-
Annual revenues up 18% compared to an exceptional 2020
-
EBITDA once again positive at 2.8 million euros, an increase of 88% excluding elements related to the public health crisis in 2020
-
Strong cash flow of 6.8 million euros from operating activities
April 7, 2022 at 7:00 am: HiPay, a fintech specializing in omnichannel payment solutions announces its 2021 results.
| In millions of euros (IFRS norms) | 2020 | 2021 | Var. % |
| Consolidated Income Statement1 | |||
| Payment volume | 5,565 | 6,612 | + 19% |
| Revenue | 45.7 | 53.9 | + 18% |
| EBITDA | 3.4 | 2.8 | - 17% |
| Current operating income | -0.1 | -0.7 | - |
| Net income | -1.8 | -4.3 | - |
| Consolidated Balance Sheet1 | |||
| Shareholders' equity | 34.5 | 29.9 | - 13% |
| Available cash | 3.1 | 2.1 | - 31% |
Sustained growth in 2021, after an exceptional 2020
In 2021, HiPay’s payment volume reached 6.6 billion euros (1 billion euros more than in 2020), and revenue was 53.9 million euros (up 18% vs. 2020), corresponding to a stable revenue-to-payment volume ratio of 0.82%.
After 2020, which was strongly spurred by the pandemic and confinements and led many merchants to accelerate their digital transformations, HiPay managed to maintain a robust growth rate, due in particular to the continued growth of e-commerce. The group capitalized on its strong position with its core target group, tier-2 customers.
During the 2019/2021 period, the average annual growth rate was +24% compared to +19% during the 2017/2019 period.
Controlling operating costs
The direct cost rate remains at 0.45%, equivalent to that of 2020 and 2019, which attests to HiPay's ability to control its operating costs.
EBITDA was 2.8 million euros, which was positive for a second year in a row after 3.4 million euros in 2020, a year in which the company benefited from operating cost savings due to the public health situation, including partial business measures not renewed in 2021. When adjusted for this situation, EBITDA increased by 88%.
Taking into account a loss of -2.8 million euros from non-ordinary activities (total and prudent provision for a tax risk), a net loss of -0.6 million euros and a tax expense of 0.3 million euros, the net result is -4.3 million euros (vs. -1.8 million euros in 2020).
Strong operating cash flow generation
HiPay's 2021 performance resulted in an operating cash flow of 6.8 million euros, which is higher than its investments. It consists mainly of cash flow from operations of 3.6 million and a change in working capital of 3.2 million. HiPay's business model, once operational profitability is achieved, benefits from an advantageous working capital structure. Its main revenue components are collected much quicker than its direct costs and other operating expenses are disbursed.