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  AUBAY company press release from 15/09/2021

  15/09/2021 - 17:50

2021 Half-Yearly Results: Business above pre-crisis level - Record half-year operating margin from ordinary activities: 9.6% - Net income attributable to owners of the parent: EUR 15.6 million

In € thousands H1 2021 H1 2020 Change
Revenue 233,095 214,777 +8.5%
Operating profit from ordinary activities 22,457 18,791 +19.5%
As a % of revenue 9.6% 8.7%  
Cost of performance shares (527) (464)  
Other operating income and expenses (613) (906)  
Operating profit 21,317 17,421 +22.4%
Financial income/(expense) 69 (302)  
Tax (expense)/income (5,776) (5,814)  
Net income from consolidated companies 15,610 11,305 +38.1%
As a % of revenue 6.7% 5.3%  
Net income attributable to owners of the parent 15,583 11,287  
Earnings per share  €1.18  €0.86  
Headcount 6,888 6,411  


Aubay's Board of Directors, which met on September 15, 2021 under Chairman Christian Aubert, approved the consolidated financial statements for the first six months of 2021. The financial statements have been reviewed by the company's Statutory Auditors who will shortly issue their reports.

After demonstrating exceptional resilience in 2020, the Group has embarked on a strategy of commercial success. It reported organic growth of 8.5% in the first half of 2021, outstripping the benchmark market.


Operating margin from ordinary activities above projections

Operating margin from ordinary activities stood at 9.6%, the best first-half performance ever achieved in the history of the Group and higher than estimated when the half-yearly results were published in July, thanks in particular to a consultant productivity rate of 93.8% compared to 92.7% at June 30, 2020.

The Group's operating margin for the period came in at 8.2% for activities in France and 11.1% for activities overseas, compared with 7.5% and 10.1%, respectively, in 2020.


Operating profit of €21.3 million

Operating profit rose 22.4%, after taking into account the cost of performance shares of €0.5 million and a net operating expense of €0.6 million, primarily comprising restructuring expenses, which was lower than in the same prior-year period. 


Sharp increase in net income attributable to owners of the parent (6.7% of net margin)

Net income attributable to owners of the parent came in at €15.6 million, a record half-year high for the Group. The tax expense of €5.7 million reflected a decrease in the Group's average tax rate to 27%.


Net cash (excluding rental liabilities) stable at €44 million

Cash flow stood at €25.5 million or 10.9% of revenue. The change in WCR amounted to negative €14.3 million compared to a negative €4.2 million for the same period of the previous year, in line with the strong growth in revenue and the usual seasonal nature of our business. After taking into account the payment of a dividend in May for an amount of €4.3 million, net cash was stable at €44 million at June 30, 2021, and should significantly increase during the second half of the year.

Proposed interim dividend of €0.34

In light of the strong increase in net income and the Group's excellent financial position, the Board of Directors has decided to pay an interim dividend of €0.34 per share in respect of 2021. The interim dividend will be paid on November 10, 2021.


Outlook for 2021

Aubay operates on a market that still offers excellent visibility with numerous calls for tender issued by clients. The Group continues to achieve commercial success and productivity remains high. The headcount is still increasing, and is set to hit the 7,000 mark in the short term.

Management is very confident that the following 2021 targets, revised upwards in July, will be achieved:

  • Annual revenue of between €456 million and €465 million;
  • Operating margin from ordinary activities between 9.5% and 10.5%.


Aubay will publish its 2021 third-quarter revenue on October 20, 2021 after the close of trading.





Organic revenue growth: This refers to growth calculated for a constant scope of activity for a given period, excluding revenues from companies that were acquired or sold during the period. As Aubay conducts most of its business in the euro zone, any impact from changes in exchange rates is minimal.

Organic growth +8.5%
Impact of changes in scope 0
Growth as reported +8.5%



Operating profit from ordinary activities: this indicator corresponds to operating profit before the cost of free shares and other income and expenses that are unusual, abnormal or infrequent and that are booked separately in order to facilitate understanding of an entity's recurring operating performance.


Operating margin from ordinary activities: this indicator, which is expressed as a percentage, is the ratio of operating profit from ordinary activities to revenue.


Net debt or net cash (excluding rental liabilities): this indicator represents the difference between an entity's cash and debt. If the result is negative, it is referred to as net debt. If it is positive, it is referred to as net cash.



About Aubay

Aubay is a digital services company working alongside some of the biggest names in the Banking, Finance, Insurance, Manufacturing, Energy, Transport and Telecoms sectors. With 6,562 employees in 7 countries (France, Belgium, Luxembourg, Italy, Spain, Portugal and the United Kingdom), Aubay generated revenue of €426.4 million in 2020.

Euronext, Compartment: B - ISIN FR0000063737-AUB - Reuters AUBT.PA - Bloomberg AUB:FP



Nicolas Bouchez - Actus Finance - Tel.: +33 (0)1 53 67 36 74 - E-mail: [email protected]

David Fuks – Co-Chief Operating Officer – Finance Department – Tel.: +33 (0)1 46 10 67 67 – E-mail: [email protected]






Consolidated financial position    
ASSETS (€ thousands) 6/30/2021 12/31/2020
Goodwill 131,305 131,305
Intangible assets 991 771
Property, plant & equipment 4,573 5,166
Right of use relating to leases 16,433 18,611
Equity-accounted investees -  
Other financial assets 2,022 2,263
Deferred tax assets 2,492 2,472
Other non-current assets - 118
NON-CURRENT ASSETS 157,816 160,706
Inventories and work in progress 324 516
Assets on contracts 41,397 29,148
Client and other receivables 112,049 105,432
Other receivables and accruals 36,265  33,496 
Marketable securities 840  579 
Cash at bank and in hand 48,718  51,883 
CURRENT ASSETS 239,593 221,054
TOTAL ASSETS 397,409 381,760
LIABILITIES (€ thousands) 31/06/2021 31/12/2020
Capital 6,611  6,604 
Additional paid-in capital and consolidated reserves 192,581  170,016 
Net income attributable to the Group 15,583  26,132 
Shareholders' equity attributable to the Group 214,775 202,752
Minority interests 146 144 
SHAREHOLDERS' EQUITY 214,921 202,896
Borrowings and financial liabilities: non-current portion 2,444 3 ,913
Rental liabilities: due in over 1 year 11,809 13,756
Deferred tax liabilities 1 1
Provisions for contingencies and expenses 6,812 6,751
Other non-current liabilities 441 273
Borrowings and financial liabilities: current portion 3,097 3,907
Rental liabilities: due within 1 year 5,024 5,240
Trade payables and related accounts 31,120 30,572
Contract liabilities 14,462 18,319
Other liabilities and accruals 107,278 96,132



Consolidated income statement


(in € thousands) 6/30/2021 % 12/31/2020 %
Revenue 233,095 100% 214,777 100%
Other operating income 200    244   
Purchases used in production and external charges (46,850)    (43,205)   
Staff costs (158,452)    (147,290)   
Taxes other than on income (1,935)    (1,791)   
Amortization, depreciation and provisions (3,758)    (3,840)   
Change in inventories of work in progress and finished goods        
Other operating income and expenses 157    (104)   
Operating profit from ordinary activities 22,457 9.6% 18,791 8.7%
Expenses linked to restricted share units and similar awards (527)    (464)   
Current operating profit 21,930 9
18,327 8.5%
Other operating income and expenses (613)    (906)   
Operating income 21,317 9.1% 17,421 8.1%
Income from cash and cash equivalents        
Net borrowing costs (260)    (283)   
Other financial income and expenses 329    (19)   
Financial income/(expense) 69   (302)  
Income tax expense (5,776)  27% (5,814)  34%
Income from equity-accounted investees        
Net income before results of discontinued operations or assets held for sale 15,610   11,305  
Net income after tax of discontinued operations or assets held for sale  -    -  
Net income 15,610 6.7% 11,305 5.3%
Attributable to owners of the parent 15,583    11,287   
Minority interests 27   18   
Basic weighted average number of shares 13,208,860   13,190,560  
Earnings per share 1.18   0.86  
Diluted weighted average number of shares 13,283,360   13,243,060  
Diluted earnings per share 1.17   0.85  



Statement of consolidated cash flows
(in € thousands) 6/30/2021 12/31/2020
Consolidated net income (including non-controlling interests) 15,660 11,305
Income from equity-accounted investees    
Net depreciation, amortization and provisions and right of use relating to leases 2,810  4,150 
None-cash expenses and income relating to share-based payments 527  464 
Other non-cash items   212 
Dividend income    
Gains and losses on disposals of fixed assets 484  101 
Cash flow after net interest expense and tax 19,481 16,232
Net borrowing costs 260  283 
Tax expense (including deferred taxes) 5,726  5,814 
Cash flow before net interest expense and tax (A) 25,467 22,329
Income tax payments (B) (4,852)  (130) 
Change in trade and other receivables (C) (14,300)  (4,231) 
Net cash provided by (used in) operating activities (D) = (A+B+C) 6,315 17,968
Outflows for the acquisition of tangible and intangible fixed assets (460)  (646) 
Inflows from the disposal of tangible and intangible fixed assets    
Outflows for the acquisition of financial assets   (4) 
Inflows from the disposal of financial assets    
Change in loans and advances granted 248  388 
Disbursements (cash) related to business combinations, net of cash and cash equivalents    
Net cash provided by (used in) investing activities (E) (212) (262)
Proceeds from capital increases    
Amounts received upon the exercise of stock options    
Purchases of treasury shares for cancellation    
Purchases of and proceeds from the sale of treasury shares    
Dividends paid in the period    
 Net dividends paid to parent company shareholders (4,340)  (3,562) 
 Dividends paid to the non-controlling shareholders of consolidated companies    
Inflows from new borrowings 115  1 520 
Repayment of financial debt (2,168)  (2,482) 
Repayment of loan debt (2,165)  (2,609) 
Net interest payments (260)  (283) 
Purchase of non-controlling minority interests    
Other financial flows    
Net cash provided by (used in) financial activities (F) (8,818) (7,416)
Effects of changes in foreign exchange rates (G) 34  (40) 
Change in net cash (D+E+F+G) (2,681)  10,250 
Cash and cash equivalents at the beginning of the period 52,205 24,131
Cash and cash equivalents at end of period 49,524 34,381

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  Original Source: AUBAY