Antares Vision S p A : Risultati Finanziari 1H 2023

ANTARES VISION GROUP

1H 2023 / 2Q 2023 Financial Results

11 SEPTEMBER 2023

Disclosure

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1H 2023 / 2Q 2023 FINANCIAL RESULTS

RESULTS HIGHLIGHTS

REVENUES

+20.3%

FIRST MARGIN

+21.0%

EBITDA +29.4%

MANAGEMENT

COMMENT

• In 1H 2023 the double-digit growth continued, posting a +20.3% increase = organic and net of FX +14.6%, consolidation perimeter change and M&A +4.9% and FX +0.8%
• Major growth sustained by: Smart Data (+84%) in Tech Solutions, Life Cycle Services (+44% YoY) in Business Model and Americas (+39% YoY) on a geographical basis
• Group First Margin +40 bps vs. 1H22: 80.7% vs 80.3%
• Benefited from a mix of revenues (higher recurring business), partially offset by an increase in COGS in Equipment Life Science
• 1H 2023 EBITDA: €4.7M Vs. €3.6M registered in 1H 2022 with a margin on sales of 4.6% VS. 4.2% registered last year
• Besides the improvements related to First Margin (better revenues mix), added value increased by 100 bps due to a Service Costs growth of 18.8% (less than revenue growth due to the good performance of almost all related cost items)
• Labour cost: total increase by 21.9% of which employees cost by 25.4%, or 24.9% excl. the consolidation of Smart Point (from May 2023), mostly due to expansion of the consolidation perimeter and new hires
• 1H numbers, although positive compared to 1H 2022, are lower than management expectations, particularly in Equipment Life Science revenues, due to delays in deliveries and lower marginality
• This will imply a revision of FY 2023 Guidance.

FINANCIAL RESULTS AT A GLANCE

Revenues (€m)

+20.3%

102.8

85.4

1H 2022

1H 2023

EBIT (€m)

		n.m.
EBIT	-1.5%	-1.9%
Margin1
	1H 2022	1H 2023

-1.3-1.9

Source: Antares Vision Group

Notes: IFRS accounting principles

1. Margin calculated on Revenues
2. Excluding warrants

		First Margin (€m)
			+21.0%
First	80.3%	80.7%
Margin1
		68.6	83.0

	1H 2022	1H 2023
	Net Profit Adjusted (€m)
		n.m.
Net	-2.2%	-7.1%
Margin1
	1H 2022	1H 2023

-1.8-7.3

EBITDA (€m)

		+29.4%
EBITDA	4.2%	4.6%
Margin1

3.6	4.7

1H 2022 1H 2023

Net Debt (€)2

96.9

65.4

1H 2022

1H 2023

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