QUADIENT: H1 2024 results: Solid 3.2% reported revenue growth and
sharp improvement in profitability from Digital
H1 2024 results: Solid 3.2% reported
revenue growth
and sharp improvement in profitability from
Digital
Key highlights
- H1
2024 consolidated sales of €534 million, up
+3.2% on a reported basis including the contribution of
the latest acquisitions (Daylight and Frama) and
up +0.8%
organically(1)
- H1 2024
subscription-related revenue up +0.7% on
an organic basis, representing 72% of total
revenue
- Strong
performance from North America at +2.8%
organic growth in H1 2024, representing 58% of Group
Sales
- H1 2024
EBITDA of €111 million, up 2.6% organically, primarily
driven by a strong increase in
profitability in Digital
- H1 2024 Group
current EBIT of €61 million,
up 0.3% organically
- Net attributable
income of €24 million
- Leverage
ratio excluding leasing reduced to
1.6x2
- FY 2024
outlook confirmed
- Launch
of share buyback program for up to €30 million
Paris, 23 September 2024
Quadient S.A. (Euronext Paris:
QDT), a global automation platform powering secure and sustainable
business connections, , today announces its 2024 second-quarter
consolidated sales and first half results (period ended
on 31 July 2024). The first-half 2024 results were
approved by the Board of Directors during a meeting held
on 20 September 2024.
Geoffrey Godet, Chief Executive Officer of
Quadient S.A., stated:
“Quadient achieved a solid performance in
the first half of 2024, setting a good start to the execution of
our new strategic plan, ‘Elevate to 2030’, which aims at delivery
€1 billion of subscription-related revenue by 2030. The various
modules of our SaaS communication and financial automation platform
are further recognized for their technical specificities as well as
for their ease of use, reflecting our strong customer centric
approach. Our highly recurring business model continues to be
fueled by good results in both cross-selling and up-selling our
solutions, by the strong outperformance of our Mail business as
well as by a solid volume increase within our European parcel
lockers open networks.
In parallel, the profitability of our
Digital business has sharply increased. Indeed, our Digital EBITDA
margin gained 6 points compared to the first half of 2023,
demonstrating our commitment to strengthen our investment
proposition. Confident in our value-creation potential and in our
capacity to achieve our short- and long-term guidance, including
our 2026 leverage target, we are announcing today a share buy-back
program aimed at improving the return to our shareholders. More
than ever, our objective is to accelerate our existing growth
trajectory and propel Quadient as the leader in intelligent
automation.”
Comments on H1 2024
performance
Group sales came in at
€534 million in H1 2024, a 3.2% increase on a reported
basis, and 0.8% organic growth compared to H1 2023 in
line with Quadient’s expectations. The reported growth includes a
positive currency impact of €1 million and a positive scope effect
of €12 million, which is related to the acquisition of
Daylight in September 2023 and to the acquisition of Frama in
February 2024. In Q2 2024, organic revenue growth reached 0.6%
compared to Q2 2023.
Consolidated sales and EBITDA by
solution
H1 2024 consolidated sales
|
In € million |
H1 2024 |
H1 2023
restated(a) |
Change |
Organic change |
|
Digital |
130 |
120 |
+8.3% |
+5.9% |
|
Mail |
362 |
353 |
+2.5% |
(0.5)% |
|
Lockers |
43 |
45 |
(4.7)% |
(2.5)% |
|
Group total |
534 |
517 |
+3.2% |
+0.8% |
(a) The full-year 2023 financial statements
published in March 2024 reflected Quadient’s decision to review the
future of its Mail activity in Italy with a view to divest this
subsidiary within the next 12 months.
As this was the case in the full-year 2023 statements, H1 2023
revenue from the aforementioned subsidiary is not represented in
the consolidated revenue of the Group as it is recorded as
discontinued operations. This is still the case in H1
2024. |
EBITDA and EBITDA margin
|
|
H1 2024 |
H1 2023 restated (a) |
|
In € million |
EBITDA |
EBITDA margin |
EBITDA |
EBITDA margin |
|
Digital |
20 |
15.7% |
11 |
9.3% |
|
Mail |
94 |
25.8% |
102 |
29.0% |
|
Lockers |
(3) |
(6.7)% |
(1) |
(3.0)% |
|
Group total |
111 |
20.8% |
112 |
21.7% |
(a) The full-year 2023 financial statements
published in March 2024 reflected Quadient’s decision to review the
future of its Mail activity in Italy with a view to divest this
subsidiary within the next 12 months.
As this was the case in the full-year 2023 statements, H1 2023
EBITDA from the aforementioned subsidiary is not represented in the
consolidated EBITDA of the Group as it is recorded as discontinued
operations. This is still the case in H1 2024. |
Digital
In H1 2024, revenue from Digital reached
€130 million, up 5.9% organically
(+5.8% in Q2 2024 vs. Q2 2023) and
up 8.3% on a reported basis
(including the contribution from Daylight) compared to H1 2023.
Importantly, growth for the Solution was still impacted by the
delay in the implementation of two large contracts, announced in Q3
2023.
At the end of H1 2024, annual recurring
revenue (ARR), which is a forward-looking indicator of
future subscription-related revenue, reached
€221 million, up from €206 million at the end of
FY 2023, representing a 15.3%
organic(3)
growth on an annualized basis.
In H1 2024, subscription-related revenue
recorded a strong 8.7% organic growth, now representing
82% of Digital total sales, a
further increase compared to 80% in H1 2023. The share of
SaaS customers stands at 83% at the end of
H1 2024.
EBITDA for Digital was
€20 million for the period, representing a
15.7% EBITDA margin, up 6.4 points
compared to H1 2023. Strong improvement in
profitability continues, supported by the combination of
subscription-related revenue growth, and platform size benefits,
despite further commercial and innovation investments. The
profitability is expected to continue improving in FY 2024.
As part of the customer acquisition focus,
Digital continues to experience strong commercial
dynamics, supported by solid cross-selling with Mail
including some large deals (notably one deal above
USD1 million) in North America. Digital is benefiting from a
positive start to Q3 2024 thanks to a new large deal with a US
insurance company worth more than USD7 million over 5 years.
Regarding the upcoming e-invoicing regulation in Europe,
Quadient is now officially registered as a Partner
Dematerialization Platform in France.
As part of the customer expansion process, the
onboarding of all eligible customers on the Quadient Hub is now
completed. Focus continues on further increasing
up-selling. New partnerships, notably
with Microsoft business central, Sage200 (ERP solutions) and Stripe
(payment solution), have also been signed. Lastly, the
churn rate in Digital continues to decline, now
standing well below 5%.
Mail
Mail revenue reached
€362 million in H1 2024, down only
0.5% on an organic basis (-0.8% in Q2 2024 vs. Q2 2023).
The reported growth stood at +2.5%, including the
contribution of Frama.
Hardware sales recorded a 4.8% organic
growth in H1 2024, with strong contributions from North
America, including a positive impact from decertification. The
focus on investing into renewing the products offering continues to
support product placements, as seen in the further increase in the
share of the upgraded installed base, reaching 36.6% at the end of
H1 2024 vs. 31.5% at the end of FY 2023.
Subscription-related revenue
(68% of Mail sales) recorded a limited 2.8% organic
decline in H1 2024.
EBITDA for Mail was €94 million
for H1 2024. EBITDA margin reached 25.8%, down 3.2 points compared
to H1 2023. The level of EBITDA margin of Mail was impacted by the
higher proportion of revenue from equipment sales as well as by the
dilution due to Frama acquisition, which performance is expected to
improve significantly from 2025.
Thanks to its strong customer acquisition focus,
Quadient’s Mail business continues to outperform the market. The
commercial performance is expected to be resilient in Q3 2024. On
the acquisition side, the aim is to upgrade the installed base.
As part of the customer expansion focus, the
cross-selling remains solid, especially in the US, with several
large contracts signed. Lastly, Mail benefited from the positive
impact of the ongoing US mailing systems decertification.
Lockers
Lockers revenue reached €43
million in H1 2024, a 2.5% decrease on an organic basis
(-1.8% in Q2 2024 vs Q2 2023) and a 4.7% decrease on a reported
basis compared to H1 2023.
Subscription-related revenue was up 5.3%
organically in H1 2024, benefiting from the solid
volumes ramp up within the UK and the French open
networks, as well as the contribution of the existing installed
base, supported by the higher number of carriers committed to use
Quadient’s open networks. However, change in commercial agreements
with Yamato in Japan in Q3 2023 leading to a greater focus on usage
as opposed to a rental-based model, continues for now to weigh on
the subscription-related revenue. Overall, subscription-related
revenue stood at 65% of total revenue in H1 2024, up from
61% in H1 2023.
Non-recurring revenue (license
& hardware sales and professional services) were down
15.1% organically in H1 2024. Hardware sales were still
impacted by slower new installations in North America.
Quadient’s global locker installed base
reached c.21,400 units at the end of H1 2024 vs.
c.20,200 units at the end of FY 2023. This is reflecting
an acceleration in the pace of installation of new lockers,
notably in the UK, fueled by the partnerships signed by
Quadient to host parcel lockers in new suitable locations.
EBITDA for Lockers was negative
at €(3) million in H1 2024. EBITDA margin stood at (6.7)%, down by
3.7 points. The decrease in EBITDA margin was mainly due to the
negative impact from the change in commercial agreement with Yamato
for the Japanese installed base at the start of H2 2023.
As part of the customer acquisition focus,
Quadient is accelerating the installation pace for lockers in the
open networks in Europe, mostly in France and in the UK. This is
supported by the additional deals signed for premium locations and
conversion of existing lockers. Conversely, the trend remains slow
in North America.
As part of the customer expansion focus, volume
increased strongly from both pick-up and drop-off in the open
networks. The lockers business is also fueled by innovation in
usage offerings, notably with new partnership with KeyNest in the
United Kingdom, bringing additional volumes into the open
network.
REVIEW OF 2024 FIRST HALF-YEAR
RESULTS
Simplified P&L
|
In € million |
H1 2024 |
H1 2023 restated (a) |
Change |
|
Sales |
534 |
517 |
+3.2% |
|
Gross profit |
399 |
387 |
+3.2% |
|
Gross margin |
74.4% |
74.8% |
|
|
EBITDA |
111 |
112 |
(1.1)% |
|
EBITDA margin |
20.8% |
21.7% |
|
|
Current EBIT |
61 |
65 |
(6.0)% |
|
Current EBIT margin |
11.5% |
12.6% |
|
|
Optimization expenses and other operating income &
expenses |
(16) |
(6) |
n/a |
|
EBIT |
45 |
59 |
(24.4)% |
|
Financial income/(expense) |
(21) |
(16) |
+32.3% |
|
Income before tax |
24 |
43 |
(45.4)% |
|
Income taxes |
2 |
(6) |
n/a |
|
Net income of continued operations |
26 |
37 |
(31.0)% |
|
Net income from discontinued operations |
(1) |
(0) |
n/a |
|
Net attributable income |
24 |
36 |
(32.8)% |
|
Earnings per share |
0.71 |
1.05 |
n/a |
|
Diluted earnings per share |
0.71 |
1.05 |
n/a |
(a) The full-year 2023 financial statements
published in March 2024 reflected Quadient’s decision to review the
future of its Mail activity in Italy with a view to divest this
subsidiary within the next 12 months.
As this was the case in the full-year 2023 statements, H1 2023
contribution from the aforementioned subsidiary is not represented
in the consolidated P&L of the Group as it is recorded as
discontinued operations. This is still the case in H1
2024.
|
Gross margin stood at
74.4% in H1 2024 from 74.8% in H1 2023, due to slightly
higher cost of sales and the impact of Frama integration.
EBITDA(4) for the
Group reached €111 million
in H1 2024, almost flat compared to H1 2023. Organically, the
EBITDA grew by 2.6%, thanks to a solid increase at Digital
offsetting a weaker EBITDA performance in Mail. EBITDA
margin stood at 20.8% in H1 2024, vs
21.7% in H1 2023.
Depreciation and amortization
stood at €50 million in H1 2024, compared to €47 million in H1
2023. This is mainly due to slightly higher amortization of
Lockers’ capex for rent.
Current operating income (current
EBIT) reached €61 million in H1 2024
compared to €65 million in H1 2023, down 6.0% on a reported
basis and up 0.3% on an organic basis.
Current operating margin stood at 11.5%
of sales in H1 2024 compared to 12.6% in H1 2023.
Optimization costs and other
operating expenses stood at €16 million in H1
2024, versus €6 million in H1 2023 which was impacted by the
write-off of an IT project and additional office optimization in
the United States and the United Kingdom.
Consequently, EBIT reached
€45 million in H1 2024, versus
€59 million
recorded in H1 2023.
Net attributable income
Net cost of debt was up
year-on-year at €20 million, against €15 million in H1
2023, impacted by higher interest rates on the variable portion of
the debt (one third of Quadient’s debt). The currency gains
& losses and other financial items was a loss of
€(1) million in H1 2024, stable vs. H1 2023. Overall,
net financial result was a loss of
€21 million in H1 2024 compared to a loss of
€16 million in H1 2023.
Income tax reached a
€2 million profit in H1 2024, benefitting
from the positive impact of internal IP transfers. It compares to
an expense of €6 million in H1 2023.
Net income from discontinued
operations of the Mail Italian subsidiary amounts to €(1)
million, including additional fees related to the ongoing sale
process for this subsidiary.
Net attributable
income after minority interest amounted
to €24 million in H1 2024 compared to €36 million in H1
2023.
Earnings per share from continued
operations came in at €0.74 in H1
2024 compared to €1.06 in H1
2023. The fully diluted earnings per
share(5)
was €1.05 in H1 2023.
Earnings per share stood at
€0.71 in H1 2024 compared to €1.05 in H1 2023. The fully diluted
earnings per share(5) was €0.71 in H1 2024 compared to
€1.05 in H1 2023. The impact of dilutive instruments is accretive,
dilutive earnings per share is therefore brought into line with net
earnings per share.
Cash flow generation
The change in working capital
was a net cash outflow by €19 million in H1 2024 compared to a
net cash outflow of €55 million in H1 2023, mostly
reflecting a better level of cash collection and the one-off
positive impact from timing differences in VAT payments.
The leasing portfolio and other
financing services stood at €591 million as of
31 July 2024, compared to €598 million as of 31 January
2024 (only down by (1.0)% on an organic basis), thanks to the solid
performance of the Mail activity. While generating future
subscription-related revenue, the expected increase in lease
receivables resulting from the good performance in the placement of
new equipment will translate into a cash outflow in H2 2024. At the
end of H1 2024, the default rate of the leasing portfolio stood at
around 1.2% compared to c.1.3% at the end of FY 2023.
Interest and taxes paid
increased slightly to €38 million in H1 2024 versus the amount of
€35 million paid in H1 2023. The difference was mostly explained by
higher interest rates in H1 2024.
Capital expenditure reached
€46 million in H1 2024, stable compared to H1 2023 reflecting
an increase in capex for rent offset by the non-renewal of office
leases (lower IFRS 16 capex). Capex for Digital reached €12 million
in H12024, slightly up compared to €11 million in H1 2023 and
was mainly focused on R&D. Capex for Mail decreased from
€25 million to €22 million, due to lower IFRS 16 capex linked
to less office leases renewal. Capex for Lockers increased from
€10 million to €13 million to support the open network
deployment in the UK and France.
All in all, cash flow after capital
expenditure was up from a negative amount of €15 million
in H1 2023 to a positive amount of €3 million in H1 2024.
Leverage and liquidity
position
Net debt stood at
€726 million as of 31 July 2024, a slight increase against the
€709 million of net financial debt recorded
as of 31 January 2024. In June 2024, the Group
extended by an additional year the maturity of its Revolving Credit
Facility to 2029. In July 2024, Quadient proceeded to a partial
bond buy-back for a total amount of €7 million, leaving the
outstanding amount of the 2.25% bond at €260 million.
The Group is well positioned to refinance its
2.25% bond, maturing early 2025.
The leverage ratio (net
debt/EBITDA) remained broadly stable from
3.0x(2)
as of 31 July 2024 compared to
2.9x(2) as of
31 January 2024. Excluding leasing, Quadient
leverage ratio improved from
1.65x(2) as of 31 January 2024 to
1.6x(2)
as of 31 July 2024.
As of 31 July 2024, the Group had a robust
liquidity position of
€494 million, split between €194 million
in cash and a €300 million undrawn credit line, maturing
in 2029.
Shareholders’ equity stood at
€1,064 million as of 31 January 2024 compared to
€1,069 million as of 31 January 2024. The gearing
ratio(6)
stood at 68,2% as of 31 July 2024.
MAIL ITALIAN SUBSIDIARY
Following the reclassification of the Mail
Italian Subsidiary as discontinued operations under IFRS 5 in
full-year 2023, an agreement for its sale has been signed with a
local mail distribution company in July 2024.
CAPITAL ALLOCATION
In line with Quadient’s capital allocation
policy, the Company announces the launch of a share buyback program
for a total consideration of up to €30 million to be executed on
the market over an18-month(7)
period.
This operation aims at improving shareholders’
return. It also demonstrates Quadient’s confidence in the value
creation potential of its new Elevate to 2030 strategic plan, its
ability to reach its FY 2026 leverage ratio
target(8) and is in line with the
capital allocation policy of the Company. A press release detailing
this share buyback program has been published alongside today’s H1
2024 results.
OUTLOOK
With H1 2024 organic growth in line with
expectations, Quadient confirms its FY 2024 financial guidance of
organic growth both at the revenue and current EBIT levels. H2 2024
will benefit from an easier comparison basis for both Digital and
Lockers as there will no longer be any negative impact neither from
the delay in implementation of the two large SaaS contracts, nor
from the change in commercial agreement with Yamato, which took
place at the beginning of H2 2023.
Q2 2024 BUSINESS HIGHLIGHTS
Approval of all resolutions by the
combined Shareholders’ meeting of 14 June 2024
On 17 June 2024, Quadient announced that its combined Annual
General Meeting was held on 14 June 2024, under the chairmanship of
Mr. Didier Lamouche. All submitted resolutions were ratified, with
an attendance rate of 74.19% (quorum for ordinary
and extraordinary resolutions).
The Annual General Meeting approved the renewal
of the three-year terms of directorship of Hélène Boulet-Supau,
Geoffrey Godet, Richard Troksa. Vincent Mercier’s directorship was
renewed for an 18-month term, until 31 December 2025. The Annual
General Meeting also approved the co-option and approved the
renewal for a three-year term of Bpifrance Investissement,
represented by Emmanuel Blot.
Quadient expands its Open Locker Network
in new high traffic locations in Japan, leveraging existing JR East
Smart Logistics Lockers
On 21 June 2024, Quadient announced a significant expansion of its
open locker network in Japan through a strategic partnership
with JR East Smart Logistics Co., Ltd., the logistics arm of
the major Japanese rail company. This collaboration integrates
Quadient’s advanced parcel delivery and pickup functionalities into
JR East’s existing multifunctional locker system,
Multi E-Cube, across Japan’s extensive railway network. This
marks the first time Quadient is expanding its intelligent locker
capacities to third-party networks, highlighting its agility in
deploying an open and interoperable logistics ecosystem with new
approaches.
Quadient reports cross-selling success in
North America, reinforcing strategic vision
On 2 July 2024, Quadient announced that nearly 50% of the large
deals signed in North America with mail automation customers in May
included digital automation platform applications, confirming the
critical role its software solutions play in influencing customer
decisions. Additionally, two-thirds of these cross-sell deals,
secured by Quadient's mail teams, featured both mail and digital
automation solutions, reaching an over 60% integration rate.
Quadient launches new cloud-based
application to empower small businesses in their Mail management
processes
On 4 July 2024, Quadient announced the launch of Secure
Barcode, a cloud-based application designed to enhance the
security of customer physical communications through
seamless barcode generation and insertion into documents.
This innovative solution is tailored for small businesses that are
beginning their journey into digital mail solutions, providing
immediate benefits in document management and operational
efficiency.
Quadient and Punch Pubs Partner to enhance
parcel locker access for UK communities
On 11 July 2024, Quadient announced a new contract with Punch
Pubs, a leading pub company in the UK. This partnership will see
the deployment of Quadient’s Parcel Pending open locker
network across 1,261 pub locations managed by Punch Pubs, enhancing
the accessibility and convenience of parcel deliveries and returns
for communities nationwide. This collaboration supports sustainable
growth strategies, leveraging Punch Pubs' nationwide commercial
properties to deliver value to local populations.
More than 1.5 million higher education
Students in the U.S. now rely on Quadient smart lockers for package
delivery
On 25 July 2024, Quadient announced it has reached a new milestone
of installed smart lockers totaling more than 250 colleges and
universities across the United States. Across the campuses, more
than 1.5 million students per year are served by the automated
lockers.
POST-CLOSING EVENTS
Quadient recognized as a major player for
first time in IDC MarketScape for worldwide accounts payable
automation software for midmarket and small businesses
On 14 August 2024, Quadient announced it has been named a Major
Player for the first time in two IDC MarketScape reports – IDC
MarketScape: Worldwide Accounts Payable Automation Software for
Midmarket 2024 Vendor Assessment (doc # US52378624, July 2024)
and IDC MarketScape: Worldwide Accounts Payable Automation Software
for Small Businesses 2024 Vendor Assessment (doc # US52378824, July
2024).
Quadient secures major contract in North
America, demonstrating strength in integrating Digital
communications and Mail automation solutions
On 28 August 2024, Quadient announced a new contract with a North
American global leader in financial services, worth approximately
€1.4 million per year over an initial period of three years. This
successful deal underscores Quadient’s capability to meet the
complex communication needs of large organizations through its
extensive portfolio of digital and mail automation platforms,
combined with high-level consulting and professional services.
Quadient unveils new mobile app, enabling
any local business to offer parcel locker delivery services to
customers
On 4 September 2024, Quadient announced the launch of a mobile app
that enables local businesses to deliver customer orders directly
to Quadient open network lockers without the need for specific
software integrations. The app is already available in the Japanese
market under the name PUDO ACCESS and will soon be made available
in other countries, continuing to create value for merchants and
their local communities.
E-invoicing mandate for businesses in
France: Quadient officially registered as a Dematerialization
Platform Partner
On 12 September 2024, Quadient announced its official registration
as a Partner Dematerialization Platform (PDP) under number 0060.
This registration, issued on 12 September 2024 by the PDP
Registration Service of the Public Finance Department, acknowledges
that Quadient meets all the requirements of the new Finance Law and
is authorized to participate in the next phase of interoperability
tests with the tax authorities' platform when it becomes
available.
Quadient Named a Leader in 2024 SPARK
Matrix for Accounts Payable Automation
On 19 September 2024, Quadient announced it has been recognized as
a Technology Leader in the “SPARK Matrix: Accounts Payable
Automation” report, a detailed analysis of the accounts payable
(AP) automation market by independent analyst firm QKS Group. The
recognition comes on the heels of Quadient also being named a
Technology Leader in the “2024 SPARK Matrix: Accounts Receivable
(AR) Applications” report, which was published in May. This marks
the second year in a row that Quadient has been named a leader in
both AP and AR in the SPARK Matrix reports.
To know more about Quadient’s news flow,
previous press releases are available on our website at the
following address: https://invest.quadient.com/en/newsroom.
CONFERENCE CALL &
WEBCAST
Quadient will host a
conference call and webcast today at 6:00 pm Paris time (5:00 pm
London time).
To join the webcast,
click on the following link: Webcast.
To join the conference
call, please use one of the following phone numbers:
▪ France: +33 (0) 1 70
37 71 66.
▪ United States: +1
786 697 3501.
▪ United Kingdom
(standard international): +44 (0) 33 0551 0200.
Password: Quadient
A replay of the
webcast will also be available on Quadient’s Investor Relations
website for 12 months.
Calendar
- 27 November
2024: Third quarter 2024 sales release (after
close of trading on the Euronext Paris regulated market).
About Quadient®
Quadient is a global
automation platform provider powering secure and sustainable
business connections through digital and physical channels.
Quadient supports businesses of all sizes in their digital
transformation and growth journey, unlocking operational efficiency
and creating meaningful customer experiences. Listed in
compartment B of Euronext Paris (QDT) and part of the CAC® Mid
& Small and EnterNext® Tech 40 indices, Quadient shares
are eligible for PEA-PME investing.
For more information about Quadient, visit
https://invest.quadient.com/en/.
Contacts
Catherine Hubert-Dorel, Quadient
+33 (0)1 45 36 30 56
c.hubert-dorel@quadient.com
financial-communication@quadient.com |
OPRG Financial
Isabelle Laurent / Fabrice Baron
+33 (0)6 42 37 54 17 /+33 (0)6 14 08 29 81
isabelle.laurent@omnicomprgroup.com
fabrice.baron@ omnicomprgroup.com |
Caroline Baude, Quadient
+33 (0)1 45 36 31 82
c.baude@quadient.com |
|
APPENDIX
Digital: New name for Intelligent Communication
Automation
Mail: New name for Mail-Related Solutions
Lockers: New name for Parcel Locker Solutions
H1 2024 and Q2 2024 consolidated
sales
H1 2024 consolidated sales by
geography
|
In € million |
H1 2024 |
H1 2023
restated (a) |
Change |
Organic
change |
|
North America |
308 |
295 |
+4.1% |
+2.8% |
|
Main European countries(b) |
182 |
173 |
+4.9% |
(1.6)% |
|
International(c) |
45 |
49 |
(8.0)% |
(2.5)% |
|
Group total |
534 |
517 |
+3.2% |
+0.8% |
(a) The full-year 2023 financial statements
published in March 2024 reflected Quadient’s decision to review the
future of its Mail activity in Italy with a view to divest this
subsidiary within the next 12 months.
As this was the case in the full-year 2023 statements, H1 2023
revenue from the afore-mentioned subsidiary is not represented in
the consolidated revenue of the Group as it is recorded as
discontinued operations. This is still the case in H1
2024.
(b) Including Austria, Benelux, France, Germany,
Ireland, Italy (excluding Mail), Switzerland, and the United
Kingdom
(c) International includes the activities of
Digital, Mail and Lockers outside of North America and the Main
European countries |
Q2 2024 consolidated sales by
Solution
|
In € million |
Q2 2024 |
Q2 2023
restated (a) |
Change |
Organic change |
|
Digital |
66 |
61 |
+8.1% |
+5.8% |
|
Mail |
183 |
179 |
+2.4% |
(0.8)% |
|
Lockers |
23 |
24 |
(3.2)% |
(1.8)% |
|
Group total |
273 |
264 |
+3.3% |
+0.6% |
(a) The full-year 2023 financial
statements published in March 2024 reflected Quadient’s decision to
review the future of its Mail activity in Italy with a view to
divest this subsidiary within the next 12 months.
As this was the case in the full-year 2023 statements, Q2 2023
revenue from the afore-mentioned subsidiary is not represented in
the consolidated revenue of the Group as it is recorded as
discontinued operations. This is still the case in Q2
2024. |
Q2 2024 consolidated sales by
geography
|
In € million |
Q2 2024 |
Q2 2023
restated (a) |
Change |
Organic
change |
|
North America |
157 |
150 |
+4.9% |
+3.2% |
|
Main European countries(b) |
93 |
89 |
+4.2% |
(1.8)% |
|
International(c) |
22 |
25 |
(10.1)% |
(5.8)% |
|
Group total |
273 |
264 |
+3.3% |
+0.6% |
(a) The full-year 2023 financial statements
published in March 2024 reflected Quadient’s decision to review the
future of its Mail activity in Italy with a view to divest this
subsidiary within the next 12 months.
As this was the case in the full-year 2023 statements, Q2 2023
revenue from the afore-mentioned subsidiary is not represented in
the consolidated revenue of the Group as it is recorded as
discontinued operations. This is still the case in Q2
2024.
(b) Including Austria, Benelux, France, Germany,
Ireland, Italy (excluding Mail), Switzerland, and the United
Kingdom
(c) International includes the activities of
Digital, Mail and Lockers outside of North America and the Main
European countries |
First half-year 2024
Consolidated income
statement
|
In € million |
H1 2024
(period ended
on 31 July 2024) |
H1 2023 restated
(period ended
on 31 July 2023) |
|
Sales |
534 |
517 |
|
Cost of sales |
(135) |
(131) |
|
Gross margin |
399 |
387 |
|
R&D expenses |
(31) |
(31) |
|
Sales and marketing expenses |
(143) |
(139) |
|
Administrative and general expenses |
(97) |
(90) |
|
Service and support expenses |
(58) |
(55) |
|
Employee profit-sharing, share-based payments and other
expenses |
(5) |
(3) |
|
Acquisition-related expenses |
(4) |
(3) |
|
Current operating income |
61 |
65 |
|
Optimization expenses and other operating income &
expenses |
(16) |
(6) |
|
Operating income |
45 |
59 |
|
Financial income/(expense) |
(21) |
(16) |
|
Income before taxes |
24 |
43 |
|
Income taxes |
2 |
(6) |
|
Share of results of associated companies |
0 |
(0) |
|
Net income from continued operations |
26 |
37 |
|
Net income of discontinued operations |
(1) |
(0) |
|
Net income |
25 |
37 |
|
Of which:
|
1 |
1 |
|
|
24 |
36 |
Simplified consolidated balance
sheet
Assets
In € million |
H1 2024
(period ended
on 31 July 2024) |
FY 2023
(period ended
on 31 January 2024) |
|
Goodwill |
1,089 |
1,082 |
|
Intangible fixed assets |
118 |
121 |
|
Tangible fixed assets |
158 |
156 |
|
Other non-current financial assets |
66 |
65 |
|
Other non-current receivables |
2 |
2 |
|
Leasing receivables |
591 |
598 |
|
Deferred tax assets |
47 |
17 |
|
Inventories |
71 |
67 |
|
Receivables |
193 |
228 |
|
Other current assets |
74 |
84 |
|
Cash and cash equivalents |
194 |
118 |
|
Current financial instruments |
2 |
2 |
|
Assets held for sale |
11 |
9 |
|
TOTAL ASSETS |
2,617 |
2,550 |
Liabilities
In € million |
H1 2024
(period ended
on 31 July 2024) |
FY 2023
(period ended
on 31 January 2024) |
|
Shareholders’ equity |
1,064 |
1,069 |
|
Non-current provisions |
15 |
12 |
|
Non-current financial debt |
552 |
715 |
|
Current financial debt |
329 |
66 |
|
Lease obligations |
39 |
46 |
|
Other non-current liabilities |
4 |
2 |
|
Deferred tax liabilities |
119 |
104 |
|
Financial instruments |
4 |
5 |
|
Trade payables |
69 |
79 |
|
Deferred income |
190 |
212 |
|
Other current liabilities |
219 |
225 |
|
Liabilities held for sale |
13 |
15 |
|
TOTAL LIABILITIES |
2,617 |
2,550 |
Simplified cash flow
statement
In €millions |
H1 2024
(period ended
on 31 July 2024) |
H1 2023 restated
(period ended
on 31 July 2023) |
|
EBITDA |
111 |
112 |
|
Other elements |
(11) |
(7) |
|
Cash flow before net cost of debt and income
tax |
100 |
105 |
|
Change in the working capital requirement |
(19) |
(55) |
|
Net change in leasing receivables |
6 |
16 |
|
Cash flow from operating activities |
87 |
66 |
|
Interest and tax paid |
(38) |
(35) |
|
Net cash flow from operating activities |
49 |
31 |
|
Capital expenditure |
(46) |
(46) |
|
Net cash flow after investing activities |
3 |
(15) |
|
Impact of changes in scope |
(8) |
0 |
|
Others |
0 |
(0) |
|
Net cash flow after acquisitions and
divestments |
(5) |
(15) |
|
Dividends paid |
0 |
(0) |
|
Change in debt and others |
64 |
25 |
|
Net cash flow from financing activities |
64 |
25 |
|
Cumulative translation adjustments on cash |
(0) |
(1) |
|
Net cash from discontinued operations |
2 |
(1) |
|
Change in net cash position |
60 |
10 |
Figures exclude Mail Italian
subsidiary which has been reclassified as discontinued operations
in 2023.
(1) H1 2024 sales are compared to H1 2023
sales, to which is added pro rata temporis the revenue of Daylight
and Frama for a consolidated amount of €12 million.
The currency impact is positive for €1 million.
(2) Including IFRS 16
(3) H1 2024 ARR impacted by a €0.2 million
negative currency effect vs 31 January 2024
(4) EBITDA = current operating income +
provisions for depreciation of tangible and intangible fixed
assets.
(5) For the H1 2024, the average compounded
number of shares is 33,950,930. Diluted number of shares is
34,487,900.
(6) Net debt / shareholders’ equity
(7) Subject to the renewal of the share
buyback authorizations at the 2025 AGM
(8) FY 2026 leverage ratio excluding
leasing target of 1.5x
QUADIENT (EU:QDT)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025
QUADIENT (EU:QDT)
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De Jan 2024 até Jan 2025
