- Half-year sales of €84.4 million, up +7% vs. H1 2023,
diversification of customer portfolio in target markets and
geographies
- Adjusted EBITDA positive at +0.8 M€, vs. (3.8) M€ in H1 2023
thanks to business growth, improved margins and continued control
of overheads
- Sharp rise in net income to €(3.0)m in H1 2024 vs. €(16.0)m
in H1 2023
- Strong cash position of €24.6 million at June 30,
2024
- Adjustment of estimated sales to between €150 and €160
million
- Target of breakeven adjusted EBITDA1 maintained
Regulatory News:
Forsee Power (FR0014005SB3 – FORSE), the expert in
battery systems for light and heavy electric vehicles, announces
its half-year results for 2024, approved by the Board of Directors
on September 19, 2024.
Christophe Gurtner, Founder & CEO of Forsee Power
states: “Forsee Power reported a solid financial performance,
posting positive adjusted EBITDA (+0.8 M€) for the first time in
the past six months and net income up +81% to (-3.0) M€, compared
with (-16.0) M€ in the first half of 2023. In addition, our cash
position stood at 24.6 M€ at June 30, versus 25.9 M€ at January 1
this year. These strong performances demonstrate the relevance of
our business model, and reinforce our confidence in achieving our
target of breakeven adjusted EBITDA for the full year 2024.”
Simplified consolidated income statement
The limited review procedures applicable to the interim
consolidated financial statements for the six months ended June 30,
2024 have been performed.
In €m
H1 2024
H1 2023
Change (%)
Sales figures
84.4
78.8
+7%
Adjusted EBITDA
0.8
(3.8)
+122%
Adjusted EBITDA margin
1%
(5)%
+6 pts
Current operating income
(4.0)
(12.3)
+132%
Consolidated net income
(3.0)
(16.0)
+81%
In the first half of 2024, Forsee Power posted sales of €84.4
million, up +7% on H1 2023.
Thanks to rigorous management of overheads and improved margins
(sharply lower cost of materials from the second quarter of 2024,
product mix effect, improved efficiency of our industrial
processes), the Company recorded a positive adjusted EBITDA,
reaching €0.8 million in H1 2024 compared with a loss of €(3.8)
million in H1 2023.
Operating income recurring for the first half of 2024 amounted
to €(4.0) million. This represents a significant increase on the H1
2023 operating income recurring of €(12.3) million.
Lastly, net income for the first half of 2024 came to €(3.0)
million, compared with €(16.0) million for the first half of
2023.
Simplified consolidated balance sheet
In €m
30/06/2024
31/12/2023
Non-current assets
78.0
68.2
Current assets
103.0
119.3
Total assets
181.0
187.4
Shareholders' equity
56.3
59.2
Non-current liabilities
70.7
76.1
Current liabilities
54.0
52.1
Total liabilities
181.0
187.4
Simplified consolidated cash-flow statement
In €m
H1 2024
Cash position at beginning of
period
25.9
Cash flow from operating activities
17.2
Cash flow from investing activities
(14.1)
Cash flow from financing activities
(4.5)
Impact of conversion rates
0.03
Change in cash and cash
equivalents
(1.3)
Cash position at end of period
24.6
A solid financial structure
Available cash at June 30, 2024 remains solid at €24.6 million,
showing minimal variation compared with December 2023 (€25.9
million), illustrating efficient and controlled management of
financial resources. This performance is underpinned by optimized
working capital requirements (+€15.6m), partly offsetting the
significant investments made over the period (-€14.4m), including
the final tranche of the US production site inaugurated on
September 12.
Net debt (excluding IFRS 16) stood at €22.4 million. Gross
financial debt at June 30, 2024 was down slightly at €64.7 million,
compared with €67.1 million at December 31, 2023. Excluding the
impact of IFRS 16, gross debt at June 30 stood at €47.0 million,
reflecting a more favorable financial position.
At June 30, 2024, Forsee Power had a solid balance sheet with
shareholders' equity of €56.3 million, compared with €59.2 million
at December 31, 2023.
Strategy and outlook
Over the coming quarters, Forsee Power intends to pursue its
strategy of profitable growth by focusing on its key markets in
Europe, Asia and the United States, where the Group has just
strengthened its production capacity with the recent inauguration
of its Columbus, Ohio site.
The expansion of the product range continues with the deployment
of new battery systems. The offer also extends to integrated
solutions covering after-sales, retrofit and financing options,
responding to the diversified needs of customers.
However, due to the postponement of certain orders, the Group is
adjusting its annual sales target to between €150 and €160
million.
Nevertheless, Forsee Power is maintaining its target of
breakeven adjusted EBITDA for the full year 2024, thanks to
rigorous cost management and its margins.
Next financial release:
- Q3 2024 sales, November 12, 2024 at 7:30 a.m.
About Forsee Power Forsee Power is an industrial group
specializing in smart battery systems for sustainable electric
transport (light vehicles, off-highway vehicles, buses, trucks, and
trains). A major player in Europe, Asia and North America, the
Group designs, assembles, and supplies energy management systems
based on cells that are among the most robust in the market and
provides installation, commissioning, and maintenance on site and
remotely. More than 3,500 buses and 140,000 LEV have been equipped
with Forsee Power’s batteries. The Group also offers financing
solutions (battery leasing) and second-life solutions for transport
batteries. Forsee Power and its 750 employees are committed to
sustainable development and the Group has obtained the Gold medal
from leading sustainability rating agency EcoVadis. For more
information: www.forseepower.com | @ForseePower
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240920407013/en/
Forsee Power Sophie Tricaud VP Corporate affairs and
Sustainability investors@forseepower.com
NewCap Thomas Grojean Jérémy Digel Investor Relations
forseepower@newcap.eu +33 (0)1 44 71 94 94
NewCap Nicolas Merigeau Media Relations
forseepower@newcap.eu +33 (0)1 44 71 94 98
Grafico Azioni Forsee Power (EU:FORSE)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni Forsee Power (EU:FORSE)
Storico
Da Nov 2023 a Nov 2024
