ANNUAL ANALYST BRIEFING
EPSILON NET S.A. held on Tuesday, March 29, via teleconference, the “Annual Analyst Briefing” in which the Group’s Financial Results for the fiscal year 2021 were presented to analysts, institutional and other investors.
In particular, according to the company’s management, 2021 was a pivotal year and as a result the Group achieved to a large extent its strategic objectives as well as a significant increase in its size and profitability, stemming both from the organic growth and from the contribution of the acquisitions.
Important milestones for 2021 were the joint implementation with SPACE HELLAS of the acquisition of SINGULARLOGIC, the establishment of EPSILON SINGULARLOGIC and the completion of the acquisitions of Technolife, iQom and PCS. The Group now numbers more than 100,000 customers providing innovative applications, technological solutions and specialized services covering the entire range of Greek businesses.
In addition, continuing the policy of acquisitions, the Group in January 2022, successfully completed the acquisition of CSA S.A. leader in the field of software for pharmacies and pharmaceutical warehouses. CSA will be the Group’s business arm in this market.
In 2021, the Group recorded a 133% increase in Turnover, with sales reaching €50.51 mil. against €21.70 mil. in the corresponding period of last year. Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) stood at €15.09 mil. against €5.23 mil. for the previous year, recording an increase of 188%. Finally, Net Profit increased by 222% to €10.78 mil. against €3.35 mil. in 2020.
It should be noted that organic growth for this period was over 50%.
Group’s Cash Balances in 2021 amounted to €23.35 mil., long-term borrowing to €8.91 mil., short-term borrowing at €6.80 mil. and the positive net cash at €5.48 mil. Group’s Equity in 2021 amounted to €41.45 mil.
Outlook for 2022
For 2022, the management estimates that Group will play a leading role in the digital transformation of the private sector of the Greek economy, will further expand the wide acceptance of all its products and services and will continue at a strong pace the growth of its Turnover and clientele, through organic growth, as well as new acquisitions.
For the financial year 2022, Group’s management, based on the trend of sales in the first quarter, confirms its estimate that the consolidated sales will exceed €75 mil. while the EBITDA margin will move to levels above 30% of turnover.
On an operational level, the Group’s main objectives for 2022 include:
- the continuation of the excellent course of the “Epsilon SMART” web series of web applications for e-invoicing and the adaptation of micro-enterprises & freelancers to myDATA
- the utilization of the Group’s enhanced know-how in business software for medium and large enterprises (ERP, CRM, WMS, MOBILE, MIS, in combination with the solutions of a certified e-Invoicing Provider and myDATA) as well as the specialized applications for vertical markets (Retail, Gas Stations, Hotel Software, Pharmacies & Pharmaceutical Warehouses)
- further strengthening its existing leadership in payroll and HRMS systems
- aid through its subsidiary PCS, FINTECH solutions in the fields of schemes for investment houses, investment management and insurance organizations
- the implementation of a new targeted program of strategic partnerships and acquisitions, with emphasis on the development of the Group’s solutions in new vertical markets
- the combined utilization of aid & financial tools for the digital transformation of enterprises initially of the Development Fund and then of the Development Law and the NSRF 2021-2027, which are estimated to contribute to the acceleration of the implementation of investments in new information systems.
The Group’s management, for 2022, aims to make the most of the business opportunities created by the challenge of the digital transformation of the Greek economy, to increase market shares, to develop new products and to provide innovative services to customers and partners, with the aim of consolidating the Group’s leading position in the field of Business Software in Greece.
