• news.cision.com/
  • Basware/
  • Basware Half Year Financial Report January-June 2021: Net sales and profitability growth in line with expectations, loan renegotiated after the review period, cash benefit of minimum EUR 12 million

Basware Half Year Financial Report January-June 2021: Net sales and profitability growth in line with expectations, loan renegotiated after the review period, cash benefit of minimum EUR 12 million

Report this content

Basware Corporation, stock exchange release, July 15, 2021 at 8.45 a.m. EEST

April-June 2021

  • Cloud ARR order intake amounted to EUR 5.6 million (EUR 6.1 million)
  • Net sales increased 2.1 percent to EUR 38,571 thousand (EUR 37,769 thousand), which amounted to 2.8 percent organic growth at constant currencies
  • Cloud revenue increased 10.4 percent to EUR 29,633 thousand (EUR 26,841 thousand), which amounted to 11.2 percent organic growth at constant currencies
  • EBIT increased 40.1 percent to EUR 1,800 thousand (EUR 1,285 thousand)
  • Earnings per share (diluted) were EUR -0.10 (EUR -0.07)

January-June 2021

  • Cloud ARR order intake amounted to EUR 8.5 million (EUR 9.7 million)
  • Net sales increased 0.4 percent to EUR 76,313 thousand (EUR 76,014 thousand), which amounted to 1.4 percent organic growth at constant currencies
  • Cloud revenue increased 7.4 percent to EUR 58,676 thousand (EUR 54,615 thousand), which amounted to 8.6 percent organic growth at constant currencies
  • EBIT more than doubled to EUR 3,180 thousand (EUR 1,385 thousand)
  • Earnings per share (diluted) were EUR -0.20 (EUR -0.33)

Key figures

EUR thousand 4-6/
Change, % 1-6/
Change, % 2020
Net sales 38,571 37,769 2.1 76,313 76,014 0.4 151,579
Cloud revenue 29,633 26,841 10.4 58,676 54,615 7.4 110,312
Cloud ARR order intake 5,611 6,130 -8.5 8,479 9,747 -13.0 19,250
EBIT 1,800 1,285 40.1 3,180 1,385 129.6 4,667
EBITDA 5,852 5,156 13.5 11,077 9,226 20.1 20,207
Gearing, %1 55.4 53.4 3.8 55.4 53.4 3.8 53.0
Cash and cash equivalents1 40,560 34,850 16.4 40,560 34,850 16.4 40,461
Cash flows from operating activities 1,278 5,597 -77.2 7,636 12,093 -36.9 25,252
Earnings per share, diluted, EUR -0.10 -0.07 -35.1 -0.20 -0.33 38.6 -0.51
Personnel1 1,340 1,343 -0.2 1,340 1,343 -0.2 1,336

 1At the end of the period.
The half year financial report is unaudited.

Guidance for 2021

Basware expects the gradual normalization of the business environment to continue in the second half of the year and keeps guidance for the full year 2021 unchanged:

  • Modest positive Net sales growth on an organic constant currency basis
  • EBIT approximately at the same level or better than the previous year

CEO Klaus Andersen:

“Basware continued to perform according to plan in the second quarter. Net sales, profitability and new logo order intake developed well, and we saw the business environment showing signs of recovery. Total net sales were EUR 38.6 million, which amounted to 2.8% organic growth at constant currencies. Maintenance revenues declined according to expectations while Cloud revenue grew with 11.2% and Consulting revenue continued to grow with 1.4% organic at constant currencies. EBIT amounted to EUR 1.8 million for the quarter, which is a solid growth of 40% compared to the corresponding quarter last year. EBITDA amounted to EUR 5.9 million for the period and Cash from operating activities was EUR 1.3 million at the end of the quarter.

Order intake continued to be impacted with caution in the markets but to a lesser extent than what we have seen earlier. Signs of market recovery were visible in all Basware’s sales regions, and the number of deals influenced by our partners significantly increased this quarter. Cloud order intake amounted to EUR 5.6 million in Q2. Many new logos were signed during the quarter, including US based companies JLG, a leading manufacturer of lift equipment and SeaWorld Parks & Entertainment, a leading theme park & entertainment company. Other notable new logos were French based companies Thales, a global leader in advanced technologies and Groupe Bertrand, a leading catering company.

The partnership with PwC announced in Q1 is progressing well. Ongoing projects and the level of activities surrounding future opportunities are gaining momentum. We added IT-P GmbH, a well-known provider of SAP, Microsoft and Oracle integrations, to the Basware partner network in Germany during Q2.

We reached an important milestone in Q2 when we received the ISO 9001 certification for our global quality management system: a significant achievement enabling us to continue our journey towards increased efficiency and higher quality of service on a solidified and externally validated foundation. 

We continued to improve our technological solutions this quarter. We added diversity data to our Supplier Management solution, allowing our customers to identify minority-owned and small business suppliers within their base. Additionally, an advanced connector was created by Oracle for Oracle Fusion Cloud ERP users to effortlessly connect to Basware's e-invoicing receiving solution.

In June, we announced that Chief Customer Officer, Jussi Vasama decided to pursue his future career outside Basware. For now, selected members of the senior management team within the Basware Services organization assume the responsibilities for Professional Services and Customer Support.

As announced earlier this week, a significant event materialized after the review period when we signed an amendment agreement to our existing debt facility with Macquarie Capital Principal Finance. As a result of the renegotiated terms and conditions, we will realize a cash benefit of minimum EUR 12 million over the remaining duration of the Loan. Our financial strength has materially improved during the last two years, which enabled us now to successfully re-negotiate our existing debt facility.

As our markets are starting to indicate recovery and our partnering strategy is gaining momentum, we have increased confidence in our ability to continue to deliver profitable growth in line with our guidance also in the second half of the year.”

Results conference call

Basware arranges a briefing for analysts and press, where CEO Klaus Andersen and CFO Martti Nurminen will comment on the events and financial performance of the past quarter. The results briefing can be followed via live webcast or teleconference. A recording of the briefing will be available shortly after the event.

Time: Thursday, July 15, 2021 at 2 p.m. EEST / 12 p.m. GMT
Place: Basware HQ, Linnoitustie 2, Cello-building, Espoo, Finland

Video webcast and teleconference registration: https://basware.videosync.fi/2021-q2-results

Teleconference numbers:

Finland: +358 981 710 310
Sweden: +46 856 642 651

United Kingdom: +44 333 300 0804
United States: +1 631 913 1422

PIN: 71896040#

To join in analysts and press briefing, please contact ir@basware.com.

Basware Corporation

Klaus Andersen

For more information, please contact:
Martti Nurminen, CFO, Basware Corporation
Tel. +358 (0)40 751 7194, martti.nurminen@basware.com

Nasdaq Helsinki
Main media

About Basware:
Basware offers the largest open business network in the world and is the global leader in providing networked purchase-to-pay solutions and e-invoicing services. Our technology empowers organisations with 100% spend visibility by enabling the capture of all financial data across procurement, finance, accounts payable and accounts receivable functions. Basware is a global company doing business in more than 100 countries and is traded on the Helsinki exchange (BAS1V: HE). Find out more at https://investors.basware.com/en.