EQS-News: AUSTRIACARD HOLDINGS AG / Key word(s): Annual Results
AUSTRIACARD HOLDINGS AG FULL YEAR 2024 RESULTS - Reporting another year of profitable growth
31.03.2025 / 19:12 CET/CEST
The issuer is solely responsible for the content of this announcement.
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AUSTRIACARD HOLDINGS AG
FULL YEAR 2024 RESULTS
Reporting another year of profitable growth
March 31, 2025 – AUSTRIACARD HOLDINGS AG (ACAG) has delivered another strong financial year in
FY2024, successfully meeting its guidance.
• Revenue Growth: Adjusted Group revenues* increased by 9.7% to €385.3 million, driven by
70.6% growth in revenues from Digital Transformation Technologies and a 20.3% growth in
Document Lifecycle Management revenues. Reported IFRS revenues reached €392.3 million
(2023: €364.6 million).
• Business Segment Performance:
• Digital Transformation Technologies revenue surged by 70.6% to €27.4 million, driven
by public and private sector digitalization projects in Greece and Central and Eastern
Europe.
• Document Lifecycle Management revenue increased by 20.3% to €135.3 million, supported
by digital security documents projects in the Middle East and Africa (MEA).
• Identity & Payment Solutions revenue remained flat at €222.7 million, reflecting the
impact of reduced wholesale chip sales. Excluding wholesale chip sales of 2023, the
organic growth is €19.8 million or 9.9%.
• Regional Performance:
• Türkiye, the Middle East, and Africa saw revenues grow by 34.4% to €72.1 million,
reflecting the strong focus in this region with digital security documents projects
and Payment solutions being the main offering.
• Western Europe, the Nordics, and the Americas recorded a 12.8% increased to €130.9
million, fueled by strong contribution of metal card sales for the growing Fintech
sector.
• Central and Eastern Europe revenue remained at €224.9 million on par with FY2023.
• Solid operating performance:
• Adjusted EBITDA grew by 11.4% to €54.9 million, supported by increased revenue and
gross profit, with the EBITDA margin rising to 14.2% from 14.0% in FY2023.
• Adjusted net profit increased by 16.6% to €19.8 million, despite higher taxes,
resulting in a net margin of 5.1%.
• Operating cash flow saw a significant improvement, reaching €34.0 million compared to
€9.1 million in FY2023, as chip inventory levels continue to normalize.
• Dividend Proposal: The company will propose a dividend of €0.11 per share at the Annual
General Meeting (AGM).
* Excluding the impact of IAS29 (Hyperinflation Accounting) on Türkiye-based operations.
Manolis Kontos, Vice-Chairman and Group CEO of AUSTRIACARD HOLDINGS AG, commented:
"2024 was another strong year for AUSTRIACARD, as we successfully achieved all our targets
across various segments and markets. Since 2019, we have experienced a remarkable 185% growth
in revenue, reaching €385.3 million in 2024, while our EBITDA has increased more than fourfold
to €54.9 million. This exceptional growth results from our strategy focused on geographic
expansion, successful acquisitions and the continuous enhancement of our product and service
portfolio, allowing us to stay ahead of the competition.
Throughout the year, we leveraged our expertise in our key areas such as Identity & Payment
Solutions, where we introduced innovative products like metal cards and continued growing our
market share both geographically and customer channel wise. In Document Lifecycle Management,
we successfully delivered complex digital security documents projects in the MEA region,
securing recurring revenue going forward. Additionally, in Digital Transformation Technologies
which will continue to be our key contributor for growth as seen in the recent years and in
2024, we expanded our offerings to include projects for state and private sectors with AI
technology being integrated in the solutions we deploy.
We entered this new year with confidence having important new ventures to pursue which include
further expansion into new markets, enriching our solution offering to be able to provide our
clients with new and cutting-edge services.”
GROUP BUSINESS PERFORMANCE
Amounts and percentage rates in this report were rounded, and the addition of these individual
figures can therefore produce results that differ from the totals shown.
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 excl.
hyperinflation 2024 2023 D '24-'23 D '24-'23 % Q4 2024 Q4 2023 D '24-'23 %
in € million
Revenues 385.3 351.3 34.1 9.7% 87.1 89.8 -3.0%
Costs of material & mailing (204.2) (192.5) (11.6) 6.0% (43.4) (47.2) -8.2%
Gross profit I 181.2 158.8 22.4 14.1% 43.7 42.5 2.8%
Gross margin I 47.0% 45.2% 1.8% 50.2% 47.4%
Production costs (87.4) (72.0) (15.4) 21.4% (23.2) (19.9) 16.3%
Gross profit II 93.8 86.8 7.0 8.1% 20.5 22.6 -9.1%
Gross margin II 24.3% 24.7% -0.4% 23.6% 25.2%
Other income 5.0 3.8 1.2 30.0% 2.0 0.7 189.7%
Selling and distribution (23.3) (23.3) 0.1 -0.3%
expenses (5.3) (5.8) -8.0%
Administrative expenses (27.7) (25.2) (2.6) 10.2% (6.6) (6.3) 5.6%
Research and development (8.4) (7.4) (1.1) 14.8% (2.7) (2.1) 28.9%
expenses
Other expenses (2.2) (1.6) (0.6) 39.1% (1.1) (0.7) 59.5%
+ Depreciation, amortization 17.8 16.1 1.6 10.2% 5.1 4.5 15.1%
and impairment
adjusted EBITDA 54.9 49.3 5.6 11.4% 11.8 12.8 -7.8%
adjusted EBITDA margin 14.2% 14.0% 0.2% 13.6% 14.3%
- Depreciation, amortization (17.8) (16.1) (1.6) 10.2% (5.1) (4.5) 15.1%
and impairment
adjusted EBIT 37.1 33.2 4.0 12.0% 6.7 8.4 -20.0%
Financial income 0.6 0.3 0.3 120.6% 0.3 0.1 143.1%
Financial expenses (8.3) (7.4) (0.9) 12.6% (2.1) (2.6) -18.4%
Result from associated
companies 0.1 0.1 0.1 139.1% 0.0 0.0 n/a
Net finance costs (7.5) (7.0) (0.5) 7.3% (1.8) (2.4) -26.8%
adjusted Profit (Loss) before 29.6 26.1 3.5 13.2% 4.9 5.9 -17.2%
tax
Special items (3.3) (4.9) 1.6 -32.8% (0.3) (2.7) -89.5%
Profit (Loss) before tax 26.3 21.2 5.1 23.9% 4.6 3.3 41.6%
Income tax expense (6.5) (4.2) (2.3) 53.2% (1.6) (0.8) 109.3%
Profit (Loss) 19.8 17.0 2.8 16.6% 3.0 2.5 21.3%
Revenues by solution category 2024 2023 D '24-'23 D '24-'23 %
in € million
Identity & Payment Solutions 222.7 222.8 (0.1) -0.1%
Document Lifecycle Management 135.3 112.4 22.8 20.3%
Digital Transformation Technologies 27.4 16.1 11.3 70.6%
Total 385.3 351.3 34.1 9.7%
AUSTRIACARD HOLDINGS Group's Revenues reached € 385.3m increasing by € 34.1m or 9.7% compared
to 2023. This growth was largely driven by Digital Transformation Technologies and Document
Lifecycle Management. Digital Transformation Technologies increased by € 11.3m, or 70.6%,
compared to the previous year. This is the result of the Group's focus on this solution
category. The main contributors are public sector digitalization projects in Greece and the
continued growth of this solution category in the private sector in both the Greek and Romanian
market which have been the initial focus markets. Document Lifecycle Management also
contributed significantly with an increase of € 22.8m, or 20.3%, mainly as a result of a new
security documents solution contract in the African region.
Overall, the ‘Identity & Payment Solutions' category contributed revenues amounting to € 222.7m
which is on par with financial year 2023. If we exclude from the comparison period the impact
of our strategic decision to de-prioritise wholesale chip sales and to focus on the sale of
complete smart card solutions, with a total effect of € -19.9m, the like-for-like organic
growth of the Identity & Payment category amounts to € 19.8m or 9.9%. This growth is supported
by sales of payment and transportation cards and especially by sales of high-end premium metal
cards (€ +20.8m), which have a significantly higher price per card and are accompanied by
additional revenues from personalization and fulfilment services.
Revenues by Segments 2024 2023 D '24-'23 D '24-'23 %
in € million
Western Europe, Nordics, Americas 130.9 116.0 14.9 12.8%
Central Eastern Europe & DACH 224.9 224.6 0.3 0.1%
Türkiye / Middle East and Africa 72.1 53.7 18.4 34.4%
Eliminations & Corporate (42.6) (43.0) 0.4 -0.9%
Total 385.3 351.3 34.1 9.7%
From geographical segment view, revenue growth was strong in both MEA and WEST contributing
respectively by € +18.4m and € +14.9m in additional revenues. While revenue growth in the
Western Europe, Nordics, Americas (WEST) segment is mainly related to Identity & Payment
solutions category and in particular to the high demand for premium metal payment cards,
personalisation and fulfilment services, the growth in the Middle East and Africa (MEA) segment
was driven by a new security documents solution contract in the Africa region. Revenues in the
Central Eastern Europe & DACH (CEE) segment reached € 224.9m, at similar level with 2023 which
was € 224.6m. CEE generated significant growth of € +11.3m in the Digital Transformation
Technologies category but was negatively affected by lower order intake in the Identity &
Payment Solutions category, especially related to intersegment sales to supply the Turkish
market, resulting in a reduction of € -9.9m revenues in 2024 while the Document Lifecycle
category in CEE increased by € 0.9m mainly supported by the printing business.
Gross profit I increased by € 22.4m (+14.1%) to € 181.2m, driven by revenue growth in Digital
Transformation Technologies (€ 11.3m) and Document Lifecycle Management (€ 22.8m). Gross margin
I improved from 45.2% to 47.0%, mainly due to a higher share of service revenues without
associated material costs as well due to a lower level of material costs associated with the
security document solution contract in MEA.
Gross Profit II grew by € 7.0m or +8.1% as a result of revenue and Gross profit I growth and
reached € 93.8m. Gross Margin II declined slightly by 0.4 percentage points to 24.3% as a
result of Production costs increasing by € 15.4m or +21.1%. The increase in Production costs
was mainly driven by the new security document solution project in Africa adding approximately
€ 9,3m costs, the annualization impact related to the acquisition of the postal courier
business “Pink Post” in March 2023 contributing additional cost of € 2.8m versus 2023 as well
as higher costs related to the provision of digitalization services and inflation-related cost
increases. Analyzed by category the increase in Production costs is mainly related to higher
personnel costs (€ +6.2m), Third party services (€ +3.2m), Transportation expenses (€ +3.9m)
and Depreciation & amortization expenses (€ +1.1m).
Operating expenses (OPEX) 2024 2023 D '24-'23 D '24-'23 %
in € million
Production costs (87.4) (72.0) (15.4) 21.4%
Selling and distribution expenses (23.3) (23.3) 0.1 -0.3%
Administrative expenses (27.7) (25.2) (2.6) 10.2%
Research and development expenses (8.4) (7.4) (1.1) 14.8%
+ Depreciation, amortization and impairment 17.8 16.1 1.6 10.2%
Total (129.0) (111.7) (17.3) 15.5%
Operating expenses as a percentage of Sales 33.5% 31.8% 1.7%
Operating expenses (OPEX), excluding depreciation, amortization, and impairment, increased by €
17.3m (15.5%) to € 129.0m, primarily driven by higher production expenses as described above.
As a percentage of sales, OPEX increased by 1.7 percentage points to 33.5% compared to 31.8% in
2023.
Selling and distribution expenses remained stable at € 23.3m. Administrative expenses increased
by € 2.6m (10.2%), primarily due to the expansion of the Group’s management team following its
listing and reorganization in H1 2023, contributing € 1.8m of the increase, and to M&A activity
related increases of expenses. Research and development (R&D) expenses increased by € 1.1m,
reaching € 8.4m in 2024. This increase is related to the investments in AI & Data Analytics by
acquiring LS Tech (€ +0.3m), in our Banking-as-a-service offering (€ +1.0m) and to
strengthening of our R&D team overall. This increase in R&D expenses was partially compensated
by the completion of EU-funded research projects and the thus ensuing cost savings.
Other income increased by € 1.2m to € 5.0m in 2024 mainly due to an increase in income from
capitalised personnel cost concerning research and development (€ +0.7m) as well as R&D related
subsidies (€ +0.3m). Other expenses were increased by € 0.6m to € 2.2m in 2024 mainly due to
higher impairment charges for trade receivables (€ +0.3m) and the effect of the new minimum
corporate income tax regulation in Romania resulting in additional income tax charges of € +
0.3m that have to be reported within EBITDA as per IAS 12.
In 2024, adjusted EBITDA increased by € 5.6m or 11.4%, from € 49.3m to € 54.9m due to
profitable revenue growth as a result the adjusted EBITDA margin increased by 0.2 percentage
points from 14.0% to 14.2% in 2024.
Adjusted EBIT increased by € 4.0m or 12.0% to € 37.1m as the EBITDA growth was partially
compensated by the € 1.6m increase in depreciation and amortization related to investments in
machinery and equipment supporting business expansion (€ +1.1m), amortization of acquisition
related intangible assets (€ + 0.4m) and impairment charges for idle machinery (€ +0.2m).
Adjusted Profit before tax increased by € 3.5m or 13.2% reaching € 29.6m as the growth in EBIT
was partially offset by the increase in net finance costs. Net finance costs came in at € 7.5m
increasing by € 0.5m mainly due to the higher average outstanding financial debt resulting in
higher interest expense of € +0.7m. In 2024, the average interest costs for financial debt
slightly decreased to 5.6% from 5.7% in 2023 despite the 3-month-Euribor being on average
approximately 25 basis points above its comparative level. These cost increases were partially
offset by higher interest income of € +0.3m being essentially related to our Turkish operations
and a higher result from associates of € 0.1m.
Special items included in 2024 2023 D '24-'23 D '24-'23 %
in € million
Management participation programs EBITDA (3.7) (2.9) (0.8) 26.0%
Foreign exchange gains Profit before tax 0.2 0.1 0.1 203.1%
Foreign exchange losses Profit before tax (0.0) (1.0) 1.0 -99.6%
Income from financial assets and
liabilities at fair value through profit or Profit before tax 0.2 0.2 0.0 7.3%
loss
Expense from financial assets and
liabilities at fair value through profit or Profit before tax (0.1) (1.3) 1.2 -95.6%
loss
Total (3.3) (4.9) 1.6 -32.8%
Special items costs decreased by € 1.6m or 32.8% mainly due to lower foreign exchange losses (€
-1.0m) and to lower expenses related to the valuation of financial liabilities (€ -1.2m). These
effects were partially compensated by the normalization of expenses for management
participation programs (SOPs) and the thus resulting increase of € +0.8m. In 2023, SOP expenses
had been reduced by € -2.4m as a result of a one-time provision release in connection with the
restructuring of the Group’s SOP.
In 2024, corporate income tax expenses increased by € 2.3m to € 6.6m, leading to a higher
effective tax rate based on adjusted Profit before tax (excluding the non-tax deductible SOP
and valuation expenses) of 21.9% compared to 16.2% in 2023. The main drivers thereof were the
increase in taxable result in the UK and in Greece which is taxed at 25% respectively 22% (€
+2.0m), a one-time update of deferred tax liabilities related to UK-related intangible assets
increasing tax expenses by € 0.4m and in parallel a (proportionate) reduction of taxable result
in Andorra (taxed at 10%) leading to a higher effective tax rate. Excluding the one-off effect
from updating deferred tax liabilities the effective tax rate based on adjusted Profit before
tax would have been 20.7%.
Profit increased by € 2.8m or 16.6% from € 17.0m in 2023 to € 19.8m in 2024 as a result of the
strong operating performance and the resulting growth in adjusted Profit before tax. A
reduction of the costs included in Special items by € -1.6m was partially compensated by an
increase in Income tax expenses by € +2.3m.
Effect of IAS 29 Hyperinflation on business performance
As presented in the table below, the application of IAS 29 Hyperinflation with respect to our
Türkiye-based operations, hyperinflation accounting increased Revenues by € 6.9m reaching €
392.3m in 2024 compared to an increase by € 13.3m reaching € 364.6m in 2023.
Hyperinflation accounting also increased Operating expenses (OPEX) by € 0.7m in 2024 compared
to € 1.3m in 2023. Adjusted EBITDA, adjusted EBIT and adjusted Profit before tax in the IFRS
Income statement increased compared to the management Income statement by € 0.6m (2023: € 1.2m)
while Profit decreased by € 0.6m (2023: € 0.2m).
2024 2023
Impact of IAS 29
Hyperinflation IAS29 IAS29
in € million IFRS Effect MGMT IFRS Effect MGMT
Revenues 392.3 6.9 385.3 364.6 13.3 351.3
Gross Profit I 182.5 1.3 181.2 161.3 2.5 158.8
Gross Profit II 94.6 0.7 93.9 88.3 1.5 86.8
OPEX (129.7) (0.7) (129.0) (113.0) (1.3) (111.7)
adjusted EBITDA 55.5 0.6 54.9 50.4 1.2 49.3
adjusted EBIT 37.7 0.6 37.1 34.3 1.2 33.2
adjusted Profit before tax 30.2 0.6 29.6 27.3 1.1 26.1
Profit before tax 25.9 (0.4) 26.3 21.0 (0.2) 21.2
Profit 19.2 (0.6) 19.8 16.8 (0.2) 17.0
FINANCIAL POSITION
Consolidated statement of financial position 31/12/2024 31/12/2023 D '24-'23 D '24-'23 %
in € million
Non-current assets 165.2 156.8 8.5 5.4%
Current assets 166.4 164.9 1.5 0.9%
Total assets 331.6 321.7 9.9 3.1%
Total Equity 124.8 107.2 17.7 16.5%
Non-current liabilities 117.3 115.2 2.1 1.8%
Current Liabilities 89.5 99.3 (9.9) -9.9%
Total Equity and Liabilities 331.6 321.7 9.9 3.1%
Total assets increased by € 9.9m from 31 December 2023 to € 331.6m on 31 December 2024 mainly
as a result of higher non-current assets (€ +8.5m) and higher Total Equity (€+ 17.7m) being
partially compensated by lower current liabilities (€ -9.9m).
The increase in non-current assets in particular related to € 4.0m additions to intangible
assets from M&A activity and an increase of € 4.3m in tangible assets, including additions of €
2.5m in right-of-use real estate lease assets. The remaining increase results from deferred tax
assets (€ +1.4m) while other long-term receivables which include essentially hedging related
swaps and other securities decreased by € -1.1m.
Non-current liabilities increased by € 2.1m from € 115.2m to € 117.3m in 2024 mostly as a
result of higher other long-term payables (€ +1.6m) related to contingent purchase price
liabilities for an acquisition conducted in 2024 and negative fair values of interest rate
derivatives for hedging purposes. Deferred tax liabilities increased by € +1.8m of which € 0.8m
is M&A related. Loans and borrowings were decreased through repayments by € -1.5m compared to
2023. In 2024 current liabilities decreased by € -9.9m, mainly due to lower prepayments
received from customers, presented as contract liabilities.
Total Equity increased by € 17.7m to € 124.8m mainly as a result of the Profit of the year
amounting to € 19.8m, the share-option expense of € 3.4m recognized in the relevant equity
reserve being partially compensated by the purchase of own shares (€ -2.1m) and dividends to
shareholders and non-controlling interests of € -4.1m. The Equity ratio thus improved from
33.3% on 31 December 2023 to 37.6% on 31 December 2024.
Net Working Capital 31/12/2024 31/12/2023 D '24-'23 D '24-'23 %
in € million
Inventories 72.8 58.2 14.6 25.2%
Contract assets 15.0 20.4 (5.4) -26.7%
Current income tax assets 0.5 0.8 (0.3) -33.8%
Trade receivables 45.3 44.7 0.6 1.4%
Other receivables 11.1 17.1 (6.0) -35.2%
144.6 141.1 3.5 2.5%
Current income tax liabilities (3.6) (3.0) (0.6) 21.8%
Trade payables (43.8) (43.6) (0.2) 0.4%
Other payables (17.0) (18.3) 1.3 -7.3%
Contract liabilities (7.2) (17.4) 10.3 -58.8%
Deferred income (1.8) (0.5) (1.3) 253.0%
(73.4) (82.9) 9.5 -11.5%
Net Working Capital 71.3 58.2 13.0 22.4%
Net Working Capital increased by € 13.0m, or 22.4%, from € 58.2m on 31 December 2023, to €
71.3m on
31 December 2024. This increase mainly relates to the increase in inventories by € 14.6m which
again is mostly related to higher stocks of payment chips and to lower Contract liabilities for
customer prepayments received (€ +10.3m). These effects were partially compensated by lower
Contract assets (€ -5.4m), mainly related to semi-finished payment card orders, and lower other
receivables (€ -6.0m) related to cash deposits on restricted accounts in connection with the
customer prepayments received by the end financial year 2023.
As a percentage of revenues (12-months rolling), Net Working Capital increased from 16.6% to
18.5%. This KPI aligns closely with industry benchmarks.
Statement of cash flows 2024 2023 D '24-'23 D '24-'23 %
in € million
Cash flows from operating activities 34.0 9.1 24.9 273.1%
Cash flows from investing activities (15.0) (11.8) (3.2) 27.1%
Cash flows from financing activities (21.1) 5.6 (26.7) -477.0%
Net increase (decrease) in cash (2.1) 2.9 (5.0) -172.4%
and cash equivalents
Capital expenditure incl. ROU, excl. M&A (CAPEX) (19.9) (18.3) (1.6) 8.9%
The Group’s Cash flow from operating activities increased by € 24.9m from € 9.1m in 2023 to €
34.0m in 2024 as a result of the increase in operating results, a substantial reduction in the
negative cash effect from net working capital build-up by € +21.0m from € -35.3m in 2023 to €
-14.3m in 2024 and lower corporate income tax payments (€ + 1.3m).
The Cash flow from investing activities came in at a net outflow of € 15.0m related to M&A
activity (€ 1.7m net of cash received), to further development of our payment chip operating
system ACOS, of our Banking-as-a-service offering and of our digitalization solutions amounting
to € 4.8m in total and to investments in tangible assets of € 9.5m for upgrading our machinery
park and operational sites and especially with respect to our digital security printing
capabilities (€ 2.5m) in order to be able to implement new business opportunities in the
African markets.
Cash flow from financing activities had a net outflow of € 21.1m compared to an inflow of €
5.6m in the same period in 2023. This outflow primarily relates to interest payments of € 7.5m
(2023: € 7.7m), € 4.1m (2023: € 0.9m dividend payments to shareholders and non-controlling
interests, the implementation of the share-buy-back program (€ 2.1m) and a net balance of loans
and lease repayments (cash outflow) of € 7.5m compared to net cash inflow from the increase in
loans & borrowings of € 14.2m in 2023.
Net Debt 31/12/2024 31/12/2023 D '24-'23 D '24-'23 %
in € million
Cash and cash equivalents (21.7) (23.8) 2.1 -8.8%
Loans and borrowings 117.4 118.9 (1.5) -1.3%
Net Debt 95.6 95.0 0.6 0.6%
Net Debt slightly increased by € 0.6m or 0.6% to € 95.6m as of 31 December 2024. Net Debt /
Adjusted EBITDA (rolling 12 months) improved from 1.9x in 2023 to 1.7x in 2024.
Financial performance indicators
Key performance indicators 2024 2023 D '24-'23 D '24-'23 %
in € million
Revenue 385.3 351.3 34.1 9.7%
Gross profit I 181.2 158.8 22.4 14.1%
Gross profit I margin 47.0% 45.2% 1.8% n/a
Gross profit II 93.8 86.8 7.0 8.1%
Gross profit II margin 24.3% 24.7% -0.4% n/a
Total OPEX excluding depreciation (129.0) (111.7) (17.3) 15.5%
Total OPEX excluding depreciation as % on sales -33.5% -31.8% -1.7% n/a
adjusted EBITDA 54.9 49.3 5.6 11.4%
adjusted EBITDA margin 14.2% 14.0% 0.2% n/a
adjusted EBIT 37.1 33.2 4.0 12.0%
adjusted EBIT margin 9.6% 9.4% 0.2% n/a
adjusted Profit before tax 29.6 26.1 3.5 13.2%
adjusted Profit before tax margin 7.7% 7.4% 0.2% n/a
adjusted Profit after tax 23.1 21.9 1.2 5.5%
adjusted Profit after tax margin 6.0% 6.2% -0.2% n/a
Profit after Tax 19.8 17.0 2.8 16.6%
Profit after Tax margin 5.1% 4.8% 0.3% n/a
Operating Cash Flow 34.0 9.1 24.9 273.1%
Operating Cash Flow as % on sales 8.8% 2.6% 6.2% n/a
Net Equity / Total Assets 37.6% 33.3% 4.3% n/a
Net Working Capital 71.3 58.2 13.0 22.4%
Net Working Capital as % on revenues 18.5% 16.6% 1.9% n/a
Net Debt 95.6 95.0 0.6 0.6%
Net Debt / adjusted EBITDA 1.7 1.9 (0.2) n/a
Non-financial performance indicators
Non-financial performance indicators 2024 2023 D '24-'23 D '24-'23 %
Number of sold cards (in million) 147.8 134.8 13.0 9.6%
Average number of employees in Full-time equivalents 2,301 2,175 125 5.8%
Number of employees in Headcount as of 31 December 2,401 2,739 (338) -12.3%
REPORTS ON SEGMENTS
Western Europe, Nordics, Americas
Business performance 2024 2023 D '24-'23 D '24-'23 %
in € million
Revenues 130.9 116.0 14.9 12.8%
Costs of material & mailing (75.4) (63.6) (11.8) 18.5%
Gross profit I 55.5 52.3 3.1 5.9%
Gross margin I 42.4% 45.1% -2.8%
Production costs (22.5) (21.6) (0.9) 4.3%
Gross profit II 33.0 30.8 2.2 7.1%
Gross margin II 25.2% 26.5% -1.4%
Other income 0.1 0.7 (0.6) -87.3%
Selling and distribution expenses (8.5) (9.7) 1.3 -12.9%
Administrative expenses (8.5) (9.0) 0.5 -5.0%
Research and development expenses (1.6) (0.5) (1.0) 200.5%
Other expenses (0.3) (0.1) (0.2) 174.5%
+ Depreciation, amortization & impairment 6.4 5.7 0.6 11.4%
adjusted EBITDA 20.6 17.9 2.7 15.0%
adjusted EBITDA margin 15.7% 15.4% 0.3%
- Depreciation, amortization & impairment (6.4) (5.7) (0.6) 11.4%
adjusted EBIT 14.2 12.2 2.0 16.7%
The segment Western Europe, Nordics and Americas (WEST) reported Revenues of € 130.9m, an
increase of € 14.9m or 12.8% compared to the previous year. If we exclude from the comparative
period the impact of our strategic decision to de-prioritise wholesale chip sales and to focus
on the sale of complete smart card solutions, with a total effect of € 18.7m in this segment,
the organic like-for-like growth of this solution category amounts to € 32.8m or 33.7%. This
growth was primarily driven especially by the Challenger bank sector and product-wise by sales
of high-end metal cards (€ +21.0m), regular payment cards (€ +4.1m) and associated
personalization and fulfilment (€ +2.0m) as well as postal services (€ +4.5m).
Gross profit I increased with € 3.1m or 5.9% to € 55.5m due to increased revenues while Gross
Margin I decreased by 2.8 percentage points to 42.4%. The reduction in Gross margin I is a
result of increased metal cards and postal services sales with proportionally higher associated
costs of material & mailing.
Gross profit II increased by € 2.2m or 7.1% from € 30.8 to € 33.0m due to higher Gross Profit I
being only partially compensated by the increase Production costs of € 0.9m or 4.3%. Gross
margin II decreased by 1.4 percentage points reaching 25.2% as implemented costs saving
measures helped to partially compensate the reduced Gross margin I.
Operating expenses excl. D, A & I (OPEX) 2024 2023 D '24-'23 D '24-'23 %
in € million
Production costs (22.5) (21.6) (0.9) 4.3%
Selling and distribution expenses (8.5) (9.7) 1.3 -12.9%
Administrative expenses (8.5) (9.0) 0.5 -5.0%
Research and development expenses (1.6) (0.5) (1.0) 200.5%
+ Depreciation, amortization & impairment 6.4 5.7 0.6 11.4%
Total (34.7) (35.1) 0.4 -1.1%
Operating expenses as a percentage of revenues 26.5% 30.2% -3.7%
OPEX came in at € 34.7m in 2024 decreasing by € 0.4m or 1.1% compared to 2023. Production
increased by € 0.9m or 4.3% mainly due to an inflation related increase in personnel expenses
(€ +0.7m). Sales and distribution expenses decreased by € 1.3m or 12.9% due to lower
transportations costs (€ -1.4m) mainly related to a reclassification of certain expenses to
Costs of Material & Mailing and thus decreasing Gross profit I and II in 2024. Administrative
expenses decreased by € 0.5m mainly as a result of savings in personnel costs (€ -0.5m). The
increase in research and development expenses is related to our development efforts in our
digital payments offering. As a percentage of revenues, OPEX decreased from 30.2% to 26.5% due
to the increase in revenues.
Adjusted EBITDA reached € 20.6m in 2024, increasing by € 2.7m or 15.0% compared to 2023, while
the adjusted EBITDA margin reached 15.7%, slightly increasing by 0.3 percentage points as a
result of the increased gross profit with € 2.2m and cost control in the different functions.
Adjusted EBIT amounted to € 14.2m, an increase of € 2.0m, or 16.7%, as a result of the good
operating performance, which compensated the increase of € 0.6m in depreciation and
amortisation.
Central Eastern Europe & DACH
Business performance 2024 2023 D '24-'23 D '24-'23 %
in € million
Revenues 224.9 224.6 0.3 0.1%
Costs of material & mailing (123.7) (127.4) 3.7 -2.9%
Gross profit I 101.2 97.1 4.1 4.2%
Gross margin I 45.0% 43.3% 1.7%
Production costs (50.6) (45.9) (4.7) 10.3%
Gross profit II 50.6 51.2 (0.7) -1.3%
Gross margin II 22.5% 22.8% -0.3%
Other income 4.7 3.0 1.7 58.4%
Selling and distribution expenses (12.4) (12.2) (0.2) 1.7%
Administrative expenses (15.9) (14.3) (1.6) 11.1%
Research and development expenses (6.5) (6.1) (0.4) 5.8%
Other expenses (1.5) (1.3) (0.2) 14.2%
+ Depreciation, amortization and impairment 10.6 10.1 0.6 5.8%
adjusted EBITDA 29.6 30.3 (0.7) -2.3%
adjusted EBITDA margin 13.2% 13.5% -0.3%
- Depreciation, amortization and impairment (10.6) (10.1) (0.6) 5.8%
adjusted EBIT 19.0 20.2 (1.3) -6.4%
The Central Eastern Europe & DACH (CEE) segment reported revenues of € 224.9m in 2024,
reflecting a slight increase of € 0.3m or 0.1% compared to 2023. Growth in Digital
Transformation Technologies, particularly in Romania and Greece through public digitalization
contracts and private sector increase in solutions provided, contributed € +11.3m. This was
offset by a € -12.0m decline in Identity & Payment Solutions related to by € 2.1m lower
intersegment sales, mainly due to lower chip sales (€ -1.5m). The most significant impact came
from contract assets accounted for based on the percentage-of-completion method: While 2023
revenues were positively affected by a € 9.3m build-up of contract assets, 2024 revenues were
negatively affected by a reduction of € 4.3m in contract assets, resulting in a year-on-year
contract assets related revenue deviation of € -13.6m. Document Lifecycle Management reached €
97.6m in 2024 growing by € 0.9m compared to last year. While the Printing category achieved a
growth of € 1.2m, postal services slightly decreased by € 0.3m.
Gross profit I increased by € 4.1m, or 4.2%, to € 101.2m. Gross margin I improved by 1.7
percentage points, from 43.3% to 45.0%, driven by revenue growth in Digital Transformation
Technologies and a higher proportion of service-related revenues with no or lower associated
material and postage costs.
Gross profit II decreased by € -0.7m, or -1.3%, from € 51.2m to € 50.6m, mainly as a result of
the increase in Production costs by 4.7m or 10.3%. The increase of Production cost is mainly
due to the annualization effect of the Pink Post acquisition in March 2023 with an effect of €
+2.8m in 2024, to the implementation of digitalization projects which led to an increase of €
+1.6m with respect to personnel and third party expense as well to higher depreciation and
amortization (€ 1.1m). Gross margin II decreased by -0.3 percentage points and came in at
22.5%.
Operating expenses excl. D, A & I (OPEX) 2024 2023 D '24-'23 D '24-'23 %
in € million
Production costs (50.6) (45.9) (4.7) 10.3%
Selling and distribution expenses (12.4) (12.2) (0.2) 1.7%
Administrative expenses (15.9) (14.3) (1.6) 11.1%
Research and development expenses (6.5) (6.1) (0.4) 5.8%
+ Depreciation, amortization and impairment 10.6 10.1 0.6 5.8%
Total (74.8) (68.5) (6.3) 9.2%
Operating expenses as a percentage of revenues 33.3% 30.5% 2.8%
OPEX increased by € 6.3m or 9.2% to € 74.8m, mostly as a result of higher Production costs.
Administrative expenses, primarily related to a higher allocation of group management fees,
increased by € 1.6m or 11.1%. While Selling and distribution expenses only increased by € 0.2m
or 1.7%, Research and development expenses increased by € 0.4m or 5.8% mainly as a result of
higher personnel and third party expenses (in total € +0.6m) reflecting our continuous
investment in R&D being partially compensated by lower depreciation & amortization charges (€
-0.2m). As a percentage of revenues, operating expenses increased from 30.5% to 33.3% in 2024.
Other income in the CEE segment increased by € 1.7m or 58.4% compared to the previous year.
This increase is mainly due to higher capitalised personnel costs (€ +0.7m) related to R&D
activity for developing our operating systems and digitization capabilities, an increase in
received R&D subsidies of € +0.5m and a release in allowanced for doubtful receivables of €
+0.3m.
Other expenses increased by € 0.2m compared to the previous year, mainly as a result of the
effect of the new minimum corporate income tax regulation in Romania resulting in additional
income tax charges of € + 0.3m that have to be reported within EBITDA as per IFRS.
Adjusted EBITDA came in at € 29.6 decreasing by € -0.7m or -2.3% mainly as a result of higher
Administration and Research & development expenses being partially offset by the increase in
other income. The adjusted EBITDA margin came in at 13.2% decreasing by -0.3 percentage points
compared to 2023. Adjusted EBIT decreased by € -1.3m or -6.4% from € 20.2m in 2023 to € 19.0m
in 2024 because of a lower EBITDA and an increase in depreciation and amortization by € -0.6m
or -5.8%.
Türkiye / Middle East and Africa
Business performance 2024 2023 D '24-'23 D '24-'23 %
in € million
Revenues 72.1 53.7 18.4 34.4%
Costs of material & mailing (45.0) (42.0) (3.0) 7.2%
Gross profit I 27.1 11.7 15.4 132.1%
Gross margin I 37.5% 21.7% 15.8%
Production costs (14.2) (4.6) (9.6) 208.9%
Gross profit II 12.8 7.1 5.8 81.8%
Gross margin II 17.8% 13.1% 4.6%
Other income 0.1 0.0 0.1 n/a
Selling and distribution expenses (2.4) (1.4) (1.0) 66.8%
Administrative expenses (2.3) (0.8) (1.5) 195.2%
Research and development expenses (0.3) 0.0 (0.3) n/a
Other expenses (0.4) (0.2) (0.2) 75.0%
+ Depreciation, amortization and impairment 0.8 0.3 0.4 124.8%
adjusted EBITDA 8.3 4.9 3.4 68.2%
adjusted EBITDA margin 11.5% 9.2% 2.3%
- Depreciation, amortization and impairment (0.8) (0.3) (0.4) 124.8%
adjusted EBIT 7.6 4.6 3.0 64.0%
The Türkiye, Middle East, and Africa (MEA) segment recorded Revenues of € 72.1m, reflecting an
increase of € 18.4m or 34.4% compared to the previous year 2023. This growth was primarily
driven by a new security documents solution contract in the African market, which contributed
an additional € 18.7m in revenues, an increase of € +0.9m of the African business in Identity &
Payment Solutions, while revenues in the Turkish Identity & Payment Solutions market had a
slight decline of € -0.7m.
Gross profit I increased by € 15.4m or 132.1%, while Gross margin I improved by 15.8 percentage
points, increasing from 21.7% to 37.5%. This was driven by the different gross margin profile
of security documents solution projects, which have comparatively lower attributed costs for
materials and mailing.
Gross profit II increased by € 5.8m, or 81.8%, from € 7.1m to € 12.8m and Gross margin II
improved by 4.6 percentage points to 17.8% as the Gross profit I increase was partially reduced
by higher Production costs of €+9.6m or 208.9%, mainly associated with the implementation of
the new security documents solution contract. Analyzed per cost type Production costs mainly
increased due to higher personnel and third party expenses (€ +4.7m in total) and
transportation expenses (€ +4.0m).
Operating expenses excl. D, A & I (OPEX) 2024 2023 D '24-'23 D '24-'23 %
in € million
Production costs (14.2) (4.6) (9.6) 208.9%
Selling and distribution expenses (2.4) (1.4) (1.0) 66.8%
Administrative expenses (2.3) (0.8) (1.5) 195.2%
Research and development expenses (0.3) 0.0 (0.3) 0.0%
+ Depreciation, amortization and impairment 0.8 0.3 0.4 124.8%
Total (18.5) (6.5) (12.0) 184.7%
Operating expenses as a percentage of revenues 25.7% 12.1% 13.6%
Operating expenses (OPEX) increased by € 12.0m or 184.7% reaching € 18.5m. This increase was
mainly due to higher Production costs (€ +9.6m) as described above. Selling, administrative and
R&D expenses increased overall by € 2.8m as a result of the business increase as well as in
line with our strategic decision to focus on growing the Group’s business in the MEA region,
especially in the security printing and ID sector. As a percentage of revenues, OPEX increased
from 12.1% to 25.7% in 2024.
Adjusted EBITDA increased by € 3.4m or 68.2% to € 8.3m and the adjusted EBITDA margin came in
at 11.5% increasing by 2.3 percentage points both as a result of margin accretive business
growth. Adjusted EBIT increased by € 3.0m or 64.0% to € 7.6m essentially in parallel with
adjusted EBITDA reduced by higher depreciation related to the security printing contract.
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 2,400 people and is publicly traded on both
the Athens and Vienna Stock Exchanges under the symbol ACAG.
Conference call
AUSTRIACARD HOLDINGS Management will host a conference call to discuss the Full Year 2024
Financial Results,
on Tuesday, 1^st April 2025, at 1 pm Vienna/2 pm Athens time.
The conference call will last approximately 60 minutes, followed by a Q&A session.
Telephone access
Greek participants: +30 213 009 6000 or +30 210 946 0800
Austria participants: +43 720 816 079
German participants: +49 (0) 800 588 9310
UK participants: +44 (0) 800 368 1063
USA participants: +1 516 447 5632
Other International participants: +44 (0) 203 059 5872
Webcast access
The conference call will be webcast live on the Internet and can be accessed through the
following link: https://87399.themediaframe.eu/links/austriacard250401.html
Contact person: Mr. Markus Kirchmayr, Group CFO
E-Mail: investors@austriacard.com
Tel: +43 1 61065 - 384
Website: (1)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 31 December 2024 31 December 2023
Assets
Property, plant and equipment and right of use assets 100,545 96,275
Intangible assets and goodwill 59,555 55,526
Equity-accounted investees 395 324
Other receivables 1,259 2,386
Other long-term assets 0 136
Deferred tax assets 3,474 2,116
Non-current assets 165,227 156,764
Inventories 72,795 58,164
Contract assets 14,952 20,386
Current income tax assets 523 791
Trade receivables 45,297 44,677
Other receivables 11,061 17,082
Cash and cash equivalents 21,737 23,825
Current assets 166,366 164,924
Total assets 331,593 321,688
Equity
Share capital 36,354 36,354
Share premium 32,749 32,749
Own shares (2,064) 0
Other reserves 19,856 17,303
Retained earnings 37,385 19,995
Equity attributable to owners of the Company 124,281 106,401
Non-controlling interests 524 753
Total Equity 124,805 107,154
Liabilities
Loans and borrowings 101,261 102,432
Employee benefits 4,005 4,207
Other payables 1,726 81
Deferred tax liabilities 10,336 8,497
Non-current liabilities 117,328 115,217
Current tax liabilities 3,615 2,968
Loans and borrowings 16,097 16,440
Trade payables 43,807 43,649
Other payables 16,985 18,317
Contract liabilities 7,188 17,442
Deferred income 1,769 501
Current Liabilities 89,460 99,317
Total Liabilities 206,788 214,534
Total Equity and Liabilities 331,593 321,688
Consolidated income statement
in € thousand 2024 2023 Q4 2024 Q4 2023
Revenues 392,285 364,563 88,792 93,370
Cost of sales (297,730) (276,255) (68,018) (70,296)
Gross profit 94,555 88,308 20,774 23,074
Other income 4,987 3,837 1,983 685
Selling and distribution expenses (23,338) (23,483) (5,371) (5,880)
Administrative expenses (31,447) (28,222) (7,433) (7,363)
Research and development expenses (8,450) (7,360) (2,733) (2,120)
Other expenses (2,255) (1,675) (1,142) (748)
+ Depreciation, amortization and impairment 17,772 16,127 5,146 4,471
EBITDA 51,824 47,533 11,223 12,119
- Depreciation, amortization and impairment (17,772) (16,127) (5,146) (4,471)
EBIT 34,052 31,406 6,077 7,648
Financial income 1,137 534 786 344
Financial expenses (9,442) (10,978) (2,228) (5,217)
Result from associated companies 129 54 0 0
Net finance costs (8,177) (10,391) (1,442) (4,873)
Profit (Loss) before tax 25,875 21,015 4,635 2,775
Income tax expense (6,626) (4,231) (1,646) (753)
Profit (Loss) 19,249 16,784 2,989 2,022
Profit (Loss) attributable to:
Owners of the Company 18,965 15,812 2,743 1,652
Non-controlling interests 285 972 246 370
Profit (Loss) 19,249 16,784 2,989 2,022
Earnings (loss) per share(2)(1)
basic 0.52 0.44 0.08 0.04
diluted 0.49 0.42 0.07 0.03
Consolidated statement of cash flows
in € thousand 2024 2023
Cash flows from operating activities
Profit (Loss) before tax 25,875 21,015
Adjustments for:
-Depreciation, amortization and impairment 17,772 16,127
-Net finance cost 8,177 10,391
-Net gain or loss on disposal of non-current assets 33 (24)
-Change in associated companies 71 32
-Change in provisions (298) (143)
-Other non-cash transactions 1,744 3,402
53,374 50,800
Changes in:
-Inventories (14,631) (22,090)
-Contract assets 5,434 (9,534)
-Trade and other receivables 5,400 (14,221)
-Contract liabilities (10,253) 10,369
-Trade payable and other payables (233) 180
-Taxes paid (5,057) (6,383)
Net cash from (used in) operating activities 34,033 9,121
Cash flows from investment activities
Interest received 302 329
Proceeds from sale of property, plant and equipment 0 24
Dividends received from associated companies 58 22
Payments for acquisition of subsidiaries and business, net of cash acquired (1,663) (1,140)
Payments for acquisition of property, plant and equipment & intangible (13,731) (11,065)
assets
Net cash from (used in) investing activities (15,034) (11,829)
Cash flows from financing activities
Interest paid (7,472) (7,700)
Proceeds from loans and borrowings 9,232 107,905
Repayment of loans and borrowings (12,258) (90,807)
Payment of lease liabilities (4,469) (2,895)
Acquisition of own shares (2,064) 0
Dividends paid to non-controlling interest (429) 0
Dividends paid to owners of the company (3,627) (909)
Net cash from (used in) financing activities (21,087) 5,594
Net increase (decrease) in cash and cash equivalents (2,088) 2,886
Cash and cash equivalents at 1 January 23,825 21,628
Effect of movements in exchange rates on cash held 1 (690)
Cash at 31 December 21,737 23,825
B. SEGMENT REPORTING
Reportable Segments
MEA Total
2024 excl. excl.
in € thousand WEST CEE IAS 29 Corporate Elimi-nations IAS 29 IAS 29 Total
Revenues 127,370 185,923 72,047 0 0 385,340 6,946 392,285
Intersegment 3,525 38,983 56 3,555 (46,119) 0 0 0
revenues
Segment 130,894 224,906 72,103 3,555 (46,119) 385,340 6,946 392,285
revenues
Costs of
material & (75,439) (123,698) (45,030) 0 40,016 (204,150) (5,659) (209,810)
mailing
Gross profit I 55,456 101,208 27,073 3,555 (6,103) 181,189 1,286 182,476
Production (22,505) (50,626) (14,249) 0 12 (87,368) (552) (87,920)
costs
Gross profit II 32,950 50,582 12,825 3,555 (6,091) 93,821 734 94,555
Other income 92 4,685 137 72 0 4,987 0 4,987
Selling and
distribution (8,453) (12,411) (2,410) 0 0 (23,274) (65) (23,338)
expenses
Administrative (8,532) (15,946) (2,304) (7,018) 6,091 (27,708) (77) (27,785)
expenses
Research and
development (1,559) (6,484) (305) (101) 0 (8,450) 0 (8,450)
expenses
Other expenses (278) (1,473) (384) (108) 0 (2,243) (9) (2,252)
+ Depreciation,
amortization 6,360 10,642 762 9 0 17,772 0 17,772
and impairment
adjusted EBITDA 20,581 29,595 8,321 (3,591) 0 54,905 584 55,489
- Depreciation,
amortization (6,360) (10,642) (762) (9) 0 (17,772) 0 (17,772)
and impairment
adjusted EBIT 14,221 18,953 7,560 (3,600) 0 37,133 584 37,717
Financial 613 82 694
income
Financial (8,280) (24) (8,304)
expenses
Result from
associated 129 0 129
companies
Net finance (7,538) 58 (7,481)
costs
adjusted Profit
(Loss) before 29,595 642 30,237
tax
Special items (3,296) (1,066) (4,362)
Profit (Loss) 26,299 (424) 25,875
before tax
Income tax (6,492) (134) (6,626)
expense
Profit (Loss) 19,808 (558) 19,249
Reportable Segments
MEA Total
2023 excl. excl.
in € thousand WEST CEE IAS 29 Corporate Elimi-nations IAS 29 IAS 29 Total
Revenues 112,305 185,394 53,577 0 0 351,276 13,287 364,563
Intersegment 3,691 39,188 79 1,371 (44,328) 0 0 0
revenues
Segment 115,996 224,582 53,656 1,371 (44,328) 351,276 13,287 364,563
revenues
Costs of
material &
mailing (63,649) (127,434) (41,990) 0 40,562 (192,511) (10,786) (203,296)
Gross profit I 52,347 97,148 11,665 1,371 (3,766) 158,765 2,502 161,266
Production
costs (21,575) (45,901) (4,612) 0 109 (71,979) (980) (72,958)
Gross profit
II 30,772 51,247 7,054 1,371 (3,657) 86,786 1,522 88,308
Other income 726 2,958 0 421 (268) 3,836 0 3,836
Selling and
distribution
expenses (9,708) (12,199) (1,445) 0 9 (23,342) (141) (23,483)
Administrative
expenses (8,983) (14,347) (780) (4,855) 3,813 (25,151) (165) (25,316)
Research and
development
expenses (519) (6,127) 0 (713) 0 (7,360) 0 (7,360)
Other expenses (101) (1,290) (219) (11) 9 (1,612) (61) (1,673)
+
Depreciation,
amortization
and impairment 5,711 10,055 339 23 0 16,127 0 16,127
adjusted 17,897 30,296 4,948 (3,764) (94) 49,284 1,155 50,439
EBITDA
-
Depreciation,
amortization
and impairment (5,711) (10,055) (339) (23) 0 (16,127) 0 (16,127)
adjusted EBIT 12,187 20,241 4,610 (3,787) (94) 33,157 1,155 34,312
Financial
income 278 52 329
Financial
expenses (7,354) (70) (7,424)
Result from
associated
companies 54 0 54
Net finance
costs (7,022) (18) (7,041)
adjusted
Profit (Loss) 26,135 1,136 27,271
before tax
Special items (4,904) (1,352) (6,256)
Profit (Loss) 21,231 (216) 21,015
before tax
Income tax (4,238) 6 (4,231)
expense
Profit (Loss) 16,993 (210) 16,784
C. EARNINGS PER SHARE
Earnings per share (basic) 2024 2023
Profit (loss) attributable to owners of the Company in € thousand 18,965 15,812
Weighted average number of shares per 31.^Dezember 36,262,321 35,806,307
Earnings per share (basic) in € 0.52 0.44
Earnings per share (diluted) 2024 2023
Profit (loss) attributable to owners of the Company in € thousand 18,965 15,812
Weighted average number of shares per 31.^Dezember 38,827,916 37,399,901
Earnings per share (diluted) in € 0.49 0.42
Earnings per share for the financial year 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. Diluted earnings per share are calculated by adjusting the weighted average number
of ordinary outstanding shares to assume conversion of all potential dilutive ordinary shares.
The company has share options as potential dilutive ordinary shares amounting to 2,330,777
(maximum 6.08% of shares). Weighted average number of potential dilutive ordinary shares
amounts to 2,565,595.
Weighted-average number of ordinary shares
2024 2023
Issued ordinary shares at 1 January 36,353,868 16,862,067
Adjustment through issuance of bonus shares 0 18,176,934
Effects in the year through buyback of own shares (362,302) 0
Effects in the year 0 1,314,867
Total number of ordinary shares at 31^st December 35,991,566 36,353,868
Weighted-average number of ordinary shares at 31^st December 36,262,321 35,806,307
(3)^(1) Earnings per share for 1-12 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.
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31.03.2025 CET/CEST This Corporate News was distributed by EQS Group. www.eqs.com
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Language: English
Company: AUSTRIACARD HOLDINGS AG
Lamezanstraße 4-8
1230 Vienna
Austria
E-mail: marketing@austriacard.com
Internet: https://www.austriacard.com/
ISIN: AT0000A325L0
WKN: A3D5BK
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 2109452
End of News EQS News Service
2109452 31.03.2025 CET/CEST
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