2016 YEARLY RESULTS : CURRENT OPERATING INCOME UP 385%- POSITIVE NET INCOME- STRONG CASH GENERATION- CONFIRMATION OF 2017 OBJECTIVES | Bourse Reflex
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2016 YEARLY RESULTS : CURRENT OPERATING INCOME UP 385%- POSITIVE NET INCOME- STRONG CASH GENERATION- CONFIRMATION OF 2017 OBJECTIVES

Jeudi 27 Avr 2017 à 21:00

Paris, 27 April 2017

2016 YEARLY RESULTS

CURRENT OPERATING income UP 385%

 POSITIVE NET income

STRONG CASH GenEration

Confirmation OF 2017 OBJECTIVES

In € millions 2015 2016 Change
Revenues 47,5 48,2 +2%
Cost of goods and third-party services resold 8,3 7,0  
Commercial gross profit 39,1 41,2 +5%
Commercial gross margin 82% 85%  
Other cost of revenues 14,1 14,6  
Gross profit 25,0 26,6 +6%
Gross Margin 53% 55%  
Research and development 11,0 11,6 +6%
Selling and marketing 9,0 9,0 -1%
General and administrative 4,6 4,6 -1%
Current operating income 0,3 1,4 +385%
Operating income (0,1) 1,3 -
Net income, Group share (0,8) 0,7 +1,5M€

Going forward, Dalet publishes its Income statement by function, so as to be aligned with the presentation generally used by software companies. The income statement by nature of expense is presented as well in the appendix to this press release. The consolidated financial statements have been audited. The auditors' report will be published once the due diligence procedures required for the publication of the yearly financial report are complete.

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 yearly audited results for financial year 2016.

Gross Margin up from 53% to 55%

Dalet posted in 2016 its eighth consecutive year of growth with consolidated revenues up 2% at €48.2 million. The sales mix improved with a larger contribution to the activity from Software revenues and a decrease in hardware resale. This combined with an improved margin on services contributed to a Gross Profit of €26.6 million, up by 6%, with a gross margin increasing from 53% to 55% of revenues.

Fivefold increase in Current Operating Profit

Research and development expenses were up 6%, as the Group makes progress on its technology roadmap and product enhancements. The capitalization of €2.9 million in R&D on the company's balance sheet had no significant impact on income as it was offset by the amortization of R&D expenses in a similar amount. Selling & marketing expenses and general & administrative expenses were stable. As a result, current operating income climbed to €1.4 million from €0.3 million, an almost fivefold increase with respect to 2015. Current operating margin for 2016 was 2.9%, on track with the margin objectives defined by the group. With no significant exceptional expenses, operating income reached €1.3 million. After €0.4 million in financial expenses of which 0.1 million is interest expenses, and €0.2 million in tax, net income amounted to €0.7 million compared to a loss of €0.8 million in 2015.

Stronger cash position, Positive cashflows

Cashflows from operations amounted to €5.1 million, up 51% from the previous year. Cash on 31 December 2016 increased to €6.5 million, net cash was €1.3 million compared to a net debt of €0.6 million on 31 December 2015. Dalet shareholders' equity stood at €15.2 million on 31 December 2016.

Perspectives

Based on an order book on January 1st 2017 of €36 million, and on dynamic activity since the beginning of the year, DALET targets in 2017 a 9th consecutive year of growth. The group will continue setting as its priority the growth of its Software activity and associated professional services, while focusing on improving its service margins. Dalet confirms its objective of a current operating margin objective of 4% to 5% in 2017.

Next publication

Q1-2017 revenues on 11 May 2017 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, WDR), 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 +33 1 53 67 36 36
Press-Media: Vivien Ferran +33 1 53 67 36 34

APPENDIX: DETAILED FINANCIAL INFORMATION 2016

INCOME STATEMENT BY FUNCTIN
(in euro thousands)
2015 2016
     
Revenues 47 463 48 226
Cost of Revenues -22 485 -21 627
Gross Profit 24 978 26 598
Research and Development expenses -10 999 -11 634
Selling and Marketing expenses -9 044 -8 984
General and Administrative expenses -4 650 -4 599
Current Operating Income 285 1 381
Loss on value-long term assets -411  
Other operating income and expenses   -76
Operating Income -125 1 305
Financial income and expenses -336 -425
Pre-tax income -461 880
Income Tax -339 -220
Net consolidated income -800 660
Net consolidated income, attributable to Group -800 660

 

INCOME STATEMENT BY NATURE OF EXPENSE
(in euro thousands)
2015 2016
     
Revenues 47 463 48 226
Purchases and other external expenses -20 917 -19 540
Employee expenses -22 211 -23 524
Taxes and duties -200 -179
Depreciation and Amortization -3 620 -3 700
Provisions net of reversals -62 155
Other income and expenses from operations -168 -56
Curent Operating Income 285 1 381
Loss on value-long term assets -411  
Other operating income and expenses   -76
Operating Income -125 1 305
Income from cash and cash equivalents 19 30
Cost of gross financial debt -173 -158
Cost of net financial debt -153 -128
Other financial income and expenses -182 -297
Pre-tax income -461 880
Income tax -339 -220
Net consolidated income -800 660
Net consolidated income, attributable to Group -800 660

 

BALANCE SHEET
(in euro thousands)
Dec 31 2015 Dec 31 2016
     
Goodwill 6 213 5 604
Intangible assets 5 959 5 375
Property, plant and equipment 1 367 1 333
Long-term financial assets 358 360
Long term restricted cash 325 180
Other non-current assets 1 008 1 718
Deferred tax assets 415 424
NON-CURRENT ASSETS 15 644 14 992
Inventories 247 428
Trade receivables 14 483 17 814
Sundry debtors 1 427 1 701
Cash and cash equivalents 4 335 6 532
Current tax assets 166 299
CURRENT ASSETS 20 658 26 774
TOTAL ASSETS 36 302 41 766
     
Capital 7 187 7 187
Premiums 9 614 9 682
Consolidated reserves -3 334 -4 655
Consolidated income -800 660
Translation reserves 2 528 2 276
Shareholder's Equity (attributable to the Group) 15 194 15 150
Non-controlling interests 8 9
SHAREHOLDERS' EQUITY 15 202 15 159
Long term financial debt 3 724 2 930
Long term provisions 554 677
Deferred tax liabilities 880 578
Other non current liabilities 744 754
NON CURRENT LIABILITIES 5 901 4 938
Short-term provisions   96
Short-term financial debt 1 292 2 332
Current tax liabilities 81 38
Suppliers 3 349 3 962
Tax and social security liabilities 4 063 4 316
Other creditors 6 413 10 926
CURRENT LIABILITIES 15 198 21 669
TOTAL LIABILITIES 36 302 41 766

 

STATEMENT OF NET CASH FLOWS 31 dec 2015
 
31 dec 2016
(in € thousand) 12 months 12 months
Consolidated net income (including non-controlling interests) -800 660
+/- Depreciation, amortisation and provisions (except on current assets) 3 416 3 841
+/- Impairment losses - Long term assets 411 0
+/ - Income and expense linked to stock options and similar 93 89
-/+ Gains and losses on disposals -1 -5
Cash flow after cost of net financial debt and tax 3 118 4 585
+ Cost of net financial debt 153 128
+/- Tax expense (including deferred taxes) 339 220
Cash flow before cost of net financial debt and tax (A) 3 611 4 933
- Tax paid (B) -182 -563
+/- Change in working capital requirement from operating activities (including liabilities for employee benefits) (C) -20 769
= NET CASH FLOW FROM OPERATING ACTIVITIES (D) = (A + B + C) 3 408 5 139
     
- Cash outflow for acquisitions of property, plant and equipment and intangible assets -3 565 -3 334
+ Cash from disposals of property, plant and equipment and intangible assets 178 35
+/- Impact of changes of scope -257 0
+/- Change in loans and advances made -3 33
= NET CASH FLOW FROM INVESTMENT ACTIVITIES (E) -3 647 -3 265
     
-/+ Repurchase and resale of treasury shares -56 -23
+ Cash from new borrowings 883 415
- Loan repayments (including finance leases) -1 052 -1 150
- Net financial interest paid (including finance leases) -147 -112
+/- Other cash flows from financing activities 156 903
= NET CASH FLOW FROM financing activities (F) -216 34
     
+/- Impact of changes in exchange rates (G) 242 87
= CHANGE IN NET CASH POSITION (D + E + F + G) -212 1 996
     
Cash at end of period    
Cash and cash equivalents - Bank overdrafts 4 317 6 313
     
Cash at opening    
Cash and cash equivalents - Bank overdrafts 4 529 4 317


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