DGAP-News: GFT Technologies SE / Key word(s): Quarterly / Interim Statement 
GFT Technologies SE: Strong first quarter for GFT - significant revenue growth, earnings more than doubled 
2021-05-12 / 07:30 
The issuer is solely responsible for the content of this announcement. 
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Strong first quarter for GFT - significant revenue growth, earnings more than doubled 
  . Significant increase in revenue of 10 percent and in EBT of 132 percent 
  . Broad demand for digitisation solutions 
  . Strong orders received indicate further high growth 
  . Growth driven by all segments, sectors and client groups 
  . Revenue Insurance sector +25 percent, Industry & Others +14 percent 
Stuttgart, 12 May 2021 - GFT Technologies SE (GFT) can look back on a very successful first quarter 2021 with 
significant growth in revenue and earnings. There was a year-on-year increase in revenue of 10 percent to EUR 123.92 
million, while pre-tax earnings (EBT) rose by as much as 132 percent to EUR 7.01 million. Strong orders received also 
indicate consistently high growth for the following quarters. 
Marika Lulay, CEO of GFT states: "In the first quarter, we recorded significant revenue growth compared to the same 
quarter last year - and more than doubled our pre-tax earnings. In the insurance sector, we achieved disproportionately 
strong growth of 25 percent and in our industrial business growth of 14 percent. Our clients - both existing and new 
clients in all sectors - are increasingly asking us for digitisation solutions. And our orders received indicate that 
this trend is set to continue." 
According to Lulay, the latest business figures demonstrate the success of the company's strategy: "The groundwork we 
put in place over the past few years is now paying off in full. A lot of companies are launching large-scale, long-term 
digitisation projects that rely on cutting-edge technologies such as cloud, artificial intelligence, DLT and data 
analytics. We have built up substantial know-how in these fields over the past few years. Combined with our many years 
of expertise in our clients' markets, we are a very attractive partner for the implementation of these projects." 
Dynamic growth 
In the first three months of 2021, the GFT Group generated revenue of EUR 123.92 million. This corresponds to an 
increase of 10 percent over the prior-year figure of EUR 112.48 million. Adjusted for the top-2 clients^1), growth even 
reached 17 percent. 
GFT continued its diversification strategy aimed at reducing the risk of client concentration: the share of total 
revenue contributed by the company's top-2 clients was decreased further to 18 percent (Q1/2020: 23 percent). Business 
with insurance clients rose to 15 percent of total revenue (Q1/2020: 13 percent). Compared to the same period last 
year, revenue in this sector increased by 25 percent. 
In the Continental Europe segment, revenue of EUR 60.44 million in the first three months of 2021 was on a par with the 
previous year (Q1/2020: EUR 59.90 million). Revenue in the Americas, UK & APAC segment grew by 21 percent to EUR 63.45 
million (Q1/2020: EUR 52.50 million). 
As of 31 March 2021, the GFT Group employed a total of 6,225 people (full-time equivalents) and thus 14 percent more 
than at the end of the first quarter of 2020 (5,460 employees). This increase was mainly due to the strong expansion of 
expertise in Brazil. As a result, Brazil has overtaken Spain as the largest location within the GFT Group. 
Upward trend for earnings 
Due to the growth in revenue, the increased utilisation and efficiency measures implemented in the previous year, 
earnings in the first quarter of 2021 were significantly improved. In the first three months of 2021, adjusted EBITDA 
rose by 30 percent to EUR 13.55 million (Q1/2020: EUR 10.39 million). EBIT grew by 104 percent to EUR 7.37 million (Q1/ 
2020: EUR 3.61 million) and EBT by 132 percent to EUR 7.01 million (Q1/2020: EUR 3.02 million). Net income increased by 
126 percent to EUR 5.16 million (Q1/2020: EUR 2.28 million). 
GFT with solid balance sheet - financial stability and flexibility remain high 
In the first quarter of 2021, operating cash flow remained high at EUR 15.12 million (Q1/2020: EUR 15.20 million). 
Compared to year-end 2020, the Group's liquidity fell slightly to EUR 62.12 million (31 December 2020: EUR 70.87 
million) but also remains high. Following the redemption of loans, the GFT Group's net liquidity improved further to 
EUR -19.98 million (31 December 2020: EUR -31.35 million). The balance sheet was strengthened once again; the equity 
ratio improved to 34 percent as of 31 March 2021 (31 December 2020: 31 percent). 
Revenue and earnings outlook 2021 raised significantly - GFT benefitting from stronger digitisation trend 
The GFT Group significantly upgraded its outlook for the financial year 2021 on 26 April. The company expects 
significant revenue growth in the current financial year, driven by its successful market positioning and the 
increasingly strong digitisation trend. GFT forecasts revenue growth of 17 percent to EUR 520 million for 2021 (2020: 
EUR 444.85 million). Together with improved margins and revenue growth, the measures implemented in the financial year 
2020 to enhance operating efficiency will result in significant earnings growth: adjusted EBITDA is expected to improve 
significantly by 32 percent to EUR 56 million (2020: EUR 42.52 million). For EBT, GFT even expects a strong increase of 
113 percent to EUR 30 million (2020: EUR 14.11 million). 
Key figures (IFRS, unaudited) 
(Deviations possible due to rounding differences) 
In EUR million                      Q1/2021    Q1/2020    ? 
Revenue                              123.92     112.48  10% 
Adjusted EBITDA^2)                    13.55      10.39  30% 
EBITDA                                12.90       9.26  39% 
EBIT                                   7.37       3.61 104% 
EBT                                    7.01       3.02 132% 
Net income                             5.16       2.28 126% 
Earnings per share in EUR              0.20       0.09 126% 
Operating cash flow                   15.12      15.20  -1% 
Employees (FTE, as of 31 March)       6,225      5,460  14% 
In EUR million                   31/03/2021 31/12/2020    ? 
Net liquidity                        -19.98     -31.35 -36% 
Equity ratio (in percent)                34         31    3 

^1) GFT's top 2 clients are defined as Deutsche Bank and Barclays.

^2) Adjusted for special items from M&A activities. Further information on the definition of alternative performance measures is provided here on the GFT website.

This press release is also available for download via the GFT newsroom


Your contacts: 
Press                     Investors 
Dr. Markus Müller         Karl Kompe 
Group Public Relations    Investor Relations 
GFT Technologies SE       GFT Technologies SE 
Schelmenwasenstr. 34      Schelmenwasenstr. 34 
70567 Stuttgart           70567 Stuttgart 
+49 711 62042-344         +49 711 62042-323 
markus.j.mueller@gft.com  karl.kompe@gft.com 

About GFT:

GFT is driving the digital transformation of the world's leading companies in the financial and insurance sectors, as well as in the manufacturing industry. As an IT services and software engineering provider, GFT offers strong consulting and development skills across all aspects of pioneering technologies, such as cloud engineering, artificial intelligence, mainframe modernisation and the Internet of Things for Industry 4.0.

With its in-depth technological expertise, profound market know-how and strong partnerships, GFT implements scalable IT solutions to increase productivity. This provides clients with faster access to new IT applications and innovative business models, while also reducing risk.

Founded in 1987 and located in more than 15 markets to ensure close proximity to its clients, GFT employs over 6,000 experts. GFT provides them with career opportunities in all areas of software engineering and innovation. The GFT Technologies SE share is listed in the Prime Standard segment of the Frankfurt Stock Exchange (ticker: GFT-XE).

www.gft.com www.blog.gft.com www.linkedin.com/company/gft-group/ www.twitter.com/gft -----------------------------------------------------------------------------------------------------------------------

2021-05-12 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de -----------------------------------------------------------------------------------------------------------------------


Language:     English 
Company:      GFT Technologies SE 
              Schelmenwasenstraße 34 
              70567 Stuttgart 
              Germany 
Phone:        +49 (0)711/62042-0 
Fax:          +49 (0)711/62042-301 
E-mail:       ir@gft.com 
Internet:     www.gft.com 
ISIN:         DE0005800601 
WKN:          580060 
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 
              Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange 
EQS News ID:  1195540 
 
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1195540 2021-05-12


 
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May 12, 2021 01:32 ET (05:32 GMT)