H results

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2 Disclaimer Disclaimers This document may contain forward-looking statements regarding the financial position, results, business, strategy and plans of Gfi Informatique. This information consists of targets, not forecasts, and does not constitute a guarantee of the company s future performance. Actual results may differ from targets because of a number of risks and uncertainties, most of which lie outside our control, in particular the risks that have been or will be submitted by Gfi Informatique to the Autorité des Marchés Financiers (French financial markets authority) and that can also be consulted on our website: Gfi Informatique 2

3 JUL AGENDA H Detailed results Outlook for H2 Conclusion H1 2013: strong resilience Detailed results Outlook for H Conclusion 2013 Gfi Informatique 3

4 Key figures Revenues Operating reported organic margin France Group 313m 20.9 % 1.5 % 368.6m 14.8 % -0.7 % 16.5m 5.3% 17m 4.6 % 2013 Gfi Informatique 4

5 Continued momentum H H Change Org. chg. Q Q Change Org. chg. France % +1.5% % +2.7% International % -10.2% % -8.4% of which: Spain % -10.8% % -7.1% Portugal % -22.7% % -25.8% N. Europe (Belux, Switzerland) % -2.5% % -1.0% Morocco % +11.3% % +11.1% Total % -0.7% % 0.5% Country Change in working days versus H France -2 Spain -2 BeLux -2 Switzerland Gfi Informatique 5

6 ...and operating margin in France H H France 5.3% 5.3% International 0.8% 3.5% o/w: Spain 0.2% 3.7% Portugal -0.5% 5.1% Northern Europe (Belux, Switzerland) 3.9% 5.1% Morocco 3.8% 0.0% Total 4.62% 4.96% Country Impact of working days on H op. margin ( m) France 4-5, i.e % Spain , i.e % BeLux 0.1, i.e. 1% 2013 Gfi Informatique 6

7 France: in line with our targets Quarterly organic growth in France Excl. calendar effect Organic growth of 1.5% in H1 2013, despite two fewer working days Solid overall performance: +0.5% in Q1 and +2.7% in Q2 Excluding the calendar effect, trends were in line with our estimates Satisfactory integration of recent acquisitions Continued gains in market share 514 hirings in France in H1 Turnover rate of 13.1% in France Sharp growth in France headcount: up 19 Sharp decline in Group headcount: down Gfi Informatique 7

8 France : KPIs still strong Average daily rates: growth confirmed + 20 versus 2012 Move up the value chain Improved delivery Janv. Fév. Mars Avril Mai Juin Juillet Août Sept. Oct. Nov. Déc TACE activity ratio: steady improvement Stable versus 2012 Adjustments linked to integrations Close monitoring of activity because of weak visibility Increase in repeat business Janv. Fév. Mars Avril Mai Juin Juillet Août Sept. Oct. Nov. Déc Gfi Informatique 8

9 France: the business mix is a performance driver The portfolio and fundamentals have been truly transformed Change in committed revenues Breakdown of French revenues by type of service/solution 100% 14% 15% 14% 14% 12% 80% 37% 60% 41% 43% 44% 46% 40% 20% 50% 45% 43% 42% 41% S France Software France (Maintenance + Projects) Internat. Change in committed revenues in France by nature 53% 13% 34% 47% 49% 12% 11% 49% 10% 41% 40% 41% 48% 9% 43% S Run Maintenance Build (40% of projects are linked Infogérance Intégration ERP Software to our RUN activities) Management Presentation Gfi Informatique 9 0% 100% 80% 60% 40% 20% S Régie Forfait Software Change in French revenues by type of offer 14% 15% 14% 14% 12% 8% 6% 7% 5% 3% 9% 6% 8% 8% 9% 11% 14% 14% 13% 15% 16% 8% 16% 14% 16% 19% 7% 9% 8% 9% 38% 34% 34% 35% 33% 0% S AT (AS & IS) Conseil / Expertise Projet au forfait TMA

10 France: successful integration processes THALES BUS Operating units integrated within Gfi s organisational structure A pipeline of joint business developments: Turbomeca, EADS, RATP, etc. Articles of association are currently being converged Integration within the AS division has been fully completed Gfi s consulting unit has been strengthened: Qualification and Performance Management Proven operating synergies on offers and customers: Significant increases on Société Générale, CASA and BNP Joint commercial successes: AXA, Société Générale, Usine Retraite, etc Gfi Informatique 10

11 International: mixed results Southern Europe (10% of revenues) A difficult market, but: Strong resilience in view of the economic environment Relatively stable TACE activity ratio thanks to headcount adjustments Average daily rate up slightly in Spain Quarter-on-quarter improvement in Q2 versus Q1 Disposal of the terminal sales business in Portugal in June ( 3-5 million annually) Other regions (4% of revenues) Good resilience or growth: Northern Europe (3% of revenues) Excluding calendar effect, a comparable performance to last year and an improvement in Q2 versus Q1 Morocco (1% of revenues) Growth in revenues and operating margin, and continuation of the expansion strategy in Africa 2013 Gfi Informatique 11

12 JUL AGENDA H Detailed results Outlook for H2 Conclusion H1 2013: strong resilience Detailed results Outlook for H Conclusion 2013 Gfi Informatique 12

13 Growth in operating margin greater seasonality Compte de résultat résumé (en millions d'euros) retraité (1) Chiffre d'affaires 368,6 320,9 EBITDA 20,8 19,8 Amortissements et dotations nettes 3,8 3,9 Marge opérationnelle 17,0 15,9 Marge opérationnelle en % 4,6% 5,0% Amortissements actifs affectés -0,9-0,7 Dépréciation des écarts d'acquisition 0,0 0,0 Autres produits et charges opérationnels -8,3-4,3 Résultat opérationnel 7,8 10,8 Résultat financier -3,5-3,2 Impôt -3,7-5,4 Résultat avant activités abandonnées 0,6 2,3 Résultat des activités abandonnées 0,0 3,3 Résultat net, part du Groupe 0,8 5,0 Résultat part du Groupe par action (en ) 0,01 0,09 Résultat global reconnu en capitaux propres 0,3-5,5 RESULTAT GLOBAL 0,9 0,2 Strong business growth: +14.8% Impact of seasonality on operating margin and restructuring Good correlation of Ebitda and operating margin Growth of 6.9% in operating margin Positive net profit 2013 Gfi Informatique 13

14 Momentum driven by France France Espagne Portugal Belux Suisse Maroc Chiffre d'affaires 368,6 313,1 31,2 8,5 11,9 0,8 3,1 MARGE OPERATIONNELLE 17,0 16,6 0,1 0,0 0,5-0,1 0,1 Marge opérationnelle en % 4,6% 5,3% 0,2% -0,5% 3,9% NS 3,8% France Espagne Portugal Belux Suisse Maroc Chiffre d'affaires 320,9 258,8 35,0 11,2 12,2 0,9 2,9 MARGE OPERATIONNELLE 15,9 13,7 1,3 0,6 0,6-0,3 0,0 Marge opérationnelle en % 5,0% 5,3% 3,7% 5,1% 5,1% NS 0,0% Very high profitability in France Organic growth Contribution of acquisitions Negative calendar impact of 4-5m Key points linked to future profitability TACE activity ratio identical to last year and average daily rate up 20 Gross margins in line with 2012 Improved profitability in Q2 vs. Q Strengthened positioning in France 2013 Gfi Informatique 14

15 Detailed income statement (en milliers d'euros) Variation retraité (1) Chiffre d'affaires net MARGE OPERATIONNELLE Marge opérationnelle en % 4,6% 5,0% -0,3 pts Dotations aux amortissements des actifs affectés Restructurations Résultat des cessions et liquidations Dépréciation des écarts d'acquisition Autres produits et charges opérationnels RESULTAT OPERATIONNEL Produits de trésorerie et d'équivalents de trésorerie Coût de l'endettement financier brut COUT DE L'ENDETTEMENT FINANCIER NET Autres produits et charges financiers Impôts sur les résultats RESULTAT NET AVANT RESULTAT DES ACTIVITES ABANDONNEES Résultat des activités abandonnées RESULTAT NET DE L'ENSEMBLE CONSOLIDE dont part du Groupe dont part ne donnant pas le contrôle Lion s share of annual restructuring costs recorded in H1 for the same outlook in 2013 as in 2012 Other income and expenses mainly comprise AGA Interest expense includes 0.7 million of unpaid interest Résultat part du Groupe par action (en ) 0,01 0,04-0,03 Résultat global reconnu en capitaux propres RESULTAT GLOBAL Gfi Informatique 15

16 Balance sheet Gearing of 34% Bilan résum é (en millions d'euros) retraité (1) Écarts d'acquisition 188,1 192,1 Immobilisations 44,1 41,2 Autres actifs non courants 28,9 28,3 Actifs courants 300,9 292,1 Trésorerie 45,9 40,2 Total actif 607,9 593,8 Capitaux propres 186,7 187,9 Endettement (courant et non courant) 108,7 93,5 Passifs non courants 27,0 27,1 Passifs financiers et provisions courants 15,4 18,3 Passifs courants 270,1 267,0 Total passif 607,9 593,8 Dette nette 62,8 53,3 Gearing 34% 28% BFR 52,1 34,0 Controlled net debt Stable shareholders equity after dividend pay-outs ( 3.2 million) Quality financing 2013 Gfi Informatique 16

17 Cash flows: Controlled WCR- Seasonality Flux de trésorerie consolidés résumés (en millions d'euros) retraité (1) Capacité d'autofinancement avant restructuration 18,8 16,7 Flux de cash liés à la Restructuration -6,3-2,9 Capacité d'autofinancement 12,5 13,8 Impôt versé -5,3-4,3 Variations du BFR (hors versement litige TVA) -16,5-15,9 Versement litige TVA -2,8 0,0 Flux nets de trésorerie d'exploitation -12,1-6,3 Flux nets d'investissements hors périmètre -5,6-5,3 Flux liés aux opérations de périmètre 11,2 41,5 Flux d'investissement 5,6 36,2 Dividendes 0,0-4,8 Nouveaux emprunts 0,0 0,0 Remboursements d'emprunts -2,9-19,4 Intérêts versés -0,9-1,0 Tirage factor et autres 9,8 21,0 Flux nets de financement 5,9-4,2 Impact du taux de change 0,0 0,0 Variations de trésorerie hors activités abandonnées -0,5 25,7 Cash flow nearly stable despite the seasonality of restructuring costs Change in the WCR (excl. VAT payment) of million vs million last year Scope changes: disposal of the terminal sales business in Portugal/receipt of the Canadian vendor loan Notes VAT, payment amount: 14 million under a three-year plan negotiated with the administration ( 2.8 million disbursed in H1 2013) 2013 Gfi Informatique 17

18 JUL AGENDA H Detailed results Outlook for H2 Conclusion H1 2013: strong resilience Detailed results Outlook for H Conclusion 2013 Gfi Informatique 18

19 Outlook for H France: still opportunities to seize The market remains complicated but opportunities arise in response to the pillars of our strategy in our key sectors 1. Banking-Finance - Insurance: 31% - growth +45 % - Margins: 2. Industry-Aerospace -Transport: 22% - growth +28% - Margins: 3. Public sector: 15 % - growth +10% - Margins: 4. Telecom-Media-Entertainment: 11% - growth +1% - Margins: 5. Distribution-Services: 11% 6. Energy-Utilities-Chemicals-Pharma: 10% - growth +8% - Margins: Satisfactory sales pipeline B-to-b 12 sliding months: 1.13 Weighted pipeline: 287m (+20% y-o-y) Pipeline: 939m (+40% y-o-y) Backlog in 2013: 325m (+30% y-o-y) 2013 Gfi Informatique Projects won Listings: SFR, EDF, Veolia, Service centres: CASA, AXA, SNCF and others Projects: GIE Sésame Vitale, Outsourcing: BNP, BPCE, IGR TPAM/TMAA: CG13, MAE, CFF, EDF Xcommerce: Auchan, La Poste, Conforama Software: Comédie Française, 19

20 Outlook for H A strategic partnership for outsourcing Contribution from H First successes and an encouraging sales pipeline Offers: AS: TPAM/MOC, ecommerce IS: Managed services, transformation to the Cloud Software: Local authorities Progress Booking: 13.4m Pipeline: 50m Software / Public sector: launch of an offer for the local authorities trade fair 2013 Gfi Informatique 20

21 Outlook Confirmation of 2013 targets Revenues Organic growth in France Gradual recovery in the international trajectory Profitability Improvement in the group operating margin The group remains open to any acquisition opportunity that may emerge 2013 Gfi Informatique 21

22 JUL AGENDA H Detailed results Outlook for H2 Conclusion H1 2013: strong resilience Detailed results Outlook for H Conclusion 2013 Gfi Informatique 22

23 Conclusion A clear and uninterrupted trajectory Strong growth driven by the strategy in France Change in group revenues and op. margin Proximity Innovation Industrialisation Acquisitions Quarterly organic growth in France 8% 4% 0% -4% -8% -12% Q Q Q Q Q Q Strong understanding of the cultural and social constraints of our customers A footprint that matches that of our customers An adaptable multi-modal offer: In situ On site Near-shore Offshore Investments in BI, Cloud, Digital Enterprise, Dedicated Practice Managers Strengthened and visible Consulting/Expertise activities Strong partnerships with software groups A major advance in the Cloud thanks to our partnership with Orange Business Services A densification strategy, with sales to the TOP 10 of 300 million and constantly growing Focus on significant recurring operations Boosted by strong customer proximity and the location of our industrial models Deals synonymous with an acceleration in each of our priority areas (Value, Recurrence, Densification) Agility and a lucrative geographical focus In m of sales in industry + 40m of sales in Expertise and Consulting + 60m of committed sales + 50m of recurrent sales ManagCom June Gfi Informatique June 14 23

24 Conclusion Ambitions within our reach Gfi is on track to meet its medium-term targets Leading regional provider of value-added services and solutions Revenues of above 1 billion thanks to robust organic growth and a bolt-on acquisitions strategy Operating margin of between 7% and 8% 1bn+ revenue 2011 Gfi Informatique 24

25 M E R C I Thank you 2013 Gfi Informatique 25

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