SES-imagotag : Présentation des résultats 2021

FY 2021 Results

Analysts Conference Call

March 3, 2022

Sharp improvement of operational and financial performance

• +46% growth in sales to €423m (vs. FY20)
• +32% growth in order entries to €602m
• +100% growth in EBITDA at €32m, ie. 7.6% of sales up +2 pts vs. FY 2020
• VCM ratio almost stable despite tension on components prices
• Positive cash-flow at €4.5m vs. -€13.5m in FY20
• Positive net income at €2m (vs. -€7.6 m in FY 2020)

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SES-imagotag - FY 2021 Sales

Record sales growth in 2021 to €423m

• Annual sales of €422.9m,
  +46% year-on-year
• Growth in all regions
• VAS at 15% of sales (vs. 13% in 2020)

Sales in €m	Europe	ROW	Total
H1 2020	81.2	37.2	118.4
H1 2021	157.1	45.7	202.8
Change (in %)	93.5%	22.8%	71.3%
Q3 2020	48.6	24.8	73.4
Q3 2021	62.4	25.1	87.5
Change (in %)	28.3%	1.1%	19.1%
Q4 2020	76.9	21.6	98.5
Q4 2021	97.8	34.8	132.6
Change (in %)	27.1%	61.6%	34.6%
H2 2020	125.5	46.4	171.9
H2 2021	160.2	59.9	220.1
Change (in %)	27.6%	29.2%	28.0%
FY 2020	206.7	83.6	290.3
FY 2021	317.3	105.6	422.9
Change (in %)	53.5%	26.4%	45.7%

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Revenues by Geography (€M)

EUROPE

• FY Growth +54%

AMERICA & APAC

• FY Growth +26%

NB: America deliveries affected by Jabil factory shut down due to COVID (Vietnam)

FY Sales

€423m (+46%)

400

300€290m

+54%317.3

200206.7

100	+26%
			26% of total
	83.6	105.6
0
2020	2021
			AMERICA & APAC		EUROPE

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VALUE-ADDED SERVICES (VAS) REVENUES

ESL vs VAS in % of Revenues (2021)

ESL		15%	VAS
	Value-Added
+ fixings, APs
85%		Software,
& accessories
	Services and

VAS in % of sales

25%

20%

15%15%

10%

10%

VAS% grew to 15% of total revenues in 2021 (vs. 13% in '20)

Full cloud stores rose to 7,000+ (+49% since Jan. '21)

Solutions

5%			Successful launch of Captana
0%
2018	2021	2023

VAS revenues should continue to grow faster than ESL in the future, and reach 20%+ in 2023. This improvement of the revenue mix is one of the profitability drivers as VAS generate better margins.

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