LUMIBIRD: 2023 HALF-YEAR EARNINGS
Lannion, September 26, 2023 – 5:45pm
2023
HALF-YEAR EARNINGS
- Gross margin maintained at a
high level (> 60%)
- EBITDA
(1) of
€13.8m,
up 23% on
H1 2022
- Gradual absorption of
inflationary impacts
- 2023 objectives
confirmed
The LUMIBIRD Group, the European leader
for laser technologies is reporting a sharp
increase in current operating income for the first half of 2023,
driven by solid growth and a reduced impact from inflationary
pressures. The strong seasonal pattern seen in recent years is set
to be repeated in 2023, with sales and earnings expected to rise
sharply in the second half of the year compared with the
first.
Extract from the condensed half-year
consolidated financial statements approved by the Board of
Directors on September 26,
2023
At 30 June (€m) |
H1
2023 |
H1
2022 |
Change |
Value |
% |
Revenues |
97.2 |
84.0 |
+13.2 |
+16% |
EBITDA (1) |
13.8 |
11.2 |
2.6 |
+23% |
% revenues |
14.2% |
13.3% |
|
|
Current operating income |
6.0 |
3.9 |
2.1 |
+55% |
% revenues |
6.2% |
4.6% |
|
|
Operating income |
2.7 |
2.5 |
0.2 |
+9% |
Pre-tax income |
(0.1) |
2.1 |
(2.2) |
104% |
Net income |
0.5 |
1.2 |
(0.6) |
-60% |
(1) EBITDA corresponds to recurring operating
income adjusted for charges to provisions and depreciation net of
reversals and expenses covered by such reversals.
Sustained growth maintained during the
first half of 2023
The LUMIBIRD Group’s consolidated revenues came
to €97.2m at June 30, 2022, up 16% (+17% like-for-like and at
constant exchange rates). These figures confirm the trend, with
double digit growth for both divisions: +19% for the Photonics
division and +13% for the Medical division.
- In the first
semester, the Photonics division grew by +19% (+21% at constant
exchange rate). Compared to the first half 2022, the Defence and
Space line of business grew by +63%. This strong performance is
partly driven by the laser rangefinder business developed in Sweden
since May 2022, which contributed €6.5m (versus €0.4m at end of
June 2022) over a total of €16.7m for this market segment. The
Defence/Space segment is also progressing, thanks to product
deliveries for several satellite constellation deployments. The
Lidar segment rose by 29% in the first half, driven by increased
production capacity at Lannion and continued strong market demand.
Lastly, Industrial & Scientific activities are back on their
growth trajectory, with growth of +2% in the 2nd quarter, after
revenues were held back at the start of the year by the move to the
new Villejust site.
- The Medical
division grew by +13% to €51.3m (+14% at constant exchange rates).
The division’s sales are split between Diagnostic (24%) and
Treatment (76%). Boosted by new products launches in several market
segment (Dry Eye, NEO Range laser for Glaucoma and Cararact) and
multiples new product registration (China (SFDA), USA (FDA),
India...)
Contributions for the two
divisions
Summary of results for each division
(€m) |
Photonics |
Medical |
2022-H1 |
2023-H1 |
Change (%) |
2022
–H1 |
2023-H1 |
Change (%) |
Revenues |
38.7 |
45.9 |
+18.8% |
45.4 |
51.3 |
+12.9% |
Gross margin |
24.7 |
29.9 |
+21.0% |
27.7 |
30.9 |
+11.5% |
% |
64.0% |
65.2% |
|
61.1% |
60.3% |
|
EBITDA |
3.7 |
5.9 |
+58.1% |
7.5 |
7.9 |
+6.2% |
% |
9.7% |
12.9% |
|
16.4% |
15.4% |
|
Current op. income |
(0.8) |
0.7 |
-186.2% |
4.7 |
5.2 |
+11.3% |
% |
(2.2)% |
1.6% |
|
10.4% |
10.2% |
|
The Group’s gross margin rate rose slightly to
62.6%, from 62.4% in H1 2022. The rate for the Photonics division
rose from 64.0% to 65.2%, as a result of a positive product mix
effect. For the Medical division, the rate fell slightly from 61.1%
to 60.3%, mainly due to a less favourable product mix, the exchange
rate, and the limited impact of price increases due to the
absorption of the 2022 order book in the first few months of 2023.
The latter effect means that purchasing cost rises are partially
passed on to prices in both divisions.
During the first half of 2023, LUMIBIRD recorded
€13.8m of EBITDA, representing 14.2% of revenues, compared with
13.3% one year earlier, thanks to the combined effect of sales
growth and lower additional costs linked to inflationary pressures.
Purchases from brokers, for example, have not been renewed in 2023
and the cost of orders placed in 2022 was limited to €750k in the
first half.
This increase in overall profitability is
particularly marked in the Photonics division (EBITDA margin of
12.9% compared with 9.7% in H1 2022) with the stabilization of the
cost base across the year. The profitability of the Medical
division's profitability fell slightly (15.4% vs. 16.4% in H1 2021)
due to investment in new product registrations and product launches
which will expand geographical markets in the coming months.
First-half income from ordinary operations came
to €6.0m, compared with €3.9m for the first half of 2022 due to
strong revenue performance combined with a stabilized cost
base.
Following -€2.8m of financial income and
expenses (vs -€0.4m in H1 2022 mainly due to unfavorable exchange
rate effects on intra-group financial debts with no cash effect for
the Group) and +€0.6m of taxes (vs -€0.9m in H1 2022), net income
totaled €0.5m, compared with €1.2m for the first half of 2022.
Cash flow: continued strategic capex
investments and normalisation of WCR
(€m) |
30/06/2022 |
30/06/2023 |
Net
cash-flow from operations |
(10.2)11.0(20.1)(1.0)(18.2)(10.6)(7.2)(0.4)(0.7)-1.3(1.3)(0.7)(29.1) |
6.4 |
Operating cash-flow before interests and tax |
11.0 |
10.5 |
Change in WCR |
(20.1) |
(2.9) |
Taxes paid |
(1.0) |
(1.2) |
Net cash-flow from investing activities |
(18.2) |
(15.1) |
Capital expenditures |
(10.6) |
(14.0) |
External growth (Securities and assets) |
(7.2) |
(1.1) |
Other financial assets investments |
(0.4) |
- |
Net cash-flow from financing activities |
(0.7) |
(3.2) |
Capital increase |
- |
- |
Net loans issuance |
1.3 |
0.7 |
Financing cost |
(1.3) |
(1.6) |
Other change |
(0.7) |
(2.4) |
NET
CASH FLOW 1 |
(29.1) |
(11.9) |
Working capital is stabilized despite strong
business growth, against a backdrop of easing tensions over
components. Investing flows include capitalized development costs
amounted for €6.1m (compared with €4.4m at end-June 2022) and the
investments in industrial facilities for €7.9m (€6.2m at end of
June 2022), of which €6m was invested in the expansion of the
Lannion, Ljubljana and Villejust sites. During the first half of
the year, total cash requirements, for €11.9m, were covered by
existing cash.
Balance sheet position
Balance
sheet highlights (€m) |
31.12.2022 |
30.06.2023 |
Goodwill |
69.9 |
68.7 |
Non-current assets (excl. Goodwill) |
115.0 |
122.9 |
Current assets (excl. cash) |
125.4 |
132.9 |
Cash and equivalents |
61.7 |
49.6 |
TOTAL
ASSETS |
372.0 |
374.2 |
Shareholders’ equity (incl. minority interests) |
193.4 |
188.6 |
Long-term financial liabilities 2 |
48.6 |
103.7 |
Other long-term liabilities |
10.1 |
8.6 |
Current financial liabilities 2 |
65.6 |
13.3 |
Current liabilities |
54.2 |
60.0 |
TOTAL
LIABILITIES |
372.0 |
374.2 |
Net financial debt totaled €67.4m at June 30,
compared with €52.5m at December 31, 2022. It comprises €117.0m of
gross financial debt and €49.6m of cash assets,
Despite this temporary increase in net debt,
LUMIBIRD still benefits from a robust financial position, with
gearing of 36.3%, enabling the Group to maintain its financial
flexibility and its capacity to continue financing its ambitions
for external growth.
Outlook
Lumibird’s long-term strategy is to grow through
organic activity and acquisitions.
For the second half, with seasonal trends
favouring business at the end of the year, the Group expects its
workload to be sustained by a robust order book and strong level of
demand.
In this context, the Group is confirming its
objectives3 for 2023: on the basis of the 31 December 2022
consolidation scope, organic growth of greater than 8% per annum
and an EBITDA margin (excluding Convergent Photonics) of at least
20%- including a strong seasonal effect between the first and
second halves of the year.
The Group continues to explore external growth
opportunities; however, it does not expect to finalize an
acquisition in the remaining 4 months of the year.
Next date:
Q3 2023 revenues on October 24, 2023 after close
of trading
LUMIBIRD is one of the world's leading
specialists in lasers. With 50 years of experience and a mastering
of solid state laser, laser diodes and fiber laser technologies,
the Group designs, manufactures and markets high performance lasers
for scientific (laboratories and universities), industrial
(manufacturing, defense, Lidar sensors) and medical (ophthalmology,
ultrasound diagnostic) markets.
Born from the combination of Keopsys Group with
Quantel in October 2017, LUMIBIRD has more than 1 050
employees and over €191 million of consolidated revenues in
2022 and is present in Europe, America and Asia.
LUMIBIRD shares are
listed on the Euronext Paris B Compartment.
FR0000038242 – LBIRD
www.lumibird.comSince 2022,
LUMIBIRD is part of Euronext
Tech Leaders
1 The cash position corresponds to “cash and cash equivalents”
on the asset side of the balance sheet, net of current bank
borrowings (cash liabilities) included in current financial
liabilities on the liability side of the balance sheet /passive)2
The acquisition debt (€ 49.9m) was reclassified as current at
31/12/2022 in accordance with IAS1. To date, financial debt is
reclassified as due in more than one year3 In accordance with
prospectus regulations and proforma information, the company has
decided to disclose its revenues targets on an organic basis and
its Ebitda targets on a like-for-like basis.
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