LUMIBIRD: ANNUAL RESULTS 2023
Lannion, 12/03/2024 - 17h45
ANNUAL RESULTS 2023
-
EBITDA margin(1)
of 17% (reported basis) and 18% excluding Convergent,
higher than previously announced targets
-
Last year of the transformation plan, with the
modernisation and rationalisation of our industrial facilities.
After 3 years of heavy investment and structuring, adjustments to
expenses have been made at the end of 2023 with the closure of the
Ottawa (Canada) and Leigh (UK) sites.
-
Growth trajectory reaffirmed, with the aim of improving
operational efficiency and profitability
The Lumibird Group, European leader in
laser technologies, improved its reported EBITDA by 10% to €34.5m
(+15% to €36.1m excluding the acquisition of Convergent). This
performance reflects tight cost control against a backdrop of sales
growth. As the Group is positioned and structured to continue to
absorb growth in its markets, the improvement in profitability
should continue in the years ahead.
Extract from the condensed consolidated
annual financial statements approved by the Board of
Directors on 12 March 2024
|
at 31 December (in €m) |
2022 |
2023reported |
|
Change |
| |
% |
|
Sales figures |
191.0 |
203.6 |
+12.6 |
+6.6% |
|
EBITDA(1)%
SALES |
31.316.4% |
34.517.0% |
+3.2 |
+10% |
|
Profit from recurring operations% SALES |
16.48.6% |
18.59.1% |
+2.1 |
+13% |
|
Operating profit |
17.3 |
12.2 |
(5.1) |
-29% |
|
Profit before tax |
14.4 |
7.5 |
(6.9) |
-48% |
|
Net income |
11.4 |
7.1 |
(4.3) |
-38% |
(1) EBITDA corresponds to recurring operating
income adjusted for charges to provisions and depreciation, net of
reversals, and expenses covered by such reversals.
Dynamic markets in a complex economic
context
Business in 2023 was buoyant across all the
markets addressed by Lumibird, particularly in the Defence/Space
segment, which saw strong growth. However, growth was held back at
the beginning of the year by reduced production capacity due to
site redevelopments, and at the end of the year by postponed sales
for regulatory or administrative reasons affecting the Medical
division.
The Photonics division grew by +7.8% (+7.4%
excluding Convergent and at constant exchange rates).
The Defence/Space segment, driven by growing
demand and an attractive range of very high-tech products,
including a majority of active components produced within the
Group, grew by 30.9% to €39.4m (+34.5% at constant exchange rates).
A significant 3-year contract worth €20 million was signed in
September 2023 for the supply of laser rangefinders for airborne
applications.
The Lidar segment fell by 7.5% to €24.1m (down
6.1% at constant exchange rates). Lidar activities continue to grow
strongly in the wind energy sub-segment, where Lumibird sells its
Lidar systems directly, while there has been a one-off downturn in
the 3D Scan sub-segment, although this does not call into question
the strong growth prospects for this market.
In Industrial and Scientific activities, the
Group ended the year at €37.4m, stable at -0.1% (-5.0% excluding
Convergent and at constant exchange rates). Sales generated by the
Convergent business acquired at the end of August 2023 are included
in Industrial and Scientific activities. They amounted to €2.7m in
2023 over 4 months.
The Medical division reported sales growth of
5.5% over the year to €102.8m (up 7.6% at constant exchange rates),
held back by the postponement of sales to 2024 for regulatory
reasons (delay in marketing authorisations) and administrative
reasons (new purchasing policy for public hospitals in China). The
breakdown of sales between diagnostics (23%) and treatment (77%) is
similar to previous years.
The currency effect had a negative impact on
sales of €4.5m over 2023, split between Photonics (€2.4m) and
Medical (€2.1m).
Improved profitability in both divisions
Summary of results by division
|
In €M |
Photonics |
Medical |
|
2022 |
2023 |
Change (%) |
2022 |
2023 |
Change (%) |
|
Sales figures |
93,5 |
100.8 |
+7.8% |
97,4 |
102,8 |
+5,5% |
|
Gross margin% |
58,162,2% |
63.262.7% |
+8.7% |
59,861,3% |
62,460,7% |
+4,3% |
|
EBITDA(1)% |
14,215,2% |
15.915.8% |
+12.2% |
17,117,6% |
18,618,1% |
+8,4% |
|
ROC% |
4,75,1% |
5.95.8% |
+24.2% |
11,611,9% |
12,612.3% |
+8,4% |
(1) EBITDA corresponds to recurring operating
income adjusted for charges to provisions and depreciation, net of
reversals, and expenses covered by such reversals.
Against a backdrop of persistent inflationary
pressures, the Group's gross margin is stable in 2023, to 61.7%
from 61.8% a year earlier (slight increase to 62.1% excluding
Convergent). The use of purchases via brokers in 2022 to secure
supplies still had a significant residual impact this year,
particularly for the Medical division. By the end of 2023, this
residual impact had been fully absorbed.
. On a reported basis, including the recent
acquisition of Convergent, EBITDA rose by 10% to €34.5m, i.e. 17.0%
of revenues. Convergent contributed negatively by -€1.6m to EBITDA.
EBITDA margin excluding Convergent rose by almost +2 pts (from
16.4% to 18.0%). This increase was achieved by controlling external
and personnel costs in both divisions.
For the moment, the improvement in profitability
is more marked in the Photonics division (EBITDA margin of 17.9%
excluding Convergent, compared with 15.2% in 2022) than in the
Medical division (18.1% compared with 17.6% in 2022), which is
still impacted by the residual additional purchasing costs
associated with the shortages in 2022.
The currency effect had a negative impact on
EBITDA of €0.9m over 2023, split between Photonics (€0,5m) and
Medical (€0,4m).
On a reported basis, recurring operating income
stands at €18.5m, compared with €16.4m in 2022. Convergent's
contribution to recurring operating income is negative at -€2.4m.
Excluding Convergent, recurring operating income stands at
€20.9m.
For Lumibird, 2023 was the last year of the
transformation plan, with the modernisation and rationalisation of
its industrial facilities. After 3 years of strong investment and
structuring, at the end of 2023, Lumibird entered an optimisation
phase through a programme to adjust its workload structure.
Lumibird has repatriated the activities of its Ottawa (Canada) and
Leigh (UK) sites to Lannion. Operating profit includes
non-recurring expenses relating to this reorganisation of the Lidar
division, the relocation of the Les Ulis site and changes in the
scope of consolidation totalling €6.3m (compared with non-recurring
income of €0.9m in 2022). Against a backdrop of rising interest
rates, net financial income, restated for the non-cash foreign
exchange impact of the revaluation of current accounts, amounts to
€3.5m, stable compared with 2022 (€3.2m) thanks to the optimisation
of financial income. After corporation tax of €0.3m (compared with
€3.1m in 2022), reported net profit is €7,1m. Excluding Convergent,
it stands at €9.2m.
Cash flow: continued high levels of
investment
| In
€M |
2022 |
2023 |
| Cash
flow from operating activities |
1,4 |
20,7 |
|
Of which MBA before tax and finance costs |
30,1 |
26,9 |
|
Of which Change in WCR |
(29,2) |
(4,8) |
|
Of which tax paid |
0,5 |
(1,5) |
|
Cash flow from investing activities |
(29,3) |
(46,2) |
|
Of which Industrial investment1 |
(20,7) |
(25,3) |
|
Of which external growth |
(8,1) |
(20,6) |
|
Of which other financial assets |
(0,6) |
(0,3) |
|
Cash flow from financing activities |
(7,9) |
21,7 |
|
Of which capital increase |
- |
- |
|
Of which net new financing |
(3,6) |
28,7 |
|
Of which debt servicing |
(2,9) |
(3,9) |
|
Of which other changes |
(1,4) |
(3,2) |
| CHANGE
IN CASH AND CASH EQUIVALENTS2 |
(35,8) |
(3,8) |
Against a backdrop of continuing growth but
easing tensions over supplies, working capital requirements were
kept under particularly tight control over the year, increasing by
just €4.8m.
2023 was again a year of heavy investment in
industrial facilities, in particular for the completion of the
fibre optic manufacturing unit at Lannion. Net capital expenditure
in 2023 amounted to €25.3m, compared with €20.7m the previous year.
Cash flow from external growth amounted to €20.6m. The 2023
investment programme was financed both by cash generated by
operations and by bank loans.
Balance sheet position
As a result of the investments made, net
financial debt rose from €52.5m at 31.12.22 to €88.9m at 31.12.23.
It comprised €145.1m in gross financial debt and €56.2m in cash and
cash equivalents.
Lumibird retains a solid financial position,
with gearing of 46% and a leverage ratio of 2.6.
| Extract
from the consolidated balance sheet (in
€m) |
31.12.2022 |
31.12.2023 |
|
Goodwill |
69,9 |
72,6 |
|
Non-current assets (excluding goodwill) |
114,9 |
135,3 |
|
Current assets (excluding cash) |
125,5 |
141,1 |
|
Cash and cash equivalents |
61,7 |
56,2 |
| TOTAL
ASSETS |
372,0 |
405,2 |
|
Equity (including minority interests) |
193,4 |
193,3 |
|
Financial liabilities3 non-current |
48,6 |
128,6 |
|
Other non-current liabilities |
10,1 |
9,2 |
|
Current financial liabilities |
65,6 |
16,5 |
|
Current liabilities |
54,3 |
57,6 |
| TOTAL
LIABILITIES |
372,0 |
405,2 |
Outlook
After 3 years of heavy investment, Lumibird is
better positioned than ever to take advantage of the buoyant trends
in its markets, with an adapted product offering and a capacity for
innovation and production strengthened by the growing integration
of key technologies. The maturity achieved in terms of organisation
also means that the Group can continue to work on adjusting its
cost structure, to optimise profitability.
Against this backdrop, the Group expects to
achieve growth at constant perimeter in excess of 8% and to
continue improving its profitability.
Next
publication: Q1 2024 sales on 22/04/2024, after
close of trading.
LUMIBIRD is one of the world's leading laser
specialists. With 50 years' experience and expertise in
solid-state, diode and fibre laser technologies, the Group designs,
manufactures and distributes high-performance laser solutions for
scientific (research laboratories, universities), industrial
(production, defence/space, Lidar sensors) and medical
(ophthalmology, ultrasound diagnosis) applications.The result of
the merger in October 2017 between the Keopsys and Quantel Groups,
LUMIBIRD, with more than 1,000 employees and over €203.6m in sales
by 2023 is present in Europe, America and Asia.LUMIBIRD
shares are listed in compartment B of Euronext Paris. FR0000038242
-
LBIRD www.lumibird.comLUMIBIRD
has been a member of Euronext Tech
Leaders since 2022.
Contacts
|
LUMIBIRDMarc Le FlohicChairman and Chief Executive OfficerTel.
+33(0) 1 69 29 17 00info@lumibird.com |
LUMIBIRDSonia Rutnam Chief Financial and Transformation OfficerTel.
+33(0) 1 69 29 17 00info@lumibird.com |
CalyptusMathieu CalleuxInvestor RelationsTel. +33(0) 1 53 65 37
91lumibird@calyptus.net |
1 This amount includes €12.4m of research and development
expenditure capitalised in accordance with IAS 36.2 Cash
corresponds to "cash and cash equivalents" on the assets side of
the balance sheet, net of bank overdrafts (passive cash) included
in current financial liabilities on the liabilities side. It is
presented before currency change impact.3 Financial liabilities
(current and non-current) correspond to financial debts and include
lease debts in accordance with IFRS16.
- 240312_LUMIBIRD_RA_2023_EN
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