Disappointing result in the Netherlands; strong performance in Belgium/Luxembourg

Nieuwegein, 18 February 2016

Key developments Q4 2015

• Recurring EBITDA rises to EUR 6.8 million (Q4 2014: EUR 4.4 million);
• Recurring EBITDA margin rises to 7.5% (Q4 2014: 4.7%);
• Revenue down 2.9% at EUR 90.8 million (Q4 2014: EUR 93.5 million):
• Net cash position Q4 drops to EUR 4.5 million (Q4 2014:  EUR 9.6 million);
• Result impacted by exceptional, positive item (impact: EUR 2.1 million);
• Ordina wins Computable Award in healthcare category with Quli.

Key developments FY 2015

• Recurring EBITDA drops to EUR 13.8 million (2014: EUR 18.0 million);
• Recurring EBITDA margin drops to 4.0% (2014: 4.9%);
• Revenue down 5.1% at EUR 348.3 million (2014: EUR 366.9 million);
  • Revenue in the Netherlands drops 8% to EUR 272.0 million (2014: EUR 295.5 million)
  • Revenue in Belgium/Luxembourg increases by 6.9% to EUR 76.3 million (2014: EUR 71.4 million)
• Cost internal investigation total EUR 1.6 million (2014: EUR 1.7 million);
• Redundancy costs amount to EUR 7.8 million (2014: EUR 6.6 million);
• Net loss comes in at EUR 3.2 million (2014: net profit of EUR 1.0 million);
• Structural cost-savings programme of EUR 15 million annually is on track;
• Ordina hired 212 Young Professionals.

ORDINA CEO STÉPAN BREEDVELD ABOUT THE RESULTS 
"The year 2015 was a disappointing year in which Ordina had to adapt rapidly to drastically changing market conditions. We closed the year with a loss, largely due to the sharp decline in revenues from the public sector in the Netherlands. In the fourth quarter, this decline abated on the back of our increased focus on key accounts. Thanks to tight monitoring of working capital, we once again closed the year free of debt. Ordina performed well in Belgium and Luxembourg with growth in both revenue and profitability.

Our tightened strategy now includes both the adjustments of the Executive Committee, growth initiatives and savings, as well as investments in Young Professionals and innovation. The measures we have taken are aimed at moving from decline to structural revenue growth. The cost-savings programme of EUR 15 million annually is on track and the cost savings will be completed as of Q4 2016.

One of the success stories of our innovation drive was the third edition of the Ordina Open Innovation Days. More than 500 participants from the Netherlands and Belgium/Luxembourg showed a great deal of interest in Ordina's new propositions. At clients' request, we now also organise a special edition of the Innovation Days in the north of the Netherlands, with a focus on the developments and clients in that region." 

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ABOUT ORDINA
Ordina is the largest independent IT services provider in de Benelux, with around  2,900 employees. We design, build and manage IT applications in the public sector, in the financial services sector, in industry and in healthcare. We aim to design IT solutions that help people, IT that matters and that is produced without wasting precious resources. We do this by forging Partnerships in Sustainable Innovation with our clients.

Ordina was founded in 1973. The company's shares have been listed on Euronext Amsterdam since 1987 and are included in the Small Cap Index (AScX). In 2015, Ordina recorded revenues of EUR 348 million. For more information visit the company's website at www.ordina.com.

ADDITIONAL INFORMATION
For detailed information including the consolidated balance sheet, income statement other information, we refer to our website www.ordina.com, where the full 2015 annual report is published.

For more information on this press release:

Annemieke den Otter, Investor Relations
Mail: annemieke.den.otter@ordina.nl
Telephone: +31 (0)30 663 7468

Jeroen Hellenberg, Communications
Mail: jeroen.hellenberg@ordina.nl
Telephone: +31 (0)30 663 8557

Jolanda Poots-Bijl, CFO
Mail: jolanda.poots@ordina.nl
Telephone: +31 (0)30 663 8906

Stépan Breedveld, CEO
Mail: stepan.breedveld@ordina.nl
Telephone: +31 (0)30 663 7111