Parrot: 2021 Third-Quarter Business
|
PRESS RELEASEParis, 18 November 2021, 7:00 CET |
2021 THIRD-QUARTER BUSINESS
For the third quarter of 2021, the Parrot group
achieved consolidated revenue of €14.5m and €11.6m on the basis of
the current consolidation scope, i.e. excluding the revenues of the
subsidiaries sold in January and October 2021, respectively
MicaSense (sensors) and senseFly (fixed-wing drones). These
disposals generated cash for Parrot of approximately €37m,
including €25m received to date, and approximately €12m to be
received by the end of 2023 and a decrease in cash consumption: the
operating expenses of the divested subsidiaries totalled €6.2m for
the 2020 financial year. On the basis of this new scope, the Parrot
Group achieved a turnover of €31.2m over 9 months 2021, up by
10%.
Parrot has thus completed its reorganisation in
the commercial drone market segments that the Group considers most
promising: advanced quadcopter drones and high-precision imaging
software. These complementary technologies, together with the
development of a global ecosystem of drone software providers,
through the SDK partnership program, enable Parrot to offer
comprehensive commercial solutions, with high standards of security
and privacy, that meet their needs for operational efficiency.
Concerning the Group’s activity (activities
retained) for the third quarter of 2021:
The revenues for micro-drones at €5.8m is up
+35.0% at current exchange rates. In anticipation of end-of-year
commercial operations, Parrot has commenced the sale of all its
consumer products still in stock, amounting to €5.0m. During this
period, Parrot also finalised production of the orders for ANAFI
USA, including the first order under the framework contract signed
with the French Defence Procurement Agency (DGA) for 150 systems.
These will nourish growth in the fourth quarter of 2021.
ANAFI Ai, presented at the end of June, is in
the pre-production phase for launch in the first quarter of 2022.
Production supplies have been secured and the "Early Access"
programme was initiated in late September. It allows professionals
in the inspection, construction, infrastructure, utilities, energy,
public safety, surveying, agriculture and defence sectors to
evaluate the new features and use cases offered by ANAFI Ai. These
include, for example, urban building inspection missions with
robust 4G connectivity, mapping long-distance power lines to 48 MP
at 1fps. This enables 3D models of a building to be generated by
simply clicking on its map location with the FreeFlight 7
application as well as accurate flight plans to be created in
complex environments with a unique obstacle avoidance system, and
benefits from Integrated Secure Element to protect sensitive data
or develop flight missions with AirSDK and contributes to Parrot’s
open-source piloting application.
Pix4D’s imaging and data analysis software
generated revenues of €5.9m, up 2% year on year at current exchange
rates. Pix4D has continued to expand its professional solutions,
and is the first in the industry to offer LiDAR and photogrammetric
data combined. Sales of these new solutions (Pix4Dreact,
Pix4Dfields, Pix4Dsurvey, Pix4Dmatic) and scalable platforms
(Pix4Dengine, Pix4Dcloud, etc.), which facilitate the integration
of its technologies within companies and large groups, continued to
accelerate in the third quarter.
In the field of data measurement and analysis,
Pix4D continues to diversify its use cases and respond to
increasingly varied operations such as: measuring asphalt stocks
over a surface of 41,000 m2 in Australia, the follow-up of a
reforestation operation of 3 million trees planted in Malawi, the
planning of the relocation of indigenous populations threatened by
the rise of water on 150 ha in Panama, the mapping of 2 km of new
bicycle routes in Italy, the follow-up to the construction of the
largest solar farm in the world, covering 8 square kilometres in
the United Arab Emirates and with more than 3.2 million panels, the
monitoring of sunflower and maize harvests over 50 ha in Ukraine.
In July 2021 Pix4D also signed an exclusive resale distribution
partnership with Beijing Skymap Technology Co., Ltd. for mainland
China.GROUP PARROT REVENUE
In €M and % of Turnover |
Q3 2020 |
Q3 2021 |
Var. |
Eg. 2020 |
Micro-drones (Parrot Drones) |
4.3 |
30% |
5.8 |
40% |
+37% |
18.7 |
33% |
of consumer products(1) |
1.1 |
8% |
5.0 |
35% |
+356% |
7.3 |
13% |
Data Analysis Software (Pix4D) |
5.8 |
40% |
5.8 |
40% |
+1% |
23.3 |
41% |
Parrot SA |
0.1 |
0% |
0.1 |
1% |
NS |
0.3 |
NS |
Intercompany Disposals |
-0.2 |
- |
-0.2 |
- |
NS |
-1.1 |
NS |
TOTAL PARROT GROUP COMPARABLE
(2) |
10.0 |
|
11.5 |
|
+16% |
52.0 |
- |
MicaSense(3) |
1.2 |
9% |
0 |
- |
NS |
5.3 |
9% |
Fixed Wing Drones (senseFly)(4) |
3.1 |
22% |
2.9 |
-5% |
NS |
10.8 |
19% |
TOTAL PARROT GROUP PUBLISHED
(5) |
14.3 |
100% |
14.5 |
100% |
+1% |
57.3 |
100% |
(1) Consumer products: consumer drones all
ranges, historical automotive products (car kit, plug & play)
and connected objects. (2) Total Groupe Parrot Comparable excludes
the turnover of MicaSense and senseFly, subsidiaries transferred in
2020 (cf. (3) and (4)(3) Following the sale of Micasense on 27
January 2021, the related revenue is no longer consolidated as of
Q1 2021.(4) Following the sale of SenseFly on 19 October 2021,
revenue is no longer consolidated as of Q4 2021.(5) Total Published
Parrot Group is the consolidated turnover for the period as
published.
SenseFly sold on 19 October
2021
The sale of the subsidiary senseFly, comprising
senseFly SA, based in Switzerland, and senseFly Inc. based in the
United States, to AgEagle Aerial Systems Inc. (American NYSE: UAVS)
was finalised on 19 October 2021.
A first payment of approximately US$12.3m was
received against this cash and stock transaction valued at US$23m.
A second cash payment of $1.5m is expected within 90 days of
closing and the equivalent of $3m in AgEagle Systems shares, listed
on the American NYSE. In accordance with the terms and conditions
of the sale, an additional payment of $2.5m is expected at the end
of 2022 and the remaining $2.5m at the end of 2023. The sale also
includes an agreement to facilitate SenseFly’s transition to
technological independence.
Parrot will now focus its expertise and
resources on growing its business in the field of professional
quadcopter drones and aerial data analysis software. This
transaction frees up additional cash and reduces operating expenses
to support Parrot’s growth and position in the drone industry.
Thanks to the extensive capabilities of ANAFI professional drones
and the Pix4D software suites, Parrot continues to target its main
market segments: 3D mapping, geomatics and inspection, defence and
security, and agriculture.
Co-optation of Amira
Haberah as a director of
Parrot
Following the resignation this summer of Marie
Ekeland, Parrot's independent director, at its meeting on November
17, 2021, the Board of Directors approved the co-optation of Amira
Haberah as a director of Parrot. Her appointment will be submitted
to the General Assembly for decision on the 2021 accounts, likely
in June 2022.
Amira Habera, 33 years old, joins the Parrot
Board of Directors as an independent director. She has a degree in
Entrepreneurship from HEC Paris and has helped develop the brand
and sales of Withings, first as an E-commerce product manager and
then as Head of Direct Sales and Digital Marketing. She has
acquired her expertise in sales and marketing strategy, which she
will be able to use for the benefit of Parrot. In 2017 she
co-founded ZOOV where she is Chief Marketing and Sales officer in
charge of the development, marketing, finance and operations of
this fast-growing start-up in the field of urban mobility. She is
faced with the daily challenges of developing new technologies from
the point of view of business strategy, operational efficiency and
the management of the business model; experience that will enrich
the Parrot Board of Directors.
To date, the Parrot Board of Directors, of which
Henri Seydoux is President, now has 9 members, including 6
independent members and 4 women, all independent directors.
Outlook 2021
The strategy applied by the Group since 2018,
based on a technological value creation roadmap for commercial
markets is delivering a range of benefits. As expected, the scope
effects linked to the change in the product portfolio are expected
to continue to become less marked in 2021. The Group, which has
secured the vast majority of its purchases in 2021, is maintaining
its vigilance concerning the tensions in the component market and
developments with the health context. Parrot continues to
capitalise on its capacity for innovation, it’s product quality and
it’s constant focus on managing its operation and allocating its
resources effectively. In line with the 2021 business development
plan, including the product launches, production plans and order
book, growth could accelerate over the second half of 2021, driven
by deliveries in the Defence and Security sector in particular.
Recap on
MicaSense’s sale
On January 27, 2021, Parrot sold its entire
capital interest in MicaSense Inc., representing ninety-nine
percent, to AgEagle Aerial Systems Inc., based on an enterprise
value of $22.75m for 100% of the capital. The cash payment is based
on several instalments: $14.3m have been paid since January, then
$2.35m will be paid at end-March 2022 and $2.5m at end-March 2023,
subject to the standard guarantees granted to the buyer. This
operation also includes a component paid in AgEagle Aerial Systems
shares, listed on the American NYSE, for an equivalent of $3m on
the date when the shares were awarded. Within this framework,
535,124 new AgEagle Aerial Systems shares were awarded to Parrot on
April 27, 2021. The Company sold these shares on the American NYSE
market for a gross amount of €2.5m paid in July 2021. The transfer
value including transaction costs and due debt discounting amounts
to €15.75m.
Financial Agenda 2022
- Annual results 2021:
Thursday March 16, 2022
- Activity for the
first quarter of 2021: May 11, 2022
- Results of the first
half of 2022: July 28, 2022
- Activity for the
third quarter of 2022: November 17, 2022
ABOUT PARROT
Founded in 1994 by Henri Seydoux, Parrot is
today the top European drone manufacturer in this rapidly expanding
market. Parrot is a visionary at the forefront of innovation and
operates throughout the value chain: from equipment to services to
software. Its micro-drones, known for their performance and
robustness, cater for both professional and consumer users. The
Group also supplies state-of-the-art solutions (drones, sensors,
software) for professionals, companies, large accounts and
governments. Its offer is mainly centred on three vertical markets:
(i) 3D mapping, Geomatics and Inspection, (ii) Defence and
security, and Agriculture.
The Parrot Group designs and develops its
products in Europe, mainly in Paris where its headquarters are
located and in Switzerland. Today, it has more than 500 employees
worldwide and carries out the vast majority of its sales
internationally. Parrot has been listed on Euronext Paris since
2006 (FR0004038263 - PARRO). For more information:www.parrot.com,
www.pix4d.com, www.sensefly.com
CONTACTS
Investors, analysts, financial mediaMarie Calleux
T.: +33(0) 1 48 03 60 60parrot@calyptus.net |
Mainstream and Technology MediaCecilia Hage - T.:
+33(0) 1 48 03 60 60cecilia.hage@parrot.com |
- Parrot_CP_T3-2021_1118_EN_DEF
Parrot (EU:PARRO)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Parrot (EU:PARRO)
Historical Stock Chart
Von Apr 2023 bis Apr 2024