Transics announces results for 2013

WABCO's picture
Printer-friendly versionPrinter-friendly versionPDF versionPDF version

Ieper, Belgium – February 28, 2014 – Transics International N.V. (EURONEXT Brussels: TRAN) today announced its results for FY 2013.

Business highlights

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.

Financial Highlights

Consolidated key figures

  • 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.

Outlook 2014

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 Results 2013

Consolidated statement of comprehensive income

  • Revenues

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

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

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.

  • Income taxes

In 2013, the effective tax rate amounts to 25% of the net income before taxes.

  • Net result

The net result for 2013 is €5,367k compared to a net result from continuing operations in 2012 of €4,635k.

Consolidated statement of financial position

  • Non-current assets

During 2013, €4,119k of development costs were capitalised. The net book value of development costs amounted to €10,535k.

  • Current assets

Inventories decreased from €2,753k to €1,859k compared to the end of 2012.

Transics managed to improve its average receivables position from 73 days to 68 days.

  • Shareholders’ equity

Profit incorporated amounted to €5,367k.

The Board of Directors will propose the General Assembly not to pay any dividend for FY 2013.

  • Non-current liabilities

As of December 31st, 2013, non-current bank borrowings amounted to €732k and the company was compliant with all its financial covenants.

Net cash amounted to €14,583k at the end of 2013, compared to €5,841k at the end of 2012.

Consolidated cash flow statement

Consolidated statement of changes in equity

 

Ieper, February 27, 2014

Walter Mastelinck                                  Luc Vandewalle

Chief Executive Officer                            Chairman

“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.

Media contact

Tinne Baele, Marketing Communication Manager, +32 57 34 61 71, tinne.baele@remove-this.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.

News Source : Transics announces results for 2013

Copy this html code to your website/blog to embed this press release.