Ctac N.V. — Earnings Release 2016

Nov 3, 2016

Total number of pages: 3

P R E S S R E L E A S E

's-Hertogenbosch (the Netherlands), 3 November 2016

Ctac continues upward line in the Netherlands and Belgium

Key figures

(x € million) Unless stated otherwise	2016 Q3	2015 Q3	2016 YTD Q3	2015 YTD Q3
Turnover	20.9	20.8	63.5	62.0
Operating result (EBIT)	0.9	0.9	2.0	2.0
Net profit	0.6	0.6	1.3	1.2

Highlights first nine months 2016

• Turnover up by € 1.5 million or 2.5% to € 63.5 million, organic increase of 9%
• Operating result stable at € 2.0 million, with improved contribution Ctac the Netherlands and Ctac Belgium offset by negative contribution Ctac France
• Net profit rises by 9% to € 1.3 million from € 1.2 million

Highlights third quarter 2016

• Turnover stable at € 20.9 million; organic growth of 7%
• Operating result stable at € 0.9 million; contribution Ctac France of € 0.3 million negative (third quarter 2015: € 0.2 million negative)
• Net profit up by 11% at € 0.6 million (to € 618,000 from € 554,000)

Outlook 2016

• Reiteration of previous forecast to the effect that barring unforeseen exogenous circumstances, Ctac expects its 2016 results to exceed those recorded in 2015.

Henny Hilgerdenaar, Ctac CEO:

"The strong organic turnover growth and a structural improvement of the results in the Netherlands and Belgium in the third quarter and in the first nine months of the year clearly demonstrate that we have continued the upward line. The operating result recorded by Ctac the Netherlands and Ctac Belgium, including holding costs, came in € 0.5 million higher at € 3.3 million in the first nine months of 2016. All our business segments contributed to these improved results and we expect this positive trend to continue in the final quarter of the year.

The very disappointing results in France are due entirely to a one-off project. As a consequence, Ctac France's operating result deteriorated by € 0.5 million to € 1.3 million negative in the first nine month of 2016. We have not yet been able to solve the problems to our full satisfaction and are currently doing our utmost to complete this project as quickly as possible."

Result third quarter 2016

Net profit came in at € 0.6 million (€ 618,000) in the third quarter of 2016 (third quarter 2015: € 0.6 million (€ 554,000). The increase of almost 12% was largely due to a higher gross margin, combined with strict control of operating expenses. It should also be noted that in 2015 the operating expenses included a nett € 0.1 million WBSO subsidy (for innovation).

The number of employees at the end of September 2016 was 464, virtually unchanged from 465 at end-June 2016.

Balance sheet

Taking into account the dividend payment of € 0.7 million for 2015, shareholders' equity rose to € 14.2 million (31 December 2015: € 13.6 million). Largely due to the increase in shareholders' equity, the solvency ratio (shareholders' equity/balance sheet total) had increased to 38.1% (31 December 2015: 33.7%) at end-September 2016.

Cash flow

Net cash flow came in at € 0.9 million positive in the third quarter of 2016. Active cash flow management had a beneficial impact. Ctac also expects to realise positive cash flow for the full year 2016.

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About Ctac

As an innovative Total Solution Provider, Ctac helps customers realize their ambitions. We do so by developing and implementing industry-focused solutions that fully address customer's needs and business processes in various markets. With a passion for technology and a sharp eye for business processes, we work at the crossroads of business and ICT on a daily basis. Our industry-focused solutions for among others retail, wholesale, manufacturing, real estate and professional services are being developed in close cooperation with our customers. We complement our industry-specific composed solutions with a comprehensive range of services, varying from business consultancy to cloud services and software development, mobility and in-memory computing. For this, we always take a professional approach, with an innovative angle and a focus on transparent personal contact.

Ctac is listed at Euronext Amsterdam (ticker: CTAC). As per end of September 2016, Ctac employs a staff of 464. The head office is located in 's-Hertogenbosch, the Netherlands. Ctac is also active in Belgium and France. For more information: www.ctac.nl.

For more information:

Ctac N.V. Meerendonkweg 11 5216 TZ 's-Hertogenbosch

Postbus 773 5201 AT 's-Hertogenbosch www.ctac.nl

Henny Hilgerdenaar – CEO Douwe van der Werf – CFO

T. +31 (0)73 - 692 06 92 E. info@ctac.nl

Financial agenda

9 March 2017 : Publication annual results 2016 10 May 2017 : General Meeting of Shareholders

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