Interim report 2016

Ordina closes first half in profit

Highlights H1 2016

  • Net result rises to EUR 3.0 million (H1 2015: loss of EUR 3.9 million);
  • Recurring EBITDA rises to EUR 11.8 million (H1 2015: EUR 3.3 million);
  • Recurring EBITDA margin rises to 6.6% (H1 2015: 1.9%);
  • Revenue 2.9% higher at EUR 177.8 million (H1 2015: EUR 172.7 million);
  • Revenue in the Netherlands down 1.8%;
  • Revenue in Belgium/Luxembourg up 20.6%;
  • Cost-saving programme the Netherlands virtually complete.

Highlights Q2 2016

  • Recurring EBITDA rises to EUR 5.2 million (Q2 2015: EUR 0.8 million negative);
  • Recurring EBITDA margin rises to 5.9% (Q2 2015: 1.0% negative);
  • Revenue 4.4% higher at EUR 87.9 million (Q2 2015: EUR 84.2 million);
  • Revenue in the Netherlands down 1.3%;
  • Revenue in Belgium/Luxembourg up 25.8%;
  • Financing extended to May 2019 on unchanged terms;
  • Net cash position of EUR 0.1 million (net debt position at end Q2 2015: EUR 6.1 million);
  • ‘Gouden DIA’ for Clockwork and Studystore;
  • Annemieke den Otter appointed as CFO and member of the Board of Management.

Stépan Breedveld, CEO Ordina, about the results

“We closed the first half of the year in profit. The improvement compared with last year was driven by a continuation of the strong performance of the Belgium/Luxembourg division and the cost-saving programme in the Netherlands. Revenues in Belgium/Luxembourg once again developed positively while we noted a slight decline in the Netherlands. In the Netherlands, growth in the financial services and industry segments was not enough to fully offset the decline in the public sector.

Ordina was free of debt at the end of the first half of 2016 on the back of improved returns and solid working capital management.

The tightened strategy is paying dividends. In the coming period, we will increase our focus on the continued development of key accounts and the innovation cluster, as well as on the recruitment and retention of employees. In order to increase employee engagement, in the summer months we organised more than fourty strategy and inspiration sessions for all our employees, which we used to explain and discuss Ordina’s strategy in detail.

Our efforts in the field of innovative digital services are also paying off. Clockwork, our digital engagement bureau, has once again won the Dutch Interactive Award (DIA) with Studystore. Clockwork won the award because visitor numbers at the online student book store increased sharply on the back of the campaign.”