2013-08-27 07:33:02 -
Nieuwegein, 27 August 2013
HIGHLIGHTS FIRST HALF 2013
* Recurring EBITDA down at EUR 3.6 million (H1 2012: EUR 7.6 million) due to
persistent challenging market conditions and two fewer working days (EUR
* Recurring EBITDA margin was 2.0% (H1 2012: 3.7%);
* Revenue was down 8.4% at EUR 185.0 million (H1 2012: EUR 201.9 million).
Corrected for the effect of the two fewer working days and the loss of the
offshore component in the Rabobank contract, revenue was down 2.3%;
* Revenue in healthcare market up 39.6% at EUR 6.3 million (H1 2012: 4.6
* Downward trend in industry market bottomed out. Revenue rises in Q2 to
EUR 28.4 million (Q2 2012: EUR 27.6 million);
* Net result came in at EUR -2.4 million, (H1 2012: EUR 1.7 million);
* Cost-savings programme launched to structurally decrease annual costs by
some EUR 8 million by 1 January 2014;
* Net debt position improved to EUR 18.7 million (H1 2012: EUR 20.4 million),
net debt / adjusted EBITDA ratio stood at 1.4 (H1 2012: 1.3). Covenant has
* Employee engagement continued to rise, to 6.7, from 6.2;
* Various new contracts, including Wigo4it, the Dutch tax office
(Belastingdienst), the Martini Hospital, the Healthcare Insurance Board
(College van Zorgverzekeraars) and Telenet (Belgium).
STÉPAN BREEDVELD, ORDINA CEO, ON THE RESULTS
In the first half of the year, we saw revenue and result decline in line with
the shrinking market. We responded quickly with a substantial cost-savings
programme of around EUR 8 million annually. Our focus on returns means all
divisions made a positive contribution to the result.
We are also making progress in terms of our management agenda. Revenue in
healthcare is showing clear growth, partly on the back of our innovative
solution Quli and our dedicated ERP solution for hospitals. Our revenue in the
industry market has also shown growth since the second quarter. Our decision to
boost our sales efforts in this market is now paying off.
We are very proud of the improvement in employee engagement. The increase over
the past two years has been spectacular. We believe in the direction we have
chosen: 'Innovating sustainably together'. Having skilled and engaged employees
is one of the key conditions for creating true added value.
The economic outlook in the Benelux region remains uncertain. This makes it
difficult to predict revenue developments and consequently profit. We will
therefore refrain from giving an outlook for the upcoming period.
# # #
Ordina implements strategy in business processes and ICT systems. We design,
develop and produce solutions for a sustainable digital world. We believe
cooperation with our clients, partners and suppliers produces the best results.
We have specialist divisions for consulting, solutions and ICT, providing
services across the Benelux region. We also provide (reproducible) solutions and
expertise for organisations in the financial services sector, the public sector,
healthcare and a number of specific segments in the industrial sector. Ordina
N.V. was founded in 1973 and its shares are listed on the NYSE Euronext
Amsterdam as part of the Small Cap index. In 2012, Ordina booked turnover of
over EUR 400 million, with a staff of more than 2,900.
For more information about this press release
Stépan Breedveld, CEO
Telephone: +31 (0)30 663 7111
Jolanda Poots-Bijl, CFO
Telephone: +31 (0)30 663 8906
Interim Report Ordina N.V H1 2013:
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Source: Ordina via Thomson Reuters ONE