DECLARATION BY THE PERSON RESPONSIBLE FOR THE INTERIM FINANCIAL REPORT STATUTORY AUDITORS’ REPORT ON THE INTERIM FINANCIAL STATEMENTS MANAGEMENT REPORT HALF-YEAR FINANCIAL STATEMENTS CONDENSED INTERIM CONSOLIDATED Notes to the consolidated statement of financial position 28 AXWAY - 2021 INTERIM FINANCIAL REPORT www.axway.com Trade receivables Note 14 (in thousands of euros) 30/06/2021 31/12/2020 Trade receivables 36,459 50,783 Provision for doubtful receivables -1,068 -1,686 Trade receivables – net value 35,391 49,097 Accrued income 50,569 38,988 Total trade receivables 85,960 88,085 At 30 June 2021, Net trade receivables, expressed in business days, totalled 94 days, up compared to 30 June 2020 (70 days) due to an increase in accrued income. The €13.7 million decrease in Trade receivables is mainly due to revenue seasonality. The number of new trade receivables generated is higher in the fourth quarter when invoices are issued for licenses and Customer Managed Subscriptions sold at the year end. The rise in Accrued income was primarily due to the recording of Customer Managed Subscription revenue, including on-premise services recognised in revenue upon delivery and invoiced over the contract term. DSO for this line item at 30 June 2021 is 55 days, compared to 22 days at 31 December 2020. This increase is due to further strong growth in Customer Managed revenue in H1 2021. Equity Note 15 Changes in the share capital 15.1 At 31 December 2020, the share capital stood at €42,702,132, and comprised 21,351,066 fully paid-up shares with a par value of €2.00 each. A share capital increase by capitalisation of reserves was performed in H1 2021 and 141,881 new shares were issued. This transaction was performed to deliver 154,865 shares to 49 beneficiaries under the LTI C plan whose vesting period expired on 31 March 2021. At 30 June 2021, the share capital therefore stood at €43,138,520, comprising 21,569,260 fully-paid up shares with a par value of €2.00 each. Dividends 15.2 The General Meeting of Axway Software held on 25 May 2021 to approve the 2020 financial statements approved a dividend of €0.40 per share, representing a total distribution of €8.6 million. This dividend was paid on 18 June 2021, net of the dividend on treasury shares. One year earlier, faced with the global COVID-19 crisis, the Axway Software General Meeting held on 3 June 2020 to approve the 2019 financial statements, decided, at the recommendation of the Axway Board of Directors, not to distribute a dividend in respect of fiscal year 2019.
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