Press release

GRENOBLE, 14 SEPTEMBER 2017

First half 2017 results Turnover of €219.4 million

Current operating income of €31.4 million

The Tessi Group Supervisory Board met on 14 September 2017 and approved the first half 2017 financial statements. The Statutory Auditors have carried out a limited review of these consolidated financial statements.

Consolidated income statement (1 January - 30 June)

€m

H1 2017 H1 2016

Turnover

219.4

203.1

Current operating income

31.4

26.6

Current operating margin

14.3%

13.1%

Operating income

30.1

26.8

Net income (Group share)

15.1

16.3

Tessi posted first half 2017 turnover of €219.4 million, up 8% like-for-like from first half 2016.

Current operating income rose 18.1% to €31.4 million.

The current operating margin was 14.3%, up from 13.1% in first half 2016, driven mainly by Tessi documents services but also by strong performances from the Group's other two business lines:

  • Tessi documents services posted turnover of €184.4 million and current operating income of €25.2 million, up 14.8% from H1 2016, mainly driven by one-off campaigns (support for customer social security returns under the French DSN procedure) and the start-up of contracts signed in 2016 and 2017.

  • Tessi customer marketing posted turnover of €14.1 million and current operating income up

    1.6% to €0.8 million.

  • CPoR Devises reported turnover of €20.9 million, down €3.4 million, and current operating income up 41.8% to €5.5 million.

After non-recurring operating expenses of €1.4 million, mainly related to the consequences of the operational and legal restructuring carried out in the wake of the Pixel transaction, operating income came to €30.1 million, up 12.3% from first half 2016.

After a net financial expense of €3.1 million, corporate income tax of €10.9 million and €0.9 million in minority interests, consolidated net income Group share came to €15.1 million.

Tessi

Headquarters: 177 cours de la Libération - 38029 Grenoble Cedex 2 Tel. + 33 (0)4 76 70 59 10 - Fax +33 (0)4 56 38 27 00

« Société Anonyme à Directoire et Conseil de Surveillance » with capital of €5,595,356 - 071 501 571 RCS GRENOBLE EU VAT No.: FR 89 071 501 571 - APE code: 7010 Z

Financial structure

€m 30/06/2017 31/12/2016

Net cash excluding net cash dedicated to CPoR

Devises (47.6) 15.0

Equity capital (Group share)

142.8

195.5

Operating cash flow amounted to €30.5 million, up from €15.3 million in first half 2016.

Capital expenditure amounted to €5.4 million, while investments in acquisitions amounted to €5.1 million.

An exceptional dividend payment of €67.6 million was made during the period.

As a result, free cash flow amounted to a €40.0 million outflow, compared to a €15.2 million outflow in H1 2016.

Next release

Q3 turnover, 7 November 2017 after market close

Next update

An information meeting will be held at 10am on 26 September 2017 at the offices of the SFAF.

About Tessi:

  • Tessi is the No. 1 document processing specialist in France

  • Listed on Euronext Paris Compartment B - ISIN code - FR0004529147 - Ticker: TES

  • Head office in Grenoble, France (38)

  • Founded in 1971 and acquired by Pixel Holding on 12 January 2017

  • French No. 1 in cheque receipt and processing

  • French No. 1 in foreign exchange and gold trading

  • French No. 1 in managing deferred promotional operations For further information visit: www.tessi.fr

Contacts

Tessi

Olivier Jolland General Manager

Tel. +33 (0)4 76 70 59 10

communication@tessi.fr

Actus

Amalia Naveira / Investor Relations Marie Claude Triquet / Media Relations Tel. + 33 (0)4 72 18 04 90

anaveira@actus.fr / mctriquet@actus.fr

Tessi SA published this content on 14 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 September 2017 16:18:09 UTC.

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