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Exact: Full Year 2013 Results

Growth strategy successful: Exact turning to growth

  • Solid performance; full year EBITDA within guidance
    • Total revenues in Q4 increased 1.0% to € 56.1 million compared to € 55.5 million in the same period last year; the increase is 3.2% on an operational basis1
    • Total revenues in 2013 amounted to € 213.2 million. On operational basis and adjusted for the divestment of Orisoft in 2012, total revenues increased 0.3% compared to 2012
    • Total revenues including the license equivalent of subscription-based sales increased 1.1% on an operational basis and adjusted for Orisoft
    • EBITDA amounted to € 47.4 million in 2013, within the indicated range. EBITDA increased 12.4% compared to 2012, primarily reflecting the one-time restructuring charge in 2012
    • Net income increased 70.4% to € 31.8 million in 2013, driven by a higher EBITDA and lower effective tax rate
    • Exact proposes a final dividend of € 0.73 per share to be paid in cash; bringing the total dividend for 2013 to € 1.40 per share, compared to € 1.00 per share in 2012
  • Cloud Solutions on track with continued strong growth
    • Total Q4 revenues of Cloud Solutions increased 42.4% to € 5.8 million compared to the same period last year; full year revenues increased 40.3% to € 20.7 million
    • Annualized recurring revenues amounted to € 24.0 million at year-end, 44.0% higher than at the end of 2012
    • Number of paying companies increased 49.8% to 145,852, up 48,460 from 97,392 a year ago
    • Small initial commercial gains in new geographies, in line with expectations
  • Business Solutions is turning the corner; Specialized Solutions shows mixed results
    • Business Solutions’ total revenues of € 30.8 million in Q4 were stable compared to the same period in 2012 and represent an increase of 0.9% on an operational basis; full year revenues decreased 3.6% on an operational basis
    • License revenues for Business Solutions show consecutive quarterly growth on an operational basis compared to the prior year: 1.7% in Q4 and 0.5% in Q3; subscription-based revenue increased to € 0.3 million in 2013 from almost nil in 2012. Subscription-based sales in 2013 represent an equivalent value of € 1.0 million License revenues.
    • Attrition in Business Solutions improved 0.9pp to 8.4% from 9.3% on a full year basis
    • Specialized Solutions’ revenues declined 5.8% to € 19.4 million in Q4 mostly reflecting the weakness of the US dollar; on an operational basis Q4 revenues declined 1.4%; full year revenues of € 77.7 million declined 1.3% on an operational basis and adjusted for the sale of Orisoft in 2012

Full press release: 140212_Exact FY 2013_press release.pdf

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