Investor Presentation Mid Year 2023
Sergio Muratori Casali
CEO
Guido Spagnoli
CFO
Modena
Mid Year Financial Results,
October, 2023
1H 2023 Results & Overview
Market slowdown impacted profitability…but not the investments to increase scalability and to create a European one company
Key financials
Revenues € 12.1 Mn, + 9.9% vs H1 2022 EBITDA (€ 0.5 Mn) vs € 1.5 Mn
Net Result (€ 3.2 Mn) vs € 0.3 Mn
Net Financial Debt at € 18 Mn vs € 14 Mn as
of 31.12.2022
Highlights
- Recurring revenue stable at 70% and Low Churn rate 1.5
- Awarded INPS Tender with Postel (3 years contract)
- First release of Doxee Unified Platform (with Infinica Modules)
- Integrated offering ready for DACH market and customer base, launched on 21 Sept through Infinica & Doxee event
- Doxee certified B Corp
- Doxee methodology for CO2 emissions validated by RINA
- Doxee named as a Strong Contender in the 2023 SPARK Matrix™ for Accounts Receivable Applications
Impacts on profitability
-
Clients' investments delay due to hard macro conditions resulted in revenues below expectations and impacted the
Group's profitability - Investments to execute the Doxee Platform continued: benefits in terms of productivity improvement and efficiency expected from H1 2024
- Infinica's integration ongoing, to be completed in H1 2024
Mid Year Financial Results, October, 2023 | Investor Presentation |
Consolidated Revenues Breakdown
CAGR 23%
PRODUCT LINE GROWTH | 9.1 | H1 2021 | ||
H1 2023 (€/mln) | 7.7 | H1 2022 | ||
H1 2023 | ||||
6.0 | |||||||||
CAGR -16% | CAGR 14% | ||||||||
1.8 | 1.8 | 1.5 | 1.7 | ||||||
1.3 | 1.3 | ||||||||
10% REVENUES GROWTH
below the forecast due to PA and Tier 1 clients' orders delay to H2 or
2024
-
1.8 MLN INFINICA REVENUE
CONTRIBUTION
up and cross selling potential still not exploited
px
BY PRODUCT LINES
14%
dx 11%
px
ix
dx | ix |
GEOGRAPHICAL AREA
10% 73%
Italy
UE | 17% |
75%
NEW COMMERCIAL & FRAMEWORK AGREEMENTS SIGNED
Projects to be developed starting from H2
LAUNCH OF THE INTEGRATED OFFERING
In progress Infinica's interactive on demand components integration into the Doxee Platform3@
Mid Year Financial Results, October, 2023 | Investor Presentation |
1H 2023 Financial Highlights
PROFIT & LOSS | 1H 2023 | 1H 2022 |
Sales Revenues | 12.1 | 11.1 |
Value of Production | 13.8 | 12.7 |
Contribution Margin | 6.4 | 6.4 |
EBITDA | (0.5) | 1.5 |
EBITDA margin (%) | n.a. | 12% |
EBIT | (2.6) | 0.1 |
Net Income | (3.2) | 0.3 |
BALANCE SHEET | 1H 2023 | FY 2022 |
Net Working Capital | (0.8) | 0.0 |
Fixed Assets | 31.1 | 29.6 |
Net Capital Employed | 28.3 | 27.8 |
Net Financial Debt | 18.0 | 14.4 |
Shareholders' Equity | 10.3 | 13.4 |
- 2023 H1 Revenues amounted to €12.1 mln: document experience €9.1 mln, interactive experience €1.7 mln, product line paperless experience €1.3 mln.
- EBITDA negative to € (0.5) due to a slowdowbn in the revenues growth and additional costs incurred by the integration of Infinica.
- Net income stood at € (3.2) mln (€ 0.3 mln in 2022 H1) due to the increase in amortization and in financial costs and impacts on business
- Net Working Capital stood at € (0.8) mln, decreasing in comparison with 2022 as a resul of an increase in DPO.
- Fixed Assets stood at €31.1 mln. The most significant item are Intangibles (€ 29.6 mln). In intangibles the most relevant are Development costs, for € 8.8 mln, Assets under construction, for € 8.0 mln.and goodwill for € 7.7 mln
- Net financial debt reached in 2023 H1 € 18.2 mln, as a result of negative cash flows
Mid Year Financial Results, October, 2023 | Investor Presentation |
EBITDA Bridge
(€/mln) | Increase | Decrease | Total |
EBITDA | SALES | OTHER | DIRECT | INDIRECT | CAPEX | R&D | EBITDA |
1H 2022 | REVENUES | REVENUES | COSTS | COSTS | COSTS | 1H 2023 |
- The increase in costs must be interpreted in light of the different size of the Group which as of 06/30/2023 also includes the company Infinica
- Since the integration process is still ongoing, the increased costs incurred have not yet been fully reflected in terms of revenues
- The performance of the first months of H2 suggests a recovery in margins by the end of the year
Mid Year Financial Results, October, 2023 | Investor Presentation |