Riber: 2020 full-year earnings positive in a difficult environment
26 Aprile 2021 - 5:45PM
Riber: 2020 full-year earnings positive in a difficult environment
Press release
2020 full-year earnings positive
in a difficult environment
- Solid revenues, with 25% sales growth
for services and
accessories
- Gross margin up 0.5 points
- Positive net income of €0.3m
- €8m of cash at end-2020
Bezons, April 26, 2021 - 5:45pm - RIBER,
the global leader for molecular beam epitaxy (MBE) equipment
serving the semiconductor industry, is releasing its full-year
earnings for 2020.
(€m - at December 31) |
2020 |
2019 |
Change |
Revenues |
30.2 |
33.5 |
-10% |
MBE systems
revenues |
18.2 |
23.0 |
-21% |
Evaporators
revenues |
0.3 |
1.1 |
-68% |
Services and accessories revenues |
11.7 |
9.4 |
+25% |
Gross margin% of revenues |
9.130.1% |
9.929.6% |
-€0.8m |
Operating income% of revenues |
0.72.3% |
0.92.7% |
-€0.2m |
Net income% of revenues |
0.30.9% |
1.13.4% |
-€0.8m |
Covid-19
The health crisis and the lockdown measures
introduced by governments in most countries have deeply affected
the Company’s business and limited travel to visit Asian clients to
finalize their machine installations, resulting in revenues being
deferred.Since the start of the health crisis, the Company has
focused in priority on protecting its employees and the continuity
of its activities, by putting in place measures to safeguard
employees’ health and deploying digital tools to continue to serve
its clients worldwide even more effectively.
Revenues
2020 full-year revenues came to €30.2m, with a
limited contraction of just 10% compared with 2019. Despite the
operational difficulties resulting from the Covid-19 pandemic, the
Company was able to respect its production plan, thanks to its
adapted organization, and deliver to its clients within the
timeframes set. MBE system sales showed a good level of resilience,
with 10 machines delivered, versus 12 in 2019. The evaporator
market remained sluggish due to the current lack of investment in
the OLED screen industry. In line with the strategy rolled out by
the Company, sales of services and accessories further strengthened
their organic growth (+25%) to reach a record level of €11.7m in
2020, despite the export licenses rejected in December for
€1.7m.
Earnings
The gross margin came to €9.1m, representing
30.1% of revenues, slightly higher than 2019 (29.6%) thanks in
particular to the favorable change in the product mix and better
productivity.
Operating expenditure is down €0.6m (€8.4m in
2020, vs. €9.0m in 2019), primarily factoring in the reduced level
of sales and marketing costs (-18%). Administrative costs are up
slightly (+6%). Gross R&D investments totaled €2.8m, up 16%
from 2019 to represent 9.4% of consolidated revenues. In this
context, operating income came to €0.7m, compared with €0.9m in
2019.
Net income totaled €0.3m, compared with €1.1m in
2019. For 2020, it includes -€0.4m of financial income and
expenses, linked primarily to a provision for the exchange rate
risk on receivables denominated in US dollars.
Cash flow and balance sheet
The cash position at end-2020 is positive, with
€8.0m, up €2.1m from the end of 2019. This change reflects the
impact of an increase in working capital requirements, positive
cash flow from operations and two government-backed loans (€8.0m)
that were taken out and will be repayable from 2022.
Shareholders’ equity is down €0.2m from 2019 to
€19.0m. This change is linked to earnings for the year and the
distribution of amounts drawn against the issue premium for 2019 to
shareholders.Order book
In 2020, the Company faced a significant
slowdown in its commercial activity. On the one hand, a number of
clients deferred their investment decisions due to the lack of
visibility in the context of the health crisis. On the other hand,
the French authorities refused to issue several export licenses to
the Company for a total of €13m for the year.
As a result of these elements, the order book
shows a significant contraction, down to €14.4m at December 31,
2020, with MBE system orders (€5.7m) including two research
machines and orders for services and accessories (€8.7m) up
26%.
Outlook for 2021
The MBE market is still fundamentally buoyant,
driven by information technology innovations. The Company expects
to consolidate its order book in 2021, as illustrated by the
additional orders for one research machine and two production
machines, announced in January, March and April 2021 respectively.
The Company will also benefit from investments that will be made in
the semiconductor industry as part of stimulus plans.The services
and accessories business is expected to continue to progress.
Building on its sound financial structure, the Company aims to
continue improving its profitability compared with 2020.
Distribution of amounts drawn against
the “issue premium” account
Illustrating its confidence in the Company’s
future, the Executive Board will submit a proposal to shareholders
at the General Meeting on June 25, 2021 to approve a cash payout
based on reimbursing part of the issue premium for €0.03 per share.
It will be released for payment on July 7, 2021.Next
dates
- April 30, 2021:
2021 first-quarter
revenues and 2020 annual financial report
- June 25, 2021:
General Meeting
held as a closed session
The annual financial statements were approved by
the Executive Board on April 23, 2021, and have also been approved
by the Supervisory Board. They will be incorporated into the 2020
annual financial report, which will be available from April 30,
2021 in French on the Company's website (www.riber.com).
About RIBER
RIBER is the global market leader for MBE -
molecular beam epitaxy - equipment. It designs and produces MBE
systems and evaporators for the semiconductor industry. It also
provides technical and scientific support for its clients,
maintaining their equipment and optimizing their performance and
output levels. Through its high-tech equipment, RIBER performs an
essential role in the development of advanced semiconductor systems
that are used in numerous consumer applications, from information
technologies to 5G telecommunications networks, OLED screens and
next-generation solar cells.RIBER is a BPI France-approved
innovative company and is listed on the Euronext Growth Paris
market (ISIN: FR0000075954).www.riber.com
Contacts
RIBER Stéphane Berterretche tel: +33 (0)1 39 96 65
00invest@riber.com |
CALYPTUS Cyril Combetel: +33 (0)1 53 65 68
68cyril.combe@calyptus.net |
- CP_Riber_Résultats 2020_E