- Consolidated revenue: 205.4 Million Euro (of which 199.4 is Net Revenue), up 1% at the same exchange rate
- Consolidated EBITDA: 27.6 million Euro, a 17% compared to 23.5 million Euro on 12/31/2019
- Consolidated EBIT: 20.2 million Euro, up 24% compared to 16.2 million Euro on 12/31/2019
- Consolidated net revenue: 13 million Euro, up 24% compared to 10.5 million Euro on 12/31/2019
- Net financial position of the Group: a positive figure of €17.9 million compared with the negative figure of €0.3 million on 12/31/2019
MILAN, April 7, 2021 /PRNewswire/ -- The Techedge S.p.A Board of Directors., held on March 18, 2021, examined and approved the separate draft financial statements and the consolidated financial statements on December 31, 2020 and the consolidated non-financial statement (CNFS) prepared in accordance with Italian Legislative Decree 254/2016, which will be submitted to the Shareholders' Meeting scheduled for April 29, 2021.
The Techedge Group has achieved improved financial results compared to 2019, albeit against a top line growth that flattened out over the year starting from the mid- single digit levels of the first semester to stabilize at around a 1% increase in annual Net Revenue at the same exchange rate. This is an extremely positive result if the unprecedented context in which it was achieved is considered, in which a significant amount of production, distribution and consumption activities stopped, in many cases and for periods of weeks or months, along with the suspension, revision and postponement of various clients' investment plans.
Compared to a Net Revenue of 199.4 million Euro and a Total Revenue of 205.4 million Euro, which were essentially stable compared to 2019 at the current level (200.5 million Euro and 206.3 million Euro respectively), Operating Margin improved significantly by virtue of the double-digit growth in both EBITDA (+17%) from 23.5 million Euro (11.7% margin) to 27.6 million Euro (13.8% margin) and EBIT (+24%) from 16.2 million Euro (8.1% margin) to 20.2 million Euro (10.1% margin).
The improved operating margin is the result of action taken to increase the flexibility and productivity of the company, and to contain the costs incurred by the spread of the pandemic without resorting to reducing hours or employment, and instead promoting the quantitative and qualitative development of the Group's employees and maintaining their professionalism and training.
At the financial level, the focus on managing working capital and cash equivalent assets allowed cash generation at the operating level, with a free cash flow of €24.7 million and an improved NFP compared to December 31, 2019, going from a financial debt of €0.3 million, to a positive net financial position of €17.9 million with cash assets standing at a value of €45.5 million at the end of December.
Domenico Restuccia, Chief Executive Officer of the Techedge Group, made the following statement: "2020 has been a challenging year, and has forced us to work against a backdrop of global uncertainty. The pandemic has accelerated many trends that were already on the rise on the digital transformation and sustainability fronts, promoting a real revolution in behaviors, and in ways of consuming goods and services, and highlighting the need to adopt more virtuous approaches from a circular-economy perspective.
In such a challenging year, we have been able to transform our obstacles into opportunities to build resilience and develop, by continuing to invest in people and in digital skills, with the aim of becoming ever more strategic partners for all companies wanting to use technology to their advantage and become new, sustainable leaders. 2020's results are an example of the quality of the long-term strategic vision shared by the entire board of directors across the Group, which have always guided our choices and will remain with us through the next periods of growth and improvement of our business."
Vincenzo Giannelli, Managing Director of the Techedge Group, added that:
"Throughout 2020, we were moved by a globally articulated plan of action focused on three executive lines: setting up specific protocols to keep our staff safe, closing our offices, and working remotely; The continuity of all infrastructure, design, and maintenance services with our clients; the utmost attention to the Group's economic and financial balance by stepping up monitoring and control activities.
These three key directives have allowed us to keep the wheel turning and continue with our medium-and long term growth strategies on various fronts, not only by continuing to support our established clients, but also by gaining new clients over the year, and being able to finish a year as difficult as 2020 with top financial results.