BALYO Announces Full Year 2021 Results
28 März 2022 - 5:45PM
Business Wire
- 2021 sales revenues amounted to €21.8m, driven by the EMEA
region
- Good momentum in direct sales orders, accounting for 19% of
2021 total orders
- Significant improvement of the gross margin rate to 46% vs.
21%
- Sharp reduction in operating loss: -€1.5m vs.
-€7.5m
- Strengthening of cash position to €10.2m
- Growth to resume in 2022
Regulatory News:
BALYO (FR0013258399, Ticker: BALYO, eligible for PEA-PME
savings schemes), a technological leader in the design and
development of innovative robotic solutions for material handling
trucks, today announces its full-year 2021 results, as approved by
the Board of Directors on March 25, 2022.
Pascal Rialland, CEO of BALYO, said: “The fiscal
year 2021 reflects the efforts undertaken since mid-2019, from a
financial, operational and commercial perspective. BALYO has thus
demonstrated a recovery in its commercial dynamics with orders up
by +35%, a gross margin rate, which has significantly increased to
46%, as well as an operating loss sharply reduced to €1.5m. In
2022, BALYO aims at accelerating direct sales growth."
Full-year 2021 Results*
In
2021
2020
Sales revenue
21.77
21.68
Cost of sales
(11.76)
(17.11)
Gross profit
10.01
4.57
Gross margin
45.9%
21.0%
Research and development
(3.86)
(3.86)
Sales and marketing
(2.11)
(2.28)
Overheads
(6.27)
(5.99)
Share-based payment expense
(0.18)
(0.04)
Other operating income and expenses
0.94
(0.06)
Operating loss
(1.49)
(7.54)
Financial expense
(0.43)
(0.37)
Tax
ns
ns
Net profit / loss
(1.92)
(7.91)
Cash position
10.2
8.79
* The consolidated financial statements have been audited. The
Statutory Auditor’s report will be issued once the management
report has been verified and once the required procedures have been
completed.
As announced when the 2021 sales revenue were released, BALYO
recorded stable revenue compared to 2020, of €21.8m. As of December
31, 2021, the order backlog stood at €9.5m, compared to €8.2m last
year, which represents an increase of +16%. This growth is driven
by the switch to the sale of Robotic Kits to OEMs, which have lower
lead-times than historical "turnkey" projects and generate faster
revenue recognition. The fiscal year 2021 also marks a sharp
rebound in sales momentum, with annual order intake increasing by
+35% compared to 2020.
In 2021, gross margin rate has improved significantly, standing
at 46% compared to 21% in 2020. The financial and operational
structuring cycle initiated in the second half of 2019 and pursued
in 2021, combined with new sales channels, enables BALYO to record
a substantial increase in operating performance.
Operating expenses (research and development expenses, marketing
and sales expenses, general and administrative expenses) are stable
(€12.2m) compared to 2020.
In 2021, the Company has therefore recorded a strong reduction
in its operating loss, which amounts to -€1.5m compared to -€7.5m
in 2020. Overall and after taking into account a financial result
of -€0.4m, related to interest expenses and foreign exchange
losses, the net loss in 2021 amounted to -€1.9m compared to -€7.9m
in 2020.
As of December 31, 2021, BALYO has a solid cash position
amounting to €10.2m vs. €8.8m at the end of 2020. As a reminder,
the Company has strengthened its financial resources through a
capital increase by private placement in the second half of 2021,
of €6.1m.
Post-closing events
- Signing of a strategic and commercial partnership with Bolloré
Logistics in the Asia-Pacific region at the beginning of 2022; -
Transfer of the Head Office to Arcueil with a new rental agreement
effective in March 2022; - BALYO rewarded by the German magazine
Materialfluss for the second year in a row: Product of the Year
2022 in the category mobile robotics; - Conflict in Ukraine: BALYO
reports that it does not have any business activity or dealing with
Russia or Ukraine; however, the consequences of this conflict,
direct or indirect, cannot be accurately estimated at this
time.
Strategy and outlook
Committed in an ambitious commercial plan aiming at a strong
growth in order intake, particularly in direct sales, BALYO intends
to step up in 2022 thanks to a unique positioning on the market of
mobile robotics and pallet movement. Thanks to a recognized and
unmatched product offering in high-rack storage, a technological
leadership as well as the signing of many commercial partnerships,
BALYO will also be able to rely on the expansion of its sales
teams, particularly in the U.S. In addition, Linde Material
Handling has committed to ordering BALYO solutions up to €13.9m
during the 2022 fiscal year.
BALYO remains cautious about the supply of certain electronic
components and the extended lead times in the current context. The
increase in production costs for robotic kits, related to the rise
in the raw materials and energy prices, as well as longer lead
times for the supply of base truck for projects sold directly are
also being closely monitored without the Company being able to
assess their precise impact to date.
Next financial release: first quarter 2022 sales revenue,
on April 21, 2022 after market closing.
BALYO’s annual financial report is available in the investors
section of the Company’s website:
https://www.balyo.fr/Societe/Investisseurs
About BALYO
Humans around the World deserve enriching and creative jobs. At
BALYO, we believe that pallet movements in DC and manufacturing
sites should be left to fully autonomous robots. To execute this
ambition, BALYO transforms standard forklifts into intelligent
robots thanks to its breakthrough Driven by Balyo™ technology. Our
leading geo guidance navigation system enables robots to locate
their position and navigate autonomously inside buildings - without
the need for any additional infrastructure. To accelerate the
material handling market conversion to autonomy, BALYO has entered
into two global partnerships with KION (Fenwick-Linde's parent
company) and Hyster-Yale Group. A full range of globally available
robots has been developed for virtually all traditional warehousing
applications; Tractor, Pallet, Stackers, Reach and VNA-robots.
BALYO and its subsidiaries in Boston and Singapore serve clients in
the Americas, Europe and Asia-Pacific. The company has been listed
on EURONEXT since 2017 and its sales revenue reached €21.8 million
in 2021. For more information, visit www.balyo.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220328005590/en/
BALYO Frank Chuffart investors@balyo.com
NewCap Financial Communication and Investor Relations Thomas
Grojean / Louis-Victor Delouvrier Tel : +33 1 44 71 98 53
balyo@newcap.eu
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