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04.03.2014 18:34:00
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Devoteam : 2013 Annual Results Slightly above Target
Regulatory News :
Devoteam (Paris:DVT) :
| In million of Euros (1) | 31.12.2013 | 31.12.2012 | ||
| Revenues | 453.5 | 515.1 | ||
| Operating margin (2) | 17.0 | 18.3 | ||
| In % of the Revenues | 3.7% | 3.5% | ||
| Operating income | 13.1 | 1.0 | ||
| In % of the Revenues | 2.9% | 0.2% | ||
| Net income – Group share | 5.4 | (2.8) | ||
| Diluted earnings per share (in €) (3) | 0.59 € | (0.29) | ||
| Cash available at year end (4) | 42.9 | 9.7 |
(1) The 2013 financial statements contained in this press release have
been approved by the Supervisory Board on 3 March 2014 and are currently
in the process of certification by the Group auditors.
(2) Defined
as operating result before amortization of intangible assets related to
acquisitions and excluding the impact of stock options.
(3) Based
on the weighted average number of shares for the year.
(4) The cash
available at the end of the year is defined as the cash and cash
equivalent plus other liquid financial assets minus bank overdrafts and
short-term credit lines.
The 2013 simplified financial statements are available on our website: http://www.devoteam.com
Devoteam (NYSE Euronext Paris: DVT) announced revenues of € 453.5 million and an operating margin of € 17 million for the year ended December 31st 2013. The Group share of net income stood at € 5.4 million. It rose substantially from the 2012 figure, mainly driven by the profits from divestment of subsidiaries.
Stanislas de Bentzmann, Co-CEO of Devoteam commented: "Remaining faithful to the objectives of the EAGLE strategic plan, 2013 has been a year of profound transformation for the Group, materialized by divestment of some subsidiaries, and by the renewal of our offer portfolio. In 2014, we will focus on energizing our recruitment policy, accelerating the development of our offers and further work to improve the fundamental economics of our services.”
Results for the year 2013
Devoteam posted revenues of € 453.5 million in 2013, slightly
above the € 450 million target previously announced by the Group. On a
like-for-like basis, revenues were down 3.5%, mainly impacted by the
drop in the Telecom sector.
In the fourth quarter, the Group posted
revenues of € 114.4 million, down 0.5% at constant exchange rates and
perimeter. It is almost steady except for the negative calendar effect.
The operating margin2 rate improved from 3.5 % of revenues in 2012 to 3.7% in 2013. For the second half of 2013, the operating margin stood at 5% of revenues, versus 4.4% one year earlier, driven by an improvement of the utilization rate1 over the year.
The operating result rose sharply to reach € 13.1 million against € 1 million a year earlier. The strategic refocus of the Group, as illustrated by the divestment of Exaprobe ICT in France, Teligent in Russia, and the Telecom & Media division in France, was carried out at a profit of € 12.5 million. Other operating expenses were slightly reduced from € 17.3 million in 2012 to € 16 million in 2013. They were composed mainly of restructuring costs (€ 7.5 million vs. € 7.9 million in 2012) and of the remaining costs of the "Eagle” transformation project (€ 2.1 million vs. € 6.3 million in 2012). Goodwill impairment losses weighed € 5.9 million on the operating result (vs. € 1.9 million a year earlier); they concern the German, Polish and Moroccan activities.
The financial result dropped slightly in comparison with 2012. It stood at € -1.7 million (vs. € -1.5 million), mainly due to a negative impact of exchange rates.
Taxes negatively impacted the profits by € 6.4 million, representing more than 50 % of earnings before taxes. The high tax rate is explained by the impact of tax items that are calculated on an added value basis (and not on profit before tax basis) such as the "CVAE” in France or the "IRAP” in Italy.
In accordance with the commitments made by the Group, net income (group share) rose sharply. It stood at € 5.4 million in 2013.
The diluted earnings per share reached € 0.59, positively impacted by the increase in net income but also by the application of an active share repurchase policy. At the end of the share repurchase tender offer on January 17th 2014, the share capital consisted of 8.161.587 shares, 696.489 (8.53%) of which were held by the company.
Cash flow from operating activities amounted to € 21.6 million (vs. € 2.7 million in 2012). It resulted from a net income before non-cash expenses of € 5 million and a reduction of € 16.6 million in working capital. The decrease in working capital was mainly due to the sale of client receivables to a factoring company for an amount of € 15.6 million.
Cash flow earned in investing activities amounted to € 14.8 million, mainly thanks to the cash proceeds related to the divestment of subsidiaries.
The cash flow from financing activities amounted to € -7.3 million. It included share buybacks and dividend for a total of € 4.9 million, together with € 2.5 million of loan repayments.
Overall, cash and cash equivalents (net of financial debt) increased by € 34.8 million since December 31st 2012. The detailed elements of net financial debt along with the factoring impact are presented in the appendix of this press release.
Headcount and utilization rate
On December 31st 2013, Devoteam employed a workforce of 3.900 people compared to 4.664 at the end of 2012. Divestments explained the lion’s share of the decrease (540 people), while the lower headcount in the rest of the Group allowed a significant improvement of the utilization rate.
| Utilization rates, excluding Divestments * | ||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | ||||||
| 2013 | 79.6% | 81.6% | 82.0% | 84.1% | 81.7% | |||||
| 2012 | 81.0% | 81.0% | 81.4% | 82.4% | 81.5% | |||||
* following the commitment made by the Group on February 11th 2014 to sell its Italian subsidiary (AuSystems) to Exprivia, this entity has been reclassified in "Divestments".
The ratio of billable headcount to total staff stood at 85.5% at the end of 2013, a slight decrease in comparison to that of December 31st 2012.
2014 Outlook
Considering the fourth quarter’s performance, the Group has set the following targets in 2014:
- stabilize revenues to reach a level close to € 400 million
- improve the operating margin rate above 4.5% of revenues
- increase the net income markedly for the second consecutive year.
Dividend
The amount proposed to next Shareholders’ meeting for the dividend related to the year 2013 will be communicated in the convening notice of the meeting.
Events occurred after December 31st 2013
Devoteam purchased 1.494.173 of its own shares (15.47% of the share capital) in a share tender offer which closed on January 13th, 2014. On January 21st, 2014 the Management Board cancelled all repurchased shares.
On February 11th 2014, the Group signed an agreement to sell its Italian AuSystems business (16 million euros turnover and 250 employees) to Exprivia. Closing of the deal is expected during the first half of 2014.
2014 Financial calendar
| Press release after market close | Shareholders’ meeting | Dividend payment | |||||||||
| Q1 | Q2 | Q3 | Q4 | June 20th 2014 | July 2nd 2014 | ||||||
| May 13th 2014 | Septembre 1st 2014 | Novembre 6th 2014 | March 2nd 2015 | ||||||||
Appendix
Activity evolution by region
| In million of euros | Q1 2013 | Q1 2012 | Q2 2013 | Q2 2012 | Q3 2013 | Q3 2012 | Q4 2013 | Q4 2012 | FY 2013 | FY 2012 | ||||||||||
| France | 60.7 | 60.4 | 45.9 | 59.9 | 42.6 | 55.1 | 47.7 | 66.4 | 196.8 | 241.8 | ||||||||||
| Growth rate | 0.4% | -23.2% | -22.7% | -28.3% | -18.6% | |||||||||||||||
| L-f-l growth (1) | -3.2% | -4.4% | -0.9% | -2.1% | -2.7% | |||||||||||||||
| Rest of the world | 64.6 | 72.2 | 66.1 | 69.8 | 59.2 | 62.5 | 66.7 | 68.7 | 256.6 | 273.3 | ||||||||||
| Growth rate | -10.5% | -5.4% | -5.2% | -2.9% | -6.1% | |||||||||||||||
| L-f-l growth (1) | -10.5% | -4.8% | -2.5% | 1.1% | -4.3% | |||||||||||||||
| Total | 125.3 | 132.6 | 112.0 | 129.7 | 101.8 | 117.6 | 114.4 | 135.2 | 453.5 | 515.1 | ||||||||||
| Growth rate | -5.5% | -13.6% | -13.4% | -15.4% | -12.0% | |||||||||||||||
| L-fl growth (1) | -7.2% | -4.6% | -1.7% | -0.5% | -3.5% |
(1) At constant exchange rates and perimeter
| In million of euros | Q1 2013 | Q1 2012 | Q2 2013 | Q2 2012 | Q3 2013 | Q3 2012 | Q4 2013 | Q4 2012 | FY 2013 | FY 2012 | ||||||||||
| Western Europe | 28.2 | 29.2 | 27.0 | 26.2 | 25.8 | 25.1 | 28.4 | 29.0 | 109.4 | 109.5 | ||||||||||
| Growth rate | -3.2% | 3.1% | 2.8% | -2.1% | -0.0% | |||||||||||||||
| L-f-l growth (1) | -3.2% | 3.1% | 2.8% | -2.1% | -0.0% | |||||||||||||||
| Mediterranean area | 17.8 | 21.1 | 18.2 | 22.7 | 16.3 | 17.7 | 19.0 | 20.4 | 71.2 | 81.9 | ||||||||||
| Growth rate | -15.9% | -19.7% | -8.3% | -6.9% | -13.1% | |||||||||||||||
| L-f-l growth (1) | -15.9% | -19.6% | -8.1% | -6.8% | -13.0% | |||||||||||||||
| Northern Europe | 15.6 | 20.1 | 15.7 | 17.3 | 12.1 | 14.7 | 14.7 | 16.4 | 58.1 | 68.6 | ||||||||||
| Growth rate | -22.5% | -9.6% | -17.9% | -10.2% | -15.3% | |||||||||||||||
| L-f-l growth (1) | -22.9% | -8.4% | -13.0% | -5.3% | -12.9% | |||||||||||||||
| Central Europe | 11.6 | 13.4 | 11.9 | 13.6 | 11.1 | 12.6 | 12.9 | 13.7 | 47.4 | 53.2 | ||||||||||
| Growth rate | -13.3% | -12.2% | -12.0% | -5.9% | -10.8% | |||||||||||||||
| L-f-l growth (1) | -13.3% | -12.1% | -11.4% | -5.3% | -10.5% | |||||||||||||||
| Middle East & Turkey | 4.5 | 4.7 | 4.9 | 5.6 | 4.9 | 5.8 | 5.3 | 5.2 | 19.6 | 21.2 | ||||||||||
| Growth rate | -3.4% | -13.2% | -14.5% | 1.9% | -7.7% | |||||||||||||||
| L-f-l growth (1) | -2.7% | -11.6% | -7.6% | 9.6% | -3.3% | |||||||||||||||
| Single entities | 7.5 | 8.7 | 7.8 | 8.2 | 7.2 | 7.7 | 7.3 | 8.3 | 29.8 | 32.9 | ||||||||||
| Growth rate | -13.7% | -4.1% | -6.8% | -12.4% | -9.4% | |||||||||||||||
| L-f-l growth (1) | -13.7% | -4.1% | -6.8% | -12.4% | -9.4% | |||||||||||||||
| Others | 20.1 | 16.3 | 21.5 | 17.2 | 19.9 | 16.1 | 22.7 | 19.4 | 84.2 | 68.9 | ||||||||||
| Growth rate | 23.9% | 25.0% | 23.6% | 17.2% | 22.2% | |||||||||||||||
| L-f-l growth (1) | 23.5% | 25.1% | 25.1% | 19.2% | 23.1% | |||||||||||||||
| Divestments (2) | 20.0 | 19.3 | 5.0 | 18.9 | 4.5 | 17.8 | 4.2 | 22.9 | 33.8 | 78.9 | ||||||||||
| Total | 125.3 | 132.6 | 112.0 | 129.7 | 101.8 | 117.6 | 114.4 | 135.2 | 453.5 | 515.1 | ||||||||||
| Growth rate | -5.5% | -13.6% | -13.4% | -15.4% | -12.0% | |||||||||||||||
| L-f-l growth (1) | -7.2% | -4.6% | -1.7% | -0.5% | -3.5% |
(1) At constant exchange rates and perimeter
(2) Discontinued
operations are consolidated in the "Divestments” segment, following the
commitment made by the Group on February 12th 2014 to sell its Italian
participation in Devoteam AuSystems. This entity was reclassified in
"Divestments", and was previously accounted for in "Single entities."
Detail of the impact of this reclassification is presented in appendix
to facilitate comparison with previous quarters.
| In million of euros |
Contribution to revenue 2013 |
Operating margin 2013 |
In % of Group contribution 2013 |
Contribution to revenue 2012 |
Operating margin 2012 |
In % of Group contribution 2012 |
||||||
| Western Europe | 109.4 | 7.8 | 7.1% | 109.5 | 5.9 | 5.4% | ||||||
| Growth rate | -0.0% | 32.3% | ||||||||||
| L-f-l growth (1) | -0.0% | |||||||||||
| Mediterranean area | 71.2 | 1.8 | 2.5% | 81.9 | 2.6 | 3.2% | ||||||
| Growth rate | -13.1% | -31.8% | ||||||||||
| L-f-l growth (1) | -13.0% | |||||||||||
| Northern Europe | 58.1 | 0.8 | 1.4% | 68.6 | 1.9 | 2.7% | ||||||
| Growth rate | -15.3% | -55.7% | ||||||||||
| L-f-l growth (1) | -12.9% | |||||||||||
| Central Europe | 47.4 | -1.0 | -2.1% | 53.2 | -0.1 | -0.1% | ||||||
| Growth rate | -10.8% | N/A | ||||||||||
| L-f-l growth (1) | -10.5% | |||||||||||
| Middle East & Turkey | 19.6 | 1.0 | 4.9% | 21.2 | 1.7 | 8.0% | ||||||
| Growth rate | -7.7% | -43.6% | ||||||||||
| L-f-l growth (1) | -3.3% | |||||||||||
| Single entities (2) | 29.8 | 1.5 | 5.2% | 32.9 | 2.1 | 6.4% | ||||||
| Growth rate | -9.4% | -27.0% | ||||||||||
| L-f-l growth (1) | -9.4% | |||||||||||
| Others | 84.2 | 4.3 | 5.1% | 68.9 | 2.6 | 3.7% | ||||||
| Growth rate | 22.2% | 69.0% | ||||||||||
| L-f-l growth (1) | 23.1% | |||||||||||
| Divestments (3) | 33.8 | 0.7 | 2.2% | 78.9 | 1.6 | 2.0% | ||||||
| Total | 453.5 | 17.0 | 3.7% | 515.1 | 18.3 | 3.5% | ||||||
| Growth rate | -12.0% | -7.1% | ||||||||||
| L-f-l growth (1) | -3.5% |
(1)
At constant exchange rate and perimeter
(2)
Devoteam Netherlands and Devoteam Spain
(3)
T&M
operations France, Exaprobe ICT, AuSystems Italy, Teligent Russia.
Net debt
| In million of euros | 31.12.2013 | 31.12.2012 | ||
| Financial investments (included in « Other current financial assets” in balance sheet) | 0.3 | 0.3 | ||
| Cash and cash equivalents (as in balance sheet)* | 77.2 | 32.9 | ||
| Bank overdrafts and credit Revolving (included in «Loans. borrowings and bank overdraft” in balance sheet) | (34.7) | (23.5) | ||
| Cash balance | 42.9 | 9.7 | ||
| Current financial debts (excluding bank overdrafts ? which are already included above) | (2.2) | (2.3) | ||
| Non-current financial debt (as in balance sheet) | (4.3) | (5.7) | ||
| Cash net of financial debt | 36.4 | 1.6 | ||
| Total consolidated equity | 126.5 | 127.9 | ||
| Net debt-to-equity ratio | -28.8% | -1.3% | ||
| ** Of which 26.1M€ pledged to the bank handling the share repurchase tender offer (OPRA) & positive impact of the Factoring effect for 13.5M€ | ||||
Pro forma information on revenue figures
| In million of euros | Q1 2013 pro forma * | Q1 2013 published | Q2 2013 pro forma * | Q2 2013 published | Q3 2013 pro forma ** | Q3 2013 published | ||||||
| Single entities | 7.5 | 11.8 | 7.8 | 11.5 | 7.2 | 10.6 | ||||||
| Growth rate | -13.7% | -17.4% | -4.1% | -15.8% | -6.8% | -14.5% | ||||||
| L-f-l growth (1) | -13.7% | -17.4% | -4.1% | -15.8% | -6.8% | -14.5% | ||||||
| Others | 20.1 | 21.1 | 21.5 | 22.5 | 19.9 | 19.9 | ||||||
| Growth rate | 23.9% | 24.6% | 25.0% | 20.4% | 23.6% | 23.6% | ||||||
| L-f-l growth (1) | 23.5% | 24.3% | 25.1% | 20.7% | 25.1% | 25.1% | ||||||
| Divestments | 20.0 | 14.7 | 5.0 | 0.4 | 4.5 | 1.2 | ||||||
|
*Reclassification of Devoteam AuSystems Italy to the
"Divestments" segment from the "single entities” segment & Teligent
Russia from "Others" to "Divestments"
** Reclassification of Devoteam AuSystems Italy to the "Divestments" segment from the "single entities” segment |
||||||||||||
Pro forma information on operating margin
| In million of euros | H1 2013 pro forma * | H1 2013 published | ||
| Single entities | 0.6 | 0.3 | ||
| In % of Group contribution | 4.1% | 1.5% | ||
| Others | 2,7 | 2.5 | ||
| In % of Group contribution | 6.5% | 5.8% | ||
| Divestments | 0.7 | 1.2 | ||
| In % of Group contribution | 0.3% | 7.8% | ||
| *Reclassification of Devoteam AuSystems Italy to the segment "Divestments" from the "single entities” segment & Teligent Russia from "Others" to "Divestments" | ||||
About Devoteam
Devoteam (ISIN: FR 0000073793. Reuters: DVTM.PA. Bloomberg: DEVO FP) is an IT consulting group created in 1995. Combining consulting know-how and technical expertise enables Devoteam to provide its customers with independent advice delivering innovative and industrialized end-to-end solutions.
In 2013, Devoteam achieved revenues of € 453 million and an operating margin of 3.7%. The Group has a workforce of 3 900 employees in 21 countries across Europe North Africa and Middle East.
www.devoteam.com
1 Utilization rate measures the percentage of working hours
(excluding paid holidays) of billable employees that were billed to a
client
2 Operating result before amortization of
intangible assets related to acquisitions and excluding the impact of
stock options
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