Paragon ID Showing Resilience In H1 2020/21

These actions, combined with governmental support measures for businesses, resulted in an EBITDA1 of €3.5 million in the 1st half of 2020/21, representing a solid EBITDA1 margin of 8.6%, compared with 9.3% in the 1st half of 2019/20 before the emergence of the crisis and 7.8% for the full year 2019/20.

After accounting for net depreciation and amortization, which increased slightly to €4.1 million due to the integrations of Thames Technology and airweb (€0.7 million), and non-cash charges related to equity payments of €0.2 million, current operating income declined to €-0.7 million compared to €1.2 million a year ago.

Other non-current revenues and expenses amounted to €-1.7 million, mainly related to the measures taken for cost structure reductions, leading to an operating profit of €-2.5 million.

The financial result improved to €-0.6 million, compared to €-1.3 million in the 1st half of 2019/20, thanks to the suppression of interest charges relating to the bond held by Grenadier Holdings Plc., which was converted into new shares in February 2020.

Ultimately, net income amounted to a loss of €-2.7 million in the 1st half of 2020/21, compared to €-0.6 million a year earlier.

 

Balance sheet situation at December 31, 2020

In €M – IFRS standards 31/12
2020
30/06
2020
  In €M – IFRS standards 31/12
2020
30/06
2020
Non-current assets 89.0 84.1   Equity 28.6 31.5
Incl. Goodwill 55.9 50.1   Financial debts 26.1 31.7
Current assets 23.8 29.8   of which bank loans 25.1 24.9
of which trade and other receivables 6.2 9.8   Of which bank overdraft 0.1 5.8
Of which inventories 11.6 13.4   Related-party loans 24.9 26.1
Cash 12.6 21.2   Rental debts 4.0 4.4
        Trade & other payables 20.3 21.8
        Other liabilities 21.5 19.7
TOTAL 125.4 135.2   TOTAL 125.4 135.2

 

The measures taken to achieve savings, coupled with the industrial reorganization, made it possible to optimize cash flow generation in the 1st half of 2020/21, despite the impact of the health crisis.

As a result, self-financing capacity amounted to €3.4 million, compared to €4.9 million in the 1st half of 2019/20. After variation in the working capital requirements, operating cashflow amounted to €4.8 million, compared to €7.2 million the previous year.

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