Dékuple : Strong earnings growth for 2021
STRONG EARNINGS GROWTH FOR
2021
- Net sales: €164.3m (+18%)
- Gross margin: €134.6m (+13%)
- EBITDA: €20.3m
(+39%), representing
15.1% of the gross margin
- Consolidated net income: €9.1m (+47%)
- Proposed dividend of €0.88 per share
- “Ambition 2025”: becoming a European leader for data
marketing
Paris, 28 March 2022 (8:00am) - The
DÉKUPLE Group, a cross-channel data marketing expert, is reporting
its full-year earnings for 2021.
Bertrand Laurioz, DÉKUPLE Group Chairman and
CEO: “Despite the constraints with the health crisis, 2021 was an
outstanding year of growth and transformation for our Group. Driven
by the growth in our digital marketing and insurance activities,
our net sales climbed 18% to €164.3m. Supported by our robust
management, our consolidated net income recorded sustained growth,
up 47% to €9.1m.
These good results once again reflect our
Group’s sound foundations. Our resilience is supported by the
recurrence of our portfolio-based activities and our sales of
magazine subscriptions and insurance policies. The diversity of our
digital marketing activities is further strengthening our growth;
these business lines generated 45% of the Group’s net sales in
2021, compared with 37% in 2020.
In line with our Ambition 2025 plan to
become a European leader for data marketing, we are continuing to
further strengthen our positions with complementary areas of
expertise, as we were able to do in 2021 with Intelligence Senior
and Reech in our marketing engineering business, as well as the
acquisition of the assets of QAPE, an InsurTech firm that is
enabling us to accelerate our growth in the insurance sector.
Alongside this, our outstanding capacity for innovation is enabling
us to capitalize more effectively on the Group’s many areas of
technological expertise to support data marketing.
The DÉKUPLE Group has a robust financial
position, enabling it to finance its development. Despite the
ongoing health and geopolitical crises, I am very confident that we
will be able to adapt and continue building on our growth. Thanks
to the dedication shown by our 700 staff, we will be able to make
2022 another year of success”.
KEY DEVELOPMENTS
In 2021, the DÉKUPLE Group recorded strong
growth in business despite the uncertainty relating to the economic
and health situation.
The portfolio-based activities confirmed the
resilience of their business model, generating recurrent revenues.
Despite an unfavorable basis for comparison and a contraction in
the returns on commercial campaigns, net sales for the Magazine
business were stable in 2021, with the development of the
partnership-based subscription offers offsetting the impact of the
discontinuation of prospecting under the France Abonnements brand
since 2020. The Insurance business (+24%) maintained its regular
growth by notably diversifying its product mix to include Health
insurance and further strengthening its capacity for future growth
with the acquisition of strategic assets from the InsurTech firm
QAPE, as well as various assets from its supplementary health
branch KOVERS.
The Digital Marketing business (marketing
engineering and consulting), which represents 45% of consolidated
net sales, ramped up its growth (+46%). These activities are
benefiting from the robust expansion of Converteo and its
Consulting activities against a backdrop of the digitalization and
datafication of businesses and their marketing in particular. The
Marketing Engineering business, held back by the ongoing health
crisis, was further strengthened during the year through two
external growth operations: i) in February, the acquisition of an
interest in Intelligence Senior (previously Grand Mercredi Group),
specialized in silver economy marketing, and ii) in September, the
acquisition of Reech, an influence marketing expert.
EARNINGS
Consolidated net sales1 came to €164.3m, up
17.9% compared with 2020, while the gross margin2 is up 12.8% to
€134.6m.
Against a backdrop of sustained investments,
with major recruitment efforts, restated EBITDA3 came to €20.3m, up
€5.7m versus the previous year, to represent 15.1% of the full-year
gross margin.
Operating income came to €14.8m, representing
11.0% of the gross margin, compared with 7.8% in 2020. This
progress primarily reflects the increase in earnings for ADLPartner
SA, driven by the realignment of commercial investments in the
Magazine business, the reduction of the accounting loss for the
Insurance business, and the stronger results recorded by the
Digital Marketing business.
After factoring in a higher tax expense (€4.6m),
consolidated net income totaled €9.1m in 2021, up 46.7% from
2020.
After deducting minority interests, net income
(Group share) represents €8.5m, with a net margin rate of 6.3%,
versus 5.4% in 2020.
Consolidated data (€m) |
2019 |
2020 |
2021 |
Change2021/2020 |
Net sales |
138.64 |
139.31 |
164.25 |
+17.9% |
Gross margin |
122.06 |
119.33 |
134.65 |
+12.8% |
Restated EBITDA3% of gross
margin |
12.2510,0% |
14.6512.3% |
20.3215.1% |
+38.7% |
Operating income% of gross margin |
7.676.3% |
9.317.8% |
14.8211.0% |
+59.2% |
Consolidated net income % of gross margin |
5.234.3% |
6.215.2% |
9.116.8% |
+46.7% |
Net income (Group share) % of gross margin |
5.434.5% |
6.495.4% |
8.496.3% |
+30.9% |
FINANCIAL STRUCTURE
Consolidated shareholders’ equity represented
€30.8m at 31 December 2021, up €7.6m from 31 December 2020,
primarily taking into consideration income for the year (+€9.1m)
and the ordinary dividend paid out in June 2021 (-€3.2m). This
development also factors in the changes in the scope for
consolidation (+€0.8m), as well as the impact of the shares held as
treasury stock and the bonus shares awarded (+€0.8m).
The Group had €38.8m of cash at 31 December
2021, compared with €42.0m at 31 December 2020. Financial debt
represents €20.6m, compared with €13.3m at 31 December 2020,
primarily comprising commitments to buy out the minority interests
in Converteo, Dékuple Ingénierie Marketing BtoB (previously AWE),
Intelligence Senior and Reech.
The bank financing set up during the first half
of 2022 based on fixed-rate confirmed lines and loans with
maturities of 5 to 7 years will enable the Group to refinance the
external growth operations carried out in 2021 and further
strengthen its capacity to continue moving forward with its
external growth strategy, while benefiting from attractive market
conditions.
OUTLOOK
In line with Ambition 2025, the DÉKUPLE Group is
continuing to roll out its expansion strategy aiming to become a
European leader for data marketing. With the Group’s robust
financial resources, it is effectively positioned to support
aggressive growth in digital marketing with a view to strengthening
its positions in this sector, while moving forward with its
commercial investments in its portfolio-based activities generating
recurrent revenues.
DIVIDEND
Considering the results achieved in 2021 and the
investments planned for 2022, the Board of Directors will submit a
proposal at the General Shareholders’ Meeting on 17 June for a
dividend of €0.88 per share for 2021, to be paid out on 24 June
2022.
ADDITIONAL INFORMATION
The corporate and consolidated financial
statements for 2021 were approved by the Board of Directors on 25
March 2022. The statutory auditors have completed the audit
procedures on the corporate and consolidated accounts. The
certification report will be issued once the necessary procedures
have been finalized for publishing the full-year financial
report.
NEXT DATES
- 2021 annual financial report on 15 April 2022 (after close of
trading)
- 2022 first-quarter net sales on 30 May 2022 (before start of
trading)
About DÉKUPLEFounded in 1972,
DÉKUPLE is a major player for cross-channel data marketing. The
Group designs, markets and implements customer acquisition, loyalty
and relationship management services on its own behalf or for its
partners and clients across all distribution channels. Its expert
capabilities enable it to support brands with their marketing
needs, and to create, on its own behalf, portfolios that generate
recurrent revenues. The Group works with two-thirds of the
companies from the CAC 40 and large numbers of mid-market firms.
DÉKUPLE recorded net sales of €164.3m in 2021. Present in France,
Spain, Portugal and China, the Group employs more than 700
people.DÉKUPLE is listed on the regulated market Euronext Paris –
Compartment C. ISIN: FR0000062978 - DKUPLwww.dekuple.com
ContactsDÉKUPLE Investor
Relations & Financial Informationtel: +33 (0)1 41 58 72 03 -
relations.investisseurs@dekuple.comCALYPTUSCyril
Combe - tel: +33 (0)1 53 65 68 68 - dekuple@calyptus.net
1 Net sales (determined in line with the French professional
status for subscription sales) only include the amount of
remuneration paid by magazine publishers; for subscription sales,
net sales therefore correspond to a gross margin, deducting the
cost of magazines sold from the amount of sales recorded. For
acquisition and management commissions linked to sales of insurance
policies, net sales comprise current and future commissions issued,
acquired by the accounting reporting date, net of cancellations.2
For the digital marketing business, the gross margin represents the
total amount of net sales (total invoices issued: fees, commissions
and purchases charged back to customers) less the total amount of
costs for external purchases made on behalf of customers. It is
equal to net sales for the magazine and insurance business lines.3
EBITDA (earnings before interest, tax, depreciation and
amortization) is restated for the IFRS 2 impact of bonus share
awards and the IFRS 16 impact relating to the restatement of lease
charges.
- DEKUPLE_CP_resultats_annuels_2021_E
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