This interim report refers to Orc Group Holding AB (publ) (STO:ORC) -
(formerly Cidron Delfi Intressenter AB (publ)) - and the Orc Group
Holding Group for the period from January 1 to June 30, 2013. At the
beginning of 2012, Orc Group Holding AB acquired Orc Group through a
public tender offer directed to the shareholders in Orc Group AB (publ).
Following the sale of Orc’s former subsidiaries and sub-groups
CameronTec and Neonet in October 2012, continuing operations in the Orc
Group Holding Group consist solely of operations in Orc. As a result,
the comments in this report refer only to developments in Orc, and the
tables that are presented on pages 1-6 refer to continuing operations in
Orc adjusted for the impact of discontinued operations. The financial
year of the Parent Company, and therefore also the Group, is now the
calendar year.
Strong finances support investment in new strategy
· Operating revenue for the period from April to June 2013 reached SEK
109M (130), a decrease of 16%. Adjusted EBITDA was SEK 52M (60) and
EBITDA-CAPEX was SEK 22M (33).
· Operating revenue for the period from January to June 2013 amounted to
SEK 221M (264), down by 16%. Adjusted EBITDA amounted to SEK 106M (118)
and EBITDA-CAPEX was SEK 52M (61).
· The revenue was down compared to the corresponding periods last year
as a result of declining demand in the total market. Expenses and CAPEX
were cut back, which is mainly explained by the renegotiation of third
party agreements, other rationalization programs including adaptions to
the current market conditions.
· The set-off issue that was carried out in June 2013 has strengthened
the Group´s equity by SEK 209M to 653M and reduced interest bearing
liabilities by the same amount. The equity/assets ratio was 31% (13).
CEO Torben Munch comments:
“The market situation in the second quarter remained difficult for Orc
and revenue was down compared to the preceding quarter. At the same
time, net income (EBITDA-CAPEX) has decreased somewhat as a result of
higher development expenses. This is a consequence of our determined
efforts to strengthen the organization so that we can successfully
realize Orc’s revised business strategy.
Our new strategy features an increased focus on large banks and trading
firms, together with expansion of the existing product portfolio with
new solutions for customer-driven trading. The strategy has been
presented to customers in all regions, and has received very positive
feedback. I am also satisfied with development of the various internal
projects that are being driven to support the new strategy.
During the period we recruited several new members to the Executive
Management and I am convinced that our current management team – where
everyone has invested in Orc – is well equipped to meet the
opportunities we face.”
About Orc
Orc is a leading provider of technology and services for the global
financial industry. Since 1987, Orc delivers trading and market access
solutions used by proprietary trading and market making firms,
investment banks, hedge funds and brokerage houses worldwide.
Orc develops and provides the tools needed for running profitable
trading or brokerage businesses in today’s competitive and ever-changing
markets.
With market presence in all major global financial centers, Orc provides
sales and support services from its offices across EMEA, the Americas
and the Asia-Pacific regions.
Orc is owned by Orc Group Holding AB, which is in turn mainly owned by
Nordic Capital Fund VII.
For more information visit: www.orc-group.com
The information in this interim report is subject to the disclosure
requirements of Orc Group Holding AB under the Swedish Securities
Exchange and Clearing Operations Act and the Financial instruments
Trading Act. The information was released for publication on August 27,
2013, 8:00 a.m. CEST.
N.B. The English text is a translation of the Swedish text. In case
of discrepancy between the Swedish and the English text the Swedish
version shall prevail.
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