PARIS, March 30, 2022 /PRNewswire/ --
Full Year Reported Gross Sales at €3.3 billion up 15.1%(1) year over year
Full Year Adjusted EBITA €119.2 million up 10.0%(1) year over year
Full Year Adjusted Net Income €72.6 million up 85.1% year over year
(1) Including Veracomp in 2020. Veracomp acquired on December 30, 2020 but considered as if acquired on January 1, 2020 for comparison purposes.
Exclusive Networks (Euronext Paris: EXN) today announced its financial results for the full year ended December 31, 2021, which release has been approved by the Board of Directors on 29 March 2022.
Jesper Trolle, Chief Executive Officer, commented: "We are pleased to present strong results for 2021 and deliver on the strategy we presented at the time of our IPO. We successfully delivered on growth and profitability targets and demonstrated our operational excellence, successfully navigating market challenges. Our unique positioning at the centre of the ecosystem and the compelling demand for cybersecurity solutions drove this strong performance in 2021 and reinforces our confidence in our strategy and outlook for the future. We have many exciting growth opportunities and continue to take advantage of our strong market position and cybersecurity demand globally.
The cybersecurity market is now more prominent than ever as the environment becomes more complex. New legislation, remote working, geopolitics and an increasing adoption of cloud contribute to an acceleration of the growth of the cybersecurity market, and Exclusive Networks is uniquely positioned to capitalise from the structural growth in the market by being the key player at the centre of the highly fragmented and increasingly complex cybersecurity ecosystem.
FY 2021 GROUP FINANCIAL PERFORMANCE
Gross Sales were €3.3 billion, an increase of 29.5% year over year on a reported basis and up 15.1% including Veracomp in 2020. This growth was 73% attributable to existing vendors, 13% to vendor expansion and 15% to acquisitions. From the resellers side, we saw strong demand from the Enterprise market. Geographically, executing on our strategy, we delivered growth in all three regions.
Revenue as reported in the Consolidated Financial Statements takes into account the recognition of the sales of support and maintenance on a Net Margin basis as per IFRS as we are not the primary obligor for these solutions. Revenue grew in line with Gross Sales.
Net Margin reached €320 million in 2021, an increase of 9.2% compared to 2020 (including Veracomp). Net Margin as a percentage of Gross Sales was 9.6%. This can be seen in the expansion of the Adj. EBITA margin, up to 37.3%. Exclusive Networks continues to assess every new deal based on its marginal Adj. EBITA contribution.
Adjusted EBITA was €119.2 million, up 10.0% year over year including Veracomp in 2020 and up 25.3% on a reported basis.
Adjusted Net Income was €72.6 million, an increase up 85.1% year over year on a Reported basis.
FY 2021 PERFORMANCE BY SEGMENT
EMEA: Gross Sales at €2,579.5 million, up 14.5% vs 2020 (including Veracomp as if acquired since January 2020).
APAC: Gross Sales reached €394.3 million, up 8.7% vs 2020.
AMERICAS: Gross Sales were €346.7 million, up 28.6% vs 2020. Combined with an already scaled local platform, the region benefited from the full delivery of its operating leverage to reach an Adjusted EBITA of €8.5 million with a record growth of +56.3%.
CORPORATE: Operating expenses at Corporate reflect the investments made to structure the long-term strategy of the group, design and launch initiatives to support and structure countries and regional developments and, also, to consolidated and monitor the Group's performance.
2022 OUTLOOK
2021 |
2022 |
|
Gross Sales (inc M&A) |
€3,320m |
Above €3,800m |
Net Margin |
€319.9m |
€362m - €368m |
Adj. EBITA |
€119.2m |
€133m - €138m |
Operating FCF Before Tax |
€56.5m |
80% of Adj. EBITDA |
THE FULL PRESS RELEASE IS AVAILABLE AT:
https://www.exclusive-networks-ir.com/files/IPO/EXN_FY2021_PR_VF_EN.pdf
