PRESS RELEASE

SEPTEMBER 23, 2021

First half-year 2021 results

  • Decline in sales
  • Operating loss

ITESOFT (ISIN Code: FR0004026151, Mnemo code: ITE),a European software vendor specializing in solutions for automating and processing information flows, today announces the publication of its financial statements for the first half of 2021, approved by the Board of Directors and following limited review by the company's auditors.

in M€, as of June 30

H1 2021

H1 2020

Revenue

9.8

10.3

Gross operating surplus

(0.3)

0.7

Current operating income

(0.3)

0.3

Operating income

(0.3)

0.3

Financial income

0.2

(0.3)

Taxes

-

0.1

Net results, Group share

(0.2)

0.0

Decline in sales

As announced on July 22, 2021, the health crisis made its mark on 2020 and the first half of 2021 continued to suffer the impact of a constrained environment that limited professional contact. This situation led to a -5% downturn in global sales revenue for the period, totaling €9.8 million, broken down as follows:

  • Stabilized revenue from license sales
  • A decline in revenue from service activities
  • Growth in SaaS sales by +33%, bringing a +80% increase in ARR1, which reached €3.4 million as of June 30, 2021.
  • Stable recurring revenue of €7.1 million, comprised of SaaS sales and Maintenance revenue, together representing 72% of global revenue.

ARR corresponds to the annual value of a given contract for a full year after the implementation phase.

1 ARR: Annual Recurring Revenue

ITESOFT SA - 368,030 euros share capital - RCS Nîmes B 330 265 323 NAF code: 5829C - www.itesoft.com

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PRESS RELEASE

SEPTEMBER 23, 2021

ARR measured as of December 31 in a given year indicates a trend that enables the prediction of annual SaaS revenue for the following year.

Operating loss

At -€0.3 million, gross operating surplus was lower than H1 2020, under the combined effect of a consistent level of external expenses and an increase in personnel expenses. On June 30, 2021, total staff size for the Group (expressed in full-time equivalent terms) was 180 people, compared to 173 on June 30, 2020.

After taking depreciation allowance and provisions into account, current operating income was at a loss, with -€0.3 million compared to a gain of €0.3 million on June 30, 2020.

The Group showed a negative net profit of -€0.2 million on June 30, 2021.

As of June 30, 2021, the Group's financial structure continues to remain strong, with balance sheet equity of €8.1 million, long-term financial debt of €5.6 million, and a net cash position of €13.2 million, integrating the receipt of payment for maintenance contracts invoiced in late 2020.

The full half-year financial report for the first six months of 2021 has been made available publicly and filed with the French Autorité des Marchés Financiers (Financial Markets Authority). The report may be accessed on the ITESOFT web site (www.itesoft.com).

About ITESOFT - www.itesoft.com

ITESOFT develops software solutions for business process digitalisation, with particular specialisation in customer experience, operational excellence and supplier relations.

Leveraging development on artificial intelligence and robotics technologies from the very beginning, ITESOFT process automation and digitalization solutions for business processes are designed to provide maximum efficiency, speed, and security for supplier invoice processing, online contracting, credit approval, claims management, service requests and more. The ITESOFT software offering is the only solution on the market that brings together the three key components for organizational performance: information capture, process automation and risk detection.

Founded in 1984, ITESOFT is a member of TECH IN France, eFutura, DFCG, FNFE, OMG and Valconum. The company has been listed on the Euronext Paris stock exchange (compartment C) since February 2001. ITESOFT generated €20.8 million in consolidated turnover in 2020, 17% of which was reinvested in R&D. Over 650 customers in 35 countries optimise their processes with ITESOFT solutions.

CONTACTS

Financial communication

ACTIFIN

76-78 rue Saint Lazare, 75009 Paris, France Tel: +33 (0)1 56 88 11 11

Alexandre Commerot, acommerot@actifin.fr Press relations: Isabelle Dray, idray@actifin.fr

ITESOFT SA - 368,030 euros share capital - RCS Nîmes B 330 265 323 NAF code: 5829C - www.itesoft.com

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Itesoft SA published this content on 29 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2021 08:41:08 UTC.