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 Business activity in the first half of 2021 8 AXWAY - 2021 INTERIM FINANCIAL REPORT www.axway.com Impacted for more than a year now by the travel restrictions where remote services are possible, the situation remains very imposed by the health crisis, Services generated revenue of mixed from one country to another. Over the full year, Axway is €17.3 million (13% of total revenue), almost stable organically targeting stable revenue for the activity. year-on-year (-1.5%). While business grew in certain regions Axway Software: Revenue by geographic area (in millions of euros) H1 2021 H1 2020 2020 Restated* Total Growth Organic Growth France 39.4 40.9 40.9 -3.7% -3.7% Rest of Europe 33.9 29.6 29.7 14.8% 14.2% Americas 57.1 59.3 54.1 -3.7% 5.6% Asia Pacific 8.0 6.9 6.9 16.7% 16.3% Axway 138.4 136.6 131.6 1.3% 5.2% At comparable scope and exchange rates * France reported revenue of €39.4 million in H1 2021 (28% of total revenue), an organic decline of 3.7%. After a dynamic start to the year for both Subscription and License sales, activity fell in Q2 2021 due mainly to a particularly unfavourable comparison basis. The Rest of Europe zone grew organically by 14.2% in H1 2021, with revenue of €33.9 million, representing 25% of total revenue. The excellent Subscription momentum (+98.3%) more than offset the decline in revenue from other activities. This trend is explained by renewals and reinvestments by several of the largest Amplify customers eager to move to Subscription-based contracts. The Americas (USA & Latin America) generated revenue of €57.1 million over the half-year (41% of total revenue), with organic growth of 5.6%. After significant operational changes at the end of last year, the Subscription activity has, as expected, accelerated significantly from Q2 2021. This recovery, combined with the resilience of the Services activity, explains the region’s performance over the period. Lastly, in the Asia-Pacific region, Axway achieved half-year revenue of €8.0 million (6% of total revenue), with organic growth of 16.3%. Thanks to strong License and Subscription growth, and more generally a return to normal business levels compared to the first half of 2020, Axway reported a good start to the year in the region.
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