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 1 First-half 2021 results 9 AXWAY - 2021 INTERIM FINANCIAL REPORT First-half 2021 results Profit on operating activities was €10.5 million, representing 7.6% of revenue compared with 1.9% in H1 2020. This significant improvement in profitability is primarily due to higher revenue, but also optimised cost management and the anticipated reduction in Research & Development expenses after the investment phase that was necessary to ramp up the Amplify offering. intangible assets of €3.2 million and the non-cash share-based payment expense of €2.3 million. Profit from recurring operations reached €5.0 million in H1 2021, 3.6% of revenue, including amortisation of allocated Operating profit for the half-year was €3.1 million, or 2.3% of revenue. Axway’s net profit amounted to €1.8 million for the half-year, or 1.3% of revenue. Finally, basic earnings per share was €0.08 in H1 2021, a significant increase compared to H1 2020 (-€0.28). H1 2021 H1 2020 (in millions of euros) (% Revenue) (in millions of euros) (% Revenue) Revenue 138.4 100.0% 136.6 100.0% Cost of sales License and Maintenance -12.7 9.2% -12.4 9.1% Subscription -13.5 9.8% -14.5 10.6% Services -16.5 11.9% -20.3 14.9% Total Cost of sales -42.7 30.9% -47.3 34.6% Gross profit 95.7 69.1% 89.3 65.4% Operating expenses Sales costs -43.3 31.3% -43.5 31.8% Research & Development expenditure -29.0 20.9% -30.4 22.3% General expenses -12.9 9.3% -12.9 9.4% Total operating expenses -85.1 61.5% -86.8 63.5% Profit on operating activities 10.5 7.6% 2.5 1.9% Share-based payment expense -2.3 -2.0 Amortisation of allocated intangible assets -3.2 -4.3 Profit/(loss) from recurring operations 5.0 3.6% -3.7 -2.7% Other operating income and expenses -1.9 0.0 Operating profit/(loss) 3.1 2.3% -3.7 -2.7% Cost of net financial debt -0.7 -0.7 Other financial income and expense 0.4 -1.8 Income tax expense -1.1 0.2 Net profit/(loss) 1.8 1.3% -6.0 -4.4% Basic earnings per share (in euros) 0.08 -0.28
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