Investor Presentation H1 2024 Results
Paolo Cavicchioli
Chairman & CEO
Sergio Muratori Casali
Co-CEO & Investor Relations Manager
Modena
H1 2024 Financial Results,
October, 2024
H1 2024 Results & Overview
2024: a year of recovery in terms of growth and profitability for Doxee
Highlights
Key financials
Revenues € 12.5 mln vs € 12.1 mln EBITDA € 0.5 mln vs (€ 0.5 mln) Net Result (€ 2.4 mln) vs (€ 3.2 mln)
Net Financial Debt at € 17.0 mln vs €
21.6 mln as of 31.12.2023
- Good progress in the ONE Platform project with the 1st release in September of the Doxee Platform® integrating the components of Infinica GmbH, now Doxee AT
- Significant synergies and rationalizations thanks to the ONE Company project that allowed to reduce internal and external costs
- Construction of an offer positioning and a unique Go To market across the reference geographies in the Enterprise market through the ONE Value Proposition project
- Increasing ARR at 75% and Net Retention Rate at 98%
Impacts on profitability
- Important investments made in Sales and Marketing in the DACH area
- R&D Investments to complete the integration of the Doxee Platform® and to focus on innovative areas linked to artificial intelligence and massive data analysis
H1 2024 Financial Results, September, 2024 | Investor Presentation |
Consolidated Revenues Breakdown
CAGR 8%
PRODUCT LINE GROWTH | 9.1 9.0 | H1 2022 | |||
H1 2024 (€/mln) | 7.7 | H1 2023 | |||
H1 2024 |
CAGR 15%
CAGR -11% | ||||||||
2.4 | ||||||||
1.8 | 1.7 | |||||||
1.5 | ||||||||
1.3 | 1.2 | |||||||
px | dx | ix | ||||||
BY PRODUCT LINE | BY GEOGRAPHICAL AREA | |||||||
9% |
4%
76%
REVENUES GREW (+3.2%) vs H1 2023 thanks to an increase in revenues in the DACH and CEE regions. Italy recorded a trend substantially in line with H1 2023, but with a slight growth.
Recurring Revenues, thanks also to the increase in the activities provided in SaaS mode, stand at around 75% of total revenues.
Several new Customers in H1 2024 .
Significant renewal of multi-year contracts with an increasing Net Retention Rate equal to 98%.
Significantly better Pipeline Generation activity compared to H1 2023
The Total Contract Value of Growth
19%
dx
px
ix
Italy | 20% | |
UE | ||
72% | Extra UE | |
Opportunities (New Logo, Cross-Sales and Upselling) alone has grown by 173% YoY.
Increase also of the Win-Rate for Growth Opportunities.
H1 2024 Financial Results, September, 2024 | Investor Presentation |
H1 2024 Financial Highlights
PROFIT & LOSS | H1 2024 | H1 2023 |
Sales Revenues | 12.5 | 12.1 |
Value of Production | 14.0 | 13.8 |
Contribution Margin | 7.5 | 6.4 |
EBITDA | 0.5 | (0.5) |
EBIT | (2.0) | (2.6) |
Net Income | (2.4) | (3.2) |
BALANCE SHEET | H1 2024 | FY 2023 |
Net Working Capital | (3.3) | (2.7) |
Fixed Assets | 32.3 | 32.7 |
Net Capital Employed | 26.9 | 28.2 |
Net Financial Debt | 17.0 | 21.6 |
Shareholders' Equity | 10.0 | 6.5 |
- H1 2024 Revenues amounted to € 12.5 mln (+3.2% vs H1 2023) thanks to a growth in the DACH and CEE regions.
- EBITDA positive to € 0.5 mln thanks to the efficiency improvement of internal processes which made possible the decrease in internal personnel and external personnel costs and the reduction in R&D costs.
- Net income stood at € -2.4 mln (€ -3.2 mln in H1 2023) due to the increase in amortization.
- Net Working Capital stood at € -3.3 mln, decreasing in comparison with € -2.7 mln in FY 2023 due to a reduction in trade receivables.
- Fixed Assets stood at € 32.3 mln. The most significant item are Intangibles (€ 31.1 mln).
- Net Financial Debt decreased at € 17.0 mln, as a result of the capital increase of € 5.8 mln carried out in June 2024, used mainly to repay previous financial loans and commercial payables.
H1 2024 Financial Results, September, 2024 | Investor Presentation |
EBITDA Bridge
(€/mln)
1.
1.0
0.8
0.
0.
0.
(0.
(0.
(0.
(0.8
Increase | Decrease | Total | |||||||||||||||||||||||
0. | |||||||||||||||||||||||||
0. | 1 | 0.5 | |||||||||||||||||||||||
(0. | 8 | ||||||||||||||||||||||||
0.1 | (0. | 5 | |||||||||||||||||||||||
0. | |||||||||||||||||||||||||
(0.50 | |||||||||||||||||||||||||
EBITDA | SALES | OTHER | DIRECT | INDIRECT | CAPEX | R&D | EBITDA | ||||||||||||||||||
H1 2023 | REVENUES | REVENUES | COSTS | COSTS | H1 2024 |
- The improvement was mainly determined by a decrease in internal personnel and external personnel costs thanks to efficiency improvements of internal processes which made it possible to use fewer internal resources and less use of external consultancy. Moreover, EBITDA was supported by a decrease in R&D costs.
H1 2024 Financial Results, September, 2024 | Investor Presentation |
H1 2024 Investments
R&D AND VALUE OF PRODUCTION
(€/mln) | Annual VoP |
35.0 | R&D | |||
30.0 | 28.7 | 28.9 | ||
25.0 | 22.9 | |||
20.0 | ||||
15.0 | 14 | |||
10.0 | 6.3 | 6.9 | ||
4.3 | ||||
5.0 | ||||
2.1 | ||||
0.0 | ||||
FY 2021 | FY 2022 | FY 2023 | H1 2024 |
End of the peak of investments needed to develop the
new version of the Doxee Platform®
COST OF PERSONNEL
(€/mln) | |||
16.0 | |||
14.0 | 13.4 | ||
12.0 | 10.2 | ||
10.0 | |||
8.05 | |||
8.0 | 6.4 | ||
6.0 | |||
4.0 | |||
2.0 | |||
0.0 | |||
2021 | 2022 | 2023 | H1 2024 |
Rationalization of the group workforce, reorganizing and
optimizing the workload of the organizational areas
H1 2024 Financial Results, September, 2024 | Investor Presentation |
Net Financial Debt Bridge
(€/mln) | Increase | Decrease | Total | |||
(5.0 | |||||||||||
(10.0 | |||||||||||
(15.0 | |||||||||||
.1 | 0. | 0.55 | |||||||||
(1 . | |||||||||||
( | 0.0 | 0.5 | 0.1 | 0.8 | |||||||
(0.0 | |||||||||||
( | 1. | 1 | |||||||||
NFD | EBITDA | INCOME | CHANGE | CHANGE IN | CHANGE | CAPEX | FINANCIAL | NFD | |||
31.12.2023 | TAXES | IN NWC | PROVISIONS | IN EQUITY | ITEMS | 30.06.2024 |
FOR EMPLOYEES
H1 2024 Financial Results, September, 2024 | Investor Presentation |
GROWTH STRATEGY
H1 2024 Financial Results, September, 2024 Investor Presentation
Strategic growth key points
Doxee a leading player in the digitization process
is evolving into a
Leading European technology vendor in the areas of Digital Customer
Experience (DCX) and Customer Communications Management (CCM)
ONE | ||||||
ONE | ONE | |||||
VALUE | ||||||
COMPANY | PLATFORM | |||||
PROPOSITION | ||||||
H1 2024 Financial Results, September, 2024 | Investor Presentation |
ONE
COMPANY
Creation of a single structure at global level with the aim
of maximizing the investment made with the acquisition of Infinica GmbH, now Doxee AT
Process of reorganizing the Group by bringing into the organization the roles of:
- Chief Revenues Officer
- Chief Product Officer
Rationalization of activities and internal processes
New Organization to give more support to the organic growth path in the target sectors with strong focus on ARR (Annual Recurring Revenues)
Strengthen the executive team to sustain the internationalization path that the Group has undertaken towards the countries in DACH and CEE areas
H1 2024 Financial Results, September, 2024 | Investor Presentation |