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2013 ANNUAL RESULTS: GROWTH AND PROFITABILITY
Growth: +6.3%
Operating margin: 10% (multiplied by 2)
Dividend: €3.5 per share (proposed at the AGM of 21 May 2014)
Bagnolet, March 26, 2014
The Board of Directors, which met on 25 March 2014, approved the annual accounts for the financial year 2013.
| In M€, at 31 December (audited accounts) | 2013 | 2012 | Variation |
| Consolidated revenue | 142,7 | 134,3 | + 6,3 % |
| – Services | 134,5 | 127,3 | + 5,7 % |
| – Softwares | 8,2 | 7,0 | + 16,8 % |
| Employee costs | 66,0 (1) | 62,8 | + 5,1 % |
| External loads | 56,8 | 60,1 | -5,6 % |
| Depreciation and provisions | 3,8 (2) | 2,3 | + 65,2 % |
| Profit from recurring operations – as % of turnover |
14,4 10,0 % |
7,0 5,3 % |
+ 106 % |
| Income taxes | (5,5) | (2,6) | + 47 % |
| Net income Group share – as % of turnover |
9,5 6,6 % |
4,7 3,5 % |
+ 102 % |
(1) of which €1.2 million from CICE
(2) of which €0.8 million in provisions for tax litigation (CIR)
Combined growth of the two business areas
In a global IT services market that was down slightly (-0.3% for 2013, source Syntec Numérique), Infotel recorded revenue of €142.7 million, up 6.3% fully organically compared to 2012.
The Services division grew by 5.7% to €134.5 million thanks to the ramp-up of service centers, particularly among the Group’s key account customers.
The Software division posted an increase of 16.8% for 2013, with €8.2 million, including €4.6 million in IBM royalties.
Doubling results and profitability
Profit from recurring operations doubled to €14.4 million compared to €7.0 million in 2012, representing an operating rate of return of 10.0%, compared to 5.3% a year earlier.
This performance is due to the control of expenses: personnel costs represented 46.3% of revenue in the 2013 financial year vs. 46.8% in 2012 and subcontracting expenses decreased to 33.5% of turnover in 2013 against 39.3% in 2012.
The rate of intercontracts remained very low, at around 2% over the year.
Net income Group share also doubled to €9.5 million (6.6% of revenue).
Solid financial structure
The good results of the year also resulted in strong cash generation: with a cash flow capacity of €17.8 million, a working capital requirement and controlled investments, Infotel increased its cash position by €8.8 million in 2013 (compared to a consumption of €1.8 million in 2012).
Infotel’s financial position at 31 December 2013 was further strengthened with €50.5 million in equity, no debt and cash of €25.7 million at the end of the year.
Proposed dividend: €3.5 per share
Infotel’s Board of Directors will propose to the Annual General Meeting on 21 May 2014 the payment of a dividend of €3.5 per share for the 2013 financial year. This proposal is motivated by the very good performance recorded over the year and the renewed confidence of management in the 2014 outlook. The payout ratio will thus be 48.7% of net income.
Confidence for 2014
For the current year, Infotel confirms a growing activity and the securing of the level of its margins. This evolution is the result of the implementation of new service centers, the projects won in the field of mobility associated with the deployment of the “Big Data” offer and finally the opportunities for international development.
Next appointments:
Shareholders’ Meeting: Afternoon 21 May 2014
Publication of Q1 2014 revenue: May 21, 2014 after stock exchange
About Infotel
Listed on Compartment C of Euronext Paris since January 1999 (Isin code FR0000071797), Infotel is the specialist in key account management systems, from mobile to very large volume databases (Big Data). At the forefront of technological innovations, Infotel develops its expertise around two complementary areas of expertise: IT services and software publishing. With more than €142 million in turnover in 2013, Infotel has more than 1500 employees.
