|In € thousands||H1 2022||H1 2021||Change|
|Operating profit from ordinary activities||26,601||22,457||+18.5%|
|As a % of revenue||10.3%||9.6%|
|Cost of performance shares||(635)||(527)|
|Other operating income and expenses||(941)||(613)|
|Net income from consolidated companies||17,369||15,610||+11.3%|
|As a % of revenue||6.7%||6.7%|
|Net income attributable to owners of the parent||17,330||15,583|
|Earnings per share||€1.31||€1.18|
Aubay's Board of Directors, which met on September 14, 2022 under Chairman Christian Aubert, approved the consolidated financial statements for the first six months of 2022. The financial statements have been reviewed by the company's Statutory Auditors who will shortly issue their reports.
Aubay posted excellent results in the first half of 2022. Organic growth reached 10.9%, representing twice the medium-term objective.
Double-digit half-year operating margin from ordinary activities
Operating margin from ordinary activities set a new record for a first-half performance, exceeding 10% for the first time at 10.3%. Operating profit from ordinary activities rose 18.5% to €26,601 thousand. This sharp increase was attributable to a robust performance, with a 95.2% consultant utilization rate compared to 93.8% in first-half 2021, and a favorable calendar effect during the period in terms of working days. It can also be explained by contained salary raises, which were offset by an increase in sales prices.
The Group's operating margin from ordinary activities improved across all regions and came in at 8.7% for operations in France and 11.9% for operations overseas, compared with 8.2% and 11.1%, respectively, in 2021.
Operating profit of €25 million
Operating profit rose by 17.4%, after taking into account the cost of performance shares for €0.6 million and a net expense of €0.9 million under "Other operating income and expenses", primarily comprising restructuring expenses.
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 €17.3 million, a record half-year high for the Group. The tax expense of €7.1 million resulted in an average tax rate of 29%.
Net cash (excluding rental liabilities) stable at €64 million, after dividend payment
Cash flow stood at €29.1 million or 11.3% of revenue, compared with €25.7 million in 2021. The change in WCR amounted to a negative €17.8 million compared to a negative €14.5 million for the same period of the previous year, in line with the strong growth in revenue and the usual seasonal nature of our businesses. After taking the €10.1 million dividend payout in May into account, net cash was stable at €64 million at June 30, 2022, and should significantly increase during the second half of the year.
Proposed interim dividend of €0.50
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 €0.50 per share in respect of 2022. The interim dividend will be paid on November 10, 2022.
Outlook for 2022
Demand from our clients remains strong, as in the first half of the year. The productivity rate has also remained high. Headcount is expected to grow as much in the third quarter as in the first half of the year. However, the seasonal effect will be less favorable in the second half of the year (two fewer working days than in H2 2021).
In light of the above, Aubay reaffirms its objectives and is now aiming to achieve the top end of its revenue target, i.e., €513 million, a 9% increase. The target for operating margin from ordinary activities remains unchanged at between 9.5% and 10.5%.
Aubay will publish its 2022 third-quarter revenue on October 19, 2022 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.
|Impact of changes in scope||0|
|Growth as reported||+10.9%|
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.
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 7,442 employees in seven countries (France, Belgium, Luxembourg, Italy, Spain, Portugal and the United Kingdom) at June 30, 2022, Aubay generated revenue of €470.6 million in 2021.
Euronext, Compartment: B - ISIN FR0000063737-AUB - Reuters : AUBT.PA - Bloomberg AUB:FP
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|Statement of financial position as of June 30, 202 2|
|ASSETS (in € thousands)||June 30, 2022||Dec. 31, 2021|
|Property, plant & equipment||4,422||4,156|
|Right of use relating to leases||15,809||14,152|
|Other financial assets||2,070||2,102|
|Deferred tax assets||2,321||2,653|
|Other non-current assets||360||354|
|Inventories and work in progress||772||491|
|Assets on contracts||44,235||32,127|
|Other receivables and accruals||37,668||37,082|
|Cash at bank and in hand||66,459||78,461|
|EQUITY AND LIABILITIES (in € thousands)||June 30, 2021||Dec. 31, 2021|
|Additional paid-in capital and consolidated reserves||214,253||188,740|
|Net income attributable to owners of the parent||17,330||34,409|
|Shareholders' equity attributable to the Group||238,217||229,760|
|Borrowings and financial liabilities: non-current portion||1,903||2,155|
|Rental liabilities due in more than 1 year||10,944||10,198|
|Deferred tax liabilities||1||1|
|Provisions for contingencies and expenses||6,367||6,924|
|Other non-current liabilities||192||74|
|Borrowings and financial liabilities: current portion||1,774||2,500|
|Rental liabilities due within 1 year||5,257||4,366|
|Trade and other payables||36,646||35,981|
|Other current liabilities||110,608||104,122|
|TOTAL EQUITY AND LIABILITIES||425,797||416,185|
|Consolidated income statement for first-half 2022|
|(in € thousands)||First-half 2022||%||First-half 2021||%|
|Other operating income||120||200|
|Purchases used in production and external charges||(49,103)||(46,850)|
|Taxes other than on income||(2,197)||(1,935)|
|Amortization, depreciation and provisions||(3,925)||(3,758)|
|Change in inventories of work in progress and finished goods|
|Other operating income and expenses||(157)||157|
|Operating profit from ordinary activities||26,601||10.3%||22,457||9.6%|
|Expenses linked to restricted share units and similar awards||(635)||(527)|
|Current operating profit||25,966||10.0%||21,930||9.4%|
|Other operating income and expenses||(941)||(613)|
|Income from cash and cash equivalents|
|Net borrowing costs||(244)||(260)|
|Other financial income and expenses||(321)||329|
|Income tax expense||(7,091)||29%||(5,776)||27%|
|Income from equity-accounted investees|
|Net income before results of discontinued operations or assets held for sale||17,369||15,610|
|Net income after tax of discontinued operations or assets held for sale|
|Attributable to owners of the parent||17,333||15,583|
|Basic weighted average number of shares||13,252,256||13,208,860|
|Earnings per share||1.31||1.18|
|Diluted weighted average number of shares||13,332,256||13,283,360|
|Diluted earnings per share||1.30||1.17|
|Cash flow statement for first-half 2022|
|(in € thousands)||First-half 2022||First-half 2021|
|Consolidated net income (including non-controlling interests)||17,368||15,660|
|Income from equity-accounted investees|
|Net depreciation, amortization and provisions and right of use relating to leases||3,816||2,810|
|Non-cash expenses and income relating to share-based payments||635||527|
|Other non-cash items|
|Gains and losses on disposals of fixed assets||(6)||484|
|Cash flow after net interest expense and tax||21,756||19,481|
|Net borrowing costs||244||260|
|Tax expense (including deferred taxes)||7,091||5,726|
|Cash flow before net interest expense and tax (A)||29,276||25,467|
|Income tax payments (B)||(8,798)||(4,852)|
|Change in WCR ©||(17,463)||(14,300)|
|Net cash provided by (used in) operating activities (D) = (A+B+C)||2,830||6,315|
|Outflows for the acquisition of tangible and intangible fixed assets||(1,102)||(460)|
|Inflows from the disposal of tangible and intangible fixed assets||6|
|Outflows for the acquisition of financial assets||(4)|
|Inflows from the disposal of financial assets|
|Change in loans and advances granted||50||248|
|Disbursements (cash) related to business combinations, net of cash and cash equivalents|
|Net cash provided by (used in) investing activities (E)||(993)||(212)|
|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||(10,075)||(4,340)|
|- Dividends paid to the non-controlling shareholders of consolidated companies||(44)|
|Inflows from new borrowings||115|
|Repayment of loan debt||(1,272)||(2,168)|
|Repayment of rental liabilities||(2,818)||(2,165)|
|Net interest payments||(244)||(260)|
|Purchase of non-controlling minority interests|
|Other financial cash flows|
|Net cash provided by (used in) financial activities (F)||(14,453)||(8,818)|
|Effects of changes in foreign exchange rates (G)||(11)||34|
|Change in net cash (D+E+F+G)||(12,627)||(2,681)|
|Cash and cash equivalents at beginning of period||79,056||52,205|
|Cash and cash equivalents at end of period||66,429||49,524|