Prodware

An EBITDA in Line With Expectations, Net 2021 Result Impacted by Exceptional Items

Regulatory News:

Prodware (Paris:ALPRO):

IFRS revenues Data under audit - in M€

2020

published

2020

Pro-forma*

2021

Variation

Pro-forma

Consolidated revenue

172.4

172.4

165.5**

-4.0%

EBITDA

In % of revenue

49.8

28.9%

46.2

26.8%

36.0

21.8%

-22.0%

-5 pts

Current operating income

In % of revenue

18.9

11.0%

15.3

8.9%

14.4

8.7%

-6.0%

Operating income

19.2

15.6

-50.7

 

Net income Group share

11.3

7.6

-68.5

 

* Pro forma financial statements for 2020 have been drawn up to reflect adjustments related to certain errors having been corrected due to non-compliance with certain criteria for activation. The differences have been accounted for in 2021 under Personnel Expenses.

Slowdown in business in 2021 due to change in scope of activity

In 2021, Prodware generated 165.5 M€ in turnover compared to 172.4 M€ in 2020, showing a 4% decrease. **Adjusted to reflect the sale of the Prodware Israel entity in September 2020, business recorded a slight +0.4% increase in 2021.

Operating profitability affected by exceptional provisions

In 2021, the EBITDA margin still reaches a high of 21.8%. This minor drop compared to 2020 is related to higher personnel costs - which cannot be expected to be profitable immediately - in preparing for the future and a solid growth path. The EBITDA margin is therefore back in line with the group standards.