AUSTRIACARD HOLDINGS AG: AUSTRIACARD HOLDINGS AG ANNOUNCES H1 2024 RESULTS
EQS-Media / 29.08.2024 / 19:15 CET/CEST

 

 

 

 

AUSTRIACARD HOLDINGS AG

ANNOUNCES H1 2024 RESULTS

 

 

 

August 29^th, 2024: AUSTRIACARD HOLDINGS AG (ACAG) revenues and profitability growth
accelerates in H1 2024 driven by technology segment expansion.

 

  • H1 2024 Group Revenues increase by 7.0% vs H1 2023 reaching € 192.0m, driven by a near
    quadrupling of Digital Transformation Technologies’ revenues and good growth in the
    Document Lifecycle Management segment.
  • From a geographic cluster point, Central Eastern Europe & DACH Revenues grow by 14.2% to
    € 121.6m and Türkiye, Middle East and Africa Revenues grow by 24.5% to € 37.5m, driving
    the Group’s revenues.
  • Improved sales mix leads to a 10.1% gross profit increase to € 48.8m and a gross profit
    margin of 25.4% vs 24.7% in same period LY
  • Sales mix composition with much higher technology component, together with contained
    OPEX, significantly enhance operating profitability, leading to a 11.2% Adj. EBITDA
    increase, to € 28.8m, and a margin of 15.0%.
  • Net Profit after Tax reached € 11.2m, and the margin stood at 5.9%.
  • On track to reach or exceed 2024 guidance

 

 

CEO COMMENTARY

 

AUSTRIACARD HOLDINGS AG Group Vice-Chairman and CEO, Manolis Kontos, noted:

 

“Consistent with the potential we had highlighted in the first quarter of 2024, growth
accelerated significantly in the second quarter driven by an approx. 13% increase in
revenues, leading H1 2024 to 7% revenues increase and an even stronger EBITDA growth of
11.2%. Our strategy to transition the company into a technology solutions provider is already
materializing, with the revenues of that segment increasing 4 times to € 16.3m compared to €
4.4m in H1 2023.

Growth was also achieved in the Document Lifecycle Management segment, while Secure Chip &
Payment Solutions recorded a slight decrease on a reported level due to the discontinuation
of low margin wholesale chip module sales business, resulting from our decision to focus on
selling complete smart card solutions.

We continue expanding in Türkiye, Middle East and Africa, a geographical cluster from which
we have high expectations for growth, while retaining our commanding presence in all markets
that we operate, as well as the Challenger/Neo Banks, where more sophisticated products like
metal cards prove to be a strong marketing tool for our B2B clients that are looking for
innovation in their offering.

We are on track to meet or exceeded our guidance of 10% revenue growth and a higher
percentage EBITDA growth, resulting from enhanced operating synergies and an improved sales
mix more skewed towards Digital Transformation Technologies.”

 

 

 

 

 

GROUP BUSINESS PERFORMANCE

 

 

Business performance of AUSTRIACARD HOLDINGS Group as monitored by Management

 

The following analysis is based on the business performance as monitored by Group management
excluding effects of IAS 29 Hyperinflation accounting and with a separate presentation of
Special Items (e.g. Management participation programs etc.) below adjusted Profit (Loss)
before tax.

 

Business performance        H1 2024 H1 2023 D '24-'23 D '24-'23 % Q2 2024 Q2 2023 D '24-'23 %
in € million
                                                                                             
Revenues                      192.0   179.5      12.5        7.0%   102.3    91.1       12.4%
Costs of material & mailing (104.3) (101.5)     (2.8)        2.8%  (56.7)  (50.8)       11.7%
Gross profit I                 87.7    78.1       9.7       12.4%    45.7    40.3       13.2%
             Gross margin I   45.7%   43.5%      2.2%               44.6%   44.3%            
Production costs             (38.9)  (33.7)     (5.2)       15.4%  (19.4)  (17.9)        8.5%
Gross profit II                48.8    44.3       4.5       10.1%    26.3    22.5       17.0%
            Gross margin II   25.4%   24.7%      0.7%               25.7%   24.7%            
Other income                    2.0     2.0       0.0        0.7%     1.1     1.4      -20.0%
Selling and distribution     (11.8)  (11.5)     (0.4)        3.1%   (6.2)   (6.0)        3.0%
expenses
Administrative expenses      (14.3)  (12.5)     (1.8)       14.1%   (8.2)   (6.9)       18.0%
Research and development      (3.5)   (3.5)     (0.1)        2.3%   (1.8)   (1.8)        1.7%
expenses
Other expenses                (0.6)   (0.6)     (0.0)        5.1%   (0.3)   (0.5)      -31.4%
+ Depreciation,
amortization and                8.2     7.6       0.6        8.3%     4.2     3.9        9.7%
   impairment
adjusted EBITDA                28.8    25.9       2.9       11.2%    15.1    12.5       20.8%
     adjusted EBITDA margin   15.0%   14.4%      0.6%               14.8%   13.7%            
- Depreciation,
amortization and              (8.2)   (7.6)     (0.6)        8.3%   (4.2)   (3.9)        9.7%
   impairment
adjusted EBIT                  20.5    18.3       2.3       12.4%    10.9     8.6       25.8%
Financial income                0.2     0.1       0.1      116.5%     0.2     0.1       84.1%
Financial expenses            (3.9)   (3.0)     (1.0)       32.4%   (1.9)   (1.5)       25.6%
Result from associated          0.1     0.0       0.1         n/a     0.1     0.0         n/a
companies
Net finance costs             (3.6)   (2.9)     (0.7)       24.8%   (1.7)   (1.5)       13.4%
adjusted Profit (Loss)         17.0    15.4       1.6       10.1%     9.2     7.2       28.3%
before tax
Special items                 (2.1)   (0.7)     (1.4)      191.1%   (0.7)     1.2     -160.1%
Profit (Loss) before tax       14.9    14.7       0.2        1.2%     8.5     8.4        0.9%
Income tax expense            (3.6)   (2.7)     (0.9)       34.5%   (2.2)   (1.2)       82.2%
Profit (Loss)                  11.2    12.0     (0.7)       -6.2%     6.2     7.2      -13.0%

 

In H1 2024 AUSTRIACARD HOLDINGS Group’s Revenues reached € 192.0m increasing by € 12.5m or
7.0% compared to the same period in 2023. The growth was mainly driven by Digital
Transformation Technologies, which increased by € 11.9m and nearly quadrupled their revenues
compared to last year. This is the result of the focus given by the Group in this solution
category. The main contributors to this stage are public sector digitalization projects in
Greece as well as continued growth of this solution category in the Romanian market. Document
Lifecycle Management also contributed to the growth, increasing by € 2.8m or 5.1%, mainly
driven from the Romanian market.

 

 

 

 

Revenues by solution category       H1 2024              H1 2023 D '24-'23 D '24-'23 %
in € million
Secure Chip & Payment Solutions       118.7                120.8     (2.2)       -1.8%
Document Lifecycle Management          57.0                 54.3       2.8        5.1%
Digital Transformation Technologies    16.3                  4.4      11.9      271.7%
Total                                 192.0                179.5      12.5        7.0%

 

Secure Chip & Payment Solutions are slightly lower vs last year by € -2.2m or -1.8%. However,
if we exclude from the comparative period the impact of our strategic decision to
de-prioritize wholesale chip module sales and focus in selling complete smart card solutions
(with total effect amounting to € 15.5m), the like-for-like organic growth of the Secure Chip
& Payment category recorded is € 13.4m or 12.8%. The growth is coming from both regular
banking cards sales as well as high end metal cards offered to our clients which have a
significantly higher selling price per card and are accompanied by increased revenue from
personalization and fulfilment services.

 

Revenues by Segments                        H1 2024             H1 2023 D '24-'23 D '24-'23 %
in € million
Western Europe, Nordics, Americas              64.9                67.3     (2.4)       -3.6%
Central Eastern Europe & DACH                 121.6               106.5      15.1       14.2%
Türkiye / Middle East and Africa               37.5                30.1       7.4       24.5%
Eliminations & Corporate                     (31.9)              (24.3)     (7.6)       31.1%
Total                                         192.0               179.5      12.5        7.0%

 

From a geographical segment perspective, revenue growth was driven by CEE and MEA with
revenue increases of € 15.1m or 14.2% and € 7.4m or 24.5% respectively being mainly
attributable to digitalization projects in the CEE segment and to Secure Chip & Payment
solutions in the MEA segment. The WEST segment lagged compared to 2023 by € 2.4m or -3.6%
mainly due to the above-described de-prioritization of wholesale chip module sales totalling
€ 13.9m in this segment. Excluding this impact, like-for-like revenues from WEST increased by
€ 11.5m or 21.7% with metal payment cards, personalization & fulfilment services being the
main driver of this strong growth. The increase of Eliminations & Corporate mainly reflects
the increase in intra-segment revenues between the CEE and the MEA segment related to payment
card deliveries to the Turkish market.

 

Gross profit I increased by € 9.7m or 12.4% reaching € 87.7m as a result of revenue and
margin growth. Gross margin I improved from 43.5% to 45.7%, mainly due to a higher proportion
of service revenues without associated material costs.

 

Gross profit II grew by € 4.5m or 10.2%, reaching € 48.8m. Gross margin II improved by 0.7
percentage points and reached 25.4% mainly as a result of a different sales mix having higher
contribution from Digital Services.

 

Operating expenses (OPEX)                   H1 2024 H1 2023 D '24-'23 D '24-'23 %
in € million
Production Costs                             (38.9)  (33.7)     (5.2)       15.4%
Selling and distribution expenses            (11.8)  (11.5)     (0.4)        3.1%
Administrative expenses                      (14.3)  (12.5)     (1.8)       14.1%
Research and development expenses             (3.5)   (3.5)     (0.1)        2.3%
+ Depreciation & amortization                   8.2     7.6       0.6        8.3%
Total                                        (60.4)  (53.6)     (6.8)       12.6%
Operating expenses as a percentage of Sales   31.4%   29.8%      1.5%  

 

Operating expenses (OPEX) excluding depreciation, amortization and impairment increased by €
6.8m, or 12.6% totalling to € 60.4m. A significant part of the Production costs increase (€
3.0m) relates to the consolidation of Pink Post in Romania (company offering distribution &
postal services enabling us to provide end to end services in that market), which was first
consolidated in the Group post the majority stake acquisition in March 2023. Administrative
expenses increased by € 1.8m as a result of the strengthening of the Group management team
following the Group’s listing and reorganization in H1 2023. In addition, OPEX also increased
due to adjustments on salaries and other costs due to inflation. As a proportion of revenues,
OPEX increased by 1.5 percentage points to 31.4%, compared to 29.8% in the first six months
of 2023.

 

 

 

Adjusted EBITDA increased by € 2.9m, or 11.2%, from € 25.9m to € 28.8m, due to revenue and
gross margin growth. The adjusted EBITDA margin increased by 0.6 percentage points from 14.4%
to 15.0% in H1 2024.

 

Adjusted EBIT improved by € 2.3m, or 12.4% and reached € 20.5m, fully offsetting the € 0.6m
increase in depreciation & amortization, related to machinery and equipment added in the
previous year to support business expansion.

 

Adjusted profit before tax increased by € 1.6m or 10.1% reaching € 17.0m as the growth in
EBIT was partially offset by the increase in net finance costs amounting to € 0.7m resulting
from the hike in interest rates and the higher average outstanding financial debt. 

 

Special items                            included in    H1 2024 H1 2023 D '24-'23 D '24-'23 %
in € million
Management participation programs          EBITDA         (2.1)   (0.6)     (1.4)      228.5%
Expense from financial assets and
liabilities at fair value through     Profit before tax   (0.0)   (0.1)       0.1      -69.5%
profit or loss
Total                                                     (2.1)   (0.7)     (1.4)      191.1%

 

Profit decreased by € 0.7m or 6.2% and reached € 11.2m which is mainly attributable to the
normalization of the expenses for management participation programs (€ +1.4m) which in H1
2023 had been positively affected by a provision release and higher corporate income tax
expenses (€ +0.9m), resulting from a change in tax rules in Romania and the United Kingdom.
In more detail, expenses for management participation programs (SOP) amounted to € 2.1m in H1
2024 compared to only € 0.6m in H1 2023.

 

 

Effect of IAS 29 Hyperinflation

 

As presented in the table below, the application of IAS 29 Hyperinflation with respect to our
Türkiye-based operations, hyperinflation accounting led to increased Revenues by € 3.3m
reaching € 195.4m in 1-6 2024 compared to an increase of € 1.6m to € 181.2m in 1-6 2023.

 

Hyperinflation accounting also increased Operating expenses (OPEX) and adjusted EBITDA in the
IFRS Income statement compared to the Management Income statement by € 0.2m compared to €
0.1m in 1-6 2023. Also adjusted EBIT increased by € 0.2m (2023: € 0.0m) and adjusted Profit
before tax by € 0.3m (2023: € 0.0m) due to Hyperinflation accounting.

 

With respect to Profit before tax and Profit in 2024, Hyperinflation accounting led to only
minor differences as both the IFRS Income statement and the Management Income Statement
showed € 14.9m and € 11.2m respectively.

 

                                           1-6 2024                  1-6 2023
Impact of IAS 29 Hyperinflation                                     IAS29         
in € million                      IFRS IAS29 Effect   MGMT   IFRS  Effect   MGMT
Revenues                         195.4          3.3  192.0  181.2     1.6  179.5  
Gross Profit I                    88.2          0.5   87.7   78.3     0.3   78.1  
Gross Profit II                   49.1          0.3   48.8   44.3     0.1   44.3  
OPEX                            (60.6)        (0.2) (60.4) (53.7)   (0.1) (53.6)  
adjusted EBITDA                   29.0          0.2   28.8   26.0     0.1   25.9  
adjusted EBIT                     20.8          0.2   20.5   18.3     0.0   18.3  
adjusted Profit before tax        17.2          0.3   17.0   15.4     0.0   15.4  
Profit before tax                 14.9        (0.0)   14.9   15.0     0.3   14.7  
Profit                            11.2        (0.1)   11.2   12.3     0.3   12.0  
                                                                                  

 

 

 

 

FINANCIAL POSITION

 

 

Total assets increased by € 18.4m from € 321.7m on 31 December 2023, to € 340.1m on 30 June
2024 as a result of higher current assets (€ +10.3) and non-current assets (€ +8.1m). The
increase in non-current assets relates to the acquisition of new subsidiaries resulting in
additional goodwill amounting to € 3.8m as well as regular investing activities. The increase
in non-current liabilities is related to the increase in financial liabilities (€ +5.4m) as
well as to contingent purchase price liabilities in connection with M&A activity (€ +1.7m).
As a result of the profits generated and share-option expense recognized in the relevant
reserve in equity, Total Equity increased by € 13.7m to € 120.8m. The Equity ratio of the
AUSTRIACARD Group improved from 33.3% on 31 December 2023 to 35.5% on 30 June 2024.

 

Consolidated statement of financial position 30/06/2024 31/12/2023 D '24-'23 D '24-'23 %
in € million
Non-current assets                                164.9      156.8       8.1        5.2%
Current assets                                    175.2      164.9      10.3        6.3%
Total assets                                      340.1      321.7      18.4        5.7%
Equity                                            120.8      107.2      13.7       12.8%
Non-current liabilities                           122.7      115.2       7.5        6.5%
Current Liabilities                                96.6       99.3     (2.7)       -2.8%
Total Equity and Liabilities                      340.1      321.7      18.4        5.7%

 

Net Working Capital increased by € 15.9m or 27.3%, from € 58.2m as of 31 December 2023 to €
74.1m on 30 June 2024. This increase is due to higher inventory levels (€ +11.5m), especially
of raw materials (chips), and higher trade receivables 
(€ +3.9m) related to increase in revenues. As percentage of revenues (12 months rolling), net
working capital increased from 16.6% to 20.4% in line with Q1 2024 as well as close to the
industry benchmarks but significantly above the comparative as of 30 June 2023 when stock
levels were still significantly affected by Covid-19-related supply chain issues.

 

Working Capital                30/06/2024 31/12/2023 D '24-'23 D '24-'23 %
in € million
Inventories                       69.6          58.2      11.5       19.7%
Contract assets                   18.9          20.4     (1.5)       -7.4%
Current income tax assets          0.9           0.8       0.1       14.1%
Trade receivables                 48.6          44.7       3.9        8.8%
Other receivables                 16.3          17.1     (0.7)       -4.3%
                                 154.4         141.1      13.3        9.4%
Current income tax liabilities   (4.2)         (3.0)     (1.2)       40.7%
Trade payables                  (45.8)        (43.6)     (2.2)        5.0%
Other payables                  (18.0)        (18.3)       0.3       -1.8%
Contract liabilities            (10.9)        (17.4)       6.6      -37.8%
Deferred income                  (1.4)         (0.5)     (0.9)      176.9%
                                (80.2)        (82.9)       2.7       -3.2%
Net Working Capital               74.1          58.2      15.9       27.3%
                                                                

 

The Group’s Cash flow from operating activities increased by € 5.7m in the first half of 2024
from € 2.5m in 2023 to 
€ 8.3m in 2024 as a result of the strong operating performance which was partially offset in
cash-flow terms in the increase in the Net working capital.

 

The Cash flow from investing activities came in at a net outflow of € 10.3m and related to
M&A activity (€ 1.3m net of cash received), € 2.2m for upgrading our digital security
printing capabilities in order to be able to implement new business opportunities for the
African markets and regular investments in plant and equipment, inhouse development of
software and similar operating investments.

 

Cash from financing activities had a net outflow of € 0.9m compared to an inflow of € 0.3m in
the same period in 2023. This outflow primarily relates to interest (€ 3.5m) and lease
payments (€ 1.8m) as well as loan repayments (€ 6.5m) which were mostly offset by taking out
new loans (€ 10.6m).

 

 

 

 

Statement of cash flows                          H1 2024 H1 2023 D '24-'23 D '24-'23%
in € million
Cash flows from operating activities                 8.3     2.5       5.7     226.6%
Cash flows from investing activities              (10.3)   (7.7)     (2.6)      33.8%
Cash flows from financing activities               (0.9)     0.3     (1.1)    -436.7%
Net decrease in cash and cash equivalents          (2.9)   (4.9)       2.0     -40.6%
                                                                                     
Capital expenditure incl. ROU, excl. M&A (CAPEX)  (11.8)   (9.9)     (1.9)      19.5%

 

Net Debt increased by € 8.3m from € 95.0m as of 31 December 2023 to € 103.3m as of 30 June
2024 due to the increase in Net working capital. Net Debt / Adjusted EBITDA (rolling 12
months) essentially remained stable near 2.0x (1.9x).

 

Net Debt                  30/06/2024 31/12/2023 D '24-'23 D '24-'23 %
in € million
Cash and cash equivalents     (20.9)     (23.8)       2.9      -12.3%
Loans and borrowings           124.2      118.9       5.4        4.5%
Net Debt                       103.3       95.0       8.3        8.7%

 

 

 

            Financial performance indicators

 

Key performance indicators                          H1 2024  H1 2023 D '24-'23 D '24-'23 %  
in € million
Revenue                                                 192.0  179.5      12.5          7.0%
Gross profit I                                           87.7   78.1       9.7         12.4%
Gross profit I margin                                   45.7%  43.5%      2.2%           n/a
Gross profit II                                          48.8   44.3       4.5         10.1%
Gross profit II margin                                  25.4%  24.7%      0.7%           n/a
Total OPEX excluding depreciation                      (60.4) (53.6)     (6.8)         12.6%
Total OPEX excluding depreciation as % on sales        -31.4% -29.8%     -1.6%           n/a
adjusted EBITDA                                          28.8   25.9       2.9         11.2%
adjusted EBITDA margin                                 14.97% 14.40%     0.57%           n/a
adjusted EBIT                                            20.5   18.3       2.3         12.4%
adjusted EBIT margin                                    10.7%  10.2%      0.5%           n/a
adjusted Profit before tax                               17.0   15.4       1.6         10.1%
adjusted Profit before tax margin                        8.8%   8.6%      0.3%           n/a
adjusted Profit after tax                                13.3   12.7       0.6          4.9%
adjusted Profit after tax margin                         6.9%   7.1%     -0.1%           n/a
Profit after Tax                                         11.2   12.0     (0.7)         -6.2%
Profit after Tax margin                                  5.9%   6.7%     -0.8%           n/a
Operating Cash Flow                                       8.3    2.5       5.7        226.6%
Operating Cash Flow as % on sales                        4.3%   1.4%      2.9%           n/a
                                                                                            
Net Equity / Total Assets (30 June vs. 31 December)     35.5%  33.3%      2.2%           n/a
Net Working Capital as of 30 June                        74.1   43.9      30.2         68.9%
Working Capital as % on sales (12 months)               20.4%  12.4%      7.9%           n/a
Net Debt as of 30 June                                  103.3   87.1      16.3         18.7%
Net Debt / Adjusted EBITDA (12 months)                    2.0    1.9       0,0           n/a
                                                                                            

 

 

 

 

REPORT ON SEGMENTS

 

 

Western Europe, Nordics, Americas

 

Business performance                      H1 2024 H1 2023 D '24-'23 D '24-'23 %
in € million
                                                                     
Revenues                                     64.9    67.3     (2.4)       -3.6%
Costs of material & mailing                (35.9)  (38.3)       2.3       -6.1%
Gross profit I                               28.9    29.0     (0.1)       -0.2%
                           Gross margin I   44.6%   43.1%      1.5%            
Production costs                           (11.3)  (10.7)     (0.6)        5.8%
Gross profit II                              17.6    18.3     (0.7)       -3.7%
                          Gross margin II   27.1%   27.2%     -0.1%            
Other income                                  0.1     0.5     (0.4)      -85.3%
Selling and distribution expenses           (4.4)   (4.6)       0.2       -4.4%
Administrative expenses                     (4.3)   (4.4)       0.1       -2.6%
Research and development expenses           (0.5)   (0.4)     (0.1)       37.0%
Other expenses                              (0.0)   (0.1)       0.0      -38.1%
+ Depreciation, amortization & impairment     3.0     2.7       0.3       11.2%
adjusted EBITDA                              11.5    12.1     (0.6)       -5.1%
                   adjusted EBITDA margin   17.7%   18.0%     -0.3%            
- Depreciation, amortization & impairment   (3.0)   (2.7)     (0.3)       11.2%
adjusted EBIT                                 8.5     9.4     (0.9)       -9.8%

 

The Western Europe, Nordics and Americas (WEST) segment reported Revenues of € 64.9m in the
first half of 2024, down by € 2.4m or 3.6% compared to H1 2023. However, if we exclude from
the comparative period the impact of the de-prioritization of chip module sales, resulting
from our focus in selling complete smart card solutions,  which amounted to € 13.9m in this
segment, the organic like-for-like growth of this solution category amounts to € 11.5m or
21.7%. The growth is coming from both regular banking cards sales as well as high end metal
cards offered to our clients which have a significantly higher selling price per card and are
accompanied by increased revenue from personalization and fulfilment services.

 

Gross profit I essentially stayed stable at € 28.9m despite lower revenues as gross margin I
increased by 1.5 percentage points to 44.6%. This margin improvement is mainly due to the
reduction of revenues from sale of chip wafers which was partially compensated by the
increase in sales of metal payment cards.

 

Gross profit II decreased by € 0.7m or 3.7% from € 18.3m to € 17.6m due to the inflation
related increase in production costs, personnel costs and higher depreciation charges. Gross
margin II essentially stayed stable at 27.1%.

 

Operating expenses excl. D, A&I (OPEX)         H1 2024 H1 2023 D '24-'23 D '24-'23 %
in € million
Production costs                                (11.3)  (10.7)     (0.6)        5.8%
Selling and distribution expenses                (4.4)   (4.6)       0.2       -4.4%
Administrative expenses                          (4.3)   (4.4)       0.1       -2.6%
Research and development expenses                (0.5)   (0.4)     (0.1)       37.0%
+ Depreciation, amortization & impairment          3.0     2.7       0.3       11.2%
Total                                           (17.5)  (17.3)     (0.1)        0.7%
Operating expenses as a percentage of revenues   26.9%   25.8%     -5.3%            

 

OPEX came in at € 17.5m in the first six months of 2024 increasing slightly by € 0.1m or 0.7%
as increased costs due to inflation related salary increases were mostly compensated by
savings with other operating expenses and utility and maintenance expenses. As a percentage
of revenues, OPEX increased from 25.8% to 26.9% in H1 2024 due to the decrease in revenues.

 

Adjusted EBITDA reached € 11.5m decreasing by € 0.6m or 5.1% compared to H1 2023 while
adjusted EBITDA margin came in at 17.7% decreasing by 0.3 percentage points. This decrease in
adjusted EBITDA is mainly due to the reversal of an allowance for doubtful receivables in the
US market which increased Other income by € 0.5m in 2023. Adjusted EBIT came in at € 8.5m
decreasing by € 0.9m or 9.8% mainly as a result of lower Other income and higher depreciation
& amortization.

 

Central Eastern Europe & DACH

 

Business performance                      H1 2024 H1 2023 D '24-'23 D '24-'23 %
in € million
                                                                     
Revenues                                    121.6   106.5      15.1       14.2%
Costs of material & mailing                (67.8)  (62.4)     (5.4)        8.6%
Gross profit I                               53.8    44.0       9.7       22.1%
                           Gross margin I   44.2%   41.4%      2.9%            
Production costs                           (25.2)  (20.9)     (4.2)       20.3%
Gross profit II                              28.6    23.1       5.5       23.7%
                          Gross margin II   23.5%   21.7%      1.8%            
Other income                                  1.9     1.5       0.4       28.7%
Selling and distribution expenses           (6.6)   (6.3)     (0.3)        4.8%
Administrative expenses                     (9.2)   (7.3)     (1.9)       26.3%
Research and development expenses           (2.9)   (2.9)     (0.0)        1.1%
Other expenses                              (0.5)   (0.4)     (0.1)       29.5%
+ Depreciation, amortization & impairment     5.0     4.7       0.3        6.0%
adjusted EBITDA                              16.2    12.4       3.8       31.0%
                   adjusted EBITDA margin   13.3%   11.6%      1.7%            
- Depreciation, amortization & impairment   (5.0)   (4.7)     (0.3)        6.0%
adjusted EBIT                                11.2     7.6       3.5       46.4%

 

The Central Eastern Europe & DACH (CEE) segment reported Revenues of € 121.6m increasing by €
15.1m or 14.2% compared to the first half of 2023. This revenue increase was mainly driven by
the start of the implementation of public digitalization projects in Greece and growth in the
Digital Transformation Technologies business in general which contributed € 11.9m additional
revenue. The Secure Chip & Payment Solutions business of the CEE segment grew by € 2.7m
mainly as a result of higher payment card deliveries to the MEA segment.

 

Gross profit I increased by € 9.7m, or 22.1%, as a result of revenue and gross margin growth.
Gross margin I improved by 2.9 percentage points from 41.4% to 44.2%. This improvement was
mainly due to a higher share of service-related revenues and lower third-party mailing costs.

 

Gross profit II increased by € 5.5m or 23.7% from € 23.1m to € 28.6m mainly as a result of
revenues growth and economies of scale as the increase of Production costs only partially
compensated the growth in additional gross margin. The Gross Margin II thus improved by 1.8
percentage points to 23.5%.

 

Operating expenses excl. D, A&I (OPEX)         H1 2024 H1 2023 D '24-'23 D '24-'23 %
in € million
Production costs                                (25.2)  (20.9)     (4.2)       20.3%
Selling and distribution expenses                (6.6)   (6.3)     (0.3)        4.8%
Administrative expenses                          (9.2)   (7.3)     (1.9)       26.3%
Research and development expenses                (2.9)   (2.9)     (0.0)        1.1%
+ Depreciation, amortization & impairment          5.0     4.7       0.3        6.0%
Total                                           (39.0)  (32.8)     (6.2)       18.9%
Operating expenses as a percentage of revenues   32.1%   30.8%     41.2%            

 

 

OPEX increased by € 6.2m or 18.9% to € 39.0m mainly as a result of the addition of the Pink
Post business in Romania which increased Production costs by € 3m and to higher central cost
allocations included in Administrative expenses as well as due to inflation related salary
increases. As percentage of revenues Operating expenses increased from 30.8% to 32.1% in H1
2024.

 

Adjusted EBITDA increased by € 3.8m or 31.0% to € 16.2m as a result of revenue and gross
margin growth being complimented by economies of scale. Adjusted EBITDA margin thus improved
by 1.7 percentage points to 13.3%. Adjusted EBIT increased by € 3.5m or 46.4% from € 7.6m to
€ 11.2m essentially in parallel with EBITDA growth.

 

 

 

Türkiye / Middle East and Africa

 

Business performance                      H1 2024 H1 2023 D '24-'23 D '24-'23 %
in € million
                                                                     
Revenues                                     37.5    30.1       7.4       24.5%
Costs of material & mailing                (30.8)  (24.4)     (6.5)       26.5%
Gross profit I                                6.7     5.8       0.9       16.1%
                           Gross margin I   17.8%   19.1%     -1.3%            
Production costs                            (2.4)   (2.1)     (0.3)       13.9%
Gross profit II                               4.2     3.6       0.6       17.4%
                          Gross margin II   11.3%   12.0%     -0.7%            
Other income                                  0.0     0.0       0.0         n/a
Selling and distribution expenses           (0.8)   (0.5)     (0.2)       47.5%
Administrative expenses                     (0.4)   (0.3)     (0.1)       38.0%
Research and development expenses             0.0     0.0       0.0         n/a
Other expenses                              (0.0)   (0.1)       0.1      -78.2%
+ Depreciation, amortization & impairment     0.2     0.2       0.1       34.4%
adjusted EBITDA                               3.2     2.8       0.4       15.2%
                   adjusted EBITDA margin    8.6%    9.3%     -0.7%            
- Depreciation, amortization & impairment   (0.2)   (0.2)     (0.1)       34.4%
adjusted EBIT                                 3.0     2.7       0.4       14.1%

 

The Türkiye, Middle East and Africa (MEA) segment reported Revenues of € 37.5m increasing by
€ 7.4m or 24.5% compared to H1 2023. This growth was driven by strong performance of payment
card sales in the Turkish market.

 

Gross profit I increased by € 0.9m due to higher revenues, but the Gross margin I decreased
by 1.3 percentage points, from 19.1% to 17.8%, mainly due to a lower share of personalizing
and fulfilment revenues with no associated material costs.

 

Gross profit II increased by € 0.6m, or 17.4%, from € 3.6m to € 4.2m, as the Gross margin
increase was partially offset by higher Production costs. Gross margin II decreased by 0.7
percentage points to 11.3%, largely due to a lower share of personalization and fulfilment
revenues.

 

 

Operating expenses excl. D, A&I (OPEX)         H1 2024 H1 2023 D '24-'23 D '24-'23 %
in € million
Production costs                                 (2.4)   (2.1)     (0.3)       13.9%
Selling and distribution expenses                (0.8)   (0.5)     (0.2)       47.5%
Administrative expenses                          (0.4)   (0.3)     (0.1)       38.0%
Research and development expenses                  0.0     0.0       0.0         n/a
+ Depreciation, amortization & impairment          0.2     0.2       0.1       34.4%
Total                                            (3.4)   (2.8)     (0.6)       21.6%
Operating expenses as a percentage of revenues    9.1%    9.4%      8.2%            

 

 

Operating expenses (OPEX) increased by € 0.6m or 21.6% reaching € 3.4m. This increase was
mainly due to higher production costs and selling and distribution expenses to support
further growth in the MEA region. As a percentage of revenues, OPEX decreased from 9.4% to
9.1% in H1 2024.

 

Adjusted EBITDA grew by € 0.4m or 15.2% to € 3.2m while the adjusted EBITDA margin came in at
8.6% decreasing by 0.7 percentage points. Adjusted EBIT increased by € 0.4m or 14.1% to €
3.0m in parallel with adjusted EBITDA.

 

 

The full INTERIM FINANCIAL REPORT of AUSTRIACARD HOLDINGS GROUP AG for the period from
January 1 to June 30, 2024, excerpts of which were used in this H1 2024 Results Press
Release, is available in the Company’s website:
INVESTOR RELATIONS (AC)
    ABOUT AUSTRIACARD HOLDINGS AG   AUSTRIACARD HOLDINGS AG leverages over 130 years of experience in information management, printing, and communications to deliver secure and transparent experiences for its customers. They offer a comprehensive suite of products and services, including payment solutions, identification solutions, smart cards, card personalization, digitization solutions, and secure data management. ACAG employs a global workforce of 2,700 people and is publicly traded on both the Athens and Vienna Stock Exchanges under the symbol ACAG.           Contact person: Mr. Dimitrios Tzelepis, Executive Director, Capital Markets, M&A and IR Tel.:  +43 1 61065 - 357 E-Mail:  d.tzelepis@austriacard.com Website:  www.austriacard.com Symbol:  ACAG ISIN:  AT0000A325L0 Stock Exchanges: Vienna Prime Market, Athens Main Market                                               APPENDIX            A.               PRIMARY FINANCIAL STATEMENTS     Consolidated statement of financial position     in € thousand    30 June 2024 31 December 2023   Assets         Property, plant and equipment and right of use assets   99,815 96,275   Intangible assets and goodwill   59,784 55,526   Equity-accounted investees   453 324   Other receivables   2,391 2,386   Other long-term assets   45 136   Deferred tax assets   2,389 2,116   Non-current assets   164,877 156,764             Inventories   69,621 58,164   Contract assets   18,879 20,386   Current income tax assets   902 791   Trade receivables   48,611 44,677   Other receivables   16,347 17,082   Cash and cash equivalents   20,886 23,825   Current assets   175,247 164,924   Total assets   340,124 321,688             Equity         Share capital   36,354 36,354   Share premium   32,749 32,749   Own shares   (498) 0   Other reserves   18,791 17,303   Retained earnings   32,177 19,995   Equity attributable to owners of the Company   119,573 106,401   Non-controlling interests   1,276 753   Total Equity   120,849 107,154             Liabilities         Loans and borrowings   107,874 102,432   Employee benefits   4,022 4,207   Other payables   1,669 81   Deferred tax liabilities   9,139 8,497   Non-current liabilities   122,703 115,217             Current tax liabilities   4,177 2,968   Loans and borrowings   16,354 16,440   Trade payables   45,817 43,649   Other payables   17,985 18,317   Contract liabilities   10,851 17,442   Deferred income   1,388 501   Current Liabilities   93,571 99,317   Total Liabilities   219,275 214,534   Total Equity and Liabilities   340,124 321,688           Consolidated income statement     in € thousand   H1 2024 H1 2023 Q2 2024  Q2 2023             Revenues   195,374 181,166 103,609 91,358 Cost of sales   (146,278) (136,780) (77,238) (69,064) Gross profit   49,096 44,386 26,371 22,294             Other income   1,985 1,973 1,093 1,439 Selling and distribution expenses   (11,851) (11,490) (6,164) (5,991) Administrative expenses   (16,372) (13,150) (9,049) (5,718) Research and development expenses   (3,539) (3,460) (1,846) (1,815) Other expenses   (620) (594) (321) (469) + Depreciation, amortization and impairment   8,228 7,706 4,233 3,967 EBITDA   26,928 25,370 14,317 13,708 - Depreciation, amortization and impairment   (8,228) (7,706) (4,233) (3,967) EBIT   18,700 17,665 10,084 9,741             Financial income   248 365 74 338 Financial expenses   (4,224) (3,041) (2,038) (1,374) Result from associated companies   129 0 129 0 Net finance costs   (3,846) (2,675) (1,835) (1,036)             Profit (Loss) before tax   14,854 14,990 8,248 8,705 Income tax expense   (3,674) (2,731) (2,244) (1,247) Profit (Loss)   11,180 12,259 6,005 7,458             Profit (Loss) attributable to:           Owners of the Company   10,633 11,790 5,555 7,424 Non-controlling interests   546 469 450 34 Profit (Loss)   11,180 12,259 6,005 7,458             Earnings (loss) per share(1)(1) basic   0.29 0.33 0.15 0.20 diluted   0.27 0.33 0.14 0.20       Consolidated statement of cash flows     in € thousand     H1 2024 H1 2023 Cash flows from operating activities       Profit (Loss) before tax   14,854 14,990 Adjustments for:       -Depreciation, amortization and impairment   8,228 7,706 -Net finance costs   3,846 2,675 -Other non-cash transactions   1,110 (327)     28,039 25,043 Changes in:       -Inventories   (11,457) (10,108) -Contract assets   1,507 (3,831) -Trade receivables and other receivables   (3,200) (3,006) -Contract liabilities   (6,591) (2,513) -Trade payables and other payables   2,218 (541) -Taxes paid   (2,262) (2,517) Net cash from (used in) operating activities   8,255 2,527         Cash flows from investment activities       Interest received   248 110 Acquisition of subsidiary, net of cash acquired   (1,297) 0 Payments for acquisition of property, plant and equipment & intangible assets   (9,242) (7,801) Net cash from (used in) investing activities   (10,291) (7,691)         Cash flows from financing activities       Interest paid   (3,511) (2,576) Proceeds from loans and borrowings   10,561 15,250 Repayment of borrowings   (6,103) (10,679) Payment of lease liabilities   (1,824) (1,734) Net cash from (used in) financing activities   (877) 260         Net increase (decrease) in cash and cash equivalents   (2,913) (4,904)         Cash and cash equivalents at 1 January   23,825 21,628 Effect of movements in exchange rates on cash held   (26) (414) Cash and cash equivalents at 30 June   20,886 16,311          B.               SEGMENT REPORTING     Reportable Segments             MEA Total H1 2024 excl. excl. in € thousand  WEST CEE IAS 29 Corporate Elimi-nations IAS 29 IAS 29 Total                   Revenues 61,431 93,147 37,470 0 0 192,049 3,325 195,374 Intersegment 3,448 28,433 33 1,477 (33,389) 0 0 0 revenues Segment 64,879 121,580 37,503 1,477 (33,389) 192,049 3,325 195,374 revenues Costs of material & (35,950) (67,808) (30,818) 0 30,272 (104,303) (2,843) (107,146) mailing Gross profit I 28,929 53,772 6,685 1,477 (3,118) 87,745 483 88,228 Production (11,325) (25,183) (2,441) 0 4 (38,944) (188) (39,132) costs Gross profit 17,605 28,590 4,244 1,477 (3,114) 48,801 295 49,096 II                   Other income 77 1,922 3 (17) 0 1,985 0 1,985 Selling and distribution (4,416) (6,647) (768) 0 0 (11,831) (20) (11,851) expenses Administrative (4,265) (9,222) (423) (3,477) 3,114 (14,274) (29) (14,303) expenses Research and development (495) (2,942) 0 (101) 0 (3,539) 0 (3,539) expenses Other expenses (35) (514) (29) (38) 0 (617) (3) (619) + Depreciation, 3,025 4,996 206 2 0 8,228 0 8,228 amortization and impairment adjusted 11,494 16,182 3,234 (2,156) 0 28,754 244 28,998 EBITDA - Depreciation, (3,025) (4,996) (206) (2) 0 (8,228) 0 (8,228) amortization and impairment adjusted EBIT 8,470 11,186 3,027 (2,157) 0 20,526 244 20,770 Financial           226 22 248 income Financial           (3,919) (7) (3,927) expenses Result from associated           129 0 129 companies Net finance           (3,564) 15 (3,549) costs adjusted Profit (Loss)           16,962 259 17,221 before tax Special items           (2,094) (273) (2,367) Profit (Loss)           14,868 (14) 14,854 before tax Income tax           (3,622) (52) (3,674) expense Profit (Loss)           11,246 (66) 11,180                                             Reportable Segments             MEA Total H1 2023 * excl. excl. in € thousand  WEST CEE IAS 29 Corporate Elimi-nations IAS 29 IAS 29 Total                   Revenues 65,465 83,984 30,097 0 0 179,546 1,619 181,166 Intersegment 1,811 22,504 21 254 (24,591) 0 0 0 revenues Segment 67,276 106,489 30,119 254 (24,591) 179,546 1,619 181,166 revenues Costs of material & (38,278) (62,446) (24,359) 0 23,595 (101,488) (1,352) (102,840) mailing Gross profit I 28,998 44,043 5,759 254 (996) 78,058 267 78,326 Production (10,708) (20,940) (2,144) 0 55 (33,736) (204) (33,940) costs Gross profit 18,290 23,103 3,616 254 (940) 44,322 63 44,386 II                   Other income 523 1,493 0 66 (110) 1,972 0 1,972 Selling and distribution (4,619) (6,344) (520) 0 6 (11,476) (13) (11,490) expenses Administrative (4,380) (7,303) (307) (1,553) 1,036 (12,508) (12) (12,520) expenses Research and development (362) (2,910) 0 (188) 0 (3,460) 0 (3,460) expenses Other expenses (57) (397) (135) (6) 9 (587) (7) (594) + Depreciation, 2,719 4,712 154 14 0 7,598 107 7,706 amortization and impairment adjusted 12,114 12,353 2,807 (1,413) 0 25,861 139 25,999 EBITDA - Depreciation, (2,719) (4,712) (154) (14) 0 (7,598) (107) (7,706) amortization and impairment adjusted EBIT 9,395 7,642 2,653 (1,427) 0 18,263 31 18,294 Financial           105 5 110 income Financial           (2,961) 0 (2,961) expenses Result from associated           0 0 0 companies Net finance           (2,857) 5 (2,851) costs adjusted Profit (Loss)           15,406 37 15,443 before tax Special items           (719) 266 (453) Profit (Loss)           14,687 303 14,990 before tax Income tax           (2,694) (37) (2,731) expense Profit (Loss)           11,993 266 12,259                                 * For comparative purposes segment reporting for H1 2023 was adjusted to be in line with the calculation of segment results as presented in the consolidated financial statements for the financial year 2023. This adjustment was necessary since the calculation of the segment results was revised subsequent to the publication of the H1 2023 results in 2023.           (2)^(1) Earnings per share for H1 2023 were calculated considering retrospectively as per IAS 33.64 the issuance of bonus shares with a ratio of 1:1 which had been implemented in August 2023. End of Media Release ═════════════════════════════════════════════════════════════════════════════════════════════ Issuer: AUSTRIACARD HOLDINGS AG Key word(s): Enterprise 29.08.2024 CET/CEST This Press Release was distributed by EQS Group AG. www.eqs.com ═════════════════════════════════════════════════════════════════════════════════════════════ Language: English Company: AUSTRIACARD HOLDINGS AG Lamezanstraße 4-8 1230 Vienna Austria E-mail: ac.contact@austriacard.com Internet: https://www.austriacard.com/ ISIN: AT0000A325L0 WKN: A3D5BK Listed: Vienna Stock Exchange (Official Market) EQS News ID: 1978079   End of News EQS Media 1978079  29.08.2024 CET/CEST References Visible links 1. file:///appl/crsred1/tmp/HTML-FormatExternal-81xJot.html#_ftn1 2. file:///appl/crsred1/tmp/HTML-FormatExternal-81xJot.html#_ftnref1

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