| In € thousands | 2021 | 2020 | Change |
| Revenue | 470,601 | 426,382 | +10.4% |
| Operating profit from ordinary activities | 49,927 | 41,215 | +21.1% |
| As a % of revenue | 10.6% | 9.7% | |
| Cost of performance shares | (1,489) | (1,112) | |
| Other operating income and expenses | (1,120) | (1,463) | |
| Operating profit | 47,318 | 38,640 | +22.5% |
| Financial income/(expense) | 84 | (419) | |
| Tax (expense)/income | (12,921) | (12,036) | |
| Net income from consolidated companies | 34,481 | 26,185 | +31.7% |
| As a % of revenue | 7.3% | 6.1% | |
| Net income attributable to owners of the parent | 34,409 | 26,132 | |
| Earnings per share | €2.60 | €1.98 | |
| Headcount | 7,306 | 6,562 |
Aubay's Board of Directors, which met on March 23, 2022 under Chairman Christian Aubert, approved the statutory and consolidated financial statements for 2021. The financial statements have been audited by the Statutory Auditors and the auditors' report will be issued once the procedures required to publish the company's Universal Registration Document have been completed.
After demonstrating remarkable resilience in 2020, the Group posted exceptional results in 2021 despite the uncertain health environment. It met or exceeded all its targets for growth, profitability, recruitment and cash generation.
Operating margin from ordinary activities above normative margin
Operating margin from ordinary activities was higher than estimated when the annual results were published in January, at 10.6 %, exceeding the Group's normative profitability target of between 9.5 % and 10.5 %.
The Group's operating margin from ordinary activities for the period came in at 9.6 % for activities in France and 11. 6% for activities overseas, compared with 9.3 % and 10.0 %, respectively, in 2020.
Operating profit: €47.3 million
Operating profit came to €47.3 million, a substantial increase of 22.5 %, after taking into account the cost of performance shares for €1.5 million and "Other operating income and expenses" representing a net expense of €1.1 million, primarily comprising restructuring expenses. The operating margin was 10.1 %, among the best in the sector.
Sharp increase in net income attributable to owners of the parent (7.3 % of net margin)
Net income attributable to owners of the parent soared to €34.4 million, up 31.7 %, setting a new record after taking into account a tax expense of €12.9 million representing an effective tax rate of 27 %, versus 31 % in 2020.
Net cash (excluding rental liabilities) up significantly at €74.8 million
The Group's financial position was considerably strengthened in 2021 thanks to excellent generation of cash from operating activities of €45.8 million, versus €47.2 million in 2020, a superb performance given the strong increase in revenue. As a result, net cash increased from €44.7 million at December 31, 2020 to €74.8 million at December 31, 2021.
Proposed dividend of €1.10 per share
In light of this remarkable performance and the Group's excellent financial position, the Board of Directors has decided to propose a final dividend of €1.10 per share in respect of 2021 to the Annual General Meeting to be held on May 10, 2022, representing a payout ratio of 42 % of net income. Taking into account the interim dividend of €0.34 per share paid on November 10, 2021, the balance to be paid will amount to €0.76 per share.
Outlook for 2022
As of early 2022, the market in which Aubay operates is still very buoyant. Customers are continuing to ramp up their investments in digital transformation, with demand from key accounts even higher than the same time last year. The Group's key challenge will be to generate profitable and sustainable growth that outperforms its benchmark market, with Numeum forecasting growth of 4.7 % for the IT services industry in 2022.
All the Group's operating indicators are sound, building on the strong dynamic seen in 2021, and management is confident that the Group will achieve the following targets:
- Organic growth of between 7 % to 9 %, i.e., revenue of between €504 million and €513 million,
- Operating margin from ordinary activities of between 9.5 % and 10.5 %.
Aubay will publish its 2022 first-quarter revenue on April 21, 2022 after the close of trading.
Glossary
Organic revenue growth: This refers to growth calculated for a constant scope of activity for a given period, excluding revenues from companies that were acquired or sold during the period. As Aubay conducts most of its business in the euro zone, any impact from changes in exchange rates is minimal.
| 2021 | |
| Organic growth | +10.4% |
| Impact of changes in scope | - |
| Growth as reported | +10.4% |
Operating profit from ordinary activities: this indicator corresponds to operating profit before the cost of free shares and other income and expenses that are unusual, abnormal or infrequent and that are booked separately in order to facilitate understanding of an entity's recurring operating performance.
Operating margin from ordinary activities: this indicator, which is expressed as a percentage, is the ratio of operating profit from ordinary activities to revenue.
Net debt or net cash (excluding rental liabilities): this indicator represents the difference between an entity's cash and debt. If the result is negative, it is referred to as net debt. If it is positive, it is referred to as net cash.
About Aubay
Aubay is a digital services company working alongside some of the biggest names in the Banking, Finance, Insurance, Manufacturing, Energy, Transport and Telecoms sectors. With 7,306 employees in seven countries (France, Belgium, Luxembourg, Italy, Spain, Portugal and the United Kingdom), Aubay generated revenue of €470.6 million in 2021.
Euronext, Compartment: B - ISIN FR0000063737-AUB - Reuters: AUBT.PA - Bloomberg AUB:FP
Contacts
Amaury Dugast - Actus Finance - Tel.: +33 (0)1 53 67 36 74 - adugast@actus.fr
David Fuks - Co-Chief Operating Officer - Finance Department - Tel.: +33 (0)1 46 10 67 67 - E-mail: dfuks@aubay.com
APPENDICES
| Statement of financial position as of December 31, 202 1 | ||
| ASSETS (in € thousands) | Dec. 31, 2021 | Dec. 31, 2020 |
| Goodwill | 131,305 | 131,305 |
| Intangible assets | 917 | 771 |
| Property, plant & equipment | 4,156 | 5,166 |
| Right of use relating to leases | 14,152 | 18,611 |
| Equity-accounted investees | - | |
| Other financial assets | 2,102 | 2,263 |
| Deferred tax assets | 2,653 | 2,472 |
| Other non-current assets | 354 | 118 |
| NON-CURRENT ASSETS | 155,639 | 160,706 |
| Inventories and work in progress | 491 | 516 |
| Assets on contracts | 32,127 | 29,148 |
| Trade receivables | 111,359 | 105,432 |
| Other receivables and accruals | 37,082 | 33,496 |
| Marketable securities | 1,026 | 579 |
| Cash at bank and in hand | 78,461 | 51,883 |
| CURRENT ASSETS | 260,546 | 221,054 |
| TOTAL ASSETS | 416,185 | 381,760 |
| EQUITY AND LIABILITIES (in € thousands) | Dec. 31, 2021 | Dec. 31, 2020 |
| Capital | 6,611 | 6,604 |
| Additional paid-in capital and consolidated reserves | 188,740 | 170,016 |
| Net income attributable to owners of the parent | 34,409 | 26,132 |
| Shareholders' equity attributable to the Group | 229,760 | 202,752 |
| Minority interests | 191 | 144 |
| SHAREHOLDERS' EQUITY | 229,951 | 202,896 |
| Borrowings and financial liabilities: non-current portion | 2,155 | 3,913 |
| Rental liabilities due in more than 1 year | 10,198 | 13,756 |
| Deferred tax liabilities | 1 | 1 |
| Provisions for contingencies and expenses | 6,924 | 6,751 |
| Other non-current liabilities | 74 | 273 |
| NON-CURRENT LIABILITIES | 19,352 | 24,694 |
| Borrowings and financial liabilities: current portion | 2,500 | 3,907 |
| Rental liabilities due within 1 year | 4,366 | 5,240 |
| Trade and other payables | 35,981 | 30,572 |
| Contract liabilities | 19,913 | 18,319 |
| Other current liabilities | 104,122 | 96,132 |
| CURRENT LIABILITIES | 166,882 | 154,170 |
| TOTAL EQUITY AND LIABILITIES | 416,185 | 381,760 |
| Income statement for 2021 | ||||
| In € thousands | 2021 | % | 2020 | % |
| Revenue | 470,601 | 100% | 426,382 | 100% |
| Other operating income | 409 | 421 | ||
| Purchases used in production and external charges | (99,319) | (86,216) | ||
| Staff costs | (310,482) | (287,855) | ||
| Taxes other than on income | (3,963) | (3,702) | ||
| Amortization, depreciation and provisions | (7,558) | (7,628) | ||
| Change in inventories of work in progress and finished goods | ||||
| Other operating income and expenses | 239 | (187) | ||
| Operating profit from ordinary activities | 49,927 | 10.6% | 41,215 | 9.7% |
| Expenses linked to restricted share units and similar awards | (1,489) | (1,112) | ||
| Current operating profit | 48,438 | 10.3% | 40,103 | 9.4% |
| Other operating income and expenses | (1,120) | (1,463) | ||
| Operating profit | 47,318 | 10.1% | 38,640 | 9.1% |
| Income from cash and cash equivalents | ||||
| Net borrowing costs | (494) | (588) | ||
| Other financial income and expenses | 578 | 169 | ||
| Financial income/(expense) | 84 | (419) | ||
| Income tax expense | (12,921) | 27% | (12,036) | 31% |
| Income from equity-accounted investees | ||||
| Net income before results of discontinued operations or assets held for sale | 34,481 | 26,185 | ||
| Net income after tax of discontinued operations or assets held for sale | ||||
| Net income | 34,481 | 7.3% | 26,185 | 6.1% |
| Attributable to owners of the parent | 34,409 | 26,132 | ||
| Minority interests | 72 | 53 | ||
| Basic weighted average number of shares | 13,209,435 | 13,192,494 | ||
| Earnings per share | 2.60 | 1.98 | ||
| Diluted weighted average number of shares | 13,283,935 | 13,244,994 | ||
| Diluted earnings per share* | 2.59 | 1.97 |
| Cash flow statement for 2021 | ||
| (in € thousands) | 2021 | 2020 |
| Consolidated net income (including non-controlling interests) | 34,481 | 26,185 |
| Income from equity-accounted investees | ||
| Net depreciation, amortization and provisions and right of use relating to leases | 7,161 | 7,298 |
| Non-cash expenses and income relating to share-based payments | 1,489 | 1,112 |
| Other non-cash items | 212 | |
| Dividend income | ||
| Gains and losses on disposals of fixed assets | 1 | 45 |
| Cash flow after net interest expense and tax | 43,132 | 34,852 |
| Net borrowing costs | 494 | 588 |
| Tax expense (including deferred taxes) | 12,921 | 12,036 |
| Cash flow before net interest expense and tax (A) | 56,547 | 47,476 |
| Income tax payments (B) | (11,485) | (9,651) |
| Change in trade and other receivables (C) | (13,215) | 8,323 |
| Change in trade and other payables (C) | 13,959 | 1,121 |
| Change in WCR linked to operations (including debt related to employee benefits) | 744 | 9,444 |
| Net cash provided by (used in) operating activities (D) = (A+B+C) | 45,806 | 47,269 |
| Outflows for the acquisition of tangible and intangible fixed assets | (1,034) | (1,023) |
| Inflows from the disposal of tangible and intangible fixed assets | ||
| Outflows for the acquisition of financial assets | (48) | |
| Inflows from the disposal of financial assets | ||
| Change in loans and advances granted | 99 | 356 |
| Disbursements (cash) related to business combinations, net of cash and cash equivalents | ||
| Dividends received | ||
| Other operating cash flows | ||
| Net cash provided by (used in) investing activities (E) | (935) | (715) |
| Proceeds from capital increases | ||
| Amounts received upon the exercise of stock options | ||
| Purchases of treasury shares for cancellation | ||
| Purchases of and proceeds from the sale of treasury shares | ||
| Dividends paid in the period: | ||
| - Net dividends paid to parent company shareholders | (8,851) | (7,916) |
| - Dividends paid to the non-controlling shareholders of consolidated companies | (25) | |
| Inflows from new borrowings | 1,734 | |
| Repayment of loan debt | (3,374) | (6,631) |
| Repayment of rental liabilities | (5,323) | (5,048) |
| Net interest payments | (494) | (588) |
| Purchase of non-controlling minority interests | ||
| Other financial cash flows | ||
| Net cash provided by (used in) financial activities (F) | (18,067) | (18,449) |
| Effects of changes in foreign exchange rates (G) | 47 | (31) |
| Change in net cash (D+E+F+G) | 26,851 | 28,074 |
| Cash and cash equivalents at the beginning of the period | 52,205 | 24,131 |
| Cash and cash equivalents at end of period | 79,056 | 52,205 |
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