Solid performance and Cash generation further strengthening balance sheet.
Solid performance
- Adjusted operating margin at 12.5%
- Adjusted operating margin reaching 13.9% in H2'08
Cash generation further strengthening balance sheet
- Free cash flow from operating activities: €90.8m in 2008 vs. €65.4m in 2007
- Net cash at of Dec 31 2008: €77.5m
Philippe Lazare, Ingenico's CEO, commented: "In 2008, we delivered continued growth and a solid adjusted operating margin of 12.5%, delivering financial performance as expected. 2008 was a year of transformation for Ingenico. First, we consolidated our leadership with the successful integration of Sagem Monetel and Landi. Secondly, we launched new innovative products well received by our customers and prospects. Finally, we launched our new business approach on "beyond payment" services. Today's market conditions are challenging and we are focusing on accelerating impact of synergies and driving cost efficiency. With a solid balance sheet and a resilient business model, we are convinced that Ingenico will emerge from this period in an even better competitive position."
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