|In € thousands||H1 2021||H1 2020||Change|
|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)|
|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|
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.
|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.
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|
|Property, plant & equipment||4,573||5,166|
|Right of use relating to leases||16,433||18,611|
|Other financial assets||2,022||2,263|
|Deferred tax assets||2,492||2,472|
|Other non-current assets||-||118|
|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|
|Cash at bank and in hand||48,718||51,883|
|LIABILITIES (€ thousands)||31/06/2021||31/12/2020|
|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|
|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|
|Other liabilities and accruals||107,278||96,132|
|TOTAL EQUITY AND LIABILITIES||397,409||381,760|
|Consolidated income statement|
|(in € thousands)||6/30/2021||%||12/31/2020||%|
|Other operating income||200||244|
|Purchases used in production and external charges||(46,850)||(43,205)|
|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 |
|Other operating income and expenses||(613)||(906)|
|Income from cash and cash equivalents|
|Net borrowing costs||(260)||(283)|
|Other financial income and expenses||329||(19)|
|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||-||-|
|Attributable to owners of the parent||15,583||11,287|
|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|
|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|