The Azkoyen Group obtains a profit of 13 million euros, more than double that of the previous year, and will allocate 82% to dividends

The company's board of directors will propose to the shareholders' meeting allocating an amount equivalent to 82% of the consolidated net result, 10.6 million euros, to dividends. This amount includes the payment on account paid last July for an amount of €4.8 million (€0.20 per share) and a complementary dividend of €5.8 million.

In this regard, the group highlights that the net turnover of the Azkoyen Group has increased by 21.4% compared to 2020, reaching 138.9 million euros. An increase that has been reinforced thanks to the geographical and business diversification of the Group.

Since May, the Group's activity has accelerated until reaching in the second quarter of 2021 levels of sales, margin and EBITDA similar to those reached in the second quarter of 2019. Meanwhile, the second half of 2021 has behaved similar to the same period in 2019.

According to the company, fixed expenses amount to 45 million euros, a figure 13.1% higher than that of the same period of the previous year; in accordance with the defined growth plans in force and, as a result of the recovery of activity in 2021 compared to 2020, in which labor flexibility and cost reduction measures were undertaken to reduce the negative effects of activity caused by the COVID-19 pandemic.

The consolidated result after tax for the 2021 financial year amounts to 13 million euros (6.4 million in the 2020 financial year).

Regarding the consolidated turnover by region, during the 2021 financial year, our country represents 15.3% of the total volume, 29.4% corresponds to Germany, 8.1% goes to Belgium, a 11.8% go to Italy, 16% to the rest of the European Union, 12.2% to the United Kingdom and 7.2% to other countries. Technology has no borders and neither do people's needs, which is why the Azkoyen Group works every day with a global view of its products and services in more than 95 countries on five continents.

Net financial surplus

The net financial surplus reaches 7.4 million euros, (in the previous year the net financial debt was estimated at 2.9 million). On the other hand, net financial expenses are lower than those recorded in the previous year (going from 510 to 125 thousand euros), mainly due to lower exchange differences in 2021.

Additionally, among other financial resources, Azkoyen, S.A. maintains various short-term lines of credit with Spanish financial institutions, renewed and/or formalized for another year in 2021, with a total limit of 12 million euros, of which no balance has been drawn as of December 31, 2021. All of the above positions the Azkoyen Group with a very solid financial, economic and liquidity position.

Evolution of sales by divisions

Regarding the Coffee & Vending Systems division, this has experienced a growth of 45.4% compared to the previous year, with a second semester whose sales have exceeded the figures for the same period corresponding to 2019.

The growth in the United Kingdom and the United States stands out, reaching historic figures, as well as in other countries on the European continent. A division that, like the rest, has not stopped innovating and working every day to satisfy the needs of customers and users. Thus, the Azkoyen Group launched its new Vitro M5 coffee machine, as well as its new Vitro X1 automatic coffee machine with MIA technology, awarded as the best catering product at the European Product Design Award Winners

Also noteworthy is the successful participation of the Azkoyen Group in the Mobile World Congress and in the NAMA OneShow fair in the USA.

In the Payment Technologies division, sales grew by 35% compared to the previous year due to the gradual recovery from the negative effects of Covid-19, which has meant that second-half sales have slightly exceeded the figures for the previous year .

The important efforts in terms of R&D must be highlighted. More specifically, the division has been working in recent years on the connectivity of retail and vending machines, on the development of Internet of Things (IOT) solutions and physical and/or digital payments.

An example of this is the launch of Cashlogy, the automated cash control solution, Cashlogy POSafe, a new cash management system aimed at businesses that need greater security at the point of sale. On the other hand, mention the Nebular connectivity solution, which brings the intelligence of cashless to the cloud.

Finally, Time & Security (Technology and security systems) has registered an increase in sales of 0.1% compared to the previous year, as a result of the restriction measures imposed in Germany in the first quarter of 2021.

However, in the second half of 2021, contracts and tenders have been achieved, allowing the 2021 financial year to close with an order book amounting to 39 million euros, a record figure for the division, being 13% higher than the same period of the year. previous.

It is important to point out that the Primion Subgroup's access control and time and attendance solutions (such as prime Mobile, prime WebAccess & PSM 2200, prime Visit or Prime CertifiedAccess) are already prepared to satisfy the necessary requirements in the "new normality" (tracking and people counting, visitor management, alarm automation, facilitation of teleworking and flexible hours, etc.), both for existing clients and for new clients or segments.

Main perspectives

According to current estimates, in 2022 a growth in net turnover and EBITDA is expected, where the risks associated with the supply chain and inflation will be reduced as the year progresses.

At the end of November 2021, with the appearance of the omicron variant, which caused a slowdown in economic expansion, it has been observed that the impact of this wave has been less than the previous ones. For this reason, in February 2022, different countries of the European continent are relaxing their sanitary measures and, even, some countries have decreed the end of the pandemic, which will be reflected in a notable way in the industrial fabric of each country.

However, the pandemic has generated disturbances in the different supply chains worldwide, weighing down activity and generating high rates of inflation. Consequently, according to the winter economic forecast published on February 10, the European Commission forecasts that the EU economy will grow by 4.0% in 2022 and 2.8% in 2023.

In a press release, the company emphasizes that it has been a historic year, despite the circumstances, it has celebrated its 75th anniversary thanks to its continuous desire for operational experience and the daily effort to raise the satisfaction of its employees, customers and shareholders.