DATAGROUP with record revenues and earnings – Guidance again exceeded

Pliezhausen, 22 November 2022. DATAGROUP SE (WKN: A0JC8S) today publishes preliminary results for fiscal year 2021/2022 and again delivers record results. Revenue was up EUR 56.7m or 12.8 % to EUR 501.4m in the fiscal year under review (PY: EUR 444.7m) and exceeded the guidance of EUR 480m – EUR 500m. Total revenue reached EUR 128.6m in the fourth quarter, corresponding to an increase of 12.9 % (PY: EUR 113.9m). EBITDA grew by EUR 9.2m or 13.6 % to EUR 76.5m (PY: EUR 67.3m) in the entire fiscal year which was also above the guidance of EUR 72m – EUR 75m.

Strong revenue growth

Revenue has again grown significantly in the fourth quarter by 12.9 % to EUR 128.6m (PY: EUR 113.9m). When compared to the last fiscal year, DATAGROUP’s revenue increased by EUR 56.7m or 12.8 % from EUR 444.7m to EUR 501.4m.

The full consolidation of URANO Informationssysteme GmbH (“URANO”) and dna Gesellschaft für IT Services GmbH (“dna”), which were acquired in the previous year, as well as the initial consolidation of Cloudeteer and the Hövermann IT Group contributed to the growth in revenue[1].

In particular, business of DATAGROUP’s fully integrated entities has developed very positively. Demand for CORBOX IT Services grew substantially in comparison to FY 2020/2021, while demand for consulting services, e.g. in the SAP environment, was equally encouraging. The first-time consolidation of Cloudeteer, a cloud native start-up with expertise in all public cloud topics and own software solutions, and  Hövermann IT Gruppe, which was acquired this year, also contributed to the development of earnings. The latter offers IT services and IT consulting for smaller and mid-sized companies, which are mainly based in North Rhine-Westphalia and Lower Saxony. As a certified SAP Gold partner, the company has outstanding expertise in SAP Business One.

The proportion of services in revenue remained at a very high level of 80,9 % (PY: 84,4 %). New business, upselling and contract renewals have reached a new all-time-high; 20 new CORBOX contracts were signed in the past fiscal year, 20 contracts were expanded, 34 existing customers have either extended or renewed their contracts. 

Very good earnings development with significant margin improvement

In the fiscal year 2021/2022, EBITDA amounted to EUR 76.5m compared to EUR 67.3m in the prior year (+13.6 %). The efficiency measures of the previous years have now resulted in a record EBIT of EUR 41.5m after EUR 28.7m in the previous year (+44.7 %). The EBITDA margin of 15.2 % is slightly above the prior-year level of 15.1 %, whilst the EBIT margin improved significantly by +1.9 % points to 8.3 % after 6.4 % in the previous year, bringing the medium-term ambition of 9 % EBIT within reach.

The financial result includes one-time special effects of EUR 2.2m, which are dominated by a final purchase price allocation. Net income amounts to EUR 22.0m after EUR 20.7m in the prior-year period. Restructuring measures implemented in the fiscal year just ended led to special tax effects, resulting in an increase in the tax rate from 22.4 % in the prior-year period to 40.0 % in the period under review. We assume the tax rate to be significantly lower in the coming fiscal years.

“Despite another difficult year in macro-economic terms, which was characterized by the war in Ukraine and the resultant increase in energy prices, DATAGROUP has achieved another record year. Once again, this proves the sustainability of the CORBOX Service as a Product approach. We generate recurring revenues and good margins with this standardized service portfolio, which we continuously develop and focus on the needs of the German Mittelstand companies”, Andreas Baresel, CEO of DATAGROUP, is pleased to say. “Increasing productivity of our central supply units leads to a significant improvement of the operating EBIT margin and helps us to address the challenges of the current economic environment”, Andreas Baresel continues.

Balance sheet development reflects solid Group financing

Some balance sheet items of the previous year were adjusted because of the final purchase price allocation of a company acquired in the previous year. From the restated prior-year figure of EUR 463.0m, the balance sheet total rose to EUR 483.6m in FY 2021/2022. The increase in the balance sheet total is primarily due to the initial consolidation of newly acquired companies in the fiscal year just ended.

The equity ratio improved significantly from 20.3 % in the previous year to 26.4 %. This positive development was mainly driven by the strong results per se and the revaluation of pension provisions, which are recognized directly in equity. Based on investments of roughly EUR 35.9m into the company transactions above, net debt decreased from EUR 116.6m to EUR 109.3m. Liabilities to banks remained unchanged at EUR 78.2m. Cash and cash equivalents amounted to EUR 47.0m in comparison to EUR 44.1m on the balance sheet date of the previous year. “The Group’s financing is guaranteed in the long term and provides sufficient scope for further investments in acquisitions”, Oliver Thome, CFO, comments the solid development of the balance sheet. “Our long-term financing with promissory note loans with a total volume of EUR 69m and maturities of up to seven years secure a low interest rate for us”, Oliver Thome continues.

For the fiscal year ended 30 September 2022 the management intends to propose to the Annual General Meeting a dividend which is in line with the historic dividend policy with a payout ratio of some 40 % of the net profit. The Annual General Meeting for FY 2021/2022 is scheduled for 9 March 2023. 

Cash flow from operating Rises to historic high

The development of cash flow from operating activities was particularly satisfying. This increased by EUR 20.3m or 40.5 % from EUR 50.0m to EUR 70.3m, primarily driven by the substantial increase in operating income. At the same time, CAPEX decreased compared with the prior year: Investments in property, plant and equipment and intangible assets amounted to EUR 8.8m compared to EUR 11.0m in the previous year. The investment ratio fell from 2.5 % of revenue in the previous year to 1.8 % in the fiscal year just ended.

[1] DATAGROUP acquired 24% of the shares of Cloudeteer in June 2020 and secured an option on a further 76% of the business shares. In October 2022, DATAGROUP increased to 51%. The company has been fully consolidated since October 1, 2021. First-time consolidation of Hövermann IT Group since May 01, 2022.

Anke Banaschewski
Investor Relations

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