Trappes, October 1, 2015 - 6.30 pm (CET)
2015 first half results
The interim consolidated financial statements for the period ended June 30, 2015 were reviewed and adopted by the Board of Directors' meeting of September 25, 2015 chaired by Philippe Brégi and attended by the auditors. The auditors performed a limited review of these financial statements and their report will be issued in accordance with the provisions of the law.
FIRST-HALF RESULTS
| IFRS (€m) | H1 2014 | H2 2014 | H1 2015 |
| Revenue | 10.50 | 9.50 | 9.90 |
| Operating profit/(loss) | (0.07) | (0.86) | (0.79) |
| Net income/(loss) | (0.13) | (0.73) | (0.64) |
Commenting these half-year results, James (Jim) F. Collins, Chief Executive Officer noted: "The 2015 first-half results showed an improvement from last year's same period, while the new commercial organization has produced increased efficiencies. As expected, the cost of the new HTCC line in Cambridge (Maryland, USA) impacted first half results which in consequence are on track with our forecasts. We will pursue our strategy of improving profitability by combining cost-reduction measures with productivity gains to achieve our goal of sustainable profitability".
CONSOLIDATED BALANCE SHEET HIGHLIGHTS
At June 30, 2015, assets amounted to €4.8 million, including notably the building and land of Egide USA, the production equipment of the two industrial sites, equipment of the ceramic production line of Egide USA and the new software acquired by Egide SA. Cash and cash equivalents amount to €3 million. Working capital represented approximately 74 days of sales outstanding. Shareholders' equity stood at €6.7 million. Financial debt amounted to €4.8 million, and included a €1.2 million loan for Egide USA, €0.1 million for Egide SA's PRME "job protection" loan (Prêt Régional au Maintien de l'Emploi), €0.2 million for finance leases, 2.5 million for debts with factoring companies and €0.8 million in RTC (Research Tax Credit) financing.
Outlook
We will continue to expand the Group's geographical coverage. After recruiting a senior sales engineer to cover Germany and Switzerland, executing an agency agreement in South Korea and appointing a Chief Marketing Officer starting on October 1, 2015, discussions will begin with a sales agent in Russia and recruitment will be launched to cover the central region of the United States. Egide also announces the launch of its new website (www.egide-group.com) that has been completely revamped to reflect its new commercial strategy and to support its growing presence in international markets.
The HTCC ceramic project in the United States will advance to the production phase in the fourth quarter of this year. The order for a ceramic-to-metal package prototype from a major player in the thermal imaging sector in the United States will be manufactured in the new clean room in Cambridge (Maryland) and delivered in October. An order for a second prototype, also subject to ITAR (International Trade in Arms Regulations), is expected from the same customer before year end. Discussions are in progress with three other customers interested in Egide's new capacities to manufacture ITAR-compliant ceramic products. Also noteworthy is the positive trend for the order book, driven by the fast-growing thermal imaging market.
In terms of revenue, sales for 2015 are expected to remain in line with the level of 2014. Efforts will stay focused on reducing costs at all Group sites to limit cash burn:
Jim Collins commented: "I would like to thank in particular the team who worked on launching the ceramic line in Cambridge for its speed and effectiveness in fulfilling this task. For this project, we benefited from support from our customers, one of which has already ordered a prototype and others with whom discussions are in progress for new programs in the thermal imaging sector."
He concluded: "Overall, the thermal imaging market is expected to grow on average by 6% per year until 2020. This bodes well for our two production sites in France and the United States for the years ahead."
Financial Calendar
Publication of 2015 third-quarter sales: Monday, October 12, 2015 - 07:00 (CET)
Publication of 2015 annual sales: Friday, January 15, 2016 - 07:00 (CET)
About Egide
Egide is a group with an international dimension, specialized in the manufacture of hermetic packages for sensitive electronic components. It operates in cutting edge markets with strong technology barriers to entry in all critical industry segments (Space, Defense, Security, Aeronautics, Telecommunications, Energy, Medical.). Egide is the only pure player in this market niche with manufacturing bases in France and the United States.
*** NEW INTERNET SITE ***
All information about Egide is available at the new website: www.egide-group.com
Egide shares are eligible for the French tax incentivized PEA-PME and FCPI investment vehicles.
Egide is listed on Euronext Paris(TM)- Segment C - ISIN: FR0000072373 - Reuters : EGID.PA - Bloomberg: GID
Egide renewed its OSEO label as an innovative company (entreprise innovante) on July 30, 2015
ISO 9001:2008 and ISO 14001:2004 certified quality and environmental management systems
Contacts
EGIDE - Finance Department - Philippe Lussiez - +33 1 30 68 81 00 - plussiez@egide.fr
Fin'extenso - Press Relations - Isabelle Aprile - +33 1 39 97 61 22 - i.aprile@finextenso.fr
