PARROT: 2021 full-year earnings
| |
PRESS RELEASEParis, March 17, 2022, 6pm CET |
2021 full-year earnings
-
+19% growth like-for-like and at constant
exchange
rates(1)
- Positive
impact of divestments on earnings and the cash
position
-
Growth
trajectory to continue in
2022
2021 business
Now focused exclusively on the design,
development and marketing of professional drone solutions, in 2021
the Parrot Group completed the repositioning and reorganization
launched at the end of 2018. Factoring in its capacity for
innovation and the maturity of its technologies and markets, Parrot
has assessed the potential of its assets and chosen to focus its
resources on quadricopter microdrones and image metrics and
analytics software.
Within this framework, two divestment operations
were carried out in 2021, aimed specifically at further
strengthening the Group’s financing capacity and reducing its
operating expenditure. They generated a €32.0m capital gain on
disposals in the 2021 consolidated accounts. The subsidiary
Micasense (sensors) was sold in January and did not contribute to
2021 revenues, while the subsidiaries SenseFly SA and SenseFly Inc
(fixed-wing drones) were divested in October and contributed to
revenues until October 19, 2021.
The changes in scope resulting from these
divestments account for the contraction in consolidated revenues to
€54.3m in 2021, compared with €57.3m at end-2020. The subsidiaries
divested generated €7.7m of revenues (excluding intragroup billing)
in 2021, compared with €16.1m in 2020.
Based on the new reference scope from 2022, i.e.
excluding sales from the companies divested and end-of-life
consumer products, the Group’s revenues for 2021 came to around
€40.4m, with year-on-year growth of +17% (+19% at constant exchange
rates).
In 2021, the Group benefited from growth in its
offering, realigned around professional drone technologies. On the
one hand, the expansion of the range of solutions, launched in 2020
in the inspection, civil security and precision farming fields,
initially focused on mapping and geomatics, paved the way for Pix4D
to record revenues of €26.2m, up 12% (+15% at constant exchange
rates). On the other hand, the ramping up of sales of professional
microdrones, and particularly the ANAFI USA, enabled Parrot Drones*
to achieve revenues of €20.9m, up 12% (+13% at constant exchange
rates). This performance was offset by the finalization of the
sales of legacy consumer products (-€0.4m) in the third quarter of
2021, and the non-recurrence of funded R&D projects
(-€2.4m).
In the fourth quarter, still based on the new
reference scope, Group revenues came to approximately €15.7m, up
+48% (+44% at constant exchange rates), thanks in particular to the
start of ANAFI USA deliveries for the French armed forces and the
robust commercial trend for Pix4D software solutions at the end of
the year. The consolidated and restated information is presented
below, while an identical table for the fourth quarter is
appended.
|
|
Revenues (€m) |
2020 |
2021 |
Change |
|
A |
Parrot Drones |
18.7 |
33% |
20.9 |
38% |
+12% |
|
B |
Of which, consumer products(2) |
6.6 |
12% |
6.2 |
11% |
-6% |
|
C |
Pix4D |
23.3 |
41% |
26.2 |
48% |
+12% |
|
D |
Parrot SA |
0.3 |
0% |
0.3 |
1% |
0% |
|
E |
Intragroup eliminations |
-1.1 |
-2% |
-0.8 |
-2% |
-25% |
|
F |
SenseFly (activity divested in October 2021) |
10.8 |
19% |
7.7 |
14% |
-28% |
|
G |
MicaSense (activity divested in January 2021) |
5.3 |
9% |
0.0 |
0% |
-100% |
|
|
CONSOLIDATED PARROT GROUP TOTAL |
57.3 |
100% |
54.3 |
100% |
-5% |
|
|
NEW SCOPE
TOTAL(1)
(=A-B+C+D+E) |
34.6 |
60% |
40.4 |
74% |
+17% |
(1) “New scope total” is a performance indicator
reflecting the impacts of the strategy rolled out since the end of
2018. It corresponds to the Parrot Group’s consolidated revenues
less revenues from consumer products (cf. 2) and revenues from the
subsidiaries divested. Note that intragroup eliminations are not
reallocated and therefore include a relatively insignificant amount
of sales from the subsidiaries divested.(2) Consumer products:
consumer drones (all ranges), legacy automotive products (car kit,
plug & play) and connected devices.
2021
earnings(1)
|
Condensed consolidated accounts - IFRS (€m) |
2020 |
2021 |
Change |
|
Consolidated revenues |
57.3 |
54.3 |
-5% |
|
Gross margin |
40.2 |
39.1 |
-3% |
|
% of revenues |
70.2% |
72.0% |
|
|
Research and development costs |
-40.2 |
-40.2 |
-0% |
|
Sales and marketing costs |
-16.3 |
-14.0 |
-14% |
|
Administrative costs and overheads |
-13.6 |
-13.6 |
- |
|
Production and industrialization costs |
-6.1 |
-5.4 |
-12% |
|
Income from ordinary operations |
-36.0 |
-34.2 |
+5% |
|
% of revenues |
-62.9% |
-62.9% |
|
|
Other operating income and expenses |
0.5 |
30.4 |
- |
|
EBIT |
-35.6 |
-3.7 |
- |
|
% of revenues |
-62.1% |
-6.9% |
|
|
Net income (Group share) |
-38.4 |
-1.9 |
- |
|
% of revenues |
-67.0% |
-3.6% |
|
(1) Micasense is no longer consolidated since
January 1, 2021, while SenseFly is consolidated until October 19,
2021.
In 2021, the Parrot Group continued to
strengthen its product mix, focusing on professional drones and
solutions, with a gross margin of 72.0%, up 1.8pts
from 2020, despite the completion of the stock clearance process
for consumer drones in the third quarter of 2021.
In 2021, the Parrot Group’s consolidated
operating expenditure totaled €73.2m, compared with €76.2m
in 2020. The subsidiaries divested represent around €9.1m of
operating costs in 2021 and €13.6m in 2020. The additional capacity
freed up in this way will make it possible to increase the
resources allocated to professional drones and solutions,
supporting their capacity for developing new uses and attracting
new clients. The expenditure figures for 2021 also take into
account the non-recurrence of the support measures linked to the
health crisis (€0.4m in 2021, versus €2.4m in 2020).
More specifically, the resources allocated to
R&D (€40.2m) paved the way for the successful launch of the new
professional drone ANAFI Ai, while helping drive the development of
software solutions for new activities. Sales and marketing spending
came to €14.0m (-14%), benefiting from the optimization measures
made possible by the realignment around professional drones. The
range’s realignment is also reflected in the reduction in
production spending to €5.4m (-12%). Overheads are stable at
€13.6m. At end-2021, the Group’s workforce
(permanent and fixed-term contracts) represented 448 people (521 at
December 31, 2020), in addition to 49 external contractors (42 at
December 31, 2020), with a reduction linked to the transfer of 111
people.
Thanks primarily to the sale of Micasense during
the first quarter and SenseFly in the fourth quarter, the Group
recorded €30.4m of non-current operating income,
taking EBIT for 2021 to -€3.7m. After €1.5m of financial income and
expenses and a €0.4m share of income from associates,
consolidated net income (Group share) totaled
-€1.9m, compared with -€38.4m for 2020.
Changes in the cash position and balance
sheet in 2021
The Group had €82.0m of net cash at end-December
2021 excluding the impact of IFRS 16, and €72.6m including IFRS 16.
Cash and cash equivalents came to €82.8m, with €5.1m consumption
versus 2020.
Cash flow from operations totaled -€31.2m,
corresponding to the loss for income from ordinary operations,
primarily adjusted for the IFRS 16 restatement of lease charges
(+€2.7m). Factoring in the change in working capital requirements,
cash from operating activities totaled -€25.3m.
The change in working capital requirements
reflects the following developments: (i) a -€3.2m impact for the
change in trade and other receivables; (ii) a +€5.1m change in
trade and other payables; (iii) a +€4.4m change in inventories,
notably linked to the clearance of stock of older generations of
consumer drones.
Cash flow from investment activities came to
+€23.0m, linked primarily to the €24.0m payment from the disposal
of SenseFly and Micasense, less investments of €1.6m in equipment,
particularly for ANAFI Ai production.
Cash flow from financing activities came to
-€4.1m, including €3.4m for the repayment of lease liabilities with
the application of IFRS 16.
Since the 2021 year-end
In February 2022, the Group carried out a CHF
10m capital increase for its subsidiary Pix4D, with CHF 8m invested
by Parrot and CHF 2m invested by Pix4D’s founder-manager and
minority shareholder. This investment aims to increase the
resources available for technological developments, looking in
particular to expand the analytical capabilities of the software
developed by Pix4D to benefit other equipment, dovetailing
effectively with the drones.
The Group has launched sales of the ANAFI Ai, a
4G-connected microdrone designed to overcome the limitations of
wifi, with autopilot features developed on a fully open source
platform, making it easier to customize its missions, presented at
the end of June 2021. ANAFI Ai is currently available at a price
starting from €4,000 (ex VAT) and includes a range of advanced
photogrammetry features based on the integration of Pix4D
solutions.
Outlook for 2022
Realigned, streamlined and driven by its
professional solutions at the forefront of innovation, Parrot is
looking ahead to 2022 with confidence in its strategy and vigilance
concerning the changes in the international environment.
The Group is continuing to allocate its
resources to an ambitious R&D roadmap. Supported by its
progress in the field of artificial intelligence and the growing
integration between hardware and software, Parrot aims to continue
facilitating the adoption of drone technologies and offer new use
cases that are aligned with the needs of professionals, businesses
and institutions, focused on (i) 3D Mapping, Geomatics and
Inspection, (ii) Defense and Security, and (iii) Precision
Farming.
To secure its production capacity over the
medium and long term, and respond to the growing interest in its
microdrones at the start of this year, Parrot is further
strengthening the synergies between R&D, procurement and
production management. The increase in the resources allocated to
these operations will be combined with an agile sourcing
management. These strategic initiatives could limit the reduction
in costs in 2022, and their effectiveness are still strongly
correlated to the health context in China, where the situation is
deteriorating at the start of this year.
Looking beyond the disruption linked to the
economic and geopolitical environment, which is difficult to
predict, the Group plans to move forward with its revenue growth
trajectory on its “new scope” and capitalize on the opportunities
opened up by the growing adoption of drone technologies in
businesses and the public sector. The Group will continue to
closely monitor the allocation of its cash, and will be ready to
respond and adapt to potential changes in the conditions.
Next financial dates
-
2022 first-quarter business: Thursday May 12, 2022
-
Parrot’s general shareholders’ meeting: Wednesday June 15,
2022
-
2022 first-half earnings: Thursday July 28, 2022
ABOUT
PARROT
Founded in 1994 by Henri Seydoux, Parrot is
today the leading European drone manufacturer in this rapidly
expanding market. Visionary, at the forefront of innovation Parrot
has a complementary range of equipment and software adapted to the
needs of companies, large groups and government organizations. Its
offer is mainly centred on three vertical markets: (i) Inspection,
3D mapping and Geomatics, (ii) Defence and security, and Precision
agriculture.
Its ANAFI range of micro UAVs, recognized for
their performance, robustness and ease of use, features an open
source architecture and meets the highest safety standards. Its
software suite for mobile and drone mapping is based on advanced
expertise in photogrammetry and offers solutions tailored to the
specificities of the verticals it addresses.
The Parrot Group designs and develops its
products in Europe, mainly in Paris where its headquarters are
located and in Switzerland. Today, it has approximately 450
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
CONTACTS
|
Investors,
analysts,
financial
medias Marie
Calleux - T. : +33(0) 1 48 03 60 60parrot@calyptus.net |
Tech
& consumer
mediasJean Miflin - T. : +33(0) 1 48 03 60
60jean.miflin@parrot.com |
The consolidated full-year accounts for 2021
were approved by the Board of Directors on March 16, 2021. The
audit procedures have been carried out by the statutory auditors
and the reports will be issued once the necessary procedures have
been completed. The Universal Registration Document will then be
published on: https://www.parrot.com/uk/corporate/reports
BREAKDOWN OF REVENUES BY
BUSINESS
|
|
Revenues (€m) |
Q4 2020 |
Q4 2021 |
Change |
|
A |
Parrot Drones |
6.3 |
38% |
6.6 |
44% |
5% |
|
B |
Of which, consumer products(2) |
2.2 |
13% |
(0.2) |
-1% |
-110% |
|
C |
Pix4D |
6.7 |
40% |
8.4 |
56% |
26% |
|
D |
Parrot SA |
0.1 |
0% |
0.1 |
0% |
-0% |
|
E |
Intragroup eliminations |
-0.3 |
-2% |
-0.1 |
-1% |
-68% |
|
F |
SenseFly (activity divested in October 2021) |
2.4 |
15% |
0.1 |
1% |
-97% |
|
G |
MicaSense (activity divested in January 2021) |
1.3 |
8% |
0.0 |
0% |
-100% |
|
|
CONSOLIDATED PARROT GROUP TOTAL |
16.5 |
100% |
15.1 |
100% |
-6% |
|
|
NEW SCOPE TOTAL (=A-B+C+D+E) |
10,6 |
64% |
15,7 |
101% |
+48% |
(1) “New scope total” is a performance indicator
reflecting the impacts of the strategy rolled out since the end of
2018. It corresponds to the Parrot Group’s consolidated revenues
less revenues from consumer products (cf. 2) and revenues from the
subsidiaries divested. Note that intragroup eliminations are not
reallocated and therefore include a relatively insignificant amount
of sales from the subsidiaries divested.(2) Consumer products:
consumer drones (all ranges), legacy automotive products (car kit,
plug & play) and connected devices.
CONSOLIDATED INCOME
STATEMENT, IFRS, €m
|
|
Dec 31, 2020 |
Dec 31, 2021 |
|
Revenues |
57.3 |
54.3 |
|
Cost of sales |
-17.0 |
-15.2 |
|
Gross margin |
40.2 |
39.1 |
|
% of revenues |
70.2% |
72.0% |
|
Research and development costs |
-40.2 |
-40.2 |
|
% of revenues |
-70.2% |
-74.1% |
|
Sales and marketing costs |
-16.3 |
-14.0 |
|
% of revenues |
-28.4% |
-25.8% |
|
Overheads |
-13.6 |
-13.6 |
|
% of revenues |
-23.8% |
-25.1% |
|
Production and quality |
-6.1 |
-5.4 |
|
% of revenues |
-10.7% |
-10.0% |
|
Income from ordinary operations |
-36.0 |
-34.2 |
|
% of revenues |
-62.9% |
-62.9% |
|
Other operating income and expenses |
0.5 |
30.4 |
|
EBIT |
-35.6 |
-3.7 |
|
% of revenues |
-62.1% |
-6.9% |
|
Income from cash and cash equivalents |
0.0 |
0.0 |
|
Gross finance costs |
-0.3 |
-0.2 |
|
Net finance costs |
-0.2 |
-0.2 |
|
Other financial income and expenses |
-2.0 |
1.8 |
|
Financial income and expenses |
-2.2 |
1.5 |
|
Share in income from associates |
-0.4 |
0.4 |
|
Tax |
-0.3 |
-0.1 |
|
Net income |
-38.4 |
-1.9 |
|
Group share |
-38.4 |
-1.9 |
|
% of revenues |
-67.0% |
-3.6% |
|
Non-controlling interests |
-0.1 |
0.0 |
CONSOLIDATED BALANCE
SHEET, IFRS, €m
|
ASSETS |
Dec 31, 2020 |
Dec 31, 2021 |
|
Non-current assets |
21.0 |
27.3 |
|
Other intangible assets |
0.4 |
0.3 |
|
Property, plant and equipment |
2.3 |
1.8 |
|
Right of use |
5.9 |
8.7 |
|
Investments in associates |
5.0 |
5.6 |
|
Financial assets |
6.5 |
6.5 |
|
Non-current lease receivables |
0.7 |
0.1 |
|
Deferred tax assets |
0.2 |
0.4 |
|
Other non-current assets |
0.0 |
4.0 |
|
Current assets |
121.7 |
117.3 |
|
Inventories |
10.2 |
4.9 |
|
Trade receivables |
6.0 |
5.2 |
|
Tax receivables |
7.6 |
6.9 |
|
Other receivables |
9.1 |
16.9 |
|
Current lease receivables |
0.7 |
0.5 |
|
Cash and cash equivalents |
88.0 |
82.8 |
|
Assets held for sale |
2.7 |
0.0 |
|
Total assets |
145.4 |
144.6 |
|
Shareholders’ equity and liabilities |
Dec 31, 2020 |
Dec 31, 2021 |
|
Shareholders’ equity |
99.7 |
100.1 |
|
Share capital |
4.6 |
4.6 |
|
Additional paid-in capital |
331.7 |
331.7 |
|
Reserves excluding earnings for the period |
-204.0 |
-242.2 |
|
Earnings for the period - Group share |
-38.4 |
-1.9 |
|
Exchange gains or losses |
5.2 |
7.5 |
| Equity
attributable to Parrot SA shareholders |
99.2 |
99.6 |
|
Non-controlling interests |
0.5 |
0.5 |
|
Non-current liabilities |
10.6 |
10.5 |
|
Non-current financial liabilities |
1.8 |
0.0 |
|
Non-current lease liabilities |
4.1 |
6.7 |
|
Provisions for pensions and other employee benefits |
1.3 |
1.1 |
|
Deferred tax liabilities |
0.0 |
0.2 |
|
Other non-current provisions |
0.1 |
0.4 |
|
Other non-current liabilities |
3.4 |
1.9 |
|
Current liabilities |
33.6 |
34.0 |
|
Current financial liabilities |
0.7 |
0.8 |
|
Current lease liabilities |
3.5 |
2.7 |
|
Current provisions |
3.9 |
1.2 |
|
Trade payables |
11.9 |
9.9 |
|
Current tax liabilities |
0.1 |
0.1 |
|
Other current liabilities |
13.5 |
19.4 |
|
Liabilities held for sale |
1.6 |
0.0 |
|
Total shareholders’ equity and liabilities |
145.4 |
144.6 |
CONSOLIDATED CASH FLOW
STATEMENT, IFRS, €m
|
|
Dec 31, 2020 |
Dec 31, 2021 |
|
Operating cash flow |
|
|
|
Earnings for the period from continuing operations |
(38.4) |
(1.9) |
|
Net income
attributable to owners of the parent |
(38.4) |
(1.9) |
|
Non-controlling
interests |
(0.1) |
0.0 |
|
Share in income from associates |
0.4 |
(0.4) |
|
Depreciation and amortization |
3.7 |
2.3 |
|
Capital gains and losses on disposals |
0.3 |
(32.9) |
|
Tax expense |
0.3 |
0.1 |
|
Cost of share-based payments |
1.1 |
1.3 |
|
Net finance costs |
0.2 |
0.2 |
|
Cash flow from operations before net finance costs and tax |
(32.4) |
(31.2) |
|
Change in working capital requirements |
2.5 |
6.2 |
|
Tax paid |
(0.2) |
(0.2) |
|
Cash flow from operating activities (A) |
(30.1) |
(25.3) |
|
Investing cash flow |
|
|
|
Acquisition of property. plant and equipment and intangible
assets |
(2.1) |
(1.6) |
|
Acquisition of subsidiaries. net of cash acquired |
- |
- |
|
Acquisition of financial assets |
(2.3) |
(2.7) |
|
Disposal of property. plant and equipment and intangible
assets |
0.1 |
- |
|
Disposal of subsidiaries. net of cash divested |
(0.4) |
24.0 |
|
Disposal of investments in associates |
- |
- |
|
Disposal of financial assets |
0.8 |
3.2 |
|
Cash flow from investment activities (B) |
(3.8) |
23.0 |
|
Financing cash flow |
|
|
|
Equity contributions |
0.0 |
- |
|
Receipts linked to new loans |
1.7 |
- |
|
Cash invested for over 3 months |
- |
- |
|
Net finance costs |
(0.2) |
(0.2) |
|
Repayment of short-term financial debt (net) |
(4.2) |
(3.9) |
|
Sales / (Purchases) of treasury stock(4) |
- |
- |
|
Cash flow from financing activities (C) |
(2.8) |
(4.1) |
|
Net change in cash position (D = A+B+C) |
(36.7) |
(6.4) |
|
Impact of change in exchange rates |
(1.1) |
1.3 |
|
Impact of changes in accounting principles (IFRS 5 reclass.) |
(0.8) |
- |
|
Cash and cash equivalents at start of period |
126.6 |
88.0 |
|
Cash and cash equivalents at end of period |
88.0 |
82.8 |
***
- Parrot_CP_FY-2021_20220317_EN
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