Econocom halfjaarcijfers 2015
Sterke omzetgroei (15%), terugkerend bedrijfsresultaat (35%) en netto winst (36%) voor het eerste halfjaar
Nieuwegein, 4 september 2015 - Econocom, een Europees bedrijf gespecialiseerd in de digitale transformatie van bedrijven, heeft 3 september 2015 de resultaten van het eerste halfjaar van 2015 gepresenteerd, nadat de Raad van Bestuur bij elkaar is gekomen. Econocom heeft een omzetgroei van vijftien procent gerealiseerd, over alle bedrijfsactiviteiten en op alle locaties. De omzet in het eerste halfjaar van 2015 bedraagt 1.122 miljoen euro, ten opzichte van 974 miljoen euro in dezelfde periode in 2014, een stijging van vijftien procent, waarvan dertien procent organisch.
Lees het volledige Engelstalige persbericht hieronder:
2015 Half-Year Results
Strong growth in revenue (15%), recurring operating profit (35%) and net profit (36%) for the first half
* Revenue of €1.1 billion, rising 15%, 13% of which organically
* Organic growth across all business lines and geographical areas
* Recurring operating profit1 rose 35% and operating margin rate up across all
* Sharp increase in operating profit
* Net profit up 36%
* Financial resources strengthened: successful issue of bonds as part of a private
placement (Euro PP) of €101 million
* Continuing the investment strategy with seven targeted transactions carried out
* 2015 guidance confirmed: another year of organic growth in revenue and a rise
in recurring operating profit and net earnings per share
* The group’s Management expects a sharp rise in net earnings per share for the
Econocom, a European company specialising in the digital transformation of businesses,
announced its half-year results after the Board of Directors met today.
15% growth in revenue, supported by all business lines and geographical
Econocom reported revenue of €1,122 million in the first half of 2015, compared with
€974 million for the same period in 2014, i.e. a 15% rise, 13% of which is organic.
This overall growth dynamic was supported by the group’s three core businesses:
* Technology Management & Financing, driven by the healthy business trend, posted
revenue of €567 million compared with €491 million a year before (an entirely organic
growth of 15%). Econocom Digital Finance, the group’s in-house funding subsidiary,
contributed around 5% to the activity’s revenue.
* Products & Solutions reported revenue of €211 million compared with €167 million
a year before, i.e. an entirely organic increase of 26%. The activity, which continues to
generate strong business synergies with the group’s other business lines, also benefited
from its successful launch in Italy in the high-growth digital assets market.
* Services achieved revenue of €344 million compared with €316 million for the first
half of 2014, i.e. a 9% rise, 2% of which is organic growth. Thanks to its robust, extensive
services platform, Econocom is now in a position to deploy digital offerings which will
help consolidate its organic growth.
These organic increases in revenue confirm the group’s strong positioning in the digital
transformation market and the complementary nature of its three core businesses.
Lastly, all the group’s geographical areas posted strong growth of between 10% and
17%: France reported revenue of €603 million, up 17%, revenue in Benelux rose 14% to
€181 million, Southern Europe posted revenue of €196 million (up 10%), and Northern
Europe’s revenue stood at €143 million, up 17%.
Recurring operating profit up 35%, reflecting improved profitability across
all business lines
In the first half of 2015, recurring operating profit amounted to €43.4 million compared
with the €30.6 million published in 2014 (up 42%) and €32.1 million in restated data2
All the group’s core businesses reported double-digit growth in recurring operating
profit and a rise in operating margin rates. These good results were due to the
implementation of business synergies, the successful integration of the Services
activities, the group’s productivity plans and the growth of new types of assets in the
B2B market (Apple and IoT).
Recurring operating profit stood at €25.4 million for Technology Management &
Financing, €13.6 million for Services, and €4.4 million for Products & Solutions in the
Significant increase in recurring operating profit
Recurring operating profit for the first half stood at €40.3 million compared with €25
million for the first half of 2014. This 61% rise is a result of the significant improvement
in operating performance and the limited amount of non-recurring expenses
(€1.1 million compared with €5.6 million in the first half of 2014), due mainly to the
acquisitions of companies.
As the integration of Osiatis Group was completed in 2014, the group no longer has to
bear any exceptional expenses for this, as previously announced.
Net profit up 36%
Net profit amounted to €20.4 million, compared with €15 million in the first half of
2014, a 36% increase.
This rise was partly due to the decrease in financial interest expenses as a result of
the group’s changing its financing sources. The ORNANE convertible bonds issued in
January 2014 and the private placement (Euro PP) in May 2015 benefited from better
financial conditions than for the OCEANE convertible bonds issued in 2011, which were
repaid early in 2014.
Net profit includes a non-economic, non-cash financial expense of €2 million as a result
of the change in the mark-to-market fair value of the ORNANE derivative in the first
half of 2015, due to the rise in the Econocom Group share price. The impact on the first
half of 2014 was, conversely, a €5.3 million profit.
Net profit restated with non-economic items3 stood at €24.1 million.
Net earnings per share rose 34% in the first half of 2015.
Financial resources strengthened and diversified
On 30 June 2015, net financial debt amounted to €251 million, in line with the group’s
forecasts. This reflects the investments made during the first half (acquisitions and
developing the in-house funding subsidiary) and buying back treasury shares. As every
year, this was negatively affected by the seasonal nature of business. The group expects
it to decrease by 31 December 2015.
Equity stood at €261 million. This change is due to the first-half results, repayment of
share premiums and buying back treasury shares.
Econocom, which has continued its treasury share buyback policy, held 4,196,468
treasury shares, i.e. 3.7% of the share capital, on 30 June 2015 compared with 1.3%
on 31 December 2014.
The group has also reinforced and diversified its financial resources and benefits from
net cash at bank of €81 million on 30 June 2015. After the successful issue of net share
settled bonds convertible into new shares and/or exchangeable for existing shares
(ORNANE) in January 2014, in May 2015 the group successfully finalised an issue of
bonds with maturities of five and seven years as part of a private placement (Euro PP)
of €101 million with eight institutional investors. These funds will enable the group
achieve its objectives.
After a record second half 2014, the group’s Management is satisfied with the results
of the first half of 2015. The first-half growth dynamic, supported by the first trends of
the third quarter, has enabled Econocom to:
- Confirm its 2015 guidance: another year of organic growth in revenue and a rise in
recurring operating profit and net earnings per share.
- Expect a sharp rise in restated net earnings per share
- Confirm the objectives of its Mutation 2017 plan: €3 billion in revenue and €150
million recurring operating profit in 2017.
The group, which has already invested in seven targeted transactions in the first half of
2015, will continue its investment strategy in four key sectors (security, web and mobile
apps, digital solutions and infrastructure and network consulting). In July Econocom
acquired (via Digital Dimension) SynerTrade, the European leader in cloud-based
eProcurement solutions (€13 million revenue in 2014), and is currently looking into
other potential acquisitions in France and overseas (Italy and Spain) in order to deploy
its original business model based on its three complementary business lines.
Lastly, Econocom continues to support its organic growth, in particular by expanding
its sales force by around forty people in the first half, i.e. 7% of its sales staff. In line
with the growth of its business, the group has also recently launched a new employer
branding campaign which will increase its overall appeal.
Two meetings of the press and financial analysts will be held in Brussels and
Paris on 4 September 2015.
The third-quarter trading statement will be published after the close of trading
on 21 October 2015.
1. Before amortisation of the ECS customer portfolio and the Osiatis brand
2. New IFRIC 21 and reclassification of factoring charges and bank interest as financial expenses.
3. Amortisation of the Osiatis brand and the ECS customer portfolio and the rise in fair value of the ORNANE convertible bonds derivative, net of incom taxe
Econocom designs, finances and oversees companies’ digital transformation. With over 8,500 employees in 19 countries and revenue in excess of €2 billion, Econocom has all the requisite abilities to ensure the successful implementation of large-scale digital projects: consulting, sourcing and technology management & financing of digital assets, infrastructure, application and business solution services, and project financing. The Econocom Group share (BE0974266950 - ECONB) has been listed on the Euronext NYSE in Brussels since 1986 and is part of the BelMid and Tech40 indices.
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