On July 28, 2011, the Supervisory Board of Groupe Steria SCA examined the consolidated financial statements submitted by the General Management.
First half 2011 consolidated results2
|First half||2010||2011||Total growth||Organic growth
At constant perimeter and currency
% of revenue
|Attributable net income||¤m||25.2||22.0||-12.7%|
|Underlying attributable net income4||¤m||33.2||38.3||+15.5%|
|Underlying diluted earnings per share4||¤||1.02||1.17||+13.8%|
|Net financial debt||¤m||209.9||200.0|
First half 2011 consolidated revenue
|In ¤ million||H1
|Change in consolidation scope||-|
|Change due to currency effect||4.4|
First half 2011 revenue by geographic region
|In ¤ million||H1 2010*||H1
*Like-for-like revenue (2011 base)
First half 2011 revenue by business line
|In ¤ million||H1
|Infrastructure Management and Business Process Outsourcing||319.3||332.2||4.0%|
|Consulting and Systems Integration||517.1||532.9||3.1%|
** Revenue on a like-for-like perimeter, currency and organisational structure basis (2011 base)
Second quarter 2011 revenue by geographical region
|In ¤ million||Q2 2010*||Q2
*Like-for-like revenue (2011 base)
Second quarter 2011 activity
During the second quarter 2011, the Group enjoyed a good commercial dynamic which continued in the month of June despite an unsettled European environment.
On a like-for-like basis, revenue growth in second quarter 2011 revenues saw a marked acceleration to +5.6% compared with +1.3% during the first quarter of 2011. This increase was mainly explained by a return to revenue growth in the United Kingdom and an acceleration in the revenue growth of the Other Europe zone.
At the end of the first half 2011, the book to bill ratio stood at 1.03 (compared with 1.13 at June 30, 2010, a figure that had been significantly inflated during June 2010 by the Cleveland Police contract amounting to ¤200 million).
At June 30, 2011, the pipeline, measured as a multiple of revenue, was up across all the Group's geographic areas and stood at 2.5 times versus 2.2 times in the previous year.In the United Kingdom, excluding currency impact, revenue growth was in line with expectations, returning to positive territory during the second quarter with growth of 3.4% versus the second quarter of 2010. A significant highlight of the quarter was the first contract extension with the Cleveland Police Authority increasing the scope of activities. This extension to the original contract illustrates both the Group's effectiveness in terms of service execution and the potential scope for generating cost savings in the UK public sector via Business Process Outsourcing services. It should also be noted that NHS SBS, Steria's joint venture with the NHS, recorded 20.5% revenue growth for the first half5. At June 30 2011, the book to bill ratio stood at 0.94 with the pipeline increasing to 2.6 times revenue versus 2.3 times at June 30, 2010. In France, organic revenue growth amounted to 3.8%. Second quarter activity remained dynamic and was notably characterised by a strong trend in the public and financial sectors. At June 30, 2011, the book to bill ratio was similar to that of the previous year at 1.05. In Germany, organic revenue growth was 4.3% driven by a strong dynamic in the public sector. New orders saw a significant increase enabling the book to bill ratio to reach 1.16 at June 30, 2011 versus 0.98 in the previous year. The Other Europe region made strong progress during the first half 2011 with like-for-like revenue growth of 14.7%. Scandinavia, Belgium/Luxembourg and Switzerland all posted double-digit growth rates whilst revenue in Spain decreased during the quarter. At June 30, 2011, the book to bill ratio for the region stood at 1.09 versus 0.99 at June 30, 2010.
Results for the first half 2011
For the first half of 2011, the Group's operating margin1 amounted to ¤57.6 million versus ¤57.1 million in 2010, leading to an operating margin rate of 6.7%.
The other income and operating expenses for the half year notably included ¤7.8 million of non-recurring costs linked to the rationalisation and optimisation of premises during 2011 in France and India within the framework of the transformation programmes implemented by the Group.
Net financial expense saw a significant improvement to -¤1.7 million (versus -¤9.7 million in the first half 2010) mainly due to a marked reduction in the net cost of financing.
Attributable net income amounted to ¤22.0 million during the first half 2011 compared with ¤25.2 million in 2010. Excluding non-recurring items including those linked to the rationalisation of buildings, attributable net income rose by 15.5% to ¤38.3 million.
The Group confirms its full year 2011 guidance for organic revenue growth of between 3% and 4% and an operating margin rate1 at least equal to that of 2010.
An information meeting on the first half 2011 results will take place on July 29, 2011 at 9:00am CET by webcast at www.steria.com (investors section).
Next publication: third quarter 2011 revenue on Wednesday November 2, 2011 after market close
Appendices: Consolidated income statement, consolidated balance sheet, summary cash flow statement and operating margin rate1 by geographical region at June 30, 2011.
A video interview with François Enaud, General Manager of Steria SCA can be viewed at www.steria.com
GROUPE STERIA SCA
Steria is listed on Euronext Paris, Eurolist (Section B)
ISIN Code: FR0000072910, Bloomberg Code: RIA FP, Reuters Code: TERI.PA
Indices: CAC MID&SMALL 190, CAC MID 100, CAC Soft&CS, CAC Technology
SBF 120 General Index 120, SBF 250, SBF 80, IT CAC, NEXT 150
For further information, please see the website: http://www.steria.com
Tel: +33 (0)1 34 88 64 44/+33 (0)6 15 15 27 92
Tel: +33 (0)1 34 88 55 60/+33 (0)6 17 64 29 39
Consolidated income statement at June 30, 2011
|In thousands of euros||30/06/2011||30/06/2010|
|Cost of sales and sub-contracting costs||(151,931)||(149,891)|
|Taxes (excluding income taxes)||(10,121)||(8,991)|
|Change in inventories||30||36|
|Other current operating income and expenses||4,630||10,870|
|Net charges for depreciation and amortisation||(14,210)||(15,848)|
|Net charges for provisions||3,678||4,543|
|Net charges for current asset impairment||(1,480)||(525)|
|Operating margin (*)||55,234||54,803|
|% of revenue||6.4%||6.6%|
|Other operating income and expenses||(20,704)||(8,677)|
|Cost of net borrowings||715||(5,801)|
|Other financial income and expenses||(2,427)||(3,908)|
|Net financial expense||(1,713)||(9,709)|
|Income tax expense||(10,940)||(11,036)|
|Share of profit/(loss) of associates||364||(150)|
|Net income from continuing operations||22,241||25,231|
|Net income/(loss) from operations held for sale|
|Net income for the year||22,241||25,231|
|Attributable net income||21,966||25,161|
|Attributable to minority interests||275||70|
|Underlying4 diluted earnings per share
(*) After amortisation of the customer relationships recognised on the acquisition of Xansa and amounting to ¤2.335 million at June 30, 2011 and ¤2.330 million at June 30, 2010.
Consolidated balance sheet at June 30, 2011
|In thousands of euros||30/06/2011||31/12/2010||30/06/2010|
|Other intangible assets||63,953||67,041||69,154|
|Property, plant and equipment||49,912||70,365||75,906|
|Investments in associates||7,962||7,941||6,485|
|Available-for-sale financial assets||1,808||1,808||1,809|
|Other financial assets||3,323||3,234||2,238|
|Retirement benefit assets||48,132||44,592||46,342|
|Deferred tax assets||21,010||14,149||10,971|
|Other non-current assets||3,655||3,524||2,987|
|Net trade receivables and similar accounts||290,786||271,031||287,716|
|Amounts due from customers||224,123||167,164||212,081|
|Other current assets||32,918||31,731||48,588|
|Current portion of non-current assets||3,538||3,743||3,174|
|Current tax assets||31,558||28,160||24,905|
|Cash and cash equivalents||122,675||177,246||148,628|
|Non-current assets classified as held for sale||23,507||0|
|Retirement benefit obligations||35,838||35,052||34,245|
|Provision for non-current liabilities and charges||16,709||17,936||18,282|
|Deferred tax liabilities||18,228||17,780||20,964|
|Other non-current liabilities||6,201||5,313||5,763|
|Provisions for current liabilities and charges||31,789||34,763||27,147|
|Net trade payables and similar accounts||159,399||145,719||145,441|
|Gross amounts due to customers and advances and payments on account received||74,639||80,587||92,797|
|Current tax liabilities||48,425||43,197||35,041|
|Other current liabilities||253,757||269,874||271,719|
|Liabilities directly associated with non-current assets classified as held for sale||4,432||0||0|
|Total equity and liabilities||1,668,393||1,651,915||1,739,730|
Summary cash flow statement at June 30, 2011
|In ¤ million||30/06/11||30/06/10|
|Net financial costs||-0.4||-4.0|
|Cash flow before tax||69.6||60.1|
|Change in WCR (cash elements)||-107.7||-48.2|
|Operating cash flow||-47.5||4.2|
|Net industrial investment||-14.9||-14.1|
|Operating free cash flow||-75.0||-15.9|
|Net financial investment||-0.5||-0.1|
|Change in consolidation scope||0.0||0.0|
|Additional contribution to pension fund||-9.6||-8.5|
|Free cash flow||-98.8||-22.9|
Operating margin7 in the first half
by geographical region
|In ¤ million||H1
1 Before amortisation of intangible assets arising from business combinations. The operating margin is the Group's key indicator. It is defined as the difference between revenue and operating expenses, the latter being equal to the total cost of services rendered (costs necessary for the implementation of projects), sales costs and general and administrative expenses.
2 Limited auditors' report published.
3 Operating income includes restructuring costs, capital gains on disposals, expenses linked to share-based schemes granted to employees and other operating income and expenses.
4 Attributable net income restated, after tax, for other operating income and expenses, amortisation of intangible assets and unrecognised deferred tax assets.
5 NHS SBS is a joint venture 50% owned by Steria which generated revenue of ¤62 million in 2010. It is reported using the equity method and its performance is therefore not fully consolidated in either Group revenue or operating margin but only 50% in net income.
6 Of which coupon on the hybrid convertible bond: ¤8.7 million at June 30, 2011 and at June 30, 2010
7 Before amortisation of intangible assets linked to business combinationsInformation réglementée
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|GROUPE STERIA||Euronext Paris||15.46||0.00%||0|