Ordina N.V.: revenue at EUR 410 million in Q1-Q3 2009
(Thomson Reuters ONE) - Nieuwegein, the Netherlands, 12 November 2009 * Revenue for the first three quarters of 2009 at EUR 410 million. This is a decrease of 12% in comparison to the first three quarters of 2008. * Recurring EBITDA margin for the first nine months of 2009 over 6.5% (Q1-Q3 2008 over 8%). * Revenue for the third quarter of 2009 at EUR 123.5 million (third quarter 2008: EUR 149.3 million). Recurring EBITDA margin for the third quarter at 4.5%, slightly higher than the recurring EBITDA margin for the same period in 2008. * Total net debt at 30 September 2009 at EUR 55 million (30 June 2009: EUR 86.2 million). * Ratio of total net debt to adjusted EBITDA at 1.2 at 30 September 2009. * A stabilisation in demand can again be identified in the transition of the third quarter to the fourth quarter. However, market signals are still too volatile in order to deduce a trend from this movement.Today, Ordina N.V. publishes an update on the third quarter of 2009.Please note that the revenue figures and margins presented here donot include, both where 2009 and 2008 are concerned, the BPO andTechnical Automation activities that were sold in April 2009 and July2008 respectively.Revenue for the first three quarters of 2009 stood at EUR 410million. Despite worsened market conditions in 2009, Ordina managedto limit the decrease of revenue to about 12% in comparison to thefirst three quarters of 2008. Ordina posted a recurring EBITDA marginof more than 6.5% for the first nine months of 2009.The third quarter is traditionally a time when many staff memberstake holiday leave, resulting in fewer productive days. This affectsrevenue and profit. Ordina generated a revenue of EUR 123.5 millionin the third quarter of 2009. The comparative figure for the sameperiod in 2008 was EUR 149.3 million. At 4.5%, the recurring EBITDAmargin for the third quarter of 2009 landed at a slightly higherlevel as in 2008 thanks to strict cost control.The professional services market showed similar dynamics in the thirdquarter of 2009 compared to the second quarter of 2009. The same canbe said of demand for large projects and multi-year outsourcingcontracts, which remained sound in the third quarter.Ordina strengthened its financing position in the third quarter.Shortly after the first half of the year had ended, shares wereissued successfully and a subordinated loan was contracted. Inaddition, the renewal of the senior financing facilities wasfinalized in mid-October.Total net debt was further reduced in the third quarter to EUR 55million (EUR 86.2 million at 30 June 2009). This was facilitatedmainly by the cash inflow generated from the share issue,persistently strict working capital management and the effect of thegovernment measure under which VAT can be remitted in the Netherlandson a quarterly rather than a monthly basis. The ratio of total netdebt to adjusted EBITDA was 1.2 at 30 September 2009.The transition from the third to the fourth quarter came with afurther stabilisation of demand. At this time it is not yet possibleto predict whether demand will continue to stabilize in thetransition to the year 2010. Overall economic developments arecontinuing to show a high level of uncertainty and volatility, whichaffects customer investment habits. As the fourth quarter will notsuffer from the seasonal influences as in the third quarter, it isrealistic to expect that the revenue and the recurring EBITDA marginwill improve compared to the levels posted in the third quarter.About OrdinaWith our about 4,250-strong workforce, Ordina aims to improve thebusiness processes of Dutch and Belgian enterprises by providingadvisory services, developing supporting applications or taking on awide range of business processes, including ICT. Ordina N.V. wasincorporated in 1973. Ordina N.V. shares are listed on Amsterdam'sEuronext Stock Exchange, where they are included in the Midkap Index.For more information, please contact:Ordina N.V.drs. Saskia E.M. Huuskes, Director Corporate CommunicationsTelephone: +31(0)30-663 7402www.ordina.nlhttp://hugin.info/130778/R/1354480/328465.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 12.11.2009 - 08:00 Uhr
Sprache: Deutsch
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