, August 27, 2013

Interim results Ordina 2013


Ordina bolsters its position in the healthcare and industrial markets and launches cost-saving programme to respond to decreasing revenues.

  • 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 1.7 million);
  • 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 million);
    • 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 been relaxed;
  • 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).


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.