Resultados Anuais 2021/2022

Key figures as of March 31, 2022

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.