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Results first half year 2004

Results first half year 2004. Henk Bosma, CEO Amsterdam, 26th August 2004. Strategy Results first half year 2004. Agenda. Strategy. Major full service provider in Dutch ICT-market (“national champion”) Profitable services in infrastructure management in UK ICT-market (“niche player”)

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Results first half year 2004

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  1. Results first half year 2004 Henk Bosma, CEO Amsterdam, 26th August 2004

  2. Strategy Results first half year 2004 Agenda

  3. Strategy

  4. Major full service provider in Dutch ICT-market (“national champion”) Profitable services in infrastructure management in UK ICT-market (“niche player”) No reasons for a change of strategy for the time being Strategy

  5. Questions: Will the consolidation tendency go on? At which pace? Will it affect PinkRoccade? Answers: Yes, likely It will take another 3 to 5 years It will affect every full service provider so we will watch developments carefully and take steps when necessary Conclusion: It is of the highest importance to improve the results of the company shortly, not to spend a lot of energy on other matters Consolidation

  6. PinkRoccade will strengthen its commercial ability and at the same time reduce the costs further PinkRoccade will restructure its organisation from a business unit model to a functional model with a strong market orientation PinkRoccade is looking actively for a successor of the present CEO who will retire by mid 2005 Consequences

  7. Results first half year 2004

  8. Net revenues euro 347.0 million (H1 2003 euro 372.1 million) Operating profit euro 5.1 million (H1 2003 euro 15.4 million) Net profit euro 1.9 million (H1 2003 euro 7.5 million) Net profit per share euro 0.08 (H1 2003 euro 0.31) As expected, the first indications for market recovery became visible during Q2 2004 Pent up demand is a driver of this recovery Improving utilisation rates in time and material business Highlights

  9. Financials

  10. Revenue assessment H1 2004 • Revenue decreased 6.7% compared to H1 2003 175 172

  11. Revenue in vertical markets

  12. Analysis by vertical markets

  13. Decrease in total revenue of 6.7% Decrease in second quarter 5.7%, in first quarter 7.7% Revenue per FTE increased with approx. 2% in comparison with H1 2003 Netherlands: continuous increase in Healthcare, decrease in Central and Local Government UK: stabilisation of revenue Revenue developments

  14. Percentage of recurring business stable Movements in recurring contracts H1 2004 Several new contracts in H1 2004, total annual income approx. 30 mln (a.o. NBTC, Securicor, ProRail) In Q3 2004 YTD new contracts with a.o. VROM (total annual income approx. 15 mln) Recurring business > 65%

  15. EBITA assessment 2004(prior years adjusted) 3.0 4.3

  16. EBITA – EBITAE reconciliation EBITAE = Earnings before Interest, Taxes, Amortisation of goodwill and Exceptional Items

  17. Net profit assessment 2004(prior years adjusted) 1.3 0.6

  18. Number of employees 9439 8147 7436 7117

  19. Profit & Loss Statement H1 2004

  20. Balance sheet

  21. Provisions

  22. Cashflow statement H1 2004

  23. Developments

  24. Netherlands: First half year remained difficult, however first indication of market recovery became visible In time and material business, tariffs and utilisation ratios have increased, mainly in Infrastructure Management Developments in Central Government as expected, reduction of sales because no large outsourcingdeals Developments (1)

  25. Netherlands: Local Government market suffering from spending cuts and fewer changes in regulations In Finance and Industry market, not yet full benefit of improving market due to fixed price contracts Healthcare market shows steady growth and stable margins Developments (2)

  26. UK: Net revenue stable Large new contract with Securicor (euro 60 mln over 7 years) in Q1 As from June on, operating profit (EBITAE) is positive on a monthly basis Restructuring on schedule Developments (3)

  27. Outlook

  28. First indications of market recovery; trend expected to continue However, Q3 will be weak due to usual seasonal effects Market for outsourcing remains attractive Revenue decline will continue to slow off during H2 No indication of profit level because of uncertainty about: Developments in local government market Moment of building the provision for the costs of the organisational transformation Outlook

  29. Results Q3 2004 :November 11, 2004

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