Interim report 30 June 2013 – SimCorp A/S
NEW YORK--(BUSINESS WIRE)--SimCorp grew revenue by 11% during the first six months of the year fuelled by a satisfactory development in license sales as well as a solid performance of the professional services and maintenance activities. Revenue for H1 2013 amounted to EUR 103.1m, EUR 10.0m higher than in the same period last year. EBIT for the six-month period was EUR 18.3m, up 49% compared with the same period last year. Revenue secured by contract for 2013 is 12% higher than at the same time last year. SimCorp upgrades its expectations for 2013 of revenue growth measured in local currencies from more than 5% to revenue growth measured in local currencies of more than 8%. Also, the expectations of a reported EBIT margin exceeding 22% is upgraded to expectations of a reported EBIT margin exceeding 23%.
SimCorp's Board of Directors today considered and approved the Group's interim report for the six months ended 30 June 2013. Highlights of the report are:
- H1 revenue was EUR 103.1m, an increase of 11% compared with H1 2012. Q2 revenue increased by 19% compared with the same period last year and amounted to EUR 54.1m. Page 5
- H1 order intake was EUR 15.2m, which was 69% more than in H1 2012. Q2 order intake increased by 35% compared with Q2 2012 to EUR 5.8m. The order book decreased by EUR 2.9m during the quarter, and amounted to EUR 14.7m at 30 June 2013, compared with EUR 6.9m at the same time in 2012. Page 4
- Income recognised from licenses and add-on licenses amounted to EUR 14.4m in the six-month period, an increase of 47% y/y, and amounted to EUR 8.5m in Q2, an increase of 81% compared with the year-earlier period. Page 5
- Revenue from professional services remained at a satisfactory level. Professional fees for the first six months of the year were EUR 35.7m, up 7% relative to the same period last year. In Q2 professional fees were EUR 19.0m, an increase of 21% compared with the same period last year. Page 5
- Maintenance income for the six months was EUR 51.5m, an increase of 6% relative to the same period last year. Maintenance income in Q2 2013 was EUR 25.9m, an increase of 5% compared with the year-earlier period. Page 5
- Total cost for the six months amounted to EUR 84.8m, an increase of 5% compared with the same period in 2012. I Q2 total cost was EUR 42.8m an increase of 8% on the same period last year. Page 6
- H1 EBIT was EUR 18.3m, which is 49% or EUR 6.0m higher than the same period last year. Q2 EBIT was EUR 11.3m, against EUR 6.0m in Q2 last year. Page 7
- The H1 cash flow from operating activities was EUR 22.4m compared with EUR 21.3m in the same period of 2012. Page 8
- SimCorp upgrades its expectations for the full year from revenue growth measured in local currencies of at least 5% to expectations of revenue growth measured in local currencies of at least 8%. Despite the assumed negative currency impact for the remaining part of the year of more than 1 %-point on the reported EBIT margin the expectations of a reported EBIT margin of at least 22% is upgraded to expectations of a reported EBIT margin of at least 23%. Page 9
- At 30 June 2013, contracts equalling EUR 183.4m of the projected 2013 revenue had been secured, EUR 19.5m or 12% more than at the same time last year. Page 9
This document is a translation of the original interim report in Danish (Delårsrapport 30. juni 2013). In case of discrepancies, the Danish version prevails.
SimCorp's Executive Management Board will present this interim report at an investor meeting to be held in New York Wednesday 28 August 2013 at 9:00 am (CEST). A live webcast of the presentation can be followed via this link, where it will be possible to ask questions online: http://storm.zoomvisionmamato.com/player/simcorp/objects/sah8r1vc/.
The presentation will be available afterwards via SimCorp's website www.simcorp.com.
Since 1971, SimCorp has been providing investment and portfolio management solutions and services to the world’s leading investment managers, asset managers, fund managers, fund administrators, pension funds, insurance funds and wealth managers. SimCorp’s world-class software provides global financial organisations with the tools they need to mitigate risk, reduce cost and enable growth. SimCorp is a global company, regionally covering all of Europe, North America and Asia Pacific. Listed on the NASDAQ OMX Copenhagen, SimCorp is dedicated to supporting the global investment management industry, its clients and its investors.