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Solid Q2 growth momentum supports an expected robust H2 efficiency
Solid business tendencies confirmed
- Group income of €524 million in H1 2022, up 4.0% on a reported foundation and 0.7%1 organically vs. H1 2021. The Group continues to construct a stronger and extra resilient business mannequin with rising subscription-related income now reaching 70% of whole income in H1 2022 versus 67% in H1 2021.
- Revenue for Q2 2022 was up 5.4% on a reported foundation and up 2.0%1 on an natural foundation to €271 million at Group stage, confirming the constructive pattern expected after Q1.
At Major Operations stage:
- Intelligent Communication Automation income was up 4.7% organically in H1 with growth in subscription-related income continues to speed up with an 18.1% natural enhance in Q2 and a powerful Annual Recurring Revenue annualized natural growth at 28% (€173 million2 at finish of H1 2022)
- Mail-Related Solutions delivered natural growth in Q2 with a 1.2% enhance bringing the H1 efficiency to a outstanding -0.3% natural change regardless of the excessive comparability foundation in H1 2021.
- Parcel Locker Solutions returned to double digit natural growth in Q2 2022 at +15.8% as contract deployments fueled the growth and with the comparability foundation now not impacted by the big US retail deal because it was the case in Q1.
European product launches and inflation weighted on H1 profitability
- Current EBIT1F3 reached €65 million vs €70 million in H1 2021. The present inflation surroundings weighted on the Group’s profitability, because the Company elevated salaries to draw and retain skills and in addition tailored its advertising and marketing and journey bills to a normalized post-covid stage.
- Mail-Related Solutions delivered a excessive stage of profitability with a 44.8% Solution Profit Margin on account of dynamic pricing offsetting each provide chain and salaries will increase whereas Intelligent Communication Automation and Parcel Locker Solutions profitability have been impacted by European merchandise launches and go-to-market acceleration prices.
- Net attributable earnings got here in at €29 million for the interval.
- Free money flow2F4 was €13 million in H1 2022, reinforcing a strong liquidity place of €531 million3F5 as of 31 July 2022. The firm’s monetary place remained well beingy with its internet debt at €779 million and a leverage of 1.95x (EBITDA excluding leasing6) as of 31 July 2022 after the reimbursement of the ODIRNANE in June.
Strong H2 efficiency expected, FY 2022 steerage confirmed
- Expected natural growth in income is confirmed above 2%7 in comparison with FY 2021. After a primary quarter impacted by a excessive comparability foundation, the strong business efficiency achieved in Q2 confirms the enhancing pattern expected to materialize within the second half of the 12 months.
- Current EBIT3 natural growth confirmed at low to mid-single digit in comparison with FY 2021. A major enhance in profitability is expected in H2, to be pushed by the phasing of value will increase via the 12 months, the advance in profitability from a rising put in base for each Intelligent Communication Automation and Parcel Locker Solutions and the numerous contribution of the excessive profitability of Mail-Related Solutions.
Paris, 26 September 2022,
Quadient (Euronext Paris: QDT), a pacesetter in business options for significant buyer connections via digital and bodily channels, broadcasts at the moment its 2022 second-quarter consolidated gross sales and half-year outcomes (interval ended on 31 July 2022).
Geoffrey Godet, Chief Executive Officer of Quadient, said: “As evidenced by the top line growth achieved in the second quarter, we delivered solid business trends across all our solutions. In Intelligent Communication Automation, the accelerated growth in Annual Recurring Revenue together with the recent signature of our two largest cloud subscription deals further demonstrate the successful transition of our business model from on-premise software licenses to SaaS/Cloud solution, a success which is now also being well recognized by industry analysts. Moreover, revenue from parcel lockers went back to double-digit growth, and the growth achieved in Mail-Related business shows how Quadient is successfully managing its installed base, benefitting from the appeal of recently launched products.
In the current inflationary environment, we maintained a stable gross margin as we have been able to offset higher year-over-year impact of increased supply chain costs with positive impact from higher prices. Nevertheless, profitability, as expected, was lower in the first part of the year as we increased our spendings to launch our products into new regions capitalizing on strong cross-selling opportunities and developing new territories.
With over 70% of growing recurring revenue and more than 58% of our revenues in North America at the end of H1, Quadient is well equipped to face adverse macro conditions. In addition, taking into account our strong backlog across all three Solutions at the end of the period, we expect the positive business momentum to support higher growth in H2. Combining this growth with the full benefits from price indexation and increase in our already profitable installed bases, we are confident that profitability will significantly increase in the second part of the year. We are therefore confirming our full-year guidance.”
POSITIVE UNDERLYING TRENDS SUPPORTIVE OF ORGANIC GROWTH ACCELERATION
Group sales stood at €524 million in H1 2022, a 0.7% natural growth. On a reported foundation, Group gross sales went up 4.0% in comparison with H1 2021, together with a constructive forex influence of +6.1% and a adverse scope impact of -2.8%. In particulars, modifications of scope are associated to the acquisition of Beanworks in March 2021 and the divestment of Automated Packaging Systems in July 2021 in addition to the more moderen divestments of the Graphic business within the Nordics and the Shipping actions in France (each in June 2022).
Consolidated gross sales
| In € million | H1 2022 | H1 2021 | Change | Organic change(1) |
| Major Operations | 492 | 458 | +7.5% | +0.6% |
| Intelligent Communication Automation | 108 | 97 | +11.5% | +4.7% |
| Mail-Related Solutions | 342 | 320 | +6.9% | (0.3)% |
| Parcel Locker Solutions | 42 | 41 | +3.2% | (2.5)% |
| Additional Operations | 31 | 46 | (31.7)% | +1.7% |
| Group whole | 524 | 504 | +4.0% | +0.7% |
| In € million | H1 2022 | H1 2021 | Change | Organic change(1) |
| Major Operations | 492 | 458 | +7.5% | +0.6% |
| North America | 287 | 250 | +14.5% | +2.5% |
| Main European international locations(a) | 179 | 183 | (2.2)% | (3.0)% |
| International(b) | 27 | 25 | +8.7% | +7.7% |
| Additional Operations | 31 | 46 | (31.7)% | +1.7% |
| Group whole | 524 | 504 | +4.0% | +0.7% |
| (a) Including Austria, Benelux, France, Germany, Ireland, Italy, Switzerland, and the United Kingdom. (b) International contains the actions of Parcel Locker Solutions in Japan and of Intelligent Communication Automation exterior of North America and the Main European international locations. |
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Major Operations
Sales from Major Operations reached €492 million (94% of whole gross sales) in H1 2022, a 0.6% year-over-year natural growth and a 7.5% enhance on a reported foundation. Transition in the direction of an more and more subscription-based mannequin continues to materialize with subscription-related revenues up 2.9% on an natural foundation versus H1 2021 and now accounting for 71% of the Major Operations gross sales vs 69% in H1 2021.
Sales in North America (58% of Major Operations) have been up 2.5% organically to €287 million. This strong efficiency was pushed by natural growth from Mail Related Solutions with robust {hardware} gross sales within the interval and a double-digit natural enhance in revenues from Intelligent Communication Automation cloud-based options, supported by robust cross-sell and the deployment of just lately acquired SaaS fintech corporations (Beanworks and YayPay). The contribution from Parcel Locker Solutions suffered from a excessive comparability foundation with the completion of the roll-out of a giant retail contract in Q1 2021.
Main European international locations (36% of Major Operations) have been down 3.0% organically to €179 million, reflecting completely different tendencies with, on the one hand, a contained decline from Mail-Related Solutions and a comparatively muted efficiency at Intelligent Communication Automation. And, however, natural growth from Parcel Locker Solutions was very robust largely pushed by the on-going deployment of the just lately signed contracts within the area.
The International section (5% of Major Operations) delivered a strong natural gross sales growth (+7.7% to €27 million), pushed by the great dynamics of each Intelligent Communication Automation and Parcel Locker Solutions.
Intelligent Communication Automation
Sales from Intelligent Communication Automation have been up 4.7% organically, with double digit growth on a reported foundation, at €108 million. Driven by the rising demand for cloud-based options, Quadient signed its two largest subscription offers in North America (>€1 million/12 months every). Growth in subscription-related income continued to speed up with +18.1% natural growth in Q2 2022 after +15.7% in Q1 2022 and +9.2% in This fall 2021. Overall, subscription-related income went up 16.9% organically in H1 2022, now representing 74% of Intelligent Communication Automation gross sales in comparison with 66% in H1 2021 and 59% in FY 2020. Also illustrating the shift in income mannequin, the share of SaaS prospects reached 78% on the finish of H1 2022 and annual recurring income stood at €173 million on the finish of H1 2022, up from €145 million on the finish of 2021(2). The strong enhance in annual recurring income (+28% organically on an annualized foundation vs the top of final 12 months) ought to proceed to gas future subscription-related income growth.
Conversely, license gross sales went down 45.3% organically, due, on the one hand to a comparability foundation impact, with one giant deal (c.$4 million) booked within the second quarter of 2021 and, however, to the progress of the transition to SaaS mannequin. License gross sales now account for less than 7% of the Solution’s whole gross sales. Professional providers have been barely down organically (-1.5%) as a result of evolution in product combine and demanding comparability foundation.
The Solution revenue margin6F8 for Intelligent Communication Automation was down 8.2 factors year-over-year on an natural foundation to 7.3%. The profitability of the answer within the first half 2022 was primarily impacted by the excessive inflation weighing on personnel prices, a return to greater advertising and marketing bills post-Covid and extra prices linked to the launch of YayPay and Beanworks in chosen European international locations. In addition, the change of business mannequin additionally weighed on the profitability of the Solution whereas the big license deal signed in Q2 2021 created a demanding comparability foundation.
Accelerating income growth, rising profitability of the put in base in addition to phasing of the costs will increase ought to assist a big enchancment in profitability.
Mail-Related Solutions
Mail-Related Solutions gross sales stood at €342 million in H1 2022, up 6.9% on a reported foundation and nearly flat organically (-0.3%) in comparison with H1 2021 regardless of a comparatively excessive comparability foundation (+5.1% natural growth in H1 2021 vs H1 2020). This robust efficiency was pushed by the natural growth of North America’s subscription associated income and excessive single digit growth in license & {hardware} gross sales. Main European international locations proved resilient with restricted natural declines.
In addition, regardless of the excessive comparability foundation, the constructive momentum in {hardware} gross sales continued with a 3.8% natural growth in H1 2022 in comparison with H1 2021. The efficiency was notably robust in Q2 2022 with an 8.7% natural growth due to double digit natural growth in North America with additional penetration of effectively obtained new era of merchandise.
Meanwhile, Mail Related Solutions recorded a restricted 1.8% natural lower in subscription-related revenues (71% of Mail-Related Solutions gross sales). The resilience of each the put in base and subscription-related revenues stays robust, due to multi-year largely listed contracts.
The Solution Profit Margin8 for Mail-Related Solutions was remarkably secure on an natural foundation to 44.8% regardless of the difficult circumstances. The inflationary context and better year-on-year freight prices weighted on profitability however proactive and tight price management, advantages from remanufacturing in addition to a largely listed put in base led to this strong efficiency.
Parcel Locker Solutions
Parcel Locker Solutions gross sales stood at €42 million in H1 2022, a 2.5% natural lower in comparison with H1 2021 and a 3.2% enhance on a reported foundation.
Growth in {hardware} gross sales was impacted in Q1 2022 by the excessive comparability base linked to the ultimate part of the deployment of a giant North American retail contract in Q1 2021 whereas Q2 efficiency was now not impacted by this base impact and {hardware} gross sales went up 25.1% organically vs Q2 2021. These differentiated performances introduced the H1 2022 {hardware} decline to 19.8% in comparison with H1 2021.
Subscription-related revenues have been up 10.2% organically due to the continual on-going roll-out of current contracts, strong utilization price and the advantages from value will increase on the put in base. Subscription-related income now accounts for 61% of whole income.
In June 2022, Quadient introduced the roll-out of a giant open community of parcel lockers within the UK. The purpose is to have a community of 5,000 lockers put in within the coming years with a goal of 500 installations to be deployed by the top of 2022. Two main worldwide carriers DPD and DHL have already introduced that they may use the community for the supply of their volumes and a 3rd worldwide service has just lately joined the community. The Group expects this open community to proceed to draw extra carriers and retailers.
Quadient closed the semester with over 16,900 lockers put in globally, on monitor to ship the Company’s 2023 goal to succeed in 25,000 lockers due to a excessive stage of backlog and a strong pipeline of tasks which proceed to progress regardless of some tasks being delayed into 2023.
Solution revenue margin8 for Parcel Locker Solutions stood at -10.7% in H1 2022, a ten.5 factors year-over-year natural decline. On the one hand, this was as a result of important influence of the completion of the deployment of the big US retail contract in Q1 2021, in addition to the prices related to new product and European community launches. On the opposite hand, the upper year-on-year provide chain prices have been compensated by greater costs and the profitability of the put in base, which proceed to enhance at 28.4%.
Profitability is expected to extend in H2 2022 with no additional influence from provide and freight prices, rising profitability of the put in base and advantages from the phasing of value will increase.
Additional Operations
Revenue from Additional Operations stood at €31 million in H1 2022, up 1.7% year-over-year on an natural foundation however down 31.7% on a reported foundation. This decline is principally as a result of divestment of Automated Packing Systems in 2021 and the partial influence of the divestments from Graphics actions within the Nordic international locations and from the Shipping Solutions which each befell in June 2022, marking the completion of the divestment programme as a part of the portfolio reshaping initiated early 2019 with the launch of Back to Growth strategic plan. Additional Operations solely accounted for six% of whole gross sales in H1 2022.
Since June 2022, Additional Operations are solely comprising Mail-Related Solutions and Parcel Locker Solutions exterior of the Company’s major geographies, which signify income of round €50 million on an annual foundation (based mostly on FY 2021 figures, i.e. 4.9% of FY 2021 whole income).
Q2 2022 SALES
Consolidated gross sales stood at €271 million within the second quarter of 2022, up 5.4% on a reported foundation and a pair of.0% on an natural foundation in comparison with the second quarter of 2021. North America loved a strong 4.9% natural growth within the quarter, with growth from Parcel Locker Solutions benefiting from a powerful rebound after the excessive comparability foundation from the deployment of a giant retail contract within the area impacted the growth in Q1 and Mail-Related Solutions posting a constructive efficiency because it grew organically. International grew +5.6% organically whereas Main European Countries posted a contained 2.6% natural decline largely resulting from a decrease contribution from Mail-Related Solutions.
Major Operations gross sales stood at €256 million within the second quarter of 2022, up 2.0% organically in comparison with the second quarter of 2021. Intelligent Communication Automation gross sales have been down 0.5% organically to €55 million despite the fact that Subscription-related income proceed to extend solely partially offsetting the decline in license (excessive comparability foundation from the big license deal (c. $4 million) signed in Q2 2021). Mail-Related Solutions gross sales continued to point out robust resilience, reaching €177 million, up by 1.2% on an natural foundation. Parcel Locker Solutions gross sales stood at €23 million in second quarter of 2022, with a +15.8% natural growth in comparison with Q2 2021 due to the on-going deployment of current contracts in France and the UK and strong product placements.
Additional Operations gross sales stood at €15 million within the second quarter of 2022, down 41.0% on a reported foundation as a result of modifications in scope, however up 1.7% on an natural foundation.
REVIEW OF 2022 HALF-YEAR RESULTS
Simplified P&L
| In € million | H1 2022 | H1 2021 | Change |
| Sales | 524 | 504 | +4.0% |
| Gross revenue | 385 | 366 | |
| Gross margin | 73.5% | 72.7% | |
| EBITDA | 111 | 118 | (5.8)% |
| EBITDA margin | 21.3% | 23.5% | |
| Current working earnings earlier than acquisition-related bills | 65 | 70 | (7.1)% |
| Current working earnings margin (earlier than acquisitionassociated bills) | 12.5% | 14.0% | |
| Current working earnings | 61 | 65 | (6.3)% |
| Net attributable earnings | 29 | 45 | (35.6)% |
| Earnings per share | 0.75 | 1.19 | |
| Diluted earnings per share | 0.75 | 1.12 |
Current operating earnings82223
| H1 2022 | H1 2021 | |||||
| In € million | Major Operations |
Additional Operations | Group whole | Major Operations | Additional Operations | Group whole |
| Revenue | 492 | 31 | 524 | 458 | 46 | 504 |
| Current working earnings earlier than acquisition-related bills | 66 | (1) | 65 | 71 | (1) | 70 |
Gross margin stood at 73.5% in H1 2022 in comparison with 72.7% in H1 2021. A strong efficiency contemplating the upper year-over-year freight and provide prices. The gross margin benefited from greater exercise, greater costs, and a decent management over prices of gross sales.
Current working earnings earlier than acquisition-related bills stood at €65 million in H1 2022 in comparison with €70 million in H1 2021, down 17.0% on an natural foundation. Current working margin earlier than acquisition-related bills stood at 12.5% of gross sales in H1 2022 in comparison with 14.0% in H1 2021.
The decrease present profitability displays the influence from greater personnel prices, elevated R&D, and go-to-market spendings, in addition to investments into scaling the community of parcel lockers.
However, profitability is expected to step up in H2 2022 supported by the expected robust exercise stage, the rising profitability of the put in base, the complete advantages from latest value will increase in addition to the continual give attention to prices management.
Acquisition-related bills stood at €5 million in H1 2022, nearly secure in comparison with €6 million in H1 2021 as there have been no important charges associated to M&A. Consequently, current working earnings stood at €61 million in H1 2022, in comparison with €65 million in H1 2021.
Optimization prices and different working bills stood at €5 million in H1 2022, a a lot decrease quantity than in H1 2021, which stood at €12 million. As a reminder, H1 2021 was impacted by the divestment of the Drachten manufacturing unit within the Netherlands and the Automated Packaging System. As a consequence, operating earnings stood at €56 million in H1 2022, a slight enchancment on the €53 million recorded in H1 2021.
Net attributable earnings
H1 2022 internet price of debt was barely up year-on-year at €12 million with the rise being linked with the refinancing of the ODIRNANE via the emission of Schuldschein debt in November 2021 and the rise in rates of interest.
The forex positive factors & losses and different monetary objects have been a lack of €2 million in H1 2022. As a reminder, forex positive factors and different monetary objects in H1 2021 benefited from the rise within the truthful worth of the investments made by Quadient in skilled non-public fairness funds X’Ange 2 and Partech Entrepreneurs.
Overall, internet monetary consequence was a lack of €14 million in H1 2022 in comparison with a acquire of €3 million in H1 2021.
Income tax was €12 million in H1 2022 versus €10 million in H1 2021. This is principally resulting from an enhance within the tax cost within the United States on account of the US tax group being topic to the BEAT tax in 2022. Consequently, the company tax price stood at 28.8% in H1 2022 in comparison with 17.6% in H1 2021.
Net attributable earnings due to this fact amounted to €29 million in H1 2022 in comparison with €45 million in H1 2021.
Earnings per share9 stood at €0.75 in H1 2022 in comparison with €1.19 in H1 2021, whereas totally diluted earnings per share was €0.75 in H1 2022 (€1.12 in H1 2021).
Cash stream era
EBITDA9F10 stood at €111 million in H1 2022 in comparison with €118 million in H1 2021. EBITDA margin decreased from 23.5% in H1 2021 to 21.3% in H1 2022 impacted by the rise in go-to-market for the Group’s growth engines.
The change in working capital was adverse by €53 million in H1 2022 in comparison with a internet money outflow of €6 million in H1 2021. This is because of a better stage of inventories to mitigate potential provide chain disruptions in addition to a slower assortment of receivables in comparison with an distinctive assortment price in H1 2021 (catch-up impact after the 2020 Covid 12 months).
Lease receivables decreased by €18 million in H1 2022 in comparison with a lower of €32 million in H1 2021, due to a greater placement of {hardware} for Mail-Related Solutions decreasing the decline of the leasing portfolio.
The leasing portfolio and different financing providers elevated to €613 million as of 31 July 2022 in comparison with €595 million as of 31 January 2022 helped by a constructive forex influence. On an natural foundation, this represents a lower of three.0% in comparison with the top of FY 2021. At the top of H1 2022, the default price of the leasing portfolio stood at round 1.8% in comparison with 1.7% on the finish of the monetary 12 months 2021.
Interest and taxes paid decreased considerably to €15 million in H1 2022 versus €41 million in H1 2021. This variation in H1 2022 is generally defined by the reimbursement of the 2020 tax loss carry-back measures within the US, an distinctive measure that was applied in the course of the Covid-19 associated disaster.
Capital expenditure was barely up at €44 million in H1 2022 in comparison with €39 million in H1 2021. Development capex was as much as €19 million in H1 2022 (vs €16 million in H1 2021) specializing in R&D investments for software program developments. Rented gear capex was barely down year-over-year at €13 million in H1 2022, in comparison with €15 million in H1 2021, resulting from decrease Mail-Related Solutions placement in comparison with H1 2021, which benefited from a post-Covid rebound, and despite on-going deployment of Parcel Locker Solutions contracts in France and Japan. The enhance in upkeep capex was largely linked to one-off tasks, particularly greater capitalized accounting finance tasks in addition to IT gear spendings.
Cash stream after capital expenditure for the 12 months was all the way down to €13 million in H1 2022 in comparison with €54 million in H1 2021.
LEVERAGE AND LIQUIDITY POSITION
Net debt stood at €779 million as of 31 July 2022 up from €504 million as of 31 January 2022. Whilst the general monetary construction stays secure, this enhance in debt stage is as a result of reimbursement of the ODIRNANE instrument in June 2022 for €265 million. As a reminder, in keeping with IFRS, ODIRNANE bonds have been booked in fairness. This reimbursement was allowed due to the issuance in November 2021 of a €270 Schuldschein. The Group has no different important debt maturity earlier than its €325 million 2.25% bond maturing in 2025.
The leverage ratio (internet debt/EBITDA) remained virtually secure at 3.3x6 as at 31 July 2022 vs 3.1x10F6 as at 31 January 2022 (adjusted for the ODIRNANE). Excluding leasing and adjusting for the ODIRNANE within the calculation at 31 January 2022, the leverage ratio was additionally secure at 1.95x6 as of 31 July 2022 vs 1.9x6 on the finish of FY 2021 (31 January 2022).
As of 31 July 2022, the Group had a strong liquidity place of €531 million, cut up between €131 million in money and a €400 million undrawn credit score line, the latter maturing in 2024. In order to handle the working capital wants, Quadient issued €46 million NEUCP in July 2022.
Shareholders’ fairness stood at €1,132 million as of 31 July 2022 in comparison with €1,359 million as of 31 January 2022. The gearing ratio12F11 went as much as 68.4% from 37.1% as of 31 January 2022 as a result of mechanical influence from the ODIRNANE reimbursement (double influence from decrease equities and better debt).
OUTLOOK
Positive momentum for revenues and expected step up in profitability
- Fundamentals for the three options stay strong and natural growth in income is expected to speed up in H2 supported by:
i) the complete influence of the acceleration in ARR bookings in Intelligent Communication Automation recorded on the finish of H1,
ii) full advantages from latest value will increase throughout all actions,
iii) robust penetration of newly launched merchandise and excessive backlog for Mail-Related Solutions in addition to strong cross-selling and upselling dynamics at Intelligent Communication Automation and
iv) deployment of current contracts and supply of the excessive backlog for Parcel Locker Solutions.
2022 Guidance confirmed
- At Group stage, full-year 2022 natural gross sales growth is expected over 2%. Organic income growth pattern seen in Q2 vs Q1 is expected to speed up due to strong business fundamentals for all three options and regardless of the present difficult macro surroundings.
- Low to mid-single digit present EBIT3 natural growth112 can be confirmed with H2 expected to mark a big enchancment in profitability vs H1. The profitability of the put in base is expected to proceed to extend for each the SaaS exercise and parcel lockers, while Mail-Related revenue margin ought to stay excessive. Acceleration in income growth, advantages from elevated costs flowing via, give attention to steady prices optimization in addition to an simpler comparability foundation ought to all contribute to this expected enhance in present EBIT and an improved present EBIT margin in H2.
2023 steerage unchanged
- Both gross sales and present EBIT3 natural growth CAGR steerage over 2021-2023 are confirmed i.e., a minimal 3% natural gross sales growth CAGR and a minimal mid-single digit natural growth CAGR of present EBIT earlier than acquisition-related bills.
BUSINESS HIGHLIGHTS
Quadient and Decathlon Reaffirm Partnership on Parcel Lockers
On 3 May 2022, Quadient introduced that Decathlon, a number one international sporting items retailer, will equip dozens of extra shops with Quadient’s automated parcel lockers in 2022. Since the adoption of the primary Quadient locker options in 2015, Decathlon has outfitted 62 shops in France with the lockers. The success of the lockers, which has been examined and licensed by the retailer’s groups, motivated the sports activities model to increase its partnership with Quadient. New shopper consumption patterns and rising demand for extra handy supply options, accelerated by the worldwide pandemic, led Decathlon to refine its omnichannel technique by growing the pick-up choices for its “click & collect” affords.
Quadient Launches Automated Accounts Receivable Solution YayPay in France
On 10 May 2022, Quadient introduced the launch in France of YayPay by Quadient, a cloud-based clever accounts receivable (AR) resolution that automates your complete AR course of from credit score to money software. The YayPay growth comes on the heels of the launch earlier this 12 months of Quadient’s accounts payable (AP) automation resolution, Beanworks, in France and the United Kingdom, in addition to final month’s launch of Impress Distribute, its cloud-based omnichannel doc distribution resolution, in Germany. Powered by synthetic intelligence and machine studying, YayPay’s predictive analytics engine offers insights on payer habits and their influence on money stream, with the usage of dynamic dashboards and course of automation that assist to scale back excellent receivables and day gross sales excellent (DSO) for corporations.
Quadient Named a Leader in IDC MarketScape for Cloud Customer Communications Management
On 2 June 2022, Quadient introduced that Quadient was named a pacesetter within the IDC MarketScape: Worldwide Cloud Customer Communications Management Applications 2022 Vendor Assessment – Dynamic Delivery of Multi-channel Personalized Experiences (doc #US48167722, May 2022). The report offers particulars to evaluate suppliers of buyer communication administration (CCM) options, together with Quadient Inspire and Quadient Impress. According to the IDC MarketScape report, enterprises that search omni-channel buyer experiences via the lens of a buyer journey ought to contemplate Quadient. The IDC MarketScape listed buyer expertise technique, efficiency and scale and implementation expertise as strengths of Quadient.
Quadient Reaches Milestone of 12,000 Global Customers for Cloud Software Solutions
On 14 June 2022, Quadient confirms that the variety of prospects of its cloud software program business has surpassed the 12,000 mark globally, with a internet enhance of about 450 within the first interval of 2022. The growth in Quadient’s Intelligent Communication Automation (ICA) software program business was fueled by current prospects of Quadient’s mail gear, who turned to the corporate’s cloud software program options for digital transformation. Additional growth was pushed by the deployment in France and the UK of Quadient’s just lately acquired accounts payable automation software program resolution, Beanworks.
Quadient broadcasts the sale of its Graphics actions within the Nordic international locations to Ricoh
On 16 June 2022, Quadient introduced the completion of the transaction for the divestment of its Graphics actions within the Nordic international locations to the print firm, Ricoh. As a part of its ‘Back to Growth’ technique, Quadient stays totally dedicated to speed up the growth of its strategic software program and parcel locker options, pushed respectively by the acceleration of business processes digitalization and the growth of e-commerce. As a consequence, Quadient has been reshaping its portfolio by divesting non-core actions inside its Additional Operations. Quadient’s Graphics business within the Nordic international locations primarily consists within the distribution of printing and print ending business options in Sweden, Norway, Denmark, and Finland.
Quadient rejoins the Euronext SBF 120 index
On 20 June 2022, Quadient introduced that it has re-entered the Euronext SBF 120 and CAC Mid-60 indices in accordance with the choice taken by the Euronext Index Steering Committee. The integration befell on 17 June 2022 after market shut and is efficient from Monday 20 June 2022.
Quadient Announces Roll-out of a Large Parcel Locker Network Available to Carriers and Retailers Across the UK
On 24 June 2022, Quadient introduced it’s going to set up carrier-agnostic parcel lockers at giant scale within the UK. Over 500 parcel lockers this 12 months, and 5,000 within the coming years, can be made out there to all UK carriers and retailers to supply handy parcel pickup and drop-off places and an distinctive procuring expertise to their prospects, with a versatile selection of pickup occasions and places. Quadient groups have ensured technical integration with the techniques of key carriers within the UK and have secured lots of of prime places for locker items to shortly scale. Quadient’s ambition is to ascertain a dense, giant and scalable community to consolidate first and final mile deliveries, particularly in city areas the place there’s medium to excessive supply density. Having available open entry to a big parcel supply community alleviates the mounting strain skilled by carriers and retailers to scale to growing demand and parcel volumes.
Quadient broadcasts completion of divestment collection with the sale of its Shipping exercise
On 30 June 2022, Quadient introduced the sale of its Shipping options business. This exercise, reported underneath the Additional Operations section, features a full logistics and transport administration resolution, in addition to the manufacturing, administration, and distribution of RFID techniques for asset monitoring. The sale covers property, industrial processes, and actions of the Shipping business, and is finished via a administration buyout (MBO). The income from the divested actions amounted to c. €5 million in 2021. Upon completion of this sale, forty Quadient staff can be transferred to the brand new entity.
Quadient Named a Leader in Journey Mapping by Independent Research Firm
On 6 July 2022, Quadient introduced that the corporate has been named a Leader in The Forrester Wave™: Journey Mapping Platforms, Q2 2022. Forrester Wave stories present an overview of the highest suppliers in a market house with evaluation of their present choices and techniques. Forrester, an worldwide analysis, and advisory agency, included 12 distributors in its journey mapping platforms evaluation, with Quadient named as certainly one of solely three Leaders. Providers have been evaluated towards 25 standards grouped into three classes: present providing, technique, and market presence.
Acceleration of Quadient’s UK sensible locker community adoption
On 22 July 2022, Quadient introduced the primary contracts signed with worldwide carriers to make use of its new sensible parcel locker community within the UK. Since the announcement finish of June of the roll out of the big community of Parcel Pending by Quadient sensible lockers out there to all carriers and retailers within the UK, international parcel supply professional DPD UK confirmed it was the primary main associate committing to make the most of Quadient’s community so as to add extra selection and comfort for its prospects with parcel locker supply. Quadient’s ambition is to implement the answer at 500 places by the top of 2022, and 5,000 places within the coming years. With the technical integration with DPD UK full, DPD prospects will begin utilizing Parcel Pending by Quadient sensible lockers within the UK this month.
Following on from this primary partnership, a second giant worldwide service has additionally dedicated to entry Quadient’s Parcel Pending locker community. The signing of an extra service reinforces the strategic significance and attractiveness of a sensible locker community for the automation of last-mile supply on the planet’s third largest e-commerce market. Quadient expects to announce extra partnerships with carriers, in addition to retailers, within the coming months.
Quadient Named as a Leader within the Aspire CCM-CXM Leaderboard for the Fifth Consecutive Year
On 26 July 2022, Quadient introduced that it has been positioned as a Leader within the 2022 Aspire Leaderboard™ of buyer communications administration (CCM) and buyer expertise administration (CXM) distributors. This is the fifth consecutive 12 months Quadient has earned the excellence. Aspire, a number one worldwide consulting agency specializing in CCM and CXM industries, options 5 interactive grids in its 2022 Leaderboard, inserting distributors into classes to assist determine one of the best resolution to fulfill an group’s present and future wants. Quadient is acknowledged as a Leader on each the AnyPrem CCM Software, and Vendor Hosted SaaS CCM grids, in addition to a Leader within the grid for Communications Experience Platform (CXP).
POST-CLOSING EVENTS
Quadient within the Top 10 of the Truffle 100 Ranking of French Software Companies for the Fifth Year in a Row
On 4 August 2022, Quadient introduced it has positioned tenth within the Truffle Top 100, a rating of French software program corporations. The newest rating marks the fifth consecutive 12 months Quadient has positioned within the prime 10 of the Truffle 100, which is compiled by Truffle Capital and teknowlogy group|CXP-PAC. The rating relies on the software program income submitted by every taking part firm.
Quadient amongst Finalists for Reuters Events thirteenth Annual Responsible Business Awards
On 7 September 2022, Quadient introduced the corporate has been named a finalist for the Reuters Events thirteenth Annual Responsible Business Awards, within the Diversity, Equity & Inclusion class.
The Responsible Business Awards acknowledge and rejoice leaders in sustainable companies which might be positively impacting society, business and the surroundings. The award program serves as a benchmark for corporations from throughout the globe seeking to showcase management towards worldwide friends.
Quadient Introduces the DS-700 iQ Next-generation, Flexible and Scalable Folder Inserter Solution
On 15 September 2022, Quadient introduced the worldwide launch of the DS-700 iQ, Quadient’s latest modular, versatile and scalable folder inserter resolution. The DS-700 iQ is supplied with greater than 30 enhancements designed to handle the evolving workflow calls for of at the moment’s high-volume mailing environments.
DHL Parcel UK broadcasts partnership with Quadient to supply sensible locker supply
On 21 September 2022, Quadient introduced that DHL Parcel UK is becoming a member of its rising parcel locker community within the United Kingdom. DHL Parcel UK shared the announcement beneath:
DHL Parcel UK at the moment introduced a brand new partnership with Quadient to supply sensible lockers parcel pick-up all through the UK. The contactless, safe locker stations will give recipients extra selection and suppleness to obtain their parcels at a time and placement that fits them.
The deployment is underway to have 500 working locker stations throughout the UK by the top of 2022, with plans for an additional 5,000 within the coming years. Most installations can be out of doors amenities accessible 24 hours a day. [..]
To know extra about Quadient’s newsflow, earlier press releases can be found on our web site on the following tackle: https://invest.quadient.com/en-US/press-releases.
CONFERENCE CALL & WEBCAST
Quadient will host a convention name and webcast at the moment at 6:00 pm Paris time (5:00 pm London time).
To be part of the webcast, click on on the next hyperlink: Webcast.
To be part of the convention name, please use one of many following cellphone numbers:
▪ France: +33 (0) 1 70 37 71 66;
▪ United States: +1 212 999 6659;
▪ United Kingdom (customary worldwide): +44 (0) 33 0551 0200.
Password: Quadient
A replay of the webcast may also be out there on Quadient’s Investor Relations web site for 12 months.
CALENDAR
- 5 December 2022: Q3 2022 gross sales launch (after shut of buying and selling on the Euronext Paris regulated market).
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About Quadient®
Quadient is the driving drive behind the world’s most significant buyer experiences. By specializing in three key resolution areas, Intelligent Communication Automation, Parcel Locker Solutions and Mail-Related Solutions, Quadient helps simplify the connection between individuals and what issues. Quadient supports lots of of hundreds of shoppers worldwide of their quest to create related, customized connections and obtain buyer expertise excellence. Quadient is listed in compartment B of Euronext Paris (QDT) and is a part of the SBF 120®, CAC® Mid 60 and EnterNext® Tech 40 indices.
For extra details about Quadient, go to https://invest.quadient.com/
Contacts
Appendices
Change in Q2 2022 gross sales
| In € million | Q2 2022 | Q2 2021 | Change | Organic change(1) |
| Major Operations | 256 | 232 | +10.4% | +2.0% |
| Intelligent Communication Automation | 55 | 52 | +6.2% | (0.5)% |
| Mail-Related Solutions | 177 | 161 | +10.2% | +1.2% |
| Parcel Locker Solutions | 23 | 19 | +24.5% | +15.8% |
| Additional Operations | 15 | 26 | (41.0)% | +1.7% |
| Group whole | 271 | 257 | +5.4% | +2.0% |
| In € million | Q2 2022 | Q2 2021 | Change | Organic change(1) |
| Major Operations | 256 | 232 | +10.4% | +2.0% |
| North America | 152 | 127 | +19.9% | +4.9% |
| Main European international locations(a) | 90 | 92 | (2.0)% | (2.6)% |
| International(b) | 14 | 13 | +6.4% | +5.6% |
| Additional Operations | 15 | 26 | (41.0)% | +1.7% |
| Group whole | 271 | 257 | +5.4% | +2.0% |
| (a) Including Austria, Benelux, France, Germany, Ireland, Italy, Switzerland and the United Kingdom. (b) International contains the actions of Parcel Locker Solutions in Japan and of Customer Experience Management exterior of North America and the Main European international locations. |
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HALF-YEAR 2022
Consolidated earnings assertion
|
In € million |
H1 2022 (interval ended on 31 July 2022) |
H1 2021 (interval ended on 31 July 2021) |
| Sales | 524 | 504 |
| Cost of gross sales | (139) | (137) |
| Gross margin | 385 | 366 |
| R&D bills | (28) | (27) |
| Sales bills | (146) | (128) |
| Administrative and normal bills | (92) | (91) |
| Maintenance and different bills | (53) | (51) |
| Employee profit-sharing and share-based funds | (1) | 0 |
| Current working earnings earlier than acquisition-related bills | 65 | 70 |
| Acquisition-related bills | (5) | (6) |
| Current working earnings | 61 | 65 |
| Optimization bills and different working earnings & bills | (5) | (12) |
| Operating earnings | 56 | 53 |
| Financial earnings/(expense) | (14) | 3 |
| Income earlier than taxes | 42 | 55 |
| Income taxes | (12) | (10) |
| Share of outcomes of related corporations | 0 | 0 |
| Net earnings | 30 | 46 |
| Minority pursuits | 1 | 1 |
| Net attributable earnings | 29 | 45 |
Simplified consolidated stability sheet
| Assets In € million |
31 July 2022 | 31 January 2022 | 31 July 2021 |
| Goodwill | 1,158 | 1,120 | 1,106 |
| Intangible fastened property | 142 | 138 | 120 |
| Tangible fastened property | 171 | 186 | 188 |
| Other non-current monetary property | 92 | 99 | 90 |
| Leasing receivables | 613 | 595 | 575 |
| Other non-current receivables | 6 | 6 | 4 |
| Deferred tax property | 23 | 20 | 20 |
| Inventories | 84 | 73 | 65 |
| Receivables | 205 | 227 | 182 |
| Other present property | 97 | 95 | 108 |
| Cash and money equivalents | 131 | 487 | 322 |
| TOTAL ASSETS | 2,722 | 3,046 | 2,780 |
| Liabilities In € million |
31 July 2022 | 31 January 2022 | 31 July 2021 |
| Shareholders’ fairness | 1,132 | 1,359 | 1,280 |
| Non-current provisions | 19 | 19 | 26 |
| Non-current monetary debt | 734 | 869 | 687 |
| Current monetary debt | 120 | 57 | 94 |
| Lease obligations | 57 | 65 | 66 |
| Other non-current liabilities | 2 | 2 | 1 |
| Deferred tax liabilities | 168 | 158 | 146 |
| Financial devices | 9 | 3 | 4 |
| Trade payables | 69 | 80 | 65 |
| Deferred earnings | 178 | 193 | 163 |
| Other present liabilities | 234 | 241 | 248 |
| TOTAL LIABILITIES | 2,722 | 3,046 | 2,780 |
Simplified money stream assertion
|
In €tens of millions |
H1 2022 (interval ended on 31 July 2022) |
H1 2021 (interval ended on 31 July 2021) |
| EBITDA | 111 | 118 |
| Other components | (5) | (11) |
| Cash stream earlier than internet price of debt and earnings tax | 107 | 107 |
| Change within the working capital requirement | (53) | (6) |
| Net change in leasing receivables | 18 | 32 |
| Cash stream from working actions | 72 | 133 |
| Interest and tax paid | (15) | (41) |
| Net money stream from working actions | 57 | 92 |
| Capital expenditure | (44) | (39) |
| Net money stream after investing actions | 13 | 53 |
| Impact of modifications in scope | 2 | (72) |
| Others | 0 | 6 |
| Net money stream after acquisitions and disposals | 15 | (13) |
| Share buyback | 1 | (2) |
| Dividends paid | (2) | – |
| Change in debt and others | (401) | (178) |
| Net money stream from financing actions | (402) | (180) |
| Cumulative translation changes on money | (14) | 1 |
| Change in internet money place | (401) | (192) |
1 H1 2022 gross sales are in comparison with H1 2021 gross sales at constant alternate charges (€31 million constructive forex influence over the interval) to which is added, prorata temporis, income from Beanworks and to which is deducted, prorata temporis, income from automated packaging actions, Graphic business within the Nordics and the Shipping actions in France, accounting for a consolidated quantity of €–14 million in H1 2022.
Q2 2022 gross sales are in comparison with Q2 2021 gross sales at fixed alternate charges (€19 million constructive forex influence over the interval), to which is deducted, prorata temporis, income from automated packaging actions, Graphic business within the Nordics and the Shipping actions in France, for a consolidated quantity of €–11 million in Q2 2022.
2 H1 2022 ARR benefited from a €7.6m constructive foreign exchange influence vs This fall 2021.
3 Current working earnings earlier than acquisition-related bills.
4 Cash stream after capital expenditure.
5 €131 million of money and €400 million of undrawn credit score line, the latter maturing in 2024.
6 Including IFRS 16.
7 Compared to FY 2021 gross sales at fixed alternate charges to which is added, prorata temporis, income from Beanworks and to which is deducted, prorata temporis, income from automated packaging actions, Graphic business within the Nordics and the Shipping actions in France, accounting for a consolidated quantity of €–21 million in H1 2022.
8 In order to monitor the monetary efficiency of its three Major Solutions in a constant and comparable method, Quadient has launched a brand new profitability metric per resolution referred to as resolution revenue margin. These resolution revenue margins are calculated as revenues minus price of products bought in addition to all gross sales, providers, advertising and marketing, product and R&D bills.
9 The common compounded variety of shares is 33,853,326, and the totally diluted variety of shares is 34,218,626
10 EBITDA = present working earnings + provisions for depreciation of tangible and intangible fastened property.
11 Net debt / shareholders’ fairness
12 On the premise of 2020 present working earnings earlier than acquisition-related bills excluding Parcel Pending’s earn-out reversal i.e., €145 million, with a scope impact leading to a €140 million proforma.
