Shaping the future
INVESTORS INFORMATION | 7th May, 2020 // Milan |
Be: Total Revenues at €41.5M (+15.0% vs Q1 2019). EBITDA +4.3% and EBT + 3.5% vs. Q1 2019
Key metrics
- Total Revenues €41.5 (€36.1M as of 31.03.2019)
- EBITDA €6.3M (€6.0M as of 31.03.2019)
- EBIT €4.0M (€4.0M as of 31.03.2019)
- EBT €3.4M (€3.3M as of 31.03.2019)
The Board of Directors of Be Think Solve Execute SPA ("Be"), listed on the STAR Segment of Borsa Italiana, today met at the Company's headquarters in Milan to approve the Interim Financial Report as of March 31st 2020.
Against the backdrop of the biggest global crisis in some generations, with Italy in the frontline, Q1 2020 results confirm the resilience of Be's business model. The crisis is proving an accelerator of Financial Industry's need to go digital across the board - says Stefano Achermann, CEO of Be. We expect this trend to continue in the foreseeable future, let alone in the next few months. This especially in view of Banks' increased reliance on dispersed working environments. Q1 2020 results show increase in Revenues of 15.0%, increase in EBITDA of 4.3% and in EBT of 3.5%. Net Financial Debt, as per every Q1, ciclically stood at €23.7M substantially unchanged year-on-year (€15.1M net of IFRS16 Effect) beneath the growth of business volumes. The first data on April revenues allows us, at the present moment, to confirm our key targets and our forthcoming dividend payment.
STOCK DATA | GROUP DATA (as of 31.12.2019) | HEADQUARTER | MAIN OFFICES | ||
Reuters code: | BET.MI | Total Revenues (Eur mln): | 152.3 | Rome | Milan |
Bloomberg code: | BET IM | EBITDA (Eur mln): | 25.9 | London | |
EBIT (Eur mln): | 12.2 | Munich | |||
SHAREHOLDERS DATA | EBT (Eur mln): | 11.1 | Frankfurt | ||
No. of ordinary shares (mln): | 134.9 | Net Profit (Eur mln): | 6.1 | Madrid | |
Total no. of shares (mln): | 134.9 | Net Financial Position (Eur mln): | (11.4) | Wien | |
Market cap. (Eur mln): | 132.7 | Varsaw | |||
Floating (%): | 42.2 | Bucharest | |||
Floating (Eur mln): | 55.9 | Kyiv | |||
Main Shareholder: | T.I.P. | Zurich |
Be S.p.A.
Investor Relations | Claudio Cornini | +39 06 54 24 86 24 | IR.be@be-tse.it
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INVESTORS INFORMATION
Main consolidated results as of March 31st 2020
Total Revenues stood at €41.5M compared to €36.1M as of March 31st 2019. Business Consulting and ICT segments recorded total revenues equalling respectively €29.2M (€27.2M as of March 31st 2019) and €12.3M (€8.9M as of March 31st 2019) with ICT pulling volumes. Total Revenues by foreign subsidiaries totalled €13.7M (33% of Total Revenues), compared to €14.3M as of March 31st 2019, reflecting a more challenging environment outside home markets.
The Gross Operating Margin (EBITDA) was €6.3M, up 4.3% on March 31st 2019 (€6.0M), with an EBITDA margin of 15.1 % vs. 16.6% as of March 31st 2019 - reflecting an increase in lower margin ICT component in the business mix.
EBIT amounted to €4.0M, substantially unchanged from March 31st 2019 (€4.0M).
The Group pre-tax result (EBT) amounted to €3.4M, up 3.5% on March 31st 2019 (€3.3M).
Net Financial Debt, amounted to €23.7M, substantially unchanged compared to March 31st, 2019 (€23.9M) while it increased by €12.2M over December 31st 2019 (€11.4M) due to usual seasonal nature of Company's cash flow.
Significant events during the period
In March Be and ZDF of Federico Lucia, Italian artist and producer aka Fedez, have decided to join forces to create the market leader in production and distribution of digital content. "Dream of Ordinary Madness (Doom) Entertainment" is the new vehicle incorporating the spin-off of the activities of ZDF, Fedez's operational company.
The transaction is part of Be Group's strategy of developing a major digital engagement business area, with main focus on Europe's Financial Industry, dealing with talent research & development, image management & digital presence, production of content, creation & launch of brands, and personal coaching of artists.
Significant events after the period
The Extraordinary and Ordinary Shareholders Meeting of Be, held on April 22nd, 2020, in first call, took the following resolutions:
- amendment of article 1 of the Articles of Association, changing company name to "Be Shaping the Future Spa";
- approval of the financial statements at 31 December 2019;
- allocation of profit for the year and dividend distribution;
- approval of the report on remuneration pursuant to Article123-ter of Legislative Decree no.58 of 24 February 1998;
- appointment of the Board of Directors for fiscal years 2020-2022;
- purchase and disposal of treasury shares with revocation of the relevant authorization by the Ordinary Shareholders' Meeting on April 18th, 2019.
On April 22nd, the Board of Directors held its first meeting after its appointment.in the BOD meeting, Directors took the following resolutions:
- appointment of Carlo Achermann as Chairman of the Board and Stefano Achermann as CEO;
Be S.p.A.
Investor Relations | Claudio Cornini | +39 06 54 24 86 24 | IR.be@be-tse.it
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INVESTORS INFORMATION
- management and/or signature powers to Carlo Achermann and Stefano Achermann;
- appointment of Cristina Spagna, Claudio Berretti and Anna Maria Tarantola as members of the Appointments and Remuneration Committee, with Cristina Spagna as Chair;
- appointment of Claudio Roberto Calabi and Gianluca Antonio Ferrari and Francesca Moretti as members of the Control and Risk Committee, with Claudio Roberto Calabi as Chair.
Business outlook
In light of the period results and in spite of the macroeconomic uncertainties due to the impact of the Covid-19 pandemic, at the present time it is reasonable to confirm the Company's yearly and overall targets under the 2020-2022 Business Plan. A more comprehensive analysis of the state of demand in the medium to long term will be carried out on the occasion of the H1 Interim Financial Report.
Attached
- Restated consolidated income statement as of March 31st 2020
- Restated consolidated statement of financial position as of March 31st 2020
- Consolidated net financial position as of March 31st 2020
This press release is available on the Company's website www.be-tse.it and on the centralized storage mechanism "eMarket STORAGE" at www.emarketstorage.com.
The Executive in charge of preparing the company's accounting documents, Manuela Mascarini, declares, in accordance with art. 154 bis, paragraph 2 of Italian Legislative Decree no. 58 dated 24 February 1998, that the accounting disclosures contained in this press release correspond to that recorded in company documents, ledgers and accounting entries.
About Be
Be Group is listed in the STAR segment of Borsa Italiana and is one of the leading Italian players in the Consulting sector. The company provides Business Consulting and Information Technology services. A combination of specialist skills, advanced proprietary technologies and a wealth of experience enable the Group to work with leading international financial and insurance institutions to create value and boost business growth. With more than 1,300 employees and branches in Italy, United Kingdom, Germany, Austria, Switzerland, Spain, Romania, Poland and Ukraine, in 2019 the Group recorded revenues in the amount of Euro 152.3 million.
Be S.p.A.
Investor Relations | Claudio Cornini | +39 06 54 24 86 24 | IR.be@be-tse.it
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INVESTORS INFORMATION
1. RESTATED CONSOLIDATED INCOME STATEMENT
Amounts in EUR thousand | Q1 2020 | Q1 2019 | (%) | |
Operating revenue | 40,955 | 35,633 | 5,322 | 14.9% |
Other operating revenue and income | 502 | 424 | 78 | 18.4% |
Total Revenues | 41,457 | 36,057 | 5,400 | 15.0% |
Cost of raw materials and consumables | (42) | (121) | 79 | (65.3%) |
Cost of services and use of third-party assets | (16,741) | (12,868) | (3,873) | 30.1% |
Personnel costs | (19,332) | (17,937) | (1,395) | 7.8% |
Other costs | (261) | (330) | 69 | (20.9%) |
Internal capitalisations | 1,177 | 1,198 | (21) | (1.8%) |
Gross Operating Margin (EBITDA) | 6,258 | 5,999 | 259 | 4.3% |
Amortisation and depreciation | (2,307) | (1,990) | (317) | 15.9% |
Write-downs and provisions | 0 | 0 | 0 | n.a. |
Operating Profit (Loss) (EBIT) | 3,951 | 4,009 | (58) | (1.4%) |
Net financial income and expense | (247) | (228) | (19) | 8.3% |
Profit (loss) before tax from continuing operations | 3,704 | 3,781 | (77) | (2.0%) |
Net profit (loss) from discontinued operations | 0 | 0 | 0 | n.a. |
Consolidated net profit (loss) including minority interests | 3,704 | 3,781 | (77) | (2.0%) |
Net profit (loss) attributable to minority interests | 279 | 472 | (193) | (40.9%) |
Group net profit (loss) | 3,425 | 3,309 | 116 | 3.5% |
2. RESTATED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Amounts in EUR thousand | 31.03.2020 | 31.12.2019 | (%) | |
Non-current assets | 100,772 | 101,816 | (1,044) | (1.0%) |
Current assets | 47,935 | 33,135 | 14,800 | 44.7% |
Non-current liabilities | (22,395) | (22,667) | 272 | (1.2%) |
Current liabilities | (43,286) | (44,785) | 1,499 | (3.3%) |
Net Invested Capital | 83,026 | 67,499 | 15,527 | 23.0% |
Shareholders' Equity | 59,350 | 56,072 | 3,278 | 5.8% |
Net Financial Indebtedness | 23,676 | 11,427 | 12,249 | n.a |
Be S.p.A.
Investor Relations | Claudio Cornini | +39 06 54 24 86 24 | IR.be@be-tse.it
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INVESTORS INFORMATION
3. CONSOLIDATED NET FINANCIAL POSITION
Amounts in EUR thousand | 31.03.2020 | 31.12.2019 | (%) | ||
Cash and cash equivalents at bank | 28,210 | 34,185 | (5,975) | (17.5%) | |
A | Cash and cash equivalents | 28,210 | 34,185 | (5,975) | (17.5%) |
B | Current financial receivables | 29 | 104 | (75) | (72.1%) |
Current bank payables | (858) | (4,525) | 3,667 | (81.0%) | |
Current share of medium/long-term indebtedness | (16,218) | (10,895) | (5,323) | 48.9% | |
Current right of use payables | (3,028) | (3,004) | (24) | 0.8% | |
Other current financial payables | (21) | (152) | 131 | (86.2%) | |
C | Current financial indebtedness | (20,125) | (18,576) | (1,549) | 8.3% |
D | Net current financial position (A+B+C) | 8,114 | 15,713 | (7,599) | (48.4%) |
Non-current bank payables | (26,196) | (20,926) | (5,270) | 25.2% | |
Non-current right of use payables | (5,594) | (6,214) | 620 | (10.0%) | |
Other non-current financial payables | 0 | 0 | 0 | n.a. | |
E | Net non-current financial position | (31,790) | (27,140) | (4,650) | 17.1% |
F | Net financial position (D+E) | (23,676) | (11,427) | (12,249) | n.a. |
Be S.p.A.
Investor Relations | Claudio Cornini | +39 06 54 24 86 24 | IR.be@be-tse.it
be-tse.it | follow us on
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Be Think Solve Execute S.p.A. published this content on 07 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2020 15:08:06 UTC