PRESS RELEASE
Paris, June 8, 2022
2021/2022 Results
Ebitda rate: 10,2%
Strong R&D strategic investments
Generix Group, Industrial, Logistics and Retail Ecosystems provider with leading Collaborative SaaS Solutions, today published the results for its 2021/2022 fiscal year, ending March 31, 2022.
Key figures as of March 31, 2022
| Twelve months ended March 31, | Variation | |||
| IFRS consolidated accounts, in millions of Euros (unaudited) | 2022 | 2021 | M€ | % |
| Key elements of the consolidated income statement | ||||
| Revenues | 84,5 | 80,3 | 4,2 | 5% |
| EBITDA | 8,6 | 9,9 | -1,3 | -13% |
| Operating income | 6,2 | 7,1 | -0,9 | -12% |
| Financial result | -0,6 | -0,6 | 0,0 | -6% |
| Income taxes benefit | -1,1 | -1,4 | 0,3 | -22% |
| Net profit Group share | 3,4 | 4,2 | -0,8 | -19% |
| Key elements of the consolidated Balance Sheet | ||||
| Net debt | -7,2 | -10,9 | 3,7 | -34% |
| Free cash flow | 5,7 | 4,4 | 1,3 | -30% |
Revenues for the 2021/2022 financial year were up by 5%, with good momentum in the Software business - particularly at the end of the financial year - offsetting the slowdown in activity in North America, which weighed on the Consulting & Services business. Fiscal year 2021/2022 was also marked by the dynamic performance of SaaS signatures, which grew by 17% compared with the previous fiscal year.
At the end of March 2022, EBITDA was €8.6 million and the EBITDA margin rate was 10.2% (respectively €9.9 million and 12.3% at the end of March 2021). The strategic choice to maintain the R&D effort - as previously announced - has continued during the year, with the level of R&D expenses reaching 17% of revenues (17.9% in the previous year). Profitability for the year also includes the impact of the commercial slowdown in North America, where the Group has chosen to maintain its commercial structure in view of the expected rebound in activity.
As a result of these elements, the Group's operating profit amounted to €6.2 million, compared with €7.1 million for the previous year. After taking into account financial income and taxes, which were relatively stable compared to the previous year, the Group's share of net income was €3.4 million.
A solid financial structure
For the 2021/2022 financial year, cash flows are mainly marked by:
- stable cash flow at €9.4m, combined with continued improvement in working capital requirements thanks to a reduction in the DSO (Days Sales Outstanding);
- the acquisition of a minority stake in the Generix Portugal subsidiary for €2.7 million, financed by a €2.2 million loan;
- the continued reduction of debt, with the Group's net debt falling from €10.9m to €7.2m as of March 31, 2022, compared with shareholders' equity of €47.2m.
Forecasts
Fiscal year 2022/2023 will be subject to contrasting factors:
- the duration of the conflict between Ukraine and Russia and international sanctions, which could affect activity in Russia;
- inflation and its already significant impact on the increase in the payroll;
- the potential for a recovery in North America after the low point in the second half of 2021/2022;
- good momentum in SaaS signings following the rebound in 2021/2022, and
- continued investment in R&D to support the competitiveness and performance of the Group's solutions.
In the end, the Group anticipates stronger growth than in 2021/2022 and stable EBITDA.
Supplemental and non-IFRS Financial Information
Supplemental non-IFRS information (above-mentioned as EBITDA) presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Company’s supplemental non-IFRS financial information may not be comparable to similarly titled non-IFRS measures used by other companies.
Next financial press release: July 25, 2022 after market closes
Publication of the Q1 revenues for fiscal year 2022/2023
About Generix Group
Generix Group is a Collaborative Supply Chain expert present in 60 countries, thanks to its subsidiaries and network of partners. More than 6,000 companies around the world use its SaaS solutions. The group’s 800 employees provide daily support for such customers as Carrefour, Danone, FM Logistic, Fnac-Darty, Essilor and Ferrero in the digital transformation of their Supply Chain.
Its collaborative platform, Generix Supply Chain Hub, helps companies to keep the promises they make to their customers. It combines the capabilities to execute physical flows, digitalize information flows, manage collaborative processes and connect companies to all their partners, in real time.
Generix Supply Chain Hub is aimed at all players in the Supply Chain: manufacturers, third- and fourth-party logistics providers (3PL/4PL) and retailers.
Founded in France in 1990, the company is listed on the Eurolist market of Euronext Paris, compartment B (ISIN: FR0010501692). To learn more: www.generixgroup.com
Appendices
| Twelve months ended March 31, | Variation | |||
| IFRS consolidated accounts, in millions of Euros (unaudited) | 2022 | 2021 | M€ | % |
| Revenues | 84,5 | 80,3 | 4,2 | 5% |
| Other income from operations | 4,6 | 4,0 | 0,7 | 17% |
| Operational expenses | -80,5 | -74,3 | -6,2 | 8% |
| Other purchases and external charges | -20,4 | -18,2 | -2,2 | 12% |
| Personnel costs | -56,7 | -51,4 | -5,3 | 10% |
| Taxes and similar payments | -2,3 | -2,0 | -0,2 | 12% |
| Other | -1,1 | -2,7 | 1,6 | -58% |
| EBITDA | 8,6 | 9,9 | -1,3 | -13% |
| EBITDA margin | 0,1 | 0,1 | ||
| Software design costs activated net of depreciation | 2,8 | 0,9 | 1,8 | 199% |
| Net depreciation and provisions | -4,1 | -3,0 | -1,1 | 36% |
| Expenses relative to free shares | -0,6 | -0,6 | 0,0 | 2% |
| Recurring operating income | 6,7 | 7,2 | -0,5 | -7% |
| Other operational income and expenses | -0,5 | -0,1 | -0,3 | N/A |
| Operating income | 6,2 | 7,1 | -0,9 | -12% |
| Financial result | -0,6 | -0,6 | 0,0 | -6% |
| Income taxes benefit | -1,1 | -1,4 | 0,3 | -22% |
| Net result after tax | 4,5 | 5,1 | -0,6 | -12% |
| Net profit Group share | 3,4 | 4,2 | -0,8 | -19% |
(1) EBITDA = current operating income + net provisions on assets + net provisions for risks and charges + depreciation on fixed assets + charges related to free shares - capitalized production costs.
| Twelve months ended March 31, | Variation | |||
| Net debt, in millions of Euros (unaudited) | 2022 | 2021 | M€ | % |
| Cash and cash equivalents, end of period | 15,5 | 14,5 | 1,0 | 7% |
| Bank credit balance | -1,1 | 0,0 | -1,1 | |
| Short-term and long-term portions of financial obligations | -21,6 | -25,4 | 3,8 | -15% |
| Net debt | -7,2 | -10,9 | 3,7 | -34% |
| Twelve months ended March 31, | Variation | |||
| Consolidated statements of cash flows, in millions of Euros (unaudited) | 2022 | 2021 | M€ | % |
| Net income adjusted by non-cash items | 9,4 | 9,5 | -0,1 | -2% |
| Change in working capital | 3,1 | 2,0 | 1,1 | 54% |
| Net cash by operating activities | 12,5 | 11,5 | 0,9 | 8% |
| Net cash used in investing activities | -6,7 | -7,1 | 0,4 | -5% |
| Free cash flow | 5,7 | 4,4 | 1,3 | 30% |
| Net cash by financing activities | -5,8 | -2,4 | -3,4 | 142% |
| Currency effects | -0,1 | 0,0 | 0,0 | 134% |
| Net increase in cash and cash equivalent | -0,1 | 2,0 | -2,1 | -106% |
| Cash and cash equivalent, end of period | 14,4 | 14,5 | -0,1 | -1% |
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