Ordina maintains outlook for 2011
(Thomson Reuters ONE) -
Financial results Q3 Ordina N.V.
Nieuwegein, the Netherlands, 10 November 2011
Highlights
· Recurring revenue for Q3 2011 EUR 99.8 million, a 3.9% drop against Q3
2010 (EUR 103.9 million);
· Recurring EBITDA for Q3 2011 EUR 1.9 million, a 17% drop against Q3
2010 (EUR 2.3 million);
· Revenue growth from finance market segment of 8.1% compared to Q3
2010. Revenue from industry market segment and public market segment down by
5.5% and 11.1% respectively against Q3 2010;
· Focus on industry market leads to new projects won at ProRail and Agri
Retail;
· Net debt at end of Q3 2011 at EUR 56.4 million (Q3 2010: EUR 68.2
million);
· DSO at 51.0 days, a three-day improvement in comparison with Q2 2011
(Q2: 53.9 days).
Recent developments
· 7 October: announcement of share issue programme consisting of a
rights issue of 23.9 million shares offered to existing shareholders and a
private placement of 13.2 million shares with Project Holland Fonds (PHF), both
at an issue price of EUR 0.93. The rights issue is fully underwritten by PHF.
The rights issue and the private placement will take place as soon as possible
following approval by the Extraordinary Meeting of Shareholders (EMS), which is
scheduled for 1 December. The preparations for the rights issue and the private
placement are progressing as planned. ING is Sole Global Coordinator on the
rights issue;
· 10 November: announcement of new EUR 55 million senior facilities for
the next five years with ABN AMRO, ING and NIBC (see today's separate press
release).
Outlook for 2011
We maintain our previously announced outlook for the full year 2011 regarding
our operating profit (about EUR 16 million in recurring EBITDA) and net debt
position (about EUR 50 million).
Stépan Breedveld, Ordina's CEO
"The economic uncertainty has clearly increased over the summer, which is
reflected in our financial performance for the third quarter of the year. We
have made significant progress in recent months on our management agenda. Our
intensified focus on the industry segment, for instance, has led to two
successes with ProRail and AgriRetail. In Belgium and The Netherlands, we
started with regional sales activities. The support staff headcount reduction
programme is on track and the direct staff headcount mirrors market demand. In
order to create a more simple and transparent organizational structure, two
management layers have been reduced and a divisional structure has been
introduced. Finally, , our strengthened capital structure secures a solid
financial foundation, which will allow us to focus fully on our customers."
Markets
(all figures are recurring-based)
The economic situation has changedsignificantly over the summer months. Revenue
was down by 3.9% overall against Q3 2010. Where the Belgian operations showed
growth (8.6%), revenue in the Netherlands fell (-6.2%) compared to Q3 2010.
Developments in Europe and the resulting uncertainties in the finance market
segment affect ICT expenditure; revenue growth in this market fell by 8.1%. In
the public sector, clients are still postponing their ICT investments (11.1%
revenue drop against Q3 2010). Economic circumstances in the industry market
worsened in the third quarter too; revenue was down 5.5% compared to the same
period last year.
The share of revenue from multi-year contracts (31.5%) and from
offshoring/nearshoring activities (7.4%) was stable in the last three quarters
of the year.
Employee base
We hired 126 new people in the third quarter of the year with competencies that
reflects market demand. The total number of FTEs fell in Q3 2011 from 3,104 at
the end of Q2 2011 to 3,071 at the end of Q3 2011, which is mainly attributable
to the support staff headcount reduction programme. As a result, the ratio of
professional to support staff has continued to improve over the third quarter of
the year .
Financial position
Cash flows from operating activities were EUR 0.9 million negative in Q3 2011
resulting from mainly a lower operating income, support staff redundancy
payments and costs associated with streamlining the number of professional staff
positions. The net debt position was EUR 56.4 million at the end of Q3, a EUR
11.8 million drop on Q3 2010. Net debt amounted to EUR 52.8 million at the end
of Q2 2011. With a ratio of net debt to adjusted EBITDA of 3.0 (capped at 3.25)
and an interest coverage ratio of 5.2 (floored at 4.0) at the end of Q3 2011,
Ordina has metthe covenants agreed with its lenders. Days Sales Outstanding
(DSO) stood at 51.0 days, a three-day improvement on Q2 2011 (Q2: 53.9 days).
########
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.
More information
Ordina N.V.
Pieter Schaffels, Director of Corporate Communications & Investor Relations
T: +31 (0)30 663 7402 / +31 (0)6 13 285 033
www.ordina.com
In case of any discrepancies between this version and the original Dutch
version, the Dutch version prevails.
This document contains pronouncements forecasting the future financial
performance of Ordina N.V. and outlines specific 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 bottom-line responsibility, scarcity on the
labour market, and future acquisitions and disposals.
These materials are not for release, distribution or publication, whether
directly or indirectly and whether in whole or in part, into or in the United
States, Australia, Canada, or Japan.
These materials are for information purposes only and are not intended to
constitute, and should not be construed as, an offer to sell or a solicitation
of any offer to buy the securities of Ordina N.V. (the "Issuer", and such
securities, the "Securities") in the United States or in any other jurisdiction
in which such offer, solicitation or sale would be unlawful prior to
registration, exemption from registration or qualification under the securities
laws of such jurisdiction.
The Securities are not and will not be registered under the U.S. Securities Act
of 1933, as amended (the "US Securities Act") and will also not be registered
with any authority competent with respect to securities in any state or other
jurisdiction of the United States of America. The Securities may not be offered
or sold in the United States of America without either registration of the
securities or an exemption from registration under the US Securities Act being
applicable. The Company has registered no part of the offering of the Securities
in the United States of America or any other jurisdiction, nor has it the
intention to do so. The Company has no intention to make a public offering of
Securities in the United States.
The Issuer has not authorised any offer to the public of Securities in any
Member State of the European Economic Area other than the Netherlands. With
respect to any Member State of the European Economic Area, other than the
Netherlands, and which has implemented the Prospectus Directive (each a
"Relevant Member State"), no action has been undertaken or will be undertaken to
make an offer to the public of Securities requiring publication of a prospectus
in any Relevant Member State. As a result, the Securities may only be offered in
Relevant Member States (i) to any legal entity which is a qualified investor as
defined in the Prospectus Directive; or (ii) in any other circumstances falling
within Article 3(2) of the Prospectus Directive. For the purpose of this
paragraph, the expression "offer of securities to the public" means the
communication in any form and by any means of sufficient information on the
terms of the offer and the Securities to be offered so as to enable the investor
to decide to exercise, purchase or subscribe for the securities, as the same may
be varied in that Member State by any measure implementing the Prospectus
Directive in that Member State and the expression "Prospectus Directive" means
Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to
the extent implemented in the Relevant Member State), and includes any relevant
implementing measure in the Relevant Member State.
No action has been taken by the Issuer that would permit an offer of Securities
or the possession or distribution of these materials or any other offering or
publicity material relating to such Securities in any jurisdiction where action
for that purpose is required.
The release, publication or distribution of these materials in certain
jurisdictions may be restricted by law and therefore persons in such
jurisdictions into which they are released, published or distributed, should
inform themselves about, and observe, such restrictions.
An offer to acquire Securities pursuant to the proposed offering will be made,
and any investor should make his investment, solely on the basis of information
that will be contained in the prospectus to be made generally available in the
Netherlands in connection with such offering. When made generally available,
copies of the prospectus may be obtained at no cost from the Issuer, ING Bank
N.V. ("ING") or through the website of Euronext Amsterdam and/or the Issuer.
ING exclusively acts for the Issuer and no-one else in connection with any
offering of Securities and will not be responsible to anyone other than the
Issuer for providing the protections afforded to the customers of ING or for
providing advice in relation to any offering or any transaction or arrangement
referred to herein.
Press Release Ordina N.V. - Ordina maintains outlook for 2011:
http://hugin.info/130778/R/1562737/484270.pdf
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Source: Ordina via Thomson Reuters ONE
[HUG#1562737]
Unternehmensinformation / Kurzprofil:
Datum: 10.11.2011 - 07:31 Uhr
Sprache: Deutsch
News-ID 86226
Anzahl Zeichen: 12731
contact information:
Town:
Nieuwegein
Kategorie:
Business News
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