Cegid Group: Full year 2016
Total revenue: €307.6 million
EBITDA: €84.4 million
Net income: €28.6 million
Cegid's full-year 2016 revenue increased to €307.6 million from €282.1 million in 2015.
EBITDA was €84.4 million, or 27% of sales (€76.2 million and a margin of 27% in 2015*). EBITDA before taking into account capitalized development costs was €50.4 million, or 16% of sales (€45.0 million and a margin of 16% in 2015).
Excluding depreciation of identifiable assets acquired during business combinations (PPA), income from ordinary activities totaled €47.6 million, or 15% of sales (€40.4 million and a margin of 14% in 2015).
Net income was €28.6 million (vs. €22.8 million in 2015).
The Group's 2016 net income was impacted by various costs related to changes in Group ownership and totaled an estimated €1.5 million. Conversely, earnings were boosted by the recognition of €1.7 million in deferred tax assets, related essentially to acquisitions carried out in 2015.
Net financial expense totaled €49.5 million in 2016 (€65.3 million in 2015).
On March 2, 2017, the Board of Directors approved the refinancing of Cegid Group's existing line of credit, of which €63 million was drawn down as of that date, with a new €63 million term loan maturing in September 2023, and with a new €75 million revolving credit facility maturing in September 2022.
* 2016 figures take into account the restatement of tax credits obtained from January 1, 2016. For the purposes of comparability, 2015 data are presented after these restatements.
Dividend
Cegid had previously announced that it might change its dividend distribution policy. The Board of Directors will meet at a later date to finalize the proposed net income distribution, which will be submitted to shareholders for approval, and will convene the annual Shareholders' Meeting.
Cegid Group shares not eligible for SME equity savings plan
Following the acquisition of more than 50% of the share capital of Cegid Group by Claudius Finance Sàrl and Claudius France in 2016, Cegid Group shares, listed on Euronext Paris Segment B, can no longer be included in a French SME equity savings plan (PEA-PME).
Outlook
The outlook for 2017 as communicated by Cegid Group on January 10, 2017 continues to apply.
Disclaimer related to information about the Group's future outlook
This document contains information regarding objectives for fiscal year 2017, expressed as part of the Group's outlook for the future. Although the management of Cegid Group believes that these forward-looking statements are reasonable as of the publication date of this press release, investors are cautioned that these forward-looking statements are based on the current assumptions and scenarios of the Group's executives and the members of its Executive Committee, and are subject to numerous factors, risks and uncertainties, which are difficult to predict and generally outside the control of Cegid Group. Such factors include, but are not limited to, those enumerated in the section entitled "Risk Factors" of Cegid Group's Registration Document as filed with the AMF (under number D16-0340).
As a result, actual results and performance may be substantially different from the earnings and performance objectives expressed or projected in the above-mentioned forward-looking statements.
In particular, investors are reminded that achieving these objectives, which represent an acceleration compared with previous fiscal years, entail significant execution risks in a still-uncertain economic context. For the Group's activities in France, this context might be impacted by upcoming elections, which are a source of uncertainty for companies, and by the rate at which companies and public entities undergo digital transformation. Similarly, these growth objectives could be negatively impacted by exchange rate fluctuations in countries where the Group operates as well as by the rate at which the Group undertakes initiatives to increase sales growth and improve profitability, which could lead to additional non-recurring costs.
Calendar
The full calendar of publication dates and upcoming events can be found at the following address: http://www.cegid.com/calendrier-financier
The full year 2016 financial statements were approved by the Board of Directors on March 2, 2017. The Statutory Auditors have performed their audit and are preparing their reports to certify the financial statements.
This English translation is for the convenience of English-speaking readers. However, only the French text has legal value. Consequently, the translation may not be relied upon to sustain any legal claim, nor should it be used as the basis of any legal opinion. Cegid Group expressly disclaims all liability for any inaccuracy herein.
Financial communication
Cegid Group
52 quai Paul Sédallian
69279 Lyon Cedex 09
Tél : +33 (0)4 26 29 50 20
dirfin@cegid.fr /http://investors.cegid.com
Stock market: Euronext Paris Compartiment B
ISIN Code : FR0000124703
Reuters : CEGI.PA
Bloomberg : CGD FP
ICB : 9537 Software
Indices : CAC ALL SHARES - CAC ALL-TRADABLE - CAC MID & SMALL
CAC SOFT. & C.S. - CAC TECHNOLOGY - NEXT 150
http://www.globenewswire.com/NewsRoom/AttachmentNg/f32ae7ed-00ee-4773-9869-b922bd41b57d
