• EBITDA of the EASY SOFTWARE Group amounted to EUR 6.75 million (2019: EUR 4.2 million)
  • Operating cash flow increased by 148.4% to EUR 7.7 million
  • At EUR 49.2 million, consolidated revenue was down 2.7% compared to the same period of the previous year
  • A negative consolidated result is reported as a consequence of the control and profit and loss transfer agreement

 

On April 30, 2021, EASY SOFTWARE AG (ISIN: DE000A2YN991) published its financial report on fiscal year 2020. Despite the recession in core markets and the restrictions imposed by the coronavirus pandemic, EASY achieved solid results within the forecast range, with consolidated revenues of EUR 49.2 million and EBITDA with special items of EUR 6.75 million.

With a slight overall decline in revenue, the cloud and subscription business was increased by 6% to EUR 2.83 million as planned in the 2020 financial year. EBITDA (earnings before interest, taxes, depreciation and amortization) amounted to EUR 6.75 million (2019: EUR 4.2 million). Both in the present and in the previous year, EBITDA was not insignificantly influenced by one-off or special effects. Group EBITDA adjusted for special effects was EUR 4.57 million. Taking into account a non-cash tax expense of EUR 3.6 million (2019 tax income: EUR 0.3 million), the consolidated net loss for the year was EUR 2.9 million (2019: consolidated net income EUR 2.0 million). The high tax expense arose in connection with the acquisition by deltus 36. AG and the control and profit and loss transfer agreement concluded with it, during the minimum term of which the existing loss carryforwards cannot be utilized. Consolidated net income corresponds to earnings of EUR 0.45 per share (2019: EUR 0.32). Cash flow from operations increased by 148.4% to EUR 7.7 million in the reporting year (previous year: EUR 3.1 million), while expenses for research and development of the Group’s software products increased slightly to EUR 5.29 million (2019: EUR 5.02 million).

Battery Ventures announced a voluntary public takeover offer to the shareholders of EASY SOFTWARE AG in summer 2020. This resulted in the majority takeover by deltus 36. AG and the conclusion of a control and profit transfer agreement in November as a major event of the 2020 financial year.

Outlook

The transition from classic license sales with costly implementation projects to quickly implementable software-as-a-service and cloud solutions will have a negative impact on revenue growth and the financial position of the EASY Group in the medium term. In Q1 2021, Group revenue was 2.3% below the previous year, as expected. Currently, the Executive Board is planning Group revenue in 2021 in the range of EUR 46 to 52 million and thus assumes the possibility of further growth in the single-digit percentage range.

EASY SOFTWARE AG

The Executive Board

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About EASY SOFTWARE
For 30 years, EASY SOFTWARE AG, headquartered in Mülheim an der Ruhr, Germany, has been developing intuitive, customised software products for customers to digitise business processes, which can be seamlessly integrated into existing systems and automate, mobilise and optimise workflows of its customers worldwide. EASY provides these solutions on-premises, in the cloud and mobile.With more than 13,600 cross-industry installations, EASY SOFTWARE is one of the market leaders for software products and software solutions in Germany. Since its founding in 1990, the company has been active in 60 countries and currently employs almost 400 people. EASY SOFTWARE has a network of around 100 partners. Its international subsidiaries are located in Europe, Asia and the USA.With the acquisition of Apinauten GmbH from Leipzig, EASY SOFTWARE AG made a technology acquisition with the multi-experience platform ApiOmat at the end of 2018, which provides access to new customer segments in the attractive and strongly growing cloud business.Since the merger of Apinauten GmbH with EASY ENTERPRISE SERVICES GmbH in August 2019, the ApiOmat platform has been under the banner EASY APIOMAT GmbH.In the 2020 financial year, the EASY SOFTWARE Group achieved sales revenues of EUR 49.2 million.Translated with www.DeepL.com/Translator (free version)
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