AUSTRIACARD HOLDINGS AG ANNOUNCES FY 2023 RESULTS
EQS-News: AUSTRIACARD HOLDINGS AG / Key word(s): Annual Results/Annual Results
AUSTRIACARD HOLDINGS AG ANNOUNCES FY 2023 RESULTS
21.03.2024 / 18:58 CET/CEST
The issuer is solely responsible for the content of this announcement.*March 21**^st**, 2024: AUSTRIACARD HOLDINGS AG (ACAG) posts another year with very strong revenue and profitability growth.*
* *
· *Group Adj. Revenues* during FY 2023 increased by 13.2% reaching €** **351.3m. Excluding the effect of the one-off Kenyan elections project in 2022, comparable revenues increased by 23.0%, or €** **65.8m.*
· *Growth driven by strong performance in Secure Chip & Payments, Digital Transformation Solutions in Central Eastern Europe, consolidation of Romanian postal activities.*
· *FY 2023 Group Adj. EBITDA grew by 27.2% and reached € 49.3m, with a margin of 14.0% compared to 12.5% in FY 2022. Excluding Kenya, Adj. EBITDA grew by 50.6%.*
· *Net Income for the period increased by 220.9% to € 17.0m, with a margin of 4.8% compared to 1.7% in FY 2022, due to strong operating performance and significantly less adjustments. *
· *Dividend of €0.10 per share to be proposed to the AGM.*
* *
**Excluding the effect of IAS29 (Hyperinflation accounting)** **with respect to the Türkiye-based operations. Reported IFRS FY 2023 Group Revenues were € 364.6mn.*
* *
*CEO COMMENTARY *
*AUSTRIACARD HOLDINGS AG Group-CEO, Manolis Kontos, noted:*
* “2023 was a remarkable, transformational year for AUSTRIACARD. In March, through a merger with our already listed sub INFORM in Greece our shares were listed in both the Vienna and Athens exchanges, enabling investors to participate in the successful course of the whole Group. In the middle of the year we proceeded with the reorganization of our businesses along geographic clusters, facilitating faster expansion in new markets, enhancing at the same time cross selling and customer service. In December we also completed our refinancing at Group level, securing significant financial flexibility to pursue our growth objectives.*
*We posted one more year of strong growth in both revenues and profitability. Group Adj. Revenues grew by 13.2%,** **Adj. EBITDA by 27.2% and Net Income by 220.9%. If we exclude the Kenyan elections project effect from 2022 results, the respective increases are 23.0% in Adj. Revenues and 50.6% in Adj. EBITDA.*
*Performance was very strong in Central Eastern Europe & DACH, where Adj. Revenues grew by 35.2% reaching €224.6mn and Adj. EBITDA by 166.8% reaching €30.3mn, driven by Secure Chip & Payment, Digital Transformation Solutions and consolidation of Romanian postal operations. In Western Europe, Nordics & Americas, Adj. Revenues were flat at €116.0mn with Adj. EBITDA at €17.9mn, affected mainly by the US regional bank turmoil in H2 2023.** **The US market remains a priority for the Group and we anticipate strong contribution in the years to come. In the Türkiye, Middle East & Africa segment, Adj. Revenues declined by 3.0% to €53.7mn and Adj. EBITDA reached €4.9mn, due to the Kenyan elections comparable. Ex. Kenya, the segment’s Adj. Revenues grew by 76.0% and Adj. EBITDA by 68.1%. The performance in Türkiye reflects the ability of the Group in bringing results in the markets we focus to grow our market share.** **(All segment figures are displayed pre intragroup eliminations).*
*AUSTRIACARD just completed one year as a listed company and to reward our shareholders we plan to propose to the AGM the distribution of a €0.10 per share dividend.** *
*Finally, on behalf of the Board I want to extend our warmest wishes to Panagiotis Spyropoulos, our departing Group CEO. Panagiotis has been instrumental, during the 13 years that he was at the helm, in expanding AUSTRIACARD across all axes, geographic reach, size and profitability. We thank him for his hard work, talent, loyalty and determination.” *
*1-12 2023 BUSINESS PERFORMANCE*
The following analysis is based on the business performance as monitored by Group management excluding effects of IAS 29 Hyperinflation accounting. The reported IFRS FY2023 Results of the Group can be found in the corporate website https://www.austriacard.com/investor-relations-ac/financial-reporting-ac/.
*Key performance indicators*
in € million *1-12 2023* *1-12 2022* *D '23-'22* *D '23-'22 %*
Revenue 351.3 310.3 40.9 13.2%
Gross profit I 158.8 138.0 20.7 15.0%
Gross profit I margin 45.2% 44.5% 0.7% n/a
Gross profit II 86.8 74.4 12.3 16.6%
Gross profit II margin 24.7% 24.0% 0.7% n/a
OPEX excluding depreciation and impairment (111.7) (98.5) (13.2) 13.4%
OPEX excluding depreciation and impairment as % on sales -31.8% -31.7% -0.1% n/a
adjusted EBITDA 49.3 38.7 10.6 27.2%
adjusted EBITDA margin 14.03% 12.48% 1.55% n/a
adjusted EBIT 33.2 24.3 8.8 36.3%
adjusted EBIT margin 9.4% 7.8% 1.6% n/a
adjusted Profit before tax 26.1 20.1 6.0 29.9%
adjusted Profit before tax margin 7.4% 6.5% 1.0% n/a
adjusted Profit after tax 21.9 16.7 5.2 31.3%
adjusted Profit after tax margin 6.2% 5.4% 0.9% n/a
Profit after Tax 17.0 5.3 11.7 220.9%
Profit after Tax margin 4.8% 1.7% 3.1% n/a
Net Equity / Total Assets 33.3% 29.9% 3.4% n/a
Operating Cash Flow 9.1 40.9 (31.8) -77.7%
Operating Cash Flow as % on sales 2.6% 13.2% -10.6% n/a
Net Working Capital 58.2 23.0 35.2 152.7%
Net Working Capital as % on sales 16.6% 7.4% 9.2% n/a
Net Debt / adjusted EBITDA 1.9 2.0 (0.0) n/a
* Business Performance*
AUSTRIACARD HOLDINGS Group revenues reached € 351.3m increasing by € 40.9m or 13.2% compared to 2022. The main drivers of this revenue increase are attributed to a strong performance of the Secure Chip & Payment Solutions
(€ +27m), especially in Central Eastern Europe & DACH, as well as Türkiye. This amount includes € 9.5m revenues related to not-yet invoiced Contract assets. The number of sold and invoiced cards increased by 7.1m or 5.6% from 127.7m to 134.8m cards. Revenues from postal and distribution services grew by € 20.0m mainly attributable to the Romanian market through the majority stake acquisition of Pink Post solutions business. Additionally, revenues in the field of digitalization solutions increased by € 6.0m due to the start of the implementation of the public digitalization projects in Greece and continued business growth in that area in general. This strong performance in Secure Chip & Payment and Digital Transformation Solutions, the two technology based pylons of the Group, together with general improvement in other sectors more than compensated the reduction in security printing related to the Kenya elections project implemented 2022.
*Gross profit I *increased by € 20.7m or 15.0% to € 158.8m in 2023 as a result of the strong increase in revenues. The Gross margin I increased by 0.7 percentage points to 45.2% mainly due to a higher average sales price and the increase in service related revenues such as Document Digitalization and distribution services.
*Gross profit II *increased by € 12.3m or 16.6% to € 86.8m in 2023 and Gross margin II increased by 0.7 percentage points to 24.7% due to revenue growth and economies of scale as result of the higher utilization of the group’s production facilities.
*Operating expenses *excluding depreciation, amortization and impairment (OPEX) increased by € 13.2m or 13.4% from € 98.5m to € 111.7m in 2023 mainly due to the addition of the Pink Post distribution business in Romania (€ 10.0m), the finalization of the set-up of the personalization facility in the US (€ 2.6m), higher headquarters expenses in the wake of the listing at the Athens and Vienna stock exchanges and the reorganization of group management (€ 1.4m). Also, OPEX increased as a result of business growth, combined with inflationary salary and costs increases, that more than offset the reduction in OPEX related to the Kenya election project implemented in 2022 (€ -8.5m). As percentage of revenues Operating expenses remained stable at 31.8% compared to 31.7% in 2022.
*Adjusted EBITDA *increased by € 10.6m or 27.2% from € 38.7m to € 49.3m in 2023, as a result of the strong operating performance of Secure Chip & Payment Solutions in the Central Eastern Europe & DACH as well as Türkiye markets, the consolidation of the Pink Post distribution business and the growth of Digital Transformation Solutions, which more than compensated higher OPEX requirements and the Kenya election project effect in 2022. As a result, adjusted EBITDA margin increased by 1.6 percentage points from 12.5% to 14.0%.
*Adjusted EBIT* increased by € 8.8m or 36.3% reaching € 33.2m as the increase in adjusted EBITDA was only partially compensated by higher depreciation & amortization mainly related to recent investments. Adjusted Profit before tax increased by € 6.0m or 29.9% reaching € 26.1m as the higher adjusted EBIT was partially offset by higher interest expenses driven by the increase in Euribor.
*Profit after tax* increased by € 11.7m and thus more than tripled from € 5.3m to € 17.0m due to the *adjusted Profit before tax* and the reduction of non-cash expenses for management participation programs by € 5.0m.
*Pro forma business performance excluding Kenya election project*
As presented in the table below, excluding the effects of the Kenya election project implemented in 2022 Revenues have increased by 23.0%, Gross Profit II by 28.9% as the Gross profit II margin improved by 1.1 percentage points from 23.6% to 24.7% based on average sales price increases, economies of scale and a higher contribution of services and solutions, which have a higher margin, in revenues. OPEX in absolute terms increased by 24.3% while OPEX as a percentage of revenues slightly increased by 0.3 percentage points compared to 2022. Adjusted EBITDA increased by 50.6% and the adjusted EBITDA margin improved by 2.6 percentage points to 14.0% in 2023.
*pro forma Key financial indicators *
*excl. 2022 Kenya election project*
in € million *1-12 2023* *1-12 2022* *D '23-'22* *D '23-'22 %*
Revenue 351.3 285.5 65.8 23.0%
Gross profit I 158.8 122.4 36.4 29.7%
Gross profit I margin 45.2% 42.9% 2.3% n/a
Gross profit II 86.8 67.3 19.4 28.9%
Gross profit II margin 24.7% 23.6% 1.1% n/a
Total OPEX excluding depreciation (111.7) (89.9) (21.8) 24.3%
Total OPEX excluding depreciation as % on sales 31.8% 31.5% 0.3% n/a
adjusted EBITDA 49.3 32.7 16.6 50.6%
adjusted EBITDA margin 14.0% 11.5% 2.6% n/a
*Effect of IAS 29 Hyperinflation*
As presented in the table below, the application of IAS 29 Hyperinflation with respect to our Türkiye-based operations, hyperinflation accounting increased Revenues by € 13.3m reaching € 364.6m in 2023 compared to by € 4.4m reaching
€ 314.7m in 2022. Hyperinflation accounting is also increasing adjusted EBITDA, adjusted EBIT and adjusted Profit before tax in the IFRS Income statement compared to the Management Income statement by € 1.3m, € 1.2m respectively
€ 1.1m each in 2023 compared to € 0.4m in 2022. Due to the negative impact of IAS 29 in Net finance costs, Profit before tax and Profit as per Management Income statement are lower by € 0.2m in 2023 and by € 0.3m respectively € 0.4m lower in 2022.
*2023* *2022*
*Impact of hyperinflation*
in € million* * *IFRS * *IAS29 Effect* *MGMT* *IFRS * *IAS29*
* **Effect* *MGMT*
Revenues 364.6 13.3 *351.3 * 314.7 4.4 *310.3 *
Gross Profit I 161.3 2.5 *158.8 * 138.8 0.8 *138.0 *
Gross Profit II 88.3 1.5 *86.8 * 74.9 0.4 *74.4 *
OPEX (113.0) (1.3) *(111.7)* (98.9) (0.4) *(98.5)*
adjusted EBITDA 50.4 1.2 *49.3 * 39.1 0.4 *38.7 *
adjusted EBIT 34.3 1.2 *33.2 * 24.7 0.4 *24.3 *
adjusted Profit before tax 27.3 1.1 *26.1 * 20.5 0.4 *20.1 *
Profit before tax 21.0 (0.2) *21.2 * 8.4 (0.3) *8.7 *
Profit 16.8 (0.2) *17.0 * 4.8 (0.4) *5.3 *
*Financial Position*
Total assets increased by € 51.5m from € 270.2m to € 321.7m as of 31 December 2023 which is mainly related to increases in inventories for raw materials, goods-in-transit (€ +22.2m) and contract assets (€ +9.5m) and restricted cash deposits received from customers included in other receivables and contract liabilities (€ +8.1m). Non-current assets increased by € 3.0m to € 156.8m mainly due to the cyclical revaluation of land and buildings and the effects of hyperinflation accounting for the operations in Türkiye (€ +2.5m) and investments in machinery which were partially offset by depreciation and amortization and the reduction in fair value of interest rate swaps for hedging purposes
(€ -1.4m).
Non-current liabilities increased by € 25.3m from € 90.0m to € 115.2m as a result of the group-wide refinancing of loans & borrowings (€ +31.8m) being partially offset by the derecognition of long-term liabilities for management participation programs. Equity increased by € 26.3m due to the Profit of the financial year and the implementation of the equity settled stock option plan for senior group management (€ +9.4m). As a result of the Company’s merger with its former subsidiary Inform P. Lykos Holdings SA, Greece, non-controlling interest was reduced from € 11.6m to € 0.7m. The Group’s equity ratio thus increased from 29.9% to 33.3% as of 31 December 2023.
Coming from a low level as of 31 December 2022, Net working capital increased by € 35.1m or 152.5% from € 23.0m to
€ 58.2m due to the high level of Inventory and Contract assets. Net working capital as a percentage of revenues increased from a very low level in 2022 of 7.4%, after being at 15.8% in 2021 to 16.6% as of 31 December 2023.
Net Debt increased by € 18.5m from € 76.6m as of 31 December 2022 to € 95.0m as of 31 December 2023 due to the normalization and thus increase in working capital requirements. The net debt / adjusted EBITDA ratio decreased from 2.0 in 2022 to 1.9 as of 31 December 2023.
* *
*ABOUT AUSTRIACARD HOLDINGS AG*
AUSTRIACARD HOLDINGS AG, headquartered in Vienna, with an international presence and one of the leading providers of Secure Digital Technology Solutions in Europe.
AUSTRIACARD HOLDINGS AG is the one of the leading B2B providers of smart cards, personalization and payment solutions, as well as secure data management and digitalization solutions, in Austria, Scandinavia, Central and Eastern Europe and South Eastern Europe, while also having significant market share in many other European countries and Türkiye. The Group is expanding fast in geographical areas outside Europe, such as the USA where it has established a new personalization center, and the Middle East & Africa where sales units have been developed that have already drawn significant new business. In addition, the Company has become a payment products and solutions partner of choice for Challenger Banks/Neo Banks, a growing market segment world-wide.
The Company has a very strong pan-European operational footprint, reaching from the United Kingdom to Greece and Türkiye, with seven production facilities and seven personalization centers in Europe, as well as an additional personalization center in USA, employing currently around 2,600 people. It also has sales offices in Norway, Czech Republic, Germany, Croatia, Serbia, Jordan, the UAE and a network of partners and selling agencies around the world. This footprint enables the provision of a high service level to our customers, confirmed by the very long-lasting business relationships. The Group’s international customer base benefits from a complementary product and services and solutions offering ranging from bill printing, direct mailing and document processing to payment, transit and ID cards increasingly bundled with online, mobile and digitalization transformation solutions.
Contact person: Mr. Dimitrios Tzelepis, Executive Director, Capital Markets, M&A and IR
Tel.: +43 1 61065 - 357
E-Mail: d.tzelepis@austriacard.com
Website: www.austriacard.com
Symbol: ACAG
ISIN: AT0000A325L0
Stock Exchanges: Vienna Prime Market, Athens Main Market
*APPENDIX*
* *
1. *BUSINESS PERFORMANCE AND FINANCIAL POSITION*
The following analysis is based on the business performance as monitored by Group management excluding effects of IAS 29 Hyperinflation accounting.
*Business performance *
in € million *1-12 2023* *1-12 2022* *D '23-'22* *D '23-'22 %* *Q4 2023* *Q4 2022*
* * * * * * * * * * * * * *
*Revenues* *351.3 * *310.3 * *40.9 * *13.2%* *89.8 * *79.1 *
Costs of material & mailing (192.5) (172.3) (20.2) 11.7% (47.2) (47.2)
*Gross profit I* *158.8 * *138.0 * *20.7 * *15.0%* *42.5 * *31.9 *
Gross margin I 45.2% 44.5% 0.7% 47.4% 40.4%
Production costs (72.0) (63.6) (8.4) 13.2% (18.9) (13.2)
*Gross profit II* *86.8 * *74.4 * *12.3 * *16.6%* *23.6 * *18.7 *
Gross margin II 24.7% 24.0% 0.7% 26.3% 23.7%
Other income 3.8 2.9 0.9 31.1% 0.7 1.2
Selling and distribution expenses (23.3) (22.1) (1.2) 5.6% (6.9) (7.1)
Administrative expenses (25.2) (20.9) (4.2) 20.3% (6.3) (7.3)
Research and development expenses (7.4) (6.3) (1.1) 17.7% (2.1) (1.6)
Other expenses (1.6) (3.8) 2.2 -57.2% (0.7) (1.9)
+ Depreciation, amortization and impairment 16.1 14.4 1.7 11.9% 4.5 4.0
*adjusted EBITDA * *49.3 * *38.7 * *10.6 * *27.2%* *12.8 * *6.1 *
adjusted EBITDA margin 14.0% 12.5% 1.6% 14.3% 7.7%
- Depreciation, amortization and impairment (16.1) (14.4) (1.7) 11.9% (4.5) (4.0)
*adjusted EBIT* *33.2 * *24.3 * *8.8 * *36.3%* *8.4 * *2.1 *
Financial income 0.3 0.1 0.2 355.0% 0.1 0.0
Financial expenses (7.4) (4.4) (3.0) 68.9% (2.6) (1.4)
Result from associated companies 0.1 0.1 (0.1) -57.0% 0.1
*Net finance costs* *(7.0)* *(4.2)* *(2.8)* *67.2%* *(2.4)* *(1.3)*
*adjusted Profit (Loss) before tax* *26.1 * *20.1 * *6.0 * *29.9%* *5.9 * *0.8 *
Adjustments (4.9) (11.4) 6.5 -56.9% (2.8) (6.3)
*Profit (Loss) before tax* *21.2 * *8.7 * *12.5 * *142.1%* *3.1 * *(5.6)*
Income tax expense (4.2) (3.4) (0.8) 23.2% (0.8) (0.1)
*Profit (Loss)* *17.0 * *5.3 * *11.7 * *220.9%* *2.4* *(5.7)*
*Consolidated Statement of financial position*
in € million *31/12/2023* *31/12/2022*
*restated* *D '23-'22 * *D '23-'22 %*
Non-current assets 156.8 153.8 3.0 1.9%
Current assets 164.9 116.4 48.5 41.7%
*Total assets* *321.7 * *270.2 * *51.5 * *19.1%*
Total Equity 107.2 80.8 26.3 32.6%
Non-current liabilities 115.2 90.0 25.3 28.1%
Current Liabilities 99.3 99.4 (0.1) -0.1%
*Total Equity and Liabilities* *321.7 * *270.2 * *51.5 * *19.1%*
* *
*Statement of cash flows*
in € million *1-12 2023* *1-12 2022*
*restated* *D '23-'22 * *D '23-'22 %*
Cash flows from operating activities 9.1 40.9 (31.8) -77.7%
Cash flows from investing activities (11.8) (17.4) 5.5 -31.8%
Cash flows from financing activities 5.6 (12.8) 18.4 -143.8%
*Net (decrease) increase in cash and cash equivalents* * **2.9* * **10.7 * *(7.9)* *-73.1%*
*Capital expenditure incl. right-of-use assets, excl. M&A (CAPEX)* *(18.3)* *(21.4)* *3.1 * *-14.5%*
* *
*Net Debt*
in € million *31/12/2023* *31/12/2022* *D '23-'22 * *D '23-'22 %*
Cash and cash equivalents (23.8) (21.6) (2.2) 10.2%
Loans and borrowings 118.9 98.2 20.6 21.0%
*Net Debt* *95.0* *76.6* *18.5* *24.1%*
*B) PRIMARY FINANCIAL STATEMENTS*
*Consolidated statement of financial position*
in € thousand * * * * *31 December*
*2023* *31 December*
*2022*
* **restated* * * *01 January 2022*
* **restated*
*Assets* * * * * * * * * * *
Property, plant and equipment and right of use assets * * 96,275 90,418 82,955
Intangible assets and goodwill * * 55,526 57,166 60,651
Equity-accounted investees * * 324 292 260
Other receivables * * 2,386 4,533 634
Other long-term assets * * 136 318 500
Deferred tax assets * * 2,116 1,046 370
*Non-current assets* * * *156,764* *153,772* * * *145,370*
* * * *
Inventories * * 58,164 36,074 23,188
Contract assets * * 20,386 10,852 8,693
Current income tax assets * * 791 338 387
Trade receivables * * 44,677 40,037 29,267
Other receivables * * 17,082 7,501 8,026
Cash and cash equivalents * * 23,825 21,628 11,484
*Current assets* * * *164,924* *116,431* * * *81,046*
*Total assets* * * *321,688* *270,203* * * *226,416* * *
*Equity* * *
Share capital * * 36,354 16,862 14,638
Share premium * * 32,749 34,511 7,000
Other reserves * * 17,303 7,008 6,358
Retained earnings * * 19,995 10,825 25,275
*Equity attributable to owners of the Company* * * *106,401* *69,206* * * *53,271*
Non-controlling interests * * 753 11,610 12,971
*Total Equity* * * *107,154* *80,816* * * *66,242*
* * * * * * * * * *
*Liabilities* * *
Loans and borrowings * * 102,432 70,626 75,843
Employee benefits * * 4,207 10,897 4,532
Other payables * * 81 11 8,645
Deferred tax liabilities * * 8,497 8,424 8,261
*Non-current liabilities* * * *115,217* *89,958* * * *97,280*
* * * * * *
Current tax liabilities * * 2,968 3,529 1,645
Loans and borrowings * * 16,440 27,600 20,737
Trade payables * * 43,649 43,969 24,279
Other payables * * 18,317 13,790 11,879
Contract liabilities * * 17,442 7,073 4,158
Deferred income * * 501 3,405 132
Provisions * * 63 63
*Current Liabilities* * * *99,317* *99,429* * * *62,893*
*Total Liabilities* * * *214,534* *189,387* * * *160,174*
*Total Equity and Liabilities* * * *321,688* *270,203* * * *226,416*
*Consolidated income statement*
in € thousand * * * * *1-12 2023* *1-12 2022 restated* *Q4 2023* * **Q4 2022 restated*
* * * * * * * * * * * *
Revenue * * 364,563 314,720 103.046 83.509
Cost of sales * * (276,255) (239,855) (77.895) (64.357)
*Gross profit* * * *88,308* *74,865* *25.150 * *19.152 *
* * * * * * * * * * * *
Other income * * 3,837 2,926 685 1.179
Selling and distribution expenses * * (23,483) (22,107) (6.992) (7.043)
Administrative expenses * * (28,222) (28,864) (7.462) (13.273)
Research and development expenses * * (7,360) (6,254) (2.120) (1.628)
Other expenses * * (1,675) (3,771) (774) (1.896)
+ Depreciation, amortization and impairment * * 16,127 14,408 96
*EBITDA* * * *47,533* *31,204* 4.471 4.001
- Depreciation, amortization and impairment * * (16,127) (14,408) *12.958 * *587 *
*EBIT* * * *31,406* *16,796* (4.471) (4.001) * *
Financial income * * 534 76 375 1
Financial expenses * * (10,978) (8,606) (5.944) (2.582)
Result from associated companies * * 54 125 80
*Net finance costs* * * *(10,391)* *(8,405)* *(5.569)* *(2.502)* * *
*Profit (Loss) before tax* * * *21,015* *8,390* *2.917 * *(5.915)*
Income tax expense * * (4,231) (3,544) (746) (207)
*Profit (Loss)* * * *16,784* *4,847* *2.171 * *(6.122)*
*Profit (Loss) attributable to:*
Owners of the Company 15,812 4,150 1.801 (4.915)
Non-controlling interests 972 697 370 (1.207)
*Profit (Loss)* * * *16,784* *4,847* *2.171 * *(6.122)*
* *
*Earnings (loss) per share* * * * * * * * * * *
basic * * *0.65* *0.28* *0.05* *(0.31)*
diluted * * *0.61* *0.28* *0.05* *(0.31)*
*Consolidated statement of cash flows*
in € thousand * * *1-12 2023* *1-12 2022*
*restated *
*Cash flows from operating activities* * *
Profit (Loss) before tax * * 21,015 8,390
*Adjustments for:* * *
-Depreciation, amortization and impairment * * 16,127 14,408
-Net finance costs * * 10,391 8,405
-Net gain or loss on disposal of non-current assets * * (24) (685)
-Change in associated companies * * 32 32
-Change in provisions * * (143) 6,365
-Other non-cash transactions * * 3,402 2,839 * * 50,800 39,755
*Changes in:* * * * * * *
-Inventories * * (22,090) (12,886)
-Contract assets * * (9,534) (2,160)
-Trade receivables and other receivables * * (14,221) (10,791)
-Contract liabilities * * 10,369 2,915
-Trade payables and other payables * * 180 25,670
Taxes paid * * (6,383) (1,630)
*Net cash from (used in) operating activities* * * *9,121 * *40,874 * * *
*Cash flows from investment activities* * *
Interest received * * 329 72
Proceeds from sale of property, plant and equipment * * 24 12
Dividends received from associated companies * * 22 14
Payments for acquisition of subsidiaries and business, net of cash acquired * * (1,140) (2,905)
Payments for acquisition of property, plant and equipment & intangible assets * * (11,065) (14,503)
Payments for acquisition of equity of other companies * * (45)
*Net cash from (used in) investing activities* * * *(11,829)* *(17,355)*
* * * *
*Cash flows from financing activities* * *
Interest paid (7,700) (4,169)
Acquisition of non-controlling interests (3,095)
Proceeds from loans and borrowings * * 107,905 12,770
Repayment of borrowings * * (90,807) (14,047)
Payment of lease liabilities * * (2,895) (3,799)
Dividends paid to non-controlling interest * * (433)
Dividends paid to owners of the company * * (909)
*Net cash from (used in) financing activities* * * *5,594 * *(12,773) *
* * * * * * * *
*Net increase (decrease) in cash and cash equivalents* * * *2,886* *10,746*
* * * * * * * *
*Cash and cash equivalents at 1 January* * * *21,628* *11,484*
Effect of movements in exchange rates on cash held (690) (602)
*Cash at 31 December* * * *23,825* *21,628*
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21.03.2024 CET/CEST This Corporate News was distributed by EQS Group AG. www.eqs.com
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Language: English
Company: AUSTRIACARD HOLDINGS AG
Lamezanstraße 4-8
1230 Vienna
Austria
E-mail: ac.contact@austriacard.com
Internet: https://www.austriacard.com/
ISIN: AT0000A325L0
WKN: A3D5BK
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 1864767
End of News EQS News Service