NEOPOST - 2018 Registration document
3
Management report
Review of the Neopost group’s financial position and results in 2018
Income statement
(In millions of euros)
31 January 2019
31 January 2018
Sales
1,091.9
100.0 % 1,111.7
100.0%
Cost of sales
(271.9)
(24.9) %
(279.3)
(25.1)%
Gross margin
820.0
75.1 %
832.4
74.9%
R&D expenses
(56.9)
(5.2) %
(56.9)
(5.1)%
Selling expenses
(274.1)
(25.1) %
(279.6)
(25.1)%
Administrative expenses
(194.4)
(17.8) %
(194.9)
(17.6)%
Maintenance & other operating expenses
(94.5)
(8.7) %
(99.9)
(9.0)%
Employee profit-sharing and share-based payments
(0.8)
(0.1) %
1.2
0.0%
Current operating income excluding expenses related to acquisitions
199.3
18.2 %
202.3
18.2%
Expenses related to acquisitions
(17.2)
(1.6) %
(11.3)
(1.0)%
Current operating income
182.1
16.6 %
191.0
17.2%
Structure optimization expense
(13.1)
(1.2) %
(13.2)
(1.2)%
Other operating expenses
(11.5)
(1.0) %
(11.4)
(1.0)%
Operating income
157.5
14.4 %
166.4
15.0%
Financial income/(expenses)
(30.5)
(2.8) %
(34.6)
(3.1)%
Income before taxes
127.0
11.6 %
131.8
11.9%
Income taxes
(36.8)
(3.4) %
(0.8)
(0.1)%
Income from associated companies
1.4
0.1 %
1.7
0.1%
NET INCOME
91.6
8.4 % 132.7
11.9%
Attributable to:
• •
holders of the parent company
91.5
8.4 %
133.8
12.0%
non-controlling interests
0.1
0.0 %
(1.1)
(0.1)%
Change in sales by division
Change at constant exchange rates
Organic change (a)
(In millions of euros)
2019
2018
Change
Enterprise Digital Solutions (EDS)
146.9
135.9
+8.1%
+10.1% +11.6%
Neopost Shipping (a)
65.6
57.2
+14.6%
+16.6% +16.6%
SME Solutions
904.6
941.6
(3.9)%
(2.1)%
(2.1)%
Eliminations
(25.3)
(23.0)
-
-
-
TOTAL
1,091.9
1,111.7
(1.8)%
+0.1% +0.2%
Full-year 2018 sales are compared to 2017 sales, minus €1.8 million corresponding to the sales of DMTI Spatial. (a)
Enterprise Digital Solutions (EDS) For the full-year 2018, Enterprise Digital Solutions sales rose +10.1% excluding currency effects. Restated for scope effects stemming from the disposal of DMTI Spatial, sales increased by +11.6% in organic terms. This good performance was linked to Customer Communications Management, which recorded 16.3% organic
growth in 2018, reflecting both an increase in recurring revenue and in license sales, thanks in particular to several large deals signed in Q4 2018, for a total of over €5 million. Data quality activities were down -5.7% in organic terms. These activities (Satori Software and Human Inference) were divested at the end of financial year 2018 / early 2019.
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REGISTRATION DOCUMENT 2018 / NEOPOST
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