ALTRAN TECHNOLOGIES : ALTRAN TECHNOLOGIES: Record results and strategic reinforcement in Germany thanks to acquisition of IndustrieHansa Press release 14/03/2013 2012 results Record results and strategic reinforcement in Germany thanks to acquisition of IndustrieHansa In accordance with IFRS standards, the results of Arthur D. Little (divested in December 2011) are no longer included in Altran's consolidated revenues. The Group's 2011 sales have been restated to take this factor into account. oOperating income on ordinary operations of €125m, equivalent to 8.6% of sales (+10% vs. 2011) oNet Earnings of €65m and EPS of €0.45 oGearing less than 1x for the first time since the adoption of IFRS standards* *2005 Commenting on Altran's 2012 results, Philippe Salle, Group Chairman and Chief Executive, stated, "Altran's 2012 results confirm the recovery initiated by the Group at the beginning of 2011. This good performance bears out the strategic choices made by management 18 months ago and underscores our confidence in the Group's ability to achieve the financial objectives set out in the 2012-2015 strategic plan. Despite the harsh economic environment, the Group has proved its resilience and its ability to seize growth opportunities thanks to its R&D and innovation positioning together with international stamp. Stronger-than-expected cash generation in 2012 is indeed reassuring and makes us confident with regard further external growth operations after the finalisation of the IndustrieHansa acquisition in Germany in February 2013." (€m) 2011 H1 2012 H2 2012 2012 Revenues 1,419.5 732.6 723.3 1,455.9 Gross margin 406.7 200.2 213.9 414.1 As % of sales 28.7% 27.3% 29.6% 28.4% Indirect costs (293.6) (144.8) (144.7) (289.5) Operating income on ordinary activities 113.1 55.4 69.2 124.6 As % of sales 8.0% 7.6% 9.6% 8.6% Other non-recurring operating income and (47.3) (2.4) (7.7) (10.1) expenses Goodwill impairment & assimilated (15.0) (3.5) (3.5) Operating income 50.8 53.0 58.0 111.0 Financial expenses (27.8) (8.1) (12.5) (20.6) Tax income/charges (17.6) (12.3) (11.0) (23.3) Net income before discontinued operations 5.3 32.6 34.5 67.1 Net income/loss on discontinued operations (50.5) (2.4) (0.1) (2.5) Minority interests (0.3) Net profit/(loss) (45.5) 30.2 34.4 64.6 EPS (€) (0.32) 0.21 0.24 0.45 2012 results Altran's accounts for the fiscal year ended 31 December 2012 were approved by the Board of Directors on 13 March 2013. In accordance with the AMF recommendation of 5 February 2010, please note that the consolidated accounts have been audited and the certification report is being prepared. Consolidated 2012 revenues came out at €1,456m, vs. €1,420m in 2011, implying organic growth of 4.3% and economic growth^ of 3.6%. All geographic zones contributed to growth. Business was particularly brisk in Northern Europe (+6.3%) and the RoW zone (+46%), where growth was underpinned by Altran's activities in the US nuclear sector. French operations also reported growth (+ 2.7%) and revenues in Southern Europe (Spain, Italy and Portugal) edged up 1.5%.Performances by operating segment are available on the Group's website. Operating income on ordinary activities came out at €125m, equivalent to 8.6% of sales vs. €113m (8.0%) in 2011. Profitability was enhanced by brisker sales (reflecting the success of the strategy announced at end-2011), coupled with tight management of indirect costs which narrowed steadily throughout the year. As such, overheads accounted for less than 20.0% of sales (19.9%) at end-2012, vs. 20.7% in 2011 and 21.8% in 2010. Financial expenditure also improved significantly, narrowing €7m over the period to -€21m due to a reduction in net debt and the expiry at the beginning of 2012 of interest-rate hedging instruments contracted in 2008. Factoring in the above elements, net income before discontinued operations increased to €67m, an improvement of €62m vs. 2011. Net income attributable to the Group stood at €65m compared with a loss of €46m in 2011 due to a capital loss incurred on the disposal of Arthur D Little in 2011. Net debt and Gearing In 2012, the Group pursued its strategy of paying down debt and strengthening its financial structure, and generated Free Cash Flow^ of €50m, equivalent to 3.4% of sales. As such, in line with the priorities set out in the strategic plan, cash generated in 2012 enabled the Group to reduce its net financial debt from €170m in 2011 to €140m in 2012, implying an improvement of nearly €30m. Enhanced profitability and the reduction in financial net debt therefore made for a further improvement in gearing^ from 1.24 at end-2011 to 0.99, the best performance since the adoption of IFRS. Total net debt (after employee profit-sharing, interest and convertible-bond amortisation) now stands at €169m, vs. €195m at end-2011. Outlook Altran's financial performance in 2012 was in line with the guidelines presented in the 2012-2015 strategic plan. Similarly, despite the current weak economy, Altran should be able to persue profitable growth in 2013. About Altran As European leader in innovation and high tech engineering consulting, Altran accompanies its clients in the creation and development of their new products and services. Altran's Innovation Makers^ have been providing services for thirty years to key players in the Aerospace, Automotive, Energy, Railways, Finance, Healthcare and Telecoms sectors. Covering every stage of project development from strategic planning through to manufacturing, Altran's offers capitalise on the group's technological know-how in four key areas: Product Lifecycle Management, Mechanical Engineering, Embedded & Critical Systems, and IT Systems. In 2012, the Group generated revenues of €1456m. Altran now has a staff of 20,000 employees in more than 20 countries. www.altran.com. Investor relations Financial press relations Altran Group Publicis Consultants Philippe Salle Véronique Duhoux Chairman and Chief Executive Tel: 01 44 82 46 33 Tel: 01 46 41 71 89 email@example.com Olivier Aldrin Caroline Decaux Senior Vice-President and CFO Tel: 01 44 82 46 38 Tel: 01 46 41 72 16 firstname.lastname@example.org email@example.com Financial calendar 30th April 2013 2013 1st quarter revenues 28th June 2013 2013 Annual General Meeting 30th July 2013 2013 2nd quarter revenues 5th September 2013 2013 Half-year results 31st October 2013 2013 3rd quarter revenues ------------------------- Economic growth = organic growth restated for the forex impact and the change in the number of working days Free cash Flow = (Ebit + depreciation & amortisation) - exceptional costs - tax- changes in WCR - Capex +/-WCR Gearing = Net financial debt / (Ebit + depreciation & amortisation) Altran Group employees 2012 results ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: ALTRAN TECHNOLOGIES via Thomson Reuters ONE HUG#1685210
ALTRAN TECHNOLOGIES : ALTRAN TECHNOLOGIES: Record results and strategic reinforcement in Germany thanks to acquisition of
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