PRESS RELEASE - REGULATED INFORMATION
GLOBAL GRAPHICS PUBLISHES 2016 ANNUAL REPORT AND FINANCIAL STATEMENTS
Cambridge (UK), 15 March 2017 (18.00 CET): Global Graphics SE (Euronext: GLOG) announces that it has published its annual report and financial statements for the financial year ended 31 December 2016.
The full document is available for download from the investors section of the Company's web site at: http://www.globalgraphics.com/investors/financial-reports
Should you wish to receive printed copies please send an e-mail to investor-relations@globalgraphics.com or make your request in writing, for the attention of the Company's Chief Financial Officer, to 2030 Cambourne Business Park, Cambourne, Cambridge, CB23 6DW, UK.
Key consolidated figures
| In thousands of euros | 2016 | 2015 | Change |
| Revenue | 16,033 | 15,265 | 768 |
| Operating (loss)/profit | (674) | 1,126 | (1,800) |
| Profit before tax | 130 | 1,216 | (1,086) |
| Tax benefit | 466 | 685 | (219) |
| Profit for the year attributable to equity holders | 596 | 1,901 | (1,305) |
| Basic earnings per share | 0.05 | 0.18 | (0.13) |
| Net cash | 4,639 | 4,235 | 404 |
The consolidated pre-tax result was a profit of €0.13 million in 2016 compared with a pre-tax profit of €1.22 million in 2015. The reduction in profitability of €1.09 million is due to:
- an increase in revenue of €0.76 million;
- an increase in cost of sales of €0.42 million
- an increase in selling, general and administrative expenses of €2.10 million;
- an increase in research and development expenses of €0.21 million;
- an increase in other income less other operating expenses of €0.17 million; and
- an increase in foreign exchange gains of €0.71 million.
Included in research and development expenses is the capitalisation and amortisation of internally generated intangible assets. During the period there was a net expense of €1.52 million (2015: €1.32 million) related to these assets.
Included in selling, general and administrative expenses is amortisation of €1.07 million (2015: €0.29 million) related to the acquired intangible assets of URW and Meteor and share-based payment expenses of €0.95 million (2015: €0.11 million).
The exchange rate losses and gains are primarily due to the revaluation of currency balances held at the balance sheet date and the significant change in exchange rates during the year.
The Group presents adjusted financial results when reporting its financial results to provide investors with an additional tool to evaluate the Group's results in a manner that focuses on what the Group believes to be its underlying business operations. The Group's management believes that the inclusion of adjusted financial results provides consistency and comparability with past reports and comparability to similar companies in the Group's industry, many of which present the same or similar adjusted financial information to investors.
| In thousands of euros | 2016 | 2015 | Change |
| Adjusted operating profit | 3,013 | 3,215 | (202) |
| Adjusted net profit | 3,670 | 3,597 | 73 |
| Adjusted basic earnings per share | 0.33 | 0.34 | (0.01) |
Additional commentary and analysis of the Group's consolidated results for the year ending 31 December 2016 can be found in the aforementioned annual report and financial statements.
Annual General Meeting The annual general meeting ("AGM") had been scheduled for Tuesday 25 April 2017 in Brussels, however, due to other business commitments, this has now been re-scheduled to Monday 8 May 2017. The official notice of the AGM will be issued in accordance with applicable legal and regulatory requirements closer to the time.
About Global Graphics
Global Graphics SE (Euronext: GLOG) http://www.globalgraphics.com is a leading developer of software platforms for digital printing, including the Harlequin RIP®. Customers include HP, Canon, Delphax, Roland, Kodak and Agfa . The roots of the company go back to 1986 and to the iconic university town of Cambridge, and, today the majority of the R&D team is still based near here. The font foundry, URW++ Design and Development GmbH, and the industrial printhead driver solutions specialists, Meteor Inkjet, are subsidiary companies of Global Graphics SE. Global Graphics has offices in: Boston, US; Tokyo, Japan; and Hamburg, Germany.
Contacts
| Jill Taylor | Graeme Huttley |
| Corporate Communications Director | Chief Financial Officer |
| Tel: +44 (0)1223 926489 | Tel: +44 (0)1223 926472 |
| Email: jill.taylor@globalgraphics.com | Email: graeme.huttley@globalgraphics.com |
