ICT Automatisering H1 Results 2015 Jos Blejie (CEO) & Jan Willem Wienbelt (CFO) 8/19/2015 1
Any forward-looking statements in this presentation refer to future events and may be expressed in a variety of ways, such as “expects”, “projects”, “anticipates”, “intends” or other similar words (“Forward-looking statements”). ICT Automatisering N.V. (“ICT”) has based these forward-looking statements on its current expectations and projections about future events. ICT’s expectations and projections may change and ICT’s actual results, performance or achievements could differ significantly from the results expressed in, or implied by, these forward-looking statements, due to possible risks and uncertainties and other important factors which are neither manageable nor foreseeable by ICT and some of which are beyond ICT’s control. In view of these uncertainties, no certainty can be given about ICT’s future results or financial position. We advise you to treat ICT’s forward-looking statements with caution, as they speak only as of the date on which the statements are made. ICT is under no obligation to update or revise publicly any forward- looking statement, whether as a result of new information, future events or otherwise, except as may be required under applicable (securities) legislation. 2 8/19/2015 Analist Presentation H1 2015
Agenda 1 KEY FIGURES AND ACHIEVEMENTS 2 OPERATIONAL DEVELOPMENTS 3 FINANCIAL RESULTS H1 2015 4 OUTLOOK AND STRATEGY 5 Q&A 3 8/19/2015 Analist Presentation H1 2015
Key figures and achievements
1/2 Key Figures H1 2015 H1 2015 H1 2014 € 34.6 M € 32.4 M Revenue : + 7% € 31.8 M € 29.2 M Added Value Revenue: + 9% € 3.2 M EBITDA: + 33% € 2.4 M 5 € 1.5 M Net profit: + € 600K € 0.9 M 5 8/19/2015 Analist Presentation H1 2015
2/2 Key Figures H1 2015 H1 2015 H1 2014 9.2 % 7.5 % EBITDA % up 170 bp € 4.1 M € 7.0 M Cash per 30/6 695 Employees: + 12% (Strypes) 619 6 € 0.17 Earnings per share: + 54% € 0.11 6 8/19/2015 Analist Presentation H1 2015
A solid first half of 2015 The transformation of the group’s verticals into smaller units operating closer to the customer has been completed in the first half of the year. Letter of intent signed to acquire Raster All Legal entities contributed to the Group’s result • ICT Netherlands stable performance – IA unit suffered from postponement of some larger projects – Less licenses sold • ICT Nearshoring (Strypes Bulgaria) in line with expectations Transaction completed on January 6 th – – 10% of Revenues coming from new customers derived from synergies with ICT NL • Improve Quality Services in line with expectations – Remaining 10% of shares acquired in January • ICT Poland performed above expectations – Contract with a main new customer • InTraffic (50/50 joint venture with Movares) in line with expectations – Stable result 7 8/19/2015 Analist Presentation H1 2015
Delivery of services to more than 250 customers Food Chemicals Automotive & Manufacturing Infrastructure • Growth strategy via smaller Healthcare Logistics Transport High Tech & Pharma Energy Mobility Water autonomous market units & & • Stimulating entrepreneurship • Reduced complexity • Knowledge and development is stimulated knowledge and shared experiences Smart Products & Licences Manufacturing Outsourced Services Smart Energy Solutions Emerging Solutions Economic Value Nearshoring Smart Cloud & Projects, T&M Internet of Things Services Model based T&M development Safety, security & Secondment Sustainability 8 8/19/2015 Analist Presentation H1 2015
Operational developments
Distribution of revenues by category The transformation towards a better balanced revenue stream is well underway. Focus will be given to higher margin revenues in combination with a well balanced stream of revenues. H1 2015 H1 2014 Training & Training & Licenses & Licenses & Courses Courses Materials Materials Services 2% 4% 1% 6% Services 8% 9% Secondment Secondment 50% Projects Projects 55% 29% 36% 10 8/19/2015 Analist Presentation H1 2015
Distribution of revenues by market As per Q2 2015 ICT has divided its business in more smaller market units to accommodate more flexibility in its operations and have a higher degree of customer intimacy. H1 2015 Revenue split Top clients 2015 = 46% of revenue Water & High Healthcare Automotive & Infrastructure Technologies 6% Mobility 5% 20% 11% Cross Industry Solutions 19% Manufacturing Food, 14% Chemical s & Pharma Logistics & 12% Transport 13% 11 8/19/2015 Analist Presentation H1 2015
ICT Netherlands Netherlands is confronted with postponement of projects and less sales of materials and licenses Mixed picture per market unit • External revenue: € 30.1 M (2014: 30.7 M) • EBITDA: € 2.4 M (2014: 2.6 M) • In the industrial markets we were also confronted with lower than expected secondment demand from customers • Productivity – 1.5% • Growth in staff to 571 (30/6/2014: 567) 12 8/19/2015 Analist Presentation H1 2015
ICT Nearshoring (Strypes Bulgaria) ICT closed the transaction of the acquisition of Strypes on January 6. Strypes performed in line with expectations • External revenue: € 2.5 M • EBITDA: € 0.7 M • Growth from 54 FTE to 85 FTE ultimo June • 10% of revenues coming from new customers • Introduced .NET technology • Preliminary Price Purchase Allocation performed: € 550 k amortization on backlog, € 325 k on customers 13 8/19/2015 Analist Presentation H1 2015
Improve Quality Services ICT acquired the remaining 10% of the shares in January 2015 and now owns 100% of the company Improve realised revenue growth of 15% • External revenue: € 1.9 M (2014: € 1.6 M) • EBITDA: € 0.4 M (2014: € 0.2 M) • New important contract with major Dutch bank signed • Better outlook in vulnerable education market with continuous attention to performance 14 8/19/2015 Analist Presentation H1 2015
ICT Poland ICT Poland achieved for the first time since its foundation in 2006 a positive result Growth • External revenue: € 0.5 M (2014: € 0.2 M) • EBITDA: € 0.2 M (2014: - € 0.2 M) • New important contract with major Japanese manufacturer • Working closely together with ICT Netherlands in the Automotive markets 15 8/19/2015 Analist Presentation H1 2015
Minority stakes ICT has strategic investments in the form of a joint venture …… LogicNets • Software sales of LogicNets were below expectations in H1 2015: – Longer sales cycles than expected – Postponements of decisions in Netherlands – US sales after slow start of 2015 on track in Q2 – Ramp up of technical experts slower than expected, creating limits to number of parallel projects to handle – Next version of product has delays of 9 months • Original business plan out of Q4 2014 still stands, however with a delay of approximately 9-12 months InTraffic • Solid first half of 2015 • Small growth 16 8/19/2015 Analist Presentation H1 2015
Financial results H1 2015
Profit & Loss (x € 1,000) H1-2015 H1-2014 Change Revenue 34.575 32.366 6,8% Cost of materials and subcontractors 2.817 3.205 -12,1% Added value 31.758 29.161 8,9% Operating expenses - Personnel Costs 21.624 20.512 5,4% - Other costs 6.970 6.228 11,9% 28.594 26.740 6,9% Operating profit before amortization and depreciation 3.164 2.421 30,7% -Depreciation and amortization 1.085 151 618,5% Operating profit 2.079 2.270 -8,4% Interest and result from joint venture and associate -170 9 Taxes -418 -603 Discontinued operations - -734 Minority interest - -14 NET PROFIT 1.491 928 18 8/19/2015 Analist Presentation H1 2015
Balance sheet (x EUR 1,000) As at 30 June 2015 As at 31 December 2014 Assets NON-CURRENT ASSETS Property, plant & equipment 1.232 1.246 Software and licences 115 130 Intangible assets 2.925 - Product development 291 - Investment in joint venture 1.324 1.199 Investment in associates 2.078 1.747 Goodwill 12.270 10.881 Deferred tax assets 4.129 4.129 24.364 19.332 CURRENT ASSETS Trade and other receivables 20.622 18.595 Income tax receivable - 159 Cash and cash equivalents 4.102 11.346 24.724 30.100 49.088 49.432 Equity and liabilities SHAREHOLDERS’ EQUITY 33.421 33.973 NON-CURRENT LIABILITIES 3.401 1.114 CURRENT LIABILITIES 12.266 14.345 49.088 49.432 19 8/19/2015 Analist Presentation H1 2015
Cash flow development 20 8/19/2015 Analist Presentation H1 2015
Ratio's First First half-year half-year 2015 2014 x € 1 million Financial Highlights Revenue 34,6 32,4 Operating profit 2,1 2,3 Amortization / depreciation 1,1 0,2 EBITDA from continuing operations 3,2 2,4 Net profit 1,5 0,9 Ratios EBITDA / net revenue 9,2% 7,5% Net profit / revenue 4,3% 2,9% Net profit / average shareholders’ equity 4,4% 3,1% Solvency (Shareholders' equity / total assets) * 68,1% 68,7% Personnel FTE as at 30 June 695 619 Average number of FTEs for the half-year 685 613 * at 30 June 2015 and at 31 Dec 2014 21 8/19/2015 Analist Presentation H1 2015
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