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Openjobmetis Earnings Release 2019
4064_10-q_2019-05-14_a1cd897c-c8d9-44b6-a365-8e4c8ba9ff16.pdf
Earnings Release
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| Informazione Regolamentata n. 1803-28-2019 |
Data/Ora Ricezione 14 Maggio 2019 12:42:24 |
MTA - Star | |
|---|---|---|---|
| Societa' | : | OPENJOBMETIS | |
| Identificativo Informazione Regolamentata |
: | 118414 | |
| Nome utilizzatore | : | OPENJOBN08 - ESPOSTI | |
| Tipologia | : | REGEM; 3.1 | |
| Data/Ora Ricezione | : | 14 Maggio 2019 12:42:24 | |
| Data/Ora Inizio Diffusione presunta |
: | 14 Maggio 2019 12:42:25 | |
| Oggetto | : | OJM_CS_ 3M 2019_ENG | |
| Testo del comunicato |
Vedi allegato.
THE BOARD OF DIRECTORS APPROVES THE ADDITIONAL FINANCIAL INFORMATION AS AT 31 MARCH 2019
THE IMPACT OF THE FIRST CONTRIBUTION MARGIN ROSE TO 13.1%, DESPITE THE DECREASE IN REVENUES OF TEMPORARY WORK IMPROVEMENT IN THE NET FINANCIAL POSITION WITH A REDUCTION OF APPROXIMATELY EUR 6.3 MILLION PRIOR TO IFRS 16
- Total Revenue: EUR 130.6 m vs. EUR 140.1 m in 1Q 2018
- EBITDA: EUR 4.6 m vs. EUR 5.0 m in the 1Q 2018 (adj. EBITDA EUR 3.8 m prior to IFRS 16)
- EBIT: EUR 2.2 m vs. EUR 4.3 m in 1Q 2018 (adj. EBIT EUR 2.3 m prior to IFRS 16)
- Net profit: EUR 1.2 m vs. EUR 2.9 m in 1Q 2018
- Net debt: EUR 29.5 m (Net debt prior to IFRS 16: EUR 17.9 m as at 31 March 2019 vs. EUR 24,2 m as at 31 December 2018)
Milan, 14 May 2019 – 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 Stock Market – operated by Borsa Italiana, approved the Additional Financial information as at 31 March 2019.
The Managing Director Rosario Rasizza commented: "The first quarter of the year disclosed a drop in revenues, in any event in line with our forecasts, exclusively in temporary work volumes. This was in any event countered by positive elements such as the rise in the first margin which exceeded 13%, and further growth in revenues from recruitment and selection by more than 35% with respect to the first quarter of 2018, growth particularly significant having taking into account that back in the first quarter of 2018 they had grown by 60% compared with the previous year. These elements, positive, which are consolidating themselves quarter by quarter, together with a general economic outlook which is expected to improve in the second part of the year, encourage us to confirm the results expected for the year underway."
| thousands of EUR | 3M 2019 | 3M 2018 | Change % | 3M 2019 Pre IFRS 16 |
|---|---|---|---|---|
| Revenue | 130,638 | 140,129 | (6.8%) | 130,638 |
| First contribution margin | 17,164 | 17,569 | (2.3%) | 17,164 |
| EBITDA | 4,558 | 5,031 | (9.4%) | 3,631 |
| EBIT | 2,214 | 4,298 | (48.5%) | 2,190 |
| Profit (loss) for the period | 1,224 | 2,888 | (57.6%) | - |
| thousands of EUR | 3M 2019 | 2018 | Change % | |
| NFP | 29,514 | 24,201 | 22.0% | 17,859 |
| Shareholders' Equity | 97,746 | 96,522 | 1.3% | - |
MAIN CONSOLIDATED ECONOMIC AND FINANCIAL RESULTS AT 31 MARCH 2019
INCOME STATEMENT
Revenue from sales for the first quarter of 2019 amounted to EUR 130.6 million, against EUR 140.1 million in the first quarter of 2018, with a drop of 6.8%. There was a significant rise in revenue from staff recruitment and selection of 35.5%.
The EBITDA came to EUR 4.6 million, compared with EUR 5.0 million in the first quarter of 2018. So that the comparison with respect to 2018 is consistent, it is hereby disclosed that the EBITDA for the first three months of 2019, prior to adoption of the IFRS 16 accounting standard, would have come to EUR 3.6 million.
The EBIT for the first quarter of 2019 came to EUR 2.2 million, compared with EUR 4.3 million in the first quarter of 2018.
The Profit for the period closed at EUR 1.2 million, compared to EUR 2,9 million in 2018.
BALANCE SHEET
Shareholders' Equity at 31 March 2019 amounted to EUR 97.7 million, up compared to EUR 96.5 million at 31 December 2018.
The Net financial position presented a loss of EUR 29.5 million. Prior to adoption of IFRS 16 it would have disclosed a balance of EUR 17.9 million, an improvement of about EUR 6.3 million compared to 31 December 2018 (EUR 24,2 million).
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SIGNIFICANT EVENTS IN THE FIRST QUARTER OF 2019 AND AFTER 31 MARCH 2019
On 29 March 2019, a new medium/long-term loan was granted to Openjobmetis S.p.A. by Banco BPM S.p.A., for a maximum amount of EUR 30 million. The loan envisages an amortising line for a maximum amount of EUR 15 million and a revolving line - not used as of the date of approval of this report - for a maximum amount of EUR 15 million. This revolving line can be converted up to EUR 10 million and under certain amortising conditions in order to support any acquisitions.
On 17 April 2019, the Shareholders' Meeting approved the financial statements as at 31 December 2018, approved allocation of the profit for the year and resolved on the distribution of a unitary dividend of EUR 0.23 per each entitled share. Furthermore, the Shareholders' Meeting approved the "2019-2021 Performance Shares Plan" for the free assignment of rights to receive ordinary shares of the Company. In conclusion, the Shareholders' Meeting appointed - confirming the decision of the Board meeting held on 14 March 2019 - Mr. Carlo Gentili as Board Director of the Company; he will remain in office under expiry of the current Board of Directors, or rather until the date of the Shareholders' Meeting called to approve the financial statements which will close as at 31 December 2020.
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OUTLOOK
Within this complex macroeconomic scenario, the Company will continue to focus on services with higher added value. Having taken into account the envisaged improvement of this scenario in the second part of the year, it is believed possible to confirm the expected result also for the year underway.
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The Additional Financial Information of Openjobmetis S.p.A. as at 31 March 2019 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 Article 154-bis of the Consolidated Law on Finance (TUF), the Manager in charge of financial reporting, hereby states that the financial information contained in this press release corresponds to the documented results, books and accounting records.
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Openjobmetis S.p.A. – AGENZIA PER IL LAVORO – Aut. Prot. No. 1111-SG dated 26/11/2004 HEADQUARTERS AND OFFICES: Via Marsala, 40/C - Centro Direzionale Le Torri - 21013 Gallarate (VA) 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-in Telephone No. 0331 211501 - Fax No. 0331 211590 - [email protected] - www.openjobmetis.it
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Disclaimer
Certain statements contained in this press release could represent forecasts. These statements concern risks, uncertainties and other factors that could cause actual results to differ, even substantially, from expectations. These risks and uncertainties 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 S.p.A. is an Employment Agency established in 2011 as a result of the merger of Openjob S.p.A. and Metis S.p.A., with their know-how and unique expertise that has distinguished them for over 18 years. Listed since December 2015, Openjobmetis S.p.A. is the first and only Employment Agency in the STAR segment of the screen-based stock exchange (MTA) operated by Borsa Italiana, and is positioned among the leading Italian operators in its field, with revenues of approximately EUR 594.3 million in the year ended 31 December 2018. Openjobmetis S.p.A. relies on a network of more than 130 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, Diversity Talent and Naval. The range of services is completed by the subsidiary Seltis Srl, specialised in the recruitment and selection of middle/top level employees and Corium Srl, a leading company in outplacement activities. In 2018 Openjobmetis SpA acquired 100% of Coverclip, now Meritocracy Srl, a platform specialized in personnel recruitment, particularly for digital professionals, which also uses Artificial Intelligence components in the recruitment and matching of the positions. In the same year it acquired 70% of HC Human Connections S.r.l., an educational company that carries out activities dedicated to the development and motivation of human resources.
Investor Relations - Alessandro Esposti
[email protected] Tel. 0331 211501
Press Office - Finance CDR Communication
Angelo Brunello [email protected] Tel. +39 329 2117752
Claudia Gabriella Messina [email protected] Tel. +39 339 4920223
Openjobmetis
[email protected] Tel. 0331 211501
Enclosed are the consolidated Statement of Financial Position, Income Statement as at 31 March 2019 and the Net financial indebtedness as at 31 March 2019.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| ASSETS Non-current assets Property, plant and equipment 2,586 2,376 Right of use for operating leases 11,701 0 Intangible assets and goodwill 76,266 76,388 Financial assets 5 3 Deferred tax assets 1,791 1,687 Total non-current assets 92,349 80,454 Current assets Cash and cash equivalents 4,751 6,478 Trade receivables 108,392 115,270 Other receivables 9,551 7,994 Current tax assets 17 34 Total current assets 122,711 129,776 Total assets 215,060 210,230 LIABILITIES AND SHAREHOLDERS' EQUITY Non-current liabilities Financial liabilities 11,921 4,133 Operating lease liabilities 8,462 0 Employee benefits 1,058 1,093 Total non-current liabilities 21,441 5,226 Current liabilities 26,546 Bank loans and borrowings and other financial liabilities 10,688 Operating lease liabilities 3,193 0 Trade payables 9,452 5,677 Employee benefits 42,113 39,950 Other payables 26,953 33,677 Current tax liabilities 1,478 685 Provisions 1,996 1,947 Total current liabilities 95,873 108,482 Total liabilities 117,314 113,708 EQUITY Share capital 13,712 13,712 Legal reserve 1,676 1,676 Share premium reserve 31,553 31,553 Other reserves 49,520 37,164 Profit (loss) for the period attributable to the shareholders of the Parent 1,213 12,356 Shareholders' equity attributable to: Shareholders of the parent 97,674 96,461 Non-controlling interests 72 61 96,522 Total shareholders' equity 97,746 |
(In thousands of EUR) | 31 March 2019 | 31 December 2018 |
|---|---|---|---|
| Total liabilities and shareholders' equity | 215,060 | 210,230 |
As from 1 January 2019 the Group adopted IFRS 16 - Leases, applying the modified retroactive method without recalculating the comparative information.
Openjobmetis S.p.A. – AGENZIA PER IL LAVORO – Aut. Prot. No. 1111-SG dated 26/11/2004 HEADQUARTERS AND OFFICES: Via Marsala, 40/C - Centro Direzionale Le Torri - 21013 Gallarate (VA) 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-in
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| (In thousands of EUR) | 31 March 2019 | 31 March 2018 |
|---|---|---|
| Revenue | 130,638 | 140,129 |
| Costs of temporary work | (113,474) | (122,560) |
| First contribution margin | 17,164 | 17,569 |
| Other income | 2,194 | 2,498 |
| Personnel expense | (8,441) | (7,832) |
| Cost of raw materials and consumables | (75) | (65) |
| Costs for services | (6,135) | (6,968) |
| Amortisation/depreciation | (1,155) | (176) |
| Impairment losses on trade and other receivables | (1,190) | (557) |
| Other operating expenses | (148) | (171) |
| Operating profit (loss) | 2,214 | 4,298 |
| Financial income | 11 | 6 |
| Financial expense | (295) | (177) |
| Pre-tax profit (loss) | 1,930 | 4,127 |
| Income taxes | (706) | (1,239) |
| Profit (loss) for the period | 1,224 | 2,888 |
| Other comprehensive income (expense) Components that are or may subsequently be reclassified to profit/loss Effective portion of changes in fair value of cash flow hedges |
0 | 0 |
| Components that will not be reclassified to profit/loss | ||
| Actuarial gain (loss) on defined benefit plans | (8) | (4) |
| Total other comprehensive income (expense) for the period | (8) | (4) |
| Total comprehensive income (expense) for the period | 1,216 | 2,884 |
| Profit (loss) for the period attributable to: | ||
| Shareholders of the Parent | 1,213 | 2,888 |
| Non-controlling interests | 11 | 0 |
| Profit (loss) for the period | 1,224 | 2,888 |
| Comprehensive income (expense) for the period attributable to: | ||
| Shareholders of the Parent | 1,205 | 2,884 |
| Non-controlling interests | 11 | 0 |
| Total comprehensive income (expense) for the period | 1,216 | 2,884 |
| Earnings (loss) per share (in EUR): | ||
| Basic | 0.09 | 0.21 |
| Diluted | 0.09 | 0.21 |
NET FINANCIAL INDEBTEDNESS (NFI)
| (In thousands of EUR) | 2019 vs. 2018 change | ||||
|---|---|---|---|---|---|
| 31/03/2019 | 31/12/2018 | Value | % | ||
| A | Cash | 39 | 29 | 10 | 34.5% |
| B | Other cash and cash equivalents | 4,712 | 6,449 | (1,737) | (26.9%) |
| C | Securities held for trading | - | - | - | - |
| D | Cash and cash equivalents (A+B+C) | 4,751 | 6,478 | (1,727) | (26.7%) |
| E | Current financial receivables | - | - | - | - |
| F | Current bank loans and borrowings | (7,675) | (16,934) | 9,259 | (54.7%) |
| G | Current portion of non-current debt | (3,000) | (9,600) | 6,600 | (68.8%) |
| H | Other current financial payables | (3,206) | (12) | (3,194) | 26616.7% |
| I | Current financial indebtedness (F+G+H) | (13,881) | (26,546) | 12,665 | (47.7%) |
| J | Net current financial indebtedness (D+E+I) | (9,130) | (20,068) | 10,938 | (54.5%) |
| K | Non-current bank loans and borrowings | (11,888) | (4,096) | (7,792) | 190.2% |
| L | Bonds issued | - | - | - | - |
| M | Other non-current payables | (8,496) | (37) | (8,459) | 22862.2% |
| N | Non-current financial indebtedness (K+L+M) | (20,384) | (4,133) | (16,251) | 393.2% |
| O | Net Financial Indebtedness (J+N) | (29,514) | (24,201) | (5,313) | 22.0% |
