#Communiqués Financiers

Turnover of €235.2 million, better than expected
Current operating margin (excluding allocation of free shares) at 9% of sales
Exceptional dividend proposed to the General Meeting: €1.60 per share
2021 outlook: towards a new phase of growth

Paris, March 10, 2021

Infotel, (ISIN code: FR0000071797 – memo: INF), a reference partner in the digital transformation of major accounts in Europe, announces today the publication of its accounts for the 2020 financial year, approved during a Board of Directors meeting which was held on March 10, 2021, and audited by the statutory auditors.

In €m, as of December 31
(IFRS audited accounts)
2020 2019 Variation
Consolidated turnover 235,2 248,4 – 5,3 %
— Services 226,9 239,9 – 5,4 %
— Softwares 8,4 8,5 – 1,4 %
Employee Costs (104,4) (105,3) – 0,9 %
External loads (102,4) (110,3) – 7,1 %
EBITDA1 24,8 28,6 – 13,3 %
Depreciation and amortization (7,8) (6,3) + 23,9 %
current operating income
excluding free shares
as a % of turnover

9,0 %


10,4 %

– 18,1 %


current operating income
as a % of turnover
7,1 %
9,0 %
– 25,3 %
Résultat opérationnel 17,8 22,4 – 20,5 %
Financial results (0,5) (0,2) NA
Income taxes (7,7) (9,0) – 14,9 %
Net profit attributable to the Group
as a % of turnover
4,0 %
5,5 %
– 27,2 %

These accounts have been audited and the certification reports are in the process of being drawn up.1EBITDA is calculated as follows: Current operating profit + allocations to depreciation and provisions – allocations to current assets + provisions for litigation + CIR amortization + provisions for pensions .

2020 activity better than anticipated

For the 2020 financial year, revenue stood at €235.2 million, down -5.3%, but at a level higher than the 7 to 8% objectives anticipated last October2.

The gradual recovery that was recorded during the 4th quarter confirms the resilience of Infotel’s model in the context of a major health crisis.

In Services, several sectors are strengthening their contribution to the activity’s revenue: Banking (41.0% compared to 36.1% in 2019), Insurance / Retirement (14.2% compared to 12.5%) and Administrations (3.1% vs. 2.0%) while others are down: Industry (24.5% vs. 28.2%) and Services (17.1% vs. 21.2%).

The second half marked a recovery in activity at Air France and Stellantis and a stabilization at Airbus. In the banking sector, recurring activity remains sustained.

Overall, the massive use of teleworking has made it possible to maintain activity in good conditions.

The recruitment freeze linked to the lack of visibility and the use of partial activity resulted in a stabilization of the workforce at 2,371 people at the end of December. At that date, only a dozen people were kept in partial activity. The inter-contract rate remained low at 3.2% over the year.

Software activity is stable at €8.4m in 2020, including €4.5m in IBM royalties for the full year.

Despite the sharp slowdown in the aviation sector, several contracts were won for Orlando, the software solution developed for technical documentation and aircraft maintenance. Thus, Infotel has signed with major references in the sector such as the American Airlines group, Flyadeal (subsidiary of Saudia), the American company Spirit Airlines, and, at the beginning of the year, Emerald Airlines.

2Press release dated October 21, 2020.

Current operating margin at 9% of sales, excluding the effect of the allocation of free shares

Current operating income, excluding the allocation of free shares to key managers of the company for an amount of €4.5 million, amounted to €21.3 million in 2020, representing a current operating margin of 9%.

Taking into account the allocation of free shares, current operating income amounted to €16.8 million, in a context of contraction in activity linked to the health situation.

After accounting for the tax charge, net income, Group share amounted to €9.4 million, i.e. a net margin of 4.0% of sales for the full year.

Reinforced financial structure

The balance sheet shows a total of €227.6 million as of December 31, 2020, compared to €205.5 million as of December 31, 2019.

Shareholders’ equity increased to €98.7 million compared to €92.7 million a year earlier.

Following the application of IFRS 16, the Group recorded an increase in non-current assets including rights of use for a net amount of €31.2 million. The Group had no financial debt as of December 31, 2020. Available cash at the end of the financial year was up at €99.1 million compared to €74.6 million as of December 31, 2019.

Exceptional dividend proposed at €1.60 per share for 2020

Infotel’s Board of Directors will propose to the General Meeting of May 19, 2021 the payment of an exceptional dividend of €1.60 per share for the 2020 financial year, to compensate for the distribution of free shares to certain company managers. The decision for a high payout policy demonstrates management’s confidence in a confirmed upturn in growth in 2021.

2021 outlook: towards a new phase of growth

Despite the lack of visibility linked to the current health crisis, the Group anticipates a return to growth in 2021, initially moderate in the first half of 2021 and then accelerating in the second half of the year. For the 2021 financial year, unless the health situation worsens, Infotel is thus aiming for revenue and operating profitability at levels comparable to those recorded in 2019.

Next appointments:
General meeting: May 19, 2021 – 2:30 p.m.
Publication of 1st quarter 2021 revenue: May 19, 2021

About Infotel

Listed on Compartment B of Euronext Paris since January 1999 (Isin code FR0000071797), Infotel is the specialist in large account management systems, from mobile to very large databases (Big Data). At the forefront of technological innovations, Infotel develops its expertise around two complementary areas of expertise: IT services and software publishing. With €235.2 million in revenue in 2020, Infotel employs 2370 employees.

Michel Koutchouk Co-founder