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Aubay : 2024 Half-Yearly Results: Half-year operating margin from ordinary activities: 8.1% - Net income attributable to owners of the parent remained stable: EUR 16.9 million - Net cash flow generated by operating activities: up EUR 21 million
Aubay : 2024 Half-Yearly Results: Half-year operating margin from ordinary activities: 8.1% - Net income attributable to owners of the parent remained stable:
About this update from Aubay Sa
In € thousands H1 2024 H1 2023 Change Revenue 272,265 274,775 -0.9% Operating profit from ordinary activities 22,139 24,485 -9.6% As a % of revenue 8.1% 8.9% Cost of performance shares (551) (690) Other operating income and expenses (757) (1,059) Operating profit 20,831 22,736 -8.4% Financial income 1,738 340 Tax (expense)/income (5,694) (6,090) Net income from consolidated companies 16,875 16,986 -0.7% As a % of revenue 6.2% 6.2% Net income attributable to owners of the parent 16,875 16,986 Earnings per share 1.30 1.28 Headcount 7,551 7,841 -3.7% Net cash flow generated by operating activities 20,972 13,056 +60.6% Net cash 95,948 83,519 +14.9% Aubay's Board of Directors, which met on September 18, 2024 under Chairman Christian Aubert, approved the consolidated financial statements for the first six months of 2024. The financial statements have been reviewed by the company's Statutory Auditors who will shortly issue their reports. Aubay proved very resilient in the first half of 2024, with revenue and net income virtually stable compared with the same period of the previous year. Half-year operating margin from ordinary activities of 8.1% In a sluggish market environment, Aubay has been able to rely on the resilience of its operating profit, thanks to the good management of all its key performance indicators. Although slightly down by 80 basis points compared with the first half of 2023 (8.1% vs. 8.9%), the operating margin from ordinary activities remains solid, especially as it was mainly impacted by an unfavorable calendar effect. This decline should be offset in the second half by a more favorable seasonal effect. Operating profit of €20.8 million Operating profit was down 8.4%, after taking into account the cost of performance shares for €0.6 million and a net expense of €0.8 million under "Other operating income and expenses", primarily comprising restructuring expenses. Net income rose sharply to €1.7 million from €0.3 million in 2023, thanks to higher interest received and the capital gain on Micropole shares. Net income attributable to owners of the parent remained stable (6.2% of net margin) Net income attributable to owners of the parent was stable at €16.9 million , compared with €17.0 million in the first half of 2023. The tax expense of €5.7 million resulted in an average tax rate of 25% compared with 26% for the same period of the previous year. Net cash (excluding rental liabilities) up sharply at €95.9 million, after dividend payment Cash flow stood at €26.8 million or 9.8% of revenue, compared with €28.1 million in 2023. The change in WCR amounted to a negative €1.6 million compared to a negative €6.6 million for the same period of the previous year. Cash flow from operating activities amounted to €21.0 million , a sharp increase compared to first half 2023 (€13.1 million). After taking the 2023 €9.1 million dividend payout in May into account, and the €4.8 million purchases of treasury shares for cancellation, net cash stood at €95.9 million at June 30, 2024, and should continue to increase during the second half of the year. Proposed interim dividend of €0.50 In light of the good level of net income and the Group's excellent financial position, the Board of Directors has decided to pay an interim dividend of €0.50 per share in respect of 2024. The interim dividend remains unchanged from 2023 and will be paid on November 8, 2024. Outlook for 2024 Market trends over the summer show no particular improvement or deterioration in the conditions observed since the start of the year. Customers are still showing restraint and caution in their investments, given the uncertain macroeconomic context. Business outlook for the second half of 2024 is unchanged. Aubay remains focused on maintaining profitability and cash generation. In light of this, Aubay confirms its annual targets, which are: organic growth of between 0% and 3%, i.e., annual revenue of between €534 million and €550 million ; operating margin from ordinary activities between 8.5% and 9.5%. Aubay will publish its 2024 third-quarter revenue on Wednesday October 23, 2024 after the close of trading. Glossary Organic revenue growth : This refers to growth calculated for a constant scope of activity for a given period, excluding revenues from companies that were acquired or sold during the period. As Aubay conducts most of its business in the euro zone, any impact from changes in exchange rates is minimal. 2024 Organic growth -0.9% Impact of changes in scope 0 Growth as reported -0.9% Operating profit from ordinary activities : this indicator corresponds to operating profit before the cost of free shares and other income and expenses that are unusual, abnormal or infrequent and that are booked separately in order to facilitate understanding of an entity's recurring operating performance. Operating margin from ordinary activities : this indicator, which is expressed as a percentage, is the ratio of operating income from ordinary activities to revenue. Net debt or net cash (excluding rental liabilities) : this indicator represents the difference between an entity's cash and debt. If the result is negative, it is referred to as net debt. If it is positive, it is referred to as net cash. About Aubay Aubay is a digital services company working alongside some of the biggest names in the Banking, Finance, Insurance, Manufacturing, Energy, Transport and Telecoms sectors. With 7,551 employees in seven countries (France, Belgium, Luxembourg, Italy, Spain, Portugal and the United Kingdom) at June 30, 2024, Aubay generated revenue of €534.1 million in 2023. Euronext, Compartment: B - ISIN FR0000063737-AUB - Reuters AUBT.PA - Bloomberg AUB:FP Contacts Amaury Dugast – Actus Finance – Tel: +33 (0)1 53 67 36 74 – E-mail: [email protected] David Fuks – Co-Chief Operating Officer – Finance Department – Tel.: +33 (0)1 46 10 67 67 – E-mail: [email protected] APPENDICES Statement of financial position as of June 30, 202 4 ASSETS (in € thousands) June 30, 2024 Dec. 31, 2023 Goodwill 131,305 131,305 Intangible assets 1,160 884 Property, plant & equipment 4,161 4,283 Right of use relating to leases 18,461 19,829 Equity-accounted investees - - Other financial assets 2,286 2,181 Deferred tax assets 3,573 3,929 Other non-current assets 1,327 1,530 NON-CURRENT ASSETS 162,273 163,941 Inventories and work in progress 681 736 Assets on contracts 36,022 34,932 Trade receivables 124,220 121,914 Other receivables and accruals 40,263 41,139 Marketable securities 32,631 42,330 Cash at bank and in hand 64,947 52,566 CURRENT ASSETS 298,764 293,617 TOTAL ASSETS 461,037 457,558 EQUITY AND LIABILITIES (in € thousands) June 30, 2024 Dec. 31, 2023 Capital 6,532 6,532 Additional paid-in capital and consolidated reserves 241807 221,411 Net income attributable to owners of the parent 16,875 33,408 Shareholders' equity attributable to the Group 265,214 261,351 Minority interests 0 SHAREHOLDERS' EQUITY 265,214 261,351 Borrowings and financial liabilities: non-current portion 810 1,078 Rental liabilities due in more than 1 year 14,432 15,439 Deferred tax liabilities 1 1 Provisions for contingencies and expenses 7,294 8,896 Other non-current liabilities 628 358 NON-CURRENT LIABILITIES 23,165 25,772 Borrowings and financial liabilities: current portion 820 824 Rental liabilities due within 1 year 4,836 5,084 Trade and other payables 36,528 36,917 Contract liabilities 16,685 20,595 Other current liabilities 113,789 107,015 CURRENT LIABILITIES 172,658 170,435 TOTAL EQUITY AND LIABILITIES 461,037 457,558 Consolidated income statement for first-half 2024 (in € thousands) First-half 2024 % First-half 2023 % Revenue 272,265 274,775 100% Other operating income 99 235 Purchases used in production and external charges (68,167) (67,171) Staff costs (175,877) (177,525) Taxes other than on income (2,221) (2,233) Amortization, depreciation and provisions (3,664) (3,783) Change in inventories of work in progress and finished goods Other operating income and expenses (296) 187 Operating profit from ordinary activities 22,139 8.1% 24,485 8.9% Expenses linked to restricted share units and similar awards (551) (690) Current operating profit 21,588 7.9% 23,795 8.7% Other operating income and expenses (757) (1,059) Operating profit 20,831 7.7% 22,736 8.3% Income from cash and cash equivalents Net borrowing costs (397) (327) Other financial income and expenses 2,135 667 Financial income 1,738 340 Income tax expense (5,694) 25% (6,090) 26% Income from equity-accounted investees Net income before results of discontinued operations or assets held for sale 16,875 16,986 Net income after tax of discontinued operations or assets held for sale Net income 16,875 6.2% 16,986 6.2% Attributable to owners of the parent 16,875 16,986 Minority interests 0 0 Basic weighted average number of shares 12,966,382 13,289,283 Earnings per share 1.30 1.28 Diluted weighted average number of shares 13,042,882 13,366,283 Diluted earnings per share 1.29 1.27 Cash flow statement for first-half 2024 (in € thousands) First-half 2024 First-half 2023 Consolidated net income (including non-controlling interests) 16,875 16,986 Income from equity-accounted investees Net depreciation, amortization and provisions and right of use relating to leases 3,258 3,957 Non-cash expenses and income relating to share-based payments 551 690 Other non-cash items Dividend income (31) (58) Gains and losses on disposals of fixed assets 72 147 Cash flow after net interest expense and tax 20,725 21,722 Net borrowing costs 397 327 Tax expense (including deferred taxes) 5,694 6,090 Cash flow before net interest expense and tax (A) 26,816 28,139 Income tax payments (B) (4,337) (8,479) Change in WCR © (1,507) (6,604) Net cash provided by (used in) operating activities (D) = (A+B+C) 20,972 13,056 Outflows for the acquisition of tangible and intangible fixed assets (1,020) (773) Inflows from the disposal of tangible and intangible fixed assets 2 Outflows for the acquisition of financial assets (5) Inflows from the disposal of financial assets Change in loans and advances granted (102) (36) Disbursements (cash) related to business combinations, net of cash and cash equivalents Dividends received 31 58 Net cash provided by (used in) investing activities (E) (1,089) (756) Proceeds from capital increases Amounts received upon the exercise of stock options Purchases of treasury shares for cancellation (4,811) Purchases of and proceeds from the sale of treasury shares Dividends paid in the period: - Net dividends paid to parent company shareholders (9,130) (9,304) - Dividends paid to the non-controlling shareholders of consolidated companies Inflows from new borrowings Repayment of loan debt (268) (279) Repayment of rental liabilities (2,625) (2,602) Net interest payments (397) (327) Purchase of non-controlling minority interests Other financial cash flows Net cash provided by (used in) financial activities (F) (17,231) (12,512) Effects of changes in foreign exchange rates (G) 34 27 Change in net cash (D+E+F+G) 2,686 (185) Cash and cash equivalents at beginning of period 94,867 85,839 Cash and cash equivalents at end of period 97,553 85,654 This publication embed "🔒 Actusnews SECURITY MASTER ". - SECURITY MASTER Key: mWhuZ5lnk5eVlZpqk8pql5JsmGuWyGfFl2qZyWVqmJfKnWljnJqUl8eVZnFonGpm - Check this key: https://www.security-master-key.com . 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