Earnings Release • Nov 10, 2023
Earnings Release
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| Informazione Regolamentata n. 1803-65-2023 |
Data/Ora Inizio Diffusione 10 Novembre 2023 11:38:54 |
Euronext Star Milan | ||
|---|---|---|---|---|
| Societa' | : | OPENJOBMETIS | ||
| Identificativo Informazione Regolamentata |
: | 183169 | ||
| Nome utilizzatore | : | OPENJOBN08 - ESPOSTI | ||
| Tipologia | : | REGEM; 3.1 | ||
| Data/Ora Ricezione | : | 10 Novembre 2023 11:38:53 | ||
| Data/Ora Inizio Diffusione |
: | 10 Novembre 2023 11:38:54 | ||
| Oggetto | : | OJM_PR_9M 2023_ENG | ||
| Testo del comunicato |
Vedi allegato.
Milan, 10 November 2023 – The Board of Directors of Openjobmetis S.p.A. (Borsa Italiana: OJM), one of the leading Employment Agencies, listed on the STAR segment of the Stock Market managed by Borsa Italiana, approved the Additional Financial Information as at 30 September 2023.
Managing Director Rosario Rasizza commented: "the third quarter confirms the growth trend in the first contribution margin, which started in the initial months of the year. The increase in the percentage on revenue (12.9%) was also reflected in an increase in absolute terms, from EUR 71.4 million as at 30 September 2022 to EUR 72.3 million as at 30 September 2023.
It is with pride that we once again can confirm the revenue growth of the subsidiary Family Care - Employment Agency, specialising in providing family assistants dedicated to the elderly, and the positive performance of the subsidiary Seltis Hub
EMPLOYMENT AGENCY - Auth. Prot. No. 1111-SG dated 26/11/2004
Openjobmetis S.p.A.
Tax Code/VAT No./Reg. No. in the Milan-MB-Lodi Companies' Register 13343690155 - Share Capital EUR 13,712,000.00 = fully paid-up. HEADQUARTERS AND OFFICES: Via Marsala, 40/C - Centro Direzionale Le Torri - 21013 Gallarate (VA) REGISTERED OFFICE: Via Assietta, 19 – 20161 Milan Tel. 0331 211501 - [email protected] - www.openjobmetis.it PEC (certified e-mail) [email protected] - SDI SN4CSRI
1 Gross of charges mainly relating to costs for professional consultancy, including for extraordinary transactions on the regulated market
S.r.l., specialising in recruitment and selection, which saw an increase in volumes of 17% and 13%, respectively, compared to 30 September 2022.
The net indebtedness was impacted by the distribution of the dividend (EUR 6.5 million) and the buyback transaction (EUR 6.7 million), as well as by the unfavourable calendar that led the company to record some collections equal to EUR 2 million only on 2 October. The total indebtedness must therefore be assessed considering this adverse situation for a total of approximately EUR 15.2 million".
| thousands of EUR | 9M 2023 | 9M 2022 | Change % |
|---|---|---|---|
| Revenue | 560,668 | 572,907 | (2.1%) |
| First contribution margin | 72,296 | 71,396 | 1.3% |
| EBITDA | 21,827 | 22,860 | (4.5%) |
| EBIT | 15,529 | 16,954 | (8.4%) |
| Profit (loss) for the period | 9,909 | 11,378 | (12.9%) |
| thousands of EUR | 30/09/2022 | 31/12/2022 | Change % |
| NFP | 25,999 | 26,216 | (0.8%) |
| Equity | 138,579 | 141,521 | (2.1%) |
Revenue in the first nine months of 2023 amounted to EUR 560.7 million compared to EUR 572.9 million as at 30 September 2022. The slight decrease compared to the same period of the previous year reflects the trend of the Italian general contract work market.
It should be noted that the subsidiary Family Care S.r.l. - Employment Agency, a company specialised in the provision of assistants to elderly people, recorded an increase in turnover of 17%. At the same time, the subsidiary Seltis Hub, specialised in recruitment and selection, continues its path of growth with a 13% increase in volumes.
EBITDA came to EUR 21.8 million in the first nine months of 2023, compared to EUR 22.9 million in the same period of 2022.
EBIT for the first nine months of 2023 was EUR 15.5 million, compared to EUR 17.0 million in the first nine months of 2022.
The net profit for the period closed at EUR 9.9 million, compared to EUR 11.4 million in 2022.
Equity as at 30 September 2023 amounted to EUR 138.6 million, compared to EUR 141.5 million as at 31 December 2022.
Openjobmetis S.p.A. EMPLOYMENT AGENCY - Auth. Prot. No. 1111-SG dated 26/11/2004 Tax Code/VAT No./Reg. No. in the Milan-MB-Lodi Companies' Register 13343690155 - Share Capital EUR 13,712,000.00 = fully paid-up. HEADQUARTERS AND OFFICES: Via Marsala, 40/C - Centro Direzionale Le Torri - 21013 Gallarate (VA) REGISTERED OFFICE: Via Assietta, 19 – 20161 Milan Tel. 0331 211501 - [email protected] - www.openjobmetis.it PEC (certified e-mail) [email protected] - SDI SN4CSRI
The Net financial position as at 30 September 2023 was negative for EUR 26.0 million, compared with EUR 26.2 million as at 31 December 2022.
****
On 27 February 2023, the Parent Openjobmetis S.p.A. acquired the minority interest equal to 7.14% of HC S.r.l., becoming the sole shareholder.
On 13 March 2023, the Boards of Directors of Lyve S.r.l. and HC S.r.l. presented and approved the plan for the merger by incorporation of HC S.r.l. into Lyve S.r.l.
On 21 April 2023, the Extraordinary Shareholders' Meeting approved the elimination of the nominal amount of the ordinary shares (previously equal to EUR 1.00 each). Taking into account the previous resolution, the Extraordinary Shareholders' Meeting ordered the cancellation of 342,800 treasury shares with nominal amount equal to 2.5% of the share capital, already held in the portfolio as of the date, and up to a maximum of 1,336,920 treasury shares of the additional ones that may have been purchased by virtue of authorisations by the Shareholders' Meeting, without reducing the share capital. For further information, please refer to the relevant press release.
On 21 April 2023, the Ordinary Shareholders' Meeting approved the financial statements as at 31 December 2022, resolving to allocate the profit for the year and distribute a unit dividend of EUR 0.50 for each entitled share. The Ordinary Shareholders' Meeting then approved the appointment of the external auditing company Ernst & Young S.p.A. for the nine-year period 2024-2032. Furthermore, the Ordinary Shareholders' Meeting resolved to authorise the Board of Directors to buy back and dispose of treasury shares, subject to revocation of the previous authorisation granted by the Shareholders' Meeting of 19 April 2022, up to a maximum of shares not exceeding 20% of the pro-tempore share capital of Openjobmetis S.p.A. For further information, please refer to the relevant press release.
On 21 April 2023, the Board of Directors of Openjobmetis S.p.A. identified the beneficiaries of the second tranche of the 2022-2024 LTI Performance Shares Plan approved at the Shareholders' Meeting of 19 April 2022, including the Chairman of the Board of Directors Marco Vittorelli, the Deputy Chairman Biagio La Porta, the Managing Director Rosario Rasizza and key management personnel, as well as the number of rights assigned to each beneficiary. For further information, please refer to the relevant press release.
On 24 May 2023, Openjobmetis S.p.A. received an ESG Rating from Sustainalytics for the third year, for a value of 9.6 points compared to 10.4 points in 2022 (on a scale from 0 - zero risk - to 40 - very high risk). This score allowed Openjobmetis to change its ESG risk classification from the "low" level of 2022 to the "negligible" level, i.e. zero risk.
Openjobmetis S.p.A. EMPLOYMENT AGENCY - Auth. Prot. No. 1111-SG dated 26/11/2004 Tax Code/VAT No./Reg. No. in the Milan-MB-Lodi Companies' Register 13343690155 - Share Capital EUR 13,712,000.00 = fully paid-up. HEADQUARTERS AND OFFICES: Via Marsala, 40/C - Centro Direzionale Le Torri - 21013 Gallarate (VA) REGISTERED OFFICE: Via Assietta, 19 – 20161 Milan Tel. 0331 211501 - [email protected] - www.openjobmetis.it PEC (certified e-mail) [email protected] - SDI SN4CSRI
On 1 June 2023, the subsidiary Lyve S.r.l. merged by incorporation HC S.r.l., a company focused on training and coaching, previously 100% owned by the Parent.
On 29 June 2023, the Board of Directors of Openjobmetis S.p.A. communicated its decision to promote a partial voluntary tender offer pursuant to articles 102 et seq. of the Consolidated Law on Finance (TUF) on a maximum of no. 1,500,000 shares, equal to 11.22% of the share capital, at the price of EUR 9.00 per share and for a maximum value of EUR 13,500,000. For further information, please refer to the relevant press release.
On 26 July 2023, CONSOB, with resolution no. 22791, approved the offer document relating to the partial voluntary tender offer, previously filed on 11 July 2023 with the same control body.
On 4 August 2023, by publishing the document mentioned above, the Company announced the offer acceptance period, i.e. all trading days from 7 August 2023 to 8 September 2023 from 8:30 a.m. to 5:30 p.m., for which there were no further extensions. On 13 September, Openjobmetis announced the final results of the partial voluntary tender offer referred to above. The offer was accepted for 741,147 shares, equal to approximately 49.41% of the shares subject to the offer and roughly 5.54% of the share capital, so the application of the allocation ratio was not necessary.
On 15 September 2023, against the simultaneous transfer to Openjobmetis S.p.A. of full ownership of the shares, the consideration totalling EUR 6,670,323 was paid. For further information, please refer to the Investor relations-Public Purchase Offers section.
On 27 October 2023, the Company received notice of the ruling relating to the second instance hearing concerning the ongoing dispute, for the year 2017, with the Italian Tax Authorities concerning the treatment for VAT purposes of the training financed by Forma.Temp. On the basis of the abovementioned ruling, which partially accepts the appeal of the Italian Tax Authorities, the Company was asked to pay the tax subject to the dispute and the related interest. However, the Tax Court, also recognising a regulatory uncertainty, ordered the total cancellation of the administrative sanctions initially imposed against the Company. Openjobmetis S.p.A. believes that it has a number of grounds supporting its actions and highlights its firm opposition to the objections raised by the Italian Tax Authorities, as well as its willingness to proceed with an appeal to the Court of Cassation within the terms established by law.
For further information, please refer to the "Contingent liabilities" section of the Additional Financial Information as at 30 September 2023.
****
In September, the SIISL (Information System for Social and Work Inclusion) platform, established by the Ministry of Labour with the aim of promoting employment, made its debut. This initiative calls for the involvement of Employment Agencies, which are of primary importance for promoting the matching
of supply to demand and capable of intercepting labour needs at local level thanks to their widespread presence.
Access to the platform, currently only possible for recipients or former recipients of "Citizens' Income", is expected to be extended to everyone, to allow anyone to access job offers.2
The Openjobmetis Group welcomed the launch of the programme with confidence, promoting the new active policy tool.
As in the previous part of the year, in the coming months the Group's focus will remain on the monitoring of margins, which in fact saw an improvement in percentage terms from 12.5% as at 30 September 2022 to 12.9% as at 30 September 2023.
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It is hereby noted that the Additional Financial Information of Openjobmetis S.p.A. as at 30 September 2023 will be published on the Company's website www.openjobmetis.it (Investor Relations section), in accordance with the applicable laws and regulations.
Pursuant to Article 154 bis, paragraph 2 of the Consolidated Law on Finance (TUF), Alessandro Esposti, in his capacity as Manager in charge of financial reporting, hereby states that the financial information contained in this press release corresponds to the documented results, books and accounting records.
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Certain statements contained in this press release could represent forecasts. These statements concern risks, uncertainties and other factors that could cause actual results to differ, even substantially, from expectations. These risks and uncertainties include, but are not limited to, the ability to manage the effects of the macroeconomic cycle, and to acquire new business and integrate it effectively, the ability to acquire new contracts, the ability to effectively manage relationships with customers, the ability to achieve and manage growth, currency fluctuations, changes in local conditions, IT systems issues, risks related to inventories, credit and insurance risks, changes in the tax regime, as well as other political, economic and technological factors and other risks and uncertainty.
****
Openjobmetis S.p.A. overview: Openjobmetis S.p.A. is an Employment Agency established in 2011 as a result of the merger of Openjob S.p.A. and Metis S.p.A., thus combining the individual expertise and experience that has distinguished them since the start. Listed since December 2015, Openjobmetis S.p.A. is the first and only Employment Agency in the Star segment of Euronext Milan, operated by Borsa Italiana, and is positioned today among the leading Italian operators in its field, with consolidated revenue of approximately Euro 768.4 million in the year ended 31 December 2022. The Openjobmetis Group operates in the contract work market through a network of over 150 branches and through Specialised Divisions active within a wide spectrum of sectors such as: Healthcare, Banking and Finance, Large-Scale Retail Trade, Major Accounts, I&CT, Agro-industrial, as well as Techne, specialised in aerospace, marine and energy thanks to the acquisition of Quanta S.p.A., a company merged into Openjobmetis effective from 1 January 2022. Among the services offered are recruitment and selection solutions for the direct placement of qualified junior profiles in the company through the Permanent Placement team and the UNA Forza Vendite division which deals, in particular, with commercial parties and sales agents. The Group also includes the wholly owned subsidiaries (i) Openjob Consulting S.r.l., specialised in managing funded training activities; (ii) Seltis Hub S.r.l., the new highly specialised vertical skills hub focused on recruitment and that also operates through the digital platforms Meritocracy and Jobmetoo; (iii) Family Care S.r.l., an Employment Agency dedicated to family care. Lastly (iv) Lyve S.r.l., a 52.06% subsidiary that deals with professional training
Openjobmetis S.p.A.
2 Corriere della Sera - Economy, Post-citizens' income Siils platform begins: 600 thousand training offers and 60 thousand job offers, 1 September 2023
EMPLOYMENT AGENCY - Auth. Prot. No. 1111-SG dated 26/11/2004 Tax Code/VAT No./Reg. No. in the Milan-MB-Lodi Companies' Register 13343690155 - Share Capital EUR 13,712,000.00 = fully paid-up. HEADQUARTERS AND OFFICES: Via Marsala, 40/C - Centro Direzionale Le Torri - 21013 Gallarate (VA) REGISTERED OFFICE: Via Assietta, 19 – 20161 Milan Tel. 0331 211501 - [email protected] - www.openjobmetis.it PEC (certified e-mail) [email protected] - SDI SN4CSRI
Tel. +39 0331-211501
[email protected] Tel. +39 392 5139493
Openjobmetis Tel. 0331 211501 [email protected]
Enclosed are the Consolidated Statement of Financial Position, Consolidated Statement of Comprehensive Income and Statement of Net Financial Indebtedness as at 30 September 2023.
Openjobmetis S.p.A.
EMPLOYMENT AGENCY - Auth. Prot. No. 1111-SG dated 26/11/2004 Tax Code/VAT No./Reg. No. in the Milan-MB-Lodi Companies' Register 13343690155 - Share Capital EUR 13,712,000.00 = fully paid-up. HEADQUARTERS AND OFFICES: Via Marsala, 40/C - Centro Direzionale Le Torri - 21013 Gallarate (VA) REGISTERED OFFICE: Via Assietta, 19 – 20161 Milan Tel. 0331 211501 - [email protected] - www.openjobmetis.it PEC (certified e-mail) [email protected] - SDI SN4CSRI
| (In thousands of EUR) | 30/09/2023 | 31/12/2022 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 3,614 | 3,493 |
| Right of use for leases | 13,542 | 13,838 |
| Intangible assets and goodwill | 102,237 | 102,842 |
| Financial assets | 174 | 181 |
| Deferred tax assets | 20,603 | 21,073 |
| Total non-current assets | 140,170 | 141,427 |
| Current assets | ||
| Cash and cash equivalents | 14,764 | 10,290 |
| Trade receivables | 142,481 | 144,584 |
| Other assets | 12,157 | 8,423 |
| Financial assets | 5,227 | 3,095 |
| Current tax assets | 37 | 81 |
| Total current assets | 174,666 | 166,473 |
| Total assets | 314,836 | 307,900 |
| LIABILITIES AND EQUITY | ||
| Non-current liabilities | ||
| Financial liabilities | 13,396 | 2,917 |
| Lease liabilities | 9,812 | 9,828 |
| Employee benefits | 1,396 | 1,417 |
| Other liabilities | 300 | 600 |
| Total non-current liabilities | 24,904 | 14,762 |
| Current liabilities | ||
| Bank loans and borrowings and other financial liabilities | 18,925 | 22,831 |
| Lease liabilities | 3,857 | 4,025 |
| Trade payables | 13,958 | 14,752 |
| Employee benefits | 66,992 | 62,861 |
| Other liabilities | 41,689 | 40,879 |
| Current tax liabilities | 2,199 | 2,512 |
| Provisions | 3,733 | 3,757 |
| Total current liabilities | 151,353 | 151,617 |
| Total liabilities | 176,257 | 166,379 |
| EQUITY | ||
| Share capital | 13,712 | 13,712 |
| Legal reserve | 2,855 | 2,855 |
| Share premium reserve | 31,193 | 31,193 |
| Other reserves | 80,213 | 78,687 |
| Profit (loss) for the period attributable to the owners of the Parent | 10,124 | 14,375 |
| Equity attributable to: | ||
| Owners of the Parent | 138,097 | 140,822 |
| Non-controlling interests | 482 | 699 |
| Total equity | 138,579 | 141,521 |
| Total liabilities and equity | 314,836 | 307,900 |
Openjobmetis S.p.A.
EMPLOYMENT AGENCY - Auth. Prot. No. 1111-SG dated 26/11/2004 Tax Code/VAT No./Reg. No. in the Milan-MB-Lodi Companies' Register 13343690155 - Share Capital EUR 13,712,000.00 = fully paid-up.
HEADQUARTERS AND OFFICES: Via Marsala, 40/C - Centro Direzionale Le Torri - 21013 Gallarate (VA) REGISTERED OFFICE: Via Assietta, 19 – 20161 Milan Tel. 0331 211501 - [email protected] - www.openjobmetis.it PEC (certified e-mail) [email protected] - SDI SN4CSRI
| (In thousands of EUR) | 9M 2023 | 9M 2022 |
|---|---|---|
| Revenue | 560,668 | 572,907 |
| Cost of contract work and outsourcing | (488,372) | (501,511) |
| First contribution margin | 72,296 | 71,396 |
| Other income | 9,408 | 10,999 |
| Personnel expense | (32,915) | (30,706) |
| Cost of raw materials and consumables | (153) | (145) |
| Costs for services | (26,150) | (28,051) |
| Amortisation/Depreciation | (4,881) | (4,849) |
| Impairment loss on trade and other receivables | (1,417) | (1,057) |
| Other operating expenses | (659) | (633) |
| Operating profit | 15,529 | 16,954 |
| Financial income | 968 | 21 |
| Financial expense | (1,636) | (433) |
| Profit (loss) before taxes | 14,861 | 16,542 |
| Income taxes | (4,952) | (5,164) |
| Profit (loss) for the period | 9,909 | 11,378 |
| Other comprehensive income (expense) | ||
| Items that are or may subsequently be reclassified to profit or loss: | ||
| Fair value gain (loss) on cash flow hedges | - | 14 |
| Items that will not be reclassified to profit/loss: | ||
| Actuarial gain (loss) on defined benefit plans | (20) | 283 |
| Total other comprehensive income (expense) for the period | (20) | 297 |
| Total comprehensive income (expense) for the period | 9,889 | 11,675 |
| Profit for the period attributable to: | ||
| Owners of the Parent | 10,124 | 11,493 |
| Non-controlling interests | (215) | (115) |
| Profit (loss) for the period | 9,909 | 11,378 |
| Comprehensive income (expense) for the period attributable to: | ||
| Owners of the Parent | 10,104 | 11,790 |
| Non-controlling interests | (215) | (115) |
| Total comprehensive income (expense) for the period | 9,889 | 11,675 |
| Earnings (loss) per share (in EUR): | ||
| Basic | 0.76 | 0.85 |
| Diluted | 0.76 | 0.85 |
Tax Code/VAT No./Reg. No. in the Milan-MB-Lodi Companies' Register 13343690155 - Share Capital EUR 13,712,000.00 = fully paid-up. HEADQUARTERS AND OFFICES: Via Marsala, 40/C - Centro Direzionale Le Torri - 21013 Gallarate (VA) REGISTERED OFFICE: Via Assietta, 19 – 20161 Milan
Tel. 0331 211501 - [email protected] - www.openjobmetis.it PEC (certified e-mail) [email protected] - SDI SN4CSRI
EMPLOYMENT AGENCY - Auth. Prot. No. 1111-SG dated 26/11/2004
Openjobmetis S.p.A.
| (In thousands of EUR) | 2023 vs 2022 Change | ||||
|---|---|---|---|---|---|
| 30/09/2023 | 31/12/2022 | Value | % | ||
| A | Cash | 32 | 46 | (14) | (30.4%) |
| B | Cash and cash equivalents | 14,732 | 10,244 | 4,488 | 43.8% |
| C | Other current financial assets | 5,227 | 3,095 | 2,132 | 69% |
| D | Cash and cash equivalents (A+B+C) | 19,991 | 13,385 | 6,606 | 49.4% |
| E | Current financial debt | (18,925) | (22,831) | 3,906 | (17.1%) |
| F | Current portion of non-current financial debt | (3,857) | (4,025) | 168 | (4.2%) |
| G | Current financial indebtedness (E+F) | (22,782) | (26,856) | 4,074 | (15.2%) |
| H | Net current financial indebtedness (G+D) | (2,791) | (13,471) | 10,680 | (79.3%) |
| I | Non-current financial debt | (23,208) | (12,745) | (10,463) | 82.1% |
| J | Debt instruments | - | - | - | - |
| K | Trade payables and other non-current payables | - | - | - | - |
| L | Non-current financial indebtedness (I+J+K) | (23,208) | (12,745) | (10,463) | 82.1% |
| M | Total financial indebtedness (H+L) | (25,999) | (26,216) | 217 | (0.8%) |
Openjobmetis S.p.A.
EMPLOYMENT AGENCY - Auth. Prot. No. 1111-SG dated 26/11/2004
Tax Code/VAT No./Reg. No. in the Milan-MB-Lodi Companies' Register 13343690155 - Share Capital EUR 13,712,000.00 = fully paid-up. HEADQUARTERS AND OFFICES: Via Marsala, 40/C - Centro Direzionale Le Torri - 21013 Gallarate (VA) REGISTERED OFFICE: Via Assietta, 19 – 20161 Milan Tel. 0331 211501 - [email protected] - www.openjobmetis.it PEC (certified e-mail) [email protected] - SDI SN4CSRI
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