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=== Reinforced balance sheet === The proceeds of the recent placing are being applied to the repayment of bridging finance (ie a β¬50m loan from Commerzbank with a 12-month term from June 2021), with a refinancing underway that will provide a more suitable financial structure for an acquisitive, growth company. This is particularly important to get right if management is to capitalise on the further opportunity in ESG cloud-based products for the corporate market. At end Q122, net debt was β¬27.83m, down from β¬74.37m at the end of FY21. This figure includes lease liabilities. Stripping these out, net debt would be β¬22.33m (end FY21: β¬68.34m). Edison Investment Research's current modelling indicates a figure for end FY22e of β¬47.2m including leases, post the payment of the β¬15m of deferred consideration for Business Keeper. This represents net debt/EBITDA of 6.3x and gearing of 15%. {| class="wikitable" |+Exhibit 16: Financial summary<ref>Source: Company accounts, Edison Investment Research.</ref> ! |β¬'000s | |2020 |2021 |2022e |2023e |- |Year end 31 December | | |IFRS |IFRS |IFRS |IFRS |- |INCOME STATEMENT | | | | | | |- |Revenue | | |37,636 |50,223 |70,000 |90,000 |- |Cost of Sales | | |0 |0 |0 |0 |- |Gross Profit | | |37,636 |50,223 |70,000 |90,000 |- |EBITDA | | |4,760 |1,742 |7,500 |18,000 |- |Operating Profit (before amort. and excepts.) | | |819 |(4,417) |1,517 |12,018 |- |Amortisation of acquired intangibles | | |(656) |(1,090) |(1,150) |(1,149) |- |Exceptionals | | |0 |110 |0 |0 |- |Share-based payments | | |0 |0 |0 |0 |- |Reported operating profit | | |163 |(5,397) |367 |10,869 |- |Net Interest | | |(396) |(1,461) |(1,530) |(1,459) |- |Joint ventures & associates (post tax) | | |0 |0 |0 |0 |- |Exceptionals | | |0 |0 |0 |0 |- |Profit Before Tax (norm) | | |423 |(5,878) |(13) |10,559 |- |Profit Before Tax (reported) | | |(233) |(6,858) |(1,163) |9,410 |- |Reported tax | | |(599) |229 |407 |(3,293) |- |Profit After Tax (norm) | | |296 |(5,682) |(9) |6,863 |- |Profit After Tax (reported) | | |(832) |(6,629) |(756) |6,116 |- |Minority interests | | |(34) |0 |0 |0 |- |Discontinued operations | | |0 |0 |0 |0 |- |Net income (normalised) | | |296 |(5,682) |(9) |6,863 |- |Net income (reported) | | |(866) |(6,629) |(756) |6,116 |- | | | | | | | |- |Average Number of Shares Outstanding (m) | | |7.2 |8.1 |10.0 |10.0 |- |EPS - normalised (β¬) | | |0.04 |(0.70) |(0.00) |0.68 |- |EPS - normalised fully diluted (c) | | |4.12 |(69.77) |(0.08) |68.47 |- |EPS - basic reported (β¬) | | |(0.12) |(0.81) |(0.08) |0.61 |- |Dividend per share (c) | | |0.00 |0.00 |0.00 |0.00 |- | | | | | | | |- |Revenue growth (%) | | |6.4 |33.4 |39.4 |28.6 |- |EBITDA Margin (%) | | |12.6 |3.5 |10.7 |20.0 |- |Normalised Operating Margin (%) | | |2.2 |(8.8) |2.2 |13.4 |- | | | | | | | |- |BALANCE SHEET | | | | | | |- |Fixed Assets | | |39,007 |168,468 |167,934 |178,614 |- |Intangible Assets | | |31,016 |160,386 |160,342 |172,685 |- |Tangible Assets | | |7,216 |7,351 |6,813 |4,975 |- |Investments & other | | |775 |731 |779 |954 |- |Current Assets | | |17,086 |18,369 |36,092 |42,681 |- |Stocks | | |0 |0 |0 |0 |- |Debtors | | |3,923 |7,018 |9,589 |12,082 |- |Cash & cash equivalents | | |12,074 |8,653 |23,806 |27,902 |- |Other | | |1,089 |2,697 |2,697 |2,697 |- |Current Liabilities | | |(12,381) |(89,171) |(80,698) |(71,365) |- |Creditors | | |(2,747) |(3,197) |(3,515) |(4,270) |- |Tax and social security | | |(56) |(214) |(552) |(552) |- |Short term borrowings (includes lease debt) | | |(3,278) |(73,095) |(61,095) |(61,095) |- |Other | | |(6,300) |(12,665) |(15,536) |(5,448) |- |Long Term Liabilities | | |(10,768) |(27,426) |(22,438) |(29,438) |- |Long term borrowings (includes lease debt) | | |(7,641) |(9,927) |(7,423) |(14,423) |- |Other long term liabilities | | |(3,127) |(17,499) |(15,015) |(15,015) |- |Net Assets | | |32,943 |70,240 |100,890 |120,492 |- |Minority interests | | |0 |0 |0 |0 |- |Shareholders' equity | | |32,943 |70,240 |100,890 |120,492 |- | | | | | | | |- |CASH FLOW | | | | | | |- |Operating Cash Flow | | |3,765 |(1,306) |4,627 |11,498 |- |Working capital | | |1,294 |(1,149) |(2,253) |(1,738) |- |Exceptional & other | | |1,037 |4,721 |1,175 |4,806 |- |Tax | | |(154) |(229) |407 |(3,293) |- |Operating Cash Flow | | |5,942 |2,037 |3,956 |11,273 |- |Capex | | |(2,008) |(3,149) |(3,250) |(3,250) |- |Acquisitions/disposals | | |0 |(96,428) |(15,000) |(7,000) |- |Net interest | | |(157) |(1,636) |0 |0 |- |Equity financing | | |9,124 |43,929 |45,374 |0 |- |Dividends | | |0 |0 |0 |0 |- |Other | | |414 |(2,772) |(3,927) |(3,927) |- |Net Cash Flow | | |13,315 |(58,019) |27,153 |(2,904) |- |Opening net debt/(cash) including lease liabilities | | |13,472 |(1,155) |74,370 |47,217 |- |FX | | |(199) |126 |0 |0 |- |Other non-cash movements | | |1,511 |(17,631) |0 |0 |- |Closing net debt/(cash) including lease liabilities | | |(1,155) |74,370 |47,217 |50,122 |}
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