VALTECH : 2015 half-yearly results: dynamic growth and strong increase in profitability

  • +29% growth in half-yearly turnover

  • 7.8% of adjusted EBITDA margin

Paris (France) 31st August 2015Valtech SE [Euronext Paris: FR0011505163 - LTE], first independent European agency in digital and technology marketing, published its audited results for the first half of fiscal year 2015, ending June 30, 2015. The Board of Directors met on August 27, 2015 to approve the interim financial statements. The limited review procedures on the interim financial statements have been carried out. The review report will be issued after finalization of the procedures required for the publication of the interim financial report.

On the occasion of the publication of the 2015 interim financial statements, Valtech announces that it is henceforth treating its historical IT services business in the United States as "available for sale". Thus, the 2015 interim financial statements are presented in accordance with the IFRS 5 standard (the contribution of this business is included in the non-current assets held for sale), and the turnover for the 1st half of 2015 differs from that published on July 16, 2015 (87.6 M€ against 93.5 M€ published). To enable a comparative reading from one year to another, the 2014 interim financial statements have been restated according to the same principle.

Group's key figures
H1 2015 H1 2014
Change Change at constant exchange rate and scope(2) H1 2014
Turnover 87.6 67.8 +29.2% +22.0% 75.1
Cost of sales (58.5) (45.2) +29.8% +22.0% (50.9)
Gross margin 29.1 22.6 +28.8% +22.1% 24.2
Commercial costs (5.2) (4.1) +27.4% +15.8% (4.5)
Administrative costs (19.1) (15.9) +21.5% +12.6% (17.3)
Adjusted EBITDA(3) 6.8 4.1 +65.9% +82.2% 4.0
Adjusted EBITDA margin 7.8% 6.0%     5.3%
EBITDA 5.7 3.3 +78.1% +72.8% 3.2
Amortizations and provisions (1.3) (1.4)     (1.7)
EBIT 4.4 1.8 +144.0% +359.0% 1.5
Result from discontinued business (0.5) (0.6)      
Net result 2.0 (0.5)     (0.4)
Net earnings per share 0.07 (0.02)     (0.02)
Employees (mean) 1,485 1,453     1,453

(1) The restatements correspond to the application, firstly of the IFRS 5 standard for assets available for sale, and secondly of the IFRIC 21 interpretation related to the calendar for recognition of tax liabilities.

(2) By including Neon Stingray, Australian company acquired since 1st August 2014.

(3) The adjusted EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) excludes the exceptional elements and the expenses of the REW plan.



  • A consolidated half-yearly turnover of € 87.6 million, up by +29.2%, of which +22.0% is at constant scope and exchange rates. Valtech has had a very dynamic first half of 2015, driven by the strong performance of Northern Europe, up by +25%, and especially North America, whose restated turnover jumped by +95%.
  • A gross margin of € 29.1 million, up by +28.8% (+22.1% at constant scope and exchange rates), representing a gross margin of 33.2%, versus 33.3% in H1 2014 restated. It should be noted that the sale of the IT services business in the US, with lower margins, automatically improved Valtech's gross margin, which stood at 32.2% in H1 2014 as published last year.
  • An adjusted EBITDA of € 6.8 million, up sharply by +65.9% (+82.2% at constant scope and exchange rates), thanks to the lower weight of the commercial and especially administrative costs, which rose at a slower pace than the income, especially in the United States. The adjusted EBITDA margin thus improved by a point to 7.8%, against 6.0% in the first half of 2014 restated (5.3% in H1 2014 published).
  • An EBIT which has more than doubled, from € 1.8 million in H1 2014 restated, to € 4.4 million in H1 2015, with restructuring charges and other expenses limited to 11 K€, reflecting the end of operations related to Valtech's transformation.
  • A positive net income-group share of € 2.0 million, which includes a negative income from discontinued operations of € (0.5) million and € (1.5) million of corporate tax.
  • On June 30th 2015 Valtech retained a large surplus cash position: € 59.5 million in equity, available cash of € 23.3 million and financial debts and bank overdrafts limited to € 2.0 million. These amounts do not include the disbursement related to the acquisition of the Canadian digital agency realized in early July 2015.



Sebastian Lombardo, Valtech's CEO, said:

« Valtech has had a very good first half of 2015, with extremely dynamic business growth of over 29%, and much higher growth in profitability of 66%, which allows extending the adjusted EBITDA to 7.8% of the interim turnover.

We need to particularly highlight the excellent performance of the United States, both in terms of growth rate but also in terms of profitability, with a largely positive adjusted EBITDA margin for the first time. Through the sale of the historical IT services business in the United States, we have completed Valtech's transformation in the zone and assert our position as a veritable pure-player in the first global market of digital marketing.

This good performance allows us to approach the second half with confidence and to fully confirm our financial objectives. For the full year, we set ourselves to achieve a revenue growth of over 13% and an adjusted EBITDA margin of between 7.5% and 8.0%, by integrating the agency w.illi .am/ from the 3rd quarter. »

The data presented for each region include the transactions with the other regions.

Northern Europe
The subsidiaries of Northern Europe have had an excellent first half, with sustained business growth of +25% and an increase of the adjusted EBITDA by 27%. The adjusted EBITDA margin stood at 12.5% in H1 2015 against 12.6% a year earlier.

Northern Europe - (M€) H1 2015 H1 2014
Change H1 2014 published
Turnover 56.8 45.3 +25.2% 45.3
Adjusted EBITDA 7.1 5.7 +27.0% 5.7
Adjusted EBITDA margin 12.5% 12.6%   12.6%
EBITDA 7.0 5.5 +28.2% 5.5
Employees (mean annual) 577 488   488

This zone includes Germany, Denmark, the UK, Sweden and Switzerland.

North America
Turnover in the North American region has been restated to take into account the assets available for sale under the IFRS 5 standard. It stood at € 13.8 million, almost double the restated turnover of H1 2014. The dynamism of digital marketing in the United States coupled with the finalization of Valtech's overseas transformation have yielded an adjusted EBITDA margin that is positive for the first time in this zone, 10.9%.

North America - (M€) H1 2015 H1 2014
Change S1 2014 published
Turnover 13.8 7.1 +94.9% 14.3
Adjusted EBITDA 1.5 (0.9)   (1.1)
Adjusted EBITDA margin 10.9% -9.6%   -7.6%
EBITDA 1.5 (1.1)   (1.3)
Employees (mean annual) 211 228   228

Southern Europe
Valtech has returned to growth in the 2nd quarter of 2015 in this area, resulting in a virtually stable half-yearly turnover despite a smaller workforce. The adjusted EBITDA is improving but remained negative at (1.1) M€ in H1 2015.

Southern Europe - (M€) H1 2015 H1 2014
Change H1 2014 published
Turnover 15.2 15.4 -0.8% 15.4
Adjusted EBITDA (1.1) (1.6)   (1.5)
Adjusted EBITDA margin -7.3% -9.6%   -9.6%
EBITDA (1.9) (1.6)   (1.5)
Employees (mean annual) 223 242   242

This zone includes France.

(1) The adjustments result from the application of IFRIC 21.

Turnover in the Asia-Pacific zone grew by 39.8% over the past six months, driven by the integration of the company Neon Stingray since 1st August 2014. At constant scope and exchange rates, business remained stable during the first half. The adjusted EBITDA showed a slight decline, impacted by the investments made over the recent months due to the group's intention to expand its business in Asia, including the opening of an office in Singapore by the end of 2014.

Asia - Pacific - (M€) H1 2015 H1 2014
Change H1 2014 published
Turnover 6.6 4.7 +39.8% 4.7
Adjusted EBITDA 0.0 1.1 -97.6% 1.1
Adjusted EBITDA margin 0.4% 22.6%   22.6%
EBITDA 0.3 1.1   1.1
Employees (mean annual) 474 495   495

This zone includes Australia, India and Singapore.

Intragroup eliminations
The intragroup turnover consists of the elimination of intragroup revenues. This revenue is eliminated in the consolidated statements.

Intragroup eliminations - (M€) H1 2015 H1 2014
H1 2014
Turnover (4.8) (4.7) (4.7)
Adjusted EBITDA (0.7) (0.2) (0.3)
EBITDA (1.2) (0.7) (0.7)



Group's key figures - (M€) H1 2015 H1 2014
H1 2014
Operating result 4.4 2.2 1.5
Amortizations and provisions (1.3) (1.5) (1.7)
EBITDA 5.7 3.7 3.2
Restructuring and exceptional (0.6) (0.3) (0.4)
REW plan expenses (0.5) (0.3) (0.3)
Adjusted EBITDA 6.8 4.1 4.0


  • Turnover of 3Q 2015 : Wednesday 21st October 2015

All publications will happen after the close of the Euronext markets.



Valtech [Euronext Paris: FR0011505163 - LTE] is a pioneering digital marketing agency in technologies with a presence in 11 countries (Germany, Australia, Canada, Denmark, USA, France, India, United Kingdom, Singapore, Sweden and Switzerland) with approximately 1,500 employees. As a ‘digital full service' player, Valtech knows how to bring value to its customers at all stages of a digital project: strategy consulting, design, graphic design, development and optimization of critical digital platforms for the company. With its proven commitment to innovation and agility, Valtech helps major brands to develop and grow their revenue through web technologies while optimizing time to market and return on investment (ROI).

Mr Sebastian Lombardo
ACTUS – Nicolas Bouchez
 +33 1 53 67 36 74

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