Earnings Release • Mar 18, 2019
Earnings Release
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| Informazione Regolamentata n. 20042-8-2019 |
Data/Ora Ricezione 18 Marzo 2019 16:47:03 |
MTA | |
|---|---|---|---|
| Societa' | : | Triboo S.p.A. | |
| Identificativo Informazione Regolamentata |
: | 115287 | |
| Nome utilizzatore | : | TRIBOON04 - Corno | |
| Tipologia | : | 1.1 | |
| Data/Ora Ricezione | : | 18 Marzo 2019 16:47:03 | |
| Data/Ora Inizio Diffusione presunta |
: | 18 Marzo 2019 16:47:04 | |
| Oggetto | : | Triboo: Consolidated Financial Statements as at 31st December 2018 approved by the Board of Directors; EBITDA up by 28.8% |
|
| Testo del comunicato |
Vedi allegato.
The Board of Directors of Triboo S.p.A. – a Group specialising in e-commerce and digital advertising, listed on the MTA ("the Group") – approved the Stand-Alone Financial Statements and the Consolidated Financial Statements as at 31st December 2018.
Giulio Corno, Triboo's CEO, commented: "2018 has been a year of remarkable growth in terms of revenue and profitability. Important goals have been achieved, such as the transition to MTA (the main market of Borsa Italiana). We are seeing new chances to strengthen our position, as we can rely on the successful track record of our management team. For such vision to materialise, we also worked at evolving our business model by expanding our consulting services and internationalisation strategy. The appointment of new executive director
Riccardo Maria Monti, whose proven experience will remarkably boost Triboo's global expansion process, goes in this direction too".
In the financial year 2018, the Group achieved a consolidated revenue of 69.6, millions of euros which is higher than the previous year's 65.4 millions of euros.
The consolidated EBITDA amounts to 9.9 millions of euros, which is higher than the 7.7 millions of euros as at 31st December 2017 (+28.8%), mainly as the result of a continuous growth of the Digital and Media Divisions.
The Digital Division keeps bringing in substantial revenue, which now amounts to 43.4 millions of euros (+11.0%). The EBITDA has reached 7.8 millions of euros (+22.5%), with a constantly-growing number of managed stores and the addition of important new brands.
In the financial year 2018, the Media Division achieved 29.4 millions of euros of revenue (+2.7% yoy) and an EBITDA of 2.1 millions of euros (+59.5% yoy).
Such results are also evidence of the effectiveness of the initiatives taken since the second half of 2017 to expand the sales force and produce increasingly vertical and excellent published contents.
Remarkable rise in consolidated net profit for 2018, now at 2.2 millions of euros and 64.3% higher than in 2017.
A strong cash flow from our operations, equal to 12.9 millions of euros, enabled us to make investments for a total amount of 10.6 millions of euros and made us generate a net cash flow of 3 millions of euros after paying 1 millions of euros of dividends on 2017. Such investments include non-recurring items, such as financial leases and M&A.
The Group's net financial debt as at 31st December 2018, equal to 6.1 millions of euros (+0.6 millions of euros versus 31st December 2017), also includes the effects of new leases, M&A and the fair value of put/call options and earn-out provisions on new acquisitions.
In addition, the Board of Directors approved the 2018 Financial Statements of the Parent Company, Triboo S.p.A., showing a net revenue of 3.8 millions of euros (versus 3.1 millions of euros in 2017) and a net profit of -0.8 millions of euros (versus +2.8 millions of euros of the previous year).
In addition, the Board of Directors decided to propose to pay 2.0 millions of euros of dividends on 2018 to the Shareholder Meeting.
The dividend per share, calculated dividing total dividends by the number of ordinary shares that are currently entitled to dividend, is equal to 0.0696 euros. This amount may decrease if, on the coupon detachment date, the actual number of treasury shares should increase following any purchase carried out in implementation of the current buy back plan. The dividend will be payable starting from 29th May 2019, with detachment of the coupon on 27th May 2019 and record date on 28th May 2019.
The highlights occurred in the financial year 2018 are listed below:
The most outstanding events that happened after the closing as at 31st December 2018 include:
Triboo a prize at the China Awards 2018, which are sponsored by the Italy-China Chamber of Commerce.
• Launch of the share buy-back plan approved at the Shareholders' Meeting of 19 November 2018.
In the attempt to make the most of the opportunities provided by the Digital and Media divisions, in 2019 Triboo is implementing a business model structured in four key areas:
This organization improves the go-to-market by generating higher revenues per client and cost synergies. In addition, the evolution of such model will be more focussed on added-value services, technology and a new digital consulting Business Unit (Consulting, Data & Technology).
Such Business Unit, along Triboo's wide expertise, technology and data analytics systems, is a great chance to become the 'one-stop' provider in the competitive digital market in Italy, with an increasing presence at the international level.
***
The Board of Directors resolved to convene the annual Shareholder Meeting on 29th April 2019, on single call, to vote on the adoption of the balance sheet as at 31st December 2018 and to submit the consolidated balance sheet.
The Shareholders' Meeting will also resolve on the appointment of the Board of Directors. The notice of call of the Shareholders' Meeting will be published within the terms and according to the procedures provided for by the applicable laws and regulations.
According to the applicable laws, documents of the agenda, along with the draft balance sheet of Triboo S.p.A. and the consolidated balance sheet of the Triboo Group as at 31st December 2018, will be filed at the registered headquarters and will be available on the website, www.triboo.it, in compliance with the applicable laws and regulations.
Please find attached the consolidated Statement of Assets and Liabilities and the consolidated Profit and Loss Account as at 31st December 2018.
***
The Corporate Financial Reporting Manager, Mr. Giovanni Marino, declares, pursuant to Article 154-bis, second paragraph of Legs. Decree No. 58/98, that this press release corresponds to the underlying accounting documents, records and accounting entries.
This document is an English translation from Italian. The Italian original shall prevail in case of difference in interpretation and/or factual errors.
Triboo S.p. A., a company listed on the MTA, is a Digital Transformation Factory that supports its customers in the opening and management of digital businesses all over the world. With its 500 professionals, outstanding services and international network, Triboo is a "one stop solution" that assists companies in their digital transition with an integrated range of Digital Consulting, Digital Marketing, Digital Integration and Development, Ecommerce Management, Content Development, Audience Monetization, and Training services.
www.triboo.com www.linkedin.com/company/triboo-s-p-ahttps://www.facebook.com/GruppoTriboo/
| (in €000) | 31/12/2018 | 31/12/2017 |
|---|---|---|
| Non -current assets |
59 ,724 |
52 ,223 |
| Property, plant and equipment | 7 ,858 |
5 ,814 |
| Intangible assets | 20 , 451 |
15 ,809 |
| Goodwill | 28 ,294 |
27 ,539 |
| Investments in an associate and a joint venture | 607 | 986 |
| Non -current financial assets |
26 | 78 |
| Deferred tax assets | 2 ,158 |
1 ,700 |
| Other non -current assets |
330 | 297 |
| Current assets | 51 ,805 |
44 ,860 |
| Trade receivables | 35 ,995 |
30 ,277 |
| Current financial assets | 2 ,151 |
2 ,852 |
| Cash and short -term deposit |
8 ,432 |
5 ,445 |
| Current tax assets | 3 ,018 |
4 ,564 |
| Other current assets | 2 ,209 |
1 ,723 |
| Assets held for sale | - | 1 ,883 |
| Assets held for sale | - | 1 ,883 |
| Total assets | 111 ,530 |
98 ,966 |
| (in €000) | 31/12/2018 | 31/12/2017 |
|---|---|---|
| Equity and liabilities | 36 ,224 |
35 ,667 |
| Equity | 28 ,740 |
28 ,740 |
| Legal reserve | 475 | 353 |
| Straordinary reserve | 927 | 938 |
| Treasury shares | (860) | (885) |
| Other capital reserves | 4 ,561 |
5 ,061 |
| Retained earnings | 1 ,757 |
1 ,146 |
| Equity attributable to equity holders of the parents | 35 ,600 |
35 ,353 |
| Non -controlling interests |
624 | 314 |
| Non -current liabilities |
14 ,264 |
12 ,491 |
| Non -current financial liabilities |
10 ,656 |
9 ,224 |
| Net employee defined benefit liabilities | 2 ,364 |
2 ,137 |
| Provisions | 20 | 188 |
| Deferred tax liabilities | 1 ,223 |
942 |
| Current liabilities | 61 ,042 |
50 ,808 |
| Current financial liabilities | 6 ,038 |
4 ,588 |
| Current loans | 3 ,627 |
1 ,583 |
| Trade payables | 48 ,607 |
41 ,397 |
| Current tax liabilities | 1 ,562 |
1 ,479 |
| Other current liabilities | 4 ,834 |
3 ,344 |
| Liabilities directly associated with the assets held for sale | - | - |
| Liabilities directly associated with the assets held for sale | - | |
| Total equity and liabilities | 111 ,530 |
98 ,966 |
| (in €000) | 31/12/2018 | 31/12/2017 |
|---|---|---|
| Revenue | 66,296 | 65,303 |
| Other operating revenue | 3,346 | 50 |
| Cost of sales | (40,620) | (39,765) |
| Salary and contributions | (15,787) | (15,178) |
| Other operating expenses | (3,322) | (2,712) |
| Amortization | (6,203) | (5,757) |
| Provisions and devaluations | (479) | (63) |
| Operating profit | 3,231 | 1,878 |
| Finance income | 84 | 698 |
| Finance costs | (439) | (351) |
| Net finance income and costs | (355) | 347 |
| Share of profit of an associate and a joint venture | (61) | (44) |
| Adjustments of financial assets | (23) | (37) |
| Profit before tax | 2,793 | 2,144 |
| Income tax | (571) | (792) |
| Net profit for the period | 2,222 | 1,352 |
| - Equity holders of the parents | 1,757 | 1,146 |
| - Non-controlling interest | 465 | 206 |
| Other comprehensive income | ||
| Other comprehensive income not to be reclassified to profit or loss in subsequent periods (net of tax) |
(104) | (23) |
| Employee benefits | (104) | (23) |
| Total other comprehensive income | (104) | (23) |
| Total comprehensive income, net of tax | 2,118 | 1,329 |
| - Equity holders of the parents | 1,654 | 1,122 |
| - Non-controlling interest | 465 | 206 |
| Profit / (loss) for share | 0.06 | 0.04 |
| (in €000) | 31-dic-18 | 31-dic-17 |
|---|---|---|
| Net profit | 2,222 | 1,351 |
| Amortization of tangible assets | 801 | 462 |
| Amortization of intangible assets | 5,401 | 5,295 |
| Provisions and devaluations | 369 | 63 |
| Share of the result of investments accounted for at equity net of dividends received | 61 | 44 |
| Provisions (Uses) to personnel-related funds | 227 | 232 |
| Provisions (Uses) to the risk provision | 13 | - |
| Other non-monetary items | 452 | (655) |
| Cash flow generated by income management | 9,546 | 6,793 |
| Change in trade receivables | (6,087) | (3,176) |
| Change in trade payables | 7,210 | 7,184 |
| Change in other receivables and other assets | 508 | (4,123) |
| Change in other payables and other liabilities | 1,674 | 444 |
| A - Net flow generated / (absorbed) by operating activities | 12,851 | 7,122 |
| Investments in tangible assets | (1,327) | (1,495) |
| Investments in intangible assets | (10,043) | (6,292) |
| Investments in financial assets (equity investments) | 378 | (106) |
| Realizable price, or redemption value, of fixed assets | (703) | - |
| Amounts (paid) / received for the acquisition / disposal of subsidiaries or associates, net of cash and | ||
| cash equivalents acquired | 1,110 | (2,275) |
| B - Net flow generated / (absorbed) by investment activities | (10,585) | (10,169) |
| Dividends paid in the period | (988) | (2,130) |
| Loans disbursed (repaid) | (310) | (2,989) |
| Mortgages and loans taken over by banks and other lenders over the period | 3,500 | 4,100 |
| Increase in share capital | - | - |
| Purchase of treasury shares | - | - |
| Repayment of mortgages and long-term loans | (1,479) | (1,289) |
| C - Net flow generated / (absorbed) by financing activities | 722 | (2,308) |
| D - Total cash flow generated / (absorbed) in the period (A + B + C) | 2,988 | (5,354) |
| E - Cash and cash equivalents at the beginning of the period | 5,445 | 10,798 |
| F - Cash and cash equivalents at the end of the period (D + E) | 8,432 | 5,445 |
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