Half-year Results - Additional Disclosures
09/12/2022 16:27
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RNS Number : 2758J Softline Holding PLC 09 December 2022
Softline Holding plc
("NOVENTIQ" or the "Company")
Noventiq publishes additional supplemental financial tables to highlight
discontinued operations.
8 December 2022, London, UK - Noventiq [Softline Holding PLC / SFTL,
US83407L2079] (Noventiq, the Group, or the Company), the Cyprus registered
global digital transformation and cybersecurity solutions and services
provider headquartered in London and operating in almost 60 countries,
publishes additional supplemental financial tables to highlight discontinued
operations.
Following the announcement on 29 November 2022 of the Q2/H1 FY2022 trading
update, Noventiq provides the following supplemental financial tables to
highlight the discontinued operations from the sale of the Russian business.
Financial tables
Softline Holding Limited - Consolidated statement of profit and loss and other
comprehensive income - IFRS
kUSD to 30 September 6m FY2022 6m FY2021
Continuing operations
Turnover
691,089 522,542
Revenue
635,881 468,629
Cost of sales
(540,080) (407,870)
Gross profit
95,801 60,759
Selling and Distribution
(74,025) (41,061)
General and Administrative
(21,121) (12,752)
Other income / (expenses)
72 (138)
Operating profit
727 6,808
Foreign exchange loss
(5,384) (545)
Change in fair value of financial instruments, net
- -
Finance income
1,692 452
Finance expenses
(6,709) (3,582)
Profit / (loss) before tax
(9,674) 3,133
Income tax expense
(696) (345)
Net profit / (loss) for the year
(10,370) 2,788
Discontinued operations
Profit after tax for the year from Discontinued operations
2,570 955
Translation difference
(29,154) (5,866)
Other comprehensive income / (loss)
(19,973) 9,783
Discontinued operations
Total comprehensive loss from Discontinued operations
(11,548) (3,472)
Total comprehensive income / (loss)
(68,475) 4,188
The results of Disposal Group:
kUSD to 30 September 6m FY2022 Discontinued operations 6m FY2021 Discontinued operations
Turnover
422,163 453,934
Revenue
323,532 399,755
Cost of sales
(245,646) (331,625)
Gross profit
77,886 68,130
Selling and Distribution
(80,146) (49,324)
General and Administrative
(17,334) (10,154)
Other income / (expenses)
20,413 (209)
Operating profit
819 8,443
Foreign exchange income / (loss)
6,435 (821)
Change in fair value of financial instruments, net
94 -
Finance income
2,082 572
Finance expenses
(7,307) (6,295)
Profit before tax
2,123 1,899
Income tax expense
447 (944)
Net profit for the year
2,570 955
Softline Holding Limited - Consolidated statement of financial position - IFRS
kUSD unaudited unaudited
Group 30 September 2022 30 September 2021
Goodwill 122,943 75,685
Deffered tax assets 7,914 9,492
Intangibles 47,272 57,215
Equipment, net 6,086 11,714
Lease assets rights 4,450 12,044
Long term loans issued 7,183 3,039
Other non-current assets 17,397 97,945
Non-current assets 213,245 267,134
Advances issued 5,082 18,497
Other current assets 16,200 9,252
Income tax receivable 5,356 7,210
Inventory, net 13,696 37,016
Other receivables 41,186 44,173
Trade receivables, net 209,122 248,104
Loans issued 1,154 5,920
Cash and cash equivalents 221,625 57,646
Assets held for sale 462,550
Current assets 975,971 427,818
TOTAL ASSETS 1,189,216 694,952
kUSD unaudited unaudited
Group 30 September 2022 30 September 2021
Share capital 44 30
Retained earnings 65,474 14,678
Owner's contribution 14,259 14,260
Other components of equity 383,948 (868)
Treasury shares (7,198) -
Other comprehensive income (98,701) 37,296
Total equity and assets attributable to owners 357,826 65,396
Non-controlling interest (6,940) (6,342)
Total equity 350,886 59,054
Deferred Tax liabilities 3,795 3,637
Long-term contingent liabilities 25,938 6,767
Long-term deferred payments for acquisitions 9,285 9,241
Long-term tax payable 786 920
Long-term borrowings - third parties 9,554 88,239
Long-term obligations under finance leases 2,724 9,860
Other long term creditors 5,813 801
Non-current liabilities 57,895 119,465
Short-term contingent liabilities 20,616 5,098
Short-term deferred payments for acquisitions 18,525 15,736
Advances from customers 17,837 43,518
Income tax payable 2,509 3,494
Other payables 56,359 49,529
Trade payables, including 167,643 225,996
Short-term obligations under finance leases 2,925 4,923
Short-term borrowings - third parties 47,414 168,139
Liabilities directly associated with the assets held for sale 446,607 -
Current liabilities 780,435 516,433
TOTAL EQUITY AND LIABILITIES 1,189,216 694,952
Softline Holding Limited - Net assets of Disposal Group - IFRS
kUSD unaudited
The major classes of assets and liabilities of Disposal Group 30 September 2022
Goodwill and other intangibles 64,320
Equipment, net 10,479
Lease assets rights 15,249
Other non-current assets 30,940
Advances issued and other current assets 97,001
Software licenses and other inventory 42,544
Trade receivables, net 120,382
Cash and cash equivalents 81,635
Assets held for sale 462,550
Other long term creditors 9,795
Liabilities for acquisitions 10,809
Advances received from customers 63,260
Other payables 46,301
Borrowings 184,150
Trade accounts payable 132,292
Liabilities directly associated with assets held for sale 446,607
Net assets directly associated with Disposal Group 15,943
Softline Holding Limited - Consolidated statement of cash flow - IFRS
kUSD 6m2022 6m2021
Profit before income tax from continuing operations (9,674) 5,032
Adjustments to reconcile net profit to net cash flows:
Depreciation and amortization 5,554 9,778
Finance expenses, net 5,017 8,508
Foreign exchange loss 5,385 1,367
Other non-cash transactions 1,968 401
Operating profit before working capital changes 8,250 25,086
Working capital adjustments:
(Increase) / Decrease in software licenses and other inventory 5,451 (11,670)
(Increase) / Decrease in advances issued, trade and other receivables (40,454) (56,858)
Increase / (Decrease) in contract liabilities, trade and other payables (37,255) (16,056)
Cash generated from / (used in) operations related to continuing operations (64,008) (59,498)
Income tax paid (168) (975)
Net cash generated from / (used in) operating activities related to (64,176) (60,473)
continuing operations
Cash flows from investing activities
Purchase and development of non-current assets (4,181) (13,609)
Acquisition and disposal of subsidiaries (47,429) (27,536)
Treasury shares buy-back (4,420) -
Sale of Crayon shares 42,268 35,650
Loans issued and collected, net 522 (4,930)
Net cash generated from / (used in) investing activities related to continuing (13,240) (10,425)
operations
Cash flows from financing activities
Overdrafts and borrowings received and repaid, net 18,601 44,236
Redemption of shares - (2,476)
Dividends paid (619) -
Net cash generated from / (used in) financing activities related to continuing 17,982 41,760
operations
Foreign exchange difference (4,146) (2,831)
Net increase/(decrease) in cash and cash equivalents related to continuing (63,580) (31,969)
operations
Cash in banks and on hand at the beginning of the period related to continuing 285,205 89,615
operations
Cash in banks and on hand at the end of the period related to continuing 221,625 57,646
operations
Cash in banks and on hand at the beginning of the period related to 48,844 -
discontinued operations
Net cash generated from / (used in) operating activities related to (1,942) -
discontinued operations
Net cash generated from / (used in) investing activities related to (2,100) -
discontinued operations
Net cash generated from / (used in) financing activities related to 30,124 -
discontinued operations
Foreign exchange difference 6,709 -
Cash in banks and on hand at the end of the period related to discontinued 81,635 -
operations
Additional Information
Noventiq's related supporting materials can be accessed in the Investor
Relations section of Noventiq.com
A replay of the Q2/H1 trading update on 29 November 2022 can be accessed here:
Noventiq - FY2022 H1 Trading Update
(https://www.lsegissuerservices.com/spark/SOFTLINEHOLDING/events/73190a44-b36b-46de-af54-cf644c2a8450)
Since the 20(th) of October 2022 the company operates under the brand name of
Noventiq: Noventiq RNS
(https://noventiq.com/news/softline-holding-plc-begins-trading-under-the-brand-name-noventiq)
.
About Noventiq
Noventiq is the new brand name of Softline Holding plc, one of the fastest
growing players in the sector. It is a leading global solutions and services
provider in digital transformation and cybersecurity, headquartered in London.
Under this brand, the company enables, facilitates and accelerates the digital
transformation of its customers' businesses, connecting over 75,000
organisations from all industries with hundreds of best-in-class IT vendors,
and delivering its own services and solutions.
The company delivered turnover of approximately US$1.1 billion in the fiscal
year of 2021. It is listed on the London Stock Exchange following successful
IPO in October 2021.
The company´s c. 3,900 employees, work in almost 60 countries throughout
Asia, Latin America, Eastern Europe, Middle East and Africa - markets with
significant growth potential.
Additional information about the company can be found here:
https://noventiq.com/investor-relations
(https://noventiq.com/investor-relations)
Contacts
Steven Salter
Global Investor Relations VP
IR@noventiq.com (mailto:IR@noventiq.com)
Rocio Herraiz
Global Head of Communications
pr@noventiq.com (mailto:pr@noventiq.com)
Important Notices
The financial results set out in this release are sourced from the Group's
management accounts for Q2 & H1 FY2022, Q2 & H1 FY2021 and are
unaudited. The "constant currency" metric excludes the effect of foreign
currency exchange rate fluctuations by translating the current period revenues
into U.S. dollars at the weighted average exchange rates of the prior period
of comparison.
This document may constitute or include forward-looking statements. Forward
looking statements are statements that are not historical facts and may be
identified by words such as "plans", "targets", "aims", "believes", "expects",
"anticipates", "intends", "estimates", "will", "may", "continues", "should"
and similar expressions. These forward-looking statements reflect, at the time
made, the Company's beliefs, intentions and current targets/aims concerning,
among other things, the Company's or the Group's results of operations,
financial condition, liquidity, prospects, growth and strategies.
Forward-looking statements include statements regarding: objectives, goals,
strategies, outlook and growth prospects; future plans, events or performance
and potential for future growth; liquidity, capital resources and capital
expenditures; economic outlook and industry trends; developments of the
Company's or the Group's markets; the impact of regulatory initiatives; and
the strength of the Company's or any other member of the Group's competitors.
Forward-looking statements involve risks and uncertainties because they relate
to events and depend on circumstances that may or may not occur in the future.
The forward-looking statements in this document are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, management's examination of historical operating
trends, data contained in the Company's records (and those of other members of
the Group) and other data available from third parties. Although the Company
believes that these assumptions were reasonable when made, these assumptions
are inherently subject to significant known and unknown risks, uncertainties,
contingencies and other important factors which are difficult or impossible to
predict and are beyond its control. Forward-looking statements are not
guarantees of future performance and such risks, uncertainties, contingencies
and other important factors could cause the actual outcomes and the results of
operations, financial condition and liquidity of the Company and other members
of the Group or the industry to differ materially from those results expressed
or implied in this document by such forward-looking statements. No
representation or warranty is made that any of these forward-looking
statements or forecasts will come to pass or that any forecast result will be
achieved. Undue influence should not be given to, and no reliance should be
placed on, any forward-looking statement. No statement in this document is
intended to be nor may be construed as a profit forecast.
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