The OEX Group ended 2021 with increases in the results of all its operational segments. Consolidated EBITDA amounted to PLN 57.3 million (PLN 36.8 million according to IAS 17), which represents an increase of 29.6% when compared to the same period last year (51% according to IAS 17). The eCommerce Services Segment had the highest EBITDA growth of 144.7% (according to IAS 17). The consolidated net profit attributable to the shareholders of OEX S.A. amounted to PLN 20.5 million, which constituted a rise by 72.9%. The Management Board also recommended on April 12 this year that a dividend of PLN 5.85 per share be paid, and published a dividend policy for the next three years.
‘It is with great satisfaction that we present the 2021 results. Above all, we are pleased that all operational segments recorded significant increases, which means that the lines of development adopted are accurate and effectively implemented. Thanks to the good performance of all companies, we are pursuing our main objective – the building of value of the OEX Group for the shareholders. We also recommend allocating the entire net profit of OEX S.A. for 2021 in the amount of PLN 3.4 million, plus an additional amount of PLN 36.6 million from the supplementary capital and the reserve capital for the dividend payment. Our recommendation stems from OEX’s excellent cash position, related to, among other things, the proceeds received this year from the sale of shares in Divante. We also plan to recommend a dividend payment of at least PLN 10 million for each of the next 3 financial years, which we included in our dividend policy published on 12 April.’ said Jerzy Motz, President of the Management Board of OEX S.A.
The sale of Divante to the international Cloudflight Group was a major event of the previous year. The initial price for 100% of the shares (OEX held 51.3% of the company’s shares) was approximately PLN 179.3 million, with the potential for a significant increase in earn-out, dependent on the level of EBITDA generated by Divante in 2021.
‘Due to the transaction indicated, we present Divante’s results in the financial statements in a separate item, the so-called business held for sale, so they are only visible at the level of the Group’s net profit, and not at the level of the Group’s operating results and at the level of EBITDA. As a consequence of the transaction, the composition of the eCommerce Services segment also changed. Currently, the segment is made up of OEX E-Business and Voice Contact Center. Their rapid growth translated into the performance of the eCommerce Services segment, which achieved the highest EBITDA growth of all the Group’s operational segments. The segment’s EBITDA compared to the 2020 value, as adjusted for Divante’s results, went up by 144.7% and amounted to PLN 14.6 million (according to IAS 17). We see a high potential for growth in logistics, customer service and Customer Experience, so we plan to develop these areas further and invest in the process automation and related technologies, among other things.’ added Jerzy Motz.
OEX E-Business, which provides warehousing and fulfilment services, has expanded its warehouse space by 13,000 sq.m. to handle the growing scale of operations and has seen an increase in its revenues from eCommerce logistics, among other things. Voice Contact Center, which carries out about 10 million contacts with consumers annually across all communication channels, is developing an its offer of multilingual services and technological solutions, including voicebots and chatbots. In these two business lines alone, the company doubled its revenues on the year-on-year basis.
Year 2021 in the Sales Support segment saw consistent quarter-on-quarter improvements in the performance and the development of partnerships with key customers.
‘On an annual basis, the segment generated PLN 9.9 million in EBITDA (according to IAS 17) versus PLN 6 million in 2020, which represented 21% of EBITDA of the operational segments.’ said Jerzy Motz, President of the Management Board of OEX S.A.
The Retail Sale Network Management segment achieved a growth of more than 15.5% in the income from commissions on the sale of telecommunications services. At the same time, the average number of stores increased by 5.8% when compared to the same period last year. The segment generated PLN 22.8 million in EBITDA, which constituted a 19.9% increase year-on-year. The increase was partially due to the acquisition of 27 T-Mobile network outlets in December 2020, which contributed to the result from January 2021. The Group currently operates a total of 350 stores for Orange, T-Mobile and Plus.
‘The number of contracts signed at the stores exceeded 1.1 million. The segment’s strong performance is in part a reflection of pandemic-related market trends, such as increased demand for internet and faster connections due to the need to work and study from home.’ said Jerzy Motz
The OEX Group ended 2021 in a very good liquidity position and with low debt. The net debt-to-EBITDA ratio as at 31 December 2021 was minus 0.48, indicating an excess of cash over debt. At the end of 2021, the Group had cash of PLN 59.8 million.
‘We also want to develop further the area related to investments in innovative projects, particularly in iPOS, Open Loyalty and VueStorefront. In 2021, we increased our involvement in iPOS, which among its significant achievements can counted the approval and launch of its first general-purpose virtual cash register, as well as the doubling of its recurring annual revenue,’added Jerzy Motz