VISIATIV: 2022 HALF-YEAR RESULTS – ACCELERATION OF PROFITABLE GROWTH: REVENUE +20% – EBITDA +32% – 09/20/2022 at 6:00 p.m.

• Organic growth of +13% on 1
  
  ^er
  
  semester 2022
  

• Growth of +32% in EBITDA and +40% in operating income
  

Lyon, September 20, 2022 – 6 p.m. Visiativ, the specialist in digital transformation and innovation for SMEs and ETIs, is listed on Euronext Growth in Paris (FR0004029478, ALVIV).

After a 1

^er

Dynamic half-year 2022, marked by +20% growth in activity, including +13% organic growth, Visiativ significantly improves its profitability thanks to the acceleration of synergies between its various activities, in France and internationally . EBITDA amounted to €9.2 million, up +32%, posting a margin of 8.4%, compared to 7.4% a year earlier.

At 2

^n/a

half of 2022, Visiativ will continue its growth momentum, particularly internationally (+55% in the 1

^er

semester of which +32% at constant scope), and will strengthen its profitability, in particular by taking advantage of more favorable seasonality in the second half of the financial year.

Visiativ reiterates, at the end of the 1

^er

half of 2022, its target of €30 million in EBITDA targeted for 2023 under the CATALYST plan.

1

The half-year accounts were approved by the Board of Directors at its meeting on September 16. The limited review procedures on the consolidated financial statements have been carried out, the auditors’ report is in the process of being issued

2

Operating income + net allocation to depreciation on fixed assets

At 1

^er

semester 2022, Visiativ’s consolidated revenue amounted to €110.0 million, up +20% (+13% on an organic basis)

[1]

). Recurring revenue (multi-year contracts, software maintenance and software subscriptions) grew by +25% (+18% organically), representing 66% of Visiativ’s total billings.

With a total increase of +21% over the half-year, the activity

SOFTWARE

saw SaaS subscriptions (

Software as a Service

) jump by +29%, reflecting the gradual shift to the Cloud model, to now represent 13% of the activity’s turnover. By mid-2022, the on-board ARR (

Annual Recurring Revenue

– Recurring Annual Revenue) exceeds €19 million, up +21% compared to 1

^er

semester 2021.

The activity

CONSULTING

continued to record sustained activity, up +19%, including +11% organically, driven by the signature of many new digital diagnostics.

Internationally, sales increased by +55% (+32% at constant scope and exchange rates), now totaling 34% of Visiativ’s half-year revenue.

INCREASE OF +32% IN HALF YEAR EBITDA

EBITDA

[2]

half-year amounted to €9.2 million, up +32% from one half-year to the next.

Visiativ signs a new profitability record for a 1

^er

half, with an EBITDA margin of 8.4%, compared to 7.4% in the 1

^er

half of 2021. The increase in payroll costs, primarily linked to scope effects and the development of activity in the United States, was contained (+11%). Other operating expenses increased by +37%, due to the increase in travel expenses and marketing expenses, which were not normative as of 1

^er

half of 2021 due to the health context.

In France, Visiativ recorded an EBITDA margin of 7.2%, compared to 7.5% in 1

^er

half of 2021, following efforts to secure its AGORA technical architecture.

Internationally, profitability is higher with an EBITDA margin which reached 10.5% against 7.2% a year earlier, given the strong growth in activity.

After taking into account net depreciation and amortization, operating income amounted to €4.5 million, up +40% compared to 1

^er

half of 2021, representing an operating margin of 4.1% (vs. 3.5%).

The financial result amounted to -€1.2m compared to -€0.9m on 1

^er

half of 2021. It mainly consists of interest charges (€1.1 million).

In the absence of exceptional items, net income group share amounted to €1.2 million, up 13%. It includes income tax of €1.5 million, up from €0.8 million on 1

^er

half of 2021 due to strong growth in international results.

€38 MILLION OF AVAILABLE CASH AT THE END OF JUNE 2022

At 1

^er

in the first half of 2022, cash flow came to €7.1 million, compared to €2.0 million a year earlier.

The strong increase in the working capital requirement of €20.5 million comes from the reduction of the factor’s debt by €20 million during the past half-year. In the end, operating cash flow was -€13.4 million on 1

^er

semester.

Investment flows totaled €13.2 million, including €7.8 million devoted to external growth operations (acquisition of MB CAD), €2.6 million in R&D CAPEX (investment expenses) and €0.5 M€ dedicated to information systems transformation projects.

During the past half-year, Visiativ repaid €5.4 million in bank loans, leading to financing flows of -€4.4 million, after taking into account the employee shareholding operation.

In total, the change in cash amounted to -€30.7 million over the half-year, compared to -€11.2 million in 1

^er

semester 2021.

As of June 30, 2022, Visiativ’s available cash amounted to €38.0 million for borrowings and financial debts reduced to €93.4 million, including €38.4 million of State Guaranteed Loan (PGE) which has been repaid on a straight-line basis over four years since May 2022.

By mid-2022, net financial debt

[3]

amounted to €55.4 million for shareholders’ equity increased to €58.9 million, i.e. a net gearing ratio of 94% (compared to 85% at the end of June 2021). Visiativ plans to refinance its debt by the end of the financial year in order to extend its maturity and acquire additional resources to seize external growth opportunities in the future.

OUTLOOK

Visiativ achieved a good 1

^er

semester, delivering double-digit organic growth in its two business segments and strong growth in international revenue, which benefits from higher profitability.

In addition to a seasonality traditionally more favorable to the 2

^n/a

semester, Visiativ will also benefit from the full consolidation of MB CAD in Germany, the entry into the scope of the consulting firm Braithwaite, based in Canada (Toronto) and Ireland (Dublin), and of the software publisher mobile business Daxium (acquisition of 68% of the capital in July 2022) which totals an on-board ARR (

Annual Recurring Revenue

– Recurring Annual Revenue) of approximately €2.1 million.

Visiativ reiterates the objectives of the CATALYST strategic plan, with the achievement of an EBITDA of €30 million in 2023.

2022 FINANCIAL AGENDA

These dates are given as an indication, they are likely to be modified if necessary. The publications will take place after the closing of the Euronext Paris market.

About Visiativ


Visiativ’s vocation is to make digital transformation a performance lever for companies. We do this by co-constructing alongside our clients, over the long term. This is summed up by our promise: “Sharing is growing”.

We support our clients by providing solutions and services to plan, implement, manage and monitor their transformations with a unique and innovative approach through three pillars: Consult (advice & support), Engage (solutions & deployment) and Connect ( exchange and sharing communities). Thanks to proven experience of more than 35 years with more than 21,000 SME and ETI customers, Visiativ generated revenue of €214 million in 2021. Present in France and internationally (Germany, Belgium, Brazil, Canada, United States, Ireland, Luxembourg, Morocco, Netherlands, United Kingdom, UAE and Switzerland) Visiativ has more than 1,100 employees.

Visiativ (FR0004029478, ALVIV) is listed on Euronext Growth in Paris. The action is eligible for the PEA and PEA-PME.

Find all the information on

www.visiativ.com

[1]

Like-for-like growth, restated for the impact of the consolidation of the MB CAD companies (consolidated on 1

^er

April 2022), the Brazilian subsidiary of ABGI (consolidated since 1

^er

January 2022), Ma-Sauvegarde and IFTC (consolidated as of 1

^er

July 2021), AJ Solutions (consolidated as of 1

^er

April 2021), and constant exchange rates.

[2]

Operating income + net allocation to depreciation on fixed assets

[3]

Available cash – Borrowings and financial debts

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