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Third-quarter 2013 revenues

  • Revenues of €264.8 million, up 0.7% at constant exchange rates
  • 4.1% increase in order intake to €245 million
  • Outlook for 2013 confirmed


Paris, October  24, 2013 -

Following the meeting of the Board of Directors on 23 October 2013, Bull (Euronext Paris: FR0010266601 - BULL) has released its third-quarter 2013 revenues1.

2013 third-quarter key figures

Bull reported revenues of €264.8 million in the third quarter of 2013, up 0.7% at constant exchange rates and down 0.9% at current exchange rates. During the quarter, order intake posted a solid year-on-year increase of 4.1% to €245.0 million. The group has continued to make up ground in terms of its business levels, and revenues in the first nine months of the year are now close to those of the previous year, down just 0.5% at constant exchange rates.

(€ millions)
 
Revenues
Order intake
 
2013
Year-on-year variation
(constant exchange rates)
2013
Book-to-Bill

Third quarter

264.8
+0.7%
245.0
+4.1%

Nine months

870.9
(0.5%)
880.5
(2.8%)

1 The figures provided in this press release have not been audited.

Philippe Vannier, Chairman and CEO of Bull, commented: "The activity developed this quarter in line with our forecasts. Even so, there is a great deal of uncertainty in the current environment, and certain markets remain under pressure. The Group has tremendous potential in new markets and with the acquisition of FastConnect in September, Bull has followed through on its goal of speeding up its development in Cloud Computing and Big Data."

Revenues and order intake by Business Line

Third quarter

(€ millions)
 
Revenues 
 Order intake 
 
Q3 2013
Q3 2012
variation
Q3 2013
Q3 2012
variation

Innovative Products + Computing Solutions

171.5
169.2
+1.4%
162.6
148.6
+9.4%

       of which HPC

34.3
35.6
Business Integration Solutions
66.5
71.1
(6.5%)
58.8
63.9
(7.9%)
Security Solutions
26.9
27.0
(0.4%)
23.6
22.9
+3.4%
Total
264.8
267.3
(0.9%)
245.0
235.3
+4.1%

Nine months to 30 September

(€ millions)
 
Revenues 
 Order intake 
 
9m 2013
9m 2012
variation
9m 2013
9m 2012
variation

Innovative Products + Computing Solutions

556.3
569.8
(2.4%)
544.1
579.3
(6.1%)

       of which HPC

120.9
122.4
 
 
Business Integration Solutions
224.9
231.8
(3.0%)
241.3
238.5
+1.2%
Security Solutions
89.8
82.4
+9.0%
95.1
87.7
+8.4%
Total
870.9
884.0
(1.5%)
880.5
905.5
(2.8%)

Innovative Products & Computing Solutions

Taken together, revenues from the Innovative Products and Computing Solutions business lines rose by 1.4% to €171.5 million in the third quarter of 2013. The upbeat trends seen in IT infrastructure management, data center and cloud services in particular helped to underpin the top-line performance during the quarter. The quarter helped to make up for the weaker activity at the beginning of the year, and over the first nine months of 2013, revenues fell by just 2.4%. In High Performance Computing, quarterly revenues came to €34.3 million, down €1.3 million on the year-earlier figure.
The sharp rise of 9.4% in order intake to €162.6 million was driven by High Performance Computing during the quarter.
In France, the market remained under pressure, but revenues moved higher since the Group reached, as anticipated, the contract milestones that it just missed in the previous periods. In international markets, revenues were below their level in the third quarter of 2012 when they were boosted by high HPC billings in Europe.

Business Integration Solutions

Third-quarter 2013 revenues and order intake for the business line came to €66.5 million and €58.8 million respectively. The quarter was characterised by a weak level of business in Brazil, exacerbated by unfavourable exchange rate trends, and persistent pressure in the French market. That said, the commercial pipeline in international markets remains strong.

Security Solutions

During the third quarter, order intake rose by 3.4% to €23.6 million, with the aerospace and defence sectors leading the way. Over the first nine months of the year, order intake grew by 8.4% to €95.1 million. Revenues, which stood at €26.9 million for the quarter, were stable on the year-earlier period and rose by 9% over the first nine months of the year.

Other key highlights of the third quarter

Appointment
Pierre Barnabé, 42 years old, has been named Chief Operating Officer of the Bull Group (see the press release of 25 July 2013). Since 2011, Pierre Barnabé had been Executive Vice President of the SFR Business Team. He began his career in venture capital with Thales. In 1998, he joined Alcatel-Lucent where he held various positions before becoming CEO of Alcatel-Lucent France. In 2010, Pierre Barnabé was appointed Director of Human Resources and Transformation at Alcatel-Lucent. Pierre Barnabé graduated from the Rouen ESC business school and gained a master's degree from the Ecole Centrale de Paris.

The Group is refocusing on its core businesses
The Group has followed through on its goal of speeding up its development in Cloud Computing and Big Data by acquiring FastConnect, a French leader in distributed application architecture (30 September 2013). By clinching this deal, Bull has strengthened its ability to provide a fully integrated Cloud offering, from infrastructure through to applications. With the same aim in mind, the Group is focusing on its core businesses and has sold its Bull Formation IT training activities to M2i Tech (11 September 2013).

Big Data
Bull's Big Data offering has achieved unmatched performance thanks to its bullion servers with the Real-time Search and Big Analytics solution (23 September 2013). The bullion-Sinequa platform, which brings together bullion technology, one of the most powerful servers in the world with the Real-time Search and Big Analytics solution, has reached a capacity of 100 billion records and performed 10 million indexed records per second, while at least 40 standard servers would be required to achieve comparable capacity. This quantum leap in performance on a single server opens up a whole new range of end-user experience in search-based real-time data analytics.

Next-generation data storage and management
Bull has launched StoreWay Optima 4600 and shored up its presence in next-generation data management (10 July 2013). Bull has extended its current product range by launching StoreWay Optima 4600, an ultra high-performance storage bay designed to address the challenges of next-generation data management.

Policy of supporting innovation
For the third year in a row, the Group has continued its efforts to support innovation and launched the 2013 Bull-Joseph Fourier Prize, aimed at boosting the development of computer simulation in France (2 July 2013). In 2012, the top prize was awarded to the team led by astrophysicist Jean-Michel Alimi, Director of Research at the CNRS. The prize was awarded for a major advance in understanding the Universe, with the first model of how the entire observable Universe is structured, from the Big Bang through to the present day on Genci's Curie supercomputer.

The Group's financial position

The Group's financial position remains healthy. Cash continues to show significant seasonal fluctuations, as in previous years, and is being depressed in 2013 by the roll-out of some major projects.

Conference call

Philippe Vannier, Chairman and CEO of the Bull Group, will host a conference call today to discuss this press release.
Time: 08:30 (CET) on 24 October 2013
Dial in number: France : +33 (0)1 70 99 32 12
UK: +44 (0)207 1620 177
Germany: +49 (0)695 8999 0509
The presentation used during the conference call will be available for download from http://www.bull.com/investors/. Analysts may take part in the question and answer session that will follow the presentation using the same number.

Financial Calendar

20 January 2014. Presentation of the 2014-2016 strategic plan
27 February 2014. Fourth-quarter 2013 revenues and full-year 2013 results

About Bull

Bull is a leader in secure mission-critical digital systems. The Group is dedicated to developing and implementing solutions where computing power and security serve to optimize its customers' information systems, to support their business. Bull operates in high added-value markets including computer simulation, Cloud computing and 'computing power plants', outsourcing and security.
Currently Bull employs around 9,300 people across more than 50 countries, with over 700 staff totally focused on R&D. In 2012, Bull recorded revenues of €1.3 billion.

For more information: www.bull.com - www.facebook.com/BullGroup - twitter.com/bull

Investor Relations: Vincent Biraud: Tel: 01 58 04 04 23 - vincent.biraud@bull.net
Press Relations: Aurélie Negro: Tel: 01 58 04 05 02- aurelie.negro@bull.net

Disclaimer
This Press release includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause expected results to differ.
Although Bull believes that its expectations and the information in this Press release were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved nor that the expected results will be as set out in this Press release.
Neither Bull nor any other company within the Bull Group is making any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in the Press release, and neither Bull, any other company within the Bull Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Press release.

Geographic analysis of revenues

Third quarter
(€ millions)
Revenues
2013
2012
Variation
at constant exchange rates
France
151.2
139.4
+8.5%
Europe excluding France
75.1
83.5
(9.0%)
Rest of the world
38.5
44.3
(5.4%)
Total
264.8
267.3
+0.7%

 

Nine months to 30 September
(€ millions)
Revenues
2013
2012
Variation
at constant exchange rates
France
485.6
490.0
(0.9%)
Europe excluding France
258.1
261.4
(0.7%)
Rest of the world
127.2
132.5
+1.6%
Total
870.9
884.0
(0.5%)

 

Quarterly summary

At the beginning of 2013, the revaluation of certain business activities, notably in Brazil, resulted in very marginal adjustments (less than 0.5% of consolidated revenues) to the scope of the Computing Solutions and Business Integration Solutions business lines. To make year-on-year comparisons more relevant, 2012 figures by business line have been adjusted to reflect the current scope of these units.

Revenues
(€ millions)
First
quarter
Second
quarter
Third
quarter
Fourth
quarter
Full Year

2013

Innovative Products
14.9
17.9
14.7
 
 
Computing Solutions
155.3
196.7
156.7
 
 
Business Integration Solutions
70.2
88.1
66.5
 
 
Security Solutions
27.1
35.7
26.9
 
 
Total
267.6
338.5
264.8
 
 

2012

Innovative Products
11.3
19.7
15.4
26.1
72.5
Computing Solutions
175.3
194.3
153.8
239.7
763.2
Business Integration Solutions
74.1
86.6
71.1
95.0
326.9
Security Solutions
25.9
29.5
27.0
40.3
122.7
Total
286.5
330.2
267.3
401.2
1,285.2

variation

Innovative Products
+32.5%
(9.1%)
(4.4%)
 
 
Computing Solutions
(11.4%)
+1.2%
+1.9%
 
 
Business Integration Solutions
(5.2%)
+1.7%
(6.5%)
 
 
Security Solutions
+4.8%
+21.1%
(0.4%)
 
 
Total
(6.6%)
+2.5%
(0.9%)
 
 

 

Order intake
(€ millions)
First
quarter
Second
quarter
Third
quarter
Fourth
quarter
Full Year

2013

Innovative Products
16.4
17.8
18.2
 
 
Computing Solutions
132.5
214.9
144.4
 
 
Business Integration Solutions
59.0
123.5
58.8
 
 
Security Solutions
29.2
42.3
23.6
 
 
Total
237.1
398.4
245.0
 
 

2012

Innovative Products
10.5
26.2
9.4
25.3
71.5
Computing Solutions
212.6
181.5
139.1
311.9
845
Business Integration Solutions
76.3
98.3
63.9
120.6
359.1
Security Solutions
35.1
29.8
22.9
49.9
137.6
Total
334.4
335.8
235.3
507.7
1,413.2

variation

Innovative Products
+56.4%
(32.3%)
+92.7%
 
 
Computing Solutions
(37.7%)
+18.4%
+3.8%
 
 
Business Integration Solutions
(22.7%)
+25.6%
(7.9%)
 
 
Security Solutions
(16.7%)
+41.8%
+3.4%
 
 
Total
(29.1%)
+18.6%
+4.1%
 
 

Revenues and order intake by Business Line

First quarter
(€ millions)
Innovative Products
Computing Solutions
Business Integration Solutions
Security Solutions
Total
Order intake  
         
Gross
37.8
144.9
60.3
25.9
269.0
Inter Business Lines
(19.6)
(0.5)
(1.5)
(2.3)
(24.0)
Consolidated Q1 2013
18.2
144.4
58.8
23.6
245.0
Consolidated Q1 2012
9.4
139.1
63.9
22.9
235.3
Variation
+92.7%
+3.8%
(7.9%)
+3.4%
+4.1%
Revenues  
         
Gross
26.7
157.6
69.4
29.0
282.7
Inter Business Lines
(11.9)
(0.8)
(2.9)
(2.1)
(17.9)
Consolidated Q1 2013  
14.7
156.7
66.5
26.9
264.8
Consolidated Q1 2012
15.4
153.8
71.1
27.0
267.3
Variation 
(4.4%)
+1.9%
(6.5%)
(0.4%)
(0.9%)
Organic variation         
+0.7%
Book to bill  
1.24
0.92
0.88
0.88
0.93
 

Glossary and presentation of financial information
Revenues: Unless stated otherwise, 'revenues' refers to consolidated revenues from external customers. Unless stated otherwise, changes have been calculated in respect of published data.
Order intake represents the total value of definite contracts signed during the period. This total value of definite contracts reflects the contractual commitments of clients, on which the Group's management may make a judgement regarding long-term contracts or those which are not for a fixed period (automatic renewals, for instance). Book-to-bill ratio: represents the ratio of new orders to revenues for the period.
In the various tables in this press release, sums may not add up to 100% due to rounding.


Contact
Bull
Aurélie Negro
5 Bd Gallieni - 92445 Issy Les moulineaux Cedex - France
Phone: +33 1 58 04 05 02
E-mail: aurelie.negro@bull.net


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Aurélie Negro
+33 1 58 04 05 02
aurelie.negro@bull.net