OTRA INFORMACIÓN RELEVANTE
PRESENTACIÓN RESULTADOS FINANCIEROS
DEL PRIMER SEMESTRE DE 2024
GIGAS HOSTING, S.A.
1 de octubre de 2024
En cumplimiento con lo dispuesto en el artículo 17 del Reglamento (UE) nº 596/2014 sobre abuso de mercado y en el artículo 227 de la Ley 6/2023, de 17 de marzo, de los Mercados de Valores y de los Servicios de Inversión y disposiciones concordantes, así como en la Circular 3/2020 del Segmento BME Growth de BME MTF Equity ( en adelante "BME Growth") sobre información a suministrar por empresas incorporadas a negociación en el segmento BME Growth de BME MTF Equity, por la presente Gigas Hosting S.A. (en adelante "Gigas", la "Compañía" o la "Sociedad") comunica al mercado la presentación de resultados financieros consolidados del primer semestre de 2024 del Grupo GIGAS que será utilizada en diversas presentaciones con inversores así como en el webinar que se indica a continuación.
Dicho webinar se ha programado a través de una conferencia telemática que tendrá lugar el día jueves 3 de octubre del 2024, donde su Consejero Delegado y su Director Financiero explicarán los detalles de las cifras aquí presentadas y que estará abierta a todos aquellos inversores, analistas y personas interesadas, que podrán seguir dicha presentación online y realizar las preguntas que consideren oportunas:
WEBINAR PRESENTACIÓN RESULTADOS H1 2024
FECHA Y HORA: 3 de octubre 2024, 11:00 horas
ENLACE PARA INSCRIPCIÓN:https://gigas.com/ResultadosGigas/H12024
En cumplimiento de lo dispuesto en la Circular 3/2020 de BME Growth se deja expresa constancia de que la información comunicada por la presente ha sido elaborada bajo la exclusiva responsabilidad de la Sociedad y sus administradores.
Alcobendas, 1 de octubre de 2024
Diego Cabezudo Fernández de la Vega
Consejero Delegado
GIGAS HOSTING, S.A.
WEBINAR PRESENTACIÓN DE RESULTADOS PRIMER SEMESTRE 2024, GIGAS HOSTING, SA
Diego Cabezudo Javier Cañete
CEOCFO
H1 2024 Results
Investors' Presentation
OCT 2024
gigas
Disclaimer
This document and the conference-call webcast (including the Q&A session) may contain forward-looking statements and information (hereinafter, the "Information") relating to GIGAS HOSTING S.A. or GIGAS GROUP (hereinafter "Gigas", the "Company" or the "Gigas Group"). This Information may include financial forecasts and estimates based on assumptions or statements regarding plans, objectives and expectations that make reference to different matters, such as the customer base and its evolution, organic growth, potential acquisitions, Company's results and other aspects related to the activity and financial situation of the Company. The Information can be identified, in some cases, through the use of words such as "forecast", "expectation", "anticipation", "projection", "estimates", "plan" or similar expressions or variations of such expressions.
The Information reflects the current view of Gigas with respect to future events, and as such, do not represent any guarantee of future certain fulfilment, and are subject to risks and uncertainties that could cause the final developments and results to materially differ from those expressed or implied by such Information. These risks and uncertainties include those identified in the documents containing more comprehensive information filed by Gigas, such as Annual Accounts or the Incorporation Memorandum (Sept. 2015).
Except as required by applicable law, Gigas does not assume any obligation to publicly update the Information to adapt it to events or circumstances taking place after the date of this presentation, including changes in the Company's strategy or any other circumstance.
This presentation and the conference-call webcast (including the Q&A session) contains or might contain non-audited financial information as prepared by Management. The information contained herein should therefore be considered as a whole and in conjunction with all the public information regarding the Company available, including any other documents released by the Company that may contain more detailed information. Neither this document nor the conference-call webcast (including the Q&A session) constitute an offer to purchase, sale or exchange any shares, a solicitation of any offer to purchase, sale or exchange of any shares, or a recommendation or advice regarding any shares.
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H1 2024 Key Highlights
Net Revenues reached €37.4M in first 6 months 2024, from €33.3M the previous year, strong 12.2% growth year on year and above budget
Cloud services grew 22.6% y-o-yall organically, helped by strategic cloud priorities: ERP hosting and new Public Cloud Services
€ Adj. EBITDA for the semester reached €8.6M, up 6.4% from the €8.1M of the same period 2023
Gross Margin of €22.0M in the first half of 2024,
- 8.9% better than €20.2M of same period 2023,
representing 58.7% of revenues
Net Financial Debt at end of period totaled
- €45.8M (2.6x EBITDA) with €14.9M in cash (excluding convertible bonds and IRU, IFRS-16)
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Business Update
- Company successfully promoting its Connected Secure Cloud, which combines cloud services with connectivity and cybersecurity services
- Cloud growing strong, with special emphasis in hosting and managing ERPs (SAP and others) and embracing Public Cloud services combined with managed services. SAP growing strong, especially in Latam, and new ERP added to the offering providing fast growing customers (500+) and revenues. New capabilities and investment in technical personnel and sales and marketing required
- Infinite Backup in beta launch, proving very successful with customers. Will also require limited investment in sales and marketing
- Cloud already represents 41.2% of total revenues, higher than 37.7% in H1 2023 or 33.3% in 2022. Cloud Gross Margin reached 68.8% in the first half of the year, whereas Gross Margin for telecommunications services was 50.7%
- Telecommunication services growing well, with 6.1% growth y-o-y, higher than market growth and despite decrease in telecommunications revenues in Spain due to loss of customers in portfolio acquired. Mobile lines growing well and approaching 100k lines
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Revenues H1 2024
- Revenues grew to €37.4M in the first six months of the year, 12.2% higher than the €33.3M from same period last year, and higher than budgeted
- Excluding Alterlinks' revenues (acquired in October 2023), organic growth was 10.8%
- Cloud growth of 22.6% y-o-y and telecoms growth of 6.1% y-o-y
- Cloud services represented 41.2% of total revenues almost ten points or 33% higher than two years ago (31.8%)
- Portugal still leading the way, with 49.2% of revenues (49.9% in H1'23), followed by Spain with 39.0% (38.5% in H1'23)
Half-Year Revenues | Revenue Distribution by Service | |
Gross Margin, EBITDA and CAPEX H1 2024
- Gross Margin of €22.0M in H1 2024, 8.9% better than the €20.2M of H1 2023. Higher direct telecom costs and higher datacenter and energy costs impacting gross margin, which reached 58.7% in the semester, lower than the 60.5% in the same period last year
- Adjusted EBITDA reached €8.6M (before M&A costs, long term remuneration plans and other extraordinary), 6.4% higher than in H1 2023 (€8.1M)
- EBITDA margin was 23.0% over Revenues, below same period last year (24.3%), due to reduction of blended gross margin and increase of personnel costs
- CAPEX (excl. M&A and R&D) reached €4.0M in H1 2024, higher than the €3.4M in the first semester of 2023, partly linked to Alterlinks
Half Year Adj. EBITDA
H1 2024 P&L vs H1 2023
GIGAS
CONSOLIDATED RESULTS
REALREAL
Figures in euros | H1 24 | % Var | H1 23 | ||||
Net Revenues | 37.410.129 | 12,2% | 33.332.728 | ||||
Cloud, IT & Cybersecurity Services | 15.210.090 | 22,6% | 12.403.783 | ||||
Telecommunications Services | 21.723.370 | 6,1% | 20.476.214 | ||||
ExtraoRdinary Income, Subsidies & O. | 476.668 | 5,3% | 452.732 | ||||
Cost of Sales | (15.448.386) | 17,4% | (13.159.787) | ||||||||||
Cloud, IT & Cybersecurity Services | (4.743.892) | 17,7% | (4.029.376) | ||||||||||
Telecommunications Services | (10.704.494) | 17,2% | (9.130.411) | ||||||||||
Gross Margin | 21.961.743 | 8,9% | 20.172.941 | ||||||||||
Gross Margin % | 58,7% | 60,5% | |||||||||||
Personnel Costs | (7.289.707) | 19,2% | (6.113.995) | ||||||||||
Salaries and Social Security | (8.889.410) | 12,5% | (7.904.397) | ||||||||||
Capitalised R&D | 1.599.703 | -10,7% | 1.790.402 | ||||||||||
Corporate Costs | (6.063.587) | 1,6% | (5.967.692) | ||||||||||
Customer Operations and Marketing | (1.869.310) | 12,3% | (1.664.596) | ||||||||||
Network, Operations and IT | (2.310.782) | 9,1% | (2.118.349) | ||||||||||
Other Corporate Costs | (1.883.495) | -13,8% | (2.184.747) | ||||||||||
Adjusted EBITDA ** | 8.608.449 | 6,4% | 8.091.254 | ||||||||||
Adjusted EBITDA % | 23,0% | 24,3% | |||||||||||
Maintenance CAPEX (**) | 1.450.381 | 25,7% | 1.154.289 | ||||||||||
% over Revenues | 3,9% | 3,5% | |||||||||||
EBITDA - Maintenance CAPEX | 7.158.069 | 3,2% | 6.936.965 |
% over Revenues | 19,1% | 20,8% | 7 |
H1 2024 P&L
- Amortizations grew to €7.9M in H1'24 (€7.4M in H1'23) mostly related to Customer Relations from Alterlinks
- Net Financial expenses grew to -€2.8M in H1'24 (-€2.2M in H1'23) linked to interest rates growth from the new debt structure
- Net Loss of €2.8M in the period, from €2.0M in H1 2023, due to the growth of amortizations and financial costs already mentioned
The Figures shown here in this P&L are an analytical view of the financials of the Company and therefore slight differences might exist when compared to the statutory accounts due to certain reclassifications made to better understand the business
CONSOLIDATED RESULTS
Figures in euros | H1 24 | |||||
Net Revenues | 37,410,129 | |||||
Cloud, IT & Cybersecurity Services | 15,210,090 | |||||
Telecommunications Services | 21,723,370 | |||||
Extraordinary Income, Subsidies & O. | 476,668 | |||||
Cost of Sales | (15,448,386) | |||||
Cloud, IT & Cybersecurity Services | (4,743,892) | |||||
Telecommunications Services | (10,704,494) | |||||
Gross Margin | 21,961,743 | |||||
Gross Margin % | 58.7% | |||||
Personnel Costs | (7,289,707) | |||||
Salaries and Social Security | (8,889,410) | |||||
Capitalised R&D | 1,599,703 | |||||
Corporate Costs | (6,063,587) | |||||
Customer Operations and Marketing | (1,869,310) | |||||
Network, Operations and IT | (2,310,782) | |||||
Other Corporate Costs | (1,883,495) | |||||
Adjusted EBITDA ** | 8,608,449 | |||||
Adjusted EBITDA % | 23.0% | |||||
M&A Costs, LT rem.plans and Others | (841,068) | |||||
Depreciation and Amortization | (7,871,056) | |||||
EBIT - Operating Profit (loss) | -103,675 | |||||
Financial Income | 424,461 | |||||
Financial Costs | (3,141,001) | |||||
Exchange gains and others | (68,609) | |||||
Net Financial Result | (2,785,149) | |||||
EBT - Profit (loss) before taxes | -2,888,824 | |||||
Income Tax | 74,669 | |||||
Profit (loss) for the Period | -2,814,155 |
Debt and Cash Evolution
- Gross Debt at 30/JUN/24 reached €60.7M, higher than €57.1M from YE 2023
- Cash at hand amounted €14.9M as of 30/JUN, resulting in a net financial debt position (NFD) of €45.8M, or 2.6x adj. EBITDA (budget 2024), higher than the €37.8M at the end of 2023 (2.3x EBITDA 2023)
- Cash consumption normally higher in the first half of the year
- Gross debt does not include convertible bonds (€2.9M) or long term rental agreements (5-30 years) liabilities (IRUs and IFRS 16 related) mainly linked to the Lisbon datacenter and telecommunication assets
JUN 2024 | DEC 2023 | Diff % | |
R&D and Banks Debt LT | 51,950,000 | 45,575,817 | 14.0% |
M&A Related Debt LT | 0 | 3,250,000 | -100.0% |
R&D and Banks Debt ST | 5,525,000 | 5,119,380 | 7.9% |
M&A Related Debt ST | 3,250,000 | 3,200,000 | 1.6% |
GROSS FINANCIAL DEBT | 60,725,000 | 57,145,197 | 6.3% |
Cash at hand | 14,938,893 | 19,301,869 | -22.6% |
Net Financial Debt | 45,786,107 | 37,843,329 | 21.0% |
Adj. EBITDA | 17,612,566 | 16,703,083 | 5.4% |
NFD/EBITDA | 2.60 | 2.27 | 14.7% |
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