Prodware: Effect of Provisions on Half-year 2021 Results:
13 Ottobre 2021 - 5:58PM
Business Wire
- Revenue up 2.3% pro forma* and down 4.6% on a reported
basis
- Resilient EBITDA at €18.7 M (22.9% of turnover)
- Operating loss at €1.1 M
Regulatory News:
Q3 2021 revenue: €31.2 M
(+2.6% pro forma*)
IFRS standards
Unaudited data - in € M
H1 2020
H1 2021
Variation
Consolidated Annual Turnover
85.5
81.6
-4.6%
EBITDA
% of turnover
23.9
27.9%
18.7
22.9%
-21.6%
Current Operating Income
In % of turnover
7.8
9.1%
-1.0
-1.3%
-
Operating Income
% of turnover
7.5
8.8%
-1.1
-1.3%
-
Net Income Group Share
% of turnover
4.2
4.9%
-6.3
-7.7%
-
SaaS-Driven Business
In the first half of 2021, Prodware generated revenue of €81.6
M, compared with €85.5 M in the first half of 2020, dropping 4.6%.
Business is up 2.3% on a pro forma basis – results factoring in the
impact of the sale of the subsidiary in Tunisia in 2020 and the
closing down of the software integration business in Israel.
Sales of on-premise software licenses, including those developed
by the Group, declined. SaaS sales, on the other hand, continued to
grow, with revenue reaching €22.0 M, up 16.0% on a pro forma basis*
compared with the same period last year. This trend will continue
in a market where the SaaS business model is increasingly gaining
ground while “on-premise" solutions are being phased out.
Healthy EBITDA and significant impact of exceptional
provisions on COI (Current Operating Income)
With its ongoing Operational Excellence Initiative, Prodware
maintains its EBITDA level above 20%. It reached €18.7 M, down
21.6% compared to the same period in 2020, with a 22.9% profit
margin.
Given the decrease in the promotion and sales of on-premise
offerings and the limited prospects for growth of this business
model, the Group performed an impairment test of these "on-premise"
assets and determined an impairment loss valued at approximately €5
M. As a result, the Current Operating Income showed a loss of €1.0
M at the end of June 2021, compared to a profit of €7.8 M at the
end of June 2020.
Financial results came out at €-3.0 M in H1 2021, compared to
€-3.8 M in H1 2020. The net income Group share, after allocating
€2.3 M to tax expenses (including a reversal of deferred tax assets
(DTA) of approximately €1.7 M, due to the impairment test),
amounted to €-6.3 M.
A sound Balance Sheet
As of June 30th, 2021, Prodware's balance sheet showed €149.1 M
in equity, a decrease of €6.3 M compared to December 31st,
2020.
Net debt (excluding rental liabilities from IFRS 16) amounted to
€92.5 M, an increase of €7.4 M. Net debt represents 62% of
consolidated equity.
Q3 2021 revenue
In Q3 2021, Prodware generated €31.2 M in revenue compared to
€32.2 M for the same period in 2020, down 3.2%. On a pro forma
basis*, the activity is up 2.6%.
Over the first nine months of the year, revenue reached €112.8
M, up 2.3% on a pro forma* basis and down 4.2% on a reported basis.
SaaS sales continue to climb up 24.8% of revenue, compared with
21.6% for the first nine months of the previous year.
Outlook
In the second half of 2021, Prodware will continue to promote
and serve its customers with its Digital Transformation Offering
providing a comprehensive business transformation approach from
Business Consulting to Managed Services, developing and deploying
industry-specific software solutions. Seeking to get net profit
figures back on track will be a priority in a particularly
fast-moving market with strong demand for SaaS solutions and
value-added service offerings. The launch of our Cyber Security
Service offerings to help customers better anticipate and protect
against cyber crime will also contribute in securing and
strengthening Prodware's market positioning as a leader in the
Digital Transformation of companies, particularly fast-growing
SMEs, Mid-Caps and subsidiaries of large groups.
* Pro forma: not including the impact of the sale of the
Prodware subsidiary in Tunisia in 2020 and the closing down of the
software integration business in Israel.
Next publication: Annual revenues 2021: February 24th,
2022 after market close.
About Prodware
With 30 years of experience and know-how in IT innovation, we
strive to provide value and expertise to our customers around the
world. Whether we are implementing the most ambitious cloud
strategies, developing AI-powered decision-making tools, or
creating IoT applications, Prodware is always at the cutting edge
of innovation. Since its inception, Prodware has leveraged
technological progress to help businesses prepare for the future by
creating new economic models for the manufacturing, sales,
distribution, finance, and business service industries. The
Prodware group includes more than 1,250 employees across 12
countries. It generated revenues of €172.4 M in 2020. Prodware SA
is listed on Euronext Growth and is eligible for FCPI (innovation
funds) and SME PEA (equity savings plan). For more information:
www.prodware-group.com
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PRODWARE
Stéphane Conrard Directeur financier T : 0979 999 000
investisseurs@prodware.fr
PRESSE
Gilles Broquelet CAP VALUE T : 01 80 81 50 01
gbroquelet@capvalue.fr
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