- Recurring1 revenue grew 3.0 percent to 853.2 million euros
- Reported revenue was 851.4 million euros (+0.8 percent)
- Recurring EBITDA rose 4.2 percent to 644.4 million euros
- Recurring EBITDA margin of 75.5 percent
- Reported EBITDA was 631.5 million euros (-0.2 percent)
- Operating profit of 402.0 million euros (+4.1 percent)
- Profit of the group of 292.1 million euros (+52.5 percent)
- Earnings per A-share rose to 0.74 euros (H1 2010: 0.49 euros)
- Closing net debt / EBITDA of 3.05 times
- Contract backlog increased to 7.0 billion euros, from 6.6 billion euros at March 31st
1 "Recurring" represents underlying revenue / EBITDA performance by removing currency exchange effects and eliminating one-time items.
Recurring revenue in the six months increased by 3.0 percent to 853.2 million euros, while recurring EBITDA grew by 4.2 percent to 644.4 million euros. Reported revenue was up 0.8 percent, at 851.4 million euros, while EBITDA as reported declined slightly by 0.2 percent to 631.5 million euros. The strength of the euro against the U.S. dollar in the period resulted in a relatively flat evolution of revenue and EBITDA against the prior year period. Adjusting to exclude this effect, the underlying recurring growth was favorable, as discussed above.
Operating profit rose 4.1 percent to 402.0 million euros, reflecting the favourable underlying performance and a reduced depreciation charge. Net financing charges in the period, at 60.8 million euros, were significantly lower than the prior year period, reflecting positive developments in both foreign exchange charges and interest costs. A reduced loss after tax of 7.3 millioneuros from discontinued operations (ND SatCom) was recorded, compared to a loss of 38.5 million euros in the prior year period. These favourable variances led to the profit of the group increasing by 52.5 percent, to 292.1 million euros, corresponding to EPS of 0.74 euros. The Group’s contract backlog, representing secured future revenue, increased to 7.0 billion euros, driven by renewals and new business signed in the period.
To read the entire financial report, access the Company's 2011 Financial Results infopage here.