Informazione Regolamentata n. 20088-24-2020 Data/Ora Ricezione 28 Settembre 202022:00:18 AIM -Italia/Mercato Alternativo del Capitale
Informazione Regolamentata n. 00000-00-0000 | Data/Ora Ricezione 28 Settembre 2020 22:00:18 | AIM -Italia/Mercato Alternativo del Capitale |
Societa' : Dominion Hosting Holding S.p.A.
Identificativo Informazione Regolamentata
: 137411
Nome utilizzatore : DOMINIONNSS02 - Xxxxxxxxxxxx Xxxx Tipologia : 1.1
Data/Ora Ricezione : 28 Settembre 2020 22:00:18
Data/Ora Inizio Diffusione presunta
: 28 Settembre 2020 22:05:20
Testo del comunicato
Oggetto : The Board of Directors of DHH S.p.A. has examined and approved the consolidated financial statements report for the first half of 2020
Double-digit organic growth on revenue despite Covid-19, EBITDA margin as a percentage of sales more than doubled passing from 7% to 15%, cash conversion from operating cashflow to EBITDA equal to 117%, debt to equity ratio equal to zero, EPS grown by 559% to EUR 0,145, recurring revenue close to 100%
FINANCIAL HIGHLIGHTS
IMPORTANT NOTE: THESE ARE THE ORGANIC RESULTS OF DHH. THEY DON’T TAKE INTO ACCOUNT THE DEAL WITH SEEWEB APPROVED ON 30 JUNE 2020 SINCE THE TRANSACTION WILL BE EFFECTIVE STARTING FROM THE END OF OCTOBER 2020.
FURTHER DETAILS ABOUT THE CONSOLIDATED RESULTS INCLUDING SEEWEB ARE PUBLISHED IN THE PRESS RELEASE
OPERATING REVENUES EQUAL TO EUR 3,7 MILLION VERSUS EUR 3,4 MILLION AS OF 30 JUNE 2019 (+10%)
EBITDA EQUAL TO EUR 547 THOUSAND VERSUS EUR 242 THOUSAND AS OF 30 JUNE 2019 (+126%)
NET RESULT EQUAL TO EUR 215 THOUSAND VERSUS EUR 31 THOUSAND AS OF 30 JUNE 2019 (+601%)
NET FINANCIAL POSITION EQUAL TO EUR 2,41 MILLION, OF WHICH: EUR 2,66 MILLION (CASH EQUIVALENT); EUR 13 THOUSAND (CURRENT FINANCIAL ASSETS); EUR 98 THOUSAND (CURRENT FINANCIAL DEBT) AND EUR 168 THOUSAND (NON- CURRENT FINANCIAL DEBT)
OPERATING CASHFLOW EQUAL TO EUR 640 THOUSAND VERSUS EBITDA EQUAL TO EUR 547 THOUSAND - CASH CONVERSION EQUAL TO 117%
EPS EQUAL TO EUR 0,145 VS EUR 0,022 AS OF 30 JUNE 2019
(+559%)
PRESS RELEASE
The Board of Directors of DHH S.p.A. has examined and approved the consolidated financial statements report for the first half of 2020
Double-digit organic growth on revenue despite Covid-19, EBITDA margin as a percentage of sales more than doubled passing from 7% to 15%, cash conversion from operating cashflow to EBITDA equal to 117%, debt to equity ratio equal to zero, EPS grown by 559% to EUR 0,145, recurring revenue close to 100%
FINANCIAL HIGHLIGHTS
IMPORTANT NOTE: THESE ARE THE ORGANIC RESULTS OF DHH. THEY DON’T TAKE INTO ACCOUNT THE DEAL WITH SEEWEB APPROVED ON 30 JUNE 2020 SINCE THE TRANSACTION WILL BE EFFECTIVE STARTING FROM THE END OF OCTOBER 2020. FURTHER DETAILS ABOUT THE CONSOLIDATED RESULTS INCLUDING SEEWEB ARE PUBLISHED IN THE PRESS RELEASE
▪ OPERATING REVENUES EQUAL TO EUR 3,7 MILLION VERSUS EUR 3,4 MILLION AS OF 30 JUNE 2019 (+10%)
▪ EBITDA EQUAL TO EUR 547 THOUSAND VERSUS EUR 242 THOUSAND AS OF 30 JUNE 2019 (+126%)
▪ NET RESULT EQUAL TO EUR 215 THOUSAND VERSUS EUR 31 THOUSAND AS OF 30 JUNE 2019 (+601%)
▪ NET FINANCIAL POSITION EQUAL TO EUR 2,41 MILLION, OF WHICH: EUR 2,66 MILLION (CASH EQUIVALENT); EUR 13 THOUSAND (CURRENT FINANCIAL ASSETS); EUR 98 THOUSAND (CURRENT FINANCIAL DEBT) AND EUR 168 THOUSAND (NON-CURRENT FINANCIAL DEBT)
▪ OPERATING CASHFLOW EQUAL TO EUR 640 THOUSAND VERSUS EBITDA EQUAL TO EUR 547 THOUSAND - CASH CONVERSION EQUAL TO 117%
▪ EPS EQUAL TO EUR 0,145 VS EUR 0,022 AS OF 30 JUNE 2019 (+559%)
Xxxxxxxxxxxx Xxxx, Chairman of the Board of Directors of DHH, commented: “The results of the first half of 2020 are the consequence of the hard work done in these years - day after day - by all the team to improve the performances of DHH. This semester has been particularly meaningful for us, since we completed the transaction with our long term partner Seeweb, which will be effective in one month, bringing our entrepreneurial project into another league. Despite these good results and positive news, this is not a happy semester for DHH. We consider ourself lucky to be in an
industry that has been resilient to Covid-19, but our thought goes to the hundreds of thousands of small and medium businesses that nowadays are struggling for surviving. We hope that their entrepreneurs and their collaborators may find the force to not give up during these hard times.”
Milan, 28 September 2020. The Board of Directors of DHH S.p.A. (“DHH”) (DHH.MI | WDHH21.MI) (ISIN shares IT0005203622 | ISIN warrants IT0005203689), the cloud computing provider of Southeast Europe, approved the consolidated financial statements for the first half of 2020.
PERFORMANCE OF THE GROUP
MAIN RESULTS H1-2020 (ALL AMOUNTS ARE IN EURO) | 30.06.2020 | 30.06.2019 | DELTA |
REVENUE | 3.719.855 | 3.380.922 | +10% |
EBITDA | 547.381 | 241.903 | +126% |
NET RESULT | 214.884 | 30.657 | +601% |
CONSOLIDATED KEY INDICATORS (ALL AMOUNTS ARE IN EURO) | 30.06.2020 | 30.06.2019 | |
DEBT TO EQUITY RATIO | 0% | 0% | The percentage of debt to equity |
EBITDA MARGIN | 15% | 7% | Ebitda as a percentage of sales |
NET PROFIT MARGIN | 6% | 1% | Net profit as a percentage of sales |
During the 1H2020 the total consolidated revenue of DHH grew by 10%, mostly thanks to the introduction of new products in the portfolio companies and to the increase in the demand of cloud computing services. The relevant increase in margins - EBITDA margin as a percentage of sales more than doubled passing from 7% to 15% - is due to the organic growth coupled with the decrease in labor costs, as a result of the completion of the activities done after the acquisitions executed in these years aimed at increasing the efficiency in the portfolio companies. The cash conversion from operating cashflow to EBITDA is equal to 117%, thanks to the fact that the company sells recurring
subscriptions to its cloud computing products, mostly paid in advance or with very good payment terms. The cash generation impacts the Net Financial Position in a positive way. In fact, despite the investments, the Net Financial Position is equal to EUR 2,41M, of which EUR 2,66M of cash.
DHH is focused on cloud hosting and cloud computing as a core business. Its revenues are approx. 903k EUR in Italy, 1M EUR in Slovenia, 1,1M EUR in Croatia, 314k EUR in Serbia and 306k EUR in Italian Switzerland. The consolidated EBITDA of the period amounts to 547k EUR and the net result to 215k EUR.
Business performance by country
MAIN RESULTS FIRST HALF 2020 (ALL AMOUNTS ARE IN EURO) | 30.06.2020 | 30.06.2019 | DELTA |
ITALY | 902.671 | 1.072.062 | -15,8% |
SLOVENIA | 1.025.537 | 833.366 | +23,1% |
CROATIA | 1.118.069 | 1.073.190 | +4,2% |
SERBIA | 314.227 | 259.399 | +21,1% |
SWITZERLAND | 306.117 | 114.448 | +167,5% |
TOTAL | 3.666.621 | 3.352.465 | +9,4% |
The consolidated net financial position is equal to EUR 2.411.438, of which: EUR 2.663.693 (cash equivalents); EUR 13.209 (current financial assets); EUR 97.705 (current financial debt) and EUR 167.993 (non-current financial debt).
The net equity is EUR 7.793.756.
THESE ARE THE ORGANIC RESULTS OF DHH.
THEY DON’T TAKE INTO ACCOUNT THE DEAL WITH SEEWEB APPROVED ON 30 JUNE 2020 SINCE THE TRANSACTION WILL BE EFFECTIVE STARTING FROM THE END OF OCTOBER 2020.
CONSOLIDATED PRO-FORMA RESULTS INCLUDING SEEWEB
The consolidated pro-forma results include Seeweb.
In the first table the current official results of DHH are compared to the pro-forma results including Seeweb in the group. In the second table the pro-forma results as of 30 June 2020 are compared to the pro-forma results as of 30 June 2019, so to show like for like comparison.
MAIN RESULTS 2020 (ALL AMOUNTS ARE IN EURO) | CONSOLIDATED PRO-FORMA* 30.06.2020 | CONSOLIDATED 30.06.2020 | DELTA |
REVENUE | 9.096.004 | 3.719.855 | +144% |
EBITDA | 3.534.304 | 547.381 | +545% |
NET RESULT | 1.345.770 | 214.884 | +526% |
MAIN RESULTS 2020 (ALL AMOUNTS ARE IN EURO) | CONSOLIDATED PRO-FORMA* 30.06.2020 | CONSOLIDATED PRO-FORMA* 30.06.2019 | DELTA |
REVENUE | 9.096.004 | 8.401.509 | +8% |
EBITDA | 3.534.304 | 2.941.573 | +20% |
NET RESULT | 1.345.770 | 1.097.227 | +23% |
* The consolidated pro forma is not audited by the audit firm.
MAIN EVENTS OCCURRED DURING THE FIRST HALF OF 2020 AND SUBSEQUENTLY OCCURRED
CODIV-19 EFFECTS
Significant government action and intervention began to take place on 30 January 2020 when the World Health Organisation declared COVID-19 to be a global health emergency, which generally triggered the recognition of the broad economic effects of the outbreak in financial statements. The exceptional measures adopted by the governments of many countries to limit the spread of COVID-19 generated effects beginning from the end of March.
With regard to the DHH Group organization, local offices have not stopped its activities, strictly complying with safety measures set by local authorities and, wherever possible, with the smart-working policies being recommended for office-based employees, given that the safety and wellbeing of people is a top priority.
No significant events and transactions have occurred since 31 December 2019 relating to the effects of the global pandemic on Group’s interim consolidated financial statements for the six months ended 30 June 2020.
The following events took place on the dates indicated below:
1ST SEMESTER 2020
DHH announces that the Monthly Average Price was lower than the strike price, pursuant to Article 3 of the warrant DHH S.p.A. 2016 – 2021 Regulation, the Warrants were not exercisable from January 2020 to June 2020.
21 MAY 2020
DHH announces that the respective management bodies of DHH and Seeweb Holding S.r.l. (“Seeweb Holding”) approved the proposal of merger by incorporation of Seeweb Holding into DHH (“Merger”).
The exchange ratio of the Merger was established at 31.828,92 DHH ordinary shares with no par value and the same entitlement and rights as the DHH ordinary shares outstanding at the date of the Merger, for every € 1.000,00 of Seeweb Holding’s share capital.
The Merger is a reverse takeover as per Article 14 of the AIM Italia Issuers Regulation and Article 18 of DHH’s by laws and is therefore subject to DHH shareholders’ approval (which approval is in any case required under Article 2502 of the Italian Civil Code, the reverse takeover consisting of a merger).
18 JUNE 2020
DHH announces that Xxxxxxxxxxxx Xxxx, Executive President of the company, has entered into a voluntary lock-up agreement. In particular, subject to the effectiveness of the merger with Seeweb Holding (ref. press release, 21 May 2020), and for a period of 12 months following the effectiveness of the merger, Xxxxxxxxxxxx Xxxx intends to commit to the DHH not to carry out, directly or indirectly, sales operations or in any case disposals that have for object, directly or indirectly, the shares he owns as of today (ref. 200.000 shares), not to grant options, rights or options for the purchase or exchange of the aforementioned shares.
30 JUNE 2020
DHH announces that the ordinary and extraordinary shareholders’ meeting of DHH has approved, in extraordinary sessions, the merger plan for the incorporation of Seeweb Holding into DHH, and, in ordinary section, “reverse take-over” transaction pursuant to Article 14 of the AIM Italia Issuers Regulation and Article 18 of DHH’s by laws. Also the quotaholders’ meeting of Seeweb Holding has approved the merger plan.
The above resolutions have been passed with the majorities as per Article 49, paragraph 1, g) of the Issuers Regulation approved by CONSOB Resolution No. 11971/99, for the purpose of the ‘whitewash waiver’ of the obligation (for the shareholders of Seeweb Holding, individually) to launch a public tender offer (OPA) on DHH shares.
In addition to the above, the extraordinary shareholders’ meeting of DHH has also approved some amendment to the company’s articles of association in order to align them with AIM Italia best practices.
10 JULY 2020
DHH announces that the minutes of the Shareholders’ Meetings of DHH S.p.A. and of Seeweb Holding S.r.l. that on 30 June 2020 approved the merger by incorporation of Seeweb Holding S.r.l. in DHH S.p.A., have been registered by respectively the Companies’ Register of Milan Monza-Xxxxxxx Xxxx on 3 July (ref. DHH) and Frosinone on 10 July (ref. Seeweb Holding).
UPDATE ABOUT THE TRANSACTION WITH SEEWEB
On 26 August 2020 Seeweb entered into a financing agreement with Intesa Sanpaolo S.p.A. for an amount equal to Euro 2.500.000,00, aimed at supporting the company’s industrial development project. The financing agreement provides for a repayment in 72 months at a rate in line with market standards and with a hedging Interest Rate Swap starting from 1/09/2021. The loan is secured by a guarantee granted by the Central Guarantee Fund for 90% of the relevant amount.
The transaction with Seeweb is expected to be completed within the end of October 2020.
NEW VERSION OF THE COMPLIANCE PROCEDURES
The Board of Directors of DHH resolved to approve an updated version of the compliance procedures, with reference to: (i) Procedure for the processing of privileged information and setting up and keeping of the insider register, (ii) the Internal dealing procedure and (iii) the Procedure for managing transactions with related parties, the latter with the favourable opinion of the Independent Director and the Company’s Board of Statutory Auditors, as represented during this meeting. The updated procedures will be made available to the public on the website of DHH.
“PMI INNOVATIVA” QUALIFICATION
DHH S.p.A. has been confirmed “PMI Innovativa” in the related section of the company register in Milan.
FURTHER INFORMATION
BDO S.p.A. as the statutory auditor of the Group, expressed positive opinion without any remarks on the consolidated half-year financial statement as of 30 June 2020.
The consolidated interim financial report will be made available on the company’s website at xxx.xxx.xxxxxxxxxxxxx.
DHH GROUP WITHOUT SEEWEB
CONSOLIDATED INCOME STATEMENT (All amounts are in EURO) | CONSOLIDATED 30.06.2020 | CONSOLIDATED 30.06.2019 | DELTA |
Net Sales | 3.666.621 | 3.352.465 | 9% |
Other Revenues | 53.234 | 28.457 | 87% |
Internal project | - | - | n/a |
OPERATING REVENUES | 3.719.855 | 3.380.922 | 10% |
Material costs | (11.966) | (10.743) | 11% |
Services costs and use of third party assets | (2.200.782) | (1.982.502) | 11% |
GROSS MARGIN | 1.507.106 | 1.387.677 | 9% |
Personnel costs | (855.427) | (1.009.882) | -15% |
Other expenses | (104.298) | (135.892) | -23% |
EBITDA | 547.381 | 241.903 | 126,3% |
Amortization and impairment | (216.661) | (169.335) | 28% |
EBIT | 330.720 | 72.568 | 356% |
Financial income (expenses) | (37.721) | (14.299) | 164% |
Other non-operating income/expense | - | (1.272) | -100% |
EARNINGS BEFORE TAXES | 292.999 | 56.998 | 414% |
Income taxes | (78.115) | (26.340) | 197% |
NET RESULT | 214.884 | 30.657 | 601% |
relating to the shareholders of the Group | 215.594 | 49.065 | 339% |
relating to the third party shareholders | (709) | (18.407) | -96% |
CONSOLIDATED NET FINANCIAL POSITION (All amounts are in EURO) | CONSOLIDATED 30.06.2020 | CONSOLIDATED 31.12.2019 | DELTA |
A. Cash | (234) | (1.319) | -82% |
X.Xxxx equivalents | (2.663.693) | (2.536.038) | 5% |
C. Securities held for trading | - | - | n/a |
D. LIQUIDITY (A)+(B)+ (C ) | (2.663.927) | (2.537.357) | 5% |
E. Current financial Receivables | (13.209) | (13.442) | -2% |
F. Short-term bank liabilities | 15.975 | 12.387 | 29% |
G. Current part of non current borrowing | - | - | n/a |
I. Other current financial liabilities | 81.730 | 107.462 | n/a |
I. CURRENT FINANCIAL DEBT (F)+(G)+(H) | 97.705 | 119.848 | -18% |
J. NET CURRENT FINANCIAL DEBT (I)- (E)-(D) | (2.579.431) | (2.430.950) | 6% |
K. Non-current bank liabilities | - | - | n/a |
X. Xxxxx issued | - | - | n/a |
M. Other non-current liabilities | 167.993 | 205.248 | n/a |
N. NON-CURRENT FINANCIAL DEBT (K)+(L)+(M) | 167.993 | 205.248 | -18% |
O. NET FINANCIAL DEBT (J)+(N) | (2.411.438) | (2.225.702) | 8% |
ASSETS (ALL AMOUNTS ARE IN EURO) | CONSOLIDATED 30.06.2020 | CONSOLIDATED 31.12.2019 | DELTA |
Goodwill | 5.620.029 | 5.648.925 | -1% |
Tangible fixed assets | 397.855 | 256.096 | 55% |
Right of use Assets | 242.014 | 304.441 | -21% |
Intangible assets | 1.095.552 | 905.963 | 21% |
Non current financial assets | 6.788 | 6.661 | 2% |
Other non current assets | 178 | 177 | 1% |
Prepaid Tax assets | 29.445 | 28.531 | 3% |
NON CURRENT ASSETS | 7.391.860 | 7.150.793 | 3% |
Trade receivables | 536.644 | 382.806 | 40% |
Current financial assets | 13.209 | 13.442 | -2% |
Other current assets | 74.889 | 121.713 | -38% |
Tax receivables | 195.264 | 147.003 | 33% |
Cash and cash equivalents | 2.663.927 | 2.537.357 | 5% |
Prepaid expenses and accrued income | 521.583 | 481.987 | 8% |
CURRENT ASSETS | 4.005.515 | 3.684.309 | 9% |
TOTAL ASSETS | 11.397.375 | 10.835.101 | 5% |
LIABILITIES (all amounts are in Euro) | CONSOLIDATED 30.06.2020 | CONSOLIDATED 31.12.2019 | DELTA |
Share Capital | 148.855 | 148.855 | 0% |
Reserves | 6.716.160 | 6.713.385 | 0,0% |
Retained Profit (Loss) | 733.603 | 633.938 | 16% |
Year’s profit (loss) relating to the shareholders of the Group | 215.594 | 99.665 | 116% |
NET EQUITY PARENT COMPANY | 7.814.212 | 7.595.843 | 2,9% |
Capital and Reserves relating to the third party shareholders | (19.746) | 20.250 | -198% |
Year’s Profit/loss relating to the third party shareholders | (709) | (38.933) | -98% |
NET EQUITY TO THE THIRD PARTY SHAREHOLDERS | (20.456) | (18.682) | 9% |
NET EQUITY | 7.793.756 | 7.577.161 | 2,9% |
Non current financial payables | 167.993 | 205.248 | -18% |
Severance reserves | 16.162 | 14.932 | 8% |
Provisions for risks and future liabilities | - | n/a | |
Other non current liabilities | - | n/a | |
Liabilities for deferred taxes | 14.684 | 15.212 | -3% |
NON CURRENT LIABILITIES | 198.839 | 235.392 | -16% |
Trade payables | 758.311 | 560.853 | 35% |
Other current liabilities | 161.910 | 220.188 | -26% |
Current financial liabilities | 97.705 | 119.848 | -18% |
Tax payables | 178.953 | 140.968 | 27% |
Accrued liabilities and deferred income | 2.207.902 | 1.980.692 | 11% |
CURRENT LIABILITIES | 3.404.781 | 3.022.549 | 13% |
TOTAL LIABILITIES | 3.603.620 | 3.257.941 | 11% |
TOTAL LIABILITIES AND NET EQUITY | 11.397.375 | 10.835.102 | 5% |
CASH FLOW STATEMENT (ALL AMOUNTS ARE IN EURO) | CONSOLIDATED 30.06.2020 | CONSOLIDATED 30.06.2019 | DELTA |
A. CASH FLOW FROM OPERATING ACTIVITIES | |||
Profit for period | 214.884 | 30.657 | 601% |
Income taxes | 78.115 | 26.340 | 197% |
Interest payables/(receivables) | 37.721 | 15.570 | 142% |
(Capital losses)/gains from sales of assets | - | n/a | |
1. EARNINGS BEFORE INCOME TAX, INTEREST, DIVIDENDS AND CAPITAL GAIN/LOSSES | 330.720 | 72.568 | 356% |
Adjustments for non-cash items that are | - | ||
not accounted for in net working capital change: | 218.932 | 161.505 | 36% |
- Allocation to reserves | 1.221 | 1.212 | 1% |
- Amortization and depreciation of assets | 216.380 | 169.164 | 28% |
- Permanent loss write-down | 281 | 171 | 64% |
- Other adjustments on non-monetary items | 1.050 | (9.042) | -112% |
2. CASH FLOW BEFORE NWC CHANGES | 549.653 | 234.073 | 135% |
Changes in NWC: | 209.226 | 405.269 | -48% |
- Decrease (increase) in inventories | - | n/a | |
- Decrease (increase) in customer receivables | (428.078) | 169.614 | -352% |
- Increase (decrease) in supplier payables | 471.417 | 192.081 | 145% |
- Decrease (increase) in prepaid expenses and accrued income | (140.431) | (70.977) | 98% |
- Increase (decrease) in accrued expenses and deferred income | 328.045 | 117.045 | 180% |
- Other changes to the NWC | (21.727) | (2.494) | 771% |
3. CASH FLOW AFTER NWC CHANGES | 758.878 | 639.342 | 19% |
Other changes: | (118.327) | (37.676) | 214% |
- Interests collected/(paid) | (37.721) | (6.680) | 465% |
- (income taxes paid) | (80.606) | (30.885) | 161% |
- Dividends received | - | ||
- (Use of reserves) | - | (111) | -100% |
CASH FLOW FROM OPERATING ACTIVITIES [A] | 640.551 | 601.666 | 6% |
- | |||
B. CASH FLOW FROM INVESTING ACTIVITIES | - | ||
(Investments) disinvestment in tangible assets | (192.376) | (4.158) | 4527% |
(413.884) | -100% | ||
(Investments) disinvestment in intangible assets | (264.028) | (249.457) | 6% |
(Investments) disinvestment in financial assets | 1.162 | (12.249) | -109% |
(Investments) disinvestment in non-capitalized financial assets | - | ||
CASH FLOW FROM INVESTING ACTIVITIES [B] | (455.242) | (679.748) | -33% |
C. CASH FLOW FROM FINANCING ACTIVITIES [C] | |||
Increase (decrease) current payables to banks | 3.588 | (73.750) | -105% |
New loans (Loan repayments) | (62.987) | 361.610 | -117% |
Paid capital increase | 660 | - | |
Treasury share sale (purchase) | - | - | |
(Dividends paid) | - | ||
CASH FLOW FROM FINANCING ACTIVITIES [C] | (58.738) | 287.859 | -120% |
INCREASE (DECREASE) IN LIQUIDITY [A]+[B]+[C] | 126.570 | 209.778 | -40% |
LIQUID FUNDS AT THE BEGINNING OF THE PERIOD | 2.537.357 | 2.699.540 | -6% |
LIQUID FUNDS AT THE END OF THE PERIOD | 2.663.927 | 2.909.319 | -8% |
DHH GROUP WITH SEEWEB
CONSOLIDATED PRO-FORMA INCOME STATEMENT DHH GROUP (All amounts are in Euro) | PRO-FORMA* 30.06.2020 | PRO-FORMA* 30.06.2019 | DELTA |
Net Sales | 8.852.999 | 8.319.194 | 6% |
Other Revenues | 243.005 | 82.315 | 195% |
OPERATING REVENUES | 9.096.004 | 8.401.509 | 8% |
Material costs Service costs and use of third party assets | -3.972.748 | -3.578.682 | 11% |
Personnel costs | -1.431.688 | -1.653.423 | -13% |
Other expenses | -157.264 | -227.831 | -31% |
TOTAL OPERATING COSTS | -5.561.701 | -5.459.936 | 2% |
OPERATING INCOME - EBITDA | 3.534.304 | 2.941.573 | 20% |
Amortization and impairment | -1.508.133 | -1.510.560 | 0% |
EBIT | 2.026.170 | 1.431.013 | 42% |
Financial income (expenses) | -104.708 | -84.588 | 24% |
Other non-operating income/expense | 0 | 180.517 | -100% |
EARNINGS BEFORE TAXES | 1.921.462 | 1.526.942 | 26% |
Total current and deferred income taxes | -575.692 | -429.715 | 34% |
NET INCOME (LOSS) FOR THE YEAR | 1.345.770 | 1.097.227 | 23% |
* The consolidated pro forma is not audited by the audit firm. | |||
ASSETS (ALL AMOUNTS ARE IN EURO) | CONSOLIDATED PRO-FORMA* 30.06.2020 | CONSOLIDATED PRO-FORMA* 31.12.2019 | DELTA |
Goodwill | 10.638.389 | 10.731.115 | -1% |
Tangible fixed assets | 1.712.617 | 1.766.574 | -3% |
Right of use | 4.834.541 | 5.721.813 | -16% |
Intangible assets | 1.229.154 | 970.458 | 27% |
Investments | 259.601 | 259.601 | 0% |
Non current financial assets | 18.390 | 18.263 | 1% |
Other non current assets | 178 | 177 | 1% |
Prepaid Tax assets | 196.355 | 179.864 | 9% |
NON CURRENT ASSETS | 18.889.225 | 19.647.866 | -4% |
Inventories | - | ||
Trade receivables | 2.443.652 | 2.088.816 | 17% |
Current financial assets | 197.611 | 470.132 | -58% |
Other current assets | 630.031 | 505.891 | 25% |
Tax receivables | 209.899 | 200.641 | 5% |
Cash and cash equivalents | 5.265.816 | 4.562.133 | 15% |
CURRENT ASSETS | 8.747.008 | 7.827.612 | 12% |
TOTAL ASSETS | 27.636.233 | 27.475.478 | 1% |
LIABILITIES (all amounts are in Euro) | CONSOLIDATED PRO-FORMA* 30.06.2020 | CONSOLIDATED PRO-FORMA* 31.12.2019 | DELTA |
NET EQUITY | 15.386.480 | 14.211.800 | 8% |
Non current financial payables | 3.430.853 | 4.704.218 | -27% |
Severance reserves | 568.556 | 559.511 | 2% |
Provisions for risks and future liabilities | - | - | |
Other non current liabilities | - | - | |
Liabilities for deferred taxes | 20.786 | 21.314 | -2% |
NON CURRENT LIABILITIES | 4.020.195 | 5.285.044 | -24% |
Trade payables | 2.109.150 | 2.169.520 | -3% |
Other current liabilities | 2.946.526 | 2.816.802 | 5% |
Current financial liabilities | 2.386.071 | 2.501.527 | -5% |
Tax payables | 787.811 | 490.786 | 61% |
CURRENT LIABILITIES | 8.229.558 | 7.978.634 | 3% |
TOTAL LIABILITIES AND NET EQUITY | 27.636.233 | 27.475.479 | 1% |
* The consolidated pro forma is not audited by the audit firm. | |||
CONSOLIDATED PRO-FORMA CASH FLOW STATEMENT DHH GROUP (ALL AMOUNTS ARE IN EURO) | PRO-FORMA* 30.06.2020 |
A. CASH FLOW FROM OPERATING ACTIVITIES | |
Profit for period | 1.345.770 |
Income taxes | 575.692 |
Interest payables/(receivables) | 104.708 |
(Capital losses)/gains from sales of assets | - |
1. EARNINGS BEFORE INCOME TAX, INTEREST, DIVIDENDS AND CAPITAL GAIN/LOSSES | 2.026.170 |
Adjustments for non-cash items that are | |
not accounted for in net working capital change: | 1.344.900 |
- Allocation to reserves | 8.516 |
- Amortization and depreciation of assets | 1.508.133 |
- Permanent loss write-down | - |
- Other adjustments on non-monetary items | (171.750) |
2. CASH FLOW BEFORE NWC CHANGES | 3.371.070 |
Changes in NWC: | (126.059) |
- Decrease (increase) in inventories | - |
- Decrease (increase) in customer receivables | (354.836) |
- Increase (decrease) in supplier payables | (60.370) |
- Decrease (increase) in prepaid expenses and accrued income | (124.140) |
- Increase (decrease) in accrued expenses and deferred income | 129.724 |
- Other changes to the NWC | 283.563 |
3. CASH FLOW AFTER NWC CHANGES | 3.245.012 |
Other changes: | (680.400) |
- Interests collected/(paid) | (104.708) |
- (income taxes paid) | (575.692) |
- Dividends received | |
- (Use of reserves) | |
CASH FLOW FROM OPERATING ACTIVITIES [A] | 2.564.612 |
B. CASH FLOW FROM INVESTING ACTIVITIES | - |
(Investments) disinvestment in tangible assets | (255.084) |
(121.538) | |
(Investments) disinvestment in intangible assets | (356.251) |
(Investments) disinvestment in financial assets | (127) |
(Investments) disinvestment in non-capitalized financial assets | |
CASH FLOW FROM INVESTING ACTIVITIES [B] | (733.000) |
C. CASH FLOW FROM FINANCING ACTIVITIES [C] | |
Increase (decrease) current payables to banks | 260.233 |
New loans (Loan repayments) | (1.388.821) |
Paid capital increase | |
Treasury share sale (purchase) | 660 |
(Dividends paid) |
CASH FLOW FROM FINANCING ACTIVITIES [C] | (1.127.929) |
INCREASE (DECREASE) IN LIQUIDITY [A]+[B]+[C] | 703.683 |
LIQUID FUNDS AT THE BEGINNING OF THE PERIOD | 4.562.133 |
LIQUID FUNDS AT THE END OF THE PERIOD | 5.265.816 |
* The consolidated pro forma is not audited by the audit firm. | |
***
About DHH S.p.A.
Established in July 2015 and located in Milan, DHH SpA (“DHH”) is a tech-group that provides the “virtual infrastructure” to run websites, apps, e-commerces and software as a service solutions to 100.000+ customers across Southeast Europe (the so-called “Adriatic Sea area”), a geographic area where expected growth rates are higher thanks to current lower digital penetration.
DHH is listed on AIM Italia, a Multilateral Trading Facility regulated by Borsa Italiana and registered as an SME Growth Market.
For more information please visit: xxx.xxx.xxxxxxxxxxxxx
Contact
DHH S.p.A.
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Numero di Pagine: 18
Fine Comunicato n.20088-24