â‚¬ million - IFRS First half 2012 First half 2013 Change
Revenue 70.3 77.8 + 10.7 %
EBITDA 12.8 18.8 + 47.0 %
% of revenue 18.2% 24.1%
Operating profit 8.8 13.3 + 51.9 %
% of revenue 12.5% 17.1%
Net profit 5.5 7.3 + 32.7 %
% of revenue 7.8% 9.3%
EBITDA is the group's key indicator. It is defined as operating profit before
net amortisation, depreciation and provision charges
Neuilly-sur-Seine, 10 September 2013: Linedata (LIN: FP), the global solutions
provider dedicated to the investment management and credit finance industries,
recorded strong growth in its first half-year results.
An EBITDA margin of 24.1% of revenue demonstrates Linedata's continuing ability
to generate strong profitability in a competitive market environment.
The salient features of this first half-year are the group's return to organic
growth (+2%) and the strategic acquisition of CapitalStream in the United
States, giving Linedata access to the North American credit finance market.
Analysis of EBITDA margin by region:
By region, EBITDA breaks down as follows:
EBITDA Margin First half 2012 First half 2013
Southern Europe 18.9% 27.8%
Northern Europe 19.6% 20.0%
North America 16.8% 22.1%
Asia 6.9% 7.8%
Total 18.2% 24.1%
EBITDA margins in Southern Europe grew significantly by nearly nine points
compared to the same period last year. This increase was driven in particular by
the signature of several new perpetual license agreements in the credit finance
The EBITDA margin remained stable in Northern Europe at 20.0%.
In North America, a region that now accounts for over 37% of overall revenues,
Linedata posted an increase in EBITDA margin of 5.3 points to 22.1%. This
increase was driven by the good performance of the asset management front and
back-office businesses. The CapitalStream business, integrated from 22 March
2013, broke even in the first half of the year owing to acquisition-related
Strong improvement to results
Operating profit amounted to â‚¬13.3 million, a 51.9% increase over the first half
of 2012. This figure reflects an increase in amortization and provision charges
of â‚¬1.3 million owing to the sharp rise in amortizable intangible fixed assets
following the acquisition of CapitalStream.
Financial results of minus â‚¬1.0 million were recorded (compared to â‚¬0.5Â million
in the first six months of 2012). These results reflected â‚¬1.1Â million in debt
costs (up by â‚¬0.7 million), attributed to â‚¬35 million of additional debt to
finance the acquisition of CapitalStream.
Income tax at â‚¬5.0 million took account of a non-recurring expense of â‚¬0.9
million relating to tax credits from previous financial years that had been
disputed by the French tax authorities.
Net profit amounted to â‚¬7.3 million, a 32.7% increase over the first six months
Shareholder equity amounted to â‚¬86.1 million at 30 June 2013. Financial debt
rose from â‚¬49.7 million at 31 December 2012 to â‚¬75.0 million at 30 June 2013 as
a result of the additional debt contracted to acquire CapitalStream.
Net debt amounted to â‚¬48.7 million, that is 1.4 times 2012 EBITDA.
Linedata will continue to deploy its growth strategy in its two strategic
segments, asset management and credit finance. The acknowledged expertise of
Linedata in both the front and back office areas in these two market segments
enables the group to offer comprehensive, modular solutions that handle a broad
spectrum of financial instruments and products.
Thanks to its global solution offering and presence, with 16 offices supporting
the major global financial centres, the group remains confident that it will be
able to maintain revenue growth and good margin performance.
Next communication: publication of revenues for 3(rd) quarter 2013 on 6 November
2013 after close of trading.
Linedata is a global solutions provider dedicated to the investment management
and credit community, with close to 1000 employees in 16 offices across the
globe. Linedata has been at the service of the financial industry from day one,
and applies its market and client insight to provide innovative and flexible
mission-critical software and services that help its clients grow in over 50
countries. Headquartered in France, Linedata achieved revenues of EUR 144
million in 2012. This company is listed on Euronext Paris FR0004156297-LIN -
Reuters LDSV.LN - Bloomberg LIN:FP.
For further information, please contact:
Linedata Cap Value
Finance Department Financial communication
+33 (0)1 47 77 68 39 Gilles Broquelet / Samuel Beaupain
firstname.lastname@example.org +33 (0)1 80 81 50 00
RS 2013 en:
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Source: LINEDATA SERVICES via Thomson Reuters ONE