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Interim report 31 March 2014 - SimCorp A/S

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SimCorp's Board of Directors today reviewed and approved the Group's interim report for the three months ended 31 March 2014.

Summary

Q1 revenue amounted to EUR 49.6m, an increase this year of 1% measured in EUR and an increase of 4% when measured in local currencies.

EBIT for the three-month period was EUR 4.9m, compared with EUR 7.0m the year-earlier period. Currency exchange rate fluctuations have impacted EBIT negatively by EUR 0.2m in the quarter.

Net profit for Q1 2014 was EUR 3.6m compared with EUR 5.0m in Q1 2013.

SimCorp maintains its expectations for 2014. Revenue growth measured in local currencies, including the impact of the Equipos Ltd. acquisition is still expected to be 10% and the expectation for EBIT margin measured in reporting and local currencies remains 23.8% and 24% respectively.

 At 31 March 2014, contracts equalling EUR 175m of the projected 2014 revenue had been secured, EUR 3m more than at the same point in time last year.

Klaus Holse, SimCorp CEO comments: “The sale of new licenses is off to a slower start in 2014 compared to what we saw in 2013. I am pleased that customer demand for professional services continues to be strong, leading to good performance in professional services. We maintain our outlook for 2014  as we see a solid pipeline for the second half of 2014.“

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SimCorp’s Board of Directors today reviewed and approved the Group’s interim report for the three months ended 31 March 2014. Highlights of the report are:

  • Revenue for the first three months of the year was up 4% y/y in local currency and 1% y/y to EUR 49.6m, including EUR 0.4m of revenue from Equipos Ltd. Page 5
  • The total order intake from new licenses and add-on licenses for the first three months of the year was EUR 2.0m, which was EUR 7.4m less than in the year-earlier period. The order book decreased by EUR 1.9m in Q1 to stand at EUR 11.9m at 1 April 2014. Page 4
  • Income recognized from new licenses and add-on licenses was EUR 3.8m for the first three months, a decrease of 36% compared with the same period of 2013. Page 5
  • Sales and supply of professional services continues at a robust and satisfactory level and was EUR 18.2m, up 9% compared with the same period last year. Page 5
  • Maintenance income was EUR 26.7m, an increase of 4% over Q1 2013. Page 5
  • Total cost for the three months was EUR 44.7m, including EUR 0.8m related to Equipos Ltd. of which EUR 0.3m was non-recurring, an increase of 6.5% compared with the same period last year. Excluding the impact on costs related to Equipos the growth was 4.5%. Page 6
  • EBIT for the first three months of the year showed a profit of EUR 5.1m in local currencies and in EUR 4.9m, a decrease of EUR 2.1m compared with the same period last year, including a negative impact of EUR 0.4m from Equipos Ltd. Page 7
  • The Q1 cash flow from operating activities was EUR 18.2m compared with EUR 16.4m in the same period of 2013. Page 8
  • The impact on the full year expectations from the Equipos Ltd. acquisition is maintained at a 2%-points impact on revenue measured in both local currencies and reporting currency and a 0.5%-point negative impact on EBIT margin in both local currencies and reporting currency. Page 8
  • In Q1 SimCorp realised an accounting gain on the existing holding of shares in Equipos Ltd. following the acquisition of the remaining shares per 1 March 2014. The gain was EUR 0.6m which is recognized as income under financial items. Page 9
  • SimCorp maintains its expectations for full-year revenue growth measured in local currencies of 10% and an EBIT margin measured in local currencies of 24%. Based on currency rates end of April 2014 SimCorp also maintains its expectations for full-year growth in reporting currency of 8.5% and EBIT margin in reporting currency of 23.8%. Page 10
  • At 31 March 2014, contracts equalling EUR 175m of the projected 2014 revenue had been secured, EUR 3m more than at the same time last year. The Group’s pipeline of potential license contracts supports the expected growth in revenue. Page 10


Investor meeting
SimCorp’s Executive Management Board will present this interim report at an investor meeting Friday 23 May 2014 at 9:00 a.m. at the company’s headquarters, Weidekampsgade 16, 2300 Copenhagen S. The meeting will be open to the public, and a live webcast of the presentation can be followed via this link, where it will be possible to ask questions online: http://www.media-server.com/m/p/k3x9iw3v.

The presentation will be available afterwards via SimCorp’s website www.simcorp.com.


Enquiries regarding this announcement should be addressed to:
Klaus Holse, Chief Executive Officer, SimCorp A/S (+45 3544 8802, +45 2326 0000) or
Thomas Johansen, Chief Financial Officer, SimCorp A/S (+45 3544 6858, +45 2811 3828)

Company Announcement no. 28/2014


 

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