Performance Technologies S.A. (Bloomberg: PERF.GA) announces key financial results on a consolidated basis for the nine months to 30.9.21.

• Revenue reached € 25,69 million, a 30,24% increase compared to the corresponding period of 2020.
• EBITDA rose to € 2,78 million, a 44,3% increase vs. the nine months of 2020.
• Net Debt stood at € 2,97 million on 30.9.21, vs. € 1,04 million on 30.9.20
• Leverage Ratio (Net Debt / EBITDA) of 1.1

Having recognized the challenges since the start of the pandemic, the Company has succeeded not only in adapting its operating model but in accelerating its development. For the period to end September 2021, it succeeded in achieving increased revenues and record profitability while increasing significantly its investments, laying the foundations for sustained revenue and profitability growth in the coming years.

KEY FINANCIAL FIGURES (Consolidated basis)

Performance Technologies maintains a strong financial position and ample liquidity to cover its business needs, facilitated by strong operating profitability; short term borrowings are primarily via bank factoring. Financial strength should improve significantly following the capital raise via a private placement which was approved by the recent Annual General Meeting.

On 30.9.2021 cash and equivalents stood at € 1,473M. Total long-term debt amounted to € 0,89Μ (versus € 1M a year ago). Total short-term debt amounted to € 3,55Μ (versus € 2,06M a year ago) and net debt amounted to € 2,97Μ versus € 1,04Μ on 30.9.2020.

The Company foresees a particularly favorable environment ahead as growth in its field of activity and specialization is expected to be well ahead of growth of Greek GDP. A number of major trends internationally (digital transformation, Cloud, Artificial Intelligence) as well as purely domestic factors (supportive state programs and investments, very satisfactory overall rates of growth of the Greek economy, catch up of the underinvestment of the previous decade) are expected to create the opportunities for the Company to grow at faster rates.

As a consequence, since the start of the year the Company intensified its investment in R&D and associated expenses aiming to take full advantage of the opportunities that are emerging rapidly. In this context, we are developing new and innovative solutions-services with the objective of widening further our client base, expanding our geographical reach by exploiting the Saas/Cloud model and extending our expertise into new technological and sectoral fields of interest.

The Company is reinforcing significantly and at a rapid pace its professional resources. During 2021, it attracted more than 30 new qualified professionals, increasing its overall resources by about 30%. Moreover, looking beyond our purely organic growth until now, which we expect will intensify, we are presently considering acquisitions that can provide complementarity to our product and service offerings and faster time to market. 

Financing of our investments has relied on internal resources and from the Company's profitable growth. The forthcoming capital increase via a private placement that was approved at the recent Annual General Assembly should reinforce our resources and capabilities. In parallel the Company is already preparing the ground work for its move to the main market of the Athens Stock Exchange.

We witness many countries, including Greece, coping with the continuing impact of the Covid-19 pandemic, high energy costs and inflationary pressures which threaten to slow down economic activity. Despite these threats, we believe that we are well positioned to achieve significant growth in the coming years. As a leading supplier of specialized IT solutions and services, Performance Technologies enables organizations to transition to Cloud, to monitor, manage, secure and govern key applications, data and infrastructure, to analyze data for intelligent business planning and much more. Demand for our products and services remains strong as increasing parts of economic activity are relying more and more on digital technologies and companies strive to optimize the experience they offer to their customers. Additional tail wind to fuel our growth is expected from our engagement in projects funded by the ambitious investment program of the Greek Government, that aims to digitally transform and modernize public sector services at a fast pace.

For further information, please contact:

Investors Relations

Tel. +30-210-9947100 | Fax +30-210-9947111 | E-mail: ir@performance.gr