RUEIL-MALMAISON, France,
September 15, 2014 /PRNewswire/
--
- Consolidated revenues up 34% to
€12.0m
- Strong sales growth in France: +66%
- Withdrawal from 'white-label' products trading
activity
- Strong increase in gross margin rate
from 34% to 46%
- A negative €3.6 million at the EBITDA level, reflecting the
Group's investment and structuring efforts
in preparation for its future growth
Lucibel, a specialist in LED (light-emitting diode) lighting
solutions, has posted its results for the first half of 2014.
EUR millions (consolidated IFRS data, unaudited) H1 2014 H1 2013 % change
Revenues 12.0 9.0 +34%
of which France 10.6 6.4 +66%
of which International 1.4 2.6 -45%
Gross margin 5.6 3.1 +81%
as a % of revenues 46.3% 34.4%
Operating expenses (10.3) (6.2) +65%
Current Operating Result (4.8) (3.2) +50%
of which EBITDA [1] (3.6) (2.4) +52%
EBIT [2] (4.8) (3.2) +48%
Financial income (charges) (0.8) (0.1) +665%
Corporate tax 0.9 - n/a
Net result (4.7) (3.3) +41%
Strong sales growth in France, and a slowdown in international
business largely attributable to the withdrawal from a
'white-label' products trading activity
In France, the first half of
2014 saw a 66% increase in revenues to €10.6 million, versus €6.4
million for the same period of 2013. All the Group's B2B commercial
branches contributed to this performance, highlighting the
pertinence of the solutions-based approach developed by Lucibel for
professional market segments in which the value of LED technology
can be optimised. Procédés Hallier, a company specialising in
lighting for museums and luxury boutiques, was included in the
Group's scope of consolidation following its acquisition on
31 December 2013 and contributed some
€1.4 million to first-half 2014 revenues.
--------------------------------------------------
1. EBITDA=Current Operating Result adjusted for
non-cash items (notably depreciation and amortization costs,
payments in shares)
2. EBIT=Earnings before interest and corporate
tax
At the international level, the performance was more nuanced but
its growth potential remains intact thanks to Lucibel's extensive
network. The Group's international subsidiaries generally continue
to experience substantial business volatility from one half-year
period to the next, given their still moderate size. Besides, The
Group decided in the course of 2013 to withdraw from its
'white-label' products trading activity, which relates mainly to
European clients, to concentrate on distributing Lucibel's
products. This logical move causes a dip in European sales
excluding France, with revenues
down from €1.6 million in the first half of 2013 to €0.4 million
for the same period of 2014, but improves margins further out.
The Lucibel Middle East subsidiary, set up in 2013, continues to
enjoy rapid development, with revenues up 60% to €0.6 million in
the first half of 2014. Overall, international business generated
revenues of €1.4 million in the first half of 2014, down 45% from
the €2.6 million reported for the same period of 2013.
Lucibel took advantage of the first half of the year to
reorganise its commercial teams in Belgium and Spain to make the most of the potential
offered by these regions. In addition, as part of its strategy of
rolling out its international development in stages, Lucibel is
preparing to open a sales office in Singapore, having confirmed the potential
offered by this market and the local interest in its products. The
development of Lucibel's business with major international clients,
as highlighted by the recent contracts signed with PSA (see press
release issued on 18 July 2014), is
also likely to bolster Lucibel's export activity: following the
success of the products installed in the first 20 dealerships, PSA
is planning to deploy Lucibel's products for export in the coming
months.
Significant gross margin growth and operating expenses rising
as the Group's scope of consolidation expands
Thanks to growth in new generation product sales, the
optimisation of its industrial processes and the integration of
companies acquired in 2013, the Group's gross margin reached 46.3%,
versus 34.4% in the first half of 2013, marking a very significant
gain of almost 12 percentage points.
In the months ahead, the Group will continue its industrial
transition towards a model combining 'offshoring' for standard
products, with production handled by its partner Flextronics, and
'nearshoring' for client-required adaptations and specific
products. This differentiating strategy will translate notably into
the start-up of operations at the Barentin site (Seine-Maritime),
previously operated by the Schneider Group (see press release
issued on 13 May 2014). The first
product runs will come off the assembly lines in October, with
volumes increasing progressively until the end of the year.
At the EBITDA level, Lucibel posted a negative €3.6 million for
the first half of 2014, reflecting the investment and structuring
efforts currently underway that are essential for the achievement
of the Group's development goals. The growth in operating expenses
is notably attributable to the significant increase in the Group's
scope of consolidation, following the inclusion last year of Cordel
(from 1 March 2013) and then Procédés
Hallier (from 31 December 2013).
Lucibel has also built up its expertise and resources in terms of
central functions, in preparation for the challenges ahead as it
expands. The Group's workforce numbered 210 as of 30 June 2014.
After amortisation, depreciation, provisions and other income
and charges, the Group's EBIT was a negative €4.8 million. After
interest and deferred tax income related to the acquisition of
Cordel, the Group's bottom line showed a net loss of €4.7 million
for the first half of 2014.
Balance sheet strengthened prior to the Group's Alternext
listing
After deducting the first-half net loss, the Group's
shareholders' equity stood at €1.3 million as of 30 June 2014. Its equity has since been increased
by €17.1 million via transactions carried out after the half-year
accounting closing, ahead of the admission of Lucibel's shares to
trading on Alternext Paris (see press release issued on
15 July 2014).
The Group launched a €7.6 million private placement among new
French and international investors, with the support of its
existing institutional shareholders (Aster and CM-CIC Capital
Innovation). Alongside this fundraising operation, the company
converted into shares all of the 1,200,000 convertible bonds issued
in December 2013, in accordance with
the terms of the bond issuance agreement. This conversion lifted
Lucibel SA's equity by a further €9.5 million.
Following these two transactions, Lucibel's share capital
comprises 7,546,201 shares, on an undiluted basis. The funds raised
and the Alternext listing will enable Lucibel to sustain its
organic growth, particularly by expanding its sales and marketing
network in France and
internationally, to pursue its targeted acquisition strategy and to
boost its capacity for innovation.
A product range undergoing continuous
innovation
Thanks to its internal R&D and Product Development teams,
Lucibel is constantly enhancing its range to enable its clients to
benefit from ongoing improvements in LED technology, notably in
terms of energy efficiency. The recently-launched new generation of
spotlights (Powerlights) have already attracted their first orders.
Moreover, Lucibel has been noting a high interest from its
customers for its Tubular LED, a waterproof product designed
notably for underground car parks. Lastly, the Group has extended
its offering with innovative solutions integrating the LiFi
technology which allows data transmission through to the light
output.
Lucibel will present its new products at a number of
international trade fairs coming up this autumn in Belgium (HVAC & ECL in Brussels, 17-18
September 2014), Turkey
(LED & LED Lighting Exhibition in Istanbul, 25-28
September 2014), Italy
(Illuminotronica in Padua, 9-11 October
2014), Morocco (Elec Expo
in Casablanca, 15-18 October 2014) and the UK (LuxLive in
London, 19-20 November 2014).
Outlook
In view of the trends observed since the beginning of the year,
the Group looks set for another year of robust growth. Thanks to
this, coupled with controlled operating expenses, Lucibel believes
that it can meet its target of achieving breakeven at the EBITDA
level in 2015.
In the words of Lucibel Chairman and CEO Frédéric
Granotier, "The growing interest in LED lighting shown by major
companies suggests that we are approaching the point at which this
technology will start to be systematically adopted. Our strong
sales growth in France, which
remains our main market, proves that our solutions-based approach
allows us to compete favourably with the traditional lighting
players.
Our current efforts in terms of innovation, investment and
structuring lay the foundations for our future growth. In the
months ahead, Lucibel intends to demonstrate through its product
innovation that the scope for LED technology applications extends
well beyond lighting and that our Group is a fully-fledged player
in these new key markets".
Next financial publication
28 October
2014, after the market closing: third quarter 2014
revenues
Furthermore, Lucibel will be meeting investors at the Mid Cap
Event on 2-3 October (Paris,
France - Palais Brongniart) then at the Clean Green Event on
12-13 November (Paris, France -
Espace Pierre Cardin).
About Lucibel
Lucibel is a French innovative company which designs
new-generation lighting products and solutions based on LED
technology in France and markets
them in almost 30 countries. For further information, please visit
the company's website http://www.lucibel.com
Lucibel is listed on Alternext
Paris/Ticker: ALUCI/ISIN code: FR0011884378
Lucibel is eligible for French
equity savings plans (PEA), SME equity savings plans (PEA-PME) and
innovation investment funds (FCPI)
Follow us on social media:
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YouTube: https://www.youtube.com/user/LedLucibel
Twitter: https://twitter.com/LedLucibel
APPENDICES
CONSOLIDATED INCOME STATEMENT (IFRS,
unaudited)
Amounts in thousands of euros 30.06.2014 30.06.2013
Revenue 12 012 8 954
Purchases consumed (5 716) (4 996)
External expenses (4 207) (2 992)
Employee expenses (6 409) (3 777)
Taxes and duties (168) (97)
Net additions to amortization, depreciation and provisions (667) (633)
Other income and expenses from operations 399 374
Operating profit (loss) from ordinary activities (4 756) (3 167)
Other operating income and expenses (6) (45)
Operating profit (loss) (4 762) (3 212)
Share of profit (loss) of equity-accounted entities (36) (35)
Operating profit (loss) after share of net profit (loss)
of equity-accounted companies (4 798) (3 247)
Income from cash and cash equivalent 3 (1)
Cost of gross financial debt excluding bond loan (139) (60)
Cost of convertible bond loan (576) -
Cost of net financial debt (712) (61)
Other financial income and expenses (38) (37)
Net financial income (750) (98)
Corporate income tax 850 10
Net profit (loss) (4 698) (3 335)
Of which attributable to shareholders of the parent (4 701) (3 324)
Of which attributable to non-controlling interests 3 (11)
CONSOLIDATED BALANCE SHEET (IFRS,
unaudited)
ASSETS - in thousands of euros 30.06.2014 31.12.2013
Goodwill 8 512 9 495
Intangible assets 3 844 2 169
Property, plant and equipment 387 314
Equity-accounted entities - -
Loans and deposits 137 119
Deferred tax assets 4 4
Total non-current assets 12 884 12 101
Inventory 6 038 4 070
Trade receivable 6 365 7 453
Other current assets 2 565 1 446
Current tax receivables 163 83
Cash and cash equivalents 3 156 9 306
Total current assets 18 287 22 358
TOTAL ASSETS 31 171 34 459
CONSOLIDATED CASH FLOW
STATEMENT (IFRS, unaudited)
Amounts in thousands of euros 30.06.2014 30.06.2013
Consolidated net profit (including amount attributable to non-controlling
interests) (4 698) (3 335)
Share of profits of equity-accounted entities 36 35
Net additions to amortization, depreciation and provisions (excluding
impairment of current assets, which is recognized in "Change in trade
receivables" and "Change in inventories" below) 412 492
Share-based payments 478 161
Gains/(losses) on disposal of assets 5 39
Cash flow from operations after the cost of net
financial debt and taxes (3 767) (2 608)
Elimination of cost of net financial debt 712 61
Corporate income tax income/(expenses) (850) (10)
Cash flow from operations before the cost of net financial debt and
taxes (A) (3 905) (2 557)
Corporate income tax paid (123) 245
Change in inventories (1 967) 375
Change in trade receivables 753 (1 336)
Change in trade payables 1 226 719
Change in other operating assets and liabilities (524) (1 199)
Cash flow from operating activities (B) (4 540) (3 753)
Cash flow related to the purchase of intangible
assets and property, plant and equipment (164) (107)
Capitalized development expenses (328) (204)
Proceeds from the sale of intangible assets and property, plant and
equipment - 13
Cash flow related to loans and deposits (9) (8)
Investment in equity-accounted entities - (51)
Proceeds from the sale of non-current financial assets - 16
Net cash flow from business combinations - (890)
Cash flow from investing activities (C) (501) (1 231)
Capital increases, net of issuance costs 41 6 060
Repayment of borrowings and financial liabilities (528) (546)
Issuance of borrowings and financial liabilities 7 207
Issuance of convertible bond loan - -
Change in financial liabilities from factoring (505) 188
Net interest expense paid (162) (113)
Cash flow from financing activities (D) (1 147) 5 796
Impact of movements in exchange rates (E) 2 7
Net change in cash and cash equivalents (B+C+D+E) (6 188) 819
Opening cash and cash equivalents (*) 9 307 1 347
Closing cash and cash equivalents 3 119 2 166
* Including bank accounts in credit shown in the statement of financial
position under "Current financial liabilities" 30/06/201436 30/06/2013-
Press contacts
Cinquième Pouvoir
Marietou Diakho/+33(0)1-40-03-96-03
marietou.diakho@cinquiemepouvoir.com
Calyptus
Mathieu Calleux/+33(0)1-53-65-68-68
mathieu.calleux@calyptus.net
Lucibel
Perrine Simon
perrine.simon@lucibel.com
Investor contact
Watchowah Consulting
Patrick Massoni /+33(0)6-74-21-46-83
patrick.massoni@watchowah.com
Liquidity provider
Louis Capital Markets
Maxime Aboujdid/+33(0)1-53-45-10-71
maboujdid@louiscapital.com