INVIBES ADVERTISING N.V. INVIBES ADVERTISING N.V.
REIGERSTRAAT 8 - 9000 - GAND (Zwijnaarde) - Belgium
GENT (GENT - GAND), 0836 533 938
(Hereafter "INVIBES", the "Group" or the "Company")
https://www.invibes.com/
INTERIM FINANCIAL REPORT
Euronext GROWTHTM
TABLE OF CONTENT
- HALF-YEARMANAGEMENT REPORT__________________________________________3
- CONSOLIDATED FINANCIAL STATEMENTS _____________________________________7
A. HALF-YEAR MANAGEMENT REPORT
Half-year results 2023: return to a positive EBITDA in H1
Consolidated data, | H1 2023 | H1 2022 | Δ |
Unaudited, in k€ | |||
Turnover | 12 441 | 13 265 | -6% |
Purchases and external expenses | (7 136) | (7 274) | -2% |
Staff costs | (5 113) | (6 958) | -27% |
EBITDA | 192 | (967) | +1 159 |
Depreciation, amortisation and provisions | (599) | (630) | -5% |
Operating income (loss) | (407) | (1 597) | +1 190 |
Financial result | (36) | (141) | +74% |
Tax | (3) | (1) | - |
Net result (loss) | (446) | (1 739) | +1 293 |
Resilient sales for the first half of 2023, down 6% H1 YoY.
In the 1st half-year to 2023, Invibes recorded sales of €12.4m, down 6% on the comparative period in 2022, reflecting contrasting trends by country.
During the first six months, business in the existing countries where Invibes has beenestablished for the longest (France, Spain, Switzerland) continued to be challenging.
Whilst countries in the scale-upphase (Germany, the UK, Italy, and Belgium) proved resilient,with salesup23% over theperiod.
Return to positive EBITDA in H1.
Faced with a significant slowdown in the advertising market in the summer of 2022, Invibesrapidly responded by taking immediate steps in the second half of the year to optimize its coststructure, notably by cutting its staff by 15% in the second half of 2022, with the aim of returningto profitability in2023.
These rapid measures to cut costs enabled the Group to adapt its cost structure to the weakereconomic environment, while maintaining the sales forces needed to pursue growth in all itsstrategic growth countries. These measures, in combination with a stringent control on other key parameters, such as gross margin, have enabled a return to positive EBITDA from 1st half 2023.
The breakdown of EBITDA by country maturity is as follows:
Consolidated data, | H1 2023 | H1 2022 | H1 2021 |
Unaudited, in k€ | |||
Existing countries(1)
Turnover | 8 332 | 10 148 | 7 014 |
EBITDA | 2 543 | 3 316 | 2 078 |
% EBITDA | 31% | 33% | 30% |
Scale-up(2) | |||
Turnover | 3 584 | 2 918 | 1 691 |
EBITDA | 133 | (446) | (283) |
% EBITDA | 4% | -15% | -17% |
New countries (start-ups)(3) | |||
Turnover | 524 | 199 | 10 |
EBITDA | (392) | (753) | (40) |
% EBITDA | - | - | - |
Group overheads (4) | (2 094) | (3 084) | (1 252) |
Consolidated EBITDA | 192 | (967) | 503 |
- France, Spain, Switzerland and ML2GROW
- Germany, United Kingdom, Italy, and Belgium
- Sweden, Norway, Denmark, South Africa, Netherlands, UAE, Poland, andCzech Republic
- Excluding CAPEX
Despite a fall in activity in the countries where Invibes has been established for the longest (France, Spain, Switzerland), the EBITDA margin remained solid at over 31%, demonstrating the resilience of the model when a market is mature and established and all the fundamentalsare activated, despite more difficult conditions.
In countries in the scale-up phase (Germany, the UK, Italy and Belgium), sales growth has been accompanied by an improvement in profitability, with EBITDA showing a positive trend over theperiod.
After considering a depreciation of €599k, Invibes posted an operating loss of €407k, more than quadruple the figure for the first half of 2022.
The net loss was also divided by almost 4 over the period, reaching €446k.
A solid balance sheet to support growth.
With a gross cash position of €17.3m (including €5.3m of deconsolidating factoring), and a netcash position of €10.5m at 30 June 2023, the Group has the necessary capacity to finance its future development and maintain a high level of investment in R&D, with innovation remaining the keydriverofthe Invibes model.
Intelligent targeting solutions that are ever more innovative and unique, offering a strong competitive differentiation.
The cost-cutting measures have been implemented with the aim of maintaining its capacity forinnovation, which is essential if it is to continue to stand out in the digital advertising ecosystemandwinnew market share.
On the strength of this constant innovation, Invibes stands out from its competitors with aunique value proposition incorporating technological Services & Solutions tailored to
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Invibes Advertising NV published this content on 02 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 October 2023 15:03:16 UTC.
