Gross margin
The gross margin for the quarter was 51%, which is 5 percentage points lower compared with 56% in Q2 '14. The year on year decrease was due to the weakening of the euro against the US dollar. At constant currency rates for the US dollar and GB pound, our Q2 '15 gross margin and operating result were relatively flat.
Operating expenses
Total operating expenses for the quarter were €134 million, €4 million higher compared with the same quarter last year (Q2 '14: €130 million). The year on year increase was mainly driven by higher R&D and marketing expenses partially offset by lower amortisation of technology and databases. Total operating expenses include a positive one-off as a result of a litigation settlement, partly offset by FX and the higher costs related to the share based employee-incentive programme. Overall, for the year these trends are expected to result in modestly higher R&D expenses (both in OPEX and CAPEX).
FX sensitivity
|
Actual key Q2 '15 / H1 '15 financials recalculated based on last
year (Q2 '14 / H1 '14) FX rates
(€ in millions, unless stated otherwise) |
Q2 '15
|
Q2 '15
recalculated at Q2 '14 FX rates1 |
H1 '15
actual reported |
H1 '15
recalculated at H1 '14 FX rates1 |
|||||||||
| Revenue | 264.6 | 252.8 | 469.9 | 451.4 | |||||||||
| Gross result | 134.6 | 143.1 | 244.5 | 257.9 | |||||||||
| Gross margin | 51% | 57% | 52% | 57% | |||||||||
| EBIT | 0.6 | 12.0 | -4.5 | 15.5 | |||||||||
| EBIT margin | 0% | 5% | -1% | 3% | |||||||||
| P&L RATES IN € | Q2 '15 | Q2 '14 | H1 '15 | H1 '14 | |||||||||
| US dollar | 1.10 | 1.38 | 1.13 | 1.37 | |||||||||
| GP pound | 0.72 | 0.82 | 0.74 | 0.82 |
