Ordina N.V. results third quarter 2014

Results continue to improve in Q3 - Seite 2

Outlook
We decline to give a forecast for the coming period.

Integrity investigation
In our press release of 9 October last, Ordina reported on the preliminary results of the internal investigation into possible irregularities in public sector tenders and contracts in the period 2005-2010.
 
As announced at the time, an additional internal investigation is still ongoing into a limited number of issues. Ordina expects to complete the current internal investigation in the fourth quarter of 2014, or in the first quarter of 2015 at the latest.
 
Ordina will publicly report to all stakeholders on the relevant findings once the internal investigations are complete. At the same time we will also provide information on the measures taken in the context of the previously announced integrity programme we are introducing across the company.

The Dutch shareholders association VEB and a number of shareholders, both large shareholders (with an interest of more than 3%) as well as small shareholders (with an interest of less than 3%), have asked questions about the course of events. Also, one small private shareholder has asked for compensation for the losses which would have been suffered due to the share price movement following the Zembla broadcast. We have otherwise not received any other claims, from either customers, competitors or business partners. 

To respond to any questions our stakeholders may have, we will at the same time provide an overview of all the relevant facts that emerged in the past period.

It is not possible to make any statement about the financial consequences of the above for the company.

Highlights Q1-Q3
In the third quarter, turnover declined 4.9% to EUR 88.2 million (Q3 2013: EUR 92.8 million), largely driven by a smaller number of large projects. The impact of the dismantling of the generic OCP activities is EUR 1,7 million. The recurring EBITDA rose to EUR 5.3 million (Q3 2013: EUR 4.2 million), after adjustment for redundancy payments (Q3 2014: EUR 0.5 million) and external costs related to the internal investigation (Q3 2014: EUR 0.6 million).

Turnover in the first nine months of the year was down 1.6% at EUR 273.4 million (first nine months 2013: EUR 277.8 million). Turnover is largely stable when adjusted for the dismantling of OCP (impact: EUR 3.2 million). Recurring EBITDA came in higher at EUR 13.6 million (Q1-Q3 2013: EUR 7.8 million), after adjustment for redundancy payments (Q1-Q3 2014: EUR 5.6 million) and external costs related to the internal investigation (Q1-Q3 2014: EUR 0.6 million).