HiPay Group : 2017 H1 Revenue: €12M, + 28 % Transaction volume: €951M, + 58 %
2017 H1 Revenue: €12M, + 28 %
Transaction volume: €951M, + 58 %
Paris, France July 27, 2017, 7:45 a.m.: HiPay Group (ISIN code: FR0012821916 - HIPAY), a fintech company specialized in online payments, announces its revenue for the first semester of 2017.
|
Consolidated Revenue
In millions of euros | S1 2017 | S1 2016 | Var. % |
| First Semester | |||
| Payment | 11,6 | 9,1 | + 28 % |
| Micropayment [1] | 4,7 | 5,9 | - 20 % |
| TOTAL | 16,2 | 15,0 | + 9 % |
Commenting on the first 2017 semester results, Grégoire Bourdin, Chief Executive Officer at HiPay says: "HiPay is finalizing its transition to payment services following a complete carve-out of its telecom branch in order to divest the asset. This transaction will strengthen HiPay's strategic repositioning started 2 years ago. All resources will now be dedicated to the pursuit of our strategic objectives and innovation so we can provide added value to our clients."
PAYMENTS: A strong and cost-effective growth
With transaction volume increasing by 58%, to reach circa €1 billion in the first semester, HiPay has succeeded in both supporting existing clients in their growth momentum as well as developing the breadth of its client portfolio.
The financial situation remains strong with €6.7 million in net cash available at the end of June 2017, which will be further reinforced with the sale of its micropayment branch.
MICROPAYMENTS: A necessary divestment to execute our growth strategy
After years of positive contributions to overall activity, the micropayment branch is now in a difficult position, with a 20% revenue decline in the first semester. This decline is mainly due to existing business erosion which started in 2010 and has not been offset since. The €4.7 million revenue is no longer sufficient to cover its costs, resulting in a negative €0.3 million EBIT, i.e. a €2 million decrease compared to the first semester in 2016.
Consistent with previous communications on this matter, investors at the General Shareholders' meeting on July 28, 2017 will be asked to make a decision regarding the sale of the micropayment branch to Gibmedia, a subsidiary of BJ Invest, for €6 million euros on debt-free, cash-free basis, including a €3 million earnout based on the next three years' revenue.
Next financial communication: November 7, 2017 - 2017 Q3 Results
About HiPay
We're a global payment provider processing more than €2bn annually across 150 countries and 220 payment types. By harnessing data analytics, we help deliver valuable customer insights that enable our clients' businesses to succeed.
More information at hipay.com .
Find us on Twitter , LinkedIn and Google+
HiPay Group is listed on the Euronext Paris Compartment C (ISIN code: FR0012821916 - mnemo: HIPAY).
Press Contact
Laetitia Lamari
+33 (0)1 73 03 89 68
press@hipay.com
This press release does not constitute an offer to sell or a solicitation of an offer to buy HiPay Group shares. If you wish to obtain more information about HiPay Group, please refer to our website hipay.com, under the Investors heading. This press release may contain some forward-looking statements. Although HiPay Group considers that these statements are based on reasonable statements on the publication date of this release, they are by their very nature subject to risks and uncertainties that could cause the actual results to differ from those indicated or projected in these statements. HiPay Group operates in a continual ly changing environment and new risks could potentially emerge. HiPay Group assumes no obligation to update these forward-looking statements, whether to reflect new information, future events or other circumstances.
Consolidated income statements for S1 2017 and S1 2016
Continuing operations: Payment division
| in thousands of Euros | June 30th, 2017 | June 30th, 2016 Restated IFRS 5 | June 30th, 2016 published | ||
| Sales | 11 579 | 9 063 | 14 926 | ||
| Direct costs | - 5 287 | - 3 876 | - 4 912 | ||
| Payroll charges | - 4 142 | - 3 472 | - 5 132 | ||
| General expenses | - 3 373 | - 2 181 | - 2 829 | ||
| EBITDA (1) | - 1 223 | - 466 | 2 053 | ||
| Depreciation and amortization | - 885 | - 558 | - 1 350 | ||
| Current operating profit | - 2 108 | - 1 024 | 703 | ||
| Stock based compensation (2) | - 90 | - 58 | - 58 | ||
| Other non-current income and charges | - | - 622 | - 1 033 | ||
| Operating profit | - 2 198 | - 1 704 | - 388 | ||
| Other financial income and charges | 24 | - 136 | - 136 | ||
| Earning of the consolidated companies | - 2 174 | - 1 840 | - 524 | ||
| Share in the earnings of the companies treated on an equity basis | - | - | - | ||
| Earnings before tax of the consolidated companies | - 2 174 | - 1 840 | - 524 | ||
| Income Tax | - 184 | - 300 | - 439 | ||
| Net income of the consolidated companies | - 2 358 | - 2 140 | - 962 | ||
| Including minority interests | 30 | 5 | 5 | ||
| Including Group share | - 2 388 | - 2 145 | - 967 | ||
| Net income from discontinued operations | - 338 | 1 074 | - | ||
| Net income | - 2 696 | - 962 | - 962 | ||
| Including minority interests | 30 | 5 | 5 | ||
| Including Group share | - 2 726 | - 967 | - 967 | ||
| (1) Profit from recurring operations before depreciation, amortization and provisions | |||||
| (2) End of the 2015 plan | |||||
Consolidated balance sheets on June 31st, 2017 and December 31st, 2016
Continuing operations: Payment division
| ASSETS - in thousands of Euros | June 30th, 2017 | Dec 31st, 2016 published |
| Net Goodwill | 40 222 | 45 222 |
| Net intangible fixed assets | 4 369 | 6 955 |
| Net tangible fixed assets | 179 | 204 |
| Deferred tax assets | 1 455 | 1 492 |
| Other financial assets | 256 | 304 |
| Non-current assets | 46 482 | 54 178 |
| Receivables and other debtors | 47 | 12 413 |
| Other current assets | 47 156 | 35 381 |
| Cash and cash equivalents | 6 686 | 8 831 |
| Assets held for sale and discontinued operations | 22 889 | - |
| Current assets | 76 779 | 56 625 |
| TOTAL ASSETS | 123 261 | 110 803 |
| LIABILITIES - in thousands of Euros | June 30th, 2017 | Dec 31st, 2016 published |
| Share capital | 54 505 | 54 505 |
| Premiums on issue and on conveyance | 15 495 | 15 495 |
| Reserves and retained earnings | - 14 520 | - 12 699 |
| Consolidated net income (Group share) | - 2 388 | - 2 377 |
| Shareholders' equity (Group share) | 53 092 | 54 925 |
| Minority interests | 182 | 152 |
| Shareholders' equity | 53 274 | 55 076 |
| Non-current Provisions | 151 | 194 |
| Non-current liabilities | 151 | 194 |
| Suppliers and other creditors | 4 920 | 19 184 |
| Other current debts and liabilities | 45 230 | 36 348 |
| Non-current liabilities and groups of liabilities held for sale | 19 686 | - |
| Current liabilities | 69 836 | 55 533 |
| TOTAL LIABILITIES | 123 261 | 110 803 |
Consolidated cash flow statement for S1 2017, full-year 2016 and S1 2016
Continuing operations: Payment division
| in thousands of Euros | June 30th, 2017 IFRS 5 |
Dec 31st, 2016
published | June 30th, 2016 published |
| Net income | -2 358 | - 2 321 | - 962 |
| Adjustments for: | - | - | - |
| Depreciation of the fixed assets | 895 | 3 095 | 1 380 |
| Other non curent elements without impact on the cash | - | 1 167 | - |
| Financial income and charges | 4 | 77 | 84 |
| Net income on disposals of fixed assets | - 20 | - | - |
| Costs of payments based on shares | 90 | - 177 | 58 |
| Tax charge or proceeds | 184 | 1 665 | 439 |
| Operating profit before variation of the operating capital need and provisions | - 1 205 | 3 506 | 999 |
| Variation of the operating capital need | 498 | - 1 770 | - 680 |
| Cash flow resulting from operating activities | - 707 | 1 735 | 319 |
| Interest paid | - 4 | - 77 | - 84 |
| Tax on earnings paid | - 349 | - 520 | - 269 |
| Net Cash Flow Resulting From continuing Operating Activities | - 1 060 | 1 138 | - 35 |
| Net Cash Flow Resulting From operating activities of discontinued operations | 752 | - | - |
| Net Cash Flow Resulting From Operating Activities | - 308 | 1 138 | - 35 |
| Acquisition of a subsidiary, after deduction of cash acquired | - | - 360 | - |
| Acquisition of fixed assets | - 1 265 | - 3 810 | - 1 753 |
| Variation of financial assets | - | - 8 | - |
| Net Cash Flow Resulting From continuing investing Activities | - 1 265 | - 4 178 | - 1 753 |
| Net Cash Flow Resulting From operating investing of discontinued operations | - 431 | - | - |
| Net Cash Flow Resulting From Investing Activities | - 1 696 | - 4 178 | - 1 753 |
| Repurchase of own shares | 520 | 7 | 139 |
| Dividends paid to minority interests | - | - 68 | - |
| Net Cash Flow Resulting From continuing Financing Activities | 520 | - 61 | 139 |
| Net Cash Flow Resulting From operating Financing of discontinued operations | - | - | - |
| Net Cash Flow Resulting From Financing Activities | 520 | - 61 | 139 |
| Effect of exchange rates variation | - 1 | 3 | 5 |
| Net Variation Of Cash And Cash Equivalents from continuing Activities | - 1 805 | - 3 098 | - 1 645 |
| Net Variation Of Cash And Cash Equivalents from discontinued operations | 321 | - | - |
| Cash and cash equivalents on January 1st | 8 831 | 11 929 | 11 929 |
| Cash And Cash Equivalents At The End Of The Period | 7 347 | 8 831 | 10 284 |
[1] In compliance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations", S1 2017 micropayment activity results are presented on a separate line of the income statement.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: HiPay Group via GlobeNewswire
