Getronics N.V.
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Publicatie datum
02 mei 2007 - 08:20
Statutaire naam
Getronics N.V.
Titel
Getronics' Trading Update for Q1 2007
Bericht
Amsterdam, 2 May 2007
Getronics announces today its unaudited trading update for Q1 2007. The Company will provide unaudited condensed consolidated half-year results on 29 August 2007.
Key items[1]:
Due to lower than expected Q1 2007 results in the Company's operation in the United Kingdom and a reduced forecast for this operation for the full-year 2007 and following years, the Company decided on 1 May 2007 to record a goodwill impairment charge of EUR 25 million.
As a consequence of this goodwill impairment in the United Kingdom, the Group's net profit is also impacted by the same amount. The Company, may, therefore, no longer be able to generate a net profit for the full-year 2007.
In Q1 2007, total revenue decreased by 2% to EUR 630 million (Q1 2006: EUR 642 million), mainly due to the impact of divestments[2] during 2006, changes in currency rates and lower product revenues, which decreased by 14% to EUR 72 million (Q1 2006: EUR 84 million) as the Company continued to de-emphasise product sales. Service revenue was stable at EUR 558 million (Q1 2006: EUR 558 million). On organic basis[3] service revenue increased by 4.7%.
On organic basis, service revenue in the Netherlands was up 4.6% in Q1 2007, in the Rest of Europe up 9.3%, in North America down 6% and in the Rest of the World up 11.4%.
The Company continues to work towards an EBITAE margin[4] of between 4.0% and 4.5%. Although this range becomes challenging as relevant labour markets remain tight, resulting in a relatively high use of subcontractors, the positive effects of the Breakout Programme should become visible in the second half of 2007.
Getronics re-confirms its EBITAE margin target of at least 5% to be achieved by the end of 2008 as well as its target debt/EBITDA ratio of 2 or less by the end of 2008.
[1] Unaudited results from continuing operations including Japan.
[2] In Q1 2006, the following companies that were divested later
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