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ASK (Paragon ID) : Year end results 2016/17 - Confirmation of goals for 2021

Actusnews06/11/2017 à 18:00

Year end results 2016/17

  • Pro forma turnover of €111 M at constant exchange rates
    (€108 M at current exchange rates)

 

Confirmation of goals for 2021

  • €250 M Turnover
  • EBITDA in excess of 10%

 

Paragon ID (ASK - Euronext Paris - FR0011980077), the European leader for identification solutions, particularly for Transport & Smart Cities, e-ID, and Traceability & Brand Protection, has published its consolidated annual results for the financial year 2016/2017 ending 30th June 2017 and approved by the Board of Directors during their last meeting on the 26th of October. The audit procedures for the accounts have been carried out and the audit report relating to their certification has been issued by the Statutory Auditors.

Preliminary notes:

  • The scope of consolidation of ASK has been significantly modified following the acquisition of the Paragon Group Identification Division, completed on April 27th 2017. From the legal point of view, this transaction constitutes an acquisition by ASK of the Identification division's shares. From the point of view of the financial statements, in accordance with IFRS 3 "Business Combinations", this transaction is considered a "reverse acquisition" of ASK by Paragon. In this respect, the consolidated financial statements must present, for all periods prior to May 1st 2017 (effective date of the merger), the consolidated financial data of the Paragon Group Identification Division.
  • In addition, on December 21st 2016, ASK's general shareholders' meeting decided to move the financial year-end to align it with that of Paragon Group Ltd and in order to facilitate consolidation with the latter. The financial year beginning January 1st 2016 has therefore been extended to June 30th 2017, and accounts for a period of 18 months.

As a result of both points above, the 2016/17 consolidated financial statements, consist of:

  • An 18-month financial year (1st January 2016 - 30th June 2017) in line with legal requirements; the last financial year being 2015 and ending 31 December 2015. The financial results include 18 months of the Identification division and 2 months from the former ASK business (from 1st May 2017)
  • A 12-month financial year (1st July 2016 - 30th June 2017), with a 12-month financial year ending 30th June 2016, to provide comparative financial information (1st July 2015 - 30th June 2016).
In €Million - IFRS Standard- Audited Figures 2016/17
consolidated
18 mths(1)
2016/17
consolidated
12 mths(2)
2015/16
consolidated
12 mths(3)
Change
12 mths
Turnover 89.4 63.1 49.2 +28%
Underlying EBITDA(4)
Underlying EBITDA margin %
9.4
10.6%
6.2
9.8%
4.7
9.6%
+31%
 
Depreciation and Amortisation
Current Operating Income
Current Operating Margin %
(2.4)
7.0
7.9%
(1.8)
4.4
7.0%
(1.1)
3.6
7.4%
 
+22%
 
Other non-current income and expenses
Operating Income
(7.0)
(0.0)
(5.4)
(1.0)
(2.3)
1.3
 
n.a.
Finance charges (0.7) (0.5) (0.3) +55%
Taxation
Net Profit (Loss)
(0.9)
(1.7)
(0.6)
(2.1)
(0.4)
0.6
-40%
n.a.

(1) January 1st 2016 to June 30th 2017, 18 months of the Paragon Group Identification division and 2 months of the former ASK scope (May / June 2017)
(2) July 1st 2016 to June 30th 2017, 12 months of the Paragon Group Identification division and 2 months of the former ASK scope (May / June 2017)
(3) July 1st 2015 to June 30th 2016, 12 months of the Paragon Group Identification division exclusively
(4) Operating income before depreciation, amortization and non-recurring items

 

Julien Zuccarelli, CEO at Paragon ID1 (ASK), commented:

" With pro forma sales of €111 million at constant exchange rates in 2016/17, we achieved our goal as set out in May and set within the scope of the merger between the identification and traceability activities of Paragon Group and ASK.

The new company is currently implementing synergies at an operational level and we will start to see the first positive results soon. Our industrial reorganisation, announced early September, is underway and will strengthen our operational and R&D units. Our new organisation provides the foundation for industrial efficiencies which are essential to achieve profitable growth and improve our competitiveness. We will deliver gains in the order of €3 million for the full year through margin gains and savings on our fixed costs.

The 2017/18 financial year will be the first step in our strategic plan, which should lead us, by 2021, to a target of €250 million in revenue and a double digit EBITDA margin."

 

Main comments on year end results 2016/2017

At the end of the 2016/17 financial year (July 1st, 2016 - June 30th, 2017), Paragon ID1 (ASK) achieved a consolidated turnover, consisting of the 12 months of activities of the Identification & Traceability Division of Paragon Group Ltd. and two months of activities of ASK, of €63.1 million, an increase of 28%.

On a consolidated basis, the underlying EBITDA amounted to €6.2 million in 2016/17, up 31% compared to 2015/16. The underlying EBITDA margin thus stands at 9.8%, against 9.6% a year earlier.

After taking into account amortization and provisions, recurring operating income amounted to €4.4 million, up 22%, representing a current operating margin of 7.0%.

During the 2016/17 financial year, Paragon ID1 (ASK) recorded non-recurring expenses of €5.4 million. These non-recurring expenses consist mainly of (i) costs associated with the reorganisation plan for the industrial operations and the implementation of a social plan for €3.3 million (see press release dated September 7, 2017), (ii) management fees charged by Paragon Group Ltd. to its subsidiaries of €1.9 million, discontinued since the merger in accordance with the contribution agreement. After recording these non-current expenses, the operating result breaks even for the period.

Net loss amounted to €2.1 million in 2016/17, including financial income of € -0.5 million and income tax expense of €0.6 million.

 

Pro forma information 2016/17

On a pro forma basis, pro forma turnover amounted to € 108 million (€ 111 million at constant exchange rates.)

The reorganisation plan announced in early September, which is focused on the consolidation of Paragon ID1 (ASK)'s European manufacturing facilities (ASK) and the strengthening of its R&D expertise, aims to improve the company's industrial competitiveness by around € 3 million for the full year, in order to achieve the operational performance in line with its goals. It will be fully effective as of June 2018.

 

Balance sheet situation at June 30th, 2017 at the end of the 2016/17 financial year

As of June 30th 2017, the equity of Paragon ID1 (ASK) amounted to €34.3 million.

Financial debts amounted to €11.6 million, of which €8.3 million was from overdrafts and bank loans, €1.7 million for leasing debt relating to part of its production and finishing equipment and €0.8 million under conditional advance mechanisms and grants. Accounts receivable debt amounted to €11.9 million as of June 30th.

In addition, as per the terms of the merger, Paragon Group Ltd. (Main shareholder with 78.4% of the share capital of the company) subscribed to two bonds issued by Paragon ID1 (ASK) for a total amount of €20.0 million (€10 million in bonds convertible into shares and €10m non-convertible bonds).

Paragon ID1 (ASK) had available cash of €6.9 million as of June 30th 2017.

In €Million - IFRS Standard- Audited Figures 30/06/2017 30/06/2016   In €Million - IFRS Standard- Audited Figures 30/06/2017 30/06/2016
Non-current assets
of which Goodwill
74,8
59,8
4,8
0,0
  Equity 34,3 1,7
Current assets
of which Stocks
of which Customer receivables
48,8
14,0
23,7
24,1
5,1
13,8
  Financial debts
of which bank overdrafts
of which Bank loans
of which Leasing
11,6
4,1
4,2
1,7
4,2
2,1
1,8
0,4
Cash and cash equivalents 6,9 3,8   Borrowings from related parties 22,8 0,3
        Factoring debt 11,9 5,3
        Other debts
of which Supplier Debt
37,9
24,1
15,9
9,9
        Provisions 5,3 1,5
TOTAL 123,7 28,9   TOTAL 123,7 28,9

 

Goals

Following the merger, the objective in bringing the two entities together is to build a global leader for identification solutions, bringing solutions to the complex challenges for security and traceability faced by its worldwide customers, by relying on a unique technology platform and a global industrial base.

Geographically, Paragon ID1 (ASK) intends to accelerate its development in the coming years in its target areas: Continental Europe, the United Kingdom and the United States.

These ambitions will be realised through medium-term financial objectives, combining organic growth, including a double-digit growth for contactless activities (RFID tags, NFC), and external growth, based on the Paragon Group's proven track record in acquisitions and integrations. By 2021, the group has set itself the following objectives:

  • 250 M€ turnover;
  • in excess of 10%

 

Financial Diary 2017/18

Publication Date
Turnover 1st quarter 2017/18 23rd November 2017
Shareholders meeting 13th December 2018

These dates are given for information only, they are likely to be modified if necessary.
All publications take place after the closing of the Euronext markets.

 


About Paragon ID1
Paragon ID1 (ASK) has been created following the merger, at the end of April, between ASK and the Identification division of Paragon Group. Paragon ID1 (ASK) is a leader in identification solutions in the e-ID, transport & smart cities and traceability & brand protection sectors.
Paragon ID1 (ASK) is a leader in identification solutions, in particular in the e-ID, Transport & Smart Cities and Traceability & Brand Protection sectors. Using the latest technologies such as RFID and NFC, Paragon ID smart cards, tickets, labels and tags to worldwide clients in diverse markets including public transport, manufacturing, logistics, gaming and retail.
Paragon ID1 (ASK) employs more than 600 staff, with manufacturing sites close to its global customers.
ISIN code: FR0011980077 - Ticker: ASK - Number of issued shares: 58 286 819
More Information at ASK-Contactless.com


Contacts

Paragon ID1
CEO

Julien Zuccarelli
Tél.: +33 (0)4 97 21 48 56
ACTUS finance & communication
Investor relation

Mathieu Omnes
Tél. : +33 (0)1 53 67 36 92
momnes@actus.fr
ACTUS finance & communication
Press relation

Jean-Michel Marmillon
Tél. : +33 (0)1 53 67 36 73
jmmarmillon@actus.fr

 


1 The company ASK intends to change its name to Paragon ID. This new name will be put to the vote during the next shareholders' meeting.



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