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Orc Group AB: Interim Report Cidron Delfi Intressenter AB, May 1 – September 30, 2012
By: Business Wire
Dec. 19, 2012 03:14 AM
At the beginning of 2012, Cidron Delfi Intressenter AB acquired Orc Group (STO:ORC) through a public tender offer directed to the shareholders in Orc Group AB. Following the sale of Orc’s former subsidiaries and sub-groups CameronTec and Neonet at the beginning of October, continuing operations in the Cidron Delfi Intressenter group now consist solely of operations in Orc. Cidron Delfi Intressenter AB was formed on November 28, 2011, and Orc Group AB is consolidated as of January 1, 2012. There is no historical information for the Cidron group and the comparative figures for 2011 have been taken from Orc’s operations in Orc Group. CameronTec and Neonet are reported as discontinuing operations for all of the periods covered in this report.
CEO TORBEN MUNCH COMMENTS:
“As previously announced during our meetings with investors, revenue for the quarter from July to September 2012 was down somewhat from the preceding quarter as result of challenging market conditions. Although revenue has fallen by nearly 10% during the past year, EBITDA-CAPEX for the last four quarters has held steady at around SEK 30m. This is mainly explained by the wind-up of group-wide functions and successful renegotiation of third-party agreements.
In November Orc launched an initiative mainly aimed at realizing the expected synergies from regionalization of customer service and adapting the sales and service organizations to the current market conditions. The number of employees will be reduced by around 20 and the office in Frankfurt will be closed. At the same time, Orc is continuing to invest aggressively in new products and services. After the reorganization, the number of employees active in the product and development organization will be around 100, i.e. close to half of all employees in the company.
Also in November, Orc successfully placed a EUR 60m five-year Senior Secured High Yield bond. The offering was fully subscribed already before completion of the management’s investor roadshow.
The market climate during the quarter from October to December remained weak. At the same time, the secured long-term financing together with the implemented organizational changes and cost adaptations provide excellent scope to continue developing and positioning Orc as a leading provider of technology and services for the global financial industry.”
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 Cidron Delfi Intressenter AB, which in turn is owned by Nordic Capital Fund VII.
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.
This information was brought to you by Cision http://www.cisionwire.com
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