- Revenues: € 7,6 million, +13% (H1 2016: € 6,7 million)
- Recurring Revenues: +28% compared to H1 2016
- EBITDA: € 2,5 million, 33% on Total Revenues, +2,4% vs H1 2016 (€ 2,5 million)
- EBITDA adjusted: € 2,8 million, +14% vs H1 2016 (€ 2,5 million)
- Pre-tax profit: €1,2 million (H1 2016: € 2,2 million)
- Net profit: € 1,0 million (H1 2016: € 1,8 million)
- Operating Cash Flow: € 3,8 million, 51% of Net Sales
-
Net Financial Position: € 6,6 million (FY 2016: € 2,0 million positive)
Milan, September 28th, 2017
Today, the Board of Directors of Piteco, a company listed on AIM Italia, Italian leader in the design and implementation of management solutions for Treasury and Financial Planning, approved the "first" H1 consolidated financial statement at June 30th, 2017, in accordance with IAS / IFRS.
Marco Podini, Piteco Chairman: "For the first time we present ourselves as a Group, thanks to the international expansion strategy which accompanied us on our capital market listing path. The H1 2017 figures confirm our leadership in the Italian market of Cash Management and Financial Planning solutions outlining the basis of the continuous growth in the US Banking Software market. These are the drivers of the H1 results closed with 13% revenue increase also due to the contribution (approx 2 months) of the newly-controlled American Juniper Payments LLC. The figures confirm a strong growth in recurring fees revenue, a clear strategic choice of our Board to keep improving our growing strategies based on the predictability of future revenues.Regarding the subsidiary Juniper Payments, the business model strength is confirmed by the continuity of its recurring fees due to long-term contracts signed with US Banks and fully predictable costs, thus generating a minimum guaranteed marginality. The margins have been affected in the first month of business exclusively by accounting policy and one-time costs related to the business asset acquisition."
H1 2017 main results
Revenues amounted to € 7,6 million, and registered a growth of 13% compared to € 6,7 million at June 30th2016, also considering the 2-months contribution of the American subsidiary Juniper. Recurring fees show the very positive trend with 28% increase compared to June 30th2016, of which a 5% are from Cash Management.
EBITDA, amounted to € 2,5 million, 2,4% higher than H1 2016. Almost 300.000 USD Revenues related to the first month activity of Juniper Payments were not calculated due to accounting issues, they were instead booked as lower acquisition price. TheEBITDA considering this adjustment would have been recorded a 14% growth compared to H1 2016.Pre-tax profit amounted to € 1,2 million (€ 2,2 million at June 30th2016). In comparison to the previous year result, beside the above mentioned accounting issue of about 300.000 USD, it has to be considered extraordinary expenses of 240.000 USD for the Landingtools Business Unit acquisition and exchange rate losses (figuratives) related to the weakness of the USD at 30thJune 2017 compared to the 10 million Intercompany loan (valued around 640.000 €).
Net Profit amounted to 1,0 million (€ 1,8 million at 30thJune 2016), is affected by the extraordinary negative factors previously outlined, despite the "Patent Box" fiscal benefits.
Cash flow in H1 2017 confirmed the high cash conversion capability. H1 Operating Cash Flowamounts to € 3,8 million representing 51% of net sales revenues.
Net financial position at June 30th2017 is equal to € 6,6 million; at 31.12.2016 it was € 2,0 million positive. In the first half of the year €10,3 million were paid for the acquisition of US Lendingtools assets and
€2,7 million were distributed as dividends.
Significant events following June 30th, 2017 and predictable management evolution
After the first half year, Piteco SpA extinguished the residual mortgage loan of € 3,5 million value, no longer matching the financial requirement needs.
Since the share price remained permanently above the "conversion value" (€ 4,2 per Share) a shares conversion of the convertible Bond, expiring on 31stJuly 2020, started spontaneously.
Total Revenues at August 31stshow a 17% yoy growth and 24 New Clients, as of today, joined the Piteco customer community making us confident on an overall 2017 profitability growth.
The consolidated H1 Financial Report as of June 30th, 2017 will be public in Investor Relations section "Balances and Reports" on internet website www.pitecolab.it, within the terms set by AIM Italia Issuer Regulations.
The press release is available on the company's website www.pitecolab.itandwww.1info.it
PITECO GROUP (PITE:IM), an important player in financial software sector, with an internationalization strategy based on two business lines: PITECO SpA, absolute leader in Italy in proprietary solutions for Treasury management and Financial Planning used by 650 national and international groups operating in all industrial sectors (excluding Banks and P.A.). 85 highly qualified professionals and 3 branches (Milan, Rome, Padua), operating for more than 30 years, cover the complete software's value chain: R&D, design, realization, sales and service. Its proprietary software products communicate with the principal company information systems (Sap, Oracle, Microsoft), are customizable to customers' needs and are present in more than 40 countries. Solid customer portfolio and the unique business model based on recurrent fees, enable a high visibility on the turnover forecast.
JUNIPER PAYMENTS LLC, Software House, US leader with proprietary solutions in "digital payment" and clearing house market. It manages the interbank financial transaction accounting (bank transfer and check collection control) of 3.500 American bank institutions for over 3 billion dollars daily. JUNIPER represents one of the largest US interbank networks and was established in April 2017 to acquire activities from LandingTools.com Inc., a US company active in the industry since 2000.
ISIN ordinary shares: IT0004997984 - ISIN POC "Piteco 4,50% 2015-2020": IT0005119083
ContactsIR TOP Investor Relations Maria Antonietta Pireddu m.pireddu@irtop.comMedia Relations Domenico Gentile, Antonio Buozzi ufficiostampa@irtop.com Via C. Cantù, 1 - 20123 Milano T. +39 02 45473884/3 www.aimnews.it | ADVANCE SIM S.p.A. NomAd Massimo Grosso massimo.grosso@advancesim.it Piazza Cavour, 3 - 20121 Milano T. +39 327 9031218 | CFO SIM S.p.A. Specialist Via dell'Annunciata 23/4 20121 Milano T. +39 02 303431 filippomaria.palmarini@cfosim.com |
All the attached documents are prepared in accordance with the International Accounting Standard (IAS/IFRS). All the financial statements as of 30 June 2017 have been subject to limited review by Baker Tilly Revisa Spa:
Profit & Loss at 30 June 2017
Balance Sheet at 30 June 2017
Net Financial Position at 30 June 2017
Cash Flow Statement at 30 June 2017
PROFIT AND LOSS | H1 2017 | % on turnover | H1 2016 | % on turnover | 2017/2016 | % 17/16 |
Net Sales Revenues | 7.391.057 | 97,4% | 6.547.029 | 97,6% | 844.028 | 12,9% |
Other Revenues | 191.552 | 2,5% | 163.643 | 2,4% | 27.909 | 17,1% |
Work in Progress (change) | 8.199 | 0,1% | -5.885 | -0,1% | 14.085 | -239,3% |
TURNOVER | 7.590.808 | 100,0% | 6.704.786 | 100,0% | 886.021 | 13,2% |
Raw Materials | 91.511 | 1,2% | 61.012 | 0,9% | 30.499 | 50,0% |
Services | 1.355.721 | 17,9% | 1.177.165 | 17,6% | 178.556 | 15,2% |
Personnel Costs | 3.584.565 | 47,2% | 2.976.484 | 44,4% | 608.081 | 20,4% |
Other Costs | 24.344 | 0,3% | 15.655 | 0,2% | 8.689 | 55,5% |
EBITDA | 2.534.667 | 33,4% | 2.474.471 | 36,9% | 60.196 | 2,4% |
Depreciation and Amortization | 615.104 | 8,1% | 137.598 | 2,1% | 477.506 | 347,0% |
EBIT | 1.919.563 | 25,3% | 2.336.872 | 34,9% | -417.310 | -17,9% |
Financial Incomes (Costs) | -242.920 | -3,2% | -184.759 | -2,8% | -58.161 | 31,5% |
Forex Gains (Losses) | -640.172 | -8,4% | 0 | 0,0% | -640.172 | NC |
Non recurring Incomes (Costs) | 116.802 | 1,5% | 95.501 | 1,4% | 21.301 | 22,3% |
EBT | 1.153.272 | 15,2% | 2.247.615 | 33,5% | -1.094.343 | -48,7% |
Tax | 147.493 | 1,9% | 463.864 | 6,9% | -316.371 | -68,2% |
NET PROFIT (Loss) | 1.005.779 | 13,2% | 1.783.750 | 26,6% | -777.972 | -43,6% |
BALANCE SHEET | H1 2017 | FY2016 |
Tangible Assets | 1.558.642 | 1.365.305 |
Intangible Assets | 9.393.643 | 934.943 |
Goodwill | 27.773.759 | 27.690.778 |
Other Financial assets | 10.157 | 11.357 |
Tax Accounts | 221.178 | 88.085 |
Total non current assets | 38.957.378 | 30.090.468 |
Work in progress | 145.979 | 137.780 |
Trade and other receivable | 4.825.850 | 4.148.095 |
Tax receivables | 79.871 | 80.076 |
Other receivables | 160.024 | 170.404 |
Cash and Deposits | 7.892.311 | 10.869.599 |
Accrued revenues & prepaid expenses | 430.718 | 125.130 |
Total current assets | 13.534.755 | 15.531.083 |
TOTAL ASSETS | 52.492.132 | 45.621.551 |
Share Capital | 18.125.500 | 18.125.500 |
Reserves | 8.667.452 | 7.057.067 |
Profit (loss) previous years + reserves FTA/IAS | 2.372.842 | 2.336.556 |
Profit (loss) of the year | 1.005.779 | 4.503.177 |
Total Equity | 30.171.572 | 32.022.300 |
Convertible Bond | 4.632.650 | 4.582.164 |
Bank Debts over 12 months | 7.018.545 | 2.622.042 |
Severance pay and other funds | 1.132.426 | 1.192.258 |
Other non current Funds | 44.819 | 42.470 |
Deferred Tax | 138.958 | 137.392 |
Total non current Liabilities | 12.967.399 | 8.576.326 |
Bank Debts within 12 months | 2.835.108 | 1.719.265 |
Accounts payable | 640.633 | 392.421 |
Tax Debts | 416.331 | 241.425 |
Other current Debts | 2.355.371 | 2.454.982 |
Accrued liabilities and deferred incomes | 3.105.718 | 214.833 |
Total current Liabilities | 9.353.161 | 5.022.925 |
TOTAL LIABILITIES | 52.492.132 | 45.621.551 |
Piteco S.p.A. published this content on 28 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 September 2017 20:44:04 UTC.
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