Ordina N.V. first quarter 2011: EBITDA increases with 14%
(Thomson Reuters ONE) -
Interest on subordinated loan paid in cash
Nieuwegein, the Netherlands, 11 May 2011
Operational highlights for Q1 2011
* Positive revenue development in a cautiously recovering market. Strong
growth in the finance market, decrease in the public market.
* Results have improved due to higher fees and increased productivity, as well
as a stringent monitoring of indirect costs.
* The recruitment campaign is showing results. The intake of new recruits is
progressing as planned. Approximately 150 new employees were hired in the
first quarter of the year.
* Number of FTEs stood at 3,148 at end of Q1 2011.
Financial highlights for Q1 2011
(all figures are exclusive of recently sold subsidiary Finext)
* Recurring EBITDA for Q1 2011 stood at EUR 4.1 million. This is a 14%
increase in comparison with Q1 2010 (EUR 3.6 million).
* Recurring revenue for Q1 2011 stood at EUR 112.1 million. This is an
increase of approximately 4,5% in comparison with the first quarter of 2010
(Q1 2010: EUR 107.5 million).
* Revenue from the finance market up 27% on Q1 2010, revenue from the industry
market remained stable. Revenue from the public market dropped by 7%.
* Net debt stood at EUR 51.1 million at end of Q1 2011 (Q1 2010: EUR 56.1
million), keeping ratios well within covenants agreed with lenders. Ratio of
net debt/adjusted EBITDA stood at 2.7 (maximum 3.5). The interest coverage
ratio stood at 6.1 (minimum 4.0).
* Days Sales Outstanding (DSO) at 56 days in Q1 2011.
Recent developments
* The fifth interest payment of EUR 0.9 million on the subordinated loan
contracted in 2009 was recently made in cash. Ordina has decided not to
issue new ordinary shares under the prevailing underwriting agreement.
* On 20 April 2011, the fully owned subsidiary Finext was sold. With the sale
of Finext, all of the subsidiaries of Ordina have been divested. The sale of
Finext was completed in the second quarter of 2011. Finext achieved a
revenue of EUR 14 million in 2010, the recurring result for 2010 was
slightly positive. At a selling price of EUR 4 million, Ordina posted a book
gain of approximately EUR 2.6 million.
Outlook H1 2011
Based on current market developments and the seasonal pattern in the second
quarter of 2011 (more days of leave), Ordina expects to generate EUR 217 million
of revenue in the first half of 2011. This is an increase of approximately 4% in
comparison to H1 2010. Recurring EBITDA is expected to stand at approximately
EUR 8 million for H1 2011. This is an increase of approximately 17% in
comparison to H1 2010. The recruitment campaign, as started in Q1 2011, will be
continued in Q2.
Explanation
Today, Ordina N.V. publishes an update on Q1 2011. The financial information for
Q1, including the comparative figures for preceding quarters, are exclusive of
Finext, Ordina's recently sold subsidiary.
Recurring revenue for Q1 2011 stood at EUR 112.1 million. This is an increase of
approximately 4.5% on Q1 2010. Revenue per working day increased in comparison
with Q1 2010. Fees increased slightly in comparison with Q4 2010.
Revenue from the finance market continued to improve in Q1 2011. In comparison
with Q1 2010, revenue from this market increased by 27% in Q1 2011. Recurring
revenue from the industry market was stable in comparison with Q1 2010. The
public market continues to be characterised by lengthy decision-making processes
in tendering large projects. Recurring revenue from the public market for Q1
2011 dropped by 7% in comparison with Q1 2010. Ordina recently won two
prestigious projects in the public market. Logius, the digital government
service of the Dutch Ministry of the Interior and Kingdom Relations, awarded to
Ordina a project for the development and a large portion of the management of
DigiInkoop, an e-purchasing system. In cooperation with Inter Access, Ordina
will rebuild and manage the basic register for travel documents for the Dutch
Ministry of the Interior and Kingdom Relations.
Lengthy decision-making processes caused revenues from long-term contracts to
remain stable in Q1 2011 in comparison to Q1 2010, while revenues from short-
term projects and time/material increased. The share of revenue from multi-year
contracts dropped by approximately 1% in comparison to Q1 2010, to 31% in Q1
2011. The share of revenue from offshoring and nearshoring rose from 5% in Q1
2010 to 6% in Q1 2011.
Recurring EBITDA for Q1 2011 stood at EUR 4.1 million, against EUR 3.6 million
for Q1 2010. The improvement of productivity has continued in Q1 2011 as well.
Net debt at the end of Q1 2011 was up EUR 7.8 million (EUR 51.1 million) on the
end of Q4 2010. This increase was entirely due to the influence of seasonal
patterns. At a ratio of total net debt to adjusted EBITDA of 2.7 (maximum at
3.25) and an interest coverage ratio of 6.1 (minimum at 4.0) at the end of Q1
2011, Ordina has stayed within the covenants agreed with its lenders.
About Ordina
Ordina is a specialist knowledge provider. Our coherent offering of consulting,
ICT and application outsourcing services helps lay the foundation for our
clients' future success. Ordina assists clients in achieving their strategic
targets, and resolving social and ethical issues. Our knowledge of the local
market and business processes, combined with our inventive approach to ICT
solutions, enables clients to boost their competitive ability and their
strength. Our professionals, who work in multidisciplinary teams, forge close
ties with clients. We provide our services in the Benelux to organisations
operating in finance, the public sector, healthcare and industry. Ordina N.V.
was incorporated in 1973. Its shares are listed on Amsterdam's Euronext Stock
Exchange, where they are included in the Midkap Index.
For more information:
Ordina N.V.
S.E.M. Huuskes
Tel: +31 (0)30-663 7402
www.ordina.com
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 consulting, ICT and application outsourcing markets, the
growing number of projects with responsibility for deliverables, scarcity on the
labour market, and future acquisitions and disposals.
11-05-2011 - Press Release - Ordina N.V. first quarter 2011:
http://hugin.info/130778/R/1514440/450514.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#1514440]
Unternehmensinformation / Kurzprofil:
Datum: 11.05.2011 - 07:31 Uhr
Sprache: Deutsch
News-ID 54491
Anzahl Zeichen: 8161
contact information:
Town:
Nieuwegein
Kategorie:
Business News
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