* Full Year Pro Forma Revenues Increase 17.5% to EUR 698.8 Million
* Full Year Pro Forma Diluted EPS of EUR 1.25
* Record New Order Bookings of EUR 773.5 Million and Backlog of EUR
834.9 Million for the Year 2008
MADRID, Spain, Feb. 26, 2009 (GLOBE NEWSWIRE) -- Telvent GIT, S.A. (Nasdaq:TLVT), the IT company for a sustainable and secure world, announced today its audited financial results for the fourth quarter and fiscal year ended December 31, 2008.
Pro forma revenues for the fourth quarter 2008 were EUR 254.4 million, an increase of 24.9% (12.9% organic), from EUR 203.7 million in the fourth quarter of 2007. Pro forma revenues for the fiscal year 2008 totaled EUR 698.8 million, a 17.5% increase from the EUR 594.8 million reported for fiscal year 2007.
Pro forma gross margin was 29.1% for the fourth quarter of 2008, compared to 22.1% in the fourth quarter of 2007. Pro forma gross margin for the fiscal year 2008 was 26.7%, compared to 23.3% in 2007.
Pro forma earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter 2008 were EUR 43.4 million, compared to EUR 22.6 million in the fourth quarter 2007. Pro forma EBITDA for fiscal year 2008 amounted to EUR 80.3 million, versus EUR 54.7 million reached in fiscal year 2007.
Pro forma operating margin for the fourth quarter 2008 was 15.7%, compared to 10.2% in the fourth quarter 2007. Pro forma operating margin was 10.2% for the fiscal year 2008, showing an improvement from 8.0% in 2007. Pro forma income from operations increased by 92.8% and 50.2% in the fourth quarter 2008 and the fiscal year 2008, respectively, compared to the same periods of the prior year.
Pro forma net income for the fourth quarter 2008 was EUR 19.6 million, compared to EUR 12.5 million in the fourth quarter 2007. Pro forma net income for the fiscal year 2008 amounted to EUR 37.5 million, versus EUR 29.8 million for the fiscal year 2007. Basic and diluted pro forma EPS for the fourth quarter 2008 were EUR 0.60, compared to EUR 0.43 in the fourth quarter 2007 and basic and diluted pro forma EPS for the fiscal year 2008 were EUR 1.25, versus EUR 1.02 in the previous year. Pro forma basic and diluted EPS were determined by using a weighted average number of shares issued and outstanding in the fourth quarter and fiscal year 2008 of 32,656,021 and 30,096,995, respectively, and a weighted average number of shares issued and outstanding in the fourth quarter and fiscal year 2007 of 29,247,100. Assuming the same number of shares outstanding in each period (32,656,021 for the fourth quarter and 30,096,995 for fiscal year), basic and diluted pro forma EPS for the fourth quarter 2008 were EUR 0.60, compared to EUR 0.38 in the fourth quarter 2007 and basic and diluted pro forma EPS for the fiscal year 2008 were EUR 1.25, versus EUR 0.99 in the previous year.
New order bookings (or new contracts signed) during the fourth quarter of 2008 totaled EUR 296.6 million, a 24.8% increase from EUR 237.7 million recorded in the same period in 2007. Bookings for the full year amounted to EUR 773.5 million, compared to EUR 684.7 million for the fiscal year 2007.
Backlog (representing the portion of signed contracts for which performance is pending) was EUR 607.8 million as of December 31, 2008, reflecting a 10.6% growth over the EUR 549.6 million in backlog at the end of December 2007. In addition, soft backlog (representing pending performance on multi-year frame contracts for which there is no contractual obligation on the part of the client to fulfill the full contract amount) was EUR 227.1 million as of December 31, 2008, versus EUR 141.0 million in soft backlog at the end of fiscal 2007.
Pipeline, measured as management's estimates of real opportunities for the following six to twelve months, is approximately of EUR 3.8 billion.
As of December 31, 2008, cash and cash equivalents were EUR 85.8 million and total debt (including EUR 4.2 million of net credit line due from related parties) amounted to EUR 294.4 million, resulting in a net debt position of EUR 208.6 million.
For fiscal year 2008, cash provided in operating activities was EUR 43.1 million compared to EUR 13.9 million provided in fiscal year 2007. Cash used in investing activities in fiscal year 2008 amounted to EUR 153.5 million, compared to EUR 52.8 million used in 2007.
Manuel Sanchez, Chairman and Chief Executive Officer, mentioned, "I am pleased that we closed another year of undeniable good performance, with double-digit revenue growth and improved operating margins. In addition, we have seen another strong fourth quarter in bookings and collections, increasing our backlog to unprecedented figures, which puts us in a very favorable and distinguished position to begin the year 2009. Our backlog and increasing pipeline of identified opportunities is particularly important this year, in light of the uncertain market conditions worldwide."
"2008 also marks a very important milestone in Telvent's history, as we closed the DTN acquisition at the end of October. After this, Telvent has strengthened its leadership in the Energy and Weather markets in the U.S., has added an important segment for both, the economy and the sustainability of any country, as the Agriculture, and has improved its revenue recurrence and operating cash flow generation," he concluded.
Business Outlook
For fiscal year 2009, pro forma revenue growth is expected to be between the range of 18% and 21%. Pro forma gross margin is expected to be between the range of 32% and 34%. Pro forma EBITDA margin is expected to range between 13.5% and 14.5%, while pro forma operating margin between 11.5% and 12.5%. Finally, pro forma diluted EPS is expected to be in the range of EUR 1.54 to EUR 1.58. Pro forma diluted EPS were determined by using an expected weighted average number of shares issued and outstanding in the year 2009 of 34,094,159 shares.
Business Highlights
Energy
Some of the significant projects signed during the fourth quarter of 2008 were as follows:
* Project awarded by PetroChina Company Limited for the Lan-Zheng-
Chang oil pipeline SCADA system. Telvent OASyS system will monitor
and control 28 stations, as well as 35 block valve stations and
five remote terminals situated along the largest and longest liquid
pipeline in China. The pipeline is over 2,100 kilometers in length.
All data from the Lan-Zheng-Chang pipeline will be uploaded to the
existing Telvent OASyS SCADA system in the Beijing Main Control
Center and the Langfang Backup Control Center. In all, the solution
will allow PetroChina to manage its entire product oil pipeline.
The OASyS SCADA system will allow PetroChina to functionally manage
the pipeline in real time and improve the security of its operation.
In particular, this solution is expected improve efficiency and
security of the extraction and transportation processes of the
pipeline and, therefore, greater sustainability of the system by
careful use of the resources and reduction of the harmful effects
to the environment from potential liquid losses.
* Contract awarded by the Spanish infrastructure administrator, Adif,
to install the traction power control system along the Barcelona-
Figueras railway line to connect the high-speed Madrid-Zaragoza-
Barcelona railway line and the French border. The project includes
the design, development, installation and maintenance of the power
control system is expected to be completed in 2009. Telvent's power
control system is expected to allow better energy efficiency levels
for the railway line and is expected to also help reduce energy
consumption, supporting Adif's goal of providing sustainable
transportation systems.
Transportation
During the fourth quarter of 2008 some of the significant contracts signed were:
* Contract awarded by the Pennsylvania Department of Transportation
(PennDOT) to implement a new a state-wide traveler information
system, 511 Pennsylvania. Telvent will serve as the prime
contractor and is teaming along with other leading companies. The
contract will last approximately 3 years and is valued at more than
EUR 8 million. The project's objective is to provide services to
design, build, implement, operate, host and maintain the 511
Pennsylvania that not only meets PennDOT's short-term goals, but
also provides a basis on which additional functionality can be
added to address long-term goals and future needs.
* Contract signed with the City of Barcelona, valued at approximately
EUR 18 million, for the maintenance of the traffic control system
in Barcelona during a three-year period.
Environment
During the fourth quarter, significant contracts signed were:
* Contract with Bosnian Civil Aviation Authorities, in Bosnia, for
the supply and installation of aeronautical meteorological systems
for four airports: Sarajevo, Tuzla, Banja Luka and Mostar. Telvent
will supply diverse automatic weather observation systems (AWOS)
for the airports, as well as other aviation information systems for
the Directorate of Civil Aviation of Bosnia and Herzegovina. AWOS
function will provide information on weather conditions and airport
operations to air traffic services, personnel in charge of
meteorology at each airport, pilots, airlines and other users. The
data obtained from aviation information systems is essential in
enabling efficient and secure decision-making for airport
authorities.
Use of Non-GAAP Financial Information
To supplement our consolidated financial statements presented in accordance with U.S. GAAP, we use certain non-GAAP measures, including pro forma net income and EPS. Pro forma net income and EPS are adjusted from GAAP-based results to exclude certain costs and expenses that we believe are not indicative of our core operating results. Pro forma results are one of the primary indicators management uses for evaluating historical results and for planning and forecasting future periods. We believe pro forma results provide consistency in our financial reporting which enhances our investors' understanding of our current financial performance as well as our future prospects. Pro forma results should be viewed in addition to, and not in lieu of, GAAP results.
Pro forma revenues exclude the impact of joint ventures. Pro forma net income excludes the amortization of intangible assets arising from the purchase price allocations performed in our acquisitions, stock and extraordinary compensation plan expenses and mark to market of derivatives and hedged items that Telvent believes are not indicative of its core performance or results. Reconciliation between GAAP and pro forma figures is provided in this release in a table immediately following the condensed consolidated financial statements.
Conference Call Details
Manuel Sanchez, Chairman and Chief Executive Officer, and Barbara Zubiria, Chief Accounting and Reporting Officer and Head of Investor Relations, will conduct a conference call to discuss fourth quarter and fiscal year 2008 results, which will be simultaneously webcast at 1:00 P.M. Eastern Time / 7:00 P.M. Madrid Time on Thursday, February 26, 2009.
To access the conference call, participants in North America should dial (800) 374-0724 and international participants +1 (706) 634-1387. A live webcast of the conference call will be available at the Investor Relations page of Telvent's corporate website at www.telvent.com. Please visit the website at least 15 minutes prior to the start of the call to register for the teleconference webcast and download any necessary audio software.
A replay of the call will be available approximately two hours after the conference call is completed. To access the replay, participants in North America should dial (800) 642-1687 and international participants should dial +1 (706) 645-9291. The passcode for the replay is 83267137.
About Telvent
Telvent (Nasdaq:TLVT) is a unique global company listed on the NASDAQ Stock Exchange and a component of the CleanTech Index(tm) - the first and only stock market index of leading clean technology ("cleantech") companies.
Telvent, the IT Company for a sustainable and secure world, specializes in high-value-added products, services and integrated solutions in the Energy, Transportation, Environmental and Agriculture industry segments, as well as Global Services. Its innovative technology and proven experience help ensure secure and efficient management of the operating and business processes of the world's leading companies. (www.telvent.com)
The Telvent GIT S.A. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3116
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often are proceeded by words such as "believes," "expects," "may," "anticipates," "plans," "intends," "assumes," "will" or similar expressions. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Telvent's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Some of the factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the "Risk Factors" described in Telvent's Annual Report on Form 20-F for the year ended December 31, 2007, filed with the Securities and Exchange Commission on March 10, 2008, and updated, if applicable, on Telvent's Quarterly Reports on Form 6-K for the quarters ended March 31, 2008, June 30, 2008 and September 30, 2008, filed with the Securities and Exchange Commission on May 22, 2008, September 26, 2008 and December 8, 2008, respectively, and on Telvent's Current Report on Form 6-K, filed with the Securities and Exchange Commission on December 4, 2008.
Telvent does not intend, and does not assume any obligation, to update or revise the forward-looking statements in this press release after the date it is issued. In light of the risks and uncertainties described above, and the potential for variation of actual results from the assumptions on which certain of such forward-looking statements are based, investors should keep in mind that the results, events or developments disclosed in any forward-looking statement made in this press release may not occur, and that actual results may vary materially from those described herein, including those described as anticipated, expected, targeted, projected or otherwise.
Audited Consolidated Balance Sheets
(In thousands of Euros, except share and per share amounts)
As of As of
Dec. 31, Dec. 31,
2008 2007
--------------------
Assets:
Current assets:
Cash and cash equivalents 67,723 73,755
Restricted cash 18,085 8,590
Other short-term investments 589 461
Derivative contracts 8,046 3,544
Accounts receivable (net of allowances of EUR
2,386 as of December 31, 2008 and EUR 639 as
of December 31, 2007) 152,951 143,261
Unbilled revenues 218,271 191,070
Due from related parties 18,322 38,773
Inventory 19,562 26,431
Other taxes receivable 18,565 9,309
Deferred tax assets 5,885 2,399
Other current assets 5,573 3,476
--------- ---------
Total current assets 533,572 501,069
Deposits and other investments 7,595 7,103
Investments carried under the equity method 6,596 219
Property, plant and equipment (net of
accumulated depreciation of EUR 87,637 as
of December 31, 2008 and EUR 45,915 as of
December 31, 2007) 73,861 52,975
Long-term receivables and other assets 8,586 8,605
Deferred tax assets 26,726 16,529
Other intangible assets (net of accumulated
amortization of EUR 90,349 as of December
31, 2008 and EUR 16,373 as of December 31,
2007) 48,444 22,381
Goodwill 345,345 64,638
Derivative contracts long-term 498 --
--------- ---------
Total assets 1,051,223 673,519
========= =========
Liabilities and shareholders' equity:
Accounts payable 294,947 255,608
Billings in excess of costs and estimated
earnings 45,253 35,501
Accrued and other liabilities 16,927 10,684
Income and other taxes payable 27,770 21,452
Deferred tax liabilities 2,422 2,546
Due to related parties 29,105 25,315
Current portion of long-term debt 27,532 3,488
Short-term debt 56,728 63,998
Short-term leasing obligations 8,041 7,075
Derivative contracts 8,694 3,686
--------- ---------
Total current liabilities 517,419 429,353
Long-term debt less current portion 193,495 12,230
Long-term leasing obligations 18,599 22,959
Derivative contracts long-term 4,877 --
Other long term liabilities 37,745 8,198
Deferred tax liabilities 5,238 6,361
Unearned income 1,233 409
--------- ---------
Total liabilities 778,606 479,510
--------- ---------
Audited Consolidated Balance Sheets
(In thousands of Euros, except share and per share amounts)
As of As of
Dec. 31, Dec. 31,
2008 2007
----------------------
Minority interest 3,561 3,889
Commitments and contingencies
Shareholders' equity:
Common stock, Eur 3.00505 nominal par value,
34,094,159 shares in 2008 and 29,247,100
shares in 2007 authorized, issued and
outstanding, same class and series 102,455 87,889
Additional paid-in-capital 106,252 42,072
Accumulated other comprehensive income (25,363) (5,294)
Retained earnings 85,712 65,453
---------- ----------
Total shareholders' equity 269,056 190,120
---------- ----------
Total liabilities and shareholders' equity 1,051,223 673,519
========== ==========
Audited Consolidated Statements of Operations
(In thousands of Euros, except share and per share amounts)
Three Months
ended Year ended
December 31, December 31,
----------------------- -----------------------
2008 2007 2008 2007
----------- ----------- ----------- -----------
Revenues 267,009 217,715 724,613 624,317
Cost of revenues 195,021 172,755 538,641 485,612
----------- ----------- ----------- -----------
Gross profit 71,988 44,960 185,972 138,705
----------- ----------- ----------- -----------
General and
administrative 21,186 16,954 67,430 53,900
Sales and marketing 4,586 852 21,677 13,668
Research and
development 5,327 5,242 19,067 19,106
Depreciation and
amortization 6,076 3,100 14,561 10,623
----------- ----------- ----------- -----------
Total operating
expenses 37,175 26,148 122,735 97,297
----------- ----------- ----------- -----------
Income from
operations 34,813 18,812 63,237 41,408
Financial (expense),
net (14,082) (766) (23,344) (9,882)
Income from
companies under
equity method (39) 324 270 324
Other income, net (1,919) (2,025) (1,919) (2,025)
----------- ----------- ----------- -----------
Total other income
(expense) (16,040) (2,467) (24,993) (11,583)
----------- ----------- ----------- -----------
Income before income
taxes 18,773 16,345 38,244 29,825
Income tax expense
(benefit) 3,617 3,414 6,890 4,680
----------- ----------- ----------- -----------
Net income before
minority interest 15,156 12,931 31,354 25,145
----------- ----------- ----------- -----------
Loss/(Profit)
attributable to
minority interests 688 (318) (1,144) (268)
----------- ----------- ----------- -----------
Net income 15,844 12,613 30,210 24,877
=========== =========== =========== ===========
Earnings per share
Basic and diluted
net income per
share 0.49 0.43 1.00 0.85
=========== =========== =========== ===========
Weighted average
number of shares
outstanding
Basic and diluted 32,656,021 29,247,100 30,096,995 29,247,100
=========== =========== =========== ===========
Audited Condensed Consolidated Statements of Cash Flows
(In thousands of Euros, except share and per share amounts)
Year Ended December 31,
-----------------------------
2008 2007 2006
-------- -------- --------
Cash flows from operating activities:
Net income 30,210 24,877 21,838
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 14,010 10,902 9,986
Income/loss from investment under
equity method (266) -- --
Net foreign exchange (gains) losses (2,084) 1,324 (903)
Allowance for doubtful accounts 2,324 (411) 278
Interest accrued 2,048 -- --
Deferred income taxes (2,797) (4,848) (2,769)
Minority interests 1,144 268 70
Compensation related to stock
compensation plans 1,808 1,735 1,910
Loss (gains) on sale of investments -- -- 387
Change in operating assets and
liabilities, net of amounts
acquired:
Accounts and other long-term
receivable (11,231) 693 (44,333)
Inventory 4,930 (3,102) (8,149)
Unbilled revenues (27,627) (89,534) (26,743)
Related parties trade receivables
and other assets 8,950 18,642 (8,484)
Billings in excess of costs and
estimated earnings (13,681) 9,626 8,248
Accounts payable, accrued and other
liabilities, related parties trade
payable 34,465 46,556 87,443
Due to temporary joint ventures 935 (2,817) (2,060)
-------- -------- --------
Net cash provided by (used in)
operating activities 43,138 13,911 36,719
======== ======== ========
Cash flows from investing
activities:
Restricted cash - guaranteed deposit
of long term investments and
commercial transactions (9,662) (545) (4,862)
Due from related parties 17,661 (11,632) 4,552
Purchase of property, plant &
equipment (7,478) (2,948) (2,313)
Investment in intangible assets (1,090) -- --
Purchase of software (800) -- --
Acquisition of subsidiaries, net of
cash acquired (147,920) (32,414) (43,208)
Disposal/(Acquisition) of
investments (4,211) (5,281) 941
-------- -------- --------
Net cash provided by (used in)
investing activities (153,500) (52,820) (44,890)
======== ======== ========
Cash flows from financing
activities:
Proceeds from long-term debt 57,512 371 1,084
Proceeds from sale and lease-back
transaction -- 25,315 --
Repayment of long-term debt (1,635) (4,284) (11,576)
Proceeds of short-term debt 4,701 40,134 16,095
Repayment of short-term debt (22,815) (15,737) (5,758)
Dividends paid (9,951) (8,774) --
Dividends paid to minority interest (1,231) -- --
Proceeds from issuance of common
stock, net 78,510 -- --
Proceeds (repayments) of government
loans (467) (844) (1,094)
Due to related parties 348 7,770 (218)
-------- -------- --------
Net cash provided by (used in)
financing activities 104,972 43,951 (1,467)
======== ======== ========
Net (decrease) increase in cash
and cash equivalents (5,390) 5,042 (9,638)
Net effect of foreign exchange in
cash and cash equivalents (643) (519) (1,140)
Cash and cash equivalents at the
beginning of period 68,409 60,997 67,796
Joint venture cash and cash
equivalents at the beginning of
period 5,347 8,235 12,214
-------- -------- --------
Cash and cash equivalents at the end
of period 67,723 73,755 69,232
======== ======== ========
Supplemental disclosure of cash
information:
Cash paid for the period:
Income taxes 7,275 5,853 2,507
Interest 10,651 12,068 8,275
======== ======== ========
Non-cash transactions:
Capital leases 4,295 2,780 1,796
Reconciliation between GAAP and Pro Forma Income and EPS
(In thousands of Euros, except share and per share amounts)
Three months ended December 31, 2008
----------------------------------------
GAAP Adjustments Pro forma
----------- ----------- -----------
Revenues 267,009 (12,578) (1) 254,431
Cost of revenues 195,021 (14,662) (1) 180,359
----------- ----------- -----------
Gross profit 71,988 2,084 74,072
----------- ----------- -----------
General and administrative 21,186 (451) (2) 20,735
Sales and marketing 4,586 4,586
Research and development 5,327 5,327
Depreciation and
amortization 6,076 (2,683) (3) 3,393
----------- ----------- -----------
Total operating expenses 37,175 (3,134) 34,041
----------- ----------- -----------
Income from operations 34,813 5,218 40,031
Financial (expense), net (14,082) 1,687 (4) (12,395)
Income from companies
under equity method (39) (104) (1) (143)
Other income, net (1,919) (1,919)
----------- ----------- -----------
Total other income
(expense) (16,040) 1,583 (14,457)
----------- ----------- -----------
Income before income taxes 18,773 6,801 25,574
Income tax expense
(benefit) 3,617 1,819 (5) 5,436
----------- ----------- -----------
Net income before minority
interest 15,156 4,982 20,138
----------- ----------- -----------
Loss/(Profit) attributable
to minority interests 688 (1,262) (1) (574)
----------- ----------- -----------
Net income 15,844 3,720 19,564
=========== =========== ===========
Earnings per share
Basic and diluted net
income per share 0.49 0.60
=========== ===========
Weighted average number of
shares outstanding
Basic and diluted 32,656,021 32,656,021
=========== ===========
EBITDA Reconciliation:
Income from operations 40,031
Depreciation and
amortization 3,393
-----------
EBITDA 43,424
===========
Year ended December 31, 2008
----------------------------------------
GAAP Adjustments Pro forma
----------- ----------- -----------
Revenues 724,613 (25,818) (1) 698,795
Cost of revenues 538,641 (26,509) (1) 512,132
----------- ----------- -----------
Gross profit 185,972 691 186,663
----------- ----------- -----------
General and administrative 67,430 (1,805) (2) 65,625
Sales and marketing 21,677 21,677
Research and development 19,067 19,067
Depreciation and
amortization 14,561 (5,772) (3) 8,789
----------- ----------- -----------
Total operating expenses 122,735 (7,577) 115,158
----------- ----------- -----------
Income from operations 63,237 8,268 71,505
Financial (expense), net (23,344) 1,864 (4) (21,480)
Income from companies
under equity method 270 (413) (1) (143)
Other income, net (1,919) (1,919)
----------- ----------- -----------
Total other income
(expense) (24,993) 1,451 (23,542)
----------- ----------- -----------
Income before income taxes 38,244 9,719 47,963
Income tax expense
(benefit) 6,890 2,383 (5) 9,273
----------- ----------- -----------
Net income before minority
interest 31,354 7,336 38,690
----------- ----------- -----------
Loss/(Profit) attributable
to minority interests (1,144) (71) (1) (1,215)
----------- ----------- -----------
Net income 30,210 7,265 37,475
=========== =========== ===========
Earnings per share
Basic and diluted net
income per share 1.00 1.25
=========== ===========
Weighted average number of
shares outstanding
Basic and diluted 30,096,995 30,096,995
=========== ===========
EBITDA Reconciliation:
Income from operations 71,505
Depreciation and
amortization 8,789
-----------
EBITDA 80,294
===========
Adjustments to reconcile GAAP with Pro forma:
(1) Joint ventures
(2) Stock and extraordinary compensation plan expenses
(3) Amortization of intangibles arising on acquisitions
(4) Mark to market derivatives and hedged items
(5) Tax effect of previous adjustments
Reconciliation between GAAP and Pro Forma Income and EPS
(In thousands of Euros, except share and per share amounts)
Three months ended December 31, 2007
----------------------------------------
GAAP Adjustments Pro forma
----------- ----------- -----------
Revenues 217,715 (14,010) (1) 203,705
Cost of revenues 172,755 (14,001) (1) 158,754
----------- ----------- -----------
Gross profit 44,960 (9) 44,951
----------- ----------- -----------
General and administrative 16,954 (709) (2) 16,245
Sales and marketing 852 852
Research and development 5,242 5,242
Depreciation and
amortization 3,100 (1,249) (3) 1,851
----------- ----------- -----------
Total operating expenses 26,148 (1,958) 24,190
----------- ----------- -----------
Income from operations 18,812 1,949 20,761
Financial (expense), net (766) (2,141) (4) (2,907)
Income from companies
under equity method 324 324
Other income, net (2,025) (2,025)
----------- ----------- -----------
Total other income
(expense) (2,467) (2,141) (4,608)
----------- ----------- -----------
Income before income taxes 16,345 (192) 16,153
Income tax expense
(benefit) 3,414 (114) (5) 3,300
----------- ----------- -----------
Net income before minority
interest 12,931 (78) 12,853
----------- ----------- -----------
Loss/(Profit) attributable
to minority interests (318) 8 (1) (310)
----------- ----------- -----------
Net income 12,613 (70) 12,543
=========== =========== ===========
Earnings per share
Basic and diluted net
income per share 0.43 0.43
=========== ===========
Weighted average number of
shares outstanding
Basic and diluted 29,247,100 29,247,100
=========== ===========
EBITDA Reconciliation:
Income from operations 20,761
Depreciation and
amortization 1,851
-----------
EBITDA 22,612
===========
Year ended December 31, 2007
----------------------------------------
GAAP Adjustments Pro forma
----------- ----------- -----------
Revenues 624,317 (29,516) (1) 594,801
Cost of revenues 485,612 (29,372) (1) 456,240
----------- ----------- -----------
Gross profit 138,705 (144) 138,561
----------- ----------- -----------
General and administrative 53,900 (2,781) (2) 51,119
Sales and marketing 13,668 13,668
Research and development 19,106 19,106
Depreciation and
amortization 10,623 (3,564) (3) 7,059
----------- ----------- -----------
Total operating expenses 97,297 (6,345) 90,952
----------- ----------- -----------
Income from operations 41,408 6,201 47,609
Financial (expense), net (9,882) 536 (4) (9,346)
Income from companies
under equity method 324 (1) 324
Other income, net (2,025) (2,025)
----------- ----------- -----------
Total other income
(expense) (11,583) 536 (11,047)
----------- ----------- -----------
Income before income taxes 29,825 6,737 36,562
Income tax expense
(benefit) 4,680 1,894 (5) 6,574
----------- ----------- -----------
Net income before minority
interest 25,145 4,843 29,988
----------- ----------- -----------
Loss/(Profit) attributable
to minority interests (268) 98 (1) (170)
----------- ----------- -----------
Net income 24,877 4,941 29,818
=========== =========== ===========
Earnings per share
Basic and diluted net
income per share 0.85 1.02
=========== ===========
Weighted average number of
shares outstanding
Basic and diluted 29,247,100 29,247,100
=========== ===========
EBITDA Reconciliation:
Income from operations 47,609
Depreciation and amortization 7,059
-----------
EBITDA 54,668
===========
Adjustments to reconcile GAAP with Pro forma:
(1) Joint ventures
(2) Stock and extraordinary compensation plan expenses
(3) Amortization of intangibles arising on acquisitions
(4) Mark to market derivatives and hedged items
(5) Tax effect of previous adjustments
Segment Information
(In thousands of Euros, except share and per share amounts)
Three months ended Year ended
December 31, December 31,
2008 2007 2008 2007
----------------- -----------------
Revenues
Energy 71,819 63,251 198,364 228,093
Transportation 111,417 91,620 295,182 246,794
Environment 20,354 11,866 46,951 38,320
Agriculture 15,277 -- 15,277 --
Global Services* 48,142 50,978 168,839 111,110
------- ------- ------- -------
267,009 217,715 724,613 624,317
------- ------- ------- -------
Gross Margin
Energy 33.2 % 21.3 % 27.2 % 21.5 %
Transportation 14.6 16.2 20.0 19.8
Environment 30.7 29.2 26.1 26.9
Agriculture 76.8 -- 76.8 --
Global Services* 28.7 25.8 28.9 27.4
------- ------- ------- -------
27.0% 20.7% 25.7% 22.2%
------- ------- ------- -------
--------------------------------------------------------------------
During the fourth quarter of 2008, we changed our business segments.
Our former segment, Public Administration, was combined with our
Global Services segment. In light of our recent acquisition of DTN,
we created a new Agriculture segment. All prior period results
appearing in the segment information table included in this release
have been restated to conform with our new business segments."
CONTACT: Telvent GIT S.A.
Investor Relations Contact
Barbara Zubiria
+34 902 335599
barbara.zubiria@telvent.com
Lucia Domville
+1 646 284 9416
ldomville@hfgcg.com
Communication Contact
Patricia Malo de Molina
+34 954 93 71 11
comunicacion@abengoa.com
|
| Symbol: |
TLVT |
| Last Trade: |
30.75
(11/20/2009 ET)
|
| Change: |
-0.06
(-0.194742%)
|
| Day's Range: |
30.19 -
30.9275 |
| Open: |
30.44 |
| Previous Close: |
30.81 |
| TSO: |
33,723,000 |
| Market Cap: |
1.04B |
| Day's Volume: |
37,044 |
|
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