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    ALHYP   FR0012821916

HIPAY GROUP SA

(ALHYP)
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HiPay : Financials results 2019

03/27/2020 | 02:38am EDT

Press release

HiPay: 2019 financial results

Paris, March 27, 2020: HiPay (ISIN code FR0012821916 - HIPAY), the fintech specialized in Omnichannel payment solutions, announces its results for the year 20191.

In millions of euros

2019¹

2018

Var. (%)

pro forma

Consolidated Income Statements

Transaction Volume

3 893

2 844

+37%

Revenue

34.9

28.8

+21%

EBITDA

0.1

-3.3

n.d.

Operating income

-3,9

-5.5

-29%

Net income

-5.7

-8.4

-32%

Consolidated Balance Sheets

Shareholders' equity

36.8

-13%

42.5

Available cash

1.6

2.7

-41%

Commenting on the results, Grégoire Bourdin, CEO of HiPay, said: "2019 marks another year of growth for HiPay whose medium-term objective is to achieve operational profitability, while maintaining a high-level quality of service and innovation. Operational expenses remain under control, and cash-burn is halved between 2019 and 2018. Faced with the COVID-19 crisis, the teams are mobilized to provide the best support for our customers. HiPay is currently implementing all available levers to cushion its impact."

1 The annual and consolidated accounts, which were approved by the board of directors of HiPay Group SA on March 26th, 2020, have been audited and the corresponding certification report is being issued. The annual financial report on the accounts closed on December 31st, 2019 will be available in the coming days on the website www.hipay.com in the "Investors" section.

Press release

Revenue

The 2019 turnover stood at €34.9 million, an increase of 21% (+3 points of growth vs. 2018). This activity increase reflects the success of the commercial strategy implemented for 2 years now, which is focused on the acquisition of new customers and supporting the growth of existing ones (+156 large account customers in 2019), and translated in €3.9 billion in flows in 2019, an increase of 37% compared to 2018 (+7 points of growth vs. 2018).

The turnover rate stood at 0.9%, down 0.1 points compared to 2018, which is explained by the growing share of large accounts in the client portfolio.

The French market, which accounts for 65% of all processed volumes, is once again the driving force for growth, with an increase of +56% in volumes.

The iGaming market is marking time in 2019, with only +1% of growth in processed volumes following a regulatory tightening in Belgium.

Profitability

The group's operating income stood at -€3.9 million compared to -€5.5 million on December 31st, 2018, an improvement of €1.6 million (+30%). This change is explained by:

  • The €7 million growth in turnover.
  • The upkeep of the rate of direct transaction costs on turnover.
  • Reasoned growth in payroll (+€0.9 million, +7% vs. 2018).
  • The stabilization of operating expenses and of depreciation and impairment (-€0.05 M, - 0.6% vs. 2018).

These results were possible thanks to the pursuit of technological investments and the rational management of operational costs.

Net income

Net income is in clear progression at -€5.7 million in 2019, compared to -€8.4 million in 2018.

Balance sheet and cash position

As of December 31st, 2019, the cash balance amounted to €1.6 million. Added with the available balance on the first associate BJ Invest current account, the total available cash amounted to €2.5 million.

The latest cash flow forecasts show a need for additional financing of €3 million. In order to offset this financing need, BJ Invest, the reference shareholder of HiPay Group, has provided an additional financing capacity of €5 million.

As of December 31st, 2019, HiPay's equity stood at €36.8 million.

Press release

COVID-19

The various health security measures requested by the authorities have been applied to all employees. Telecommuting was strongly encouraged before the measures were announced by the President of the Republic, which enabled all staff to prepare for this new work organization, in order to guarantee continuity of operations for HiPay and its customers.

The Business Continuity Plan has been implemented and allows the company's activities to operate under good conditions. A crisis unit made up of executive committee members has been set up to detect and assess the difficulties specific to this situation.

This crisis, depending on its duration and the evolution of consumer behaviour on the different verticals, will have an impact on turnover, profitability and generated cash. Additional analysis are underway and the activity forecasts will be updated accordingly.

Appointment of a new independent administrator

During the general assembly that will take place to decide on the capital increase project, it will also be proposed to shareholders to appoint Ms. Stéphanie Le Beuze as independent administrator of the company, for a period of four years.

Stéphanie Le Beuze has a triple expertise in finance, innovation and artificial intelligence, three strategic areas for HiPay.

She spent the first ten years of her career leading several projects related to risk management in complex regulatory environments. Stéphanie then participated, within various French and international banks, in setting up LBO and private equity investment operations. Since 2011, Stéphanie Le Beuze has launched several innovative startups and supported them in their commercial development in France and abroad, as well as in their fundraising.

For the past two years, Stéphanie Le Beuze has dedicated herself to launching a consulting company, scient.fr, specializing in Product management, data and artificial intelligence.

Stéphanie is a graduate of ESCP and MIT Sloane (Artificial Intelligence).

Next financial communication: May 15th, 2020 - General Meeting Results

Press release

About HiPay

HiPay is a global payment provider. By harnessing the power of payment data, we participate in our merchants' growth by bringing them a 360° vision of their activities.

More information on hipay.comand find us on LinkedInand Twitter

HiPay Group is listed on the Euronext Paris Compartment C (ISIN code: FR0012821916 - Mnemo: HIPAY).

Press Contact

Emmanuel Chaumeau

press@hipay.com

This press release does not constitute an offer to sell or the solicitation of an offer to buy HIPAY securities. If you would like more complete information about HiPay Group, please refer to our website hipay.com, Investors section. This press release may contain certain forward-looking statements. Although HiPay Group believes that these statements are based on reasonable assumptions as of the date of this press release, they are by their nature subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by these statements. HiPay Group operates in a highly evolving sector in which new risk factors may emerge. HiPay Group does not undertake any obligation to update these forward-looking statements to reflect new information, events or other circumstances.

Press release

Appendix 1/3

P&L

in thousands of Euros

Notes

December 31st,

December 31st, 2018

2019

Sales

34 872

28 816

Direct costs

- 17 442

- 13 793

Payroll charges

Note 4

- 12 321

- 11 470

General expenses

- 4 986

- 6 851

EBITDA

(1)

124

- 3 298

Depreciation and amortization

- 4 041

- 2 229

Current operating profit

- 3 917

- 5 527

Stock based compensation

- 112

- 44

Other non-current income and charges

- 704

- 91

Operating profit

- 4 733

- 5 662

Other financial income and charges

Note 5

- 952

- 2 309

Earning of the consolidated companies

- 5 684

- 7 971

Earnings before tax of the consolidated companies

- 5 684

- 7 971

Income Tax

Note 6

- 66

- 446

Net income from continuing operations

- 5 750

- 8 417

Including minority interests

-

0

Including Group share

- 5 750

- 8 417

Net income from operations sold

-

-

Net income

- 5 750

- 8 417

Including minority interests

-

0

Including Group share

- 5 750

- 8 417

Press release

Annexes (2/3)

Balance Sheet

ASSETS - in thousands of Euros

Notes

December 31st,

01/01/2019

Impact IFRS 16

31/12/2018

2019

restated

published

Net Goodwill

Note 7

40 222

40 222

-

40 222

Net intangible fixed assets

Note 8

4 901

4 654

-

4 654

Net tangible fixed assets

Note 9

8 667

8 205

6 943

1 262

Deferred tax assets

Note 10

1 434

1 429

-

1 429

Other financial assets

Note 11

1 320

401

-

401

Non-current assets

56 545

54 911

6 943

47 968

Receivables and other debtors

Note 12

2 218

648

-

648

Other current assets

Note 13

76 384

60 893

-

60 893

Cash and cash equivalents

Note 14

1 557

2 662

-

2 662

Current assets

80 159

64 203

-

64 203

TOTAL ASSETS

136 704

119 114

6 943

112 171

LIABILITIES - in thousands of Euros

Notes

December 31st,

01/01/2019

Impact IFRS 16

31/12/2018

2019

restated

published

Share capital

54 505

54 505

-

54 505

Premiums on issue and on conveyance

15 495

15 495

-

15 495

Reserves and retained earnings

- 27 470

- 19 097

-

- 19 097

Consolidated net income (Group share)

- 5 750

- 8 417

-

- 8 417

Shareholders' equity (Group share)

36 780

42 486

-

42 486

Minority interests

- 0

- 0

-

- 0

Shareholders' equity

36 780

42 486

-

42 486

Long-term borrowings and financial liabilities

Note 15

15 820

14 557

6 943

7 615

Non-current Provisions

Note 16

616

644

-

644

Deferred tax liabilities

-

1

-

1

Non-current liabilities

16 436

15 202

6 943

8 259

Short-term financial liabilities and bank overdrafts

45

143

-

143

Suppliers and other creditors

4 889

4 938

-

4 938

Other current debts

Note 17

78 553

56 344

-

56 344

Current liabilities

83 487

61 426

-

61 426

TOTAL LIABILITIES

136 704

119 114

6 943

112 171

Press release

Annexes (3/3)

Cash Flow Statement

in thousands of Euros

Notes

December 31st,

December 31st,

2019

2018

Net income

-5 750

-8 417

Adjustments for:

Depreciation of the fixed assets

2 215

2 171

Depreciation of fixed assets IFRS 16

1 395

0

Other elements without impact on the cash

-87

92

Cost of debt IFRS 16

351

0

Financial income and charges

124

51

Take away earn out

0

2 000

Result on sale of equity securities

0

239

Net income on disposals of fixed assets

8

0

Costs of payments based on shares

112

44

Tax charge or proceeds

Note 6

63

445

Operating profit before variation of the operating capital need and provisions

-1 569

-3 375

Variation of the operating capital need

Note 18

2 460

-3 289

Cash flow resulting from operating activities

891

-6 664

Interest paid

-124

-51

Tax on earnings paid

-377

-883

Net Cash Flow Resulting From continuing Operating Activities

390

-7 598

Net Cash Flow Resulting From operating activities of divested operations

-

0

Net Cash Flow Resulting From Operating Activities

390

-7 598

Acquisition of fixed assets, debt

-3 718

-3 500

Variation of financial assets

-919

-486

Effect of the perimeter variations

-

0

Net Cash Flow Resulting From continuing investing Activities

-4 637

-3 986

Net Cash Flow Resulting From operating investing of discontinued operations

-

0

Net Cash Flow Resulting From Investing Activities

-4 637

-3 986

Repurchase of own shares

-

0

Minority transactions

-

0

New borrowings

4 643

6 284

Loan repayments

-237

-168

Repayment of rent debt IFRS 16

-941

0

Other financial liabilities variation

-225

0

Dividends paid to minority interests

-

0

Net Cash Flow Resulting From continuing Financing Activities

3 240

6 116

Net Cash Flow Resulting From Financing Activities

3 240

6 116

Effect of exchange rates variation

-

0

Net Variation Of Cash And Cash Equivalents from continuing Activities

-1 007

-5 468

Net Variation Of Cash And Cash Equivalents from divested operations

-

0

Net cash on January 1st

2 519

7 987

Net cash at the end of the period

1 512

2 519

Disclaimer

Hipay Group SA published this content on 27 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 March 2020 07:37:03 UTC


© Publicnow 2020
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Financials
Sales 2021 56,0 M 65,7 M 65,7 M
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 82,6 M 97,0 M 96,9 M
Capi. / Sales 2021 1,48x
Capi. / Sales 2022 1,23x
Nbr of Employees 221
Free-Float 41,0%
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Number of Analysts 1
Last Close Price 16,66 €
Average target price 34,00 €
Spread / Average Target 104%
Managers and Directors
Grégoire Bourdin Chief Executive Officer
Jérôme Daguet Chief Financial Officer
Benjamin Jayet Chairman
Loïc Jauson Director
Marianne Gosset Director
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