Koning opent BioWarmteCentrale in Purmerend met swipe

In Purmerend zijn 24.000 huishoudens en 1000 bedrijven aangesloten op stadsverwarming. Recent heeft zijne majesteit de Koning BioWarmteCentrale “de Purmer” geopend ten behoeve van Stadsverwarming Purmerend. Sinds het begin van de jaren tachtig maken de bewoners van Purmerend gebruik van stadsverwarming. Voorheen gebeurde dat op grijze restwarmte, nu zal 80% warmtebehoefte wordt verduurzaamd. De BioWarmteCentrale verbrandt houtsnippers uit de kap die door staatbosbeheer in Nederland wordt uitgevoerd als onderhoud aan de bossen. Koning Willem Alexander heeft de BioWarmteCentrale geopend door middel van een Touch screen en een swipe beweging. Het scherm geeft inzicht in hoe groen de centrale precies is en wat de besparingen zijn. Dit speciale dashboard voor de burgers van Purmerend is ontwikkeld door ICT. Het laat actuele resultaten zien door de live verbinding met de centrale. Zo zijn de burgers niet alleen voorzien van warmte maar ook van duidelijke informatie over de nieuwe BioWarmteCentrale. Voor meer informatie neem contact op met Heine.van.wieren@ict.nl   RTEmagicC_SVP_2015_03_13_074_02.jpg           RTEmagicC_SVP_2015_03_13_080_02.jpg

Press release: ICT and InMotion annouce partnership

Today ICT (ICT) and Stichting Automotive Technology InMotion (InMotion) announce a partnership. InMotion is an automotive race team that consists of students of Eindhoven University of Technology and Fontys University of Applied Sciences. InMotion aims to participate in the 24h race of Le Mans in 2017 with their IM01 race car. Furthermore they set out to break the all time record on the famous Nürburgring Nordschleife. As predecessor of the IM01, InMotion is currently developing the IM/e race car which embodies an all-electric test platform for technologies to be used on the IM01, e.g. several active systems. News_20150310-2Together ICT and InMotion will develop the Electronic Control Units (ECU’s) for the complete IM/e race car. ICT provides its Model based development Production Platform: Motar, consisting of the ECU’s hardware and platform software, while InMotion develops the control algorithms (application software) for these ECU’s. News_20150310-1 Colin Diederen, Public Relations Manager InMotion: “We are proud to team-up with an innovation-driven company like ICT. With their platform, we can create the perfect ECU and architecture for our test vehicle. This is a major step towards the development of our Le Mans racer, the IM01”. Eeuwke Wielinga, ICT’s Business Unit Manager Automotive & Mobility: “We are excited to contribute to the goal of InMotion to deliver the first race car on the roadmap to the IM01 in 2015. Both InMotion and ICT share the passionate drive of technological innovation and the desire to apply groundbreaking technology on cars. Being at the forefront of many of the latest developments we successfully developed the Motar-platform for the automotive industry. ICT’s Motar-platform consists of both hardware and software. The platform offers seamless integration of MATLAB / Simulink control algorithms on production class automotive hardware built up on an AUTOSAR architecture. As such it forms an excellent basis for automotive control development on various HW platforms.” For further information about InMotion: www.inmotion.tue.nl Further information about ICT’s Motar-platform

Press release: Annual Results 2014

Key Developments in 4th Quarter and full year 2014

Revenue up 4% at € 63.0 million in 2014, as a result of more licence sales and more direct employees. Operating margin from ordinary continuing operations after exceptional items comparable to 2013 at 7%. In the second half of 2014 ICT announced and completed the divestment of its German activities to Alten GmbH. ICT strengthened its partnership with LogicNets Inc. and announced the acquisition of Strypes Bulgaria, a specialist in embedded software development. Sharp increase in net result to € 5.0 million (2013: loss of € 1.1 million), largely due to tax benefit resulting from the liquidation of ICT Software Engineering GmbH. For 2015, ICT expects an further improvement in operating profit from continuing operations compared with 2014.

Key figures

(in millions of €)

FY 2014

FY 2013*

Q4 2014

Q4 2013*








Operating result from ordinary continuing operations (after exceptional items) (**)







Result after taxes from discontinued operations








Net result




(in €)


Earnings per share




Dividend per share





(*) In conformity with IFRS 11, effective 1 January 2014, InTraffic (as a joint venture) is no longer consolidated in the statement of comprehensive income in revenue, costs and EBIT but is presented as a single line item in the consolidated statement of comprehensive income under financial income. The 2013 figures have been accordingly restated for comparison purposes. In conformity with IFRS 5, ICT Germany classifies as “Discontinued operations” following the decision to divest the operations and is presented as a separate line item in the income statement, being the total loss post tax of the German operations for the period as ‘result from discontinued operations’ (**) Operating profit excluding impairment charges, including exceptional items. Jos Blejie, CEO of ICT Automatisering N.V.: “2014 was a year of change for ICT. Not only did we divest our German activities, we have also taken important steps in the execution of our strategy. The acquisition of the strategic stake in our partner LogicNets brings us closer to becoming a multi-disciplinary system integrator. The acquisition of near-shore company Strypes in Bulgaria that we announced at the end of last year was another important step of the presented strategy. It provides us access to lower-cost quality solutions based on rapid development techniques, and a competitive edge in today’s market. All these actions support us creating a stable platform from which we can further roll out our strategy and can grow our business sustainably. In 2015, we therefore expect to see a further improvement in operating profit from continuing operations compared with 2014.” Notes to the results ICT’s revenue came in at € 63.0 million in 2014, compared with € 60.8 million in 2013. As a result of licence sales and the increase in operational hours due to the increased number of direct employees in the Netherlands, ICT was able to realize 3.7% higher revenue than 2013. The license sales were due to the partnership ICT formed with LogicNets. The verticals Machine & Systems (including Energy and Healthcare) and Industrial Automation showed an increase in revenue. The other verticals and Improve Quality Services booked revenue which was in line with 2013. The cost of sales, mostly material, expenses and outsourced work, increased to € 5.7 million (2013: € 5.0 million), mainly due to increased LogicNets licences. Largely due to the growing average number of employees, personnel expenses increased to € 40.2 million in 2014 (2013: € 38.4 million). The focus on the reduction of indirect costs continued. In 2014, we renegotiated rental agreements and reduced personnel costs at support functions. Full effect of this will be attributable in 2015. The operating profit from continuing ordinary operations before exceptional items in 2014 amounted to € 5.2 million (2013: € 5.6 million). This decrease was mainly due to pressure on secondment rates and increased expenses in marketing and sales. The margin was also impacted by the successful recruitment drive for young professionals, who were, as expected, not immediately fully productive. As in 2013, ICT incurred exceptional costs in 2014 related to the investigation and realisation of strategic combinations. In 2014 these exceptional costs amounted € 0.8 million (2013: € 1.4 million). The operating profit from continuing ordinary operations after exceptional items in 2014 amounted to € 4.4 million (2013: € 4.2 million). The operating margin was 7%, in line with 2013. Despite numerous attempts in recent years to make its German business profitable, ICT concluded in the first half of 2014 that the German activities would not contribute to a positive result in 2014. In view of this and the fact that in Germany ICT did not have the necessary critical mass to serve the multinational corporations, ICT decided to discontinue its German activities. As a result of the decision to divest, ICT Germany is recognised as “Discontinued operations”. The result from this divestment of the operations and the consequent liquidation amounted to a loss of € 2.8 million in 2014 of which € 0.8 million from ordinary operations (2013: loss of € 1.1 million), € 2.0 million from the consequent liquidation of the German subsidiaries. Improve Quality Services was again critically assessed for goodwill impairment purposes. In the previous two years, ICT booked an impairment of € 4.9 million on the goodwill for Improve Quality Services B.V., due to the development of results over the previous years and the expectation that its profitability would improve albeit at a slower pace than previously believed feasible. In 2014, the results improved versus 2013, but were again lower than our expectations. ICT expects future improvement to be in line with the improvement realised in 2014, resulting in an additional impairment of € 1.2 million. Corporate income tax related to continuing business activities excluding exceptional items in 2014 amounted € 1.4 million. Combined with a deferred tax benefit of € 5.6 million in the Netherlands, as a result of the liquidation of the German subsidiary, corporate income taxes in 2014 amounted to € 4.3 million positive (2013: € 1.1 million negative). Net profit for the year amounted to € 5.0 million, compared with a loss of € 1.1 million in 2013. This translates into earnings per ordinary share of € 0.56. The number of outstanding ordinary shares stood at 8,747,544 on 31 December 2014, unchanged from a year ago. Q4 2014 results Revenue in Q4 2014 increased slightly to € 16.7 million compared to the last quarter of 2013. An operating result from continuing ordinary operations of € 2.3 million was realized, a slight decrease compared to last year. Balance sheet structure Mainly as the result of the addition of the net profit of € 5.0 million for 2014, shareholders’ equity increased to € 34.0 million. The balance sheet total increased by € 2.9 million to € 49.4 million at year-end 2014, from € 46.5 million at year-end 2013, as a result of the investment in LogicNets and the deferred tax asset related to the decision to liquidate the German entity. Solvency (shareholders’ equity/total assets) improved to 68.7% at year-end 2014 from 65.2% at year-end 2013, which represents a very sound basis. Cash flow development The net cash flow from continuing operations amounted to € 3.5 million positive in 2014 (2013: € 4.0 million positive) as a result of positive operating profit and a low tax rate due to income tax reimbursement. Developments within Verticals Revenue at the Machine & Systems Vertical (including Energy and Healthcare) was up 4.4% at € 29.5 million, from € 28.2 million in 2013. Revenue growth was due to LogicNets License sales and more demand from customers. However, last year saw continued strong pressure on secondment rates. The relatively small Healthcare and Energy Verticals are developing in line with expectations, while the Healthcare Vertical acquired a number of interesting contracts. The operating result was lower than in 2013 and came in at € 2.6 million (2013: € 3.1 million). The operating margin was lower in 2014, largely as a result of pressure on secondment rates and slightly lower productivity. The drop was partly compensated by increased operating margins as a result of LogicNets license sales. The revenue at the Logistics Vertical was in line with 2013 at € 9.3 million. During the second and the third quarters of the year, this vertical saw less demand from clients, which had a negative effect on productivity. As a result the operating result came in at € 0.6 million in 2014 (2013: € 1.0 million). The Industrial Automation Vertical saw revenue increase by 9.0% to €15.9 million, from € 14.6 million in 2013, due to increased demand for projects, and as a result of project related material sales. The operating result improved to €1.5 million in 2014 from € 0.9 million in 2013, due to the higher customer demand, which in turn resulted in growth in the number of employees and higher productivity. In addition, this vertical also improved its project execution, which led to improved results compared with 2013. In 2014, revenue at the Automotive Vertical amounted to € 5.6 million, in line with 2013. The vertical realized an operating result of € 0.3 million, which was lower than in 2013 (€ 0.5 million). Demand from customers was in line with 2013. Productivity was particularly high in the first three quarters of 2014, with a slight drop in the fourth quarter. Results were lower than in 2013 due to the hiring of new young professionals, who were not immediately fully productive. In the fourth quarter of the year, results were also negatively impacted as a result of work transferred to Alten GmbH in Germany, the company to which ICT sold its German Automotive activities. The revenue at Improve Quality Services came in at € 3.2 million in 2014, at the same level as last year. With € 0.3 million, the operating result is better than last year (2013: € 0.2 million), as Improve’s training activities picked up in the Netherlands. In the first half 2014, the performance of InTraffic B.V. (50/50 joint venture) was lower than expected due to a delay in orders. In the second half of 2014 InTraffic managed to recover. ICT’s share in the net profit for 2014 is € 0.3 million (2013: € 0.3 million). Personnel The total number of employees at year-end 2014 was 4% higher than at year-end 2013. This was mainly due to the recruitment of (young) direct professionals. For 2015, we expect the growth in the number of FTEs to be in line with our revenue development. Dividend It is proposed to the General Meeting of Shareholders that a dividend will be paid out for the 2014 financial year at the amount of € 0.23 per share in cash based on the number of ordinary shares outstanding at year end 2014. This represents a pay-out ratio of 40% of the net profit, in line with the dividend policy. Significant events after the balance sheet date On 6 January 2015, the Group acquired 100% of the shares and voting interests of Strypes Bulgaria. Strypes Bulgaria is a specialist in embedded software development based on modern agile methodologies. The remaining 10% of the shares of Improve was acquired on 1 January 2015 for the amount of € 250,000. Composition of the Supervisory Board The term of the Chairman, Mr. Theo van der Raadt and Mr. Friedrich Fröschl expires in 2015. The Board intends to submit a proposal to the Annual General Meeting of Shareholders on 13 May 2015 to reappoint Mr. Van der Raadt and Mr. Fröschl for an additional four-year term. Outlook ICT’s focus in 2014 was on the execution of its strategy. ICT took additional steps to put its house in order, the most significant of which was the sale of ICT’s Germany-based activities. In the second half of 2014, ICT strengthened its strategic partnership with LogicNets. In January 2015 ICT acquired and obtained control in Strypes, a next-generation agile near-shoring company in Bulgaria. ICT will continue its strategy of offering innovative and effective product/market solutions, enriched with state-of-the-art technology, combining autonomous growth with growth through acquisitions. As a result of the above, for the full year 2015 we expect a further improvement in the operating profit from continuing operations compared with 2014. 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 Automatisering 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 Automatisering 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 Automatisering N.V. has no obligation to update the statements contained in this document, unless required by law. Annexes: Extracts from Consolidated Financial Statements 2014 – Consolidated statement of total comprehensive income – Consolidated balance sheet – Consolidated statement of changes in equity – Consolidated statement of cash flows – Other financial information Click here to download the Annex of the Annual Resuls of 2014

ICT Automatisering levert besturing vaccinproductie bij Bilthoven Biologicals

Levering aan biotech bedrijf omvat nieuwe systemen voor productie polio-vaccins ICT (ICT) heeft de opdracht gekregen van biotech bedrijf Bilthoven Biologicals in Bilthoven voor nieuwe systemen voor de productie van polio-vaccins. In 2014 gaf Unicef Bilthoven Biologicals de opdracht voor de productie van meer dan 150 miljoen poliovaccins voor het “Global Polio Eradication Initiative’ programma. Om deze grootschalige productie mogelijk te maken, werkt ICT momenteel aan de modernisering van systemen voor de besturing van een groot deel van de productie apparatuur. Dit gebeurt onder strikte regelgeving van de farmaceutische industrie. Martin Bijl, Business Development Manager bij ICT: “Wij zijn vertrouwd met complexe projecten in de farmaceutische industrie. Dit specifieke project vereist kennis van het Siemens PCS7 systeem en elektrotechnische kennis van hardware voor de systeemkasten en het installatiewerk. ICT is dan ook bijzonder trots dat zij mee mag werken aan dit mooie programma om wereldwijd kinderen te beschermen tegen infectieziekten zoals polio.” Joan van Houtum, Senior Buyer bij Bilthoven Biologicals: “Bilthoven Biologicals heeft op basis van een offertevergelijking gekozen voor ICT. ICT heeft aantoonbare ervaring met projecten, waarin zowel softwarebesturing als hardware en installatiewerk wordt gevraagd. Zij werken met een gedegen projectaanpak en bieden de juiste combinatie van kennis en ervaring in de farmaceutische industrie.” De werkzaamheden omvatten: De levering en programmering van de Siemens PCS7 controllers en bedieningsstations; Het ontwerp, constructie en aansluiten van de systeemkasten inclusief bedrading naar de veldsignalen; Batchbesturing in Simatic-Batch; Ontwerp en implementatie van de recepten. ICT voert alle werkzaamheden uit volgens de ISA-standaard S88. Bilthoven Biologicals heeft tevens een meerjarige overeenkomst met ICT afgesloten voor service en onderhoud van de productieautomatiseringssystemen. Profiel Bilthoven Biologicals Bilthoven Biologicals ontstond na de privatisering van de vaccinproductie activiteiten van het voormalig Nederlands Vaccin Instituut (NVI). In 2012 nam de eigenaar van het Serum Institute of India, ’s werelds grootste vaccinproducent en onderdeel van de Cyrus Poonawalla Group, deze activiteiten van het NVI over. Daardoor ontstond een krachtige combinatie van kennis, netwerk en faciliteiten, welke Bilthoven Biologicals inzet om haar ambitie te realiseren: wereldwijd kinderen beschermen tegen infectieziekten.. In deze unieke samenwerking worden er nu jaarlijks meer dan 100 miljoen vaccins geproduceerd. www.bbio.nl

ICT werkt mee aan vervanging procesautomatisering van Evides Waterbedrijf

ICT (ICT) heeft zich gekwalificeerd om de expertise te leveren aan Evides Waterbedrijf voor de vervanging van de procesautomatisering van de drinkwaterinstallaties. Evides Waterbedrijf is de leverancier van betrouwbaar drinkwater in Zeeland, de Brabantse Wal en het zuidwesten van Zuid-Holland. Begin dit jaar heeft Evides een aanbesteding “EU Erkenning van ABB Freelance Systeem Integrators voor ABB Freelance systemen” uitgevoerd. ICT heeft zich hierin net als vijf collega bedrijven gekwalificeerd als erkende systeem integrator. Vervolgens heeft Evides het project “standaardisatie PA” bij de erkende system integrators – waaronder ICT – uitgezet. Evides heeft mede voor ICT gekozen op basis van kennis en expertise op het gebied van standaardisatieprojecten. De systeem integrators voeren samen met Evides alle softwarestappen uit van ontwerp en uitvoering tot en met testen en assistentie bij de oplevering van de procesautomatisering. Arjen van Dam, Business Development Manager ICT: “Door de kennis en ervaring met de drinkwatersector en de procesautomatisering zijn we in staat geweest om aan de gewenste kwaliteit te voldoen. We zijn er trots op dat Evides mede voor ICT gekozen heeft voor de standaardisatie van haar PA.”

ICT moderniseert productie industriewater bij Evonik

ICT (ICT) werkt samen met Evonik Degussa Antwerpen NV (Evonik), wereldmarktleider op het gebied van speciaalchemie, aan de modernisering van het zuiveringsproces van industriewater. ICT heeft de opdracht gekregen om het verouderde besturingssysteem te vervangen door een geheel nieuw automatiseringssysteem, gebaseerd op een DCS (distributed control system).  Het nieuwe systeem is opgebouwd met Siemens Simatic PCS7. Dit systeem kenmerkt zich door zijn schaalbaarheid, volledige integratie van sensoren, besturing en managementinformatie. Het Siemens Simatic PCS7 systeem is daardoor zeer geschikt voor toepassingen in de hoogwaardige procesindustrie. Evonik in Antwerpen heeft een eigen procesinstallatie die een hoge kwaliteit water produceert om stoom te maken voor de energievoorziening van de chemische fabrieken op de site. De afhankelijkheid is zeer hoog, want als er geen water beschikbaar is, zal binnen korte tijd de energievoorziening voor de hele site uitvallen. Daarom is de waterproductieplant opgebouwd uit twee demin/condensaat-productiestraten om de continuïteit te waarborgen. Philipp Kotter, projectleider van Evonik, laat weten dat “Evonik aangenaam was verrast door de deskundigheid van de medewerkers van ICT, die met veel motivatie en persoonlijke inzet problemen hebben opgelost. In nauwe samenwerking hebben zij met onze medewerkers gezorgd dat de productie van gedemineraliseerd water ook tijdens de systeemmigratie ononderbroken kon plaatsvinden.” Martin Bijl, Business Development Manager ICT: “Door een intensieve samenwerking met de technologen van Evonik heeft ICT er voor gezorgd dat de migratie naar het nieuwe systeem in zeer korte tijd werd gerealiseerd en dat de installatie tijdens de ombouw te allen tijde beschikbaar bleef voor productie.” Evonik is één van de wereldmarktleiders op het gebied van speciaalchemie. Het hoofdkantoor is gevestigd in Duitsland en de productievestigingen zijn verspreid over meer dan 100 landen. Evonik in Antwerpen is één van de grootste buitenlandse productievestigingen van de Evonik-groep. Op de site bij Antwerpen van 109 hectare bevinden zich 11 productie-eenheden en werken meer dan 1.000 medewerkers. In Antwerpen worden producten voor een brede waaier aan toepassingen gemaakt: grondstoffen voor siliconen voor de elektronica- en communicatiemarkt en daarnaast ook voor dierenvoeding en zonnecellen.

Terugblik Water & Proces Automatisering Evenement

Op 13 november organiseerde ICT haar jaarlijkse Relatiedag Water, met als thema ‘Water & Proces Automatisering’. Ruim 100 genodigden namen deel aan het evenement, bestaande uit presentaties over een referentieproject bij een Waterschap of Drinkwaterbedrijf, roundtables en een mini beurs van systeemleveranciers. Bekijk hier het programma terug of bekijk de video-impressie. Wilt u meer weten over dit thema of u alvast aanmelden voor participatie aan een gelijksoortig evenement in 2015, neem dan contact op met Arjen van Dam, via e-mail of 088-9082000.

ICT Partner in Energie Koplopers

ICT is naast Essent, Alliander en IBM partner in het project ‘Energie Koplopers’. Deze proeftuin die plaats vindt in Stad van de Zon in Heerhugowaard is de eerste implementatie van de Universal Smart Energy Framework (USEF) standaard, de toonaangevende standaard voor slimme energie netten. De proeftuin beoogt de koppeling 250 deelnemers in een slim energie net. ICT zet het iOTA/SESP platform in om slimme apparaten in de huishoudens te ontsluiten via de Windows Azure cloud naar de marktpartijen, die conform de USEF standaard het slimme energie spel gaan spelen. Naast de slimme meter worden een warmtepomp, een brandstofcel, een elektrische boiler en het PV systeem (zonnepanelen) aangesloten via de iOTA/SESP home gateway. De home gateway is door ICT ontwikkeld. Op 20 oktober is in de Stad van de Zon de demonstratieruimte geopend door wethouder duurzaamheid Monique Stam. Bekijk hier een korte impressive. In de demonstratieruimte in het wijkcentrum kunnen (aspirant) deelnemers de slimme apparaten bekijken en informatie krijgen over het project. Naast de slimme apparaten is natuurlijk ook de ICT Home Gateway te bewonderen.

Q3 results 2014 ICT Automatisering

ICT reports flat third quarter revenues

Full year outlook reiterated

  • Revenue in Q3 2014 in line with last year at € 14.2 million
  • Operating result from continuing operations in Q3 came in at € 0.7 million (Q3 2013: € 0.8 million)
  • Sale of the German activities completed
  • Management reiterates expectation of improved operating result from continuing operations for the full year 2014 compared to 2013

Key Figures

(in € millions) Q3 2014 Q3 2013 Δ 9 months 2014 9 months 2013 Δ
Revenue 14.2 14.3 – 1% 46.6 44.5 + 5%
Revenue Added Value 13.1 12.9 + 1% 42.2 40.9 + 3%
Operating result from continuing operations 0.7 0.8   2.9 3.0  

(*) In conformity with IFRS 11, effective 1 January 2014, InTraffic (as a joint venture) is no longer consolidated in the statement of comprehensive income in revenue, costs and EBIT but is presented as a single line item in the consolidated statement of comprehensive income under financial income. The 2013 figures have been accordingly restated for comparison purposes. In conformity with IFRS 5, ICT Germany classifies as “Discontinued operations” following the decision to divest the operations and is presented as a separate line item in the income statement, being the total loss post tax of the German operations for the period as ‘result from discontinued operations’

Financial developments

ICT (ICT) announces revenues in the third quarter of 2014 came in at € 14.2 million, from € 14.3 million in the third quarter of 2013. The third quarter is traditionally a lesser period due to the summer holidays, with in addition this year more young professionals not yet fully productive. Revenue over the first nine months of the year amounted to € 46.6 million compared to € 44.5 million over the first nine months of 2013. As a result of licence sales and the increase in operational hours facilitated by the increased number of direct employees in the Netherlands, ICT was able to realise 5 % higher revenues than in the comparable period in 2013. The operating result from continuing operations came in at € 0.7 million in the third quarter, compared with € 0.8 million in the same period of 2013. The operating result from continuing operations in the first nine months of 2014 was in line with the first nine months of 2013 and amounted to € 2.9 million. The operating margin decreased due to the significant outlays made in marketing and sales. In addition the successful recruitment drive for young professionals, that understandably were not immediately fully productive, impacted the margin. ICT has completed the sale of its German activities to Alten GmbH, a German subsidiary of Alten SA. As a result of the divestment, ICT will liquidate its German subsidiary, ICT Software Engineering GmbH. As a consequence of the liquidation there will be a deferred tax benefit to be recognized, on which ICT is in discussions with the Dutch tax authorities. Further to the Letter of Intent signed end of August, ICT entered into a Strategic partnership with LogicNets in the second half of October. This strategic partnership comprises a distribution and implementation partner agreement for Western Europe and the acquisition by ICT of a 20% stake in LogicNets inc.


ICT will continue to focus on the execution of the strategy combining autonomous growth with growth through acquisitions. Based on the backlog of projects and the experience that the fourth quarter of the year is generally the best quarter of the year in our business, we continue to expect that 2014 will represent an improvement in the operating profit from continuing operations compared with 2013 (€ 4.2 Million).