#Communiqués Financiers

Bagnolet, March 17, 2016

The Board of Directors, which met on March 16, 2016, approved the annual accounts for the 2015 financial year.

In €m, as of December 31
(audited accounts)
2015 2014 Variation
Consolidated turnover 174,6 157,0 + 11,2 %
– Services 167,0 149,8 + 11,5 %
– Softwares 7,6 7,2 + 5,3 %
Employee costs (79,0) (71,5) + 10,5 %
External loads (69,9) (63,3) + 10,4 %
Depreciation and amortization (3,1) (2,8) + 10,4 %
Current operating income
as a % of turnover
11,3 %
10,8 %
+ 16,9 %
Income taxes (7,1) (5,7) + 23,0 %
Net profit attributable to the Group
as a % of turnover
7,4 %
7,1 %
+ 16,4 %

Growth driven by Services

In a global IT services market growing by 2.1% in 2015 (source Syntec Numérique), Infotel recorded revenue of €174.6 million, fully organic growth of 11.2% compared to 2014 .

The Services division grew by 11.5% to €167.0 million thanks to the very strong activity of the service centers, with in particular an increase in activity in the Banking/Finance sector.

The Software division, at €7.6 million, is up 5.3% compared to 2014. It includes the amount of IBM royalties for €4.2 million.

Improved results and strong profitability

Current operating income amounted to €19.8 million compared to €16.9 million a year earlier, representing an operating profitability rate of 11.3%.

This performance is linked to the maintenance of a stable level of expenses: personnel expenses represented 45.2% of turnover for the 2015 financial year and subcontracting expenses amounted to 34.3% of the turnover in 2015.

The inter-contract rate remained very low over the year, at 1.8%.

Net income, Group share amounted to €12.9 million, i.e. a net margin of 7.4% of revenue.

Solid financial structure

The excellent results for the year were also reflected in strong cash generation: with a self-financing capacity of €22.4 million, a working capital requirement and controlled investments, Infotel increased its cash flow by 8. €7m in 2015.
Infotel’s financial position as of December 31, 2015 is thus further strengthened with €65.6 million in equity, no debt and cash of €47.0 million at the end of the financial year.

Proposed dividend: €1 per share

Infotel’s Board of Directors will propose to the General Meeting of May 25, 2016 the payment of a dividend of €1 per share for the 2015 financial year. This proposal is motivated by the very good performance recorded on the fiscal year and the renewed confidence of management in the outlook for 2016. The payout rate will thus stand at 51.4% of net income.

Confidence for 2016

Infotel confirms the ambitions of the “Performance 2016” plan with a turnover of around €200 million with acquisition(s) while maintaining profitability. These favorable prospects validate the Group’s strategy, with a positioning in the growth niches of mobility and Big Data, the deployment of new service centers in France and abroad associated with the software marketing policy at global scale.

Next appointments:
General Meeting of Shareholders: May 25, 2016 afternoon
Publication of Q1 2016 revenue: May 25, 2016 after market close

About Infotel

Listed on Compartment B of Euronext Paris since January 1999 (Isin code FR0000071797), Infotel is the specialist in large account management systems, from mobile to very large databases (Big Data). At the forefront of technological innovations, Infotel develops its expertise around two complementary areas of expertise: IT services and software publishing. With a turnover of €175 million in 2015, Infotel employs nearly 2,000 people.

Michel Koutchouk Co-founder