INGENICO GROUP: Half-Year results in line with our 2017 objectives
(Thomson Reuters ONE) -
Press Release
Paris,
July 26, 2017
Half-year results in line with our 2017 objectives
* Revenue of ?1,222 million
* Up 5% on a comparable basis[1]
* Up 8% on a reported basis
* Solid performance across most regions
* Back to positive organic growth in North America in the second quarter
* Excluding Brazil, organic growth(1) of 6% in the first half
* Continued positive momentum in ePayments
* EBITDA[2]: ?244 million representing 20% of revenue
* Objective for 2017 maintained :
* Organic growth(1) c. 7%
* EBITDA(2) margin slightly above 20.6%
Ingenico Group, (Euronext: FR0000125346 - ING), global leader in seamless
payment, announced today its revised results for the six months period end as of
June 30, 2017.
Philippe Lazare, Chairman and Chief Executive Officer of Ingenico Group,
commented: "Ingenico Group has achieved a solid performance in the first half of
this year, in line with our expectations, showing a strong momentum in Europe
and Asia-Pacific balancing weaker performances in Latin America due to the
ongoing macroeconomic situation in Brazil. During the second quarter, North
America has recovered following three consecutive quarters of organic declines,
reflecting the strong positions we have built in this market over the past four
years. ePayments continues to grow rapidly and we are comfortable that this
division will meet its medium term targets. In this environment, Ingenico has
been able to maintain robust EBITDA margins and cash flow generation,
strengthening our excellent financial position. In this context, we reaffirm our
2017 full year objectives and we look forward to the future with confidence.
Ingenico has recently announced the acquisition of Bambora for a total
consideration of 1.5 billion of euros. This acquisition represents a key
milestone in our strategic plan providing a more integrated client offering and
omnichannel solutions. Coupled with the investments made in our platforms and
the development of new technological features, Bambora will enhance our customer
centric approach and will reinforce our online and in-store positioning
perfectly. This transaction will be additive to our growth profile and will
create value for our shareholders, customers and employees."
H1 2017 results
Key figures
| |
H1'17 |H1'16 |Changes vs. H1'16
(in millions of euros) | |
------------------------------------------------------+------+-----------------
Revenue 1,222 |1,133 | 8%
------------------------------------------------------+------+-----------------
Adjusted gross profit 512 | 490 | 4%
| |
As a % of revenue 41.9% |43.2% | (130) bpts
| |
Adjusted operating expenses -291 | -284 | 3%
| |
As a % of revenue -23.8%|-25.1%| (130) bpts
------------------------------------------------------+------+-----------------
Profit from ordinary activities, adjusted 221 | 206 | 7%
(EBIT) | |
| |
As a % of revenue 18.0% |18.1% | (10) bpts
------------------------------------------------------+------+-----------------
Operating margin 191 | 184 | 4%
------------------------------------------------------+------+-----------------
Net profit 132 | 127 | 4%
------------------------------------------------------+------+-----------------
Net profit attributable to Group shareholders 130 | 122 | 7%
------------------------------------------------------+------+-----------------
EBITDA 244 | 244 | n.s.
| |
As a % of revenue 20.0% |21.5% | (150) bpts
------------------------------------------------------+------+-----------------
------------------------------------------------------+------+-----------------
Free cash-flow 69 | 64 | 8%
| |
FCF/EBITDA conversion rate 28.1% |26.2% | +190 bpts
------------------------------------------------------+------+-----------------
Net debt 178 | 232 | -23%
| |
Net debt-to-EBITDA ratio[3] 0.4x | 0.5x | (0.1)x
| |
Equity attributable to Group shareholders 1,771 |1,588 | 12%
------------------------------------------------------+------+-----------------
+-----------------+----------------------------+--------------------------+
| | H1 2017 | Q2 2017 |
| +-----+----------------------+---+----------------------+
| | | % change | | % change |
| | ?m +-------------+--------+?m +-------------+--------+
| | |Comparable(1)|Reported| |Comparable(1)|Reported|
+-----------------+-----+-------------+--------+---+-------------+--------+
|Retail | 516 | 3% | 5% |273| 2% | 6% |
+-----------------+-----+-------------+--------+---+-------------+--------+
|Banks & Acquirers| 706 | 7% | 10% |355| 7% | 10% |
+-----------------+-----+-------------+--------+---+-------------+--------+
|Total |1,222| 5% | 8% |628| 5% | 8% |
+-----------------+-----+-------------+--------+---+-------------+--------+
|EMEA | 470 | 7% | 6% |242| 4% | 3% |
+-----------------+-----+-------------+--------+---+-------------+--------+
|APAC | 264 | 13% | 18% |122| 5% | 9% |
+-----------------+-----+-------------+--------+---+-------------+--------+
|Latin America | 87 | -9% | 1% |44 | -1% | 5% |
+-----------------+-----+-------------+--------+---+-------------+--------+
|North America | 128 | -16% | -14% |76 | 1% | 3% |
+-----------------+-----+-------------+--------+---+-------------+--------+
|ePayments | 273 | 12% | 18% |145| 11% | 21% |
+-----------------+-----+-------------+--------+---+-------------+--------+
|Total |1,222| 5% | 8% |628| 5% | 8% |
+-----------------+-----+-------------+--------+---+-------------+--------+
Performance in the first half 2017
In the first half of 2017, revenue totaled ?1,222 million, representing an 8%
increase on a reported basis, including a positive foreign exchange impact of
?12 million. On a comparable basis, revenue was 5% higher than in the first half
of 2016.
During the period, the Retail Business Unit reported a revenue of ?516 million,
an increase of 5% on reported figures. On a comparable basis, the increase in
revenue was 3%, driven by a good performance in ePayments but impacted by a
strong terminals renewal cycle that has taken place in 2016 in Europe.
The Banks and Acquirers Business Unit posted a revenue of ?706 million, an
increase of 10% on reported figures and including a positive foreign exchange
impact of ?12 million. On a comparable basis revenue increased by 7%, fueled by
a strong demand in Europe and Asia despite a lack of momentum in Brazil
reflecting the ongoing macroeconomic uncertainties.
Performance in the second quarter 2017
In the second quarter of 2017, Ingenico Group reported a revenue of ?628
million, representing an 8% increase on a reported basis, including a positive
foreign exchange impact of ?4 million. On a comparable basis(1), revenue growth
was 5% higher than in the second quarter of 2016.
The Retail Business Unit has slowed down during the second quarter showing an
organic growth of 2% and a reported revenue of ?273 million. Compared with
Q2'16, the various activities performed as follows on a like-for-like basis:
* Online (up 11%): The activity confirmed a strong dynamic in line with its
objectives. The platforms have demonstrated robust performance, especially
in terms of stability, customer satisfaction and churn, while first
merchants decided to adopt Ingenico new marketplace solution. Several wins
during the period allowed acceleration of new business revenue in the first
half with brands like Five Guys, WoW Air or Anantara. Finally, several new
products and partnerships have been announced or launched, like payment in
messenger bots, SEPA Direct Debit, BCMC acquiring and next generation fraud
tools to enrich Ingenico's offer and to grow its attractiveness towards
merchants.
* In-store (down 6%): In Europe, performance has been driven by a steady
growth on the Axis platform, demonstrating Ingenico's competitive advantage
to serve Tier 1 in-store retailers' needs, and its unique omnichannel value
proposition on a pan European basis. In France, the Group benefited from the
contribution of omnichannel contracts and continued to gain market shares in
all retail merchant tiers. Turkey showed a more normalized performance after
a strong Q1 that has benefited from the migration to terminals with fiscal
memory. The US Retail segment continued to benefit from increasing adoption
of our mobile payment solutions with large national retailers and deeper
penetration in the Casual Dining segment with the boarding of new customers
such as Red Lobster, Hooter or Frazoli's.
The Banks and Acquirers Business Unit has shown a solid performance in the
second quarter with an organic growth of 7% and a revenue that reached ?355
million. Compared with Q2'16, the various regions performed as follows on a
like-for-like basis:
* EMEA (up 6%): Despite a strong comparable basis, the dynamic showed very
strong momentum across most countries. The Group benefited from the tailwind
of the PCI v1 terminals replacement cycle. Eastern European countries
experienced strong momentum fueled by regulations pushing for more
electronic payments.
* Asia-Pacific (up 5%): As expected, the demonetization process in India ended
after having fueled the growth since November 2016. The dynamic will now
turn to a more normalized level waiting for a biometry regulation. In China,
even if Landi faced a maturing market, the launch of the APOS has been
particularly successful with almost 350,000 terminals shipped during the
second quarter, allowing the company to grow. The rest of the region is
still benefiting from a strong demand except in Indonesia where the
regulation has led to a "wait and see" momentum.
* Latin America (up 1%): The region is still impacted by the unfavorable
macroeconomic situation in Brazil leading to a lack of visibility on this
market. However, the Group grew in the other countries, most specifically in
Colombia and Mexico. In the latter, Telium Tetra deployment continues to
progress.
* North America (up 19%): While the prior year comparisons remained difficult
in this quarter, the region showed improved results as distribution partners
in the US began to increase the volume of orders. Challenges continue in
portions of the market, particularly in the SMB sector as EMV migration is
no longer a motivator for merchants to upgrade their payment devices. Market
continues to stabilize and existing inventory is being consumed. The
Canadian business continues to perform strongly as acquirers continue to
replace their installed base.
Gross profit up 4%
During the first half of 2017, adjusted gross profit reached ?512 million, or
41.9% of revenue. Excluding China, adjusted gross profit was 43.7% of revenue,
representing a 10 basis points increase compared to the first half of 2016 pro
forma adjusted gross profit.
Operating expenses contained over the semester
In the first half of 2017, adjusted operating costs were ?291 million,
representing 23.8% of revenue compared to 25.1% in the first half of 2016. As
discussed last February, the investments in our platforms tend to decrease all
along the year as the forecasted plan has been achieved.
EBITDA margin and profit from operating activities
EBITDA was ?244 million in the first half of 2017, equal to 20.0% of revenue
compared to 21.5% in the first half of 2016. We remain confident with our full
year EBITDA margin objective as H2 2017 will benefit from a better geographical
mix and operating improvements.
After accounting for Purchase Price Allocation and other operating income and
expenses, profit from operations totaled ?191 million, compared with ?184
million in the first half of 2016. The Group's operating margin was equal to
15.7% of revenue, versus 16.2% in the first half of 2016.
As announced in February 2017, our new organization will enable us to optimize
our operating model through higher end-to-end industrial and R&D efficiency,
sharing modules across platforms and leveraging scale to optimize our costs.
In that purpose, we have initiated an operational excellence plan with the
involvement and commitment of all local managers. We expect cost efficiencies to
reach between ?20 and ?25 million on a full year basis through a continuous
improvement plan and efficiency in our procurements. Our operational excellence
plan will be rolled out over time.
Growth in profit attributable to Group shareholders compared to the previous
year
Financial results reached ?-8 million, against ?-1 million last year on the same
period, which one having been fueled by the disposal of Ingenico's share of Visa
Europe (?8.5 million).
Income tax expense fell from ?56 million in the first half of 2016 to ?51
million in the first half 2017. The reduction of the effective tax rate reflects
a more favorable geographical mix.
The net profit attributable to Ingenico's shareholders in the first half of
2017 was up 7% to ?130 million versus ?122 million in the first half of 2016.
A strong free cash flow reflected in the financial position
During the first half of 2017, Ingenico Group's operations generated a free cash
flow of ?69 million, 8% higher than the prior year leading to an FCF/EBITDA
ratio of 28.1%, an increase of 190 basis points. This improvement mainly
resulted from the lower tax paid during the period resulting from a favourable
geographical mix evolution. In parallel, the Group continued to invest in its
activities with CAPEX amounting to ?38 million.
The cash dividend paid in respect of 2016 was ?40 million, whereas 58.6% of the
total dividend amount was paid in stock (731,856 shares), reflecting the strong
shareholders confidence.
As of June 30, 2017, net debt was ?178 million reflecting a leverage of 0.4x the
LTM EBITDA versus ?232 million in the first half of 2016.
Highlights of the first half
Acquisition of TechProcess
Ingenico Group has acquired 100% of TechProcess Payment Services Ltd
("TechProcess"), a leading Indian electronic payments services provider from its
current shareholders (major global and Indian investors). The acquisition of
TechProcess will support the strategy of Ingenico Group in India, where it is
the leader on the terminal market with c.50% market shares and a large player in
online payments through the combination with EBS. Ingenico ePayments is number
2 based on the number of merchants in India. As a result, Ingenico Group will
further expand its footprint in the country, and, ultimately, offer cross-border
capabilities.
Acquisition of SST
Ingenico Group has acquired 100% of SST, the payment activities of its Ukrainian
partner BKC (BANCOMZVJAZOK JSC). SST is Ingenico's portal to Ukraine, through
its extensive knowledge of the local market and its strong relationships with
leading Ukrainian banks. SST also provides software development services to
various entities within Ingenico Group, most specifically in Eastern Europe,
Western Europe, and Africa. SST will be integrated within the Banks & Acquirers
business unit.
Investment in Joinedapp
Ingenico Group has invested in Joinedapp, a start-up located in Palo Alto,
California whose enterprise e-commerce solutions enable brands and retailers to
connect with customers on their preferred mobile messaging apps. Joinedapp's
chatbot technology offers large and SMB merchants a scalable solution to engage,
nurture, and monetize audiences across social messaging.
Acquisition of Bambora
Ingenico Group has acquired 100% of Bambora, a fast growing player in payment
services, from Nordic Capital for a total consideration of ?1.5 billion. The
transaction will be fully financed through available cash and debt. The
financial leverage will remain below 3x EBITDA leaving Ingenico flexibility for
future M&A. Bambora, whose model generates more than 90% recurring revenue,
reached a gross revenue of ?202 million in 2016. In the next two years, gross
revenue and EBITDA are expected respectively to grow over 20% and 30% per year.
This transaction is a key milestone in the execution of Ingenico's strategy as
it will expand Ingenico's own acquiring capability on top of existing
partnerships, step up the approach of the fast growing end-to-end payment
solutions market for SMBs in Europe and extend the geographical exposure of the
online and in-store segments. The acquisition will be accretive on Ingenico's
economics from 2018 and beyond with an organic growth profile enhanced by 1 to
2% per year, a c.5% EPS accretive impact in 2018 (before synergies and PPA) and
?30m of run-rate synergies to be realized over 3 years lead to an EPS accretive
impact of c.13%.
Outlook
Ingenico Group confirms its 2017 objectives:
- A revenue growth around 7% on a comparable basis
- A slight increase of the EBITDA margin compared to 2016 (20.6%)
This press release contains forward-looking statements. The trends and
objectives given in this release are based on data, assumptions and estimates
considered reasonable by Ingenico Group. These data, assumptions and estimates
may change or be amended as a result of uncertainties connected in particular
with the performance of Ingenico Group and its subsidiaries. These forward-
looking statements in no case constitute a guarantee of future performance, and
involve risks and uncertainties. Actual performance may differ materially from
that expressed or suggested in the forward-looking statements. Ingenico Group
therefore makes no firm commitment on the realization of the growth objectives
shown in this release. Ingenico Group and its subsidiaries, as well as their
executives, representatives, employees and respective advisors, undertake no
obligation to update or revise any forward-looking statements contained in this
release, whether as a result of new information, future developments or
otherwise. This release shall not constitute an offer to sell or the
solicitation of an offer to buy or subscribe for securities or financial
instruments.
About Ingenico Group
Ingenico Group (Euronext: FR0000125346 - ING) is the global leader in seamless
payment, providing smart, trusted and secure solutions to empower commerce
across all channels, in-store, online and mobile. With the world's largest
payment acceptance network, we deliver secure payment solutions with a local,
national and international scope. We are the trusted world-class partner for
financial institutions and retailers, from small merchants to several of the
world's best known global brands. Our solutions enable merchants to simplify
payment and deliver their brand promise.
Learn more at www.ingenico.com twitter.com/ingenico
Contacts / Ingenico Group
Investors Investors Communication
Laurent Marie Kevin Woringer Coba Taillefer
VP Investor Relations & Investor Relations Manager External Communication
Financial Communication kevin.woringer(at)ingenico.com Manager
laurent.marie(at)ingenico.com (T) / 01 58 01 85 09 coba.taillefer(at)ingenico.com
(T) / 01 58 01 92 98 (T) / 01 58 01 89 62
Upcoming events
Q3'17 revenue: October 25(th), 2017
EXHIBIT 1
Basis for preparing the 2017 interim financial statements
The consolidated interim financial statements have been drawn up in accordance
with International Financial Reporting Standards (IFRS). In order to provide
meaningful comparable information, these data have been presented on an adjusted
basis, i.e. restated to reflect the depreciation and amortization expenses
arising on the acquisition of new entities. Pursuant to IFRS3R, the purchase
price for new entities is allocated to the identifiable assets acquired and
subsequently amortized over specified periods.
The main financial data for 2017 has been analyzed on an adjusted basis, i.e.,
before purchase price allocation (PPA). Please see Exhibit 4.
EBITDA is not an accounting term; it is a financial metric defined here as
profit from ordinary activities before depreciation, amortization and
provisions, and before expenses for shares distributed to employees and
officers. The reconciliation of adjusted profit from ordinary operations to
EBITDA is available in Exhibit 4.
EBIT (Earnings Before Interest and Taxes) is equal to profit from ordinary
activities, adjusted for amortization of the purchase price for newly acquired
entities allocated to the identifiable assets acquired.
Free cash flow is equal to EBITDA less: cash and other operating income and
expenses, changes in working capital requirements, investing activities net of
disposals, financial expenses net of financial income, and tax paid (Note 5e in
the exhibit of interim financial statements)
EXHIBIT 2
Following the evolution of its activities and in order to support its position
as world leader in omnichannel payments, Ingenico Group has put in place a new
organization that is focused on clients. The Group's reporting is structured
around two business units: Banks and Acquirers (B&A) and Retail. On top of that,
the geographical split has changed to better reflect the organization of
Ingenico Group. From now on, Europe & Africa will include the Middle East
(formerly included in Asia Pacific & Middle East) and become EMEA. In parallel,
the EBS platform, that used to be reported in the Asia Pacific &
Middle East region, will now be part of ePayments.
To facilitate the reading of the Group's performance as of January
1, 2017, 2016 revenues are restated below, including, from January 1, 2016, the
acquisitions of the previous year ("pro forma 2016").
1. FORMER GEOGRAPHICAL REPORTING
+--------------------+-------+-------+-------+-------+------+-------+-------+
|In Millions of euros|Q1 2016|Q2 2016|Q3 2016|Q4 2016| 2016 |Q1 2017|Q2 2017|
+--------------------+-------+-------+-------+-------+------+-------+-------+
|Retail | 235 | 257 | 251 | 267 |1,010 | 243 | 273 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
|Banks & Acquirers | 317 | 324 | 319 | 342 |1,302 | 351 | 355 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
|Total | 552 | 581 | 570 | 609 |2,312 | 594 | 628 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
|Europe-Africa | 193 | 215 | 224 | 215 | 846 | 209 | 225 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
|APAC & Middle East | 129 | 133 | 114 | 153 | 530 | 162 | 140 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
|Latin America | 45 | 41 | 44 | 42 | 172 | 44 | 44 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
|North America | 74 | 74 | 62 | 66 | 276 | 52 | 76 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
|ePayments | 111 | 119 | 126 | 133 | 488 | 127 | 144 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
|Total | 552 | 581 | 570 | 609 |2,312 | 594 | 628 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
2. NEW GEOGRAPHICAL REPORTING
+--------------------+-------+-------+-------+-------+------+-------+-------+
|In Millions of euros|Q1 2016|Q2 2016|Q3 2016|Q4 2016| 2016 |Q1 2017|Q2 2017|
+--------------------+-------+-------+-------+-------+------+-------+-------+
|Retail | 235 | 257 | 251 | 267 |1,010 | 243 | 273 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
|Banks & Acquirers | 317 | 324 | 319 | 342 |1,302 | 351 | 355 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
|Total | 552 | 581 | 570 | 609 |2,312 | 594 | 628 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
|EMEA | 209 | 236 | 237 | 229 | 911 | 228 | 242 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
|APAC | 112 | 111 | 100 | 138 | 462 | 143 | 122 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
|Latin America | 45 | 41 | 44 | 42 | 172 | 44 | 44 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
|North America | 74 | 74 | 62 | 66 | 276 | 52 | 76 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
|ePayments | 112 | 120 | 127 | 134 | 493 | 128 | 145 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
|Total | 552 | 581 | 570 | 609 |2,312 | 594 | 628 |
+--------------------+-------+-------+-------+-------+------+-------+-------+
3. NEW GEOGRAPHICAL REPORTING ON A PRO FORMA BASIS
+-------------------+----------+----------+----------+----------+----------+
| In Millions of |Q1 2016 PF|Q2 2016 PF|Q3 2016 PF|Q4 2016 PF|FY 2016 PF|
| euros | | | | | |
+-------------------+----------+----------+----------+----------+----------+
|Retail | 235 | 257 | 251 | 267 | 1,010 |
+-------------------+----------+----------+----------+----------+----------+
|Banks & Acquirers | 321 | 329 | 323 | 340 | 1,313 |
+-------------------+----------+----------+----------+----------+----------+
|Total | 556 | 586 | 574 | 607 | 2,323 |
+-------------------+----------+----------+----------+----------+----------+
|EMEA | 209 | 236 | 237 | 229 | 911 |
+-------------------+----------+----------+----------+----------+----------+
|APAC | 117 | 115 | 105 | 136 | 474 |
+-------------------+----------+----------+----------+----------+----------+
|Latin America | 45 | 41 | 44 | 42 | 172 |
+-------------------+----------+----------+----------+----------+----------+
|North America | 74 | 74 | 62 | 66 | 276 |
+-------------------+----------+----------+----------+----------+----------+
|ePayments | 112 | 120 | 127 | 134 | 493 |
+-------------------+----------+----------+----------+----------+----------+
|Total | 556 | 586 | 574 | 607 | 2,323 |
+-------------------+----------+----------+----------+----------+----------+
EXHIBIT 3
Income statements, balance sheet, cash flow statements
1. INTERIM CONSOLIDATED INCOME STATEMENTS (REVIEWED)
(in millions of euros) June 30, 2017 June 30, 2016
-----------------------------------------------------------------------------
REVENUE 1,222 1,133
Cost of sales -716 -650
GROSS PROFIT 506 484
-----------------------------------------------------------------------------
Distribution and marketing costs -108 -99
Research and development expenses -91 -87
Administrative expenses -109 -113
PROFIT FROM ORDINARY ACTIVITIES 198 184
-----------------------------------------------------------------------------
Other operating income 0 3
Other operating expenses -7 -4
PROFIT FROM OPERATING ACTIVITIES 191 184
-----------------------------------------------------------------------------
Finance income 21 45
Finance costs -29 -46
NET FINANCE COSTS -8 -1
-----------------------------------------------------------------------------
Share of profits in equity-accounted investees 0 0
PROFIT BEFORE INCOME TAX 184 183
-----------------------------------------------------------------------------
Income tax expense -51 -56
NET PROFIT 132 127
-----------------------------------------------------------------------------
Attributable to: 0 0
- Ingenico Group SA shareholders 130 122
- non-controlling interests 2 5
EARNINGS PER SHARE (in euros)
-----------------------------------------------------------------------------
Net earnings:
- basic earnings per share 2.12 2.01
- diluted earnings per share 2.08 1.96
2. INTERIM CONSOLIDATED BALANCE SHEET (REVIEWED)
ASSETS
(in millions of euros) June Dec. 31, 2016
30, 2017
------------------------------------------------------------------------------
Goodwill 1,438 1,409
Other intangible assets 504 488
Property, plant and equipment 73 75
Investments in equity-accounted investees 9 9
Financial assets 23 17
Deferred tax assets 56 58
Other non-current assets 28 27
------------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS 2,131 2,083
------------------------------------------------------------------------------
Inventories 164 172
Trade and related receivables 573 501
Receivables related to intermediation activities 35 29
Other current assets 32 24
Current tax assets 29 27
Derivative financial instruments 12 12
Funds related to intermediation activities 242 273
Cash and cash equivalents 1,173 1,014
------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 2,259 2,052
+----------------------------------------------------------------------------+
|TOTAL ASSETS 4,391 4,136|
+----------------------------------------------------------------------------+
EQUITY AND LIABILITIES -- --
(in millions of euros) June Dec. 31, 2016
30, 2017
------------------------------------------------------------------------------
Share capital 62 61
Share premium account 816 762
Other reserves 884 841
Translation differences 9 38
Equity for the period attributable to Ingenico
Group SA shareholders 1,771 1,703
------------------------------------------------------------------------------
Non-controlling interests 9 4
------------------------------------------------------------------------------
TOTAL EQUITY 1,780 1,707
------------------------------------------------------------------------------
Non-current borrowings and long-term debt 899 896
Provisions for retirement and benefit obligations 25 25
Other long-term provisions 23 24
Deferred tax liabilities 142 134
Other non-current liabilities 121 127
------------------------------------------------------------------------------
TOTAL NON-CURRENT LIABILITIES 1,211 1,206
------------------------------------------------------------------------------
Short-term loans and borrowings 452 244
Other short-term provisions 16 30
Trade and related payables 517 505
Payables related to intermediation activities 276 302
Other current liabilities 112 119
Current tax liabilities 25 20
Derivative financial instruments 1 4
------------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES 1,399 1,223
------------------------------------------------------------------------------
TOTAL LIABILITIES 2,611 2,429
+----------------------------------------------------------------------------+
|TOTAL EQUITY AND LIABILITIES 4,391 4,136|
+----------------------------------------------------------------------------+
3. INTERIM CONSOLIDATED CASH FLOW STATEMENTS (REVIEWED)
(in millions of euros) June 30, 2017 June 30, 2016
-------------------------------------------------------------------------------
Profit for the period 132 127
Adjustments for:
- Share of profit of equity-accounted investees 0 0
- Income tax expense/(income) 51 56
- Depreciation, amortization and provisions 39 44
- Change in fair value -7 -6
- (Gains)/losses on disposal of assets 0 0
- Net interest costs/(revenue) 7 -1
- Share-based payment expense(1) 7 15
Interest paid -10 -11
Income tax paid -47 -75
Cash flows from operating activities before change 173 150
in net working capital
-------------------------------------------------------------------------------
Inventories 1 -3
Trade and other receivables -91 -25
Trade payables and other payables 12 -41
Change in net working capital -79 -69
-------------------------------------------------------------------------------
NET CASH FLOWS FROM OPERATING ACTIVITIES 94 80
-------------------------------------------------------------------------------
Acquisition of fixed assets -38 -27
Proceeds from sale of tangible and intangible 0 9
fixed assets
Acquisition of subsidiaries, net of cash acquired 0 3
Disposal of subsidiaries, net of cash disposed of -72 -8
Loans and advances granted and other financial -2 -2
assets
Loan repayments received 2 1
Interest received 4 4
-------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES -106 -21
-------------------------------------------------------------------------------
Proceeds from share capital issues 0 0
Purchase/sale of treasury shares 0 0
Proceeds from loans and borrowings 214 0
Repayment of loans and borrowings -1 -94
Change in the Group's ownership interests in 9 1
controlled entities
Changes in other financial liabilities 0 0
Effect of financial derivative instruments 0 0
Dividends paid to shareholders -40 -34
Taxes on financing activities -1 0
-------------------------------------------------------------------------------
NET CASH FLOWS FROM FINANCING ACTIVITIES 180 -128
-------------------------------------------------------------------------------
Effect of exchange rates fluctuations -8 3
-------------------------------------------------------------------------------
CHANGE IN CASH AND CASH EQUIVALENTS 161 -66
-------------------------------------------------------------------------------
Net cash and cash equivalents at beginning of the
year 1,003 900
Net cash and cash equivalents at year end 1,164 834
-------------------------------------------------------------------------------
CASH AND CASH EQUIVALENT
Short-term investments and short-term deposits
(only for the portion considered as cash
equivalents) 146 237
Cash 1,027 616
Bank overdrafts -9 -19
-------------------------------------------------------------------------------
TOTAL NET CASH AND CASH EQUIVALENTS 1,164 834
-------------------------------------------------------------------------------
EXHIBIT 4
Impact of purchase price allocation (« PPA »)
(in millions of euros) H1'17 excl. PPA Impact H1'17
PPA
---------------------------------------------------------------------
Gross profit 512 (6) 506
---------------------------------------------------------------------
Operating expenses (291) (17) (307)
---------------------------------------------------------------------
Profit from ordinary activities 221 (23) 198
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Reconciliation of profit from ordinary activities to EBITDA
EBITDA represents profit from ordinary activities, restated to include the
following:
* Provisions for impairment of tangible and intangible assets, net of
reversals (including impairment of goodwill or other intangible assets with
indefinite lives, but not provisions for impairment of inventories, trade
and related receivables and other current assets), and provisions for risks
and charges (both current and non-current) on the liability side of the
balance sheet, net of reversals.
* Expenses related to the restatement of finance lease obligations on
consolidation.
* Expenses recognized in connection with the award of stock options, free
shares or any other payments to be accounted for using IFRS 2, Share-based
compensation.
* Changes in the fair value of inventories in accordance with IFRS 3, Business
Combinations, i.e. determined by calculating the selling price less costs to
complete and sell.
Reconciliation :
(in millions of euros) H1'17 H1'16
-------------------------------------------------------
Profit from ordinary activities 198 184
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Allocated assets amortization 23 21
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EBIT 221 206
-------------------------------------------------------
Other D&A and changes in provisions 17 23
Share-based compensation 7 15
-------------------------------------------------------
EBITDA 244 244
-------------------------------------------------------
--------------------------------------------------------------------------------
[1]On a like-for-like basis at constant exchange rates
[2]EBITDA is not an accounting term; it is a financial metric defined here as
profit from ordinary activities before depreciation, amortization and
provisions, and before share-based compensations.
[3] On a LTM basis
PDF VERSION:
http://hugin.info/143483/R/2123281/809776.pdf
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: INGENICO via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 26.07.2017 - 18:00 Uhr
Sprache: Deutsch
News-ID 554032
Anzahl Zeichen: 49565
contact information:
Town:
Paris
Kategorie:
Business News
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"INGENICO GROUP: Half-Year results in line with our 2017 objectives"
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