Jeroen Hellenberg, February 18, 2016

Annual results 2015 Ordina N.V.

Disappointing result in the Netherlands;
strong performance in Belgium/Luxembourg

Key developments Q4 2015
  • Recurring EBITDA rises to EUR 6.8 million (Q4 2014: EUR 4.4 million);
  • Recurring EBITDA margin rises to 7.5% (Q4 2014: 4.7%);
  • Revenue down 2.9% at EUR 90.8 million (Q4 2014: EUR 93.5 million):
  • Net cash position Q4 drops to EUR 4.5 million (Q4 2014:  EUR 9.6 million);
  • Result impacted by exceptional, positive item (impact: EUR 2.1 million);
  • Ordina wins Computable Award in healthcare category with Quli.

Key developments FY 2015

  • Recurring EBITDA drops to EUR 13.8 million (2014: EUR 18.0 million);
  • Recurring EBITDA margin drops to 4.0% (2014: 4.9%);
  • Revenue down 5.1% at EUR 348.3 million (2014: EUR 366.9 million);
    o Revenue in the Netherlands drops 8% to EUR 272.0 million (2014: EUR 295.5 million)
    o Revenue in Belgium/Luxembourg increases by 6.9% to EUR 76.3 million (2014: EUR 71.4 million) 
  • Cost internal investigation total EUR 1.6 million (2014: EUR 1.7 million);
  • Redundancy costs amount to EUR 7.8 million (2014: EUR 6.6 million);
  • Net loss comes in at EUR 3.2 million (2014: net profit of EUR 1.0 million); 
  • Structural cost-savings programme of EUR 15 million annually is on track;
  • Ordina hired 212 Young Professionals.

“The year 2015 was a disappointing year in which Ordina had to adapt rapidly to drastically changing market conditions. We closed the year with a loss, largely due to the sharp decline in revenues from the public sector in the Netherlands. In the fourth quarter, this decline abated on the back of our increased focus on key accounts. Thanks to tight monitoring of working capital, we once again closed the year free of debt. Ordina performed well in Belgium and Luxembourg with growth in both revenue and profitability.

Our tightened strategy now includes both the adjustments of the Executive Committee, growth initiatives and savings, as well as investments in Young Professionals and innovation. The measures we have taken are aimed at moving from decline to structural revenue growth. The cost-savings programme of EUR 15 million annually is on track and the cost savings will be completed as of Q4 2016.

One of the success stories of our innovation drive was the third edition of the Ordina Open Innovation Days. More than 500 participants from the Netherlands and Belgium/Luxembourg showed a great deal of interest in Ordina’s new propositions. At clients’ request, we now also organise a special edition of the Innovation Days in the north of the Netherlands, with a focus on the developments and clients in that region.”