Earnings Release • May 10, 2022
Earnings Release
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| Informazione Regolamentata n. 0469-28-2022 |
Data/Ora Ricezione 10 Maggio 2022 15:49:19 |
Euronext Star Milan | |
|---|---|---|---|
| Societa' | : | BE | |
| Identificativo Informazione Regolamentata |
: | 161926 | |
| Nome utilizzatore | : | SERVICEN03 - Cornini | |
| Tipologia | : | REGEM | |
| Data/Ora Ricezione | : | 10 Maggio 2022 15:49:19 | |
| Data/Ora Inizio Diffusione presunta |
: | 10 Maggio 2022 15:49:20 | |
| Oggetto | : | Be_PR10052022_Q1 2022 Results | |
| Testo del comunicato |
Vedi allegato.
INVESTORS INFORMATION
10th May, 2022 // Milan
1
The Board of Directors of Be Shaping The Future S.p.A ("Be"), listed on the Euronext STAR Segment of Borsa Italiana, today met at the Company's headquarters in Milan to approve the Interim Financial Report as of March 31st 2022.
Further 2-digit growth on all metrics, consolidating Q1 2021 exceptional results - says CEO Stefano Achermann - +20% y-o-y on Revenues, +15% y-o-y of EBITDA and EBT, mainly driven by organic growth. This in spite a redefinition of the Digital business perimeter. The outlook for 2022 remains positive in term of client expansion and M&A pipeline perspectives. All of this while the Group has moved to a new stage in its history with the potential creation of a strong industrial combination, leader on the Italian market."
| STOCK DATA | GROUP DATA (as of 31.12.2021) | HEADQUARTER | MAIN OFFICES | |||
|---|---|---|---|---|---|---|
| Reuters code: | BEST.MI | Total Revenues(Eur mln): | 235.3 | Rome | Milan | |
| Bloomberg code: | BEST.MI | EBITDA (Eur mln): | 37.1 | London | ||
| EBIT (Eur mln): | 20.6 | Munich | ||||
| SHAREHOLDERS DATA | EBT (Eur mln): | 18.8 | Frankfurt | |||
| No. of ordinary shares (mln): | 134.9 | Net Profit (Eur mln): | 11.6 | Madrid | ||
| Total no. of shares (mln): | 134.9 | Net Financial Position (Eur mln): | -10.0 | Wien | ||
| Market cap. (Eur mln): | 427.9 | Varsaw | ||||
| Floating (%): | 51.5 | Bucharest | ||||
| Floating (Eur mln): | 220.3 | Kyiv | ||||
| Main Shareholder: | T.I.P. | Zurich |
Be S.p.A.
Investor Relations | Claudio Cornini | +39 06 54 24 86 24 | [email protected]
Total Revenues stood at €62.1M compared to €51.8M as of March 31st 2021. Business Consulting, ICT AND Digital segments recorded total revenues equalling respectively €45.6M (€36.6M as of March 31st 2021) and €14.5M (€12.1M as of March 31st 2021) and €2.0M (€3.1M as of March 31st 2021). Total Revenues by foreign subsidiaries totalled €28.0M, 45.2% of Total Revenues (compared to €17.2M as of March 31st 2021).
The Gross Operating Margin (EBITDA) was €10.6M, up 15.2% on March 31st 2021 (€9.2M), with an EBITDA margin of 17.1% vs. 17.8% as of March 31st 2021.
EBIT amounted to €7.7M, up 16.8% from March 31st 2021 (€6.6M) with EBIT margin at 12.4% compared to 12.7% at 31 March 2021.
The Group pre-tax result (EBT) amounted to €6.8M, up 15.6% on March 31st 2021 (€5.8M).
Net Financial Position, amounted to negative €34.6M, (€40.3M as of March 31st 2021 and Euro 10.0M as at December 31st 2021).
Net Financial Position from Operations amounted to negative € 7 million (€13 million at March 31st, 2021) with year-on-year improvement of approximately €5.9 million.
| Value in EUR thousand | Pro-forma | ||
|---|---|---|---|
| 31.03.2022 | 31.03.2021 | | |
| Net financial position | (34,590) | (40,320) | 5,730 |
| End value of put & call options | (17,114) | (10,431) | (6,683) |
| Rights of use payables | (10,353) | (10,058) | (295) |
| Net Financial position without IFRS 16 e put&call | (7,123) | (19,831) | 12,708 |
| - of which period M&A investment | 0 | (6,419) | 6,419 |
| - of which buy-back of own shares | 0 | (432) | 432 |
| Net financial position from operations m. | (7,123) | (12,980) | 5,857 |
In January 2022 the non-proportional and asymmetric partial demerger project of the subsidiary Doom S.r.l was approved in favour of a newly established company that will take the name of Be World of Wonders S.r.l and that will be held 75% by Be and 25% by ZDF S.r.l.. In particular, the demerger would entail the assignment to Be World of Wonders S.r.l of the activities related to the business segment whose target customers are banking, financial and insurance
companies. Be will continue to have a minority stake of 25% in Doom S.r.l after the demerger. This will be consolidated with the Equity method.
In February, with reference to the possible transaction concerning, among other things, the sale of shares representing approximately 43.209% of the capital of Be Shaping the Future S.p.A., the essential terms of which were disclosed to the market on 11 February 2022, by means of a press release by Tamburi Investment Partners S.p.A., the Board of Directors of Be, received from Engineering Ingegneria Informatica S.p.A. (Engineering) - a leading company in the sector of technological innovation, software production, automation and information technology ecosystems, indirectly controlled by Bain Capital and NB Renaissance - the request to perform, in the context of the proposed Transaction, a due diligence on Be Group. On February 15, 2022, Be's Board of Directors gave its conset to the Due Diligence.
During the month of April the Be Group has finalized the acquisition of 51% of the share capital of Synapsy S.r.l., one of the leading companies in the Live Communication & Events Management market in Italy. Synapsy, based in Milan with a team of 20 professionals, is specialized in the design of original formats and implementation of integrated communication projects. The current management team will continue to lead the company until at least 2029.
The consideration was equal to 0.82 Ml/€, corresponding to a total value of the company of 1.6 Ml/€. Synapsy's NFP at the time of the acquisition was 0.9 Ml/€. The agreement also provides for a "price adjustment" and "earn-out" mechanism, which will consider the actual performance of the company in 2022 and subsequent years. Put & Call options are in place up to 2029 for the complete buyout
Also during the month of April Be Group has finalized the acquisition of 60% of the share capital of Quantum Leap S.r.l. (QL), a leading Italian consulting boutique in Technology Transfer and Open Innovation, operating for over ten years as a technology advisor for Scientific Research and Industrial sectors. Quantum Leap, based in Rome, with a team of 15 professionals and specialist associates in Technology Transfer, developed a strong expertise in Intellectual Property Strategy, as a tool value creation linked to the technological transformation under way. The current management team will continue to lead the company at least until 2028. The consideration was equal to 0.40 Ml/€, corresponding to a total value of the company of to 0.67 Ml/€. The agreement also provides for a "price adjustment" and "earn-out" mechanism on the purchase of 40%, which will consider the actual performance of the company in 2022 and subsequent years. Put & Call options are in place up to 2028 for the complete buyout.
On April 21, the Shareholders' Meeting of Be Shaping the Future S.p.A. met on first call, in ordinary session, and resolved as follows:
showing a net profit of Euro 8.2 million (compared with a profit of Euro 6.5 million in the previous year);
In May, with reference to the possible transaction concerning, among other things, the sale of shares representing approximately 43.209% of the capital of Be Shaping the Future S.p.A., the essential terms of which were disclosed to the market on 11 February 2022, by means of a press release by Tamburi Investment Partners S.p.A. (TIP), TIP announced on behalf of the Selling Shareholders that:
In light of Group's Q1 2022 results along with 2021 results, the Company confirms the objectives defined in the 2020-2022 Business Plan. In the foreseeable macroeconomic scenario, it is reasonable to expect further growth in 2022.
With regard to the uncertainties arising from the ongoing conflict between Russia and Ukraine, it is recalled that the Be Group has its own presence in Kiev through its subsidiary Be Ukraine. The company operates with branches of leading International banks, with 40 direct employees and about 1 ml/€ of turnover. At present, ordinary activities continue without interruption and there have been no interruptions in payment flows. It is not possible to define reliable scenarios of evolution. There are no significant economic impacts even in the event of a worsening of the current situation, however, due to the small size (less than 1%) of the company's contribution to the Group's consolidated figures.
The Executive in charge of preparing the Company's accounting documents - Manuela Mascarini - declares, in accordance with Article 154-bis, paragraph 2 of Legislative Decree no. 58 of the Consolidated Finance Law (TUF), that the accounting disclosures contained in this press release correspond to that recorded in Company documents, ledgers and accounting entries.
This press release is available on the Company's website www.be-tse.it and on the centralized storage mechanism "eMarket STORAGE" at .
Be Group, listed on the Euronext STAR segment of Borsa Italiana, is one of the leading Italian players in the Consulting sector. The Company provides Business Consulting, Information Technology and Digital Engagement services. A combination of specialist skills, advanced proprietary technologies and a wealth of experience enable the Group to work with leading financial, insurance and industrial clients to create value and boost business growth. With over 1,700 employees and operations in Italy, United Kingdom, Germany, Austria, Switzerland, Luxemburg, Spain, Romania, Czech Republic, Poland, Albania and Ukraine, in 2021 the Group revenues stood at Euro 235.3 million.
Be S.p.A. Investor Relations | Claudio Cornini | +39 06 54 24 86 24 | [email protected]
| Amounts in EUR thousand | Q1 2022 | Q1 2021 | | () |
|---|---|---|---|---|
| Operating revenue | 61,866 | 51,320 | 10,546 | 20.5% |
| Other operating revenue and income | 245 | 480 | (235) | (49.0%) |
| Total Revenues | 62,111 | 51,800 | 10,311 | 19.9% |
| Cost of raw materials and consumables | (75) | (181) | 106 | (58.6%) |
| Cost of services and use of third-party assets | (23,373) | (18,998) | (4,375) | 23.0% |
| Personnel costs | (29,060) | (24,275) | (4,785) | 19.7% |
| Other costs | (153) | (524) | 371 | (70.8%) |
| Internal capitalisations | 1,144 | 1,373 | (229) | (16.7%) |
| Gross Operating Margin (EBITDA) | 10,594 | 9,195 | 1,399 | 15.2% |
| Amortisation and depreciation | (2,508) | (2,618) | 110 | (4.2%) |
| Write-downs and provisions | (404) | 0 | (404) | n.a. |
| Operating Profit (Loss) (EBIT) | 7,682 | 6,577 | 1,105 | 16.8% |
| Net financial income and expense | (588) | (335) | (253) | 75.5% |
| Profit (loss) before tax from continuing operations |
7,094 | 6,242 | 852 | 13.6% |
| Profit (loss) before tax from discontinued operations |
0 | 0 | 0 | n.a. |
| Consolidated profit (loss) before tax including minority interests |
7,094 | 6,242 | 852 | 13.6% |
| Profit (loss) before tax attributable to minority interests |
330 | 391 | (61) | (15.6%) |
| Group Profit (loss) before tax | 6,764 | 5,851 | 913 | 15.6% |
| Amounts in EUR thousand | 31.03.2022 | 31.12.2021 | | (%) |
|---|---|---|---|---|
| Non current Assets | 130,506 | 131,582 | (1,076) | (0.8%) |
| Current Assets | 102,343 | 115,766 | (13,423) | (11.6%) |
| Assets held for sale | 0 | 6,963 | (6,963) | n.a. |
| Total Assets | 232,849 | 254,311 | (21,462) | (8.4%) |
| Total Shareholders' Equity | 75,057 | 67,917 | 7,140 | 10.5% |
| - Minority interests | 1,247 | 1,461 | (214) | (14.6%) |
| Non current Liabilities | 68,622 | 71,997 | (3,375) | (4.7%) |
| Current Liabilities | 89,170 | 107,706 | (18,536) | (17.2%) |
| Liabilities held for sale | 0 | 6,691 | (6,691) | n.a. |
| Total Liabilities | 157,792 | 186,394 | (28,602) | (15.3%) |
| Total Liabilities and Shareholders' Equity | 232,849 | 254,311 | (21,462) | (8.4%) |
Be S.p.A. Investor Relations | Claudio Cornini | +39 06 54 24 86 24 | [email protected]
| Amounts in EUR thousand | 31.03.2022 | 31.12.2021 | | (%) | |
|---|---|---|---|---|---|
| Cash and cash equivalents at bank | 45,345 | 80,167 | (34,822) | (43.4%) | |
| A | Cash and cash equivalents | 45,345 | 80,167 | (34,822) | (43.4%) |
| B | Current financial receivable | 601 | 177 | 424 | 239.5% |
| Current bank payables | (1,800) | (415) | (1,385) | 333.7% | |
| Current share of medium/long-term indebtedness | (24,449) | (26,478) | 2,029 | (7.7%) | |
| Other current financial debt | (16) | (41) | 25 | n.a. | |
| C | Current financial indebtedness | (26,265) | (26,934) | 669 | (2.5%) |
| D | Net current financial position (A+B+C) | 19,681 | 53,410 | (33,729) | (63.2%) |
| Non-current bank payables | (26,804) | (31,760) | 4,956 | (15.6%) | |
| E | Net non-current financial indebtedness | (26,804) | (31,760) | 4,956 | (15.6%) |
| F | Net financial indebtness ante IFRS 16 (D+E) | (7,123) | 21,650 | (28,773) | n.a. |
| Current right of use payables | (3,476) | (3,611) | 135 | (3.7%) | |
| Non-current right of use payables | (6,877) | (7,747) | 870 | (11.2%) | |
| G | Right of use payable | (10,353) | (11,358) | 1,005 | n.a. |
| H | Net financial indebtness post IFRS 16 (F+G) | (17,476) | 10,292 | (27,768) | n.a. |
| I | Other non current debt* | (17,114) | (20,280) | 3,166 | (15.6%) |
| J | Overall net financiale position (H+I) | (34,590) | (9,988) | (24,602) | n.a. |
* This item refers to long-term liabilities arising from Put&Calls in place with minority shareholders.
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