Novabase SGPS

Earnings Release • Feb 25, 2021

Relevant information Results 12M20

Lisboa, 25 February 2021

Novabase – Sociedade Gestora de Participações Sociais, S.A., under the terms and for the purposes of article 17 of Regulation (EU) no. 596/2014 of the European Parliament and of the Council and article 248-A of the Portuguese Securities Code, discloses today to the market the results regarding the twelve months 2020, whose essential features are included in the presentation attached.

In addition, it is further informed that a webcast on this results will be held today, at 5 pm Lisbon time (GMT). More information about registration can be found at www.novabase.pt.

Privileged Information

NEXT-GEN IT SERVICES COMPANY

FY20 Consolidated Results February 25, 2021

Disclaimer

This presentation includes sector and forward-looking statements involving uncertainties that could cause actual data to differ materially from those indicated.

• These statements relate only to this date of presentation, and Novabase assumes no obligation to update the information or to notify in the event that any question changes or is identified as incorrect, except when required by law or specific regulation.
• Thus, neither Novabase, nor any of its subsidiaries, its administrators, members of the other corporate bodies or employees, make any declaration or commitment on the accuracy or completeness of the information and do not assume, therefore, any type of obligation or responsibility.
• Financial reporting terms used in this Report are mostly in accordance with International Financial Reporting Standards (IFRS) but will include certain non-IFRS financial measures of our performance (APMs). APMs used by Novabase are intended to provide additional information, more comprehensive and relevant to users, and are applied consistently in all periods reflected in this release. Reconciliation of each of these APMs to its most directly comparable IFRS financial measure can be found at the end of this Report. All amounts in this presentation are expressed in million Euros, except otherwise stated.
• This presentation is provided for informational purposes only and does not constitute a document for the offer of securities, and its distribution or use by any person or entity is forbidden without prior authorization from Novabase.

FY20 Outlook

CEO

Message from João Nuno Bento

"Novabase's performance in 2020 was very strong. The company executed three relevant strategic M&A moves, streamlined its Next-Gen operations and achieved a sound financial performance, exceeding expectations in a pandemic context.

The performance of Next-Gen was remarkable. Next-Gen grew 11% organically, achieved an 8.9% EBITDA margin and improved Turnover per Employee 10%.

I believe these results validate our transformation bet, while proving the growth potential of our Next-Gen segment.

On the Covid-19 front, I must congratulate all Novabase employees and especially the Pandemic Task Force for their great response. Our last monthly survey showed 83% of respondents are Very Confident or Extremely Confident on their leadership to make the right decisions on the pandemic.

The commitment to distribute 1.5 €/share in the strategic cycle 2019-2023 is reaffirmed. Due to the still uncertain economic outlook, there will be no

proposal from the Board for a cash distribution in the next GMS.

On the Financials:

• Turnover increased 10% YoY, with Next-Gen representing 73%;
• EBITDA reached 11.8 M€, leveraged by Next-Gen's robust contribution;
• Europe & ME accounts for 88% of Next-Gen International Turnover;
• 86% of Next-Gen Revenues captured from Top Tier Clients;
• Net Profit of 7.5 M€;
• Solid Net Cash position of 51.5 M€;
• No relevant impacts due to Covid-19 pandemic;
• The NBA stock price increased 24% and Free Float Velocity rose to 39%.

Novabase's transformation is starting to show results. I believe we are now stronger and better prepared to deliver sustainable value.

Thank You All for your support!"

2020 in Review

Relevant acquisition initiative to grow Next-Gen completed

Next-Gen strengthened with the acquisition of Vodafone Portugal's equity stake in Celfocus for an initial price of 20 M€, subject to adjustments.

Full ownership of Celfocus is key to Novabase's strategy of becoming an "Next-Gen IT Services Company", enabling the Group to allocate resources and explore synergies in a more efficient way.

(1) Accounted in FY19. (2) Baseline FY18 (previous to Strategic Update 2019+).

Next-Gen: Strategy 2019+ Execution

Value Portfolio: Strategy 2019+ Execution

Press Zone

Generating value to fund Next-Gen strategy

Novabase continued to successfully deliver on its strategy, with the sales of Collab and GTE Business (1) , which combined represent a divestment of over 60% of its Value Portfolio segment revenue (2):

• Sale of Novabase's equity stake in Collab to the swedish Netadmin System I Sverige AB, for a 2019 Price to Sales multiple of 0.92x, subject to adjustments;
• Adjustment to consideration on the sale of GTE Business, raising the 2019 Price to Sales multiple of this transaction to 1.12x.

Novabase on the News

• 3/11 || Novabase re-entered PSI20 as of March, 23.
• 4/23 || Luís Salvado met with the President of Portugal, to discuss the impact of the pandemic and prospects on IT sector.
• 7/6 || Euronext Lisbon CEO congratulated Novabase for its 20 years of stock market, marked by adherence to good practices, resilience and ability to reinvent itself.
• 7/9 || Novabase was awarded as the most innovative company in people management by the Human ▪ Resources Portugal Magazine, for the 2nd year in a row.
• 10/28 || Novabase Shareholders Agreement Subscribers

6 report intention to propose Luís Salvado as Chairman and CEO for the next mandate (2021 to 2023).

Relevant Information

Acquisition of Celfocus equity stake

Novabase buys Vodafone Portugal's equity stake in Celfocus

• On April 24, 2020, Novabase has entered into a sale and purchase agreement with Vodafone Portugal, S.A. ("Vodafone") to buy the shares representing Vodafone's equity stake in Celfocus, S.A. (45.001%).
• The agreed purchase price for Vodafone's entire shareholding was 20 M€, fully paid on April, 30.

• There may be an additional price adjustment of 7.5 M€, to be paid for in services, which could raise the final purchase price to a maximum of 27.5 M€, as a result of possible annual adjustments until 2023 related to service hiring guarantees of 10 M€ per year for three years given by Vodafone.

• Due to the importance of this transaction for the execution of the strategy and given Novabase's financial robustness, the Board of Directors approved the acquisition, despite the current context of uncertainty. This transaction does not require any significant guidance reframing regarding the Strategic Update 2019+.

• Celfocus employed over 650 employees. In 2019, it had a Turnover of 65 M€, EBITDA of 6.3 M€ and cash holdings of 16.1 M€.
• Prior to this transaction, Novabase held a 54.997% stake in Celfocus, S.A..

Relevant Information

Price adjustment on the sale of GTE

Adjustments to consideration on the sale of GTE Business

• Following the previous announcements to the market in relation to the celebration and completion of the sale, to VINCI Energies Portugal, S.A., of the "Application and Data Analytics" business for the Government, Transport and Energy sectors ("GTE Business"), the parties confirmed, on May 11, and a net adjustment to the price initially paid by the purchaser and the verification of the earn-out which was dependent upon the final performance of the GTE Business in the financial year of 2019.

• As such, the consideration obtained by Novabase after these events is 39.3 M€ corresponding to the sum of the price initially agreed of 33 M€, the earnout of 3 M€ and the net adjustment of the remainder.

• Considering the above mentioned, the capital gain reached 14.9 M€ (it is recalled that the capital gain registered in 2019 was 12.0 M€).

• Therefore, the FY20 accounts reflect the adjustment to the final capital gain in the amount of 2.9 M€ and the cash inflow of the total consideration on the sale, of 35.4 M€.

Relevant Information

Sale of Novabase's equity stake in Collab

Novabase sells Collab to the swedish Netadmin System I Sverige AB

• On March 19, 2020, Novabase and Netadmin System i Sverige AB entered into a sale and purchase agreement for all shares representing COLLAB – Soluções Informáticas de Comunicação e Colaboração, S.A. share capital, subsidiary held in 72.45% by Novabase Business Solutions, S.A. and in 17.75% by Fundo Capital Risco NB Capital. The completion of the sale and purchase also occurred on this date, with the delivery of the shares against payment of part of the price.

• The agreed initial purchase price was 6 M€, to which a potential annual earnout may be accreted, up to a maximum of three annual periods, depending on COLLAB's performance, as set out in the agreement.

• Of the agreed initial purchase price, 1.5 M€ was temporarily held by the purchaser, as foreseen in the sale and purchase agreement. On November, the purchaser paid 1 M€ referring to the 'Holdback Amount'. The agreed purchase price is still subject to positive or negative price adjustment clauses agreed between the parties. Additionally, a discussion on holdback amount is also underway.

• As a result, Novabase recorded in FY20 a gain on this transaction amounting to 0.3 M€, which falls within the range of 0.1 M€ to 0.8 M€ of estimated capital gain disclosed, but still subject to adjustments.
• To be noted that this subsidiary represented a 6.5 M€ turnover in 2019, and employed around 60 employees.

Covid-19

In compliance with ESMA guidelines

The ongoing pandemic In terms of 2020 impacts, no relevant Covid-

2020 was strongly marked by the outbreak of the Sars-Cov-2 pandemic. The world economy contracted at a substantial rate, following the implementation of restrictive measures on economic activity and mandatory worldwide lockdowns, and companies were forced to adapt overnight to new ways of doing business, and to address the new challenges and risks of the pandemic. Managing uncertainty took on a whole new meaning.

Efficient decision-making process allowed Novabase to rapidly adapt processes and action plans in response to the pandemic:

• All bureaucratic processes were adapted in order to eliminate or minimise travel.
• Our Nearshore Agile Delivery Model proved fit for the new WFH context (covering nearly 100% of employees)
• Our flexible mindset contributed to keep people engaged.
• With aim at ensuring the Company's financial resilience, the Board decided to revert its initial intention of proposing to the 2020 GMS a 0.85 €/share remuneration, however maintaining the commitment (1) of distributing 1.5 €/share in 2019-2023.

19 effects were observed on financial indicators, except for a minor performance effect on IT Staffing Business abroad (coincident with strict lockdowns). On the strategy side, the Company was able to successfully execute key milestones in its transformation.

Novabase does not have reasons to believe that its strategy will be affected, in fact, the pandemic may even pave the way towards an acceleration of the digital economy, where Novabase will have a relevant role. Telecom seems one of the least affected sectors, and Digital, Cognitive and Automation are in high demand. Additionally, Novabase benefits from a solid customer base, robust liquidity position and adequate capital levels, reasons that allow Novabase to face the future with confidence.

Nonetheless, the pandemic context remains of great uncertainty, with the news of new, more contagious strains of the virus and more lockdowns expected – even with a global vaccine rollout in place. Thus, in terms of future impacts, some delay in the M&A initiatives is anticipated and, due to current travel restrictions, commercial access to new clients may remain challenging.

Financial Highlights

FY20 performance: Strong despite Covid-19

• Turnover increased 10% YoY, with Next-Gen representing 73%
• Europe & ME accounts for 88% of Next-Gen International Turnover
• 86% of Next-Gen Revenues captured from Top Tier Clients
• EBITDA of 11.8 M€, leveraged by Next-Gen
• Net Profit of 7.5 M€
• Solid Net Cash position of 51.5 M€
• Talent Pool of 1740 employees
• NBA price increased 24% in FY20
• No relevant impacts due to Covid-19 pandemic booked in 2020

Turnover and EBITDA do not include GTE Business nor Collab, qualified as discontinued operations according to IFRS 5, for all periods in this presentation.

Turnover

Turnover increased 10% YoY, with Next-Gen representing 73%

0

20

40

60

80

100

120

140

No major impacts were observed in 2020 due to the Covid-19 pandemic, both in Next-Gen and in Value Portfolio segments.

EBITDA

EBITDA of 11.8 M€, leveraged by Next-Gen

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Next-Gen Segment

Next-Gen grows by double-digit in Turnover, +11% YoY...

… almost doubling EBITDA

Working on strategic initiatives for 2023 goals.

0

10

20

30

40

50

60

70

80

90

100

-90.0%

30.0%

Next-Gen Segment

Next-Gen working on Multi Industry approach…

Targeting clients with ambition to transform, with 2020 still focused on Telco.

International Turnover grows 9% YoY.

61% of Next-Gen Turnover generated outside Portugal.

Europe & ME accounts for 88% of international operations, registering an increase of 7% YoY.

Next-Gen Segment

Building long term relationships

Large accounts increased, both in number…

…and in Revenues, +11.1 M€ YoY (+17%).

Total number of clients in FY20 was 102, same number as previous year.

(1) Top Tier clients (>1 M€) considers the Trailing 12 months.

Value Portfolio Segment

Value Portfolio Turnover grows 7% YoY, mainly driven by domestic Ops.

40% of Value Portfolio Turnover is generated outside Portugal.

Sound EBITDA margin despite YoY decline

Turnover EBITDA Incorporates central structure impacts and some Covid effects on IT Staffing Business outside Portugal (due to strict lockdowns).

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

-200.0%

-80.0%

40.0%

160.0%

Key Figures Financial results decreased 8.4 M€ YoY,

Net Profit of 7.5 M€

owing to the 8.1 M€ re-evaluation of the Feedzai investment recorded in FY19.

Non-taxable gains from the VC Funds in FY19 and a YoY decrease in the SIFIDE R&D tax incentives, explain the Income tax charge increase, of 1.5 M€ YoY.

EBITDA to Net Profit

Discontinued operations – meaning GTE Business and Collab – reached 4.5 M€ in FY20, which comprises 3.3 M€ of capital gains on the sale of businesses / subsidiaries and 1.2 M€ of R&W provisions reversal. In FY19, this caption already included 12.0 M€ of gain on the GTE Business disposal.

Evolution of NCI, of +4.8 M€ YoY, essentially explained by the NCI-share on the reevaluation of Feedzai in FY19, and the full ownership of Celfocus since April 2020.

Total EPS reached 0.24 € (0.66 € in FY19).

Net Cash

Solid Net Cash position of 51.5 M€

Comfortable liquidity situation to pursue the Strategy 2019+ objectives and face the Covid-19 pandemic context.

Cash generation of 17.4 M€ in 2020, comprises the following M&A cash flows:

• Cash inflow of 35.4 M€ from GTE Business disposal (including the price adjustment);
• Proceeds from the Sale of Collab, net of cash disposed of, in the amount of 2.1 M€ (including the holdback amount);
• Cash outflow of 20.0 M€ from the acquisition of Vodafone's equity stake in Celfocus.

4.3 M€ of Net Cash refers to Noncontrolling Interests (Vs. 13.5 M€ in FY19).

Talent

Talent Pool of 1740 employees in FY20

Average number of Employees (1)

Next-Gen Value Portfolio (2) Value Portfolio (2)

Talent pool decreased 2% YoY in line with the expected synergies and management overhaul (1773 in FY19).

Next-Gen Turnover per employee increased 10% YoY.

Attrition rate (3) of Next-Gen lowered to 11.7% in FY20 (21.0% in FY19). This indicator probably incorporates some covid-19 effects.

• (2) Including holding / shared services representing 82 employees in FY20 (89 in FY19).
• (3) Is determined by the formula: number of leaves at the employee's initiative ÷ average number of employees.

⁽¹⁾ Excluding GTE Business and Collab.

Stock Market

NBA price increased 24% in FY20

Due to the pandemic and resulting risks, the Board of Directors decided to revert its initial intention of proposing to the 2020 GMS a 0.85 €/share remuneration. The commitment to distribute 1.5 €/share in 2019-2023 (1) is reaffirmed. Despite FY20 strong performance, the Board decided today not to propose any shareholder remuneration on the ordinary 2021 GMS, to be held on May 25.This decision, to postpone the shareholder remuneration to a more suitable moment, is driven by the high level of uncertainty still affecting the business environment.

In 2020, the stock markets witnessed strong falls from March onwards with the outbreak of the pandemic, followed by some appreciation of main indexes in 2H. Novabase outperformed the reference indexes: PSI20 decreased 6% and EuroStoxx Technology increased 14%.

The average price target disclosed by Novabase's analysts is 4.72 €, with unanimous recommendation to buy. The average upside is 47%.

Novabase and the Market

Novabase acquired 300k shares in 2020, under the buy-back programme. As at December, 31, Novabase holds 676,611 own shares (2.15% of its share capital).

Market Cap is 100.8 M€ at the end of 2020, with a ttm Price to Sales of 0.92x. Free Float Velocity (2) represented 39% (27% in FY19).

(1) Strategic Update 2019+.

(2) Considering a free float of 40% for both periods, calculated according to Euronext criteria. 21

APMs

Alternative Performance Measures

Net Cash

Net Cash provides information on the level of cash and other bank deposits and marketable securities, after discounting the debts to financial institutions, assisting in the analysis of the company's liquidity and ability to meet its non-bank commitments.

The caption "Cash and cash equivalents" is simultaneously the item of the consolidated statement of financial position more directly reconcilable and more relevant to this APM.

The detail and breakdown of Net Cash, as well as the reconciliation in FY20 and prior period, is analysed in the table on the right.

This APM and all its components contain no estimates or judgments made by Management.

	FY19	FY20
Cash and cash equivalents	48 755 ,	71 929 ,
Debt securities - Non-Current	403	-
securities - Current Debt	2 793 ,	-
(1) Treasury shares held by the Company	972	2 172 ,
Bank borrowings - Non-Current	(13 600) ,	(16 200) ,
Bank borrowings - Current	(5 194) ,	(6 400) ,
Cash (Euro thousands) Net	34 129 ,	51 501 ,

	FY19	FY20
Company Treasury shares held by the	376 611 ,	676 611 ,
Closing price @ last tradable day (€)	2 580	3 210
Treasury shares held by the Company (Euro thousands)	972	2 172 ,

(1) Is determined by multiplying the number of treasury shares held by the Company at the end of the period by the share price on the last tradable day. 22

About NOVABASE

NEXT-GEN IT SERVICES COMPANY

Company Information Investors Relations Next Events

Novabase SGPS, S.A. Public Company Euronext code: PTNBA0AM0006 Registered in TRO of Lisbon and Corporate Tax Payer no. 502.280.182 Share Capital: 54,638,425.56 € Head Office: Av. D. João II, 34, 1998-031 Lisbon - PORTUGAL

María Gil Marín Chief Investors Officer Tel. +351 213 836 300 Fax: +351 213 836 301 investor.relations@novabase.pt

Report available on website: www.novabase.pt

Trading Update 3M21 Thursday, May 20, 2021 (after market closure)

General Meeting of Shareholders Tuesday, May 25, 2021 (3 pm GMT+1)

Consolidated Statement of Financial Position Consolidated Income Statement as at 31 December 2020 for the year ended 31 December 2020

	31.12.20	31.12.19		31.12.20	31.12.19 (*)	Var. %
	(Thousands of Euros)				(Thousands of Euros)
ASSETS			CONTINUING OPERATIONS
Tangible assets	1,963	2,180	Sale of goods	-	374
Intangible assets	12,063	12,967	Cost of goods sold	-	(253)
Right-of-use assets	7,132	9,785
Financial investments	12,824	12,344	Gross margin	-	121	-100.0 %
Debt securities	-	403
Deferred income tax assets	7,947	9,585	Other income
Other non-current assets	2,025	1,908	Services rendered	125,080	113,455
Total Non-Current Assets	43,954	49,172	Supplementary income and subsidies	906	197
			Other operating income	763	533
Inventories	10	34
Trade debtors and accrued income	38,880	40,247		126,749	114,185
Other debtors and prepaid expenses	14,614	50,403
Derivative financial instruments	64	24		126,749	114,306
Debt securities	-	2,793
Cash and cash equivalents	71,929	48,755	Other expenses
Total Current Assets	125,497	142,256	External supplies and services	(37,379)	(30,105)
			Employee benefit expense	(80,176)	(73,473)
Assets for continuing operations	169,451	191,428	(Provisions) / Provisions reversal	3,198	(944)
			Net impairm. losses on financ. assets	(72)	235
Assets for discontinued operations	342	460	Other operating expenses	(489)	(666)
Total Assets	169,793	191,888		(114,918)	(104,953)
EQUITY			Gross Net Profit (EBITDA)	11,831	9,353	26.5 %
Share capital	54,638	54,638	Restructuring costs	-	-
Treasury shares	(1,177)	(655)	Operating Gross Net Profit	11,831	9,353	26.5 %
Share premium	226	226	Depreciation and amortisation	(4,356)	(4,360)
Reserves and retained earnings	(4,124)	(5,318)
Net profit	7,486	20,400	Operating Profit (EBIT)	7,475	4,993	49.7 %
Total Shareholders' Equity	57,049	69,291	Financial results	(1,746)	6,617
Non-controlling interests	10,047	18,329	Gain on net monetary position	-	-
Total Equity	67,096	87,620
			Net Profit before taxes (EBT)	5,729	11,610	-50.7 %
LIABILITIES			Income tax expense	(1,912)	(383)
Bank borrowings	16,200	13,600	Net Profit from continuing operations	3,817	11,227	-66.0 %
Lease liabilities	5,293	7,681
Provisions	5,233	8,623	DISCONTINUED OPERATIONS
Other non-current liabilities	3,705	770	Net Profit from discont. operations	4,509	14,749	-69.4 %
Total Non-Current Liabilities	30,431	30,674
			Non-controlling interests	(840)	(5,576)
Bank borrowings	6,400	5,194
Lease liabilities	3,032	3,887	Attributable Net Profit	7,486	20,400	-63.3 %

ASSETS CONTINUING OPERATIONS Tangible assets 1,963 2,180 Sale of goods - 374 Intangible assets 12,063 12,967 Cost of goods sold - (253) Right-of-use assets 7,132 9,785 Debt securities - 403 Deferred income tax assets 7,947 9,585 Other income Other non-current assets 2,025 1,908 Services rendered 125,080 113,455 Total Non-Current Assets 43,954 49,172 Supplementary income and subsidies 906 197 Inventories 10 34 Trade debtors and accrued income 38,880 40,247 126,749 114,185 Other debtors and prepaid expenses 14,614 50,403 Derivative financial instruments 64 24 126,749 114,306 Debt securities - 2,793 Cash and cash equivalents 71,929 48,755 Other expenses Total Current Assets 125,497 142,256 External supplies and services (37,379) (30,105) Assets for continuing operations 169,451 191,428 (Provisions) / Provisions reversal 3,198 (944) Assets for discontinued operations 342 460 Other operating expenses (489) (666) Total Assets 169,793 191,888 (114,918) (104,953) Share capital 54,638 54,638 Restructuring costs - - Share premium 226 226 Depreciation and amortisation (4,356) (4,360) Reserves and retained earnings (4,124) (5,318) Total Shareholders' Equity 57,049 69,291 Financial results (1,746) 6,617 Non-controlling interests 10,047 18,329 Gain on net monetary position - - Total Equity 67,096 87,620 LIABILITIES Income tax expense (1,912) (383) Lease liabilities 5,293 7,681 Provisions 5,233 8,623 DISCONTINUED OPERATIONS Total Non-Current Liabilities 30,431 30,674 Bank borrowings 6,400 5,194 Trade payables 5,621 8,215 Other creditors and accruals 34,745 32,732

Derivative financial instruments 9 17 Deferred income 16,148 14,854

Total Current Liabilities	65,955	64,899
Total Liabilities for cont. operations	96,386	95,573
Total Liabilities for discont. operations	6,311	8,695
Total Liabilities	102,697	104,268	Other information :

			Turnover	125,080	113,829	9.9 %
Total Equity and Liabilities	169,793	191,888	EBITDA margin	9.5 %	8.2 %
			EBT % on Turnover	4.6 %	10.2 %
Net Cash	51,501	34,129	Net profit % on Turnover	6.0 %	17.9 %

* Restated - Collab was considered in discontinued operations, joining the GTE Business discontinued in December 2019.

Novabase S.G.P.S., S.A. Public Company - Euronext code: PTNBA0AM0006	Share Capital 54,638,425.56 Euros - Corporate Registration CRCL N.º 1495
Head-office: Av. D. João II, 34, Parque das Nações, 1998-031 Lisbon, Portugal	Corporate Tax Payer N.º 502 280 182

Results Information by SEGMENTS for the year ended 31 December 2020

(Thousands of Euros)	Value Portfolio	Next-Gen	NOVABASE
CONTINUING OPERATIONS
Turnover	34,368	90,712	125,080
Gross Net Profit (EBITDA)	- 3,768	- 8,063	- 11,831
Depreciation and amortisation	- (2,687)	- (1,669)	- (4,356)
Operating Profit (EBIT)	1,081	6,394	7,475
Financial results	- (820)	- (926)	- (1,746)
Net Profit / (Loss) before Taxes (EBT)	261	5,468	5,729
Income tax expense	- (115)	- (1,797)	- (1,912)
Net Profit / (Loss) from cont. operations	146	3,671	3,817
DISCONTINUED OPERATIONS	-
Net Profit from discontinued operations	4,509	-	4,509
Non-controlling interests	(438)	(402)	(840)
Attributable Net Profit / (Loss)	4,217 -	3,269 -	7,486 -
Other information :
EBITDA % on Turnover	11.0%	8.9%	9.5%
EBT % on Turnover	0.8%	6.0%	4.6%
Net profit % on Turnover	12.3%	3.6%	6.0%