Earnings Release • Mar 30, 2021
Earnings Release
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PRESS RELEASE
The Company will meet with the Financial Community at 15:30 on 14 April 2021 in an audio webcast. The GPI Group top managers will be presenting the results of FY2020 and updating the main economic-financial targets through to 2024.
The event will be held electronically. To attend, please send a request to https://investordaybygpi.bitrix24.site/
Trento, 30 March 2021
The Board of Directors of GPI (GPI:IM), a leading company in Information Systems and Services for Healthcare and Social Services, listed on the MTA market of Borsa Italiana, has today approved the draft separate financial statements and the consolidated financial statements as at 31 December 2020, prepared in accordance with the IAS/IFRS accounting standards.
Fausto Manzana, Chairman and CEO of the Gpi Group: "The very positive results booked for FY 2020 confirm Gpi as a strategic partner for the world of healthcare. During this unique emergency, we have shown that our strength lies in our ability to react quickly, operating alongside healthcare facilities so as to guarantee the continuity of essential services for our citizens. Our proposals are the result of a vision of healthcare based on two key drivers: digitisation and territoriality. The Gpi Group strives to facilitate the digital transformation of the healthcare processes, so as to make them more secure, efficient and sustainable. It is a priority of all countries and considerable resources are assigned to this area. We look to the future with great faith, because we have the technological and process skills necessary to contribute towards this essential change".
Revenue comes to EUR 271.0 mln, up +12.5% on the EUR 240.9 mln recorded in 2019, driven by both organic growth (+ 6.6%) and growth through external lines (+ 5.9%).
87% of the GPI Group revenue is achieved by the 2 main Strategic Business Areas (SBAs):
| Revenue by SBA (EUR mln) | 2020 | % | 2019* | % | Var. % |
|---|---|---|---|---|---|
| Software and IT services | 102.6 | 37.9% | 90.0 | 37.4% | 14.0% |
| Care and administrative services | 132.5 | 48.9% | 120.8 | 50.2% | 9.7% |
| Other | 35.9 | 13.2% | 30.0 | 12.5% | 19.4% |
| Total revenue and other consolidated income |
271.0 | 100% | 240.9 | 100% | 12.5% |
*Revenue has been restated following the reclassification of Xidera's business, which is more consistent with patient intake services and therefore switches from the Software SBA to the Care SBA (EUR 1.7 mln).
The Software and IT services SBA is the area that makes the greatest use of technological drivers like big data & analytics, artificial intelligence, cloud technology and the internet of things, so as to enable management of data and decisions in an increasingly predictive manner; it records revenue of EUR 102.6 mln (38% of the total), + 14.0%, as compared with the EUR 90.0 mln booked in 2019 (37% of the total).
The Care and administrative services SBA is the area in which the GPI Group leads the Italian market. Total revenue came to EUR 132.5 mln (49% of the total), +9.7% on the EUR 120.8 mln in 2019 (50% of the total). At present, approximately 50% of the Italian population turns to GPI for its reservations and contact with healthcare facilities.
The Other SBAs (Automation, ICT, Pay) made a positive contribution towards the results, recording total revenue of EUR 35.9 mln, +19.4% on the EUR 30.0 mln booked in 2019.
An analysis of revenue by type shows that a significant portion of revenue is generated by recurring fees, which in 2020 total EUR 165 mln (61% of revenue). The Software and IT services SBA recorded revenue from recurring fees accounting for approximately 42% of all the area revenue; the Care and administrative services SBA instead recorded revenue from recurring fees accounting for approximately 81% of total area revenue.
Revenue is mainly generated in Italy, where +11.8% growth is recorded. FY 2020 also records a significant increase in revenue generated Abroad, which comes to EUR 23.9 mln (8.8% of the total and +20.0% on the EUR 19.9 mln booked in 2019).
| Revenue by geographic area (EUR mln) | 2020 | % | 2019 | % |
|---|---|---|---|---|
| Italy | 247.1 | 91.2% | 221.0 | 91.7% |
| Abroad | 23.9 | 8.8% | 19.9 | 8.3% |
| Total revenue and other consolidated income | 271.0 | 100% | 240.9 | 100% |
Adjusted revenue reflects the value of total revenue net of the amounts provisionally earned by the Company, but pertaining to the lead companies in the temporary business groupings. In 2020, adjusted revenue came to EUR 250.9 mln, up 12.3% on the EUR 223.3 mln of 2019.
It is important to note that once again in 2020, a significant commitment was demanded of the commercial, production and administrative structure aimed at optimising the integration process of new acquisitions that have widened the scope of consolidation. The table below shows the contributions made in terms of EBITDA by the business areas.
| EBITDA by SBA (EUR mln) | 2020 | % of adjusted revenue |
2019* | % of adjusted revenue* |
|---|---|---|---|---|
| Software and IT services | 27.3 | 27.0% | 22.1 | 24.8% |
| Care and administrative services | 7.4 | 6.5% | 6.4 | 6.2% |
| Other | 5.4 | 15.1% | 3.7 | 12.3% |
| Total consolidated EBITDA | 40.2 | 16.0% | 32.2 | 14.4% |
* Restated following the reclassification of Xidera's business, which is increasingly more consistent with patient intake services and switches from the Software SBA to the Care SBA.
EBITDA came to EUR 40.2 mln, up 24.6% on the EUR 32.2 mln of 2019. The EBITDA margin came to 14.8% of revenue and 16.0% of adjusted revenue.
EBIT came to EUR 18.9 mln, up 25.6% on the EUR 15.1 mln of 2019, after amortisation/depreciation for EUR 20.7 mln, which reflects the Group's strong investment policy, mainly for acquisitions and again for the continuous innovation of the technological solutions and services offered to the market.
EBT came to EUR 13.2 mln, showing an increase on the EUR 12.8 mln in 2019.
Financial operations were impacted by exchange losses (EUR/USD) and negative changes to financial assets and liabilities. Interest expense for loans and bonds has risen on the previous year, going from EUR 3.4 mln to EUR 4.7 mln.
The net result is EUR 12.3 mln, up 25.6% on the EUR 9.8 mln in 2019, after tax of almost EUR 1 mln (EUR 3.0 mln in 2019). Tax management came in at 7.3%, down on the 23.7% recorded in 2019.
Tax management recorded a positive change following the realignment of non-tax recognised values on certain assets, as well as use of the patent box benefit.
Net working capital came to EUR 109.0 mln; the increase on the EUR 91.3 mln recorded in 2019 is mainly due to the growth seen in revenues, with an impact on total receivables in the amount of EUR 18.7 mln. Trade payables dropped by EUR 2.2 mln, while inventories rose, primarily in connection with the development of automated warehouses commissioned and stocks of telemedicine devices that had not yet been delivered at year end (EUR +1.3 mln).
Shareholders' equity came to EUR 83.3 mln; the change on 2019 (EUR 72.1 mln) is mainly due to period profit. The Group is financing its Net Invested Capital with 41% from its own resources.
The net financial position came to EUR 117.6 mln, up 34.8 mln on 31/12/2019 (EUR 82.8 mln). The value of the NFP reflects the impact of the M&As carried out during the year, for an equivalent value of approximately EUR 30 million, as well as technical (tangible and intangible) investments of EUR 13.4 mln.
As at 31 December 2020, the GPI Group workforce numbered 6,111 (5,345 at 31 December 2019), spread out between the numerous sites throughout Italy and at the foreign subsidiary offices in Austria, France, Germany, Malta, Poland, Russia, Spain and the USA.
The parent company GPI S.p.A. has recorded total revenue of EUR 196.8 mln (+12.6% on the EUR 174.8 mln of 2019), EBITDA of EUR 24.1 mln) (EUR 21.6 mln in 2019) and a net profit of EUR 8.6 mln (EUR 13.8 mln in 2019).
The Board of Directors has resolved to make the following proposed allocation of the Gpi Group profit (EUR 12.3) million) to the Ordinary Shareholders' Meeting convened for 30 April 2021, for which the call notice was published on the company's website last 19 March and then, in extract form, in the newspapers the following day:
In respect of the dividend that will be assigned for payment starting 28 July 2021 - coupon date 26 July 2021 and record date 27 July 2021 - the payout ratio will be approximately 64% of the Group's consolidated profit.
The Board of Directors has approved the consolidated non-financial statement (NFS) for FY 2020. This is in compliance with Decree 254/16, which envisages the disclosure of information about the policies applied and the results achieved in terms of the prevention of corruption, protection of human rights, HR management and the social and environmental impacts of the business.
The NFS reports on the most relevant topics for the Group and its stakeholders-shareholders, defined through the materiality analysis conducted with the help of the management. The commitment for the application of the ethical principles in the conduct of company business and the supply of quality services to the public was highlighted in particular. What emerges is a context of continuous development of the Company, which has seen growth in employment and a maintained focus on the continuous innovation of products and services.
The perimeter of the data and information given in the GPI S.p.A. NFS includes the Italian and foreign companies making up the Group as at 31.12.2020, consolidated on a line-by-line basis (unless excluded for good reason) and covers the three years 2018-2020.
For GPI as well, the COVID-19 health emergency that the World Health Organisation (WHO) has defined as a pandemic has turned into a situation that is as unexpected as it is complex. When the emergency struck, the main priorities were immediately identified and the Group took prompt action.
Gpi has rigorously complied with all provisions of current health and safety regulations. Solutions have been applied that are designed to create barriers to the spread of the virus (e.g., minimum distances between workstations, work shifts to reduce crowding, constant disinfection measures, restrictions in the use of common areas, etc.); at the same time, initiatives have been taken to review the organisation of work which, in addition to contributing to safety aspects, have also guaranteed the continuity of productivity of our collaborators. Smart working has been and continues to be one of the choices made to help ensure continuity of business, offering a better work/life balance.
From a business point of view, Gpi's response to the emergency has shown the Group's capacity to adapt and effectively and quickly respond to the needs that have emerged during the pandemic.
And this response has given rise to a series of key solutions by which to address the health emergency, such as: reservation systems to handle incoming flows of people to the various public and healthcare services, pervasive adoption of telemedicine solutions to monitor patients at home, use of screening systems to dispense the nasal-pharyngeal swabs, through to a layering system of the population so as to define the priorities for accessing COVID vaccinations, adopted by the region of Val D'Aosta during the early months of 2021. This has also been made possible, indeed above all, by the adaptation of technologies and services already present in the Gpi product portfolio, thereby proving the validity of the health model proposed, based on two main drivers: digitisation and territoriality.
late February, the newly-established subsidiary Medsistemi s.r.l., held 100% by Gpi, purchased the whole of the Consis BU, a company operating in the healthcare and social services sector with solutions for the design, development, installation and maintenance of IT and digital systems;
in April, 65.35% of OSLO s.r.l., a company specialised in the supply of management systems for the public and private healthcare industry, was acquired (through a put and call agreement for the transfer of the residual 34.65%);
• Early January saw Gpi complete its acquisition of 100% of the Medinfo Group, a key supplier of transfusion solutions in France and in many other countries. The acquisition is an integral part of the Gpi Group globalisation strategy in segments offering high margins such as software solutions for the blood management system. Gpi has here become one of the world's leading players, also thanks to the acquisitions of Guyot-Walser Informatique, again in France, the Spanish Hemasoft Software S.L. and the
assets of Haemonetics, which have flowed into Gpi USA Inc.;
The difficulties experienced throughout 2020 worldwide, have increased the Group's awareness of the strategic role it plays in healthcare, particularly in our country. This awareness comes in addition to the operations on a market characterised by a significant "movement" that sees us face important challenges, for which it is important to be ready both in terms of structure and propositions. The pandemic has clarified just how essential health is and how much it calls for global responses.
In this scenario, the Gpi Group is guaranteeing responses to two major needs. The first is to govern the requests of large groups of the population; the second is to have ever more efficient, evolved technological solutions. The Care and administrative services SBA is, by vocation, the answer to the first need, that of inclusively, simply and quickly guaranteeing access to care by people who are in any way fragile, making increasing use of digital technologies. The Software and IT services SBA is the answer to the second point, through the employment of smart solutions that can satisfy the great dynamism dictated by time.
The value created by the integration of these two business areas has proved essential, such as, for example, the Region of Lazio, which has stood out for its optimal handling of the pandemic. The integration of technological solutions and the patient governance system is the model to be spread throughout our country and beyond.
The increasing need on the part of customers to manage certain strategic aspects of health in a centralised manner, such as, for example, appropriateness and sustainability, offers reassurance on the Group's investments in acquiring BIM and Oslo Italia. Indeed, these companies can develop solutions that on various different levels, depending on the information needs, offer sets of indicators by which to facilitate choices that are usually made "blind" or with information that is not entirely truthful. Use of a "managerial dashboard" will become increasingly essential to the governance of healthcare strategies.
The evolution of the strategic Software area will, on the one hand, confirm the contribution to be guaranteed by the administrative solutions over the next few years and, on the other, the market growth of the clinical type solutions whose investments yield results in line with forecasts. The experience in Malta is a clear validation that the solutions produced are in line with those requested by even the most demanding customers, and not only in our country.
The growth line abroad is also confirmed, with specific reference to the software segment product lines for the blood management system. The acquisition of the Haemonetics assets together with the establishment of GPI USA and the early 2021 acquisition of Medinfo are all investments that strengthen the area
development strategy. The Automation world is the second development line of the export market that is yielding results; the slowing generated by the COVID effect has reversed tack.
2021 is showing very interesting signs of recovery. The COVID-19 emergency has put health back in the spotlight and a huge quantity of economic resources (national and European) will be allocated to the organisational and technological innovation of the health systems: essential investments to redesign a health service that can adequately respond to new health demands in a sustainable manner. The prospects outlined open up new horizons, with significant potential for growth for the Gpi Group, starting this year.
The Gpi Group 2020 - 2024 Strategic Business Plan, unveiled on the Gpi Virtual Investor Day held on 16 April 2020, set out 3 main economic-financial targets to be achieved by 2024 (Revenue > EUR 290 mln, EBITDA margin > 15% and NFP ≤ 1 x EBITDA), calculated while keeping the consolidation scope through to 31/12/2019 unchanged.
Following the M&As and the organic growth that characterised FY 2020, as well as the onset of the health crisis sparked by the COVID-19 pandemic, these targets were updated to take into account these new assumptions, keeping the strategic approach of the plan unchanged.
The new targets through to 2024, on a like-for-like consolidation scope at 31 December 2020, as examined by today's Board of Directors, envisage:
In August 2020, the reopening of the bond loan "GPI S.p.A. - 3,50% 2019-2025" was resolved, as had been issued by the Company on 20 December 2019, listed on the ExtraMOT-Professional Segment, for a total nominal amount of up to EUR 20 mln. As a consequence of the issue of additional securities, the total nominal amount of the debenture loan comes to EUR 50 mln.
The 2019-2025 bonds accrue interest at a gross annual fixed nominal rate of 3.5%. Interest payments (coupon detachment) take place on a half-yearly basis, in arrears. The 2019-2025 bond was issued at par as from 20 December 2019 and dividends rights began on the same date. The maturity for the 2019-2025 bonds was set for 20 December 2025 and redemption will be at par and, therefore, at 100% of the nominal value;
The redemption value, maturing in the 18 months following the closure at 31 December 2020 of the debenture loans issued by Gpi S.p.A., is as follows:
| Bond | ISIN code | June 2020 | December 2020 | June 2021 | |
|---|---|---|---|---|---|
| GPI SpA - 4.3% 2016 - 2023 | IT0005187320 | 1500 | 1500 | 1500 | |
| GPI SpA - 3% 2017 - 2022 | IT0005312886 | 5000 | 5000 | 5000 |
Nominal redemption value in thousands of euros and maturities
Taking into account the maturities of the loans in place, in light of the future financial commitments and with a view to assuring suitable cash resources to make the most of any growth opportunities as may arise by external lines, the company is considering potentially intervening on the debt by using the debt capital markets and/or bank financing.
***
With regards to the other items on the agenda of the Shareholders' Meeting, in addition to the appointment of the Board of Directors, for which the Explanatory Report has already been published, please note the following:
The Board of Directors has updated the Remuneration Policy, which will be submitted for a binding vote by the shareholders.
As the reasons that had last year led to the suspension of purchases and sales of treasury shares no longer apply, the Board of Directors has decided to resubmit for shareholder approval the proposal to authorise the purchase and sale of treasury shares, as set out hereto.
The request for authorisation also includes the faculty to make repeated, subsequent purchases and sales (or other deeds of disposal) of treasury shares on a revolving basis, including for portions of the maximum quantity authorised, so that the quantity of shares concerned by the proposed purchase and held by the Company shall not exceed the limits set by the law and the Shareholders' Meeting authorisation.
The proposal envisages requesting authorisation to purchase treasury shares up to a maximum amount of 2.5% of all shares in issue over time, with no nominal value, considering the treasury shares already acquired and not yet disposed of in fulfilment of previous shareholders' meeting resolutions.
The purchases of treasury shares relate to the pursuit of the purposes indicated under letters (a), (b), (c) and (d) above and shall be made in exchange for payment, including purchase costs, of no less than 15% below the minimum and no more than 15% above the maximum official price of ordinary GPI shares recorded by Borsa Italiana S.p.A. during the trading session prior to that during which the purchase is made.
The authorisation for the purchase of treasury shares is requested for a period of 18 months from when this shareholders' meeting resolution is passed, whilst the authorisation to sell, dispose of and/or use the treasury shares currently held in the portfolio and any that may be acquired, is requested, for lack of any legislative restraints in this respect, without limits in time.
The proposed amendments of the articles of association aim to:
The Company believes that, in respect of the proposed amendments to the Articles of Association, in accordance with current legislation, there are no grounds for shareholder withdrawal.
***
Finally, the Board of Directors has successfully verified that 2 of its directors meet the independence requirements laid down by the Code of Corporate Governance and by Italian Legislative Decree no. 58 of 24 February 1998 and that the number of appointments held by the Board of Auditors is appropriate and they too meet the requirements of independence, professionalism and integrity.
***
It is recalled that in compliance with current legislation, the shareholders' meeting documentation will be made available at the registered office, on the Company's website https://www.gpi.it/investors/eventi/ (Shareholders Meetings-2021 section) and on the authorised storage mechanism (), in particular:
In supplementing the releases given on 28 January 2021 and 03 February 2021, please be informed that the 2021 corporate events calendar has been integrated with a new appointment: 14 April 2021 – Gpi Investor Day
Presentation of FY2020 results and update of the main 2024 economic-financial targets.
The Manager in charge of financial reporting, Federica Fiamingo, declares in accordance with paragraph 2, Article 154-bis of the Consolidated Finance Act that the accounting disclosure contained in this release coincides with the results of the documents, ledgers and accounting records.
***
GPI is the preferred partner for software, technologies and services for healthcare, social services and the public administration. Founded more than 30 years ago in Trento, GPI has grown through significant investments in M&A (in Italy and abroad) and R&D, which it carries out in partnership with leading Italian research centres and universities to share scientific, technological, functional and process knowledge applied to the e-health, e-welfare, well-being sectors.
Also drawing on the solutions and know-how gained from the companies that have joined its ecosystem, the Group has masterfully translated the needs of the healthcare industry into cutting-edge high-tech solutions and new service models that optimise prevention, diagnosis and care processes, improving people's lives.
The offer combines specialised IT expertise with advisory and design capabilities enabling it to operate in a range of business areas: Software, Care, Automation, ICT and Payment services.
The Company reported consolidated revenues of €241 million in 2019, with over 5,300 employees at year end and more than 2,200 customers in over 60 countries.
GPI was listed on Borsa Italiana in 2016 (AIM segment) and moved to the MTA market in 2018. ISIN ordinary shares: IT0005221517 - ISIN "Warrant GPI SpA": IT0005221475
Press release available at www.gpi.it and
GPI | Fabrizio Redavid, Lorenzo Giollo | [email protected] | T: +390461381515 | Via Ragazzi del '99, 13 - 38123 Trento
GPI | Daniela Filbier, Enrico Orfano| [email protected] | T: +390461381515 | Via Ragazzi del '99, 13 - 38123 Trento
Banca Akros | Bruno Mestice | [email protected] | T. +3902434441 | Viale Eginardo, 29 – 20149 Milan
| CONSOLIDATED INCOME STATEMENT | 31 December | 31 December |
|---|---|---|
| in thousands of euros | 2020 | 2019 |
| Revenue | 268360 | 236961 |
| Other income | 2661 | 3959 |
| Total revenue and other income | 271020 | 240920 |
| Raw materials and consumables | -9883 | -10445 |
| Service costs | -72967 | -60888 |
| Personnel expense | -144588 | -134542 |
| Amortisation, depreciation and impairment losses | -20656 | -16140 |
| Other provisions | -561 | -1004 |
| Other operating costs | -3418 | -2819 |
| Operating profit | 18945 | 15081 |
| Financial income | 361 | 1875 |
| Financial expense | -6063 | -4153 |
| Net financial expense | -5702 | -2278 |
| Share of profit/(loss) of equity-accounted investees, net of tax | - | 4 |
| Profit (loss) before tax | 13243 | 12806 |
| Income tax | -968 | -3034 |
| Profit for the period | 12275 | 9773 |
| Profit for the period attributable to: | - | |
| Owners of the parent | 11883 | 9521 |
| Non-controlling interests | 392 | 252 |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION, in thousands of euros |
31 December 2020 |
31 December 2019 |
|---|---|---|
| Assets | ||
| Goodwill | 42405 | 26523 |
| Other intangible assets | 82470 | 56656 |
| Property, plant and equipment | 27442 | 27800 |
| Equity-accounted investments | 171 | 170 |
| Non-current financial assets | 1292 | 1199 |
| Deferred tax assets | 6778 | 4983 |
| Contract costs | 5928 | 7088 |
| Other non-current assets | 592 | 921 |
| Non-current assets | 167078 | 125340 |
| Inventories | 6054 | 4770 |
| Contract assets | 105090 | 87510 |
| Trade receivables and other assets | 45749 | 43227 |
| Cash and cash equivalents | 80605 | 53241 |
| Current financial assets | 8407 | 27639 |
| Current tax assets | 1087 | 662 |
| Current assets | 246992 | 217050 |
| Total assets | 414070 | 342390 |
| Equity | ||
| Share capital | 8545 | 8545 |
| Share premium reserve | 52573 | 56872 |
| Other reserves and retained earnings/(losses carried forward), including profit/(loss) for the period |
20347 | 5019 |
| Capital and reserves attributable to owners of the parent | 81466 | 70435 |
| Capital and reserves attributable to non-controlling interests | 1814 | 1660 |
| Total equity | 83279 | 72095 |
| Liabilities | ||
| Non-current financial liabilities | 154177 | 109462 |
| Non-current provisions for employee benefits | 6845 | 6075 |
| Non-current provisions for risks and charges | 237 | 225 |
| Deferred tax liabilities | 8194 | 9493 |
| Trade payables and other liabilities | 7464 | 6357 |
| Non-current liabilities | 176918 | 131612 |
| Contract liabilities | 81 | 159 |
| Trade payables and other liabilities | 97213 | 78952 |
| Current provisions for employee benefits | 811 | 749 |
| Current provisions for risks and charges | 889 | 241 |
| Current financial liabilities | 52416 | 54207 |
| Current tax liabilities | 2463 | 4376 |
| Current liabilities | 153873 | 138683 |
| Total liabilities | 330791 | 270295 |
| Total equity and liabilities | 414070 | 342390 |
| CONSOLIDATED STATEMENT OF CASH FLOWS, in thousands of euros |
31 December 2020 |
31 December 2019 |
|---|---|---|
| Cash flows from operating activities | ||
| Profit for the period | 12275 | 9774 |
| Adjustments for: | ||
| - Depreciation of property, plant and equipment | 5908 | 4159 |
| - Amortisation of intangible assets | 12701 | 9682 |
| - Amortisation of contract costs | 2047 | 2299 |
| - Other provisions | 561 | 1004 |
| - Net financial income | 5702 | 2278 |
| - Share of profit/(loss) of equity-accounted investments, net of tax | - | -4 |
| - Income tax | 968 | 3034 |
| Changes in working capital and other changes | -24865 | -12776 |
| Interest paid | -3978 | -3789 |
| Income taxes paid | -968 | -3814 |
| Net cash flows generated by operating activities | 10352 | 11847 |
| Cash flows from investing activities | ||
| Interest collected | 215 | 587 |
| Acquisition of subsidiaries, net of cash acquired | -17961 | -1879 |
| Net investments in property, plant and equipment | -5164 | -4422 |
| Net investments in development costs and other intangible assets | -8215 | -9031 |
| Net change in other current and non-current financial assets | -16490 | 5147 |
| Net cash flows used in investing activities | -47614 | -9598 |
| Cash flows from financing activities | ||
| Acquisition of treasury shares | - | -793 |
| Dividends paid | - | -5243 |
| Proceeds from new bank loans | 65000 | 7500 |
| Repayment of bank loans | -24672 | -24838 |
| Proceeds from bond issues | 19752 | 30000 |
| Bond redemptions | -3000 | -3000 |
| Lease payments | -1150 | -353 |
| Lease payments IFRS 16 | -3389 | -2136 |
| Net change in other current and non-current financial liabilities | 19173 | 9977 |
| Acquisitions of non-controlling interests | - | -54 |
| Change in liabilities for acquisition of equity investments | -7088 | -1668 |
| Net cash flows generated by (used in) financing activities | 64627 | 9392 |
| Net increase (decrease) in cash and cash equivalents | 27364 | 11641 |
| Opening cash and cash equivalents | 53241 | 41600 |
| Cash and cash equivalents | 80605 | 53241 |
| INCOME STATEMENT | 31 December | 31 December |
|---|---|---|
| In thousands of euros | 2020 | 2019 |
| Revenue | 192168 | 168939 |
| Other income | 4626 | 5850 |
| Total revenue and other income | 196795 | 174789 |
| Raw materials and consumables | -10087 | -9280 |
| Service costs | -55163 | -45837 |
| Personnel expense | -104859 | -96163 |
| Amortisation, depreciation and impairment losses | -10746 | -8262 |
| Other provisions | -840 | -940 |
| Other operating costs | -2588 | -1896 |
| Operating profit | 12511 | 12411 |
| Financial income | 1454 | 6486 |
| Financial expense | -7175 | -3356 |
| Net financial expense | -5721 | 3130 |
| Share of profit/(loss) of equity-accounted investees, net of tax | 2313 | 738 |
| Profit (loss) before tax | 9103 | 16280 |
| Income tax | -464 | -2453 |
| Profit for the period | 8639 | 13827 |
| STATEMENT OF FINANCIAL POSITION | 31 December | 31 December |
|---|---|---|
| In thousands of euros | 2020 | 2019 |
| Assets | ||
| Goodwill | 6600 | 5645 |
| Intangible assets | 35013 | 32258 |
| Property, plant and equipment | 20941 | 22710 |
| Equity-accounted investments | 71895 | 47369 |
| Non-current financial assets | 2245 | 2207 |
| Deferred tax assets | 5580 | 3986 |
| Contract costs | 2631 | 2063 |
| Other non-current assets | 172 | 481 |
| Non-current assets | 145077 | 116719 |
| Inventories | 4333 | 3381 |
| Contract assets | 96241 | 83936 |
| Trade receivables and other assets | 34841 | 32986 |
| Cash and cash equivalents | 58830 | 44178 |
| Current financial assets | 21421 | 31584 |
| Current tax assets | 834 | 396 |
| Current assets | 216501 | 196462 |
| Total assets | 361578 | 313181 |
| Equity | ||
| Share capital | 8545 | 8545 |
| Share premium reserve | 52573 | 56872 |
| Other reserves and retained earnings/(losses carried forward), including profit/(loss) for the period |
21053 | 8917 |
| Total equity | 82171 | 74334 |
| Liabilities | ||
| Non-current financial liabilities | 151255 | 107424 |
| Non-current employee benefits | 3892 | 4071 |
| Non-current provisions for risks and charges | 169 | 170 |
| Deferred tax liabilities | 203 | 1519 |
| Other non-current liabilities | 1757 | 2782 |
| Non-current liabilities | 157276 | 115967 |
| Contract liabilities | 42 | 103 |
| Trade payables and other liabilities | 64099 | 61803 |
| Current employee benefits | 657 | 646 |
| Current provisions for risks and charges | 307 | 201 |
| Current financial liabilities | 55559 | 56242 |
| Current tax liabilities | 1469 | 3884 |
| Current liabilities | 122132 | 122879 |
| Total liabilities | 279407 | 238847 |
| Total equity and liabilities | 361578 | 313181 |
| CASH FLOW STATEMENT | 31 December | 31 December |
|---|---|---|
| In thousands of euros | 2020 | 2019 |
| Cash flows from operating activities | ||
| Profit for the period | 8639 | 13827 |
| Adjustments for: | ||
| - Depreciation of property, plant and equipment | 4083 | 2959 |
| - Amortisation of intangible assets | 6643 | 4988 |
| - Amortisation of contract costs | 19 | 315 |
| - Other provisions | 840 | 940 |
| - Net financial income | 5721 | -3130 |
| - Share of profit/(loss) of equity-accounted investments, net of tax | -2313 | -738 |
| - Income tax | 464 | 2453 |
| Changes in working capital and other changes | -18429 | -9352 |
| Interest paid | -3974 | -3209 |
| Income taxes paid | -440 | -3233 |
| Net cash flows generated by operating activities | 1253 | 5819 |
| Cash flows from investing activities | ||
| Interest collected | 152 | 437 |
| Dividends collected | 8 | 1160 |
| Acquisition of subsidiaries, net of cash acquired | -24734 | -1805 |
| Change in liabilities for acquisition of equity investments | -296 | 170 |
| Net investments in property, plant and equipment | -2284 | -2901 |
| Net investments in development costs and other intangible assets | -7136 | -9485 |
| Net change in other current and non-current financial assets | 80 | 2557 |
| Net cash flows used in investing activities | -34209 | -9868 |
| Cash flows from financing activities | ||
| Acquisition of treasury shares | - | -736 |
| Dividends paid | - | -5223 |
| Proceeds from new bank loans | 65000 | 7500 |
| Repayment of bank loans | -26866 | -17565 |
| Proceeds from bond issues | 19752 | 30000 |
| Bond redemptions | -3000 | -3000 |
| Lease payments | -1553 | -1917 |
| Net change in other current and non-current financial liabilities | -5723 | 11098 |
| Net cash flows generated by (used in) financing activities | 47610 | 20157 |
| Net increase (decrease) in cash and cash equivalents | 14654 | 16108 |
| Opening cash and cash equivalents | 44178 | 28071 |
| Cash and cash equivalents as at 31 December | 58830 | 44178 |
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