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Share Name | Share Symbol | Market | Type |
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Proshares Ultrashort Oil & Gas Exploration & Production (delisted) | AMEX:SOP | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 16.08 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
Regulatory News:
At its meeting on 27 July 2017 chaired by Pierre Pasquier, Sopra Steria’s (Paris:SOP) Board of Directors approved the financial statements for the first half of 2017. The Statutory Auditors have conducted a limited review of the financial statements.
Sopra Steria: 2017 Half-year results H1 2017 H1 2016Reported
Key income statement items Revenue €m 1,903.2 1,878.8 Total growth+ 1.3% Organic growth + 2.6% Operating profit on business activity €m / % 142.1 7.5% 134.2 7.1% Profit from recurring operations €m / % 114.2 6.0% 114.0 6.1% Operating profit €m / % 102.7 5.4% 103.2 5.5% Net profit attributable to the Group €m / % 66.0 3.5% 54.0 2.9%
Weighted average number of sharesin issue excl. treasury shares
m 20.20 20.01 Basic earnings per share € 3.27 2.70 Recurring earnings per share € 3.65 3.07 Key balance sheet items 30/06/17 30/06/16 Net financial debt €m 643.3 719.6 Equity attributable to the Group €m 1,085.4 1,006.7 * Alternative performance measures are defined in the glossary at the end of this documentComments on business activity and operating performance for the first half of 2017
In the first half of 2017, the European digital services market showed sustained growth, bolstered by investments in digital and cloud offerings. Sales were strong for Sopra Steria during the period and operating performance is on track to meet full-year targets. Among the highlights was a very clear upturn in business lines that had been generating weak margins and which are now in a position to reach, at a minimum, the profitability objectives set for 2017.
A number of initiatives were launched in the first half and are illustrated by major commercial successes, the expansion of offerings (in both services and solutions), the continued pursuit of an active targeted acquisition policy and the deepening of exchanges with a broad ecosystem of partners. These initiatives are strengthening Sopra Steria’s digital and cloud growth strategy.
Sopra Steria generated revenue of €1,903.2 million in the first half of 2017, representing total growth of 1.3%. Changes in scope had a positive impact of €20.5 million, while currency fluctuations had an adverse impact of €44.5 million, essentially due to the 9.5% drop in the pound-to-euro exchange rate relative to the same period a year earlier. Growth at constant exchange rates and scope was 2.6%. The Group’s operating profit on business activity grew by 5.9% relative to the first half of 2016, to €142.1 million, a margin of 7.5%, up 0.4 percentage points from the previous year.
In France, first-half revenue came to €801.4 million, representing organic growth of 2.1%.
In the United Kingdom, first-half revenue (€413.0 million) recorded a downturn in organic growth of 5.7%. Exchange rate fluctuations had a negative impact of €45.1 million. Overall, the region posted total revenue growth of -14.6%. Given the transition phase experienced this year by the SSCL joint venture of Sopra Steria with the Cabinet Office, revenue for the region is expected to be lower in 2017 (see the 27 February 2017 press release). In terms of profitability, the United Kingdom achieved an operating margin on business activity of 6.0% in the first half of 2017 (1.3 percentage points lower than in the year-earlier period). This performance reflects additional costs relating to the latest client migration onto SSCL, while the private sector has arrived at the implementation phase of its transformation project.
Revenue for the Other Europe reporting unit rose sharply (11.1% organic growth), reaching €397.8 million. All of the region’s countries saw robust growth, with a special mention for Germany, which confirmed the success of its recovery (12.7% organic growth and an operating margin on business activity greater than 8%). For the reporting unit as a whole, the operating margin on business activity improved strongly by 2.4 percentage points to 6.8%.
Sopra Banking Software generated revenue of €185.8 million, an increase of 16.0%. Revenue growth for this business was also strong at constant scope and exchange rates, rising by 8.0%. This performance was driven primarily by services as well as Cassiopae’s specialist loan products. Over the period, Sopra Banking Software continued to invest in its offerings. Amplitude Up, a new, digital-ready version of its Amplitude product, was released. An innovative digital platform to support the creation of novel ways to enhance the client experience and assist financial players in ensuring compliance with the Payment Services Directive (PSD2) has been announced. Lastly, the development of the Platform product continued, in line with its roadmap. In terms of profitability, given the recognition of research and development expenses in the income statement and the fact that licence sales are concentrated in the second half of the year, the operating margin on business activity came to 3.4% (4.3% at 30 June 2016).
Other Solutions (Human Resource Solutions and Property Management Solutions) posted revenue of €105.1 million in the first half of 2017, equating to organic growth of 3.5%, and an operating margin on business activity of 11.2%, up 2.0 percentage points relative to the first half of 2016. This performance was accompanied by an enrichment of the added value of the offers. Thus, for example, in the field of human resources, interoperability with talent management solutions has been established, and in the field property management, Sopra Steria took an equity stake in La FoncièreNumérique®, a digital platform to better manage and leverage all data relating to digitised property assets.
Comments on net profit for the first half of 2017
Profit from recurring operations came to €114.2 million. This includes a €17.0 million expense related to share-based payments (versus €10.2 million in the first half of 2016), as a result of the renewal, in 2017, of the “We Share” employee share ownership plan and of a long-term incentive plan set up for the Group’s main managers.
Operating profit was €102.7 million after a net expense of €11.4 million for other operating income and expenses (compared to a net expense of €10.7 million in first-half 2016), which included €10.1 million in reorganisation and restructuring expenses.
The tax expense was €30.8 million in the half-year period, versus €44.4 million in the first half of 2016, translating to a Group-wide tax rate of 31.8%.
The share of profit of equity-accounted companies (mainly Axway) was €1.0 million in the half-year period (€3.8 million in first-half 2016).
The net profit attributable to the Group was €66.0 million after deducting €0.9 million in respect of minority interests, 22.3% higher than the figure of €54.0 million for the first half of 2016.
Basic earnings per share came to €3.27 (compared with €2.70 in the year-earlier period), representing an increase of 21.1%.
Financial position at 30 June 2017
Sopra Steria’s financial position at 30 June 2017 was robust in terms of both financial ratios and liquidity.
Free cash flow for the first half of the year, which is traditionally a period of net cash outflows due to seasonal effects, amounted to an outflow of €109.0 million.
In the first half, outflows for external growth (changes in scope) amounted to €26.6 million.
Net financial debt was €643.3 million at the end of June 2017, equating to 1.9x EBITDA compared to 2.2x as of end of June 2016 (with the bank covenant stipulating a maximum of 3x).
At 30 June 2017, the Group had €1.5 billion in financing, of which €1.1 billion was available.1 In addition, the maturity of the Group’s syndicated loan was extended by one year, to 6 July 2022.
External growth
The Group announced a number of transactions in first-half 2017:
Workforce
At 30 June 2017, the Group’s workforce totalled 40,431 people (39,813 at 31 December 2016), with 18.0% working in X-Shore zones.
Targets for 2017
The Group’s targets for the 2017 financial year are confirmed:
Presentation of first-half 2017 results
The results for the first half of 2017 will be presented to financial analysts and investors in French on 28 July 2017 at 9:00 a.m. CET, at the Shangri-La Hotel in Paris.
The presentation may be attended remotely via a bilingual webcast in French and English:
Register for the French language webcast: http://edge.media-server.com/m/p/vy9pw27
Register for the English language webcast: http://edge.media-server.com/m/p/vy9pw27b/lan/en
Or by phone:
French-language phone number: +33 (0)1 70 77 09 20
English-language phone number: +44 (0)203 367 9454
Practical information about the presentation and webcast can be found in the ‘Investors’ section of the Group’s website: https://www.soprasteria.com
Next financial release
Thursday, 26 October 2017 (before market): publication of Q3 2017 revenue
Glossary
Disclaimer
This presentation contains forward-looking information subject to certain risks and uncertainties that may affect the Group’s future growth and financial results. Readers are reminded that licence agreements, which often represent investments for clients, are signed in greater numbers in the second half of the year, with varying impacts on end-of-year performance. Actual outcomes and results may differ from those described in this document due to operational risks and uncertainties. More detailed information on the potential risks that may affect the Group’s financial results are available in the 2016 Registration Document filed with the Autorité des Marchés Financiers (AMF) on 13 April 2017 (see pages 37 and following in particular). Sopra Steria does not undertake any obligation to update the forward-looking information contained in this document beyond what is required by current laws and regulations. The distribution of this document in certain countries may be subject to certain laws and regulations. Persons physically present in countries where this document is released, published or distributed should inquire as to any applicable restrictions and should comply with those restrictions.
About Sopra Steria
Sopra Steria, a European leader in digital transformation, provides one of the most comprehensive portfolios of offerings on the market, spanning consulting, systems integration, industry-specific solutions, infrastructure management and business process services. It provides end-to-end solutions to address the core business needs of large companies and organisations, helping them remain competitive and grow. Combining added value with innovative high-performance services, Sopra Steria excels in guiding its clients through their transformation projects to help them make the most of digital technology. With over 40,400 employees in more than 20 countries, Sopra Steria generated revenue of €3.7 billion in 2016.
Sopra Steria (SOP) is listed on Euronext Paris (Compartment A) – ISIN: FR0000050809
For more information, please visit our website: www.soprasteria.com
Annexes
Sopra Steria: Impact on revenue of exchange rates and changes in scope – H1 2017 €m H1 2017 H1 2016 Growth Revenue 1,903.2 1,878.8 + 1.3% Changes in exchange rates -44.5 Revenue at constant exchange rates 1,903.2 1,834.3 + 3.8% Changes in scope 20.5 Revenue at constant scope and exchange rates 1,903.2 1,854.8 + 2.6% Sopra Steria: Changes in exchange rates – H1 2017 For €1 / % Average rateH1 2017
Average rateH1 2016
Change Pound sterling 0.8606 0.7788 - 9.5% Norwegian krone 9.1785 9.4197 + 2.6% Swedish krona 9.5968 9.3019 - 3.1% Danish krone 7.4368 7.4497 + 0.2% Swiss franc 1.0766 1.0960 + 1.8% Sopra Steria: Revenue by reporting unit (€m / %) – H1 2017 H1 2017 H1 2016Restated*
H1 2016Reported
Organicgrowth
Totalgrowth
France 801.4 784.9 778.8 + 2.1% + 2.9% United Kingdom 413.0 438.2 483.4 - 5.7% - 14.6% Other Europe 397.8 358.1 355.6 + 11.1% + 11.9% Sopra Banking Software 185.8 172.0 160.2 + 8.0% + 16.0% Other Solutions 105.1 101.5 100.7 + 3.5% + 4.4% Sopra Steria Group 1,903.2 1,854.8 1,878.8 + 2.6% + 1.3% * Revenue at 2017 scope and exchange rates Sopra Steria: Revenue by reporting unit (€m / %) – Q2 2017 Q2 2017 Q2 2016Restated*
Q2 2016Reported
Organicgrowth
Totalgrowth
France 391.0 394.1 391.1 - 0.8% - 0.0% United Kingdom 207.8 225.3 246.2 - 7.8% - 15.6% Other Europe 196.9 184.9 185.0 + 6.5% + 6.4% Sopra Banking Software 99.9 90.6 91.5 + 10.3% + 9.2% Other Solutions 53.8 52.2 51.8 + 3.0% + 3.8% Sopra Steria Group 949.5 947.0 965.6 + 0.3% - 1.7% * Revenue at 2017 scope and exchange rates Sopra Steria: Performance by reporting unit – H1 2017 H1 2017 H1 2016 €m % €m % France Revenue 801.4 778.8 Operating profit on business activity 72.2 9.0% 66.8 8.6% Profit from recurring operations 60.8 7.6% 59.5 7.6% Operating profit 56.5 7.1% 54.6 7.0% of which C&SI Organic growth + 2.6% Revenue 701.4 677.6 Operating profit on business activity 69.1 9.8% 66.3 9.8% Profit from recurring operations 58.4 8.3% 59.5 8.8% Operating profit 56.7 8.1% 57.0 8.4% of which I2S Organic growth - 1.3% Revenue 100.0 101.2 Operating profit on business activity 3.1 3.1% 0.5 0.5% Profit from recurring operations 2.3 2.3% 0.0 0.0% Operating profit -0.2 -0.2% -2.4 -2.4% United Kingdom Revenue 413.0 483.4 Operating profit on business activity 24.6 6.0% 35.4 7.3% Profit from recurring operations 18.3 4.4% 29.3 6.1% Operating profit 18.4 4.5% 29.2 6.0% Other Europe Revenue 397.8 355.6 Operating profit on business activity 27.2 6.8% 15.8 4.4% Profit from recurring operations 24.5 6.1% 13.9 3.9% Operating profit 20.1 5.1% 11.1 3.1% Sopra Banking Software Revenue 185.8 160.2 Operating profit on business activity 6.3 3.4% 6.9 4.3% Profit from recurring operations 0.3 0.1% 2.6 1.6% Operating profit -1.3 -0.7% 1.1 0.7% Other Solutions Revenue 105.1 100.7 Operating profit on business activity 11.7 11.2% 9.3 9.2% Profit from recurring operations 10.4 9.9% 8.7 8.6% Operating profit 9.0 8.6% 8.1 8.0% Sopra Steria: Consolidated income statement – H1 2017 H1 2017 H1 2016Reported
€m % €m % Revenue 1,903.2 1,878.8 Staff costs -1,176.4 -1,150.8 Operating expenses -582.5 -572.9 Depreciation, amortisation and provisions -2.2 -20.9 Operating profit on business activity 142.1 7.5% 134.2 7.1% Expenses related to stock options and related items -17.0 -10.2 Amortisation of allocated intangible assets -10.9 -10.1 Profit from recurring operations 114.2 6.0% 114.0 6.1% Other operating income and expenses -11.4 -10.7 Operating profit 102.7 5.4% 103.2 5.5% Cost of net financial debt -3.5 -3.8 Other financial income and expenses -2.5 -4.6 Tax expense -30.8 -44.4 Share of net profit from equity-accounted companies 1.0 3.8 Net profit 66.9 3.5% 54.2 2.9% Attributable to the Group 66.0 3.5% 54.0 2.9% Minority interests 0.9 0.2 Weighted average number of shares in issue excl. treasury shares (m) 20.20 20.01 Basic earnings per share (€) 3.27 2.70 Sopra Steria: Simplified balance sheet (€m) – 30/06/2017 30/06/17 31/12/16 Goodwill 1,536.7 1,557.0 Allocated intangible assets 166.1 179.7 Other fixed assets 167.2 160.8 Equity-accounted investments 194.2 202.3 Fixed assets 2,064.3 2,099.8 Net deferred tax 121.0 128.9 Trade accounts receivable (net) 1,191.1 1,132.7 Other assets and liabilities -1,090.5 -1,171.5 Working capital requirement (WCR) 100.6 -38.7 Assets + WCR 2,285.8 2,190.0 Equity 1,117.0 1,103.1 Provisions for post-employment benefits 433.2 464.5 Provisions for contingencies and losses 92.3 116.4 Net financial debt 643.3 506.0 Capital invested 2,285.8 2,190.0 Sopra Steria: Change in net financial debt (€m) – H1 2017 H1 2017 H1 2016 Operating profit on business activity 142.1 134.2 Depreciation, amortisation and provisions (excl. allocated intangible assets) 4.0 20.2 EBITDA 146.1 154.4 Non-cash items -1.4 -0.2 Tax paid -23.7 -33.0 Change in operating working capital requirement -184.0 -172.9 Reorganisation and restructuring costs -12.6 -14.1 Net cash flow from operating activities -75.7 -65.7 Change relating to investing activities -20.8 -20.1 Net financial interest -3.7 -4.0 Additional contributions related to defined-benefit pension plans -8.8 -10.8 Free cash flow -109.0 -100.6 Impact of changes in scope -26.6 -104.7 Financial investments -1.9 -0.1 Dividends paid - - Dividends received from equity-accounted companies 2.8 0.2 Capital increases in cash 0.2 2.0 Purchase and sale of treasury shares -1.0 9.3 Impact of changes in foreign exchange rates -1.8 5.2 Other changes - - Change in net financial debt -137.3 -188.8 Net financial debt at beginning of period 506.0 530.8 Net financial debt at end of period 643.3 719.6 Sopra Steria: Workforce breakdown – 30/06/2017 30/06/17 31/12/16 France 18,629 18,227 United Kingdom 6,320 6,508 Other Europe 7,961 7,844 Rest of the World 253 231 X-Shore 7,268 7,003 Total 40,431 39,8131 Assuming a constant amount of commercial paper (€399.2m at 30/06/2017) and overdrafts
View source version on businesswire.com: http://www.businesswire.com/news/home/20170727006639/en/
Sopra SteriaInvestor RelationsOlivier Psaume, +33 (0)1 40 67 68 16olivier.psaume@soprasteria.comorPress RelationsSimon Zaks (Image 7), +33 (0)1 53 70 74 63szaks@image7.fr
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