Unifiedpost continues its strategic focus on growing core digital
services alongside portfolio rationalisation
REGULATED INFORMATION
Unifiedpost continues its strategic focus
on growing core digital services alongside portfolio
rationalisation
La Hulpe, Belgium – August 27, 2024,
7:00 a.m. CET – [REGULATED INFORMATION] Unifiedpost Group SA
(Euronext: UPG) (Unifiedpost), a leading provider of integrated
business communications solutions, presents its results for H1
2024. Digital Services revenue reported solid growth of 12,8% y/y,
excluding the divestments of 21 Grams, FitekIN and ONEA. This is
reflected in Unifiedpost’s growing customer base, which exceeded
1,3 million businesses at the end of H1 2024.
Strategic & Operational Highlights
- On July 5, 2024, Unifiedpost signed an agreement to sell all
shares of 21 Grams to PostNord Strålfors and formed a partnership.
PostNord Strålfors will exclusively distribute Banqup in the Nordic
countries for at least 5 years and use Unifiedpost's e-invoicing
connections. Therefore, this set of results is presented as a
discontinued operation with H1 2023 also restated.
- On July 8, 2024, Unifiedpost successfully closed the divestment
of the stand-alone products FitekIN and ONEA for a cash
consideration of €7,2 million post balance sheet. This was used to
accelerate the reimbursement of the subordinated loan of € 1,2
million and for working capital management.
- On August 26, 2024, Unifiedpost signed a binding term sheet
with Your.World BV to sell its Wholesale Identity Access business
in the Netherlands for an enterprise value of € 133,0 million
including an earn-out of € 7,7 million. This agreement includes a
partnership to distribute Unifiedpost’s Banqup platform to over one
million Your.World customers across Europe.
H1 2024 Financial Highlights – Continuing
operations1
- Digital services revenue growth of 10,9% y/y.
- Excluding all divestments (21 Grams, FitekIN and ONEA), our
digital services revenue growth amounts to 12,8% y/y
- Digital service gross margin improved by 2,1 % y/y to
67,0%
- Revenue in traditional communication services decreased by
11,1% y/y due to the conversion of services into digital and
decreasing volume in management services
- Cash and cash equivalents at the end of H1 2024 amounted to €
18,7 million, of which € 7,4 million is restricted cash including €
6,2 million is to be considered as client money2
- Continued focus on free cash flow3 with a reset of
expectations to account for realised and planned divestments in the
year. We are committed to achieve a free cash flow break-even
position by the end of 2025.
Commenting on the H1 2024 results, Hans
Leybaert, CEO and founder, remarked: "The company continues to
focus on growing its core digital services and during the first
half we reported solid growth, with further upside potential to be
unlocked following the expected regulatory wave. We are pleased
with the progress made on the divestment of 21 Grams whilst
leveraging the partnership opportunity with PostNord to distribute
our Banqup in the Nordic countries. With the completion of the
FitekIN and ONEA stand-alone product divestment, we were able to
accelerate the repayment of our outstanding loan. Furthermore, we
recently announced the sale of our Wholesale Identity Access
business in the Netherlands, which presents a unique opportunity to
crystalise the value of the business and ensure that Unifiedpost
will be in a stronger financial position moving forward. Amid these
ongoing developments, we remain focused and committed to
future-proofing the business and enhancing the board composition
and overall corporate governance.”
Key financial figures – Continuing
operations
| (EUR thousands) |
H1 2024 |
H1 2023 |
Change (%) |
|
Group revenue |
50.823 |
50.393 |
+0,9% |
|
Digital service revenue |
30.362 |
27.385 |
+10,9% |
|
Recurring |
27.676 |
25.361 |
+9,1% |
|
Non-recurring |
2.686 |
2.024 |
+32,7% |
|
Traditional communication service revenue |
20.461 |
23.008 |
-11,1% |
| Recurring digital revenue (in % of
total digital service revenue) |
91,2% |
92,6% |
-1,4%pts |
| Gross margin digital service |
67,0% |
64,9% |
+2,1%pts |
| EBITDA |
-26 |
-3.564 |
|
| Loss for the period |
-24.354 |
-24.041 |
-1,3% |
| Cash and cash equivalents at end of
period |
18.721 |
26.323 |
-28,9% |
Key business KPI’s
| (# in thousands) |
End Q2 2024 |
End Q1 2024 |
End Q4 2023 |
End Q3 2023 |
End Q2 2023 |
|
Paying customers |
500 |
485 |
470 |
456 |
443 |
|
Customers paid by 3rd parties |
775 |
760 |
714 |
707 |
681 |
|
Other paying customers |
52 |
52 |
50 |
49 |
48 |
|
Customers served |
1.327 |
1.297 |
1.234 |
1.212 |
1.172 |
|
Of which Banqup customers |
174 |
168 |
162 |
156 |
152 |
|
ARPU on subscriptions |
€ 5,8 |
€ 5,6 |
€ 6,1 |
€ 6,1 |
€ 6,0 |
Aligning financial reporting with the
business strategy model
Our business strategy revolves around 4
interconnected digital products: e-Identity, e-Invoice, e-Payment,
and e-Reporting. These products are available through Unifiedpost’s
secure, cloud-based Banqup platform. We target 3 key market
segments: Corporate, SME, and Governmental. Our goal for each
product line is to drive growth by upselling from single-product
usage to a step-by-step comprehensive adoption of our entire
digital product suite.
Our go-to-market strategy varies by market
segment. For the Corporate segment, we prioritise direct sales,
while for the SME segment, we focus on forging partnerships to
boost sales through the SME channel. Expanding within the
Government sector requires a tailored approach, necessitating a
dedicated team with specialised expertise.
In addition to our digital offerings, our
traditional communication services, though non-digital, remain
valuable as they support and enhance our digital business
model.
Our financial reporting and KPIs have been
updated and integrated into our internal reporting tools to align
with this strategic structure.
Significant divestments and investments
were closed or successfully initiated in H1 2024
Following the binding term sheet dated December
29, 2023, Unifiedpost successfully closed the transaction on July
5, 2024. The entire transaction was sold for a cash consideration
of € 7,2 million. This divestment is a strategic move for the
Group, enabling a sharper focus on its core offerings. At closing,
the carrying value of the related assets and liabilities amounts to
€ 4,6 million. The business associated with this transaction
generates stable annual digital services revenue of € 3,5 million
with a near break-even EBITDA. In the financial position, this
transaction is presented as an asset held for sale but is still
presented as continued business in the income statement.
On April 30, 2024, Unifiedpost announced
exclusive negotiations with PostNord Strålfors regarding the sale
of all shares in the 21 Grams subgroup, culminating in a binding
agreement on July 5, 2024. The completion of this transaction is
subject to three pre-closing conditions: (i) approval from the
Swedish Competition Authority, (ii) release of pledges on shares
and bank accounts, and (iii) obtaining a review report on the
consolidated accounts of the subgroup as of December 31, 2023. The
enterprise value is SEK 200 million, subject to adjustments for net
financial debt and working capital at closing. This transaction is
presented as an asset held for sale in the financial position and
is classified as a discontinued operation effective from January 1,
2024, including comparative figures. The business associated with
this transaction generated in 2023 an annual digital services
revenue of € 28,5 million and an annual traditional communication
services revenue of € 54,8 million, and contributed € 0,6 million
to our EBITDA. This transaction's fair value preliminary impact
amounts to a negative of € 4,9 million.
On June 28, 2024, Unifiedpost divested its
majority stake in the Balkan printing activities New Image doo,
reducing its ownership to 22%, and decreased its shareholding in a
real estate entity Sirius Star Ltd to 20%. Conversely, Unifiedpost
increased its stake in the digital company Unifiedpost doo by 20%
up to 95%, strengthening its position in the digital sector. These
transactions, including the settlement of intergroup current
accounts, were executed on a cash-neutral basis. The realised gain
due to consolidation of these entities results in a positive impact
in the financial result of € 1,3 million.
Opportunity for value crystallisation
through the sale of the Wholesale Identity Access
Business
On August 26, 2024, Unifiedpost announced that
it had signed a binding term sheet with Your.World B.V to sell its
Wholesale Identity Access business in the Netherlands, which forms
part of Unifiedpost’s e-Identity product line, for an enterprise
value of € 133,0 million including an earn-out amount of € 7,7
million. This agreement includes a partnership to distribute the
Banqup platform in the Netherlands via Your.World.
Consistent growth in digital services
business with future upside from regulatory wave to be
unlocked
In the first half of 2024, Unifiedpost continued
to achieve steady year-over-year growth in its digital services
business, recording low-teens growth overall. Specifically,
Unifiedpost realised a 9,1% y/y growth in its recurring activities
and a 32,7% y/y growth in its non-recurring business, driven by
successful project completions. Notably, this growth was achieved
without the benefit of regulatory tailwinds, which signals strong
potential for further acceleration in the near future. In
total the digital services business grew with 10,9% and
excluding the all the divestments the growth amounts even to 12,8%
y/y.
The gross margin in the digital services segment
increased by € 2,5 million year-over-year, driven by two key
factors: (i) an improvement in efficiency which impacted the gross
margin percentage, as it increased from 64,9% in H1 2023 to 67,0%
in H1 2024 (a positive impact of € 0,6 million), and (ii) a rise in
transaction volumes and subscription levels (impact € 1,9
million).
Traditional communication services
business
The traditional communication services business
has not met expectations, driven by a continued shift towards
digital solutions and a decrease in managed service volumes.
Year-over-year, revenue declined by € 2,5 million, leading to a
corresponding reduction in gross profit of € 0,9 million.
Additionally, the gross margin percentage decreased by 1% point to
25,5%.
Execution of cost-saving plan
2023-2024
Unifiedpost launched a cost-saving plan in H1
2023, with significant impacts observed in H2 2023 and H1 2024.
- R&D expenses slightly increased from € 9,2 million to € 9,5
million year-over-year. However, the cash component within these
costs decreased by nearly € 1,0 million, while non-cash expenses
(amortisation) rose by € 1,2 million. R&D Capex spending in H1
2024 totaled € 8,2 million, compared to € 9,0 million in H1
2023. R&D staff costs (cash out Opex and Capex) represent
31,0 % of digital services revenue in H1 2024.
- G&A expenses decreased by € 1,3 million year-over-year to €
17,1 million. It is important to note that G&A expenses for H1
2024 included € 0,5 million in non-recurring costs directly
associated with the aforementioned divestment transactions. The
recurring G&A expenses represent 32,6% of total revenue level
in H1 2024.
- S&M expenses decreased by € 1,7 million year-over-year to €
10,2 million. The recurring S&M expenses represent 20,1% of
total revenue level in H1 2024.
The recent divestments will allow us to take
further efficiency measures and align the cost structure with the
size of the business.
Liquidity position normalised with cash
inflow from divestment
At the end of H1 2024, Unifiedpost Group
reported a financial position with cash and cash equivalents
totaling € 18,7 million, including € 6,2 million of client money
and € 1,2 million of restricted cash. This cash position was
further strengthened on July 5, 2024 following the completion of
the FitekIN/ONEA transaction, which generated additional cash
proceeds of € 7,2 million. Of this amount, € 1,2 million was
immediately used to accelerate the repayment of a subordinated loan
to SFPIM. While working capital was under pressure compared
to December 31, 2023, it has since then normalized following the
post-balance sheet cash inflow from the FitekIN/ONEA
transaction.
Additionally, the Group maintains € 16,1 million
in an undrawn invoice financing facility, which is based on
experience, only callable at 30% of the current usage level.
Recent divestments, substantially improving the
balance sheet, require a reset of expectations regarding the free
cash flow breakeven position for 2024. Management remains committed
to achieving this goal by the end of 2025. The incoming cash
proceeds from the divestments provide a sufficient cash buffer,
enabling Unifiedpost to navigate this extended period while
positioning us to capitalise on the global digital transformation
wave in the coming years.
Current organic customer growth ensures
our future model
Unifiedpost's strong focus on customer
onboarding continues to yield attractive results. By the end of Q2
2024, our customer base exceeded 1,3 million, reflecting a 7,5%
growth since the end of 2023. In Q1 and Q2 2024, we onboarded 15
thousand in each quarter. Our paid customer segment has grown to
500 thousand, while third-party financed customers have reached 775
thousand, and other customers now total 52 thousand.
Our business network—which includes our own
customers and other companies we can reach digitally—now
encompasses over 2,6 million companies, up from 2,4 million at the
close of 2023. This expansion solidifies our leadership in the
e-Invoice and e-Payment segments, particularly among Europe's
SMEs.
Our core SME platforms, including Banqup,
Billtobox, and jefacture.com, have also demonstrated continuous
growth, with a combined customer base reaching 174 thousand by Q2
2024. In H1 2024, we onboarded 12 thousand new subscriptions across
these platforms. Key markets like Belgium and France have shown
positive momentum as well. Banqup's Belgian customer base (via
Billtobox) increased to 30 thousand, while in France, early
adopters of jefacture.com reached 19 thousand by the end of Q2
2024.
The ARPU on subscription revenue dropped
slightly in Q1 2024 to € 5,6/month due to a changing product mix,
whereby new e-Identity onboardings were registered at the start of
the year. In Q2 2024, the ARPU on subscription revenue improved to
€ 5,8/month.
Collection of ‘client money’ is becoming
an active source of revenue
Unifiedpost Payments SA is certified as a
payment institute. As announced on August 7, 2024, Unifiedpost
Payments obtained certification from the National Bank of Belgium
to purchase receivables. This certification takes immediate effect
and can be passported into the EU. Out of our current customer
base, especially on contracted business in the Netherlands,
Unifiedpost is collecting additional funds as client money.
These funds generate net interest revenues which are currently
presented as financial result. The level of client money in our
financial position is thus increasing and amounts to € 6,2 million
at end of H1 2024.
These achievements will further strengthen and
grow our e-payment business.
Reiterating guidance
- Digital services revenue growth 2024: low teens
- Search for additional Board members to strengthen the Board and
align it with evolving good corporate governance standards
- Subject to successful closing of all announced divestments,
attaining FCF breakeven by the end of 2025
Investors
& Media webcast
Management will host a
live video webcast for analysts, investors and media today at 11:00
a.m. CET.
To register and attend the webcast,
please click here:
https://unifiedpost-group-hy24-financial-results-august-2025.open-exchange.net/
A full replay will be
available after the webcast at:
https://investors.unifiedpostgroup.com/
Financial Calendar:
- 14 November 2024: Publication Q3 2024 Business Update
- 13 March 2025: Publication FY 2024 Financial Results
- 18 April 2025: Publication of the annual report for 2024
- 15 May 2025: Publication of the Q1 2025 business update
- 20 May 2025: General Shareholder Meeting
Contact
Alex Nicoll
Investor Relations
Unifiedpost Group
alex.nicoll@unifiedpost.com
Interim consolidated statement of profit or loss and
other comprehensive income (unaudited)
|
Thousands of Euro, except per share data |
|
For the six-month period ended 30
June |
|
|
|
2024 |
2023 (*) |
|
|
|
|
|
|
Digital services revenues |
|
30.362 |
27.385 |
|
Digital services cost of services |
|
(10.030) |
(9.602) |
|
Digital services gross profit |
|
20.332 |
17.783 |
|
|
|
|
|
|
Traditional communication services revenues |
|
20.461 |
23.008 |
|
Traditional communication services cost of services |
|
(15.236) |
(16.912) |
|
Traditional communication services gross
profit |
|
5.225 |
6.096 |
|
|
|
|
|
|
Research and development expenses |
|
(9.538) |
(9.247) |
|
General and administrative expenses |
|
(17.074) |
(18.431) |
|
Selling and marketing expenses |
|
(10.208) |
(11.930) |
|
Other income / (expenses) |
|
180 |
1.230 |
|
Loss from operations |
|
(11.083) |
(14.498) |
|
|
|
|
|
|
Financial income |
|
289 |
69 |
|
Financial expenses |
|
(8.417) |
(7.444) |
|
Gain realised upon losing control over subsidiaries |
|
1.295 |
- |
|
Share of profit / (loss) of associates |
|
236 |
- |
|
Loss before tax |
|
(17.680) |
(21.873) |
|
|
|
|
|
|
Corporate income tax |
|
(1.207) |
(1.064) |
|
Deferred tax |
|
(63) |
262 |
|
LOSS FOR THE PERIOD FROM CONTINUING
OPERATIONS |
|
(18.950) |
(22.675) |
|
|
|
|
|
|
Net profit / (loss) from discontinued operations |
|
(5.404) |
(1.366) |
|
LOSS FOR THE PERIOD |
|
(24.354) |
(24.041) |
|
Other comprehensive income / (loss): |
|
(416) |
(1.388) |
|
Items that will or may be reclassified to profit or loss, net
of tax: |
|
|
|
|
Exchange gains / (losses) arising on translation of foreign
operations |
|
92 |
217 |
|
Exchange gains / (losses) arising on translation of foreign
operations related to discontinued operations |
|
(507) |
(1.605) |
|
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD |
|
(24.770) |
(25.429) |
|
Total loss for the period is attributable to: |
|
|
|
|
Owners of the parent |
|
(24.469) |
(24.058) |
|
Continuing operations |
|
(19.065) |
(22.692) |
|
Discontinued operations |
|
(5.404) |
(1.366) |
|
Non-controlling interests |
|
115 |
17 |
|
Total comprehensive loss for the period is attributable
to: |
|
|
|
|
Owners of the parent |
|
(24.885) |
(25.446) |
|
Continuing operations |
|
(18.974) |
(22.475) |
|
Discontinued operations |
|
(5.911) |
(2.971) |
|
Non-controlling interests |
|
115 |
17 |
|
Loss per share attributable to the equity holders of the
parent: |
|
|
|
|
Basic |
|
(0,68) |
(0,67) |
|
Diluted |
|
(0,68) |
(0,67) |
|
Loss from continuing operations per share attributable to
the equity holders of the parent: |
|
|
|
|
Basic |
|
(0,53) |
(0,63) |
|
Diluted |
|
(0,53) |
(0,63) |
(*) The comparative figures for six-month period
ended 30 June 2023 have been restated to reflect the restatement of
the profit and loss related to the discontinued operations in
accordance with IFRS 5 as explained in note 5.4 and 5.7, and to
demonstrate the new reporting structure as explained in note
5.4
Interim consolidated statement of financial
position (unaudited)
|
Thousands of Euro |
|
At 30
June
At 31 December |
|
|
|
2024 |
2023 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Goodwill |
|
103.371 |
113.069 |
|
Other intangible assets |
|
69.824 |
82.856 |
|
Property and equipment |
|
1.852 |
7.420 |
|
Right-of-use-assets |
|
9.686 |
9.734 |
|
Investments in associates |
|
2.475 |
1.493 |
|
Non-current contract costs |
|
437 |
475 |
|
Deferred tax assets |
|
53 |
776 |
|
Other non-current assets |
|
2.751 |
2.086 |
|
Non-current assets |
|
190.449 |
217.909 |
|
Inventories |
|
534 |
612 |
|
Trade and other receivables |
|
14.937 |
23.420 |
|
Contract assets |
|
113 |
617 |
|
Contract costs |
|
1.117 |
1.281 |
|
Current tax assets |
|
97 |
770 |
|
Prepaid expenses |
|
1.752 |
1.901 |
| Cash
and cash equivalents |
|
18.721 |
26.323 |
|
Current assets from continuing operations |
|
37.271 |
54.924 |
|
Assets classified as held for sale |
|
36.953 |
5.145 |
|
Current assets |
|
74.224 |
60.069 |
|
TOTAL ASSETS |
|
264.673 |
277.978 |
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY AND LIABILITIES |
|
|
|
|
Share capital |
|
329.238 |
326.806 |
|
Costs related to equity issuance |
|
(16.029) |
(16.029) |
|
Share premium reserve |
|
492 |
492 |
|
Accumulated deficit |
|
(260.075) |
(232.257) |
|
Reserve for share-based payments |
|
175 |
1.831 |
|
Other reserve |
|
2.144 |
(1.581) |
|
Cumulative translation adjustment reserve |
|
(4.266) |
(3.851) |
|
Equity attributable to equity holders of the
parent |
|
51.679 |
75.411 |
|
Non-controlling interests |
|
773 |
499 |
|
Total shareholders’ equity |
|
52.452 |
75.910 |
|
Non-current loans and borrowings |
|
113.101 |
110.517 |
|
Liabilities associated with puttable non-controlling interests |
|
- |
200 |
|
Non-current lease liabilities |
|
6.691 |
6.193 |
|
Non-current contract liabilities |
|
4.968 |
4.430 |
|
Retirement benefit obligations |
|
- |
- |
|
Deferred tax liabilities |
|
2.123 |
4.636 |
|
Non-current liabilities |
|
126.883 |
125.976 |
|
Current loans and borrowings |
|
7.477 |
5.059 |
|
Current liabilities associated with puttable non-controlling
interests |
|
4.470 |
7.560 |
|
Current lease liabilities |
|
3.229 |
3.547 |
|
Trade and other payables |
|
37.607 |
43.930 |
|
Contract liabilities |
|
15.219 |
13.487 |
|
Current income tax liabilities |
|
2.801 |
1.845 |
|
Current liabilities from continuing
operations |
|
70.803 |
75.428 |
|
Liabilities directly associated with assets classified as held for
sale |
|
14.535 |
664 |
|
Current liabilities |
|
85.338 |
76.092 |
|
TOTAL EQUITY AND LIABILITIES |
|
264.673 |
277.978 |
Interim consolidated statement of changes in equity
(unaudited)
Thousands of Euro
|
|
Share capital |
Costs related to equity issuance |
Share premium reserve |
Accumulated deficit |
Share based payments |
Other reserves |
Cumulative translation adjustment reserve |
Non-controlling interests |
Total equity |
|
Balance at 1 January 2024 |
326.806 |
(16.029) |
492 |
(232.257) |
1.831 |
(1.581) |
(3.851) |
499 |
75.910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Result for the period |
|
- |
- |
- |
(24.469) |
- |
- |
- |
115 |
(24.354) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income / (loss) |
|
- |
- |
- |
- |
- |
- |
(416) |
- |
(416) |
|
Total comprehensive loss for the period |
|
- |
- |
- |
(24.469) |
- |
- |
(416) |
115 |
(24.770) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion subscription rights |
|
2.432 |
- |
- |
- |
(1.656) |
1.656 |
- |
- |
2.432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current period profit AND OCI of NCI with put option |
|
- |
- |
- |
- |
- |
108 |
- |
(108) |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in carrying value of liabilities associated with puttable
NCI |
|
- |
- |
- |
- |
- |
(210) |
- |
- |
(210) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of 20% of the shares in Unifiedpost d.o.o. |
|
- |
- |
- |
(2.437) |
- |
2.437 |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Release of NCI due to acquisition of 20% of the shares in
Unifiedpost d.o.o. |
|
- |
- |
- |
- |
- |
(266) |
- |
266 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend payments |
|
- |
- |
- |
(904) |
- |
- |
- |
- |
(904) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
- |
- |
- |
(8) |
- |
- |
1 |
1 |
(6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 30 June 2024 |
329.238 |
(16.029) |
492 |
(260.075) |
175 |
2.144 |
(4.266) |
773 |
52.452 |
Thousands of Euro
|
Note
|
Share capital |
Costs related to equity issuance |
Share premium reserve |
Accumulated deficit |
Share based payments |
Other reserves |
Cumulative translation adjustment reserve |
Non-controlling interests |
Total equity |
|
Balance at 1 January 2023 |
326.806 |
(16.029) |
492 |
(148.497) |
1.813 |
(2.863) |
(3.713) |
281 |
158.290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Result for the period |
|
- |
- |
- |
(24.058) |
- |
- |
- |
17 |
(24.041) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income / (loss) |
|
- |
- |
- |
- |
- |
- |
(1.388) |
- |
(1.388) |
|
Total comprehensive loss for the period |
|
- |
- |
- |
(24.058) |
- |
- |
(1.388) |
17 |
(25.429) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payments |
|
- |
- |
- |
- |
18 |
- |
- |
- |
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current period profit AND OCI of NCI with put option |
|
- |
- |
- |
- |
- |
(169) |
- |
169 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
- |
- |
- |
14 |
- |
- |
- |
- |
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 30 June 2023 |
326.806 |
(16.029) |
492 |
(172.541) |
1.831 |
(3.034) |
(5.101) |
467 |
132.891 |
Interim consolidated statement of cash flows (unaudited)
|
Thousands of Euro |
For the six-month period ended 30
June |
|
|
|
2024 |
2023 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
Loss for the period |
|
(24.354) |
(24.041) |
|
Adjustments for: |
|
|
|
- Amortisation and impairment of intangible fixed assets
|
|
10.545 |
10.351 |
- Impairment losses of goodwill
|
|
- |
- |
- Depreciation and impairment of property, plant &
equipment
|
|
657 |
746 |
- Depreciation of right-of-use-assets
|
|
2.047 |
2.162 |
- Impairment of trade receivables
|
|
151 |
35 |
- Gain on disposal of fixed assets
|
|
(13) |
(25) |
|
|
|
(315) |
(87) |
|
|
|
8.648 |
7.640 |
- (Gain) realised upon losing control over subsidiaries
|
|
(1.295) |
- |
- Result of remeasurement at fair value less costs to sell for
disposal groups
|
|
4.884 |
- |
- Share of profit / (loss) of associate
|
|
(236) |
- |
- Income tax expense / (income)
|
|
1.075 |
292 |
- Share-based payment expense / own shares
|
|
- |
18 |
|
|
|
|
|
|
Subtotal |
|
1.794 |
(2.909) |
|
|
|
|
|
|
Changes in Working Capital |
|
|
|
- (Increase) / decrease in trade receivables and contract assets
& costs
|
|
(1.096) |
4.566 |
- (Increase) / decrease in other current and non-current
receivables
|
|
(677) |
(141) |
- (Increase) / decrease in Inventories
|
|
(64) |
131 |
- Increase / (decrease) in trade and other liabilities
|
|
6.607 |
(2.561) |
|
|
|
|
|
|
Cash generated from / (used in) operations |
|
6.564 |
(914) |
|
|
|
|
|
|
Income taxes paid |
|
(1.051) |
(1.592) |
|
|
|
|
|
|
Net cash provided by / (used in) operating
activities |
|
5.513 |
(2.506) |
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
Payments made for acquisition of subsidiaries, net of cash
acquired |
|
(282) |
- |
|
Payments made for purchase of intangibles and development
expenses |
|
(8.530) |
(9.050) |
|
Proceeds from the disposals of intangibles and development
expenses |
|
37 |
- |
|
Payments made for purchase of property, plant & equipment |
|
(160) |
(344) |
|
Proceeds from the disposals of property, plant & equipment |
|
572 |
94 |
|
Interest received |
|
315 |
87 |
|
|
|
|
|
|
Net cash provided by / (used in) investing
activities |
|
(8.048) |
(9.213) |
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
Conversion of subscription rights |
|
2.432 |
- |
|
Proceeds from loans and borrowings |
|
1.832 |
5.752 |
|
Repayments of loans and borrowings |
|
(1.426) |
(4.762) |
|
Repayment of lease liabilities |
|
(2.071) |
(2.373) |
|
Interest paid on loans, borrowings and leasings |
|
(2.536) |
(2.235) |
|
|
|
|
|
|
Net cash provided by / (used in) financing
activities |
|
(1.769) |
(3.618) |
|
FX impact cash |
|
- |
- |
|
Net increase / (decrease) in cash &
cash equivalents |
|
(4.304) |
(15.337) |
|
Cash classified within current assets held for sale |
|
(3.123) |
- |
|
Cash movement due to change in consolidation range |
|
(174) |
|
|
Net increase/(decrease) in cash & cash
equivalents, including cash classified within current assets held
for sale |
|
(7.601) |
(15.337) |
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
26.323 |
40.033 |
|
Cash and cash equivalents at end of period |
|
18.721 |
24.696 |
|
|
|
|
|
About Unifiedpost Group
Unifiedpost is a leading cloud-based platform
for SME business services built on “Documents”, “Identity” and
“Payments”. Unifiedpost operates and develops a 100% cloud-based
platform for administrative and financial services that allows
real-time and seamless connections between Unifiedpost’s customers,
their suppliers, their customers, and other parties along the
financial value chain. With its one-stop-shop solutions,
Unifiedpost’s mission is to make administrative and financial
processes simple and smart for its customers. For more information
about Unifiedpost Group and its offerings, please visit our
website: Unifiedpost Group | Global leaders in digital
solutions
Noteworthy facts and figures:
- Established in 2001, with a proven track record
- 2023 group revenue €191 million
- 1.200+ employees
- Offices in 33 countries
- Diverse portfolio of clients across a wide variety of
industries (banking, leasing, utilities, media, telecommunications,
travel, social security service providers, public organisations,
etc.) ranging from large internationals to SMEs
- Unifiedpost Payments, a fully owned subsidiary, is recognised
as a payment institution by the National Bank of Belgium
- Certified Swift partner
- International M&A track record
- Listed on the regulated market of Euronext Brussels, symbol:
UPG
Cautionary note regarding forward-looking
statements: The statements contained herein may include prospects,
statements of future expectations, opinions, and other
forward-looking statements in relation to the expected future
performance of Unifiedpost Group and the markets in which it is
active. Such forward-looking statements are based on management's
current views and assumptions regarding future events. By nature,
they involve known and unknown risks, uncertainties, and other
factors that appear justified at the time at which they are made
but may not turn out to be accurate. Actual results, performance or
events may, therefore, differ materially from those expressed or
implied in such forward-looking statements. Except as required by
applicable law, Unifiedpost Group does not undertake any obligation
to update, clarify or correct any forward-looking statements
contained in this press release in light of new information, future
events or otherwise and disclaims any liability in respect hereto.
The reader is cautioned not to place undue reliance on
forward-looking statements.
1 Excluding discontinued operations related to the 21
Grams business
2 Money a company receives from or holds for, or on
behalf of, a client (application IAS 7).
3 Free cash flow is defined as net income (i)
plus non-cash items in the income statement, (ii) minus cash out
for IFRS 16 adjustments, (iii) minus capital expenditure, (iv)
minus reimbursement on loans and leasing for the reporting
period
Unifiedpost Group SANV (EU:UPG)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Unifiedpost Group SANV (EU:UPG)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
