DECLARATION BY THE PERSON RESPONSIBLE FOR THE INTERIM FINANCIAL REPORT STATUTORY AUDITORS’ REPORT ON THE INTERIM FINANCIAL STATEMENTS FINANCIAL STATEMENTS CONDENSED INTERIM CONSOLIDATED MANAGEMENT REPORT HALF-YEAR Change in the workforce 10 AXWAY - 2021 INTERIM FINANCIAL REPORT www.axway.com Change in the workforce Axway had 1,796 employees at 30 June 2021, vs.1,888 at 31 December 2020. Financial position of the Group At 30 June 2021, Axway had a solid financial position, with cash of €23.7 million and bank debt of €38.9 million. Free cash flow amounted to €16.1 million in the first half of 2021 compared to €4.9 million a year earlier. Shareholders’ equity was €359.6 million at 30 June 2021, compared with €360.1 million at end-June 2020. As a reminder, Axway renegotiated its bank lines until 2026, thereby securing financing of up to €125.0 million. Main risks and uncertainties for the second half of 2021 The level and nature of risks to which the Group is subject are unchanged compared to the risk factors set out on pages 37 to 53 of the 2020 Universal Registration Document. Among those, the risks most likely to impact business in the second half of the year are developments in the economic environment and the risk of new disruptions worldwide. 2021 Targets & Outlook For 2021, Axway confirms its objective of achieving organic revenue growth of between 2% and 4%. The Company also confirms that it is aiming to improve its profitability with an operating margin of between 11% and 13% of revenue for the year. In the medium term, Axway’s ambitions remain: to achieve revenue of €500 million through organic growth ● in sales and acquisitions; to return to operating margin on business activity rates ● above 15% and gradually move towards 20%; to sustainably increase earnings per share to above €1. ●
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