Operating Profit: +21%

Net Result on Continued Operations: +56.3%



Vision IT Group, European Information Technology and Consultancy Group, announces the publication of its Full Year 2012 results.


In M€, IFRS [1]








Operating Margin

% of revenue







Operating Profit

% of revenue







Net Result on Continued Operations

% of revenue







Net Result on Discontinued Operations [2]




Group share of Net Income





2012: A year of transformation and preparation

Throughout the 2012 fiscal year, Vision IT Group has further consolidated its subsidiaries in order to improve the synergy between countries and the quality of its services. Thus, the Group’s reorientation towards consulting by the deployment of Vision Consulting Group in Belgium and the financial reorganization undertaken since the end of 2011 now show their beneficial effects on the Group’s results.

During this same period, the Group has significantly strengthened its management teams and increased its investments in R&D to consolidate its main offers: Consulting and Training, Software Quality, Innovative Business Applications and IT Operations & Cloud Computing.

Subsidiaries and activities not falling within this category have been discontinued.



Financial situation

Consolidated revenue amounted to €105.3M for the 2012 fiscal year, down 5.6% on the same basis. This variation is mainly due to strong price pressure from certain major customers in France, recruitment issues in Germany, difficult market conditions in Southern Europe, as well as difficulties encountered in Luxembourg which has strongly affected revenue in the Benelux region.

The operating margin of €5.5M represents 5.2% of revenue, an increase of 0.8 point compared to the previous year, in accordance with the margin improvement plan. This progression results from the implementation of a savings plan launched in 2011, and would have been greater without the constant pressure of prices.


The operating profit resulted in €4.6M, an increase of 21.1% compared to 2011. This increase is primarily due to the net reduction in restructuring costs and improved operating margin.


Net income from continued operations increased by 56.3% compared to 2011, reaching €2.5M and consolidated net income of the Group became positive at €0.3M despite an impact of €2.2M for the cost of discontinued operations.


Due to the significant reduction in net financial debt (€13.3M in 2012 compared to €16.6M in 2011) Vision IT Group has improved its debt ratio (gearing) going from 45% in 2011 to 36% in 2012. 73% are long-term debt.


Vision IT Group has a strong balance sheet with equity amounting to more than 44% of total assets. Available cash was at €6.4M on December 31, 2012 and €7.8M in unused credit lines.


Analysis by geographical zone

Germany’s profitability was heavily impacted by restructuring carried out in 2012.

The results of the subsidiary specialized in IT management and consulting have suffered significant overheads that affected its performance. The reorganization started in the last quarter of 2012 and will continue on into early 2013, allowing a rapid improvement in profitability.

The Stuttgart-based subsidiary, specializing in the automotive sector, is one of the most profitable entities of the Group. The subsidiary has gained significant new business throughout the year, including Porsche, Bosch and important contracts with Daimler.

Vision Consulting Group Germany has also gained several new clients in 2012 (Thyssen, BASF, Wüstenrot, EagleBurgmann, etc.).


In France, price pressure remained high from some major clients. However, many new business deals were achieved throughout the year, particularly in the software quality sector and in the implementation of services centers (Galeries Lafayette, Veolia, BNP Paribas).

A significant strengthening of middle management also took place with the aim of reducing turnover. Nevertheless, the subsidiary has remained strong, despite a slight decline in revenue, and shows a growth in margin.


In Benelux, 2012 proved to be a rather positive year. Managerial reorganization carried out in Luxembourg weighed significantly on the subsidiary’s results. The new team in place has rectified the situation and is already seeing commercial successes, such as with the opening of a new services center for the Chamber of Deputies.

After a significant reorganization in 2011, the Dutch subsidiary was profitable once again in 2012 and boasts the best margin of the Group. The subsidiary continues to market specialized skills in the Virtualization and Cloud Computing domain and has expanded its offering by proposing the Group’s know-how in Software Qualification.

In Belgium, the focus has been particularly on consulting with the consolidation of the activities under one single entity: Vision Consulting Group, in order to become a significant player in this domain. In addition, efforts have been made to strengthen the sales teams, particularly in the northern portion of the country. The subsidiary recorded a slight margin decline due to these investments; but still maintains a good level. Business continues to grow, particularly in the energy sector (GDF Suez, Ores, etc.).


In Southern Europe (Spain, Portugal, Italy), the Group has been extremely resilient in a very depressed market and even managed to increase its margin under these circumstances. A small activity (12 employees) with low added value was sold late December in Italy to focus on the much more profitable health sector.

Development in Central America

Vision IT Group recently opened an office in Panama to boost the activity of its Spanish subsidiary. Its objective is to market the Group’s offers in Central America in offering turnkey projects and service centers.

A first contract is underway with the National Police of Panama for a total of $250K. Vision IT Group Panama is currently negotiating projects worth $1M for local government and major international banks. The Group’s objective is to benefit from a more dynamic market compared to Europe and higher margins.

2013 outlook

In 2013, after a decade-long investment in the construction of its European network (the Grid Company), the Group launched a strategic plan of scope: Next Vision, which will be developed over the next 3 years. In addition to more efficient organizational measures for managers, it provides an ambitious strategy for deploying the Group’s differentiating offers on its entire network.



The Group will offer 3 added-value business lines:

·         Vision Consulting for Business and IT Consulting

·         Vision SQM for Software Quality Management

·         Vision IT for Applications, Integration & Solutions, and IT Operations

Next Vision brings a new dynamic to the Vision IT Group teams and will enable the Group to optimize the use of its network, to gain new business and increase its added-value in all of its subsidiaries. The objective is to return to a positive organic growth and a better margin level as soon as 2013. Vision IT Group will also continue to invest in high-growth markets, such as Germany and Central America.

Due to the major restructuring plan implemented in 2011 and 2012, and the first effects of the Next Vision plan, Vision IT Group’s future looks optimistic in a market difficult to predict. The Group should return to a positive organic growth in most countries. Additionally, the return to profitability in its Luxembourg and Berlin subsidiaries will have a positive impact on the recovery of margins.

Next Press Release on May 16, 2013 after market closure:
First Quarter 2013 Sales Revenue



About Vision IT Group 


A European Group founded in 2001, chaired by Marc Urbany and Philippe Muffat-es-Jacques, Vision IT Group is a consultancy and expertise Group specializing in IT center performance management and optimization including a Cloud Computing offer, the development of business applications based on innovative technologies, software quality management and consultancy & training via Vision Consulting Group.

Vision IT Group enables its clients to focus on their core business and gain market share by implementing innovative IT solutions. With a presence in 9 European countries articulated around 4 strategic regions (France, Germany, Benelux, and Southern Europe), Vision IT Group boasts 1,005 experts (excluding employees of the discontinued entities and subcontractors).

Listed simultaneously on the Alternext NYSE Euronext Brussels and Paris, Vision IT Group realized €105.3M of revenue for 2012. Its rapid development relies primarily on the quality of its consultants (90% experts) and on its “Grid Company” operating model which consists of pooling the expertise of the companies in the Group.

Alternext NYSE Euronext Brussels and Paris (VIT) - ISIN Code : BE0003882025



Vision IT Group Contact Information

April Giarla, Financial Communications Manager

Tel: +33 (0)1 41 09 77 00 -

Philippe Muffat-es-Jacques, Co-President

Tel: +33 (0)1 41 09 77 00 -


[1] The Vision IT Group Board of Directors met on 25 March 2013 to close the Group’s consolidated accounts.

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