PARROT: 2020 THIRD-QUARTER BUSINESS
18 Novembre 2020 - 8:03AM
PARROT: 2020 THIRD-QUARTER BUSINESS
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PRESS RELEASEParis, November 18, 2020, 8am CET |
2020 THIRD-QUARTER
BUSINESS
Commercial drone development strategy continuing to move
forward
For the third quarter of 2020, the Parrot Group
is reporting consolidated revenues of €14.3m, down 20% year-on-year
and up 13% compared with the second quarter of 2020, which was most
affected by the measures aimed at slowing the coronavirus pandemic.
Consolidated revenues for the first nine months of 2020 totaled
€40.8m, with the year-on-year contraction reduced to -29% compared
with -33% at the end of the first half of 2020; this trend remains
linked to the decrease in sales of consumer products and the
gradual transformation of the product mix to focus on commercial
drones, targeting stronger margins.
Revenues for drone data analytics and metrics
software (Pix4D), with negligible impacts from the health crisis,
recorded 4% year-on-year growth in the third quarter of 2020,
supported by the expansion of the offering with the launch of
several business solutions at the start of the year (Pix4Dreact,
Pix4Dsurvey, Pix4Dinspect, etc.). This subsidiary represents 40% of
the Group’s consolidated revenues and does not consume any
cash.
The development of the micro-drone business
(Parrot Drones) continues to reflect the repositioning around
higher value-added commercial drones. The contraction in revenues
is linked exclusively to the lower level of consumer drone sales,
while commercial drones achieved sales growth, both in the third
quarter and over nine months, driven by the ANAFI Thermal and ANAFI
SE (Security Edition). Revenues also include an amount for
transfer-costing R&D (€2.1m at September 30, 2020, +17% from
September 30, 2019), in line with the financing of development
projects for micro-drone tenders for the armed forces and law
enforcement sectors launched in 2018 and 2019. Several responses
are expected before the end of 2020, particularly in France with
the French government defense procurement and technology agency
(DGA) and in the United States for the Department of Defense’s SRR
program.
With sales trends affected by the drop in
business investment levels in the context of the health crisis,
sales of fixed-wing commercial drones (senseFly) are close to their
level from the first quarter of 2020 (Q1: €3.4m - Q2: €1.8m - Q3:
€3.1m). The impact on earnings is limited thanks to strict control
over costs. Agricultural sensors (MicaSense) are following the same
trends.
Following the latest round of lockdowns across
Europe, the Group has further strengthened its arrangements for
staff to work from home and its teams remain firmly focused on
implementing the roadmap in terms of R&D, as well as sales and
marketing operations for commercial markets, and development in the
Defense and Security sector. The Group’s success in these areas is
expected to pave the way for a return to growth.
PARROT GROUP REVENUES
€m and % of revenues |
Q3 2019 |
Q3 2020 |
Change |
2019 9 months |
2020 9 months |
Change |
PARROT GROUP(1) |
17.8 |
100% |
14.3 |
100% |
-20% |
57.5 |
100% |
40.8 |
100% |
-29% |
Microdrones (Parrot Drones) |
7.0 |
39% |
4.3 |
30% |
-39% |
23.7 |
41% |
12.4 |
30% |
-48% |
Of which, legacy consumer products(2) |
2.4 |
14% |
1.1 |
8% |
-54% |
9.3 |
23% |
4.1 |
10% |
-57% |
Software (Pix4D) |
5.6 |
31% |
5.8 |
40% |
+4% |
16.6 |
28% |
16.3 |
41% |
+2% |
Fixed-wing drones (senseFly) |
3.6 |
20% |
3.1 |
22% |
-15% |
11.7 |
20% |
8.4 |
21% |
-29% |
Sensors (MicaSense) |
1.6 |
9% |
1.2 |
9% |
-23% |
5.9 |
10% |
4.0 |
10% |
-32% |
Parrot SA |
0.5 |
3% |
0.1 |
0% |
-87% |
1.2 |
2% |
0.2 |
1% |
-83% |
Intragroup eliminations |
-0.5 |
-3% |
-0.2 |
-1% |
|
-1.9 |
-3% |
-0.8 |
-2% |
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(1) The total figure for the nine months of 2019
for “Parrot Group” included €0.6m for the business of Airinov,
which was stopped in 2019. (2) Legacy consumer products: previous
drone ranges (Bebop, Disco, Mini Drones), automotive products (car
kit, plug & play) and connected devices.N.B. The alternative
performance indicator “Drone Revenues” is no longer relevant
because the business units shut down in 2019 no longer have any
impact at this stage on 2020 revenues.
Next financial date
- 2020 full-year earnings: Friday March 19, 2021 before start of
trading
ABOUT
PARROT
Founded in 1994 by Henri Seydoux, Parrot is
today the leading European group in the fast-growing industry of
drones. Visionary, at the forefront of innovation, Parrot is
positioned across the entire value chain, from equipment to
services and software. Its micro-drones, well known for their high
performance and ease of use, address the needs of professionals as
well as consumers. The Group also has a portfolio of outstanding
companies and interests in commercial drones, covering equipment,
software and services. Its expert capabilities are focused
primarily on three vertical markets: (i) 3D Mapping, Surveying and
Inspection, (ii) Defense and Security and (iii) Agriculture.
The Parrot Group designs and engineers its
products in Europe, mainly in France and Switzerland. It currently
employs over 500 people worldwide and makes the majority of its
sales outside of France. Parrot, headquartered in Paris, has been
listed since 2006 on Euronext Paris (FR0004038263 - PARRO).
Financial information is available on http://corporate.parrot.com.
For more information visit: www.parrot.com and its subsidiaries
www.pix4d.com, www.sensefly.com, www.micasense.com.
CONTACTS
Investors, analysts, financial media Marie Calleux
- T. : +33(0) 1 48 03 60 60parrot@calyptus.net |
Consumer
and tech media Cecilia Hage - T. : +33(0) 1 48 03 60
60 cecilia.hage@parrot.com |
- Parrot_CP_T3-2020_11-18_EN_DEF
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