GROUPE OPEN Financial Results for H1 2013
Current Operating Income (COI) for H1 2013 down to €3.4 M COI for H2 2013 expected to exceed that of H2 2012Paris, 11th September 2013 - Groupe Open (ISIN: FR 0004050300; NextEconomy segment
- 972, IT services), the digital services company (ESN), reveals its financial results for the first six months of 2013.
In millions of € H1 2013 H1 2012
Turnover | 125.6 | 123.5 +2% |
Current Operating Income | 3.4 | 5.7 - 41% |
COI % | 2.7% | 4.5% |
Other operating income and expenditure | -1.0 | -0.4 |
Operating Income | 2.4 | 5.3 |
Cost of financial debt | -0.8 | -1.0 |
Other financial income and expenditure | -0.1 | |
Tax expenditure | -1.2 | -2.1 |
Net Operating Income | 0.4 | 2.0 |
Net income from activities now ceased, sold or in the process of being transferred | -0.1 | |
Net Income | 0.4 | 1.9 |
Groupe Open has seen turnover increase in the first six months of this year, particularly in the second quarter (+4.7%), reflecting the success of the group's declared strategy of increasing its market share. This return to growth is also the fruit of investments made in late
2012 and 2013, aimed at boosting the group's commercial dynamism and rolling out its
enhanced innovation strategy.
Following the implementation of the group's action strategy dedicated to strengthening its
commercial efforts, Open is now enjoying the fruits of its labours:
- Repositioning of the group thanks to an expanded customer base: over 50 new accounts secured,
- Reduced employee turnover,
- Strengthening of high-profile technological partnerships to boost the group's product
range,
- Restructuring of the group's Consulting division, led by a team of 80 consultants operating under the PEA Consulting brand name,
- Development of Open's quality policy, building on the group's ISO 9001
accreditation with ISO 27001 certification (security),
Nonetheless, operating income has been hit by the reduced number of days in H1 2013 (-
1.6%) and a cut to the average daily rate billed to customers as part of Open's more ambitious commercial policy. Despite a business climate which remains challenging, the CICE Competitiveness and Employment Tax Credit has allowed Open to maintain a balanced recruitment policy and finance further investment in innovative products and services.
In millions of € | H1 2013 | H1 2012 | Growth |
Turnover France | 115.4 | 112.5 | +3% |
COI France (% of turnover) | 3.5 3.0% | 5.8 5.2% | -41% |
In millions of € | H1 2013 | H1 2012 | Growth |
Turnover International | 10.2 | 11.0 | -7% |
COI International (% of turnover) | -0.1 -1.0% | -0.2 -1.8% | +45% |
Figures from international operations have improved, and should continue to do so as they return to their long-term averages.
Balance Sheet and Cash Flow30
June
2013
31
Dec
2012
30
June
2013
31
Dec
2012
Goodwill | 102.0 | 102.0 | Shareholders' Equity | 91.3 | 93.2 |
Intangible fixed assets | 0.7 | 0.8 | Financial debt | 19.3 | 19.2 |
Non-current assets | 109.5 | 109.4 | Non-current liabilities | 20.3 | 21.3 |
Cash flow | 17.5 | 24.8 | Current liabilities | 79.5 | 76.3 |
Current assets | 81.6 | 81.4 | Factoring | 5.3 | 4.8 |
Total ASSETS | 191.1 | 190.8 | Total LIABILITIES | 191.1 | 190.8 |
The group's financial structure is unchanged from 31st December 2012. Gearing now amounts to 8% of shareholders' equity, down from 12% in June 2012.
In millions of €
January to June
2013
January to
December
2012
July 2012 to
June 2013
Net cash flow from operations | -4.5 | 14.1 8.5 -2.6 -1.3 -8,1 -5.6 3.4 1.6 20.9 15.4 24.3 17.0 |
Net cash flow from investments | -0.3 | 14.1 8.5 -2.6 -1.3 -8,1 -5.6 3.4 1.6 20.9 15.4 24.3 17.0 |
Net cash flow from financing operations | -2,5 | 14.1 8.5 -2.6 -1.3 -8,1 -5.6 3.4 1.6 20.9 15.4 24.3 17.0 |
Impact of fluctuations in exchange rates | 14.1 8.5 -2.6 -1.3 -8,1 -5.6 3.4 1.6 20.9 15.4 24.3 17.0 | |
Variation in net cash flow | -7.3 | 14.1 8.5 -2.6 -1.3 -8,1 -5.6 3.4 1.6 20.9 15.4 24.3 17.0 |
Cash and cash equivalents at opening | 24.3 | 14.1 8.5 -2.6 -1.3 -8,1 -5.6 3.4 1.6 20.9 15.4 24.3 17.0 |
Cash and cash equivalents at close of exercise | 17.0 | 14.1 8.5 -2.6 -1.3 -8,1 -5.6 3.4 1.6 20.9 15.4 24.3 17.0 |
Negative cash flow is symptomatic of the disparity between the customer payment deadlines of 31st December and 30th June, the latter being traditionally higher. The company has nonetheless continued to improve its DSO and handling of outstanding invoices.
The position which Groupe Open has carved out for itself sees the company well placed to respond to the expectations of the current market. A successful industrialisation policy, a fully onshore structure and an innovation strategy with a clear focus on cloud technologies, collaborative services and mobile functionalities have all helped Open maintain a dynamic rate of growth in spite of the continued tensions on the market.
As such the company stands by its turnover growth target for the year, and maintains a resolutely bright outlook for 2014. Furthermore, Groupe Open has confirmed that current operating income for H2 2013 should exceed that seen in H2 2012.
CONTACT:
Nathalie MREJEN - Financial Communications
Tel: 01 40 53 36 00 nathalie.mrejen@open-groupe.com
About GROUPE OPEN
With over 3000 employees, Groupe Open is a leading player in the field of Digital Transformation and Performance Boosting for the IT Departments of large companies. Headquartered in France, Open also has international operations in Belgium, the Netherlands, Luxembourg, Spain and China. Listed on the Paris Stock Exchange, Groupe Open is among the leading French digital service providers (ESN), offering Consulting, Application Services and Infrastructure Support with a unique combination of strengths which sets Open apart from the competition: Professionalism and Proximity, Value and Innovation. In order to better respond to the priorities of today's business clients, and the need to be competitive at all times, Groupe Open's strategy is based on continually boosting the group's value added and its capacity for innovation. Groupe Open's stated ambition is to consolidate its position among the leading digital business service experts in France, building for the future while remaining true to the core values which define the company's identity: Pertinence, Audacity, Ethics & Responsibility, Passion and Commitment, all with an unflinching dedication to corporate social responsibility.
Find out more at: www.open-groupe.com/ contact@open-groupe.com
Pour en savoir plus : www.open-groupe.com
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