SPAN FY 2021 Results

In FY 2021, the Group noted an increase in revenues of 26.1%, an increase in EBITDA of 35.1% and an increase in net profit of more than 3x.

In 2021, operating revenues of Span Group increased 26.1% YoY, reaching HRK 774.1m. Software Asset Management and Licensing, which accounts for 71% of all revenues, noted an increase of 28% YoY, reaching HRK 544.8m. Meanwhile, all other segments noted a double-digit increase as well, with the Infrastructure Services, Cloud & Cyber Security segment noting the highest relative increase of 32%.

Operating expenses reached HRK 747.2m showing an increase of 25.3%. The expenses for goods and services sold increased due to an increase in related revenue. Employee costs increased by 17%, amounting to HRK 138.6m due to a higher number of employees (an increase from 495 to 537 employees). Costs of goods sold reported an increase of 27.7%, which is app. in line with sales growth, so their share in sales remained almost the same and amounted to c. 66%.

The above-mentioned led to EBITDA of HRK 42.5m, showing an increase of as much as 35.1% YoY. Such a result puts EBITDA margin at 5.5% (+0.4 p.p. YoY). Net financial result improved slightly due to lower fx losses this year.

Going further down the P&L, operating profit amounted to HRK 26.9m, noting an increase of 55.7% YoY. In 2021 net profit reached 24m, which represents an increase of 3x YoY. Also, net profit margin for the company increased by 1.9 p.p., amounting to 3.1%.

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