Gfi Informatique Presentation of H results

Transcription

1 Gfi Informatique Presentation of H results Indicate here 1

2 Agenda I. H performance by Vincent Rouaix II. Detailed results by Cyril Malher III. Outlook by Vincent Rouaix IV. Appendices 2

3 Agenda I. H performance by Vincent Rouaix II. Detailed results by Cyril Malher III. Outlook by Vincent Rouaix IV. Appendices Indicate here 3

4 H performance First half-year highlights Strong growth in France of +13.4%, of which 15.9% in Q2 Strong international growth of +24.0%, of which +34.9% in Q2 Strong organic growth (+11.6%) led by our TOP 35 Seasonal operating margin impact in France Continued operating margin recovery internationally Strong increase in Net Earnings (+183%) Mannai became the new lead shareholder with 51% of the capital Gearing in line with our goals Continued external growth (Country Market Share, Skills Centers) 4

5 H performance Key figures Revenue Operating margin published organic H H France million +13.4% +11.0% 20.0 million 4.7% 18.5 million 4.9% Group million +14.9% +11.6% 23.9 million 4.8% 20.8 million 4.8% 5

6 Revenue & Total Operating margin Gfi organic growth growth H performance Strong growth in France 2,7% 3,5% 1,8% 3,2% 5,9% 11,0% H ,3 496,7 546,6 631,8 (3,0%) 6,1% 10,0% 15,6% 689,5 9,1% 763,5 10,7% 423,7 13,4% H Revenue ( million) Total growth 25,6 28,7 34,7 Performance 5,5% 5,8% 6,3% 6,7% 5,6% 7,0% 42,2 18,4 48,2 4,9% 18,5 7,0% 53,4 4,7% 20,0 Comments The operating margin was virtually stable in H as a %, but grew 8% in value as a result of several concurrent factors: + Strong revenue growth of +13.4%, of which +11% organic (respectively, +15.9% and +13.8% in Q2), led by the TOP35 and, notably, enabled by the latest major contracts signed (CNES, 3SI), with some experiencing a peak in short-term invoicing + TACE (rate of activity excluding leave) was up and the TJM (average daily rate) was virtually stable, excluding Software (see the KPI slide) illustrating the overall stability of the activities - A transition phase for major contracts - "Historical" Software activity was weak again in H1 this year and the Group continued its investment programme (IP 20) - The beginning of the year was slower in banking as a result of pressure on legacy system margins H H H1 Operating Margin ( million) 2014 Operating 2015 Margin (%) 2016 Strong seasonal impact on margin as a result of the growth in revenue, the industrialisation of major projects and the anticipated acceleration in Software

7 H performance KPIs impacted by major projects TJM (Average daily rate) Structural decline -0.1% vs H (excluding sw) Unfavourable basis of comparison Impact of large industrialisation and nearshore projects TACE (Rate of activity excluding leave) New improvement +101 bp versus H Impact of 2015 commercial successes Increase in recurring revenue Jan. Feb. March April May June July August Sept. Oct. Nov. Dec H results - 31 July 2015

8 Operating margin Gfi organic growth H performance Strong performance in Spain and Portugal and IMPAQ contribution Performance 7,6% 6,1% 4,5% 2,1% 2,4% 1,0% 12,3% 10,2% 9,1% 20,0% Comments Sustainable improvement initiated outside of France: + Southern Europe: revenue of 56.0 million with organic growth of +18.8%, whereas the operating margin was 4.5% compared to 4.4% in H Stable operating margin in Spain and continued recovery in Portugal at 4.5% compared to 3.7% last year ,0 3,3 2,9 2,9 3,0 2,3 2,2 2,4 2,4 5,5% 4,9% 5,0% 4,9% 4,3% 1,1 4,5% 3,7% 0,5 3,5% 3,8% 0,8% 1,9% H1-11 H2-11 H1-12 H2-12 H1-13 H2-13 H1-14 H2-14 H1-15 H2-15 H1-16 Operating Margin ( million) Operating Margin (%) + Northern Europe and Eastern Europe: revenue of 16.8 million, strong growth as a result of the acquisition of IMPAQ in Poland. The organic growth of +2.2% was also positive again from a historical perspective. Operating margin up strongly at 5.5% + Morocco - Africa: Revenue of 5.6 million growing strongly (+52% y-o-y) thanks to the development of our activities in the region and the contribution of new entities (NVBS and Value Team in Morocco and Somafor in Ivory Coast). Operating margin stable in the region A positive international balance sheet in line with our acceleration strategy

9 H performance Reminder of IMPAQ fundamentals A hybrid portfolio Local and offshore clientèle to be developed Generalist for Integration Consulting and TMA Services Telecoms: Cloud/Big Data, mediation Banking-Finance-Insurance: Compliance, Security, BI, etc. Change in revenue Software Compliance AML, Credit fraud, Web fraud management solutions Offices Clients + Saudi Arabia + Iraq Poland: > 40% of revenue Over 200 employees at 3 sites in Poland, Germanspeaking Switzerland and the UK. Customers in several European countries and the Middle East. kdprevent consulting and integration teams based in German-speaking Switzerland. already consisting of European Tier INSURANCE (14% OF 2014 REVENUE) TELECOMS (36% OF 2014 REVENUE) BANKING (20% OF 2014 REVENUE) CORPORATE (29% OF 2014 REVENUE)

10 Agenda I. HI 2016 performance by Vincent Rouaix II. Detailed results by Cyril Malher III. Outlook by Vincent Rouaix IV. Appendices Indicate here 10

11 Detailed H results Strong growth in revenue and Net Earnings Very strong growth in Net Earnings

12 Detailed H results Strong growth in revenue and Net Earnings Strong improvement in all aggregates A Summary income statement in euro '000 Revenue 502,1 437,0 EBITDA 34,0 25,9 6,8% 5,9% Depreciation and amortization net 10,2 5,2 Operating m argin 23,9 20,8 Amortization of assigned intangible assets (0,8) (0,8) Goodw ill impairment losses - - Other operating income and expenses (5,3) (7,1) Operating incom e 17,8 12,8 Financial result (2,2) (3,4) Income tax expense (7,4) (6,4) Net profit 8,2 2,9 Earnings per share (in euros) 0,12 0,05 Revenue: +15% EBITDA: +31% OM: +15% Net earnings: +183% Correlation between EBITDA and the operating margin A Including amortization on intangible assets 8,0 4,3

13 Detailed H results Detailed income statement Management of non-recurring expenses and financing costs Incom e statem ent in euro '000 Revenue 502,1 437,0 Operating m argin 23,9 20,8 Operating m argin % 4,8% 4,8% Amortization of assigned intangible assets (0,8) (0,8) Restructurations (3,6) (4,8) Gains (losses) on disposals - - Goodw ill impairment losses - - Other operating income and expenses (1,7) (2,4) Operating incom e 17,8 12,8 Income from cash and cash equivalents 0,0 0,0 Gross finance costs (1,5) (3,3) Net finance costs (1,4) (3,3) Other financial income (expenses) (0,8) (0,2) Income tax expense (7,4) (6,4) Net incom e 8,2 2,9 Attributable to the Group 8,2 2,9 Attributable to minority interests (0,0) 0,0 Earnings per share (in euros) 0,12 0, % + 183% Operating profit: PPA: million Restructuring million Other: expenses for acquisitions, bonus shares, relocations Financial result: Non-cash items: million (IFRS, LT loan discounting, IDR accretion) Corporation tax: CVAE - 6 million Indicate here 13

14 Detailed H results Operating margin by country Operating margin: +15% (in thousands of euros) France Spain Portugal Belux Sw itzerland Poland Morocco and Africa Revenue 502,1 423,7 46,9 9,1 11,4 1,1 4,2 5,6 OPERATING MARGIN 23,9 20,0 2,1 0,4 0,4-0,3 0,8 0,4 Operating m argin in % 4,8% 4,7% 4,5% 4,5% 3,8% NS 18,8% 7,8% (in thousands of euros) France Spain Portugal Belux Sw itzerland Poland Morocco and Africa Revenue 437,0 373,8 39,8 7,4 10,9 1,5 na 3,7 OPERATING MARGIN 20,8 18,5 1,8 0,3 0,1-0,1 na 0,3 Operating m argin in % 4,8% 4,9% 4,5% 3,7% 0,6% -6,1% na 7,0% Indicate here 14

15 Detailed H results Consolidated cash flow statement Net cash from operating activities: strong growth in cash generation Consolidated cash flow statem ent in euro '000 Cash from operating activities 27,7 20,3 Tax paid (6,8) (6,0) Change in WC requirement (21,9) (17,8) Net cash from operating activities (1,0) (3,5) Net cash from investing activities off perimeter (21,2) (9,3) Net cash linked to perimeter investment (13,2) (4,1) Net cash from investing activities (34,4) (13,4) Capital increase 2,2 0,2 Repurchases and sales of treasury shares 0,2 (0,6) Dividends paid - - New borrow ings 7,2 21,4 Repayment of borrow ings (2,3) (21,6) Interests paid (0,9) (0,8) Change in factoring draw dow ns 3,1 1,2 Net cash from financing activities 9,5 (0,2) Effect of changes in foreign exchange rate 0,0 0,0 Change in cash and cash equivalents (25,9) (17,1) + 36% Operating flow: - 1 million WCR management Capex: - 21 million of which - 7 million for 3SI Acquisitions: - 13 million Impaq, Bdoc, ITN Indicate here 15

16 Detailed H results Balance sheet Low gearing Consolidated statement of financial position in euro '000 Goodw ill 250,5 238,4 Fixed assets 76,0 61,9 Current and non current assets 459,8 394,1 Cash and equivalent cash 17,6 43,4 Total assets 803,8 737,8 Net equity - Group share 278,0 276,7 Minority interests 0,1 0,1 Borrow ings 84,0 75,3 Current and non current liabilities 426,4 370,6 Financial liabilities and current provisions 15,4 15,0 Total liabilities and shareholders equity 803,8 737,8 Net debt 66,4 31,9 Gearing 24% 12% Working capital (excludind Income tax debt) 69,7 48,7 Variation des capitaux propres (en millions d'euros) Groupe NCI Total ,7 0,1 276,8 Augmentation de capital 2,3-2,3 Résultat ,2 (0,0) 8,2 Dividendes versés (9,9) - (9,9) Résultat reconnu en capitaux propres (0,0) - (0,0) Titres de l'entreprise consolidante 0,2-0,2 Valorisation des paiements en actions 0,5-0,5 Variations de périmètre Indicate here Variation de la réserve de conversion (0,0) - (0,0) ,0 0,1 278,1 Goodwill: 250 million (+5%) Equity: 278 million Capital increase and associated premium: 2 million (exercise of BSAARs) Allocation of 9.9 million in H Net debt: 66 million (vs 90 million at 30/06/15) Or 41 million restated conversion Gearing: 24% (versus 43% at the end of H1 2015) before conversion) 16

17 Agenda I. H performance by Vincent Rouaix II. Detailed results by Cyril Malher III. Outlook by Vincent Rouaix IV. Appendices Indicate here 17

18 Outlook Internationalisation in synergy with our current positions The pillars of growth Profile Account Management Programmes Several major outsourcing projects won, positioning on new, significant opportunities (CNES, 3SI, etc.) Strong growth in specialised offerings (Telecoms, Finance, Insurance, etc.) Commercial synergies with the latest acquisitions (BDoc, IMPAQ, etc.) Deployment of our solutions internationally (notably in the MEA region) Pursuit of an ambitious and targeted M&A strategy (country market share and Skills Centers) thanks to a stronger balance sheet backed by our new shareholder Profitability Revenue growth Industrialisation Rationale Good commercial dynamic in France Rolling 12-month B-to-B: 1.30x Gross pipeline: stable y-o-y Backlog at 30/06/2016: +13% y-o-y Continued recovery in Southern Europe, feeding strong expectations Growing contribution from Eastern Europe International contribution Accretive acquisitions

19 Strategic rationale Outlook Search for value and internationalisation Acquisitions since 2011 Company BUS BSS JDE Date Feb-11 Oct-12 Oct-12 Sep-13 Oct-13 Feb-14 May-14 May-14 Sept-14 Jun-15 Sept-15 March-16 Rev. (in m) FTE 433 c.500 c c.350 c.110 c Sectors/ Key figures Public Sector Thales, Airbus, BNP Group Finance Finance Telecoms Public Sector, Finance, Telecoms Insurance Upper midmarket C er Goods Insurance Poland Spec. Market share Recurring revenue Added value TMA ) Consulting, TMA, PLM BI, Testing Project owner Consulting BSS Digital TMA, Testing, IPs Software Oracle JDE Integration Internat. ERP Editing Nearshore/ Local/Soft ware

20 Outlook Strategic summary Redeployment strategy In France: A unique dynamic BELUX POLAND Carried by our positions in major accounts and our business line solutions for digital transformation support Internationally: Capitalising on our positions in Spain, Portugal and Belux Backed by a proven external growth strategy and the development of our Solutions offering internationally Also focused on gaining a foothold in new growth markets in Eastern Europe and Africa/Middle East FRANCE PORTUGAL IVORY COAST SPAIN MOROCCO

21 Thank you for your time Presentation of the 2016 annual results Indicate here 21