News

Jeroen Hellenberg, February 13, 2014

Annual results Ordina N.V. 2013

Recovery continues in Q4; one-off non-cash charges

HIGHLIGHTS Q4 2013

  • Recurring EBITDA rises 14.7% to EUR 8.4 million (Q4 2012: EUR 7.4 million);
  • Recurring EBITDA margin climbs to 8.5% (Q4 2012: 7.1%);
  • Revenues 0.8% higher at EUR 99.2 million (Q4 2012: EUR 98.4 million) after correction for the loss of the offshore component in the Rabobank contract;
  • The cost-saving programme of around EUR 8 million per year has been completed successfully;
  • Net debt position reduced to EUR 2.2 million (end-Q4 2013: EUR 9.8 million), the ratio of net debt /
    ‘adjusted’ EBITDA stands at 0.2 (maximum leverage ratio: 1.75).

HIGHLIGHTS FY 2013

  • Recurring EBITDA falls 7.7% to EUR 16.3 million (2012: EUR 17.6 million);
  • Recurring EBITDA margin stands at 4.3% (2012: 4.4%);
  • Revenues down 0.5% at EUR 377.0 million (2012: EUR 378.8 million) after correction for the effect of one working day less and the loss of the offshore component in the Rabobank contract;
  • Recurring net result came in at a loss of EUR 0.4 million (2012: profit of EUR 0.5 million) mainly due to higher redundancy costs of EUR 7.4 million (2012: EUR 4.0 million);
  • Non-cash provision for vacant office space of EUR 5.9 million;
  • Non-cash charge to goodwill of EUR 60.1 million.

STÉPAN BREEDVELD, CEO ORDINA, ON THE RESULTS

“We are seeing the results of our management agenda. In the final two quarters of 2013, Ordina booked modest revenue growth and a rise in EBITDA. We also improved our debt position and completed our cost-saving programme of around EUR 8 million per year. Mainly due to higher redundancy costs, an increase of EUR 3.4 million compared to 2012, our recurring result came in at a net loss of EUR 0.4 million in 2013. The final net result was affected by two one-off non-cash charges: a provision for vacant office space (EUR 5.9 million) and a charge to goodwill (EUR 60.1 million).

In 2013, we celebrated Ordina’s 40th anniversary with our clients. The programme revolved around our new mission statement, ‘Partnerships in sustainable innovation’. We believe this is the only way to ensure that IT works for people again. Because we want to contribute to solving major social issues, such as affordable healthcare, secure transactions in the financial sector, an efficient government and mobile solutions in industry.

Ordina is well positioned for the future. Our indirect costs are lower, our clients are more satisfied, we have a more innovative portfolio and lower debts. We achieved this together with all our employees, by working together and by sticking to our chosen path.”

OUTLOOK

We refrain from providing a forecast for the coming period.

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