DALET : FINANCIAL RESULTS FIRST SEMESTER 2018: Revenue growth - Significant decrease in seasonal losses - 2018 Objectives confirmed (AcT)
Paris, 17 September 2018
FINANCIAL RESULTS FIRST SEMESTER 2018:
Revenue growth
Significant decrease in seasonal losses
2018 Objectives confirmed
| In € millions | H1 2017 | H1 2018 | Variation |
| Revenues | 22.7 | 25.2 | +11% |
| Cost of goods and third-party services resold | 2.7 | 3.0 | +9% |
| Commercial gross profit | 20.0 | 22.2 | +11% |
| Other cost of revenues | 7.9 | 9.0 | +13% |
| Gross profit | 12.0 | 13.2 | +10% |
| Gross margin | 53% | 52% | - |
| Research and development | 6.0 | 6.4 | +7% |
| Selling and marketing | 4.9 | 4.8 | -1% |
| General and administrative | 2.6 | 2.7 | +3% |
| Current operating income | (1.4) | (0.7) | +49% |
| Operating income | (1.4) | (0.7) | +48% |
| Net income, Group share | (1.9) | (0.9) | +56% |
DALET, a leading provider of software solutions for the creation, management and distribution of multimedia content for broadcasters, operators and content producers, has published its financial results for its first half-year ended June 30, 2018.
Total revenues for the semester were up by 11% at €25.2 million as compared to the first half of 2017. Gross profit, which includes the cost of services, increased at a rate similar to revenues, to €13.2 million.
The group continued to increase its investments in Research and development at a slightly lower rate than the growth of revenues (25% of revenues vs. 26% for the previous year). Selling and Marketing expenses were stable, General and Administrative expenses rose slightly.
The resulting current operating loss decreased significantly by 49% to -€0.7 million, as compared to
-€1.4 million for the first half of 2017. It is noted that Dalet's business experiences significant seasonality, with higher revenues in the second semester compared to the first semester, while expenses are almost fixed.
After financial expenses and tax, net income for the semester amounted to a loss of €0.9 million as compared to a loss of €1.9 million for the first semester of 2017.
Solid financial position
Cash flows linked to operations amounted to €0.6 million, as compared to €2.3 for the first semester last year, due to an exceptional increase in working capital. On 30 June 2018, net cash (cash + restricted cash - short and long term debt) stood at €0.7 million.
Perspectives
Dalet confirms its targets for 2018 for high single-digit revenue growth and of a current operating margin of 5 to 6%.
While the market still exhibits some lag in the customer decision-making cycle, Dalet expects to boost order intake in the upcoming months thanks to the introduction of its latest technology innovations which have been well received at the recent IBC show in Amsterdam.
Next publication
Q3 revenues on 6 November 2018 after the close of trading
About Dalet Digital Media Systems
Dalet solutions enable broadcasters and media professionals to create, manage and distribute content to both traditional and new media channels, including interactive TV, the Web and mobile networks. Dalet combines into a single system a robust and proven Asset Management platform with advanced metadata capabilities; a configurable workflow engine, and a comprehensive set of purpose-built creative and production tools. This integrated and open environment enables end-to-end management of the entire News and Sport and Program content chain, and allows users to significantly improve efficiency, and to maximize the use and value of their assets. Dalet's solutions are delivered through a dedicated Professional and Integration Services Department to ensure the highest possible standards.
Dalet systems are used around the world by many thousands of individual users at hundreds of TV and Radio content producers, including public broadcasters (ABS-CBN, BBC, CBC, DR, France TV, RAI, RFI, Russia Today, RT Malaysia, VOA), commercial networks and operators (Canal+, FOX, eTV, Mediaset, NBC Universal, Time Warner Cable, Warner Bros., SiriusXM) and government organizations (UK Parliament, NATO, United Nations, Veterans Affairs, NASA).
Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0011026749, Bloomberg DLT:FP, Reuters: DALE.PA. For more information on Dalet, visit www.dalet.com
Contacts
Actus Finance & Communication :
Investors: Théo Martin +331 53 67 36 75
Press-Media : Vivien Ferran +331 53 67 36 34
APPENDIX: DETAILED FINANCIAL INFORMATION H1 2018
| INCOME STATEMENT BY FUNCTION | 30 june 2017 | 30 june 2018 |
| (in € thousands) | 6 months | 6 months |
| Revenues | 22 694 | 25 166 |
| Cost of revenues | - 10 657 | - 11 965 |
| Gross Profit | 12 037 | 13 201 |
| Research and development | - 5 992 | - 6 423 |
| Selling and marketing | - 4 890 | -4 839 |
| General and administrative | - 2 600 | - 2674 |
| Current operating income | - 1 445 | - 734 |
| Other income and expenses from operations | 76 | 16 |
| Operating income | -1 369 | - 718 |
| Net financial income (expense) | - 325 | 110 |
| Pre-tax income | - 1 694 | -608 |
| Income tax | -246 | -246 |
| Net consolidated income | - 1 940 | -854 |
| Net income, Group share | -1 940 | - 854 |
| BALANCE SHEET | 31 dec 2017 | 30 june 2018 |
| (in euro thousand) | ||
| Goodwill | 5 476 | 5 481 |
| Intangible assets | 5 034 | 5 009 |
| Property, plant and equipment | 1 286 | 1 197 |
| Long-term financial assets | 349 | 389 |
| Long-term restricted cash | 417 | 409 |
| Other non-current assets | 2 343 | 2 695 |
| Deferred tax assets | 58 | 57 |
| NON-CURRENT ASSETS | 14 963 | 15 236 |
| Inventories | 353 | 302 |
| Trade receivables | 1 7823 | 18 459 |
| Sundry debtors | 1 288 | 2 115 |
| Cash and cash equivalents | 6 528 | 4 522 |
| Current tax assets | 412 | 365 |
| CURRENT ASSETS | 26 404 | 25 764 |
| TOTAL ASSETS | 41 366 | 41 000 |
| Capital | 7 189 | 7 189 |
| Premiums | 9 682 | 9 682 |
| Consolidated reserves | -3 904 | -3187 |
| Consolidated income, Group share | 727 | -854 |
| Translation reserves | 1 495 | 1 450 |
| Shareholder's equity (attributable to the Group) | 15 189 | 14 279 |
| Non-controlling interests | 9 | 9 |
| SHAREHOLDER'S EQUITY | 15 198 | 14 289 |
| Long-term financial debt | 2 550 | 2 700 |
| Long-term provisions | 733 | 711 |
| Deferred tax liabilities | 548 | 671 |
| Other non-current liabilities | 811 | 863 |
| NON-CURRENT LIABILITIES | 4 641 | 4 946 |
| Short-term provisions | 609 | 154 |
| Short-term financial debt | 1 789 | 1 487 |
| Current tax liabilities | 101 | 36 |
| Suppliers | 3 077 | 3 475 |
| Tax and social security liabilities | 4 583 | 4 856 |
| Other creditors | 11 369 | 11 757 |
| CURRENT LIABILITIES | 21 527 | 21 765 |
| TOTAL LIABILITIES | 41 366 | 41 000 |
| STATEMENT OF NET CASH FLOWS | 30 june 2017 | 31 dec 2017 | 30 june 2018 |
| (in € thousand) | 6 months | 12 months | 6 months |
| Consolidated net income (including non-controlling interests) | - 1940 | 728 | -854 |
| +/- Depreciation, amortisation and provisions (except on current assets) | 1 764 | 4 397 | 1 619 |
| +/- Impairment losses – Long term assets | |||
| +/- Income and expense linked to stock options and similar | 42 | 72 | 29 |
| -/+ Other income and expense | |||
| -/+ Gains and losses on disposals | 2 | 6 | -8 |
| Cash flow after cost of net financial debt and tax | -132 | 5 202 | 786 |
| + Cost of net financial debt | 32 | 7 | -68 |
| +/- Tax expense (including deferred taxes) | 246 | 754 | 246 |
| Cash flow before cost of net financial debt and tax (A) | 146 | 5 963 | 964 |
| - Tax paid (B) | - 247 | - 480 | - 236 |
| +/- Change in working capital requirement from operating activities (including liabilities for employee benefits) (C) | 2 447 | -449 | -102 |
| = NET CASH FLOW FROM OPERATING ACTIVITIES (D) = (A + B + C) | 2 345 | 5 035 | 626 |
| - Cash outflow for acquisitions of property, plant and equipment and intangible assets | - 1 764 | -3 602 | -2 000 |
| + Cash from disposals of property, plant and equipment and intangible assets | 76 | 83 | 28 |
| +/- Impact of changes of scope | |||
| +/- Change in loans and advances made | -72 | -10 | -30 |
| = NET CASH FLOW FROM INVESTMENT ACTIVITIES (E) | - 1 761 | -3 509 | -2 002 |
| -/+ Repurchase and resale of treasury shares | -9 | -1 | -28 |
| + Cash from new borrowings | 423 | 1 020 | 800 |
| - Loan repayments (including finance leases) | -649 | -1 411 | -614 |
| - Net financial interest paid (including finance leases) | -24 | 6 | 67 |
| +/- Other cash flows from financing activities | -712 | -727 | -904 |
| = NET CASH FLOW FROM FINANCING ACTIVITIES (F) | -971 | -1 114 | -679 |
| +/- Impact of changes in exchanges rates (G) | - 225 | -357 | -28 |
| = CHANGE IN NET CASH POSITION (D + E + F + G) | -612 | 55 | -2 083 |
| Cash at end of period | |||
| Cash and cash equivalents – Bank overdrafts | 5 701 | 6 367 | 4 284 |
| Cash at opening | |||
| Cash and cash equivalents – Bank overdrafts | 6 313 | 6 313 | 6 367 |
News releases under ongoing reporting obligations:
- News release on accounts, results
Full and original press release in PDF:
https://www.actusnews.com/documents_communiques/ACTUS-0-55043-cp-dalet-h1-2018-uk.pdf
Source : Actusnews