PRESS RELEASE
NEOSPERIENCE RECORDS STRONG GROWTH OF GROUP RESULTS
IN THE FIRST HALF OF 2021
CONSOLIDATED SALES: €8.8 MILLION,
+23.0% (1H 2020: €7.1 MILLION / 1H 2019: €5.1 MILLION)
CONSOLIDATED EBITDA: EURO 3.1 MILLION (35.5% OF REVENUES),
+27% (1H 2020: €2.4 MILLION / 1H 2019: €2.3 MILLION)
CONSOLIDATED EBIT: EURO 1.2 MILLION (13.6% OF REVENUES),
+83% (1H 2020: EURO 655 THOUSAND / 1H 2019: EURO 631 THOUSAND)
CONSOLIDATED NET PROFIT: EURO 642 THOUSAND (7.3% OF REVENUES),
+76% (1H 2020: 365 THOUSAND EUROS)
- Value of the Group's production of Euro 10.3 million (+15.5% compared to the first half of 2020)
- Consolidated sales of Euro 8.8 million (+23.0% compared to the first half of 2020)
- Consolidated EBITDA of Euro 3.1 million (+27.3% compared to the first half of 2020)
- Consolidated EBIT of Euro 1.2 million (+83% compared to the first half of 2020)
- Consolidated net profit of Euro 642 thousand (+76% compared to the first half of 2020)
- Group net profit of Euro 234 thousand (+25% compared to the first half of 2020)
- Shareholders' equity of Euro 17.9 million (+7.1% compared to 31 December 2020 and +32.8% compared to the first half of 2020)
- Net financial debt of Euro 5.9 million, compared to Euro 5.4 million at the end of 2020
- Strong increase in cross-selling; launch of vertical development projects based on Artificial Intelligence in the Fintech, Healthcare, Security&Safety sectors; strengthening of the capacity to meet the digitisation needs of small and medium-sized enterprises, expected to grow strongly in the next three years thanks to PNRR resources.
Milan, 28 September 2021 - The Board of Directors of Neosperience S.p.A. ("Neosperience" or the "Company"), one of the main players in the Digital Customer Experience sector, listed on AIM Italia since 20 February 2019, today approved the consolidated half-year financial report as of 30 June 2021, prepared according to national accounting standards (OIC) and subject to limited audit.
Dario Melpignano, President of Neosperience, commented: "The first half of the year showed an excellent evolution of our activities that was reflected in significant growth in financial results, substantially increased compared to the first half of 2020.
The Group has reacted effectively to the consequences of the pandemic, maintaining the focus on results in continuous and constant growth, with attention to recurring revenues and proprietary solutions that have generated a positive impact on margins.
Among the most significant strategic guidelines and evidence:
- development of initiatives in the healthcare industry with hospitals and research institutes to contribute to the search for solutions/remedies to the problems deriving from the pandemic, given the forthcoming reconfiguration of the European health world moving to digital;
- acceleration of the growth strategy in Italy, to strengthen the role of Neosperience as a center of aggregation of the most experienced companies in the creation of digital products and services; with this in mind, both the critical acquisitions of Workup S.r.l. and Myti S.r.l., companies respectively leaders in digital commerce and digitization of manufacturing companies, with a large customer base, and numerous other contacts with leading Italian operators, close to maturing by the end of this year in further acquisitions;
- international expansion has necessarily slowed down, where the finalization of the ongoing negotiations requires clarification of the evolution of the pandemic framework. In particular, concerning the Chinese market, the impossibility for Far East tourists to reach Europe has slowed down the ambitious projects already started with Tencent/WeChat; however, we have recorded with satisfaction the interest of many new Italian customers - in particular in the wine and design/furniture sectors - to take advantage of this historic moment to renew and complete digital investments towards the Far East markets;
- acceleration in the integration between Neosperience and the companies that became part of the Group, which led to significant economies of scale and strong benefits from sharing technological and market knowledge.
More generally, the changes in habits and behaviors induced and accelerated by Covid-19, such as the greater use of remote working, home delivery and digital commerce, lead companies to accelerate the adoption of technologies that improve operations and make customer relations more effortless and more empathetic. This phenomenon is even more true for European SMEs, which had been slow to make the necessary investments to carry out their digital transformation for cultural and dimensional reasons. Neosperience, with its offer of services aimed at SMEs, now even more complete thanks to the acquisitions made and those planned, is optimally positioned to serve this vast emerging market.
From the point of view of the offer, new Solutions have been developed, based on the use of the most advanced techniques of Artificial Intelligence, which have found wide acceptance in the sectors in which we operate, allowing us to strengthen our competitive advantage further.
Some acquisitions, now in an advanced stage of discussion, will allow us to extend further the range of solutions offered and to accompany our customers even more effectively in their journey of creating their digital product platforms and in the digitization of their operations."
Comments on the consolidated results as of 30 June 2021
At the end of first half 2021, Neosperience recorded consolidated sales of Euro 8.8 million (+23% compared to Euro 7.1 million at 30 June 2020), thanks to the acquisition of several new customers (today over 700, compared to 200 in 2019), and the contribution of the companies Myti S.r.l. and ADChange S.r.l. which became part of the consolidation scope during the second half of 2020.
EBITDA amounted to Euro 3,114 million, with a significant increase of 27.3% compared to the similar value of 30 June 2020, with an incidence of 35.5% on sales, consistently very high thanks to the significant contribution of scalable activities.
These crucial results, achieved in a difficult period for the Italian economy, highlight the solidity of the Neosperience business model, based on an increasing plurality of skills and markets that diversifies the risk of dependence on a few lines of business. The attention and commitment of the entire team to maintaining high sales margins and the appreciation of Neosperience products and services by the market are also constant.
The significant investments on Neosperience platforms made by the Group to cope with the evolution of technology and develop new solutions have led to a substantial increase in the amount of intangible assets: net intangible assets rose to over 18 million, compared to 12.3 million at the end of the first half of 2020. All this in the first half of 2021 was also significantly reflected in the amortization of intangible fixed assets, for which the depreciation in the first half of 2021 amounted to Euro 1.9 million compared to Euro 1.8 million in the first half, also including the amortization of the goodwill on acquired subsidiaries.
EBIT for the first half of 2021, in line with EBITDA, grew strongly by 83%, from Euro 655 thousand to Euro 1.196 million.
The net profit of the Group amounted to Euro 234 thousand, a significant increase compared to the previous half-year (+24.5%), as well as the profit before interest from third parties.
The Group's shareholders' equity at 30 June 2021, thanks also to the consolidation of Myti S.r.l. and ADChange S.r.l. during the second half of 2020, rose to Euro 16.8 million, compared to 16.0 million on 31 December 2020 and to Euro 14,5 million at 30 June 2020. Net financial debt amounted to Euro 5.9 million compared to Euro 5.4 million at 31 December 2020 and Euro 2.8 million at 30 June 2020, partly as a result of acquisitions made in the period, whose cost was financed in part by issuing new Neosperience shares and in part by drawing on new medium-term credit lines.
Relevant events after 30 June 2021
In the second part of the year, the activity continued aimed at acquiring new prestigious customers in the sectors: tourism, health, pharma, energy&utility and financial services for the implementation of projects based on the Solutions in our portfolio.
Cross-selling activities have continued successfully, helping to enhance relationships with customers already active at each Group company: we expect a further boost in sales thanks to the intensification of this activity, started at the end of last year, that has already produced very positive results.
Explorations continue for new acquisitions; it should be noted that within the acquisitions completed so far, there has been an excellent level of integration and cooperation with the key people of the companies involved; this is mainly due to the positive attitude of all the entrepreneurs who have joined our Group, who have shared the business plan and common objectives since the very beginning of the collaboration with Neosperience.
From a market point of view, the growth forecasts over the next three years are strongly conditioned by the implementation in the PNRR. The 2021 Anitec-Assinform Report outlines four scenarios, based on the annual use of the allocated funds. Using the PNRR funds provided for digital investments, the market could have a further growth of 3.6 billion euros, reaching a volume of 77.6 billion euros. This would bring the growth of the digital market in 2021 to 8.5% compared to a forecast of 3.5% initially expected. In an optimistic hypothesis of full use of the funds allocated annually, the Italian digital market will grow to 95 billion euros in 2024.
The sectors that may have the most significant impact from using the funds provided by the PNRR for digital are the main sectors in which Neosperience is already present: Healthcare, Industry, Telecommunications, Travel & Transportation and Energy & Utilities, Public Administration.
The Financial Report as of 30 June 2021 will be made available to the public in the terms provided for by the AIM Italia Issuers' Regulation, as well as on the Company's website, www.neosperience.com, in the "Investors/Financial Documents" section.
Consolidated Balance Sheet
30.06.2021 | 31.12.2020 | 30.06.2020 | |||||
Consolidated | inc. % | Consolidated | inc. % | Consolidated | inc. % | Delta | |
Balance Sheet | Balance Sheet | Balance Sheet | |||||
NON-CURRENT ASSETS | |||||||
Fixed Intangible Assets | 18.037.081 | 47% | 17.422.999 | 46% | 12.321.639 | 42% | 614.082 |
Fixed Tangible Assets | 572.460 | 2% | 576.180 | 2% | 642.124 | 2% | (3.720) |
Investements in associates | 1.016.653 | 3% | 982.858 | 3% | 905.623 | 3% | 33.795 |
Other non-current credits | 189.491 | 0% | 200.114 | 1% | 81.793 | 0% | (10.623) |
Other non-current Financial credits | 255 | 0% | 255 | 0% | - | 0% | - |
Prepaid Taxes | 148.632 | 0% | 148.632 | 0% | 150.236 | 1% | - |
TOTAL NON-CURRENT ASSETS | 19.964.572 | 52% | 19.331.038 | 51% | 14.101.415 | 49% | 633.534 |
CURRENT ASSETS | |||||||
Inventories | 344.738 | 1% | 94.093 | 0% | 69.164 | 0% | 250.645 |
Trade recivables | 8.235.541 | 22% | 8.002.033 | 21% | 9.446.845 | 33% | 233.508 |
Trade recivables from associates | 501.157 | 1% | 485.635 | 1% | 128.100 | 0% | 15.522 |
Tax credits | 735.866 | 2% | 1.734.145 | 5% | 1.967.638 | 7% | (998.279) |
Other current credits | 1.029.989 | 3% | 1.402.231 | 4% | 1.266.075 | 4% | (372.242) |
Trading assets | 139.669 | 0% | 140.463 | 0% | 115.464 | 0% | (794) |
Cash and Equivalents | 7.112.972 | 19% | 6.502.710 | 17% | 1.915.730 | 7% | 610.262 |
TOTAL CURRENT ASSETS | 18.099.932 | 48% | 18.361.310 | 49% | 14.909.016 | 51% | (261.378) |
TOTAL ASSETS | 38.064.504 | 100% | 37.692.348 | 100% | 29.010.431 | 100% | 372.156 |
EQUITY | |||||||
Shareholders Capital | 760.720 | 2% | 750.520 | 2% | 726.220 | 3% | 10.200 |
Share Premium Reserve | 13.184.056 | 35% | 12.671.710 | 34% | 11.186.185 | 39% | 512.346 |
Legal Reserve | 131.165 | 0% | 105.395 | 0% | 105.395 | 0% | 25.770 |
Statutory Reserve | 2.357.980 | 6% | 1.869.223 | 5% | 1.869.223 | 6% | 488.757 |
Negative reserve for treasury shares in portfolio | (306.587) | -1% | (92.966) | 0% | (1.187) | 0% | (213.621) |
Other Reserves | 540.721 | 1% | 529.515 | 1% | 556.274 | 2% | 11.206 |
Consolidation Reserve | (53.904) | 0% | (53.904) | 0% | (53.904) | 0% | - |
Retained Earnings | (41.692) | 0% | 997 | 0% | (87.068) | 0% | (42.689) |
Net income of the year | 233.909 | 1% | 260.299 | 1% | 188.054 | 1% | (26.390) |
Minority interests | 1.118.927 | 3% | 697.295 | 2% | 630.016 | 2% | 421.632 |
TOTAL EQUITY | 17.925.295 | 47% | 16.738.084 | 44% | 15.119.208 | 52% | 1.187.211 |
NON-CURRENT LIABILITES | |||||||
Employees Benefits | 1.150.285 | 3% | 1.047.659 | 3% | 998.229 | 3% | 102.626 |
Provisions for risks and charges | 51.863 | 0% | 58.418 | 0% | 25.630 | 0% | (6.555) |
Non-current Financial Debts | 11.070.045 | 29% | 10.763.689 | 29% | 3.947.531 | 14% | 306.356 |
Non-current Tax Payables | 232.963 | 1% | 333.047 | 1% | 486.212 | 2% | (100.084) |
Other non-current Payables | - | 0% | 0% | - | 0% | - | |
TOTAL NON-CURRENT LIABILITES | 12.505.156 | 33% | 12.202.813 | 32% | 5.457.602 | 19% | 302.343 |
CURRENT LIABILITIES | |||||||
Current Financial Debts | 2.068.861 | 5% | 1.266.472 | 3% | 889.571 | 3% | 802.389 |
Deposits | - | 0% | - | 0% | - | 0% | - |
Accounts Payables | 1.958.623 | 5% | 3.958.374 | 11% | 4.536.481 | 16% | (1.999.751) |
Tax Payables | 1.579.034 | 4% | 1.375.885 | 4% | 1.112.208 | 4% | 203.149 |
Other Payables | 1.746.408 | 5% | 1.761.215 | 5% | 1.704.463 | 6% | (14.807) |
Accruals and Deferred Income | 281.127 | 1% | 389.505 | 1% | 190.898 | 1% | (108.378) |
TOTAL CURRENT LIABILITIES | 7.634.053 | 20% | 8.751.451 | 23% | 8.433.621 | 29% | (1.117.398) |
TOTAL LABILITIES | 38.064.504 | 100% | 37.692.348 | 100% | 29.010.431 | 100% | 372.156 |
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