LUMIBIRD: 2021 HALF-YEAR EARNINGS: LUMIBIRD CAPITALIZES ON THE
RECOVERY, TRIPLING ITS CURRENT OPERATING INCOME
Lannion, September 21, 2021 – 5:45pm
2021 HALF-YEAR EARNINGS: LUMIBIRD
CAPITALIZES ON THE RECOVERY, TRIPLING ITS CURRENT
OPERATING INCOME
- EBITDA up 88% to €14.3m
(+51% like-for-like)
- Strong contribution to
earnings from the two Photonics and Medical divisions
- +€8.1m of operating cash
flow, despite the increase in inventory levels
The LUMIBIRD Group, the European leader
for laser technologies, is reporting strong half-year earnings
growth, reflecting the impact of the recovery and the rapid
integration of Ellex within the Medical division.
Extract from the condensed half-year
consolidated financial statements approved by the Board of
Directors on September 21, 2021
At 30 June (€m) |
H1 2021 |
H1 2020 |
Reported change |
Change at constant scope
(1) |
Value |
% |
Value |
% |
Revenues |
75.4 |
45.8 |
+29.7 |
+65% |
+13.7 |
+30% |
EBITDA |
14.3 |
7.6 |
+6.7 |
+88% |
+3.9 |
+51% |
% revenues |
19.0% |
16.7% |
|
|
|
|
Current operating income |
8.6 |
2.9 |
+5.7 |
+197% |
+3.8 |
+31% |
% revenues |
11.4% |
6.3% |
|
|
|
|
Operating income |
8.0 |
(2.1) |
+10.1 |
- |
+8.4 |
- |
Pre-tax income |
6.9 |
(2.6) |
+9.5 |
- |
+8.1 |
- |
Net income |
5.1 |
(1.9) |
+7.0 |
- |
+6.1 |
- |
(1) Previous scope excluding Ellex and the
EssMed commercial subsidiaries acquired respectively at June 30 and
July 31, 2020.
Resumption of organic growth confirmed during the first
half of 2021
The LUMIBIRD Group’s consolidated revenues for
the first half of 2021 came to €75.4m, up 65% based on reported
data and +13% pro forma, confirming the resumption of organic
growth that began during Q4 2020.
- The Photonics
division, with €34.7m of revenues, recorded 16% half-year growth,
with particularly strong trends for the Industrial and Scientific
(+39% to €17.1m) and Defense / Space (+18% to €10.1m) business
lines. The Lidar business (-17% to €7.4m) contracted, due to the
impact of sourcing delays.
- The Medical
division’s progress (€40.7m, +158% based on reported data and +11%
pro forma) reflects the strong upturn in the market, significantly
affected by the health crisis in 2020, and the successful
integration of Ellex, thanks in particular to the deployment of
commercial synergies driving growth.
Strong contribution to earnings by both
divisions
Summary of results for each division
€m |
H1 2020 |
H1 2021 |
Photonic |
Medical |
TOTAL |
Photonic |
Medical |
TOTAL |
Revenues |
29.9 |
15.8 |
45.8 |
34.7 |
40.7 |
75.4 |
EBITDA |
5.7 |
2.0 |
7.6 |
6.7 |
7.6 |
14.3 |
% of revenues |
18.9% |
12.4% |
16.7% |
19.2% |
18.8% |
19.0% |
Current op. income |
2.3 |
0.6 |
2.9 |
3.7 |
4.9 |
8.6 |
% of revenues |
7.7% |
3.8% |
6.3% |
10.7% |
11.9% |
11.4% |
During the first half of 2021, LUMIBIRD generated €8.6m of
current operating income, representing 11.4% of revenues, compared
with 6.3% one year earlier.
This performance reflects a contribution by both
divisions, with an operating margin rate of 10.7% for the Photonics
division and 11.9% for the Medical division. It takes into account
business growth and the effective management of external costs, as
well as Ellex’s rapid and successful integration within the
division.
During the first half of the year, the Group
successfully maintained its gross margin at high levels compared
with H1 2020 (66.9% vs 68.3% for Photonics and 60.0% vs 62.6% for
Medical), despite the price rises linked to the shortage situation
concerning components and raw materials.
Thanks to the strong growth achieved and the
effective control over costs, current operating income was nearly
tripled to reach €8.6m.
Without any specific non-recurring items for the
period, EBIT came to €8.0m, compared with a €2.1m loss for the
first half of 2020.
Following -€1.1m of financial income and
expenses (vs -€0.5m in H1 2020), reflecting an increase in gross
debt and €1.8m of taxes (vs -€0.7m in H1 2020), net income came to
€5.1m, compared with a €1.9m loss for the first half of 2020.
Solid balance sheet position
Balance sheet highlights
(€m) |
31.12.2020 |
30.06.2021 |
Goodwill |
69.2 |
69.7 |
Non-current assets (excl. Goodwill) |
74.1 |
75.0 |
Current assets (excl. cash) |
82.0 |
87.4 |
Cash and equivalents |
80.3 |
79.9 |
TOTAL
ASSETS |
305.6 |
312.0 |
Shareholders’ equity (Incl. minority interests) |
163.7 |
169.8 |
Long-term financial liabilities 1 |
71.5 |
78.8 |
Other long-term liabilities |
13.0 |
9.7 |
Current financial liabilities |
16.8 |
10.9 |
Current liabilities |
40.6 |
42.8 |
TOTAL
LIABILITIES |
305.6 |
312.0 |
Net financial debt, comprising €89.7m of gross
financial debt and €79.9m of cash assets, totaled €9.8m at June 30,
virtually unchanged compared with December 31, 2020.
This robust financial position is enabling the
Group to maintain its financial flexibility and its capacity to
continue financing its ambitions for external growth.
Cash flow analysis
The main significant change for the first half
of the year is the increase in working capital requirements
(+€7.7m), linked primarily to the higher inventory levels (€6.3m)
to address the shortage of components impacting all industries this
year. Thanks to the increase in inventory levels, the sourcing
strategy and the integration of manufacturing for key components,
the Group is able to continue moving forward with its business and
deliver its orders without any disruption.
(€m) |
30/06/2020 |
30/06/2021 |
Net
cash-flow from operations |
(0.8) |
8.1 |
Operating cash-flow before interests and tax |
2.7 |
14.5 |
Change in WCR |
(3.5) |
(7.7) |
Taxes paid |
ns |
1.3 |
Net cash-flow from investing activities |
(59.0) |
(7.7) |
Capital expenditures |
(5.0) |
(4.8) |
External growth |
(53.5) |
(2.3) |
Other financial assets investments |
(0.6) |
(0.5) |
Net cash-flow from financing activities |
88.8 |
(1.0) |
Capital increase |
35.6 |
- |
Net loans issuance |
55.2 |
(0.1) |
Financing cost |
(0.5) |
(0.8) |
Other change |
(1.4) |
(0.1) |
NET
CASH FLOW2 |
29.0 |
(0.6) |
Outlook
Building on its first-half performance levels,
with an order book reflecting the robust development of its markets
and the new integration synergies expected for the Medical
division, LUMIBIRD is confirming its target to double its reported
revenues3 between 2020 and 2023, driven by organic and external
growth, and 20% to 25% EBITDA margin(1) growth
from 2021.
Among the external growth opportunities being
looked into, two were reported to the market this year, in the
Defense / Space sector: SAAB and CILAS.
Alongside this, to support its growth, LUMIBIRD
has significantly strengthened its Executive Committee, up from
four to 10 members, including the appointment of industrial,
financial, IT and compliance, procurement and transformation
managers.
Next date: Q3 2021 revenues on
October 25,
2021 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)
markets.
Born from the combination of Keopsys Group with
Quantel in October 2017, LUMIBIRD has 870 employees and over €126
million of consolidated revenues in 2020 and is present in Europe,
America and Asia.
LUMIBIRD shares are listed on the
Euronext Paris B Compartment. FR0000038242 –
LBIRD www.lumibird.com
Contacts
LUMIBIRDMarc Le FlohicChairman and CEOTel. +33(0)
1 69 29 17 00info@lumibird.com |
LUMIBIRDAude Nomblot-GourhandSecretary General –
CFOTel. +33(0) 1 69 29 17 00info@lumibird.com |
CalyptusMathieu CalleuxInvestors RelationsTel.
+33(1) 53 65 37 91lumibird@calyptus.net |
1 Financial liabilities (current and non-current) include lease
liabilities under IFRS 162 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
- 210921_LUMIBIRD_RS_2021_EN
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