Ieper, Belgium – February 28, 2014 – Transics International N.V. (EURONEXT Brussels: TRAN) today announced its results for FY 2013.
On February 13, 2014, WABCO Holdings Inc. (NYSE: WBC), a global technology leader and tier-one supplier to the commercial vehicle industry, announced the acquisition of 96.84 % of Transics International shares by acquiring holding company Tavares NV. Thereby, WABCO expanded into the fast-growing fleet management solutions market.
Total revenue reached €51,669k or an increase of 5.2% compared to last year.
Recurring revenues over 2013 reached €28,694k and accounted for 55.5% of total revenues. The portfolio of recurring revenues at year end reached €30,895k or an increase of 7.8% compared to 2012.
Gross profit for 2013 was €35,487k or 68.7% of revenue, compared to €33,212k or 67.6% of revenue for the same period last year.
EBITDA1 reached €11,820k or 22.9% of the 2013 revenue, representing an increase of 13.9% compared to last year (€10,376k).
Operating result amounted to €7,130k or 13.8% of revenues, representing a 23.2% increase compared to 2012.
Net result reached €5,367k for FY2013 or €0.6630 basic earnings per share.
Operating cash flow amounted to €13,586k for FY 2013.
Net cash2 as of 31. December 2013 amounted to €14,583k. The company was compliant with all its financial covenants at year end.
The Board is confident that the new owner of the Company will fuel growth, and achieve positive sales and EBITDA performances. Since WABCO has announced its intention to delist the company, further explanations shall be provided in the takeover prospectus.
Consolidated revenues for FY 2013 reached €51,669k, representing an increase of 5.2% over the same period last year. Revenues in core markets (Benelux and France) reached €35,574k and in developing markets (Rest of Europe) €16,095k, compared to €35,124k and €13,994k respectively for FY 2012.
Product sales accounted for 41% of total revenue, recurring sales for 56% and field services for 3%, compared to respectively 42%, 55% and 3% in 2012.
Gross profit increased from €33,212k or 67.6% of revenues in 2012 to €35,487k or 68.7% of revenues in 2013. The gross margin percentage increased as a result of the higher relative share of recurring revenues generating a higher gross margin compared to product sales.
Operating expenses increased from €27,089k in 2012 to €27,829k in 2013, mainly due to an increase in headcount from 280 at the end of 2012 to 288 at the end of 2013.
In 2013, the effective tax rate amounts to 25% of the net income before taxes.
The net result for 2013 is €5,367k compared to a net result from continuing operations in 2012 of €4,635k.
“The statutory auditor of Transics International NV, BDO Bedrijfsrevisoren Burg. Ven. CVBA, represented by Koen De Brabander, has confirmed that his audit work, which is substantially complete, has not revealed any significant matters requiring adjustments of the 2013 consolidated financial information included in this press release.”
Transics International NV, a WABCO company, was established in 1991. Transics develops and commercialises fleet management solutions for the transport and logistics sector. Due to many years of experience, thorough R&D efforts and an intensive focus on the customer experience, Transics has become a European leader in its sector and is working on its global expansion. In addition to its headquarters in Ypres (Belgium), Transics is active throughout Europe. The company has been quoted on the stock exchange (NYSE Euronext Brussels: TRAN) since June 2007. For more information, visit www.transics.com.
1 EBITDA is defined as the operating result of the Company before interest, taxes, depreciation and amortisation. The EBITDA is used to present the operating result of the Company without any financing expense or income.
2 Net debt / cash is defined as the sum of the bank borrowings, finance leases, current interest-bearing borrowings and bank overdrafts minus cash.