05.03.2014
GFT Technologies AG DE0005800601
DGAP-News: GFT Technologies AG: GFT Group exceeds 2013 revenue and earnings targets: pre-tax earnings up 45 percent
DGAP-News: GFT Technologies AG / Key word(s): Miscellaneous
GFT Technologies AG: GFT Group exceeds 2013 revenue and earnings
targets: pre-tax earnings up 45 percent
05.03.2014 / 08:15
---------------------------------------------------------------------
GFT Group exceeds 2013 revenue and earnings targets: pre-tax earnings up
45 percent
- Consolidated revenue up 15 percent to EUR 264.29 million
- GFT division raises revenue by 44 percent
- Dividend increase to EUR 0.20 per share proposed
Stuttgart, 5 March 2014 - GFT Technologies AG today announced its
preliminary and unaudited financial figures for the financial year 2013 (in
addition to the ad-hoc announcement of 4 March 2014). With 15 percent
growth in consolidated revenue to EUR 264.29 million (prev. year: EUR
230.69 million), the company exceeded its revenue target for 2013 by EUR
4.29 million. This substantial year-on-year increase in revenue resulted
from the strong organic growth of the GFT division with its solutions for
the banking sector and from the acquisition of the Italian consultancy
Sempla S.r.l.. Pre-tax earnings (EBT) also surpassed the company's
expectations with growth of 45 percent to EUR 17.52 million (prev. year:
EUR 12.11 million). Earnings before interest, taxes, depreciation and
amortisation (EBITDA) improved by 53 percent to EUR 20.49 million (prev.
year: EUR 13.35 million).
The GFT Group comprises the two operating divisions GFT (formerly GFT
Solutions) and emagine. Dedicated to delivering IT solutions for the
finance sector, the GFT division posted revenue growth of 44 percent to EUR
174.04 million (prev. year: EUR 121.05 million). Adjusted for the revenue
contribution of Sempla totalling EUR 21.77 million, GFT posted organic
growth of 26 percent. This positive trend was mainly driven by the
division's IT solutions for investment banking and its compliance solutions
for growing regulatory requirements in the finance sector. Project business
relating to the introduction of the Single Euro Payment Area (SEPA) also
played a key role in driving growth. The company's German and UK operations
posted particularly strong revenue increases.
The earnings contribution of the GFT division rose by 53 percent to EUR
19.63 million (prev. year: EUR 12.86 million) with a corresponding
improvement in the operating margin to 11.3 percent (prev. year: 10.6
percent). Increased capacity utilisation and an adjustment of the remaining
purchase price for Asymo AG were chiefly responsible for the
disproportionately strong increase in earnings compared to revenue. "We
steadily improved our performance in the GFT division over the year,
enabling us to exceed even the upgraded revenue and earnings targets from
mid year," says Ulrich Dietz, CEO of GFT Technologies AG.
With its services for the staffing of technology projects, the emagine
division posted revenue of EUR 90.23 million - 18 percent down on the
previous year (EUR 109.54 million). This decline in revenue resulted mainly
from the planned discontinuation of its low-margin Third Party Management
(TPM) business. As a result, the TPM business contributed just EUR 3.46
million (prev. year: EUR 18.57 million) to segment revenue. Segment
earnings of the emagine division were burdened by expenses for its
realignment, especially in the first six months. Following an upturn in the
third quarter, the division was able to achieve full-year earnings of EUR
1.06 million (prev. year: EUR 2.32 million).
GFT Group improves EBITDA by 53 percent
Earnings before interest, taxes, depreciation and amortisation (EBITDA) of
the GFT Group rose by 53 percent to EUR 20.49 million (prev. year: EUR
13.35 million). The EBITDA result includes tax-free income of EUR 2.30
million (prev. year: EUR 2.51 million) from expected remaining purchase
prices for an acquisition in 2011. Earnings before taxes (EBT) amounted to
EUR 17.52 million and were thus 45 percent up on the previous year (EUR
12.11 million). The operating margin before taxes improved by 1.4 percent
points, from 5.2 percent in the previous year to 6.6 percent. In the past
financial year, the GFT Group generated net income of EUR 13.63 million,
corresponding to year-on-year growth of 63 percent (EUR 8.34 million).
Undiluted earnings per share amounted to EUR 0.52 in 2013 (prev. year: EUR
0.32). The calculated tax ratio was 22 percent, compared to 31 percent in
the previous year.
Headcount grows by 52 percent to 2,111
Due to the positive development of business and high utilisation of
capacity, headcount at the Spanish development centres was increased by 19
percent to 1,046 during the reporting period. The acquisition of Sempla
raised headcount in the GFT division to 1,968 (prev. year: 1,239). All in
all, the number of full-time staff employed by the GFT Group increased by
52 percent to 2,111 (prev. year: 1,386) as of 31 December 2013.
Increased dividend
The Executive Board and Supervisory Board of GFT Technologies AG decided
yesterday to propose an increase in the dividend for 2013 of 33 percent to
EUR 0.20 (prev. year: 0.15 Euro) per share at the Annual General Meeting on
27 May 2014. This would correspond to a total dividend payout of EUR 5.27
million (prev. year: EUR 3.95 million).
Additional key data
In the fourth quarter of 2013, the GFT Group generated revenue of EUR 78.85
million (prev. year: EUR 56.08 million) and pre-tax earnings of EUR 6.31
million (prev. year: EUR 4.31 million). On 31 December 2013, the GFT Group
had cash and cash equivalents of EUR 48.62 million (prev. year: EUR 40.42
million) and EUR 20.88 million after deduction of financial liabilities
(prev. year: EUR 40.42 million).
Outlook
The GFT Group expects business to make further progress in 2014 and
anticipates year-on-year revenue growth of 17 percent to EUR 310 million.
The Executive Board expects pre-tax earnings (EBT) to improve to EUR 23
million with an increase in EBITDA to EUR 28 million.
Detailed financial figures are available in the Investor Relations section
of the GFT website at www.gft.com/ir.
Key figures (deviations possible due to rounding differences)
IFRS figures in EUR million 01.01.-31.12.2013 01.01.-31.12.2012 Revenue 264.29 230.69 EBITDA 20.49 13.35 EBIT 17.66 11.79 Earnings before taxes (EBT) 17.52 12.11 Net income as of 31 December 13.63 8.34 Earnings/share acc. to IAS 33 in EUR 0.52 0.32 Equity ratio in percent 42 59 Employees (full-time) as of 31 December 2,111 1,386About the GFT Group: The GFT Group is a global technology partner for future digital issues - covering everything from discovering innovation to developing and implementing sustainable business models. Within the GFT Group, GFT stands for competent consulting and reliable development, implementation and maintenance of customized IT solutions. The company is one of the world's leading IT solutions providers in the banking sector. emagine offers companies the opportunity to staff their strategic technology projects both quickly and flexibly with capable experts. To achieve this, emagine has an international network of highly qualified IT and engineering specialists at its disposal. CODE_n is the international innovation platform developed by the GFT Group. It provides a global network for startups, technology pioneers and established companies from around the world. It's where ideas become business. Headquartered in Germany, the GFT Group has stood for technological expertise, innovative strength and outstanding quality for over 25 years. The GFT Group is listed on the Frankfurt Stock Exchange (Prime Standard). Contact: Christian Kleff Head of Corporate Communications & IR GFT Technologies AG Filderhauptstr. 142 70599 Stuttgart Germany T +49 711 62042-125 F +49 711 62042-101 [email protected] www.gft.com End of Corporate News --------------------------------------------------------------------- 05.03.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: GFT Technologies AG Filderhauptstr. 142 70599 Stuttgart Germany Phone: +49 (0)711/62042-0 Fax: +49 (0)711/62042-301 E-mail: [email protected] Internet: www.gft.com ISIN: DE0005800601 WKN: 580060 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 255760 05.03.2014
|
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
GFT Technologies AG ISIN: DE0005800601 können Sie bei EQS abrufen
IT-Services , 580060 , GFT , XETR:GFT