GROUPE STERIA : Second quarter 2007 revenue: +8.8%. First half 2007 operating margin : +7.3%. First half 2007 attributable net profit: +8.4%

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  • Second quarter 2007 revenue was ¤ 330.7 million, up 8.8% on a like-for-like basis.
  • First half 2007 operating margin was ¤ 40.7 million, up by 7.3 % compared to the first half 2006.
  • Before group costs of 1.3% of first half 2007 revenue, the operating margin rate rose by 0.16 points to 7.5 %.
  • Attributable net profit for the first half 2007 was ¤ 23.7 million, up 8.4%.

On the 27th July 2007, the Steria Group SCA Supervisory Board examined the consolidated accounts submitted by Management.

First-half 2007 results

First half   2006 2007 Variation
Revenue ¤ m 607.2 647.9 6.7%
Operating margin
as a % of revenue
¤ m
%
38.0
6.3%
40.7
6.3%
7.3%
-
Operating income ¤ m 34.3 39.0 13.8%
Attributable net profit ¤ m 21.9 23.7 8.4%
Diluted earnings per share ¤ 1.16 1.22 5.2%
Average weighted diluted number of shares Mn. 18.92 19.41 2.6%
 
Net financial debt ¤ m 79.6 43.9 -44.8%

1 Operating margin is the Group's key indicator. It is defined as the difference between revenue and operating expenses, these being equal to the costs of services rendered (costs necessary for the implementation of projects), as well as Selling and General and Administrative costs.
2 Operating income includes additional expenses associated with stock options or bonus shares allocated to certain employees, restructuring expenses, capital gains on disposals, etc.

Revenue

First half 2007 revenue


In ¤ million
H1
2006
H1
  2007
Growth
Revenue 607.2 647.9 6.7%
Change in structure of consolidated group -
Currency effect +1.4
Pro-forma revenue 608.6 647.9 6.5%

First half 2007 revenue by geographic zone


In ¤ million
H1
2006*
H1
2007
Organic growth
France 261.2 270.4 3.5%
UK 142.5 157.1 10.2%
Germany 92.8 106.3 14.5%
Other Europe 112.1 114.2 1.9%
Total 608.6 647.9 6.5%

First half 2007 revenue by business line


In ¤ million
H1
 2006*
H1
2007
Organic growth
Outsourcing 259.6 278.9 7.4%
Consulting and Systems Integration 349.0 369.0 5.8%

* Revenue on a like-for-like basis (based on 2007)

Second quarter 2007 revenue by geographic zone


In ¤ million
Q2 2006* Q22007 Organic growth
France 131.0 133.7 2.0%
UK 70.5 82.6 17.1%
Germany 45.9 55.1 20.2%
Other Europe 56.7 59.3 4.7%
Total 304.1 330.7 8.8%

*  Revenue on a like-for-like basis (based on 2007)

Activity during the second quarter of 2007

In the second quarter of 2007, the group grew consolidated revenue by 8.8% on a like-for-like basis.

  • In France, growth was 2% compared to Q2 2006 on a like-for-like basis reflecting greater selectivity of commercial opportunities in line with transformation efforts engaged with the aim of increasing value added and profitability.
  • In the UK, where quarterly variations can be significant due to the timing of the call off of orders already received under framework contracts, growth was 17.1% compared to the second quarter 2006.
  • In Germany, the combination of a strong environment, our well-positioned offers, the group's appeal and favourable base effects allowed strong organic growth of 20.2% compared to the prior year period.
  • In the Other Europe zone, Q2 growth of 4.7% was driven especially by Scandinavia and Belgium.

First-half 2007 results

As at June 30, 2007, group costs were 1.3% of revenue compared to 1.1% as at June 30, 2006. This evolution results from the strengthening, during the first half of 2007, of three transversal functions (Business Development, Client Value Development, Technology and Innovation) and from the continued efforts of industrialisation (Global Service Centre) to step up the pace of the transformations with the aim of intensifying growth and increasing profitability.

  • Before structural costs, the group's operating margin rose by 0.16 points to 7.5% compared to H1 2006. This improvement was largely due to Germany where the operating margin rate before group costs rose by 1 point on H1 2006, to 7.4%. In France and the UK the operating margin rate before group costs remained high (9.2% vs. 9.2% in H1 2006 and 8% vs. 8.1%, respectively). In Other Europe, the operating margin rate before group costs was 3.2%, an increase of 0.1 points on H1 2006.
  • After factoring in central costs, operating margin rose by 7.3%, an increase in the operating margin rate of 6.3%.
  • Net financial debt as at June 30, 2007 was ¤ 43.9 million, down 44.8% on June 30, 2006. The reduction reflects the strong performance in operating cash flow generation: Operating free cash flow as at June 30, 2007 was of the same order as at June 30, 2006 (-¤ 42.7 million compared to -¤ 39.5 million) despite a ¤ 16.7 million rise in tax payments in H1 2007 compared to the prior year period.

Appointment

Laurent Lemaire has been appointed Chief Financial Officer and will sit on the Steria Group Executive Committee.Before joining Steria, Laurent Lemaire (40 years old) worked at Danone Group where he was CFO for the global beverage division.

Results presentation

  • A presentation in English to analysts and investors will be held today at 10h00 (Paris time) at George V Hotel (31 avenue George V) in Paris.
    • The presentation materials will be available online on Groupe Steria's website, and the meeting will also be accessible via conference call.
      Dial-in number: +33 (0)1 70 99 42 98.
    • A conference call playback will be available until 5 August 2007 at the following number: +33 (0)1 71 23 02 48 - Pin code: 5523421#.
  • A press conference in French will be held today at 12h00 (Paris time) at George V Hotel (31 avenue George V) in Paris.
Next publication:third-quarter 2007 revenue
Monday October 29, 2007 after the market close.

Enclosures:

  • Consolidated income statement as at June 30, 2007
  • Consolidated balance sheet as at June 30, 2007
  • Simplified cash flow STATEMENT as at June 30, 2007

Steria is listed on Euronext Paris, Eurolist (Compartment B)
ISIN: FR0000072910, Bloomberg Code: RIA FP, Reuters Code: TERI.PA
CAC MID&SMALL 190, CAC MID 100, CAC Soft&CS, CAC Technology
SBF 120 general index, SBF 250, SBF 80, IT CAC, NEXT 150

For further information, please visit our website: http://www.steria.com


Press Relations:
Isabelle GRANGE
Tel: +33134886444 / +33615152792
Isabelle.grange@steria.com
Investor Relations:
Olivier PSAUME
Tel: +33134885560 / +33617642939
olivier.psaume@steria.com

Consolidated income statement as at June30, 2007

EUR 000 30/06/2007 30/06/2006
Revenue 647 882 607 175
Consumed purchases and sub-contracting (122 415) (138 605)
Payroll charges (367 613) (325 277)
External expenses (93 483) (86 612)
Tax and duties (12 309) (10 295)
Inventory change 1 419 (60)
Sundry operating income/expenditure 2 140 2 450
Net depreciation and amortisation (12 593) (11 545)
Net allocations to provisions (1 817) 970
Depreciation of current assets (463) (219)
Operating margin 40 748 37 981
Operating profitability 6.3% 6.3%
Other operating income and expenses (1 760) (3 730)
Operating profit 38 988 34 251
Net cost of financial debts (1 503) (1 931)
Other financial income and expenses (39) 678
Financial result (1 542) (1 253)
Tax (13 631) (10 986)
Group share of profits from associated companies 15 320
Total net profit 23 830 22 332
Group share 23 742 21 896
Minority interests 88 435
Earnings per share (in EUR) 1.27 1.21
Fully diluted earnings per share (in EUR) 1.22 1.16

Consolidated balance sheet as at June30, 2007

30/06/2007 30/06/2006
Goodwill 241 248 239 543
Intangible fixed assets 13 118 12 647
Tangible fixed assets 67 181 64 650
Investments in associated undertakings 176 2 871
Assets available for sale 2 360 2 351
Other financial assets 1 242 868
Deferred tax assets 33 980 40 301
Non-current assets 359 305 363 231
Inventories 16 860 5 717
Trade debtors and similar 248 664 255 477
Client receivables 188 270 159 606
Other current assets 15 693 15 560
Non-current assets less than one year 1 600 1 711
Due tax assets 8 917 1 046
Advance payments 25 769 23 077
Cash and cash equivalents 34 230 37 121
Current assets 540 003 499 315
Total assets 899 308 862 546
Group shareholders' equity 345 154 276 226
Minority interests 1 232 951
Total shareholders' equity 346 386 277 177
Loans and financial debt (> 1 year) 67 006 101 454
Pension commitments 69 917 79 043
Provisions for liabilities and charges (> 1 year) 6 380 7 666
Deferred tax liabilities 1 669 1 740
Other non-current liabilities 19 19
Non-current liabilities 144 991 189 922
Loans and financial debt (< 1 year) 11 161 15 279
Provisions for liabilities and charges (< 1 year) 13 528 11 045
Trade creditors and related accounts payable 116 465 116 575
Amounts owed to clients and advances received 75 728 78 384
Due tax liabilities 9 862 7 587
Other current liabilities 181 187 166 577
Current liabilities 407 931 395 447
Total liabilities 899 308 862 546

Simplified cash flow statement

30/06/2007 30/06/2006
Cash flow
o/w tax
34.0
(17.6)
43,3
(0,9)
Change in WCR (cash elements) (61.1) (63,3)
Operating cash flow (27.1) (20,0)
Net industrial investment (12.2) (10,8)
Restructuring (3.4) (8,7)
Free operating cash flow (42.7) (39,5)
Dividends (7.9) (5,4)
Net financial investment 4.5 8,7
Capital increase 5.9 0,4
Others (incl. pension commitments) (4.6) (5,4)
Free cash flow (44,7) (41,2)
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