2013-02-28 17:56:23 -
Revenues: + 4.9% Operating profit: + 8.7%
€ million - IFRS 2011 2012 Change
Revenues 137.3 144.0 + 4.9 %
EBITDA 32.0 33.9 + 6.1 %
% of revenues 23.3% 23.6%
Operating profit 23.8 25.9 + 8.7 %
% of revenues 17.3% 18.0%
14.5 15.2 + 4.5 %
% of revenues 10.6% 10.6%
Rounded and audited figures
EBITDA is the Group's key indicator. It is defined as operating profit before
net amortisation, depreciation and provision charges.
Neuilly-sur-Seine, 28 February 2013: Linedata (LIN: FP), the global solutions
provider dedicated to the investment management and credit community, again
recorded profit growth in 2012.
Growth in business along with effective cost control means the Group's EBITDA
rose by 6.1%. This figure comes out at €33.9 million, i.e. 23.6% of revenues.
The successful integration of Fimasys, in particular bringing all staff together
at the Arcueil site and the initial synergies generated, resulted in a
contribution of €8 million to consolidated revenues for the full year. There was
also an increase in the profitability of this business, taking it up to a level
close to Group average.
Analysis of EBITDA margin by region:
By region, EBITDA breaks down as follows:
EBITDA Margin 2011 2012
Southern Europe 22.6% 23.3%
Northern Europe 23.3% 25.5%
North America 24.7% 23.7%
Asia 22.0% 10.2%
Total 23.3% 23.6%
In Southern Europe, growth in EBIDTA margin, which includes the cost of
integrating Fimasys, is explained by good performance in the Credit Finance and
Back Office businesses.
Northern Europe recorded a rise of 2.2 points in EBITDA margin thanks to
effective cost management and greater contribution of recurring revenues.
In North America, EBITDA margin remained satisfactory. There was a slight fall
due to greater investment in R&D for the Linedata Longview product.
The Group continued to invest in managerial staff in Asia, which led to a fall
in EBITDA, though this was not significant at Group level.
Net profit on the rise
Operating profit came out at €25.9 million, showing an increase of 8.7% compared
to 2011. Operating margin was up 0.7 points to 18%.
Net profit, which took into account net financial expense of €1.9 million, came
out at €15.2 million, up 4.5% compared to 2011.
Net profit per share increased by 25% to €1.70, compared to €1.36 in 2011, as a
result both of growth in net profit and of a reduction in capital after the
share buyback offer.
Analysis of the Linedata balance sheet on 31 December 2012 must take into
consideration the effect of reduced capital after the share buyback offer which
took place in June 2012. Shareholder equity came out at €84.9 million, versus
€118.3 million in 2011. Total financial debt came to €49.5 million, compared to
€21.6 million in 2011. This most notably includes the outstanding balance of the
new senior debt facility required to finance the share buyback offer.
Including cash and cash equivalents worth €17.7 million on the balance sheet,
net debt stood at €31.8 million. This is less than 2012 EBITDA.
At the next General Meeting, shareholders will be offered a dividend of €0.55
per share, up 10% on the previous financial year.
The recent acquisition of CapitalStream will help Linedata strengthen its
position in North America, and thus speed up its international expansion.
Over 2013, Linedata will pursue business development on its strategic markets,
while maintaining strong profitability.
Next communication: publication of revenues for the 1st quarter 2013 on May
14, 2013 after closing of trading.
Linedata is a global solutions provider with 700 clients operating in 50
countries. With more than 900 employees across the globe, Linedata is dedicated
to the investment management and credit community. Linedata has been at the
service of the financial industry from day one, and applies its market and
client insight to provide innovative and tailored mission-critical software and
services that help its clients grow. As a pioneer for over 10 years with the
set-up of SaaS infrastructure for the financial industry, Linedata has preached
and spread this model throughout the global financial community, for its full
range of products. Headquartered in France, Linedata achieved revenues of EUR
144 million in 2012. This company is listed on Euronext Paris FR0004156297-LIN -
Reuters LDSV.LN - Bloomberg LIN:FP.
For further information, please contact:
Linedata Cap Value
Finance Department Financial communication
+33 (0)1 47 77 68 39 Gilles Broquelet / Samuel Beaupain
+33 (0)1 80 81 50 00
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Source: LINEDATA SERVICES via Thomson Reuters ONE