EPSILON NET GROUP OF COMPANIES - FIRST HALF 2020 RESULTS
Turnover increase of 7.30%, and also significant increase in Net Income by 54.03% compared to the previous corresponding period, despite the adverse conditions due to the pandemic (Covid-19).
The Financial Results of the EPSILON NET Group in the first half of 2020 confirm a dynamic start in a year of exceptional circumstances. The Group and the Company, despite the difficult and adverse conditions, managed to increase all their financial figures and at the same time to consistently implement their investment plan. At the same time, Epsilon Net has laid the foundations for future growth with the release of innovative software applications and the achievement of new partnerships.
According to the consolidated financial statements ended on 30.06.2020, in accordance with the International Financial Reporting Standards (IFRS), the main financial figures of the Group and the mother company Epsilon Net are as follows:
TURNOVER: The turnover of the Group for the reporting period amounted to € 8.45 million, recording an increase of 7.30% compared to the corresponding last year period which had amounted to € 7.87 million. The turnover of the parent period amounted to € 6.26 million compared to € 5.86 million in the corresponding last year period, recording an increase of 6.94%.
EBITDA: Earnings before interest- taxes-depreciation and amortization (EBITDA) for the first half of 2020 for the Group were up 17.07%, reaching € 1.83 million compared to € 1.56 million in the corresponding last year period, while for the mother company were up 13.54% reaching € 1.42 million, compared to € 1.25 million in the corresponding last year period.
NET INCOME: The consolidated results after taxes from continuing operations recorded profits of € 1.00 million for the reporting period, recording an increase of 54.03% compared to € 0.65 million in the corresponding last year period. For the mother company, they amounted to € 0.76 million in the first half of 2020, recording an increase of 76.09% compared to € 0.43 million in 2019.
Cash and cash equivalents of the Group for the period ended 30.06.2020 amounted to € 11.13 million, Net Cash (after deduction of loan liabilities) is positive, amounts to 4.49 million and equity reached € 15.19 million. It is worth noting that the abovementioned cash and cash equivalents do not include the amount of 4.92 million euros from the share capital increase on 15/7/2020 due to the listing of the Company to the ATHEX Main Market, creating a total amount of available funds for future investments which exceeds 16 million euros.
In reference to the results, the Chairman of the Board of Directors and CEO of Epsilon Net, Mr. Ioannis Michos made the following statement:
“During the first half of 2020, in the current business environment, the Epsilon Net Group continues to record increasing profitability, strengthening its leading role in the industry and confirming the strategic planning of the Management.
Our great optimism and expectations for the continuation of our development course in the next period are confirmed further by:
-The recent certification by Independent Authority for Public Revenue as an Electronic Pricing Provider that creates new data for the digital transformation of Greek companies and strengthens further the expansion of our clientele.
- The acquisition of Hoteliga International sp. Z o.o, which strengthens our already important role in the sector of hospitality with extroverted orientation and
-Our significant liquidity that guarantees the Group¶s future investments.
Finally, it is important to mention that the strategic planning of the Group is further strengthened by the ever-increasing necessity for remote work, due to the special conditions of the last period.
The Epsilon Net Group, having as its ultimate goal to meet the modern businesses needs, invests over time in technological innovation, with web, cloud and mobile applications for the organization and operation of their accounting departments as well as HR departments, while creating the appropriate conditions and significant partnerships, for increasing their customer base.
We continue with the same dynamics our leading role in the IT market, keeping up to our commitment for continuous development, and the further strengthening of the Group's value for the long-term interest of our shareholders, partners and customers.”
Epsilon Net was founded in 1999, and is active in the fields of information technology (Epsilon Net Software), digital content creation on the internet (Epsilon Net Network) and specialized training (Epsilon Net Training). It has 374 employees in Athens and Thessaloniki, having a complete, constantly growing network of 300 partners in Greece. It is the only company for development and sale of business software products in Greece which is awarded for the 7th consecutive time for its working environment. On 15. 07. 2020 upgraded to the Main Market of the Athens Stock Exchange, by EN.A, in which it was listed in 2008. More information at www.epsilonnet.gr
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