During the quarter, the Company booked $2.2 billion in new contract wins, extensions and renewals, bringing the last twelve months total bookings to $8.1 billion, or 104.2% of revenue. At the end of March 2013, the Company's backlog of signed orders stood at $18.0 billion, up $4.9 billion compared with the same period last year.
The Company has expanded its integration goals, increasing the annualized savings target from $300 million to $375 million by the end of fiscal 2014, completing the program a year earlier than originally planned. To realize these additional benefits and incremental EPS accretion, the Company will increase its investment from $400 million to $525 million over the integration period.
"I am very pleased with our overall performance and with the excellent progress we have achieved in restructuring and transforming our European and Asia Pacific operations," said Michael E. Roach, President and Chief Executive Officer. "Working closely with our clients and our professionals we are seeing the business benefits of implementing our operating model as we trend to the upper end of our fiscal 2013 EPS accretion commitment of 25 to 30 percent before integration costs. We continue to identify and action opportunities to bring incremental value to our stakeholders."
During the quarter, net debt was reduced by $50.6 million to $2.91 billion, representing a net debt to capitalization of 43.0% at the end of March 2013. At the end of Q2-2013, the Company had approximately $1.1 billion in available cash and unused credit facilities.
Q2-F2013 results conference call
Management will host a conference call at 9:00 a.m. Montreal time to discuss results. Participants may access the call by dialing (866) 226-1792 or via cgi.com/investors. For those unable to participate on the live call, a podcast and copy of the slides will be archived for download at cgi.com/investors.
Founded in 1976, CGI Group Inc. is the fifth largest independent information technology and business process services firm in the world. Approximately 69,000 professionals serve thousands of global clients from offices and delivery centers across the Americas, Europe and Asia Pacific, leveraging a comprehensive portfolio of services including high-end business and IT consulting, systems integration, application development and maintenance, infrastructure management as well as a wide range of proprietary solutions. With annualized revenue in excess of C$10 billion and an order backlog exceeding C$18 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Website: www.cgi.com.
Non-GAAP financial metrics used in this release: Constant currency growth, adjusted EBIT, net debt, net debt to capitalization, DSO and ROIC
CGI reports its financial results in accordance with IFRS. However, management believes that these non-GAAP measures provide useful information to investors regarding the Company's financial condition and results of operations as they provide additional measures of its performance. Additional details for these non-GAAP measures can be found on page 2 of our MD&A which is posted on CGI's website, and filed with SEDAR and EDGAR.
All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking statements" within the meaning of that term in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, and are "forward-looking information" within the meaning of Canadian securities laws. These statements and this information represent CGI's intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, of which many are beyond the control of the Company. These factors could cause actual results to differ materially from such forward-looking statements or forward-looking information. These factors include but are not restricted to: the timing and size of new contracts; acquisitions and other corporate developments; the ability to attract and retain qualified members; market competition in the rapidly evolving IT industry; general economic and business conditions; foreign exchange and other risks identified in the press release, in CGI's annual and quarterly Management's Discussion and Analysis ("MD&A"), in CGI's Annual Report, in CGI's Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (filed on EDGAR at www.sec.gov), and in the Company's Annual Information Form filed with the Canadian securities authorities (filed on SEDAR at www.sedar.com), as well as assumptions regarding the foregoing. The words "believe," "estimate," "expect," "intend," "anticipate," "foresee," "plan," and similar expressions and variations thereof, identify certain of such forward-looking statements or forward-looking information, which speak only as of the date on which they are made. In particular, statements relating to future performance are forward-looking statements and forward-looking information. CGI disclaims any intention or obligation to publicly update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements or on this forward-looking information.
Senior Vice-President, Global Communications and
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