ALTRAN TECHNOLOGIES : ALTRAN TECHNOLOGIES: Record results and strategic
reinforcement in Germany thanks to acquisition of IndustrieHansa
Record results and strategic reinforcement in Germany thanks to acquisition of
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
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)
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
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
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
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.
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.
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
In 2012, the Group generated revenues of €1456m. Altran now has a staff of
20,000 employees in more than 20 countries.
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 firstname.lastname@example.org
Olivier Aldrin Caroline Decaux
Senior Vice-President and CFO Tel: 01 44 82 46 38
Tel: 01 46 41 72 16 email@example.com
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
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Source: ALTRAN TECHNOLOGIES via Thomson Reuters ONE
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