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Meglioquesto Earnings Release 2021
4345_10-q_2021-09-27_ae3e25f5-55ae-410a-8268-a0d109dc86fe.pdf
Earnings Release
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PRESS RELEASE
THE BOARD APPROVES THE CONSOLIDATED INCOME AND FINANCIAL DATA AS AT 30 JUNE 2021
THE GROUP RECORDS A SIGNIFICANTLY BETTER PERFORMANCE COMPARED TO THE FIRST HALF OF 2020
- Revenues: 27.4 m. Euro, +68% (1H 2020: 16.3 m. Euro)
- EBITDA: 4.6 m. Euro, +102% (1H 2020: 2.3 m. Euro);
- EBITDA margin 16.1% (1H 2020: 13.7%)
- Net Profit: 1.5 m. Euro, +100% (1H 2020: 0.7 m. Euro)
- Net Financial Position: 1.4 m. Euro (FY2020: 17.4 m. Euro)
- Equity: 21.5 m. Euro (FY2020: 6.4 m. Euro)
Milan, 27 September 2021
The Board of Directors of MeglioQuesto (1CALL:IM), one of the leading Italian operators in the multichannel customer experience sector, today approved the consolidated half-yearly report as at 30 June 2021, which is subject to a limited audit.
Felice Saladini, the Chief Executive Officer of MeglioQuesto, commented: "In the first half of 2021 the positive trend continued in the Group's activities: turnover rose further, confirming the validity of offering customer a multichannel strategy. The increase in profits arose from the growth in revenues, the diversification of activities (also thanks to the introduction of the digital channel as from the second half of 2020) and a cost optimisation process. In light of the results in the first half and the numerous development projects the Company is working on, we look forward confidently to a positive performance for 2021 as a whole, also thanks to the capital raised during the listing phase, which will also allow us to evaluate growth opportunities externally."
Main consolidated income and financial results as at 30 June 2021
Revenues were 27.4 million Euro, up 68.3% compared to 16.3 million Euro at 30 June 2020. Note that the data as at 30 June 2020 reflect the acquisition of AQR from 7 May 2020. In reference to the breakdown of Revenues, there was a positive contribution from both business lines: (i) Customer Acquisition recorded revenues of around 24.6 million Euro (+56% compared to 15.8 million Euro at 30 June 2020) and (ii) Customer Management recorded revenues of around 2.7 million Euro (compared to around 0.5 million Euro at 30 June 2020). From the sectoral viewpoint, Telco and Utilities confirmed their place as the main industries (respectively 46.7% and 40.6% of Revenues), followed by Insurance (7.9%) and Finance (2.9%).
Value of Production stood at 28.4 million Euro, rising by 71.4% compared to 16.6 million Euro as at 30 June 2020.
EBITDA stood at 4.6 million Euro, +101.8% compared to 2.3 million Euro as at 30 June 2020; EBITDA margin stood at 16.1%, up compared to 13.7% at 30 June 2020, owing to the fall in the percentage weighting of all the main cost items.
EBIT was 3.3 million Euro, rising by 100.4% compared to 30 June 2020 (1.6 million Euro), after amortisation and depreciation and provisions for 1.3 million Euro (0.6 million Euro at 30 June 2020).
Pre-tax Profit was 2.5 million Euro, +102.1% compared to 1.2 million Euro at 30 June 2020, after financial costs for 0.8 million Euro, up compared to 0.4 million Euro at 30 June 2020.
MeglioQuesto S.p.A.
Net Profit stood at 1.5 million Euro, +100.4% compared to 0.7 million Euro at 30 June 2020, after taxes for 1.0 million Euro (0.5 million Euro at 30 June 2020).
Equity was 21.5 million Euro, up compared to 6.4 million Euro at 31 December 2020 due to the result for the period (around 1.5 million Euro) and the placement of 12,321,000 shares on the AIM Italia market. On listing this raised, gross of the costs incurred for the operation, around 17.25 million Euro.
The Net Financial Position (NFP) was around 1.4 million Euro, up compared to 31 December 2020 when it totalled approximately 17.4 million Euro. In particular, this improvement was mainly due to the cash flows from the changes in Equity due to the placement operation. The NFP has liquidity of around 22.6 million Euro (cash on hand and other current financial assets), current liabilities for around 5.1 million Euro and non-current liabilities for around 19.0 million Euro.
Significant events in the half and following the end of the period
On 24 June the Company obtained the admission (i) of its ordinary shares and related warrants to trading on AIM Italia and (ii) warrant allotment rights on AIM Italia, Professional Segment. On 28 June the trading of the financial instruments began.
The Company successfully completed the placement, which generated total demand from leading Italian and international qualified/institutional investors of around 5 times the quantity on offer, recording the biggest IPO overbooking on AIM Italia, considering the relative value in proportion to the size of demand. The placement price of the shares covered by the Offer was set at Euro 1.40 each, right at the top end of the price range established.
On 26 July illimity Bank S.p.A., in its role as Global Coordinator, exercised in full the greenshoe option granted by MeglioQuesto S.p.A. at the date of admission to listing for a total of 1,607,000 ordinary shares, underwriting and freeing in full the share capital increase to service the same. The exercise price of the shares covered by the greenshoe option was Euro 1.40 per share, corresponding to the price established in the institutional placement of the ordinary shares of MeglioQuesto S.p.A., for a total value of Euro 2,249,800. As part of the placement aimed at listing, a total of 12,321,000 newly issued MeglioQuesto S.p.A. shares were placed at the price of Euro 1.40 per share, as follows: 10,714,000 newly issued shares; 1,607,000 shares (around 15% of the shares covered by the offer) from exercise of the over-allotment option. The total value of the operation therefore amounts to around Euro 17.25 million and the company's free float is 23.55%.
On 28 July the Board of Directors approved the start of the program to purchase and dispose of treasury shares in execution of the Shareholders' Meeting resolution of 28 May 2021. At today's date, the Company directly holds 575,000 treasury shares, 1.099% of the share capital.
On 10 September the Board of Directors approved the transfer of the registered office from Via Tucidide 56 to Viale Francesco Restelli 3/1, still within the municipality of Milan. The new prestigious headquarters are in the heart of the central district called Isola which is home to the most important digital companies in Italy. The distribution of space was designed to best combine the new needs of the Group and of clients with the philosophy of smart working and a special focus on people's security and on sustainability.
In relation to the Allotment Rights of the "Warrants MeglioQuesto 2021-2025" called "GeToCollect MeglioQuesto", please note that in the first Exercise Period, between 1 August 2021 and 31 August 2021, 149,000 Rights were exercised and consequently 22,333 Warrants MeglioQuesto 2021-2025 were allotted for free, on the basis of the Conversion Ratio for the month of August of 0.1499. These have a regular dividend and the same characteristics as the Warrants already in circulation.
Consequent to the above, at today's date therefore the following are in circulation:
- 7,182,833 Warrants MeglioQuesto 2021-2025 (ISIN IT0005450207 Ticker W1CALL);
- 12,172,000 Allotment Rights for "Warrants MeglioQuesto 2021-2025" (ISIN IT0005450199 Ticker GTCALL).
Characteristics of the shares
MeglioQuesto S.p.A.
The Shares issued in the IPO include the right to receive 1 further warrant every 15 shares held and 1 bonus share every 10 shares, in accordance with the admission document and the respective regulations.
Warrants
The warrants will circulate with the shares until a detachment date to be set by the Board of Directors, compatibly with the Italian Stock Exchange calendar. This will fall in May 2022 and will be duly communicated by the Company. On this date the aforementioned warrants will be issued, allotted for free, and will start trading on AIM Italia separately from the Shares. They will be identified by the same ISIN code and will be fully interchangeable with the MeglioQuesto 2021-2025 warrants.
Bonus Shares
People holding these Shares for an uninterrupted period of 12 months from the Start of Trading will have the right to the free allotment of the Company's newly issued Ordinary Shares by way of Bonus Shares.
Other financial instruments
"Warrants MeglioQuesto 2021-2025" and "GeToCollect" Allotment Rights a) Warrants MeglioQuesto, the exercise periods for MeglioQuesto 2021-2025 warrants are:
- (i) between 13 June 2022 and 24 June 2022 ("the First Exercise Period")
- (ii) between 12 June 2023 and 23 June 2023 ("the Second Exercise Period")
- (iii) between 10 June 2024 and 21 June 2024 ("the Third Exercise Period")
- (iv) between 9 June 2025 and 20 June 2025 ("the Fourth Exercise Period")
With the following exercise prices:
- (i) First Exercise Period: +10% on IPO price;
- (ii) Second Exercise Period: +40% on IPO price;
- (iii) Third Exercise Period: +60% on IPO price;
- (iv) Fourth Exercise Period: +80% on IPO price;
b) The GeToCollect rights can be exercised for free at any time during each calendar month in the period between 1 July 2021 and 31 May 2022 and will give the right to further Warrants which are interchangeable with those currently in circulation in accordance with the following ratio:
(Monthly Average Price – Strike Price) / Threshold Price
For more details reference should be made to the regulation on Allotment Rights on the Company Website in the Investor Relations & Governance section.
Outlook
Albeit in a socio-economic context still influenced by the spread of the Covid-19 pandemic, the results achieved in the period, nonetheless, show positive signs for the future. In the first few months of the year the international scenario was characterised by a process of economic recovery, albeit with differing timeframes and rhythms across countries, showing more dynamic Italian GDP growth compared to the other main European countries.
Documentation
All the documentation in this press release will be made available to the public within the timeframes and in the means envisaged by the AIM Italia Regulation for Issuers, as well as on the Company's website, www.meglioquesto.it, in the section "Investor Relations/Budgets and reports."
Meetings with the financial community
MeglioQuesto hereby communicates the calendar of corporate events in 2021 for the financial world.
In these meetings the Company will confirm the transparent approach adopted in the IPO and undertakes to establish an ongoing dialogue with Italian and international investors who have backed the idea of growth achieved organically and through M&A.
The goal is to share developments in an ambitious project to enhance the Group's leadership in a competitive scenario characterised by companies' significant interest in the issues of customer experience and the digital transformation.
- 4 October 2021, at 3.00 p.m.: live Web Conference in which Top Management will present the results as at 30 June 2021 as well as the growth projects to the financial community. In addition, it will be the opportunity to analyse market performance thanks to the presence of sector experts. The speakers are Jaime Torrents – Chairman of MeglioQuesto, Felice Saladini – Chief Executive Officer of MeglioQuesto and Marco Greco – Analyst at Value Track. (https://eventosemestrale.meglioquesto.it/);
- 5 October 2021: participation in the VIII edition of the AIM Investor Day organised by IR Top Consulting. The event will be held online on Zoom (https://aimnews.it/aim-investor-day-2021-2/);
- 15 October 2021: participation in the XI edition of the Lugano Investor Day organised by IR Top Consulting. The event will take place at the Hotel Splendide Royal - Riva Antonio Caccia 7 - (https:// aimnews.it/irtop-lugano-investor-day/);
- 21 and 22 October 2021: taking part in the XXI edition of the European MidCap Event Paris, organised by CF&B Communication (http://mid2021.midcapevents.com/);
- 1 and 2 December 2021: participation in the Mid & Small in Milan 2021 event, organised by Virgilio IR (VirgilioLab S.r.l., https://virgilioir.com/event.php?id\_event=31).
Annexes:
- Consolidated Income Statement drawn up in accordance with the IAS/IFRS at 30/06/2021 and at 30/06/2021;
- Consolidated Statement of Financial Position drawn up in accordance with the IAS/IFRS at 30/06/2021, 31/12/2020 and Proforma 31/12/2020
- Consolidated Statement of Cash Flows drawn up in accordance with the IAS/IFRS at 30/06/2021.
MeglioQuesto (1CALL:IM – ISIN IT0005450173) is a customer interaction company with a multi-channel offer aimed at top tier customers in the telco, multiutility, finance and insurance sectors. MeglioQuesto S.p.A. is a market leader, with its articulated multichannel offer based on customised solutions for the acquisition and management of relationships with end consumers. The Group operates along the following business lines: "Customer acquisition", with a focus on all services aimed at increasing and developing companies' customer base through activities designed for the acquisition of new end customers or through up-selling and cross-selling activities on already active users; "Customer management", with a focus on customer care services and, in particular, on all services relating to the management of relations between the company and end customers, including phone, sales and technical assistance services, file management and back office activities.
Identification codes
Ordinary shares: ISIN IT0005450173 (Ticker 1CALL) Warrants MeglioQuesto 2021-2025: ISIN IT0005450207 (Ticker W1CALL) Allotment rights of "Warrants MeglioQuesto 2021-2025" called "GeToCollect MeglioQuesto": ISIN IT0005450199 (Ticker GTCALL)
Press release available on www.meglioquesto.it and
For further information
ISSUER - MeglioQuesto T +390291430999 IR Manager, Felice Saladini: [email protected] Communication Department, Maurizio Guagnetti: [email protected]
NOMAD – illimity Bank T +39 02/82849699 [email protected]
IR ADVISOR - IRTop Consulting T +390245473884 Maria Antonietta Pireddu, [email protected] Domenico Gentile, [email protected]
RECLASSIFIED CONSOLIDATED INCOME STATEMENT
The following table sets out the consolidated data of the Group Income Statement for the periods ended at 30 June 2021 and 2020:
| (Euro) | 30.06.2021 | 30.06.2020 |
|---|---|---|
| Revenues from sales and services | 27,355,881 | 16,258,944 |
| Other revenues and income | 1,020,999 | 294,386 |
| Value of production | 28,376,880 | 16,553,330 |
| Raw material costs | 1,649,258 | 1,447,745 |
| Costs for services | 16,557,913 | 9,921,921 |
| Staff costs | 3,873,896 | 2,022,744 |
| Changes in inventories | 150,263 | (231,447) |
| Other operating costs | 1,582,262 | 1,130,539 |
| Total operating costs | 23,813,592 | 14,291,502 |
| EBITDA | 4,563,288 | 2,261,828 |
| Amortisation and depreciation | 1,147,153 | 306,715 |
| Allocations to provisions and write-downs | 111,647 | 277,500 |
| Amortisation, depreciation and allocations to provisions | 1,258,800 | 612,543 |
| EBIT | 3,304,488 | 1,649,285 |
| Financial management | (817,663) | (418,870) |
| EBT | 2,486,912 | 1,230,415 |
| Income taxes | (1,007,655) | (516,774) |
| Profit (Loss) for the period | 1,479,257 | 492,166 |
| Profit (Loss) attributable to minority interests | - | - |
| Group Profit (Loss) for the period | 1,479,257 | 738,249 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
The following table sets out the consolidated data of the Group Statement of Financial Position for the periods ended at 30 June 2021, 31 December 2020 and December 2020 Proforma:
| Statement of Financial Position | 30.06.2021 | 31.12.2020 | 31.12.2020 |
|---|---|---|---|
| (Data in '000s Euro) | Consolidated IAS/IFRS |
Consolidated IAS/IFRS |
Proforma IAS/IFRS |
| Intangible assets | 9,878 | 9,874 | 10,331 |
| Use rights | 3,447 | 3,464 | 3.464 |
| Property, plant and equipment | 1,409 | 1,601 | 1,601 |
| Financial fixed assets | 212 | 45 | 45 |
| Net Fixed Assets | 14,946 | 14,984 | 15,441 |
| Inventories | 566 | 716 | 716 |
| Trade receivables | 12,219 | 11,411 | 11,412 |
| Trade payables | -4,177 | -4,340 | -5,335 |
| Trade Working Capital | 8,607 | 7,787 | 6,793 |
| Other receivables | 3,857 | 3,133 | 4,191 |
| Other payables | -3,030 | -2,331 | -1,841 |
| Tax receivables and payables | -475 | 799 | -85 |
| Net accruals and deferrals | 321 | 689 | 689 |
| Net Working Capital | 9,281 | 10,076 | 9,747 |
| Provisions for risks and charges | -676 | -676 | -347 |
| Provision for employee leaving entitlements (TFR) |
-602 | -647 | -647 |
| Net invested capital (Investments) | 22,950 | 23,737 | 24,194 |
| Payables due to banks | 9,082 | 7,278 | 7,278 |
| Other financial payables | 14,972 | 15,438 | 15,438 |
| Total financial payables | 24,055 | 22,716 | 22,716 |
| Financial receivables | -8,114 | -3,110 | -3,110 |
| Securities held for trading | -118 | -118 | -118 |
| Cash and cash equivalents | -14,374 | -2,136 | -2,136 |
| Net Financial Position | 1,449 | 17,353 | 17,353 |
| Share capital | 1,121 | 50 | 50 |
| Legal reserve | 10 | 10 | 10 |
| Extraordinary reserve | 2,128 | 1,760 | 1,760 |
|---|---|---|---|
| Other reserves | 14,605 | -25 | -24 |
| Retained profits (losses) | 2,157 | 2,864 | 2,864 |
| Profit (loss) for the period | 1,479 | 1,725 | 2,181 |
| Equity (Own funds) | 21,501 | 6,384 | 6.841 |
| Total Sources | 22,950 | 23,737 | 24,194 |
CONSOLIDATED STATEMENT OF CASH FLOWS (indirect method)
The following table shows the Consolidated Statement of Cash Flows at 30 June 2021
| 30.06.2021 | |
|---|---|
| A. Cash flows from operations (indirect method) | |
| Profit (loss) for the period | 1,479,257 |
| Income taxes | 1,007,655 |
| Interest expense/(interest income) | 817,576 |
| Capital (gains)/losses from the disposal of assets | - |
| 1. Profit (loss) for the period before income taxes, interest, dividends and capital gains/ losses on disposal |
3,304,488 |
| Adjustments for non-monetary elements which have no counter-entry in net working capital | |
| Allocations to provisions | 66,107 |
| Amortisation/depreciation of fixed assets | 1,147,153 |
| Impairment | - |
| Adjustments to financial assets and liabilities for derivatives which do not entail monetary movements |
- |
| Other adjustments for non-monetary elements | - |
| 2. Cash flows before changes in net working capital | 4,517,749 |
| Changes in net working capital | |
| Decrease/(increase) in inventories | 150,262 |
| Decrease/(increase) in receivables due from clients | (807,994) |
| Increase/(decrease) in payables due to suppliers | 162,619 |
| Decrease/(increase) in accrued income and deferred charges | 397,041 |
| Increase/(decrease) in accrued liabilities and deferred income | 29,488 |
| Other changes in net working capital | (8,712,700) |
| 3. Cash flow after changes in net working capital | (4,263,536) |
| Other adjustments | |
| Interest received/(paid) | (817,576) |
| (Income taxes paid) | (1,007,655) |
| Dividends received | - |
| (Use of provisions) | - |
| 4. Cash flow after other adjustments | (6,088,767) |
| Cash flow from operations (A) | (6,088,767) |
| B. Cash flows from investments | |
| (investments) / divestments in Intangible assets | (1,229) |
| (investments) / divestments in Property, plant and equipment | 121,705 |
| (investments) / divestments in use rights | (382,299) |
MeglioQuesto S.p.A.
| (investments) / divestments in Financial assets | 52,219 |
|---|---|
| Cash flow from investments (B) | (209,604) |
| C. Cash flows from financing | |
| Third-party financing | |
| Increase (decrease) in payables due to banks | 2,331,216 |
| Increase/(decrease) in payables due to other lenders | (5,737) |
| Repayment/(Supply) of financial receivables | 143,000 |
| Other securities held for trading | - |
| Own funds | |
| Paid-in share capital increase net of listing costs | 16,068,489 |
| (Share capital repayment) | - |
| Disposal (purchase) of treasury shares | - |
| (Dividends (and interim dividends) paid) | - |
| Cash flow from financing (C) | 18,536,968 |
| Increase (decrease) in cash and cash equivalents (a ± b ± c) | 12,238,598 |
| Cash and cash equivalents at the start of the period | 2,135,640 |
| Cash and cash equivalents at the end of the period | 14,374,238 |