ICT Group wil overige 50% aandelen in InTraffic overnemen van joint-venturepartner Movares

Vertaling van Engelse versie. Engelse versie is leidend.

Als 100%-dochteronderneming gaat InTraffic de positie van ICT in Smarter Cities versterken

ICT Group N.V. (ICT) kondigt vandaag de ondertekening aan van de intentieverklaring tot overname van de resterende 50% aandelen in InTraffic B.V. (InTraffic) die nu nog in bezit zijn van joint-venturepartner Movares Group B.V. (Movares). Na de overname bezit ICT 100% van de aandelen van InTraffic. Met de volledige overname van InTraffic versterkt ICT zijn positie in het strategische thema ‘Smarter Cities’.

InTraffic, dat gevestigd is in Nieuwegein, ontwerpt en bouwt applicaties voor Traffic Management, Infrastructure Monitoring en Travel Information. De onderneming werd opgericht in 2003 als een joint venture van ICT en ingenieursbureau Movares. Met 150 professionals genereert InTraffic een jaaromzet van ongeveer € 19 miljoen.

Jos Blejie, CEO van ICT Group: “Ik ben ervan overtuigd dat deze transactie goed is voor zowel InTraffic als ICT. InTraffic sluit perfect aan bij onze strategie voor Smarter Cities. Door onze krachten te bundelen kunnen we onze positie versterken en onze innovatie en productontwikkeling op het gebied van railinfrastructuur en mobiliteit verder verbeteren. Na 15 jaar nauwe samenwerking met onze joint-venturepartner Movares op het gebied van openbaar vervoer ben ik zeer verheugd over ons streven om InTraffic onderdeel te maken van ICT.”

Sander Eijgenraam, CEO van Movares: “ICT heeft al bijna 15 jaar een strategisch samenwerkingsverband met InTraffic. In die jaren is de rol van IT bij railinfrastructuur en mobiliteit sterk veranderd. Door die verandering is InTraffic nu voor Movares van minder strategisch belang voor onze kernactiviteiten als consultants en ingenieurs. Na afronding van de transactie zullen Movares en InTraffic de samenwerking bij ProRail als belangrijkste klant van beide partijen voortzetten.”

Bert van Elburg, CEO van InTraffic: “We kijken uit naar de volledige overname door ICT Group. Ik denk dat deze transactie voordelen met zich meebrengt voor de werknemers en de klanten van InTraffic. De combinatie van de sterke positie van InTraffic in mobiliteit en railinfrastructuur en die van ICT in openbare infrastructuur heeft een positief effect op beide partijen en zal de positie verder versterken.”

Naar verwachting zal de transactie eind maart 2018 worden afgerond. Vanaf dat moment wordt InTraffic volledig geconsolideerd. Het huidige belang van 50% van ICT zal worden gerapporteerd als resultaat uit joint ventures. De koopsom voor de 50% van de aandelen wordt betaald in cash. Er worden geen nadere financiële details over deze transactie bekendgemaakt.

ICT Group completes acquisition of NedMobiel

Only available in English

ICT Group N.V. (ICT) announces that it has completed the purchase of 100% of the shares of NedMobiel B.V., a Dutch expert consultancy company for complex infrastructures. The purchase consideration has been paid in cash.

NedMobiel has extensive expertise in (tunnel) safety, asset management and project management. NedMobiel will work closely with ICT Netherlands’ business units Water and Infrastructures and Engineering Contractors and will be able to benefit from the strong position that ICT holds in the national rail, road, water and infra sectors. This acquisition supports ICT’s transition from a leading software integrator to a total technology and service provider, by increasing revenue from projects as well as from services.

ICT Group nominates Gina van der Werf for appointment to the Supervisory Board

Only available in English

ICT Group N.V. (ICT) today announces the nomination of Mrs. Gina van der Werf for appointment as member of the Supervisory Board of ICT Group. Her nomination made by the Supervisory Board will be on the agenda of the Annual General Meeting of Shareholders of ICT Group on 9 May 2018. Gina van der Werf is CEO of First Dutch Innovations and has the Dutch nationality. Mr. Jan Sinoo, whose second term ends on 9 May 2018, will not be available for re-election.

Gina van der Werf (46) is CEO of First Dutch Innovations, a multinational company active in the TIC-sector (Testing, Inspection and Certification), Metrology and in Life Sciences. In the past she was Chairman of the Management Board of Priority Telecom NV after corporate positions within the Liberty Global. She also held several Supervisory Board positions within the IT sector and within the Noordelijke Hoge School Leeuwarden (NHL). She holds a degree in Corporate Law and International Organisations from the University of Groningen.

Theo van der Raadt, chairman of the Supervisory Board of ICT Group: “We are very pleased to nominate Gina van der Werf for appointment to the Supervisory Board. With her broad and international management experience and extensive background in the tech sector she will be a valuable addition to our Supervisory Board. I am convinced that ICT Group will benefit from her involvement in developing innovative companies and promoting entrepreneurship. At the same time, I would like to thank Jan Sinoo for his valuable contribution over the past eight years in which ICT made significant steps forward.”

Gina van der Werf will be nominated for appointment for a period of four years until the AGM in 2022. The nomination for appointment will be made under the condition that the general meeting does not make use of its right of recommendation. After her appointment, ICT Group’s Supervisory Board will consist of the following members: Theo van der Raadt (Chairman), Deepak Luthra, Fritz Fröschl and Gina van der Werf. Mrs. van der Werf will become chair of the Remuneration and Appointment committee.

Q3 2017 Results: solid performance

Key developments:

Q3 2017
– Revenue increased 23% to € 25.8 million (Q3 2016: € 21.0 million), organic revenue growth trend continued.
– EBITDA came in at € 2.5 million, an increase of 19% compared to € 2.1 million in Q3 2016.
– Focus on integration and consolidation of acquisitions continued; integration HTS ongoing.

9M 2017
– In the first nine months of 2017 revenue was up 21% to € 76.5 million (9M 2016:
€ 63.1 million), organic revenue growth 8%.
– EBITDA amounted to € 7.8 million (9M 2016: € 6.3 million), an increase of € 1.5 million.

Outlook.
– For the full year 2017 EBITDA expected between € 11.5 million and € 12.5 million.

Jos Blejie, CEO of ICT Group N.V.: “In the third quarter we continued our disciplined approach towards integration and consolidation. The integration process of HTS, which we acquired last June, is ongoing and we completed the integration of Nozhup. All ICT subsidiaries contributed to the growth realized in the past nine months. In particular ICT Nearshoring and BMA performed well in the third quarter. BMA benefited from its delayed launch of a new generation fetal heart monitors. With the continued favorable economic conditions, we expect to pass the € 100 million revenue milestone this year and expect to realize an EBITDA between € 11.5 million and € 12.5 million.”

Financial developments
In the third quarter of 2017 revenue increased 23% to € 25.8 million compared to
€ 21.0 million in Q3 2017. Organically, excluding HTS (acquired in June 2017) and
2 months Nozhup (consolidated as of September 2016), revenue growth was in line with the previous quarters. For the first nine months of the year revenue amounted to € 76.5 million. All subsidiaries contributed to the 21% increase compared to last year. Organic revenue growth year to date is 8%.

Overall productivity levels within ICT Netherlands were in line with last year. Strypes Bulgaria showed a significant increase in revenue compared to Q3 last year. BMA performed above expectations, Improve and Raster performed in line with last year. All ICT subsidiaries recorded positive results. EBITDA came in at € 2.5 million in the third quarter, compared with € 2.1 million in the same period of 2016. Year to date EBITDA was up 24% to € 7.8 million (9M 2016: € 6.3 million), resulting in an EBITDA margin of 10.2% (9M 2016: 10.0%). The positive trend in ICT’s markets continued in the third quarter.

Strategic themes
ICT focuses on the themes Smarter Industries, Smarter Cities and Smarter Health. Within these themes ICT delivers the highest added value to its customers. Due to the acquisitions of Nozhup and HTS, growth in the themes Smarter Industries and especially Smarter Cities was higher than in the Smarter Health theme.

Divestment of minority share in Strypes Nederland B.V.
In October Strypes Bulgaria (ICT Nearshoring) agreed to divest its minority stake (25%) in Strypes Nederland B.V. to the existing shareholders. As a consequence, transfer of the shares will take place early November. As part of this agreement Strypes Bulgaria and Strypes Nederland B.V. will continue their collaboration.

Outlook
ICT will continue to further leverage the strategic platform it has successfully built over the past years, aimed at organic growth combined with acquisitions. ICT’s acquisition strategy is focused on achieving a more balanced position between the three main themes. Our solutions, enabling a digital transformation for our customers, will be deployed in all industries and further internationalized.

Overall ICT has benefited from favorable economic circumstances. The markets in which ICT operates are expected to continue this favorable trend in the fourth quarter of the year. The strong fourth quarter of last year was the first quarter in which the activities of Nozhup were fully consolidated.

Based on the above, ICT expects EBITDA between € 11.5 million and € 12.5 million for the full year 2017.

ICT Group acquires high tech solutions and passes the milestone of 1,000 professionals

ICT Group N.V. (ICT) announces that it has signed a share purchase agreement to acquire 100% of the shares of High Tech Solutions B.V. (HTS), a Dutch based high technology automation services provider. The company was founded in 2006 and currently employs around 25 professionals on a HBO / academic level. HTS brings a customer set that is highly complementary to ICT. The acquisition supports ICT’s growth ambitions. High Tech Solutions is a well-respected industrial automation project and services provider. The company is located in Apeldoorn and delivers consultancy services in different markets like Telecom, Healthcare, Defence Security and High Tech Manufacturing. HTS realises profitable revenues of around EUR 2.5 million per annum. With this acquisition ICT passes the mark of 1,000 employees. Commenting on the closing, Jos Blejie, CEO of the ICT Group, stated: “We are pleased with the acquisition of High Tech Solutions. Although a niche player, HTS is bringing new, well respected, clients and specialised industry knowledge to the ICT Group. We warmly welcome our new colleagues and are proud to pass the milestone of 1,000 professionals. For many years HTS and ICT have worked together and both companies acknowledge that there is a clear cultural fit between the two companies. HTS will work closely together with ICT’s Machine & Systems business unit. The founders of HTS will remain involved until the end of 2018. The purchase consideration will be paid in cash. Further financial details will not be disclosed.

Q1 2017 results: CONTINUED GROWTH IN REVENUE AND EBITDA

Key developments:

  • Revenue in Q1 up 21% to € 25.6 million (Q1 2016: € 21.1 million)
  • Organic revenue increase of 7%.
  • EBITDA increased by 27% to € 2.8 million (Q1 2016: € 2.2 million).
  • Integration of Nozhup accomplished

Key figures

(in € millions) Q1 2017 Q1 2016 Δ
Revenue 25.6 21.1 + 21%
EBITDA 2.8 2.2 + 27%

Jos Blejie, CEO of ICT Group N.V.: “We have started the year 2017 in line with expectations across all our business segments, resulting in revenue and profitability growth in the first quarter compared with the first quarter of 2016. During the first three months we focused on the completion of the integration of Nozhup to be able to immediately reap the benefits of this acquisition. We continue to be committed to the execution of the company strategy, in which gaining market share and investments in new technologies and business solutions are key. Given the current positive economic circumstances we reiterate that we expect a further growth in both revenue and profitability for the full year 2017 versus 2016.”

Financial developments

Revenue in the first quarter of 2017 increased to € 25.6 million compared to € 21.1 million in the first quarter of 2016. Organically, excluding Nozhup and 1 month BMA (consolidated as from February 2016), revenue grew 7%. Due to the acquisition of Nozhup the segment ICT Netherlands increased substantially. Overall the markets ICT operates in continued their positive development this first quarter of 2017. In Q1 2017 ICT made further progress in the execution of its strategy with the completion of the integration of Nozhup into the ICT Netherlands organisation. All ICT subsidiaries recorded positive results. EBITDA came in at € 2.8 million in the first quarter, compared with € 2.2 million in the same period of 2016.

Strategic themes

ICT has made clear choices in terms of growth. ICT focuses on the themes Smarter Industries, Smarter Cities and Smarter Health. Within these themes ICT delivers the highest added value to its customers. As Nozhup’s activities are focussed on Smarter Industries and Smarter Cities, in these areas more growth was realised this first quarter of 2017 than in Smarter Health.

Revenue split per theme (in € millions) Q1 2017 Q1 2016 Δ
Smarter Industries 15.4 13.2 + 17%
Smarter Cities 6.1 4.4 + 39%
Smarter Health 2.5 2.3 + 9%
Other 1.5 1.3 + 15%
Total revenue 25.6 21.1 + 21%

ICT Group completes integration of Nozhup

In September 2016 ICT Group acquired Nozhup, thereby gaining significant scale in the industrial automation market. Nozhup is consolidated for the full quarter in the segment ICT Netherlands. As part of the integration process of Nozhup into ICT a legal merger took effect at the end of March 2017.

Outlook

ICT’s management reiterates the outlook given at the annual results announcement in March. ICT will continue to focus on the further leveraging of the strategic platform it has successfully built over the past years, aimed at organic growth combined with acquisitions. The goal of the acquisition strategy is to achieve strong positions in each of ICT’s three main themes. Overall, the markets in which ICT is active are developing positively from a demand perspective, although some markets do remain challenging. ICT expects its capital expenditures and research & development expenditures for 2017 to grow in line with the increased scale of the company. The tight labour market remains a potential bottleneck, and attracting and retaining the right people continues to be one of our key priorities. Based on the above, ICT expects further growth in revenue and EBITDA in 2017 compared to 2016.

Press release: Full Year Results 2016 ICT GROUP NV

ICT REPORTS REVENUE INCREASE OF 25%, WITH A 44% HIGHER EBITDA

Accelerated execution of strategy drives strong results

Highlights FY 2016

  • Revenue up 25% to € 89.7 million, 8% organic growth
  • EBITDA increased 44% to € 10.3 million, organically EBITDA was up 5%
  • The recent acquisitions contributed considerably to the growth in revenue and results
  • The net result came in at € 5.0 million, a 41% increase compared to 2015
  • Proposed dividend of € 0.33 per share for the year 2016

Highlights Q4 2016

  • Revenue up 32% to € 26.6 million, EBITDA increased 74% to € 4.0 million
  • Organically revenue and EBITDA growth was in line with the full year growth; consolidation of Nozhup and BMA significantly contributed to the group’s Q4 results

Outlook

  • ICT expects a further growth in revenue and EBITDA for 2017 compared to 2016

Key figures

Jos Blejie, CEO of ICT Group N.V.: “2016 has been a good year in which we have made many steps in the execution of our strategy. We continued with a clear focus on what we try to accomplish every day; making the world a bit smarter with our technologies and skills. We further shaped the company into an even more customer centric organisation, which translated into healthy organic growth of 8%. With the acquisitions of the past year, we have further strengthened our position in our three main themes; Smarter Industries, Smarter Cities and Smarter Health. In 2016 we continued to challenge innovation and entrepreneurship. With success. A range of new business development initiatives were originated. We will continue to invest substantially in new technologies and the development of new solutions. We defined our strategy in 2015, delivered on an accelerated execution in 2016, and are excited to continue our successful strategy and further build on our strong foundation in 2017.”

Strategy update

Progress in 2016 In 2016, ICT made significant further progress in the execution of its strategic road map. The company completed the transition to a more customer centric business unit structure. ICT combined its strong organic development with growth through acquisitions. In the beginning of 2016 ICT completed the purchase of 51% of the shares of BMA, a leading Dutch Healthcare software company active in the domain of obstetrics. This transaction further enhanced ICT’s position in the field of Smarter Health. At the end of the first half year of 2016, ICT acquired the water related activities of Dynniq and in September ICT acquired Nozhup, active in industrial process automation in industry and public infrastructure. With these acquisitions, ICT is well on track to deliver on its ambition to become one of the largest Industrial Technology players in the Netherlands, serving the global themes Smarter Industries and Smarter Cities. The Polish operations had not reached the necessary scale to continue to make the operation viable. Therefore the ICT Poland operations were closed with effect from 31 May 2016. ICT’s focus on a single nearshoring entity supported the considerable growth of Strypes Bulgaria. Initiatives to spark entrepreneurship in the organization have led to multiple initiatives originated at all levels and business units in the organization. A number of these have the potential to grow to viable business propositions, such as ICT Mobile, which bundles the latest mobile technologies in the Mobile Enterprise App Platform. ICT’s focus on new business development is also reflected by the commitment to invest 1.5% of revenue in R&D. The investments, geared towards all kind of new technologies in new product market combinations, are vital to the company’s future success. The change of the statutory name from ICT Automatisering N.V. to ICT Group N.V., was adopted by the AGM in May 2016. The new name better reflects the clear focus and the international character of the company. Focus in 2017 ICT aims to obtain a leading position in each of the three defined themes. To support the transition from a leading software integrator to a total technology and service provider, ICT furthermore strives to increase its higher value added revenue from projects as well as from services and licences. Moreover, ICT has the ambition to serve its international customers, also outside the Netherlands. An ambition that will gradually be pursued in its growth strategy. Nozhup will be fully, legally and operationally, integrated within the ICT Netherlands organisation. The integration is expected to be completed by the end of 2017. Raster and BMA will continue to operate under their own label, like Improve, of course in close collaboration with the group. Integration of processes and uniform systems will stimulate this collaboration and will increase efficiency. In terms of Research & Development and technology, ICT continues its path towards the next professionalization level, focused on digital transformation. Furthermore ICT is and will continue to invest in ‘Wellbeing at work’. This includes intellectually challenging assignments, better work places and the simplification of administrative tasks. As the battle for talent continues, attracting and retaining our people remains one of our key priorities.

Notes to the results

Revenue In 2016, ICT Group’s revenue came in at € 89.7 million, 25% higher than the € 71.8 million reported in 2015. Organically, revenue increased by 8% and 17% of growth was driven by the recent acquisitions Raster, BMA and Nozhup. Organic growth was driven by the increase in the number of FTEs, higher average rates and improvements in a number of markets in which ICT is active. Revenue at ICT Netherlands increased 13% to € 69.0 million in 2016, from € 61.0 million in the previous year. This includes four months of revenue from Nozhup, as this activity was consolidated in ICT Netherlands from September onwards. Organically, ICT Netherlands recorded 7% higher revenues. Nozhup is meeting expectations and is making a clear contribution to ICT Netherlands’ profitability. In 2016, ICT Netherlands managed to realise 2% higher average rates. Productivity levels and licences and materials sales were more or less unchanged compared to the previous year. The conditions on the Dutch industrial market were favourable last year, which was reflected in the solid performance of the ICT business units active in this market. The public infrastructure sector saw a lot of activity in 2016 and ICT was able to benefit from this and record strong results. ICT realised healthy growth in the Healthcare segment and sees plenty of opportunities for continued growth in this market. With the recent acquisition of BMA, ICT has clearly strengthened its position in this market. Strypes Bulgaria (“ICT Nearshoring”) saw its revenues increase 33% to € 7.6 million in 2016, from € 5.7 million in 2015. Strypes has more than doubled its employee numbers since ICT acquired the company in early 2015, and has broadened its customer base by gaining a number of new clients. To be able to manage this increase in size and to ensure continued and sustainable strong growth, in 2016 Strypes invested in the professionalization of the organization, including quality controls. These investments, which will continue in 2017, are already paying off, as Strypes was able to increase its profitability substantially in the second half of the year compared to the first half. This resulted in an EBITDA increase of 5% to € 1.7 million for the full year 2016. The segment ‘Other’ recorded revenues of € 14.3 million in 2016 (2015: € 6.2 million). Raster is delivering on target, despite the continuing difficult market conditions in the oil & gas industry in 2016. Their niche position, high quality standards and direct client relationships make them resilient in these challenging market circumstances. Improve performed well, in line with last year. In 2015, Improve achieved a substantial improvement in performance and the company was able to maintain its results at this level in 2016. After a challenging first half of the year, in which BMA performed below expectations as a result of postponed projects, the second half of 2016 saw a recovery in results. The Dutch market is a declining market, as the number of hospitals is declining due to a number of mergers. However, BMA developed a new generation of software to facilitate international expansion, as this new generation software is easier to connect to different protocols in different countries. BMA is in a strong position for this international expansion. ICT Poland was closed down in the first half of 2016. On balance, the five months of revenue from ICT Poland was offset by the costs of closing down the operation. Costs/ personnel expenses In 2016, personnel costs increased by 20% to € 52.0 million (2015: € 43.5 million), as a result of the marked increase in the number of employees and a modest increase in salaries. Other operating expenses increased by 14%, mainly as a result of the recent acquisitions. In 2016, ICT invested in office accommodation, marketing & sales and its financial reporting & human resources processes, with investment levels similar to those in 2015. The HR investments focused primarily on improving the HR processes at the companies ICT has acquired over the past two years. In addition, ICT invested more heavily in recruitment last year. The costs related to strategic initiatives and the realisation of acquisitions and partnerships amounted to € 0.5 million (2015: € 0.6 million). EBITDA EBITDA for the full year 2016 increased by 44% to € 10.3 million, compared to € 7.1 million in 2015. Organically, EBITDA was up 5%, with ICT Netherlands and Strypes Bulgaria both recording higher EBITDA compared to 2015. The overall EBITDA margin increased to 11.5% in 2016 from 9.9% in 2015. Amortisation and depreciation ICT has attributed a value to, and is amortising a number of intangible assets, including order backlog, software and customer relations of its recent acquisitions. Amortisation amounted to € 2.3 million in 2016, comprising € 0.7 million related to Strypes Bulgaria, € 0.6 million to Raster and € 0.6 million to BMA. For Nozhup, the annual amortisation will be € 0.4 million. Depreciation amounted to € 0.6 million in 2016 (2015: € 0.5 million). Operating profit amounted to € 7.4 million in 2016 (2015: € 5.3 million). The operating margin was 8.2%, compared to 7.4% in 2015. The results from joint ventures and associates InTraffic was more or less in line with last year and contributed € 0.2 million to the results. LogicNets performance improved significantly in 2016, as revenues from the platform doubled and the losses were halved in 2016 compared to 2015. Last year, we saw the completion of the development of the platform into a standardised solution, which has improved the marketability of the software platform. LogicNets won a number of reputable new customers. Despite the improvements on all key parameters, LogicNets is still lagging its original ambitious plans. ICT therefore decided to take an impairment on its stake in LogicNets in the fourth quarter of 2016. The downward valuation of LogicNets, including our share in the loss, amounted € 0.6 million. The book value of LogicNets per year-end 2016 amounted to € 0.5 million. In 2016, ICT issued loans to start-up company CIS Solutions, a selling agency (for LogicNets and Internet of things solutions) in Germany. As the company is not yet profitable, the loans have been devalued by € 0.4 million in accordance with IFRS requirements. The book value of the loans was € 0.2 million as per year end 2016. The total result from joint ventures and associates amounted to a loss of € 0.8 million (2015: € 0.3 million loss). Interest expenses increased to € 0.5 million in 2016, from € 0.3 million in 2015, as a result of increased financing for the recent acquisitions, as well as the accrued interest on the deferred acquisition consideration for the remaining 49% of BMA. In July 2016, ICT extended its acquisition credit facility with Rabobank to € 11 million from € 6 million. Additionally, ICT increased its working capital credit facility to € 10 million from € 6 million. The conditions of the facilities remained unchanged. Taxes In 2016, corporate income taxes related to the continuing business activities amounted to € 1.7 million, compared with € 1.1 million in 2015. ICT finalised the liquidation of ICT Germany in 2016. In 2014, ICT recognised a deferred tax liability related to the liquidation of ICT Germany. Given that the German activities were officially liquidated in Q4 2016, and the liability no longer exists, this liability has now been released. As a result, taxes from discontinued operations for 2016 amounted to a credit of € 0.8 million. Net profit for the full year 2016 amounted to € 5.0 million, compared with € 3.6 million in 2015, an increase of 41%. This translates into earnings per share of € 0.56 for 2016 (2015: € 0.41). The number of outstanding ordinary shares had increased to 9,288,309 at year-end 2016 (31 December 2015: 8,747,544) due to shares issued as purchase consideration on acquisitions in 2016.

Cash flow movement

The group cash (and cash equivalents) position amounted to € 5.6 million at year-end 2016, compared to € 6.7 million at year-end 2015. The cash flow from operating activities amounted to € 5.1 million positive in 2016 (2015: € 6.1 million positive). The higher cash income from operating activities was more than offset by the higher income tax paid. Cash flow from investment activities amounted to € 8.4 million negative, compared to € 11.8 million negative cash flow in 2015. The largest impact on the cash flow from investment activities in 2016 came from the net investments less cash acquired related to the acquisition of BMA and Nozhup (€ 6.3 million) and investments in office accommodation (€ 1.1 million). Cash flow from financing activities amounted to € 2.2 million positive (2015: € 1.0 million positive), as a result of the net effect of dividend paid (€ 2.3 million), the payment of the earn-out obligation related to the acquisition of Strypes Bulgaria (€ 1.6 million) and the use of acquisition financing (€ 6.2 million cash inflow) related to the acquisition of BMA and Nozhup. The net cash flow amounted to € 1.1 million negative (2015: € 4.7 million negative).

Balance sheet structure

As a result of the net effect of the payment of dividend of € 2.3 million, the issuance of € 5.4 million in new shares related to the acquisition of BMA and Nozhup, and net profit of € 5.0 million, shareholders’ equity increased to € 43.7 million in 2016 (2015: € 35.5 million). The balance sheet total has increased to € 79.2 million at year-end 2016, from € 58.2 million at year-end 2015, as a result of the acquisitions made last year. Solvency (shareholders’ equity/total assets) stood at 55% at year-end 2016, compared with 61% at year-end 2015, which represents a very sound financial basis.

Personnel

The total number of employees stood at 919 FTE’s at year-end 2016, an increase of 20%. This increase was due to both acquisitions and increased recruitment efforts.

Dividend proposal

ICT proposes a dividend of € 0.33 per share for the 2016 financial year (2015: € 0.24). The dividend payment is subject to the approval of the Annual General Meeting of Shareholders (AGM) to be held on 10 May 2017. For the calculation of the proposed dividend, the realised net profit is adjusted for the non-cash amortisation amounts and the downward valuation of LogicNets. This results in an adjusted net profit for the full year 2016 of € 7.7 million. The proposed dividend represents of € 0.33 per share represents a pay-out ratio of 40% of the adjusted net profit. ICT will offer an option for payment in cash or in shares. ICT will determine the dividend payment in shares one day after the end of the optional period on the basis of the average price of ICT shares during the last five trading days of the optional period, which shall end on 29 May 2017. The dividend will be payable, in cash or in shares, on 7 June 2017.

Outlook

In 2017, ICT will continue to focus on the further leveraging of the strategic platform it has successfully built over the past years, aimed at organic growth combined with acquisitions. The goal of the acquisition strategy is to achieve strong positions in each of ICT’s three main themes. Overall, the markets in which ICT is active are developing positively from a demand perspective, although some markets do remain challenging. ICT expects its capital expenditures and research & development expenditures for 2017 to grow in line with the increased scale of the company. The tight labour market remains a potential bottleneck, and attracting and retaining the right people continues to be one of our key priorities. Based on the above, ICT expects further growth in revenue and EBITDA in 2017 compared to 2016. Cautionary statement This press release contains forward-looking statements. Forward-looking statements are always based on assumptions and estimates relating to uncertain events over which ICT Group N.V. has no control. They concern, for example, measures taken by the Dutch and other governments, currency movements, price fluctuations, changes in law and regulations, legal precedents and market developments. ICT Group N.V. would like to stress that the contents of this press release are based on the information that is currently available. The reality can always deviate from expectations for the future. ICT Group N.V. has no obligation to update the statements contained in this document, unless required by law. In this press release, where information has been presented in thousands or millions of units, amounts may have been rounded. Accordingly, totals of columns or rows of numbers in tables or charts may not be equal to the apparent sum of the individual items. Actual numbers may differ from those contained herein due to such rounding. 2016 financial information The 2016 financial information included in the Extracts from Consolidated Financial Statements attached to this press release is derived from the Annual Report 2016, that has been authorized for issue. The Annual Report has not yet been published by law and still has to be adopted by the Annual General Meeting on 10 May 2017. In accordance with section 393, title 9, book 2 of the Netherlands Civil Code, Deloitte Accountants B.V. has issued an unqualified auditor’s opinion on the Annual Report. Annexes: Extracts from Consolidated Financial Statements 2016 – Consolidated statement of total comprehensive income – Consolidated balance sheet – Consolidated statement of changes in equity – Consolidated statement of cash flows – Other financial information – Segment information Click here to download the Annex of the Annual Results of 2016

NS selecteert ICT Group voor Manufacturing Execution System bij NedTrain

ICT Group is door NS geselecteerd voor de levering van een Manufacturing Execution System (MES) bij NedTrain in Haarlem. NedTrain, onderdeel van NS, verzorgt de revisie en onderhoud van treinstellen op de locatie in Haarlem. NedTrain moderniseert het wielstellenproces door de bouw van een nieuwe duurzame productiehal, een nieuwe productielijn, een nieuw productiemachinepark en toepassing van een IT-systeem (MES) voor real-time productiebesturing van alle machines en transportsystemen. Om te voldoen aan steeds strengere wetgeving op het gebied van spoorveiligheid worden alle gegevens uit het revisieproces in MES opgeslagen en beheerd. ICT Group ontwikkelt het MES op basis van de AspenTech AspenOne software. De geleverde oplossing bestaat uit hardware en software en een applicatie op mobiele barcodescanners voor het bedienend productiepersoneel. Een meerjarig onderhoudscontract maakt deel uit van de opdracht. De invoering van MES bij NedTrain moet leiden tot een efficient ‘lean’ productieproces (Manufacturing Excellence) en een verhoging van de kwaliteit. Het is de bedoeling dat deze nieuwe productiefaciliteit medio 2017 klaar is. De totale revisiecapaciteit van de nieuwe hal komt straks neer op 3.000 wielstellen per jaar. Na vakkundige revisie kunnen de wielen weer zo’n 1,2 miljoen kilometer mee.

ICT Group N.V.: Verdere toename van de omzet en hogere winst over het derde kwartaal

Voornaamste ontwikkelingen: Derde kwartaal 2016

  • Omzet in derde kwartaal gestegen met 23% naar € 21,0 miljoen (derde kwartaal 2015: € 17,1 miljoen), autonome omzetstijging 5%.
  • Een EBITDA van € 2,1 miljoen in derde kwartaal (derde kwartaal 2015: € 1,7 miljoen).
  • Overname van Nozhup afgerond op 6 september 2016.

Resultaten 2016 tot dusver

  • In de eerste negen maanden van 2016 is de omzet gestegen met 22% naar € 63,1 miljoen (YTD 2015: € 51,7 miljoen), autonome omzetstijging 7%.
  • De EBITDA bedroeg over de eerste negen maanden € 6,3 miljoen (YTD 2015 € 4,8 miljoen), een stijging van 30%.
  • ICT bevestigt een verwachte verbetering van de EBITDA van 25%-35% voor het gehele jaar 2016 ten opzichte van 2015.

Kerncijfers

(in miljoenen €) Q3 2016 Q3 2015 YTD 2016 YTD 2015
Omzet 21,0 17,1 23% 63,1 51,7 22%
EBITDA 2,1 1,7 27% 6,3 4,8 30%

Jos Bleije, CEO van ICT Group N.V.: “De positieve trend van de eerste helft van 2016 heeft zich in het derde kwartaal voortgezet. We zien een sterk gestegen omzet, zowel door autonome groei als door onze succesvolle overnamestrategie, waarbij alle dochterondernemingen hebben bijgedragen aan de groei. Onze meest recente overname, Nozhup, versterkt onze positie in de markt van industriële automatisering en is vanaf 1 september verwerkt in onze cijfers. Onze winstgevendheid toont een continue verbetering. Daarnaast hebben we gedurende de afgelopen maanden een aantal belangrijke opdrachten binnengehaald. Op basis van deze ontwikkelingen bevestigen we onze verwachting van een verbetering van onze EBITDA van tussen de 25 en 35% over het gehele jaar 2016.” Financiële ontwikkelingen De omzet over het derde kwartaal van 2016 is gestegen naar € 21,0 miljoen in vergelijking met € 17,1 miljoen in het derde kwartaal van 2015. Tijdens het derde kwartaal, dat doorgaans lagere resultaten toont ten gevolge van de vakantieperiode, bedroeg de autonome groei van de omzet 5%. Alle dochterondernemingen van ICT hebben bijgedragen aan deze groei. De omzet over de eerste negen maanden van 2016 bedroeg € 63,1 miljoen in vergelijking met € 51,7 miljoen over dezelfde periode vorig jaar; de stijging wordt ondersteund door een autonome groei van 7%. Binnen ICT Nederland was de productiviteit tijdens het derde kwartaal vergelijkbaar met die van hetzelfde kwartaal vorig jaar. ICT verhoogde echter de gemiddelde tarieven en realiseerde hogere resultaten van zijn projecten, met als gevolg een hogere omzet. De omzet van Strypes Bulgaria steeg in vergelijking met het derde kwartaal van vorig jaar. Ook de andere recente overnames presteerden goed, in lijn met de verwachting. De cijfers omvatten tevens voor de eerste keer de resultaten van één maand van Nozhup. De EBITDA bedroeg € 2,1 miljoen over het derde kwartaal, vergeleken met € 1,7 miljoen over dezelfde periode van 2015. Tijdens de eerste negen maanden van 2016 steeg de EBITDA tot € 6,3 miljoen (€ 4,8 miljoen over de eerste negen maanden van 2015). Zowel de recente overnames, de toename van het personeel, de licht gestegen gemiddelde tarieven, als de goede projectresultaten hebben bijgedragen aan deze verbetering. Tegelijkertijd zijn de dubbele groeicijfers in Bulgarije ondersteund door verdere investeringen in kwaliteitscontrole en professionalisering van de organisatie. Overname van Nozhup Op 6 september 2016 heeft ICT de overname van 100% van de aandelen van Nozhup afgerond. Met deze overname verkrijgt ICT een belangrijk aandeel in de markt van industriële automatisering. De overname betekent bovendien een aanzienlijke verbreding van het klantenbestand van ICT, evenals het scala aan activiteiten in deze markt. De overname is gerealiseerd door een combinatie van contante betaling en aandelen in ICT. Het aandelenkapitaal is per 9 september 2016 verwaterd met 443.058 aandelen. Over een heel jaar genomen zal de overname zorgen voor een substantiële winst per aandeel. Uitbreiding van kredietfaciliteiten Vooruitlopend op de overname van Nozhup heeft ICT de kredietfaciliteit voor overnames bij de Rabobank in juli 2016 verhoogd van € 6 miljoen naar € 11 miljoen. Daarnaast heeft ICT zijn kredietfaciliteiten voor werkkapitaal uitgebreid van € 6 miljoen naar € 10 miljoen. De voorwaarden van de faciliteiten zijn niet gewijzigd. Vooruitzichten ICT blijft streven naar autonome groei in combinatie met groei door overnames en blijft daarbij nadruk leggen op het optimaal benutten van de recente overnames. In het licht van de reeds gerealiseerde strategische vooruitgang en zijn overnames bevestigt ICT zijn verwachting voor het gehele jaar 2016 van een verbeterde EBITDA van tussen de 25% en 35% in vergelijking met het gehele jaar 2015.

Danone Nutricia kiest ICT Group voor de ontwikkeling van productiesoftware voor nieuwe smart factory

Danone Nutricia, wereldleider in de productie van babyvoeding, heeft ICT Group gekozen voor het ontwikkelen van een compleet productiebesturingssysteem voor een nieuwe fabriek in Cuijk. De nieuwe fabriek is de grootste investering van Danone in Europa, en zorgt voor een verdubbeling van de Nederlandse productiecapaciteit voor zijn internationale babyvoedingsmerken. ICT Group is verantwoordelijk voor de gedetailleerde ontwikkeling, levering, installatie en implementatie van de software. Met als resultaat een smart factory die 24/7 operationeel is en die voor eind 2017 in productie moet zijn.  Danone Nutricia koos ICT Group na de afronding van een soortgelijk en succesvol project in de fabriek voor productie van babyvoeding van Danone Nutricia in Fulda in Duitsland. Bas Hazewinkel, Business Development Manager Food and Beverage bij ICT Group: ‘De software die ICT Group in Cuijk gaat leveren is gebaseerd op een bewezen en volledig operationeel productiebesturingssysteem ­– het Manufacturing Execution Systeem (MES) van Wonderware – dat de verbindende schakel vormt tussen de vraag van de klant en de machines die het juiste product moeten leveren. De oplossing van ICT Group stelt Danone Nutricia in staat weer een nieuwe state-of-the-art fabriek te bouwen. Een fabriek die zich onderscheidt door zijn zeer intelligente productieprocessen, met elkaar geïntegreerde machines en informatiesystemen, volgbaarheid van producten en continue prestatieanalyse.’ Bekijk voor meer gedetailleerde informatie onze presentatie over de door ICT Group geïmplementeerde MES-oplossing in de fabriek van Danone in Fulda in Duitsland. Deze presentatie werd eerder in 2016 gegeven tijdens de Wonderware Benelux Knowledge Exchange.