ESI : Consolidated Statements

APPENDIX

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENT

	(In € thousands)	Note	December 31, 2021	December 31, 2020
	Licenses and maintenance		111,356	109,201
	Consulting		20,773	18,845
	Cofinanced projects		4,017	4,020
	Other			508
		449
	Revenue	4.1	136,595	132,573
	Cost of sales	4.8	(33,717)	(33,838)
	Research and development costs	6.1.2	(31,302)	(30,867)
	Selling and marketing expenses		(38,990)	(40,242)
	General and administrative expenses		(21,586)	(23,589)
	Current operating result		11,000	4,037
	Other operating income and expenses		(27,401)	9
	EBIT		(16,401)	4,046
	Financial result	7.2	(883)	(1,355)
	Share of profit of associates		80	(258)
	Income before income tax expense and minority interests		(17,204)	2,433
	Provision for income tax	8.1	1,280	1,008
	Net income before minority interests		(18,484)	1,425
	Minority interests		(10)	11
	NET INCOME (GROUP SHARE)		(18,474)	1,414
	Earnings per share (in €)	9.3	(3.24)	0,25
	Diluted earnings per share (in €)	9.3	(3.17)	0,25

Statement of comprehensive income

(In € thousands)	December 31, 2021	December 31, 2020
Net income before minority interests	(18,484)	1,425
Other comprehensive income recycled to income
Change in the fair value of hedging instruments	7	11
Translation differences	1,170	(1,698)
Other comprehensive income (loss) not recycled to income
Actuarial gains and losses	876	(133)
Income and expenses recorded directly in equity	2,053	(1,820)
COMPREHENSIVE INCOME	(16,431)	(395)
Attributable to Group equity holders	(16,423)	(403)
Attributable to minority interests	(8)	8

The notes are an integral part of the consolidated financial statements.

CONSOLIDATED BALANCE SHEET

	(In € thousands)	Note	December 31, 2021	December 31, 2020
	Assets
	Non-current assets		125,828	145,297
	Goodwill	3.2	41,381	41,002
	Intangible assets	6.1	41,042	63,424
	Property, plant and equipment	6.2	4,184	4,696
	Rights-of-use assets	4.7	16,616	17,742
	Investment in associates		883	728
	Deferred tax assets	8.2	18,391	14,685
	Other non-current assets	10.1.1	3,102	3,014
	Cash-flow hedging instruments	7.1.4	229	6
	Current assets		75,186	71,062
	Trade receivables	4.2	35,548	33,486
	Other current receivables	10.1.2	6,371	11,912
	Prepaid expenses	10.1.3	2,948	3,198
	Cash and cash equivalents	7.1.3	30,319	22,466
	TOTAL ASSETS		201,014	216,359
	Liabilities
	Equity		72,623	87,861
	Equity (Group share)	9.1	72,537	87,779
	Capital		18,192	18,110
	Additional paid-in capital		26,986	26,280
	Reserves and retained earnings		45,256	42,477
	Net income (loss)		(18,474)	1,414
	Translation differences		577	(502)
				82
	Minority interests		86
	Non-current liabilities		55,586	63,737
	Long term share of financial debt	7.1.2	33,832	39,264
	Non-current lease obligation	4.7	11,818	12,324
	Provision for employee benefits	5.3	9,124	11,474
	Deferred tax liabilities	8.2	-
	Cash-flow hedging instruments	7.1.4	4	14
	Other long term debt and provisions	10.2.2	808	661
	Current liabilities		72,805	64,761
	Short-term share of financial debt	7.1.2	8,954	8,148
	Current lease obligation	4.7	4,552	5,184
	Trade payables		5,288	6,655
	Accrued compensation; taxes and others short-term liabilities	10.2.1	26,609	22,754
	Current provisions	10.2.2	7,129	1,624
	Contract liabilities	4.3		20,396
	20,273
	TOTAL LIABILITIES		201,014	216,359

The notes are an integral part of the consolidated financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

								Equity
					Net income,			attributable
				Additional	reserves and			to parent
		Number of		paid-in	retained	Translation		company	Minority	Total
(In € thousands except number of shares)		shares	Capital	capital	earnings	differences		owners	interests	Equity
At December 31, 2019	6,018,492	18,055	25,833	41,039	987		85,912	71	85,983
Change in fair value of hedging
instruments					11			11		11
Translation differences						(1,695)		(1,695)	(3)	(1,698)
Actuarial gains and losses					(133)			(133)	0	(133)
Income and expenses recognized
directly in equity					(122)	(1,695)		(1,817)	(3)	(1,820)
Net income					1,414			1,414	11	1,425
Comprehensive income					1,292	(1,695)	(403)	8	(395)
Proceeds from issue of shares	18,100	54	447	25			526		526
Treasury shares					33			33		33
Share-based payments					783			783		783
Transactions with non-controlling interests								-		-
Other movements					722	206	928	3	931
At December 31, 2020	6,036,592	18,109	26,280	43,894	(502)	87,779	82	87,861
Change in fair value of hedging
Instruments					7			7		7
Translation differences						1,167		1,167	3	1,170
Actuarial gains and losses					877			877	(1)	876
Income and expenses recognized
directly in equity					884	1,167		2,051	2	2,053
Net income					(18,474)			(18,474)	(10)	(18,484)
Comprehensive income					(17,590)	1,167		(16,423)	(8)	(16,431)
Proceeds from issue of shares		27,549	83	705				788		788
Treasury shares					(84)			(84)		(84)
Share-based payments					681			681		681
Transactions with non-controlling interests					(150)	(51)		(201)	12	(189)
Other movements					35	(38)		(3)		(3)
At December 31, 2021		6,064,141	18,192	26,985	26,786	576		72,537	86	72,623

The notes are an integral part of the consolidated financial statements.

CONSOLIDATED STATEMENT OF CASH FLOWS

	(In € thousands)	December 31, 2021	December 31, 2020
	Net income before minority interests	(18,484)	1,425
	Share of profit of associates	(80)	258
	Amortization and provisions (a)	14,222	11,575
	Net impact of capitalization of research & development costs	223	(1,841)
	Income taxes (current and deferred)	1,280	1,008
	Income taxes paid	(2,624)	(1,620)
	Unrealized financial gains and losses	(559)	114
	Share-based payment transactions	681	783
	Gains (losses) on sales of assets	20,983	20
	Operating cash flow (a)		11,722
	15,642
	Trade receivables	(1,010)	9,544
	Trade payables		(1,866)
	(1,477)
	Other receivables and other liabilities	5,222	(10,444)
	Change in working capital requirement	2,735	(2,766)
	Net cash from operating activities	18,377	8,956
	Purchase of intangible assets	(432)	(918)
	Purchase of property, plant and equipment	(1,285)	(1,105)
	Proceeds from the sale of assets	0	0
	Acquisition of subsidiaries, net of cash acquired	(380)	173
	Other investment operations	(33)	133
	Net cash used for investing activities	(2,130)	(1,717)
	Proceeds from loans	716	13,723
	Repayment of borrowings and lease debt (a)	(11,176)	(19,351)
	Proceeds from issue of shares	788	526
	Purchase and proceeds from disposal of treasury shares	(84)	33
	Dividends paid
	Net cash used for financing activities	(9,756)	(5,069)
	Effect of exchange rate changes on cash and cash equivalents	1,362	55
	INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	7,853	2,225
	Opening cash position	22,466	20,241
	Closing cash position	30,319	22,466
	NET CHANGE IN CASH AND CASH EQUIVALENTS	7,853	2,225

1. IFRS 16 application results in an increase of amortization cost and reimbursement of lease debt, it thus implies an improvement of Operating cash flow by +5.6 million in 2021 (vs. +€5.7 million in previous year), and increase of repayments in the financing part of the Cash Flow Statement for -€5.7 million (vs. - €5.7 million in 2020).

The notes are an integral part of the consolidated financial statements.