AUBAY (EPA:AUB) - 2020 annual results: Exceptional resilience and strong increase in cash flow - Operating margin: 9.7% - Net income attributable to owners of the parent: EUR 26.1 million - Net cash: EUR 44.7 million

Directive transparence : information réglementée

24/03/2021 17:55
In € thousands 2020 2019 Change
Revenue 426,382 417,757 +2.1%
Operating profit from ordinary activities 41,215 42,801 -3.7%
As a % of revenue 9.7% 10.2%  
Cost of performance shares (1,112) (1,484)  
Other operating income and expenses (1,463) (1,464)  
Operating profit 38,640 39,853 -3.0%
Financial income/(expense) (419) (309)  
Tax (expense)/income (12,036) (13,135)  
Net income from consolidated companies 26,185 26,409 -0.9%
As a % of revenue 6.1% 6.3%  
Net income attributable to owners of the parent 26,132 26,409  
Earnings per share  €1.98  €2.0  
Headcount 6,562 6,503  


Aubay's Board of Directors, which met on March 24, 2021 under Chairman Christian Aubert, approved the statutory and consolidated statements for 2020. The financial statements have been audited by the Statutory Auditors. and the auditors' report will be issued once the procedures required to publish the company's Universal Registration Document have been completed.

Despite the unprecedented crisis, the Group demonstrated exceptional resilience in 2020, with an operating performance placing it among the frontrunners of the industry. This resilience is reflected in all the indicators, which have remained at a high level. Our teams were able to adapt quickly to new ways of working. The second half of the year was dynamic from a commercial perspective, accelerating a return to normal business conditions. There was a similar upturn in the recruitment process, following the slowdown observed at the start of the pandemic.


Operating margin from ordinary activities above projections

Operating margin was higher than estimated when the annual results were published in January, at 9.7%. It is once again perfectly in line with our profitability benchmark (between 9.5% to 10.5%). The Group's operating margin for the period came in at 9.3% for activities in France and 10.0% for activities overseas, compared with 11.3% and 9.1% in 2019, respectively.


Operating profit: €38.6 million

Operating profit came to €38.6 million, a contained decline of 3.0%, after taking into account the cost of performance shares of €1.1 million and “Other operating income and expenses” representing a net expense of €1.5 million, primarily comprising restructuring expenses.


Net income attributable to owners of the parent down to almost break-even (6.1% of net margin)

Net income attributable to owners of the parent remained high at €26.1 million, very close to the record figure achieved in 2019, after taking into account a tax expense of €12 million, which represents an effective tax rate of 31%, versus 33% in 2019.


Sharp increase in net cash (excluding rental liabilities): €44.7 million

Our financial position was considerably strengthened in 2020 thanks to a remarkable increase in cash flow from operations of €47.2 million, versus €34.9 million in 2019. The company has not requested any extension for paying its expenses, particularly with regard to tax or social security. Aubay's net cash therefore improved from €11.6 million at December 31, 2019 to €22.6 million at June 30, and then €44.7 million at end-2020.


Proposed dividend of €0.66 per share

In light of this remarkable performance and its excellent financial position, the Board of Directors has decided to propose a dividend of €0.66 per share in respect of 2020 to the Annual General Meeting, representing a payout ratio of around 33% of net income. An interim dividend of €0.33 was already paid in November 2020.


Outlook for 2021

Aubay operates on a dynamic market, that still offers good visibility. The health crisis has acted as a means to step up investment in digital transformation and in strengthening system resilience. In addition, major groups are constantly seeking to reduce costs related to modernizing their information systems by engaging the services of partners such as Aubay that have long since demonstrated their efficiency.

As a result, demand for our services has not weakened since the start of the year – quite the opposite. With our tailor-made services, the Group is continuing its development and gaining market share.

Our consultants' productivity rate is high at the start of the year and our hiring plan particularly robust. The headcount has been increasing at a slightly faster rate than anticipated, particularly in France.

This has boosted the confidence of Aubay's management for the current year and those to come.

The objectives for 2021 are:

  • Annual revenue of between €440 million and €450 million,
  • Operating margin from ordinary activities of between 9.5% and 10.5%.


Aubay will publish its 2021 first-quarter revenue on April 21, 2021 after the close of trading.





Organic revenue growth: This refers to growth calculated for a constant scope of activity for a given period, excluding revenues from companies that were acquired or sold during the period. As Aubay conducts most of its business in the euro zone, any impact from changes in exchange rates is minimal.

Organic growth -1.5%
Impact of changes in scope +3.6%
Growth as reported +2.1%


Operating profit from ordinary activities: this indicator corresponds to operating profit before the cost of free shares and other income and expenses that are unusual, abnormal or infrequent and that are booked separately in order to facilitate understanding of an entity's recurring operating performance.


Operating margin from ordinary activities: this indicator, which is expressed as a percentage, is the ratio of operating profit from ordinary activities to revenue.


Net debt or net cash (excluding rental liabilities): this indicator represents the difference between an entity's cash and debt. If the result is negative, it is referred to as net debt. If it is positive, it is referred to as net cash.


About Aubay


Aubay is a digital services company working alongside some of the biggest names in the Banking, Finance, Insurance, Manufacturing, Energy, Transport and Telecoms sectors. With 6,562 employees in 7 countries (France, Belgium, Luxembourg, Italy, Spain, Portugal and the United Kingdom), Aubay generated revenue of €426.4 million in 2020.

Euronext, Compartment: B - ISIN FR0000063737-AUB - Reuters AUBT.PA - Bloomberg AUB:FP



Nicolas Bouchez - Actus Finance - Tel.: +33 (0)1 53 67 36 74 - E-mail: nbouchez@actus.fr

David Fuks – Co-Chief Operating Officer – Finance Department – Tel.: +33 (0)1 46 10 67 67 – E-mail: dfuks@aubay.com






Statement of financial position at December 31, 2020    
ASSETS (in € thousands) Dec. 31, 2020 Dec. 31, 2019
Goodwill 131,305 131,412
Intangible assets 771 828
Property, plant & equipment 5,166 5,575
Right of use relating to leases 18,611 22,996
Equity-accounted investees   -
Other financial assets 2,263 2,661
Deferred tax assets 2,472 2,796
Other non-current assets 118 277
NON-CURRENT ASSETS 160,706 166,545
Inventories and work in progress 516 411
Assets on contracts 29,148 29,216
Trade receivables 105,432 115,097
Other receivables and accruals 33,496  37,209 
Marketable securities 579  1,056 
Cash at bank and in hand 51,883  23,411 
CURRENT ASSETS 221,054 206,400
TOTAL ASSETS 381,760 372,945
EQUITY AND LIABILITIES (in € thousands) Dec. 31, 2020 Dec. 31, 2019
Capital 6,604  6,597 
Additional paid-in capital and consolidated reserves 170,016  151,164 
Net income attributable to owners of the parent 26,132  26,409 
Shareholders' equity attributable to the Group 202,752 184,170
Minority interests 144  91 
SHAREHOLDERS' EQUITY 202,896 184,261
Borrowings and financial liabilities: non-current portion 3,913 5,697
Rental liabilities due in more than 1 year 13,756 17,823
Deferred tax liabilities 1 5
Provisions for contingencies and expenses 6,751 6,129
Other non-current liabilities 273 489
Borrowings and financial liabilities: current portion 3,907 7,124
Rental liabilities due within 1 year 5,240 5,435
Trade and other payables 30,572 30,576
Contract liabilities 18,319 14,722
Other current liabilities 96,132 100,684



Income statement for 2020        
In € thousands 2020 % 2019 %
Revenue 426,382 100% 417,757 100%
Other operating income 421    242   
Purchases used in production and external charges (86,216)    (76,535)   
Staff costs (287,855)    (288,213)   
Taxes other than on income (3,702)    (3,056)   
Amortization, depreciation and provisions (7,628)    (7,412)   
Change in inventories of work in progress and finished goods        
Other operating income and expenses (187)    18   
Operating profit from ordinary activities 41,215 9.7% 42,801 10.2%
Expenses linked to restricted share units and similar awards (1,112)    (1,484)   
Current operating profit 40,103 9.4% 41,317 9.9%
Other operating income and expenses (1,463)    (1,464)   
Operating profit 38,640 9.1% 39,853 9.5%
Income from cash and cash equivalents        
Net borrowing costs (588)    (725)   
Other financial income and expenses 169    416   
Financial income/(expense) (419)   (309)  
Income tax expense (12,036)  31% (13,135)  33%
Income from equity-accounted investees        
Net income before results of discontinued operations or assets held for sale 26,185   26,409  
Net income after tax of discontinued operations or assets held for sale        
Net income 26,185 6.1% 26,409 6.3%
Attributable to owners of the parent 26,132    26,409   
Minority interests 53     
Basic weighted average number of shares 13,192,494    13,180,717   
Earnings per share 1.98   2.00  
Diluted weighted average number of shares 13,244,994    13,272,217   
Diluted earnings per share* 1.97   1.99  



Cash flow statement for 2020    
 (in € thousands) 2020 2019
Consolidated net income (including non-controlling interests) 26,185 26,409
Income from equity-accounted investees   -
Net depreciation, amortization and provisions and right of use relating to leases 6,346  6,857 
Non-cash expenses and income relating to share-based payments 1,049  1,484 
Other non-cash items 212  -
Dividend income   (89) 
Gains and losses on disposals of fixed assets 998  24 
Cash flow after net interest expense and tax 34,790 34,685
Net borrowing costs 593  730 
Tax expense (including deferred taxes) 11,849  13,135 
Cash flow before net interest expense and tax (A) 47,232 48,550
Income tax payments (B) (9,651)  (15,382) 
Change in trade and other receivables (C) 8,541  (2,487) 
Change in trade and other payables (C) 1,121  4,180 
Change in WCR linked to operations (including debt related to employee benefits) 9,662 1,693
Net cash provided by (used in) operating activities (D) = (A+B+C) 47,243 34,861
Outflows for the acquisition of tangible and intangible fixed assets (1,023)  (1,938) 
Inflows from the disposal of tangible and intangible fixed assets  
Outflows for the acquisition of financial assets (7)  32 
Inflows from the disposal of financial assets   -
Change in loans and advances granted 356  (70) 
Disbursements (cash) related to business combinations, net of cash and cash equivalents   (6,768) 
Dividends received   89 
Other operating cash flows    
Net cash provided by (used in) investing activities (E) (674) (8,655)
Proceeds from capital increases    
Amounts received upon the exercise of stock options    
Purchases of treasury shares for cancellation    
Purchases of and proceeds from the sale of treasury shares    
Dividends paid in the period:    
 - Net dividends paid to parent company shareholders (7,916)  (8,703) 
 - Dividends paid to the non-controlling shareholders of consolidated companies    
Inflows from new borrowings 1,734   
Repayment of loan debt (6,631)  (6,722) 
Repayment of rental liabilities (5,048)  (5,316) 
Net interest payments (595)  (731) 
Purchase of non-controlling minority interests    
Other financial cash flows    
Net cash provided by (used in) financial activities (F) (18,456) (21,472)
Effects of changes in foreign exchange rates (G) (31) 25
Change in net cash (D+E+F+G) 28,082  4,759 
Cash and cash equivalents at the beginning of the period 24,131 19,372
Cash and cash equivalents at end of period 52,213 24,131

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