Egide: 2020 FY Results
Bollène, March 30, 2021 – 06 :00 pm
(CET)Press Release
2020 FY RESULTS
- Egide group continues its progression towards
sustainable profitable growth, showing resilience to the COVID
crisis and the industrial fire at the Cambridge
facility.
- 2020 revenues: €29.97m (-5.8% /2019)
- EBITDA after rent: €3.80m (vs. €-0.76m in
2019).
- Group Net Profit: €0.98m (vs. €-2.82m in
2019).
- Strong improvement in EGIDE SA's performance: 2020
revenues: +11% / 2019 And operational improvement leading to
breakeven in H2.
- 2021 outlook:
- Strong backlog suggests revenue growth. Expected
profitability improvement.
- Acceleration of the transformation to Industry 4.0 for
Egide SA.
The results presented below are unaudited
consolidated financial statements for 2020 but reviewed by the
Audit Committee on March 29, 2021. Certification of accounts is
expected in the coming weeks.
|
2020 Consolidated P&L Unaudited - In €M |
FY 2020 |
H2 2020 |
H1 2020 |
FY 2019 |
|
REVENUE |
29.97 |
100 % |
12.70 |
100% |
17.27 |
100% |
31.78 |
100 % |
|
Consumed purchases |
-10.73 |
-36% |
-3.79 |
-30% |
-6.94 |
-40% |
-13.86 |
-44% |
|
Inventory changes |
-0.82 |
-3% |
-0.59 |
-5% |
-0.23 |
-1% |
0.74 |
2% |
|
Personnel costs |
-13.64 |
-46% |
-6.33 |
-50% |
-7.31 |
-42% |
-13.71 |
-43% |
|
External costs * |
-3.29 |
-11% |
-1.07 |
-8% |
-2.22 |
-13% |
-4.79 |
-15% |
|
Taxes |
-0.31 |
-1% |
-0.13 |
-1% |
-0.18 |
-1% |
-0.40 |
-1% |
|
Other exp. & indemn.** |
2.33 |
8% |
1.59 |
13% |
0.74 |
4% |
-0.53 |
3% |
|
EBITDA (gross) |
3.52 |
12% |
2.39 |
19% |
1.13 |
7% |
-0.76 |
-2% |
|
Depreciation, amort & provisions |
-1.55 |
-5% |
-0.94 |
-7% |
-0.61 |
-4% |
-1.42 |
-4% |
|
OPERATING INCOME (EBIT) |
+1.97 |
7% |
1.45 |
11% |
0.52 |
3% |
-2.18 |
-9% |
|
Financial items |
-0.56 |
-2% |
-0.26 |
-2% |
-0.30 |
-2% |
-0.63 |
-2% |
|
Income Taxes |
-0.42 |
-1% |
-0.21 |
-2% |
-0.21 |
-1% |
0 |
0 |
|
NET RESULT |
0.98 |
3% |
0.98 |
8% |
0.00 |
0% |
-2.82 |
-9% |
*: +1.62 Business Interruption **: +2,57
Insurance for Fixed Assets - 1,1 Fixed Assets depreciation +1,44
PPP
CONSOLIDATED FINANCIALS
2020
REVENUEEgide Group's unaudited
consolidated revenues for 2020 amounted to €29.97 million, down
5.8% compared to 2019.While strong growth was achieved at Egide SA
(+11% / 2019), U.S. sales were temporarily affected by the fire in
early July 2020, with an estimated loss of revenue of €4 million in
H2. Santier remained stable in 2020 (revenues: +0.7% / 2019)
despite the market challenges and the COVID crisis.Sales in dollars
represent 60% of total group revenues in 2020. For information, the
average euro/dollar exchange rate in 2020 was 1.14 compared to 1.12
in 2019.
RESULTS AS OF 12/31/2020EBITDA
(restated of rents) amounted to €3.80m, compared with €-0.76m in
2019. The consolidated operating income shows a significant
improvement and stands at €1.97m, compared to €-2.18m in 2019.
In the United States, the Federal Paycheck
Protection Program has enabled the US companies to collect
approximately $1.6m, which has been fully converted into a
grant.
Regarding the impact of the fire at Egide USA,
the net book value of the destroyed fixed assets amounted to
$0.56m, replaced by $2.93m of new fixed assets, which were financed
by the insurance. Exceptional restoration costs amounted to
$8.40m, of which $8.22m was covered by insurance. All of these
items are presented in the income statement under Other operating
income and expenses. Operating losses totaling $1.85m have been
covered by business interruption insurance and are presented in the
income statement as a deduction from external expenses.
Taking into account all of these elements, the
Egide Group generated a net profit of €985K on December 31, 2020
(compared to a loss of €2.82m in 2019).
CONSOLIDATED BALANCE SHEET AS OF
DECEMBER 31, 2020
|
ASSETS * |
LIABILITIES * |
|
|
2020 |
2019 |
|
2020 |
2019 |
|
Fixed assets |
6.5 |
6.5 |
Equity |
10.6 |
10.5 |
|
Usage rights of leased assets |
2.3 |
2.9 |
|
|
|
|
Other financial fixed assets |
0.5 |
0.9 |
Accruals |
0.8 |
0.8 |
|
Differed tax assets |
0.8 |
1.2 |
Financial debt |
6.6 |
6.9 |
|
Inventory, AR and other assets |
16.3 |
14.2 |
Rent debts |
2.5 |
3.1 |
|
Cash |
1.4 |
1.5 |
AP & other |
7.3 |
6.0 |
|
TOTAL |
27.8 |
27.2 |
TOTAL |
27.8 |
27.2 |
* In €M – Unaudited
Fixed assets include €2.8m of investments for
the year, of which €2.6m were fire related. On the other
hand, an exceptional depreciation of €1.1m was recorded regarding
the Cambridge fixed assets following an impairment test.The
deferred tax asset relates only to U.S. operations and has been
reduced by the tax expense related to U.S. profits.
The inventory grew from €7.5m to €8.1m due to
the disruption of work processes at the Cambridge unit. The
working capital represents 105 days of revenue.
SIGNIFICANT SUBSEQUENT EVENTS AFTER
DECEMBER 31ST, 2020
Acceleration of the transformation
towards Industry 4.0 for Egide SAEgide SA has launched an
ambitious investment plan estimated at €1.7m in production
equipment and including recruitment of engineers to modernize its
production tool. The first objective is to continue to reduce
production costs in order to gain market share in higher volume
application sectors that industrial customers are relocating to
Europe and USA. In addition, this investment will allow to leapfrog
HTCC innovations, hence strengthening products differentiation.To
finance this plan, several grants have been solicited as part of
the government's recovery plans for aeronautics and electronics
industries and as well in the region. Financing will be completed
by bank partners who already confirmed support to this project.With
the award of the first grant which was tied to the “Aero” project,
and prefectoral visits and ministerial delegations to the Bollène
site last March, Egide SA is immediately accelerating its
transformation to reinforce its competitiveness. This will enable
the Group to intensify its growth in diversified markets.
2021 OUTLOOKThe Egide Group is
confident and forecasts significant growth in its activity compared
to 2020 and 2019: order backlog benefits from the combination of
the Group's resilience to the COVID crisis and a tangible
acceleration in order intake in early 2021. The Group should also
benefit from its stronger strategic positioning, focused on
priority market segments, and its new and more agile
organization.Egide SA should continue its growth dynamism in 2021,
with the launch of new activities in the power market, high-end
Fibercom HTCC packages, oil and gas exploration, sensors, as well
as market share gains in Asia.Egide USA will benefit from the
reopening of its Cambridge facility, which will be fully rebuilt in
the second quarter of 2021, and the installation of new plating
equipment by the end of April 2021.The year 2021 is well underway
at Santier thanks to a good level of orders booked in the fourth
quarter of 2020.
Jim Collins, Chairman and CEO, comments: "2020
was a difficult year for EGIDE, as with most industrial companies.
Our team worked tirelessly to mitigate the difficulties caused by
the COVID crisis, and the industrial fire at our Cambridge
facility. Even with these difficulties, the company has continued
to improve its performance with regards to customers satisfaction
and profitability. This is evident by the continued growth of our
order intake and backlog. We look forward to improvement again in
2021 and the years to come.”
Financial Agenda: General
Meeting :
June 18, 20212020 H1 revenue:
July 23, 2021
To find out more about Egide:
www.egide-group.com
About EgideEgide is a group
with an international dimension, specialized in the manufacture of
hermetic packages and heat dissipation solutions for sensitive
electronic components. It operates in cutting edge markets with
strong technology barriers to entry in all critical industry
segments (Thermal Imaging, Optronics, High-Frequency, Power
Units…). Egide is the only pure player in this market niche with
manufacturing bases in France and the United States.
Egide’s eligibility for tax efficient
French innovation-focused mutual funds (FCPI) was renewed on May
14, 2018.
Egide is listed on Euronext Paris™- Segment C -
ISIN code: FR0000072373 – Reuters: EGID.PA – Bloomberg : GID
CONTACTSEGIDE – Finance Department - Luc Ardon -
+33 4 90 30 35 94 – luc.ardon@fr.egide-group.comFIN’EXTENSO – Press
Relations - Isabelle Aprile - +33 1 39 97 61 22 –
i.aprile@finextenso.fr
- Egide 2020 FY Results - PR EN