AKKA TECHNOLOGIES : Annual results 2007 - Performance exceeds forecast - COFRAMI’s turnaround on track

le
0
Success of COFRAMI integration
2007 pro forma revenue: 353 M¤
Operating profit margin 7,4% (8% not taking COFRAMI into account)
Debt/equity ratio (gearing) is below 1, at 0.87

Abbreviated Consolidated P&L Statement

In M¤ 31.12.2007 31.12.2006 Variation
Sales revenue 236,0 160,1 + 47%
Income from operational activities 17,6 13,3 + 32%
Current operating income 15,1 12,2 + 24%
Operating income 15,0 12,0 + 25%
Cost of borrowing (2,1) (1,0)
Earnings before tax  12,9 11,0 + 17%
Net income attributable to the Group 9,1 8,0 + 14%

Revenues up 47%

Revenues grew 47% to 236 M¤. This includes the two acquisitions made in fiscal 2007: COFRAMI corporation as of 1 November 2007 and Comau France's engineering division as of 1 June 2007.

Outside of COFRAMI, revenue was up 34 % at 213.9 M¤. Organic growth reached 10%. International activities gained momentum with revenue increasing twofold to 12% of global revenue.

Pro forma revenue reached 353 M¤ for the full year, COFRAMI included.

Operating profit margin reached 7.4% as against 6.5 % as previously announced

Consolidated operating profit margin: The recovery plan put in train to turn COFRAMI around upon acquiring this company had already begun to deliver results by the end of last year with operating income up 32% to 17.6 M¤. Operating margin stands at 7.4%.

Not taking COFRAMI into account: operating income (former AKKA scope) is 17.1 M¤, accounting for 8% of revenues. This is above the previously announced 7.8% objective.
This positive variation is due in part to a satisfactory level of business and tightly controlled structural costs.

Current operating income up 24%

Current operating income is 1.5,1 M¤ and incorporates the cost of bonus shares and stocks options (based on IFRS standards). Such costs will not require any future cash outlays.
COFRAMI, over two months of activity contributed 0.5 M¤ to earnings.

Net income attributable to the Group at 9.1 M¤

After paying 3.7 M¤ in corporate tax, net income attributable to the Group is 9.1 M¤, up 14%.

Preserved financial capacity and cash generation

With COFRAMI, Debt/equity ratio (gearing) is below 1, at 0.87.

Cash generated is 20.7 M¤. Investments are 9,6 M¤ and cash position improved by 10.2 M¤.

2007 Dividend payout

A proposal for a dividend of 0.33 ¤ per share for fiscal 2007 will be submitted to the stockholders at the next general assembly meeting to be held on June 24, 2008.

The expansion plan is continuing apace in 2008

AKKA Technologies is reemphasizing its 3 priority areas of focus for fiscal 2008:

  • To pursue a vigorous organic growth thanks to a buoyant French market, a ramp-up of foreign subsidiaries and a proven capacity to recruit and retain new staff (over de 1,500 are to be hired in 2008).
  • To speed up COFRAMI's recovery by 2008 with the company making a positive contribution to earnings.
  • To de-leverage the Group thanks to greater cash generation and disposal of COFRAMI real estate.

AKKA Technologies, considered as one of the leading players in its market segment, has the required assets to pursue a profitable growth and to strengthen its international presence thanks to a solid French base.

Next press release: Q1 revenues on 14 May 2008 (after the close of stock market trading).


About AKKA Technologies

AKKA Technologies, a high-technology and engineering Consultancy is providing guidance to industrial companies across the various stages of their projects, from R&D and design to assembly-line production.
AKKA Technologies through its expertise in complementary fields delivers real added value to industrial companies in every market segment: automotive, aeronautics, space/defense, consumer electronics, telecommunications, chemicals, pharmaceuticals, steelmaking energy, rail and is recognized as such by key clients in each of these segments.
Thanks to its highly mobile teams and its global footprint, AKKA Technologies is capable of participating in cutting-edge projects across the world.

At 31 December 2007, AKKA Technologies employed 5,100 staff and is established in France, Belgium, Germany, Italy, UK and Switzerland, Morocco and Romania.

AKKA Technologies is listed on EuronextTM Paris - Compartment C - ISIN Code: FR0004180537.


Contacts:

AKKA Technologies
Nicolas Valtille / CFO - Tel: 04 78 92 60 83 - finances@akka.fr
Anne-Laure Ruel / Communications Officer - Tel: 04 78 92 61 43 - al.ruel@akka.fr

Actus Lyon
Amalia Naveira - Analyst and Investor Relationships- Tel: 04 72 18 04 92 - anaveira@actus.fr
Marie-Claude Triquet - Press Relations Officer - Tel: 04 72 18 04 93 - mctriquet@actus.fr


Information réglementée
Communiqués au titre de l'obligation d'information permanente : Communiqué sur comptes, résultats, chiffres d'affaires
© Copyright Actusnews Wire
Recevez gratuitement par email les prochains communiqués de la société en vous inscrivant sur www.actusnews.com
Receive by email the next press releases of the company by registering on www.actusnews.com, it's free

Valeur associée
  Libellé Bourse Dernier Var. Vol.
Vous devez être membre pour ajouter des commentaires.
Devenez membre, ou connectez-vous.
Aucun commentaire n'est disponible pour l'instant