CURRENT OPERATING PROFIT: +13%
STRONG INCREASE OF NET PROFIT: +228%
| In € millions | 2017 | 2018 | Change |
| Revenues | 51.1 | 55.6 | +9% |
| Cost of goods and third-party services resold | 6.4 | 6.7 | +4% |
| Commercial gross profit | 44.6 | 48.9 | +10% |
| Commercial gross margin | 87% | 88% | +1pt |
| Other cost of revenues | 15.9 | 17.6 | |
| Gross profit | 28.7 | 31.3 | +9% |
| Gross Margin | 56% | 56% | - |
| Research and development | 12.0 | 13.3 | +11% |
| Selling and marketing | 9.4 | 9.9 | +6% |
| General and administrative | 5.0 | 5.4 | +8% |
| Current operating income | 2.4 | 2.7 | +13% |
| Operating income | 1.9 | 2.7 | +45% |
| Net income, Group share | 0.73 | 2.39 | 228% |
The consolidated financial statements have been audited. The auditors' report will be published once the due diligence procedures required for the publication of the yearly financial report are complete.
DALET, a leading provider of software solutions for the creation, management and distribution of multimedia content for broadcasters, operators and content producers, has published its yearly audited results for financial year 2018.
Sustained activity in 2018
DALET grew revenues +9% to €55.6 million in 2018, marking its 10th consecutive year of growth. All business lines are on the rise and commercial gross profit (defined as sales minus cost of goods and third-party services resold) grew slightly faster than revenues (+10%), thanks to strong momentum in licensed software sales and a reduced contribution from hardware resales.. Gross profit, which includes the cost of services, increased at a rate comparable to that of revenues, up +9%.
Increase in profitability
Operating expenses, which include a bad debt provision of €0.3 million for a single customer, increased in line with revenues growth. Current operating income rose by 13% to €2.7million, corresponding to a current operating margin of 4.8%. Adjusted for the bad debt provision, the current operating margin would reach 5.4%, within the 5%-6% target range outlined by the Company early last year.
Operating income rose by 45% to €2.7 million, benefiting from the absence of exceptional items in 2018. Net income, group share amounted to €2.4 million, up sharply compared to 2017 (+228%), thanks to a more favourable exchange rate environment and a reduction in income tax compared to the previous year, which had been impacted by a deferred tax charge.
Net cash position: €2.0 million
Cash flow from operations before cost of debt and income tax rose by 8% to €6.4 million, while operating cash flow amounted to €3.5 million, temporarily suppressed by a one-off unfavorable change in working capital requirements due to a concentration of invoicing at the end of the fourth quarter. This effect was resolved by the first quarter of 2019, following successful and normal collections of receivables balances. Also impacting cash flow was the company's increased strategic investment in its next generation of software products & services, primarily in the areas of cloud, SAAS and Artificial Intelligence/Machine Learning. The company continues to enjoy a strong capital position, with a net cash balance of more than €2.0 million at 31 December 2018 and shareholders' equity of €17.6 million.
Outlook for 2019: growth of commercial gross profit, increased strategic investment in R&D and a current operating margin target of 5% to 6%
DALET continues to receive strong acceptance of its offerings by its customers and expects to continue its growth and improvement of its commercial gross profit and operating margins in 2019. Notwithstanding increased investments in R&D and Sales & Marketing related to cloud, SaaS and Artificial Intelligence and Machine Learning, the Group aims to achieve a current operating margin between 5% and 6%. Dalet continues to receive excellent acceptance of its expanding software products and services, with its new Remote Media Editing framework winning a Best of Show award earlier this month at the NAB conference in Las Vegas.
Next publication
Q1-2019 revenues on 14 May 2019 after the close of trading
About Dalet Digital Media Systems
Dalet solutions enable broadcasters and media professionals to create, manage and distribute content to both traditional and new media channels, including interactive TV, the Web and mobile networks. Dalet combines into a single system a robust and proven Asset Management platform with advanced metadata capabilities; a configurable workflow engine, and a comprehensive set of purpose-built creative and production tools. This integrated and open environment enables end-to-end management of the entire News and Sport and Program content chain, and allows users to significantly improve efficiency, and to maximize the use and value of their assets. Dalet's solutions are delivered through a dedicated Professional and Integration Services Department to ensure the highest possible standards.
Dalet systems are used around the world by many thousands of individual users at hundreds of TV and Radio content producers, including public broadcasters (ABS-CBN, BBC, CBC, DR, France TV, RAI, RFI, Russia Today, RT Malaysia, VOA), commercial networks and operators (Canal+, Fox, Euronews, MBC Dubai, MediaCorp, Mediaset, Time Warner Cable, Warner Bros., SiriusXM) and government organizations (UK Parliament, NATO, United Nations, Veterans Affairs, NASA).
Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0011026749, Bloomberg DLT:FP, Reuters: DALE.PA. For more information on Dalet, visit www.dalet.com
Contacts
Actus Finance & Communication: Investors: Théo Martin +33 1 53 67 36 75
Press-Media: Vivien Ferran +33 1 53 67 36 34
APPENDIX: DETAILED FINANCIAL INFORMATION 2018
| INCOME STATEMENT BY FUNCTION (in euro thousands) | 2017 | 2018 |
| Revenues | 51 052 | 55 617 |
| Cost of Revenues | -22 307 | -24 304 |
| Gross Profit | 28 744 | 31 313 |
| Research and Development expenses | -11 968 | -13 264 |
| Selling and Marketing expenses | -9 361 | -9 937 |
| General and Administrative expenses | -5 032 | -5 431 |
| Current Operating Income | 2 383 | 2 681 |
| Other operating income and expenses | -524 | 16 |
| Operating Income | 1 859 | 2 696 |
| Financial income and expenses | -377 | 239 |
| Pre-tax income | 1 482 | 2 935 |
| Income Tax | -754 | -309 |
| Net consolidated income | 728 | 2 388 |
| Net consolidated income, attributable to Group | 727 | 2 387 |
| Attributable to non-controlling interests | 1 | 1 |
| BALANCE SHEET (in euro thousands) | Dec 31 2017 | Dec 31 2018 |
| Goodwill | 5 476 | 5 447 |
| Intangible assets | 5 034 | 5 076 |
| Property, plant and equipment | 1 286 | 1 176 |
| Long-term financial assets | 349 | 390 |
| Long term restricted cash | 417 | 81 |
| Other non-current assets | 2 343 | 2 053 |
| Deferred tax assets | 58 | 179 |
| NON-CURRENT ASSETS | 14 963 | 14 401 |
| Inventories | 353 | 277 |
| Trade receivables | 17 823 | 19 746 |
| Sundry debtors | 1 288 | 2 890 |
| Cash and cash equivalents | 6 528 | 6 407 |
| Current tax assets | 412 | 1 119 |
| CURRENT ASSETS | 26 404 | 30 439 |
| TOTAL ASSETS | 41 366 | 44 840 |
| Capital | 7 189 | 7 189 |
| Premiums | 9 682 | 9 682 |
| Consolidated reserves | -3 904 | -3 146 |
| Consolidated income | 727 | 2 387 |
| Translation reserves | 1 495 | 1 480 |
| Shareholder's Equity (attributable to the Group) | 15 189 | 17 591 |
| Non-controlling interests | 9 | 10 |
| SHAREHOLDERS' EQUITY | 15 198 | 17 602 |
| Long term financial debt | 2 550 | 2 747 |
| Long term provisions | 733 | 683 |
| Deferred tax liabilities | 548 | 486 |
| Other non current liabilities | 811 | 1 049 |
| NON CURRENT LIABILITIES | 4 641 | 4 965 |
| Short-term provisions | 609 | 9 |
| Short-term financial debt | 1 789 | 1 618 |
| Current tax liabilities | 101 | 144 |
| Suppliers | 3 077 | 3 882 |
| Tax and social security liabilities | 4 583 | 4 572 |
| Other creditors | 11 369 | 12 049 |
| CURRENT LIABILITIES | 21 527 | 22 273 |
| TOTAL LIABILITIES | 41 366 | 44 840 |
| STATEMENT OF NET CASH FLOWS | 31 dec 2017 | 31 dec 2018 |
| (in € thousand) | 12 months | 12 months |
| Consolidated net income (including non-controlling interests) | 728 | 2 388 |
| +/- Depreciation, amortisation and provisions (except on current assets) | 4 397 | 3 635 |
| +/ - Income and expense linked to stock options and similar | 72 | 59 |
| -/+ Gains and losses on disposals | 6 | -9 |
| Cash flow after cost of net financial debt and tax | 5 202 | 6 073 |
| + Cost of net financial debt | 7 | -185 |
| +/- Tax expense (including deferred taxes) | 754 | 547 |
| Cash flow before cost of net financial debt and tax (A) | 5 963 | 6 434 |
| - Tax paid (B) | -480 | -611 |
| +/- Change in working capital requirement from operating activities (including liabilities for employee benefits) (C) | -449 | -2 293 |
| = NET CASH FLOW FROM OPERATING ACTIVITIES (D) = (A + B + C) | 5 035 | 3 530 |
| - Cash outflow for acquisitions of property, plant and equipment and intangible assets | -3 602 | -4 223 |
| + Cash from disposals of property, plant and equipment and intangible assets | 83 | 49 |
| +/- Change in loans and advances made | 10 | -76 |
| = NET CASH FLOW FROM INVESTMENT ACTIVITIES (E) | -3 509 | -4 250 |
| -/+ Repurchase and resale of treasury shares | -1 | -15 |
| + Cash from new borrowings | 1 020 | 1 400 |
| - Loan repayments (including finance leases) | -1 411 | -1 270 |
| - Net financial interest paid (including finance leases) | 6 | 174 |
| +/- Other cash flows from financing activities | -727 | -82 |
| = NET CASH FLOW FROM financing activities (F) | -1 114 | 206 |
| +/- Impact of changes in exchange rates (G) | -357 | 71 |
| = CHANGE IN NET CASH POSITION (D + E + F + G) | 55 | -443 |
| Cash at end of period | ||
| Cash and cash equivalents - Bank overdrafts | 6 367 | 5924 |
| Cash at opening | ||
| Cash and cash equivalents - Bank overdrafts | 6313 | 6367 |
| Change | 55 | -443 |
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