http://www.getronics.com/global/en-gb/g ... 060802.htm
Getronics half-year results 2006
Amsterdam, 02 August 2006
Financial highlights 1)
Total revenue increased by 11% to €1,342 million (H1 2005: €1,209 million);
Service revenue increased by 16% to €1,162 million (H1 2005: €1,002 million), whilst product revenue decreased by 13% to €180 million (H1 2005: €207 million);
Total service revenue growth on a comparable basis was 1.3% in H1 2006;
There was good service revenue growth on a comparable basis in the Netherlands (6.2%), in the Rest of Europe (4.7%) and Latin America (4.1%) and moderate growth in APAC (2.3%), which was almost completely offset by the negative developments in North America (-16.6%). The drop in North America was due to the loss in 2005 of substantial parts of two major contracts (Wachovia, BP) as reported in previous announcements;
EBITAE decreased to €34 million (H1 2005: €52 million), resulting in an EBITAE margin of 2.5% (H1 2005: 4.3%);
This decline in profitability was partly the result of continued price pressure, higher use of external contractors and some poor performing contracts. In addition, the Company suffered from the loss of substantial parts of two major contracts in North America and the first half results were negatively impacted by a number of major contracts in transition. Also the EBITAE in the first half 2005 included a pension related net benefit of €14 million in Japan, which explains part of the decrease;
The operating result decreased to €15 million (H1 2005: €45 million) and includes €9 million acquisition integration expenses and €8 million amortisation of acquired intangible assets;
Net result from continuing operations amounted to €16 million (H1 2005: €7 million) including €24 million tax benefit;
Net result from total operations amounted to €-41 million (H1 2005: €-14 million), including the €-57 million net result from discontinued operations (net of an income tax gain of €26 million) that was recorded following the sale of the Italian operations completed on 22 June 2006;
Earnings per ordinary share from continuing operations was €0.13 (H1 2005: €0.06) and EPS from total operations was €-0.33 (H1 2005: €-0.15); and
Cash flow used in operating activities was €142 million in the first half of 2006 (H1 2005: €160) including €35 million for the Italian discontinued operations. The Italian discontinued operations also led to a €-42 million investing cash flow which includes €44 million cash transferred to the buyer and €-41 million financing cash flow relating to repayment of Italian borrowings.
Enviado: 3/8/2006 11:55