111%.
Commercial activity was particularly strong in Q2 with a book to bill ratio of
120%, driven by Cloud migration projects such as in the contract signed with the
Texas Department of Information Resources for Hybrid Cloud Services and by
digital transformation projects as for example the signature with a new logo, an
American large quick serve restaurant provider, to deliver digital retail
solution and an improved customer experience with the development of a mobile
app. The Group also renewed large contracts such as the PIP contract with the UK
Department for Work & Pensions. Commercial dynamism also came from the cross-
selling strategy of the Group. As such, the Group signed a significant contract
in Big Data with a French car manufacturer including the sale of a HPC, showing
the promising perspectives of Big Data opportunities in the private sector, and
had one of its first significant wins with Unify for the outsourcing of the
communication network's management and services of Solvay.
Commercial dynamism translated into healthy book to bill ratios in all Service
Lines. Managed Services book to bill ratio reached 110% thanks to large
signatures in Benelux & The Nordics as well as in North America and Germany.
Consulting & Systems Integration order entry represented 106% of revenue thanks
to several contract wins in UK & Ireland in particular as well as in Benelux &
The Nordics and in France. The level of booking was also high in Big Data &
Cybersecurity and Worldline at 127% and 116% respectively.
In line with the dynamic commercial activity, the full backlog at the end of
June 2016 amounted to ? 19.5 billion, representing 1.7 year of revenue, compared
to ? 19.1 billion published at the end of 2015. The full qualified pipeline was
representing 6.7 months of revenue at ? 6.4 billion, compared to ? 6.2 billion
published at the end of 2015.
Operating income and net income
Operating income for the first half of 2016 year was ? 324 million, +64.2% year-
on-year, resulting from the following items:
Costs for staff reorganization, rationalization, and integration amounted to
? 97 million compared to ? 116 million in H1 2015, as a consequence of the
adaptation of the Group workforce in continental Europe. These actions were
initiated as early as possible in order to maximize cost savings effect in FY
2016.
?-45 million were recorded as amortization of Purchase Price Allocation for SIS,
Bull, Xerox ITO, and Unify. The amortization of the equity based compensation
plans amounted to ?-22 million, compared to ?-16 million in H1 2015.
Other items amounted to ? 43 million compared to a charge of ?-1 million in H1
2015. They included the gain on the sale of the share in Visa Europe to Visa
Inc. for ? 51 million, partially offset by a settlement of an old litigation in
Germany.
Net financial result was a charge of ?-32 million, including the cost of the
straight bond issued in mid-2015. Total tax charge was ?-58 million,
representing an effective tax rate of 19.8%, significantly down compared to
25.2% in H1 2015.
As a result, net income was ? 234 million, +69.8% compared to ? 138 million in
H1 2015. Non-controlling interests amounted to ? 29 million and were related to
the minority shareholders in Worldline. Therefore, the net income Group share
reached ? 205 million, +66.9% compared to ? 123 million in H1 2015.
Net income of Unify Software & Platforms discontinued operations was a loss of
?-31 million. The annual objective to reach ?+10 million net income is
confirmed.
Basic EPS Group share was ? 1.99, +62.3% compared to ? 1.23 in H1 2015 and
diluted EPS Group share was ? 1.98, +62.9% compared to ? 1.22 during the first
half of 2015.
Free cash flow
Operating Margin before Depreciation and Amortization (OMDA) was ? 586 million
representing 10.3% of revenue, compared to ? 459 million in H1 2015 (9.3% of
revenue).
As planned, total cash-out for reorganization, rationalization, and integration
was ?-96 million compared to ?-142 million in H1 2015, fully in line with the ?
150 million 2016 target.
During the first half of 2016, capital expenditures totaled ? 202 million,
representing 3.5% of revenue, compared to ? 215 million in H1 2015 (4.3% of
revenue). Change in working capital negatively contributed by ?-22 million, due
to a growing activity in the public sector. It represented ?+49 million in H1
2015 mainly thanks to the optimization of Bull's working capital.
Cash-out for financial costs was ?-8 million (?-3 million in H1 2015) and tax
paid was ?-74 million compared to ?-58 million in H1 2015. Finally, other items
totaled ?-3 million, compared to ?+14 million in H1 2015.
As a result, the Group free cash flow generated during the first half of 2016
totaled ? 181 million, strongly up compared to ? 104 million in H1 2015.
Net cash evolution
Net acquisitions / disposals in H1 2016 amounted to ?-322 million, mainly
related to the acquisition of Unify.
As part of the sale of Visa Europe, the Group received ? 36 million from Visa
Inc.
Capital increase, mostly related to proceeds from stock-options totaled ? 21
million in H1 2016 compared to ? 38 million in H1 2015.
The cash-out resulting from the option for the payment in cash of dividend on
2015 results was ?-47 million compared to ?-31 million last year, roughly in
line with the increase of dividend per share from ?0.80 to ?1.10.
Finally, mainly due to the British pound decreased versus the euro, foreign
exchange rate fluctuation effect on debt or cash in foreign currencies totaled
?-49 million compared to ?+67 million in H1 2015.
As a result, Group net cash position as of June 30, 2016 was ? 412 million,
compared to ? 593 million on December 31, 2015.
Human resources
The total headcount was 96,352 at the end of June 2016. The increase of +5.5% of
the Group workforce compared to 91,322 at the end of December 2015 was mainly
due to the circa 5,200 staff who joined the Group from Unify on February
1(st), 2016.
Attrition was 12.2% at Group level of which 18.4% in offshore countries,
excluding the discontinued Unify Software & Platforms operations.
The number of direct employees at the end of June 2016 was 88,926, representing
92.3% of the total Group headcount, compared to 93.7% at the end of 2015.
Adjusted from the scope effect from Unify, indirect staff decreased by -5.1% in
line with the continuous optimization of the indirect workforce.
Number of staff in offshore countries reached 26,126 people by the end of June
2016. The majority of the offshore workforce is located in India, the rest being
mainly in Eastern Europe. Offshore for Systems Integration represented 44% of
direct staff.
Appendix
The review procedures on the interim financial information have been performed
by the statutory auditors. Their review report is currently being issued.
Revenue and operating margin at constant scope and exchange rates reconciliation
In ? million H1 2016 H1 2015 % change
-------------------------------------------------------------------------------
Statutory revenue 5,697 4,941 +15.3%
Exchange rates effect -108
-------------------------------------------------------------------------------
Revenue at constant exchange rates 5,697 4,833 +17.9%
-------------------------------------------------------------------------------
Scope effect 776
Exchange rates effect on acquired/disposed perimeters -6
Revenue at constant scope and exchange rates 5,697 5,603 +1.7%
-------------------------------------------------------------------------------
Statutory operating margin 444.4 345.6 +28.6%
Equity based compensation reclassification 15.5
Scope effect 51.7
Exchange rates effect -11.2
Operating margin at constant scope and exchange rates 444.4 401.5 +10.7%
as % of revenue 7.8% 7.2%
-------------------------------------------------------------------------------
Exchange rates effect mainly came from the British pound (-6% year-on-year
versus euro), the Argentine peso (-39%), the Brazilian real (-20%), the
Turkish lira (-13%) and the Swiss franc (-4%).
Scope effects were mainly related to the positive contribution of Xerox ITO (6
months for ?+596 million) and Unify (5 months for ?+244 million, including ?+89
million of revenue made with Unify Software & Platforms discontinued
operations). Other effects were related to (i) the early termination of the DWP
WCA contract (2 months), (ii) the disposal of on-sites services in France (2
months), (iii) the sale of the Occupational Health business in January 2016 (6
months), and (iv) the external revenue made with Unify and accounted as internal
revenue further to the acquisition (5 months).
Same effects as well as the reclassification of the cost of equity based
compensation are reflected in the operating margin at constant scope and
exchange rates.
H1 2016 key figures
In ? million H1 2016 H1 2015 change
------------------------------------------------------
Revenue 5,697 4,941 +15.3%
Organic growth +1.7% +0.3%
Operating margin 444.4 361.1 +23.1%
Net income Group share 205 123 +66.9%
Free cash flow 181 104 +74.2%
Net cash 412 354
------------------------------------------------------
H1 2016 revenue performance by Market
In ? million H1 2016 H1 2015* % organic
--------------------------------------------------------------------------
Manufacturing, Retail & Transportation 2,000 1,982 +0.9%
Public & Health 1,639 1,532 +6.9%
Telcos, Media & Utilities 1,125 1,111 +1.3%
Financial Services 933 978 -4.6%
--------------------------------------------------------------------------
TOTAL GROUP 5,697 5,603 +1.7%
--------------------------------------------------------------------------
* At constant scope and exchange rates
Q2 2016 revenue performance by Service Line
In ? million Q2 2016 Q2 2015* % organic
--------------------------------------------------------------------------
Managed Services 1,666 1,655 +0.7%
Consulting & Systems Integration 806 802 +0.6%
Big Data & Cybersecurity 165 146 +13.3%
Worldline 302 287 +5.3%
--------------------------------------------------------------------------
TOTAL GROUP 2,940 2,889 +1.8%
--------------------------------------------------------------------------
* At constant scope and exchange rates
Q2 2016 revenue performance by Business Unit
In ? million Q2 2016 Q2 2015* % organic
--------------------------------------------------------------------------
North America 513 488 +5.1%
Germany 487 474 +2.7%
United-Kingdom & Ireland 471 478 -1.5%
France 437 423 +3.3%
Benelux & The Nordics 246 263 -6.6%
Other Business Units 485 477 +1.8%
Worldline 302 287 +5.3%
--------------------------------------------------------------------------
TOTAL GROUP 2,940 2,889 +1.8%
--------------------------------------------------------------------------
* At constant scope and exchange rates
Q2 2016 revenue performance by Market
In ? million Q2 2016 Q2 2015* % organic
--------------------------------------------------------------------------
Manufacturing, Retail & Transportation 1,003 994 +0.9%
Public & Health 852 799 +6.7%
Telcos, Media & Utilities 624 606 +3.0%
Financial Services 461 491 -6.1%
--------------------------------------------------------------------------
TOTAL GROUP 2,940 2,889 +1.8%
--------------------------------------------------------------------------
* At constant scope and exchange rates
Conference call
Today, Tuesday, July 26, 2016, Thierry Breton; Chairman and CEO, Elie Girard,
Chief Financial Officer, and Patrick Adiba, Chief Commercial Officer, will
comment on Atos' first half 2016 results and answer questions from the financial
community during a conference call in English starting at 6:00 pm (CET - Paris).
You can join the webcast of the conference:
* on atos.net, in the Investors section
* by smartphones or tablets through the scan of:
* by telephone with the dial-in:
France +33 1 76 77 22 30 code 4934166
UK +44 20 3427 1919 code 4934166
US + 1 212 444 0412 code 4934166
Forthcoming events
October 20, 2016 Third quarter 2016 revenue
Contacts
Media: Terence Zakka
+33 1 73 26 40 76
terence.zakka(at)atos.net
Investor Relations: Gilles Arditti
+33 1 73 26 00 66
gilles.arditti(at)atos.net
Benoit d'Amécourt +33 1 73 26 02 27
benoit.damecourt(at)atos.net
About Atos
Atos SE (Societas Europaea) is a leader in digital services with pro forma
annual revenue of circa ? 12 billion and circa 100,000 employees in 72
countries. Serving a global client base, the Group provides Consulting & Systems
Integration services, Managed Services & BPO, Cloud operations, Big Data &
Cybersecurity solutions, as well as transactional services through Worldline,
the European leader in the payments and transactional services industry. With
its deep technology expertise and industry knowledge, the Group works with
clients across different business sectors: Defense, Financial Services, Health,
Manufacturing, Media, Utilities, Public sector, Retail, Telecommunications, and
Transportation.
Atos is focused on business technology that powers progress and helps
organizations to create their firm of the future. The Group is the Worldwide
Information Technology Partner for the Olympic & Paralympic Games and is listed
on the Euronext Paris market. Atos operates under the brands Atos, Atos
Consulting, Atos Worldgrid, Bull, Canopy, Unify and Worldline.
For more information, visit: atos.net.
Disclaimers
This document contains forward-looking statements that involve risks and
uncertainties, including references, concerning the Group's expected growth and
profitability in the future which may significantly impact the expected
performance indicated in the forward-looking statements. These risks and
uncertainties are linked to factors out of the control of the Company and not
precisely estimated, such as market conditions or competitors behaviors. Any
forward-looking statements made in this document are statements about Atos'
beliefs and expectations and should be evaluated as such. Forward-looking
statements include statements that may relate to Atos' plans, objectives,
strategies, goals, future events, future revenues or synergies, or performance,
and other information that is not historical information. Actual events or
results may differ from those described in this document due to a number of
risks and uncertainties that are described within the 2015 Registration Document
filed with the Autorité des Marchés Financiers (AMF) on April 7, 2016 under the
registration number: D.16-0300. Atos does not undertake, and specifically
disclaims, any obligation or responsibility to update or amend any of the
information above except as otherwise required by law. This document does not
contain or constitute an offer of Atos' shares for sale or an invitation or
inducement to invest in Atos' shares in France, the United States of America or
any other jurisdiction.
Revenue organic growth is presented at constant scope and exchange rates.
Operating margin is presented as defined in the 2015 Registration Document.
Business Units include Germany, France, United-Kingdom & Ireland, Benelux & The
Nordics (BTN: The Netherlands, Belgium, Luxembourg, Denmark, Finland, Sweden,
and Estonia), Worldline, North America (NAM: USA, Canada, and Mexico), and Other
Business Units including Central & Eastern Europe (CEE: Austria, Bulgaria,
Croatia, Czech Republic, Greece, Hungary, Italy, Lithuania, Poland, Romania,
Russia, Serbia, Slovakia, Slovenia, Switzerland and Turkey), Iberia (Spain,
Portugal, and Andorra), Asia-Pacific (APAC: Australia, China, Hong Kong,
Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan
and Thailand), South America (SAM: Brazil, Argentina, Colombia, Chile,
Guatemala, Jamaica, Peru, and Uruguay), India, Middle East & Africa (IMEA:
Algeria, Benin, Burkina Faso, Egypt, Gabon, Israel, India, Ivory Coast, Lebanon,
Madagascar, Mali, Mauritius, Morocco, Qatar, Saudi Arabia, Senegal, South Africa
and UAE), Major Events, and Cloud & Enterprise Software.
Atos decided, as early as the acquisition date, to retain only part of the
activity of Unify. As a result, the Software & Platforms business, along with
the customers and the countries that were planned to be managed through indirect
channels, have been accounted for as discontinued operations and are in the
process of being physically carved-out to facilitate the disposal of this
activity. Therefore, the 2016 and 2015 pro forma consolidated external revenue
and operating margin reflect the retained scope of Unify only
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Datum: 26.07.2016 - 17:45 Uhr
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