Openjobmetis — Earnings Release 2016

Aug 5, 2016

Informazione Regolamentata n. 1803-25-2016		Data/Ora Ricezione 05 Agosto 2016 11:04:08	MTA - Star
Societa'	:	OPENJOBMETIS
Identificativo Informazione Regolamentata	:	78080
Nome utilizzatore	:	OPENJOBN08 - ESPOSTI
Tipologia	:	IRAG 02
Data/Ora Ricezione	:	05 Agosto 2016 11:04:08
Data/Ora Inizio Diffusione presunta	:	05 Agosto 2016 11:19:09
Oggetto	:	OJM_CS_1H 2016_ENG
Testo del comunicato

Vedi allegato.

PRESS RELEASE

BOARD OF DIRECTORS APPROVES THE SIX MONTHLY REPORT AS AT 30 JUNE 2016

NET PROFIT LEAPS TO €3.0 MILLION FROM €0.8 MILLION IN THE FIRST HALF OF 2015 REVENUE ENHANCEMENT COMPARED TO THE PREVIOUS QUARTER AND GROWTH OF 1.3% COMPARED TO FIRST HALF OF 2015 EBIT INCREASES TO €5.3 MILLION FURTHER IMPROVEMENT IN THE NET FINANCIAL POSITION WITH A REDUCTION IN NET DEBT OF APPROXIMATELY €14.6 MILLION SINCE DECEMBER

• Total Revenue: €212.2 m vs. €209.4 m in 1st half 2015
• EBITDA: €6.8 m vs. €6.5 m in 1st half 2015; 2015 adjusted EBITDA €6.8 m
• EBIT: €5.3 m vs. €3.5 m in 1st half 2015; 2015 adjusted EBIT €5.1 m
• Profit: €3.0 m vs. €0.8 m in 1st half 2015; Adjusted profit: 2016 to €3.1 m; 2015 to €2.6 m
• Net Debt: €28.9 m vs. €36.0 m as at 31 March 2016

Milan, 5 August 2016 - The Board of Directors of Openjobmetis S.p.A. (Borsa Italiana: OJM), one of the leading employment agencies, listed on the STAR segment of the screen-based stock exchange (MTA) operated by Borsa Italiana, has approved the Six Monthly Report as at 30 June 2016.

Chief Executive Officer Rosario Rasizza commented: "The first half-year closed with top-line growth, with a significant improvement in the net profit for the period and net debt. The company is continuing to focus on all business areas, included Family Care and Agriculture, from which positive results are beginning to emerge."

HIGHLIGHTS OF CONSOLIDATED ECONOMIC AND FINANCIAL PERFORMANCE AS AT 30 JUNE 2016

thousands of EUR	1H 2016	1H 2015	Change %
Revenue	212,166	209,444	1.3%
First contribution margin	28,357	28,256	0.4%
EBITDA	6,758	6,548	3.2%
EBIT	5,335	3,475	53.5%
Profit (loss) for the period	3,017	774	289.8%
thousands of EUR	1H 2016	2015	Change %
NFP	28,931	43,539	(33.6%)
Equity	69,611	66,506	4.7%

Openjobmetis S.p.A. – EMPLOYMENT AGENCY – Prot. Authorisation No. 1111-SG dated 26/11/2004

Headquarters and Offices: Via Marsala 40/C Centro Direzionale Le Torri, 21013 Gallarate, Varese

Registered Office: Via GENERALE GUSTAVO FARA, 35 - 20124 MILAN

Tax Code - VAT No. and Reg. No. in the Milan Register of Companies 13343690155 - Share Capital - EUR 13,712,000.00, fully paid-up TELEPHONE 0331 211501 - FAX 0331 211590 - info@openjob.it - www.openjobmetis.it

INCOME STATEMENT

Sales revenue for the first half of 2016 was €212.2 million compared with €209.4 million in the first half of 2015. Despite an unfavourable first quarter (largely due to the calendar effect and the reduction of the social security contribution exemption for indefinite term employment), there has been a growth with respect to the second quarter 2015 (+4.5%) and a growth in the first half with respect to the same period of the previous year (+1.3%). The first contribution margin on revenue remained unchanged, at 13.4% as in the previous quarter. Contributions by business lines were largely unchanged.

EBITDA was €6.8 million, compared to €6.5 million in the first half of 2015 reduced by nonrecurring costs of €0.3 million.

EBIT in the first half of 2016 amounted to €5.3 million, an improvement with respect to the previous year (€3.5 million), following a further decrease of provisions and impairment losses in the face of a reduction in disputed receivables.

Net financial charges fell from €1.9 million in 2015 to €0.9 million in the first half of 2016 with a saving of €1.0 million.

Net profit for the period was €3.0 million, a marked improvement of €0.8 million compared with the first quarter of 2015.

BALANCE SHEET

Equity as at 30 June 2016 was €69.6 million, up with respect to €66.5 million as at 31 December 2015. The net financial position was negative for €28.9 million, but with a further improvement of approximately €14.6 million with respect to 31 December 2015 (€43.5 million). This decrease is the result of both the positive contribution of the cash flows from the operating activities of the Group and the working capital dynamics.

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MAIN SIGNIFICANT EVENTS THAT OCCURRED DURING THE FIRST HALF OF 2016

No significant events occurred.

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MAIN SIGNIFICANT EVENTS THAT OCCURRED AFTER THE FIRST HALF OF 2016

In the early days of July, three further branches completely dedicated to the Family Care project development were opened.

BUSINESS OUTLOOK

Despite a weak first quarter, revenue and profitability recovered in the second quarter, making it possible to look with confidence to the second half of the year.

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The Six Monthly Report of Openjobmetis S.p.A. as at 30 June 2016 will be published on the company's website www.openjobmetis.it (Investor Relations section), in accordance with the applicable laws and regulations.

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Pursuant to paragraph 2 of Art. 154 bis of the Consolidated Law on Finance (TUF), Alessandro Esposti, in his capacity as Manager responsible for preparing the company's financial reports, hereby states that the financial information contained in this press release corresponds to the accounting figures, books and documents. ****

Disclaimer

Certain statements contained in this press release could represent forecasts. These statements concern risks, uncertainty and other factors that could cause actual results to differ, even substantially, from expectations. These risks and uncertainty include, but are not limited to, the ability to manage the effects of the macroeconomic cycle, and to acquire new business and integrate it effectively, the ability to acquire new contracts, the ability to effectively manage relationships with customers, the ability to achieve and manage growth, currency fluctuations, changes in local conditions, IT systems issues, risks related to inventories, credit and insurance risks, changes in the tax regime, as well as other political, economic and technological factors and other risks and uncertainty.

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Openjobmetis - an overview: Openjobmetis SpA is the employment agency established in 2011 as a result of the merger of Openjob SpA and Metis SpA, with their know-how and unique expertise that has distinguished them for over 15 years. Listed on the STAR segment of the screen-based stock exchange (MTA) operated by Borsa Italiana, since December 2015, Openjobmetis is positioned among the leading Italian operators in its field, with revenues of approximately €432.8 million in the year ended 31 December 2015. Openjobmetis SpA relies on a network of 120 branches distributed throughout Italy and it operates through a series of specialised areas: Healthcare, Industrial, Banking and Finance, Large-Scale Retail Trade, I&CT, Horeca, Family Care, Agro-Industrial and Diversity Talent. The range of services is completed by the subsidiary Seltis Srl, specialised in the recruitment and selection of middle/top level employees. In December 2015, CRIBIS D&B awarded the CRIBIS D&B Rating 1 to Openjobmetis, recognising the company at the highest level of economic and financial reliability.

Investor Relations - Alessandro Esposti

Investor.relator@openjob.it

Tel. 0331.211501

Press office - Finance

CDR Communication

Angelo Brunello angelo.brunello@cdr-communication.it Tel. +39 329 2117752

Openjobmetis

Tel. 0331 211501 comunicazione@openjob.it

Enclosed are the consolidated financial statements - Statement of financial position, Statement of profit and loss and Consolidated statement of cash flow as at 30 June 2016.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(In thousands of EUR)	30/06/2016	31/12/2015
ASSETS
Non-current assets
Property, plant and equipment	2,237	2,173
Intangible assets and goodwill	74,480	74,661
Financial assets	23	34
Deferred tax assets	4,866	5,230
Total non-current assets	81,606	82,098
Current assets
Cash and cash equivalents	10,553	22,412
Trade receivables	85,719	85,359
Other receivables	6,713	6,357
Current tax assets	158	414
Total current assets	103,143	114,542
Total assets	184,749	196,640
LIABILITIES AND EQUITY
Non-current liabilities
Financial liabilities	24,725	28,410
Employee benefits	1,126	1,116
Total non-current liabilities	25,851	29,526
Current liabilities
Bank loans and borrowings and other financial liabilities	14,624	37,293
Derivative instruments	135	248
Trade payables	9,355	8,943
Employee benefits	36,849	27,459
Other payables	23,885	23,372
Current tax liabilities	1,592	834
Provisions for risks and charges	2,847	2,459
Total current liabilities	89,287	100,608
Total liabilities	115,138	130,134
EQUITY
Share capital	13,712	13,712
Legal reserve	666	426
Share premium reserve	31,553	31,553
Other reserves	20,663	16,314
Profit (loss) for the year	3,017	4,501
Total equity	69,611	66,506
Total liabilities and equity	184,749	196,640

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(In thousands of EUR)	30/06/2016	30/06/2015
Revenue	212,166	209,444
Costs of contract work	(183,809)	(181,188)
First contribution margin	28,357	28,256
Other income	5,430	4,482
Personnel expense	(13,762)	(14,043)
Cost of raw materials and consumables	(143)	(103)
Costs for services	(12,758)	(11,777)
Amortisation/depreciation	(481)	(613)
Provisions and impairment losses	(942)	(2,460)
Other operating expenses	(366)	(267)
Operating profit (loss)	5,335	3,475
Financial income	107	38
Financial expense	(993)	(1,946)
Pre-tax profit (loss)	4,449	1,567
Income taxes	(1,432)	(793)
Profit (loss) for the year	3,017	774
Other comprehensive income (expense)
Effective portion of changes in fair value of cash flow hedges	113	174
Actuarial gain (loss) from IAS post-employment benefit valuation	(25)	39
Taxes on other comprehensive income (expense)	0	0
Total other comprehensive income (expense) for the year	88	213
Total comprehensive income (expense) for the year	3,105	987
Net profit (loss) for the year attributable to:
Shareholders of the parent	3,017	774
Non-controlling investors	0	0
Profit (loss) for the year	3,017	774
Total comprehensive income (expense) for the year attributable to:
Shareholders of the parent	3,105	987
Non-controlling investors	0	0
Total comprehensive income (expense) for the year	3,105	987
Earnings (loss) per share (in EUR):
Basic	0.22	0.073
Diluted	0.22	0.073

STATEMENT OF CASH FLOWS

(In thousands of EUR)	30/06/2016	30/06/2015
Cash flows from operating activities
Profit (loss) for the year	3,017	774
Adjustments for:
Depreciation of property, plant and equipment	239	224
Amortisation of intangible assets	241	389
Capital losses (gains) on sales of property, plant and equipment	26	(24)
Net decreases of intangible assets	0	0
Impairment loss on trade receivables	380	2,380
Current and deferred taxes	1,432	793
Net financial expense	886	1,908
Cash flows before changes in working capital and in provisions	6,221	6,444
Change in trade and other receivables	(1,096)	(8,401)
Change in trade and other payables	925	4,137
Change in employee benefits	9,375	9,053
Change in current and deferred tax assets and liabilities	24	53
Change in provisions	388	118
Paid income taxes	(78)	(71)
Cash and cash equivalents generated/(absorbed) by operating activities (a)	15,759	11,333
Cash flows from investing activities
Purchase of property, plant and equipment	(365)	(279)
Proceeds from sales of property, plant and equipment	36	36
Other net increases in intangible assets	(60)	(86)
Change in other financial assets	11	17
Cash and cash equivalents generated/(absorbed) by investing activities (b)	(378)	(312)
Interest paid	(998)	(1,285)
Interest received	107	39
New loan disbursement	0	35,000
Fee payments related to financial liabilities	0	(785)
Repayment of previous loan	0	(32,200)
Repayment of loan instalments	(4,001)	0
Change in short-term bank loans	(22,348)	(9,211)
Change in payables to bondholders	0	(293)
Cash and cash equivalents generated/(absorbed) by financing activities (c)	(27,240)	(8,735)
Cash flow for the year (a) + (b) + (c) + (d)	(11,859)	2,286
Net cash and cash equivalents as at 1 January	22,412	3,860
Net cash and cash equivalents as at 30 June	10,553	6,146