Press Release
Boulogne-Billancourt, September 14, 2022
2022 Half-Yearly Results:
Record half-year operating margin from ordinary activities: 10.3% Net income attributable to owners of the parent: €17.3 million
In € thousands | H1 2022 | H1 2021 | Change |
Revenue | 258,480 | 233,095 | +10.9% |
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) | |
Operating profit | 25,025 | 21,317 | +17.4% |
Financial income/(expense) | (565) | 69 | |
Tax (expense)/income | (7,091) | (5,776) | |
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 | |
Headcount | 7,442 | 6,888 |
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-digithalf-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%.
Contacts
Amaury Dugast - Actus Finance - Tel: +33 (0)1 53 67 36 74 - E-mail:adugast@actus.fr
David Fuks - Co-Chief Operating Officer - Finance Department - Tel.: +33 (0)1 46 10 67 67 - E-mail:dfuks@aubay.com
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.
Contacts
Amaury Dugast - Actus Finance - Tel: +33 (0)1 53 67 36 74 - E-mail:adugast@actus.fr
David Fuks - Co-Chief Operating Officer - Finance Department - Tel.: +33 (0)1 46 10 67 67 - E-mail:dfuks@aubay.com
Glossary
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.
2022 | |
Organic growth | +10.9% |
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.
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 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
Contacts
Amaury Dugast - Actus Finance - Tel: +33 (0)1 53 67 36 74 - E-mail:adugast@actus.fr
David Fuks - Co-Chief Operating Officer - Finance Department - Tel.: +33 (0)1 46 10 67 67 - E-mail:dfuks@aubay.com
APPENDICES
Statement of financial position as of June 30, 2022 | |||||
ASSETS (in € thousands) | June 30, 2022 | Dec. 31, 2021 | |||
Goodwill | 131,305 | 131,305 | |||
Intangible assets | 894 | 917 | |||
Property, plant & equipment | 4,422 | 4,156 | |||
Right of use relating to leases | 15,809 | 14,152 | |||
Equity-accounted investees | - | - | |||
Other financial assets | 2,070 | 2,102 | |||
Deferred tax assets | 2,321 | 2,653 | |||
Other non-current assets | 360 | 354 | |||
NON-CURRENT ASSETS | 157,181 | 155,639 | |||
Inventories and work in progress | 772 | 491 | |||
Assets on contracts | 44,235 | 32,127 | |||
Trade receivables | 118,775 | 111,359 | |||
Other receivables and accruals | 37,668 | 37,082 | |||
Marketable securities | 707 | 1,026 | |||
Cash at bank and in hand | 66,459 | 78,461 | |||
CURRENT ASSETS | 268,616 | 260,546 | |||
TOTAL ASSETS | 425,797 | 416,185 | |||
EQUITY AND LIABILITIES (in € thousands) | June 30, 2021 | Dec. 31, 2021 | |||
Capital | 6,634 | 6,611 | |||
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 | |||
Minority interests | 187 | 191 | |||
SHAREHOLDERS' EQUITY | 238,404 | 229,951 | |||
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 | |||
NON-CURRENT LIABILITIES | 19,407 | 19,352 | |||
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 | |||
Contract liabilities | 13,701 | 19,913 | |||
Other current liabilities | 110,608 | 104,122 | |||
CURRENT LIABILITIES | 167,986 | 166,882 | |||
TOTAL EQUITY AND LIABILITIES | 425,797 | 416,185 |
Contacts
Amaury Dugast - Actus Finance - Tel: +33 (0)1 53 67 36 74 - E-mail:adugast@actus.fr
David Fuks - Co-Chief Operating Officer - Finance Department - Tel.: +33 (0)1 46 10 67 67 - E-mail:dfuks@aubay.com
Consolidated income statement for first-half 2022 | |||||||||
(in € thousands) | First-half 2022 | % | First-half 2021 | % | |||||
Revenue | 258,480 | 100% | 233,095 | 100% | |||||
Other operating income | 120 | 200 | |||||||
Purchases used in production and external charges | (49,103) | (46,850) | |||||||
Staff costs | (176,617) | (158,452) | |||||||
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) | |||||||
Operating profit | 25,025 | 9.7% | 21,317 | 9.1% | |||||
Income from cash and cash equivalents | |||||||||
Net borrowing costs | (244) | (260) | |||||||
Other financial income and expenses | (321) | 329 | |||||||
Financial income/(expense) | (565) | 69 | |||||||
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 | |||||||||
Net income | 17,369 | 6.7% | 15,610 | 6.7% | |||||
Attributable to owners of the parent | 17,333 | 15,583 | |||||||
Minority interests | 39 | 27 | |||||||
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 |
Contacts
Amaury Dugast - Actus Finance - Tel: +33 (0)1 53 67 36 74 - E-mail:adugast@actus.fr
David Fuks - Co-Chief Operating Officer - Finance Department - Tel.: +33 (0)1 46 10 67 67 - E-mail:dfuks@aubay.com
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Disclaimer
Aubay SA published this content on 14 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2022 16:39:05 UTC.