Be | Shaping the Future (Group) announces Q3 financials

3rd November – MILAN

The Board of Directors of Be Shaping the Future S.p.A. (“Be”), listed on the STAR Segment of Borsa Italiana, met today and approved the Interim Financial Report as of September 30th 2021.

Key metrics

  • Total Revenues 164.0 €/mln (125.7 €/mln as of 30.09.2020)
  • EBITDA 26.2 €/mln (20.2 €/mln as of 30.09.2020)
  • EBIT 16.5 €/mln (11.8 €/mln as of 30.09.2020)
  • EBT 15.6 €/mln (10.8 €/mln as of 30.09.2020)

“We have evidence of high demand volumes in all our reference markets – says Stefano Achermann, CEO of Be. The trend is constant in the medium term with a strong focus on digital transformation and postpandemic organizational regeneration models. The financial services industry is strongly involved in these processes. Be is well positioned to grasp these phenomena on a European scale.

+30.5% in Production Volumes, +44.1% in EBT are just the most evident elements of a company eco-system that has solid fundamentals and is increasingly rooted in its reference industry. The net financial debt from operations amounts to €1.8 million – an improvement of over €19 million compared to 30.09.21 – after dividends for €3.8 million, purchase of own shares for €0.4 million and net disbursements for M&A for €12.8 million.”

Main consolidated results as of September 30th 2021

  • Total Revenues stood at € 164M compared to €125.7M as of September 30th 2020.
  • Business Consulting, ICT and Digital segments recorded revenues equalling respectively €117.1M (€ 87.7M in 2020) and €36.8M (€32.4M in 2020) and €10.1M(€5.5M in 2020).
  • The operating revenue of foreign subsidiaries totalled €57.3M (35.0% of total Revenues), compared to €46.1M recorded as at September 30th 2020 (36.6% of Group’s total revenues).
  • The Gross Operating Margin (EBITDA) was €26.2M, up 29.8% on September 30th 2020 (€20.2M), with an EBITDA margin of 16.0 % vs. 16.1% as of September 30th 2020.
  • EBIT amounted to €16.5M, up 40.8% over September 30th 2020 (€11.8M) with an EBIT margin of 10.1 % vs. 9.4% as of September 30th 2020.
  • The Group pre-tax result (EBT) amounted to €15.6M, up 44.1% on September 30th 2020 (€10.8M).
  • Total net financial position amounted to €46.5M (€44.4M at September 30th 2020 proforma).
  • Net financial debt net of components from right of use and Put&Call liabilities vis-a-vis minorities, amounted to €18.8M (€27.0M at September 30th 2020).
  • Net financial debt from operations amounted to €1.8M (€21.2M at September 30th 2020) after distributing dividends of € 3.8M, acquiring treasury shares for €0.4M and having net M&A disbursements of €12.8M, with a year-on-year improvement of approximately €19.5M


Significant events of Q3 2021

In July Be reached a preliminary agreement to acquire 55% of the share capital of Soranus AG, a management consulting company based in Switzerland – specialized in Financial Industry – with approximately 9 mln/€ in revenues. The acquisition was completed at a purchase price of 4.7 mln/€ against a company EBITDA of 1.14 mln/€ and a positive NFP of about 1.0 mln/€. The current managing directors shall remain as minority shareholders and are committed to continue to drive the growth of the firm working for the company. Be will complete the acquisition of the remaining shares through a structure of Put&Call options to be exercised over the next years.

Furthermore, in July, Be has been awarded a new multi-year assignment by a major German Financial Institution with a “systemic” role in the financial services market in Germany and Europe. Under the agreement, Be will provide organizational and IT consulting services for a total minimum value of €8 million over three years. The scope of the project is to provide handson management of some operational systems with higher criticality, and to support it in a rapid transition to state-of-the-art IT processes and technologies. The agreement requires services to be provided in Luxembourg and in the Czech Republic.

At the end of July, Be completed the transfer of its operating subsidiaries in Germany, Austria and Switzerland from the German sub-holding Be Shaping The Future GmbH in Munich to the Italian company Be Shaping The Future Management Consulting S.p.A., the real driving force behind the consulting hub.

Business outlook

In light of period’s results and in spite of the macroeconomic uncertainties on how Covid-19 pandemic bounce back will play out, our Company keeps on showing a solid growth trajectory. At the moment we believe we can confirm – and hopefully overdeliver on – the current year goals and the Company’s yearly overall targets under the 2020-2022 Business Plan.

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