Half Year Results - June 30th, 2016
Trappes, October 4th, 2016 - 7:00am (CET) - The audit committee and the Board of Directors met on September 30th, 2016 to review and close the consolidated accounts as of June 30th, 2016. The auditors have performed their limited review on these accounts and their report has been released according to the law.
HALF YEAR RESULTS
| In million Euros, IFRS | 1ST Half Year 2015 | 1st Half Year 2016 | Change |
| Revenue | 9.85 | 11.54 | + 1.69 (+ 17 %) |
| Operating Result | (0.79) | (0.19) | + 0.60 |
| Net Result | (0.64) | (0.35) | + 0.29 |
| EBITDA | (0.60) | 0.13 | + 0.73 |
James (Jim) F. Collins, Chairman and CEO, comments: "Growth in revenue during the first semester as well as a good book-to-bill are encouraging for the group. In addition, yield and productivity improvement at both productions sites allow the company to significantly improve its operating result. Sales efforts started a year ago for our selected markets will be continued, our primary objective being to increase our revenues."
CONSOLIDATED BALANCE SHEET AS OF JUNE 30TH, 2016
| ASSETS | LIABILITIES | ||
| Fixed assets | 5.23 | Equity | 6.58 |
| Stocks, AR and other debtors | 8.53 | Financial debt | 5.05 |
| Cash and equivalent | 2.02 | AP and other creditors | 4.15 |
| TOTAL | 15.78 | TOTAL | 15.78 |
The working capital represents 76 days of revenue, against 74 days in 2015.
The long term portion of the financial debt amounts 1.84 million Euros; the short term portion includes the factoring debt of 2.7 million euros.
Two third of the cash burn during the semester have financed the Capex (0.48 million Euros), the balance (0.29 million Euros) being used to finance the portion of the working capital not covered by the factoring funds.
Perspectives
The US customer with whom the HTCC project has started in Cambridge currently negotiates a significant order for thermal imaging products under ITAR (International Trade in Arms Regulations), in the frame of a multi-annual contract, the first deliveries being scheduled in early 2017. In parallel, a customer from Israel, acting in the same domain, has ordered some prototypes under the FMF program (Foreign Military Financing), put in place by the US administration, whose aim is to incentive foreign companies to buy US military products
Although new programs expected by Egide to develop its ceramic HTCC revenue in the US are delayed until the country has a new administration, will postpone by few quarters the real start of the activity, and a prototype order is in discussion with the second actor of the thermal imaging sector under ITAR. The potential of this market indeed stays unchanged, with an average growth expected by 6.3% until 2020 (Source: Marketsandmarkets - May 2015).
Furthermore, Egide increase in optoelectronic applications for telecommunications (data-centers) is confirmed, with an order received in July to be delivered in 2017 after the qualification of the prototypes, and discussions are in progress with a second customer on a package for very high-speed application (from 100 to 400 Gb/s).
Despite a book-to-bill greater than 1 and a growing backlog, the expected growth in 2016 should be in the range of 5 to 10%, due to postponed deliveries in Egide USA, mainly due to the uncertain short-term political environment. Obviously, the efforts to control costs will be maintained and the sales developments continued. In parallel, the external growth opportunities will continue to be reviewed, in complementary Egide's businesses.
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UPCOMING EVENT
Press Release on 3rd quarter 2016 revenue: October 11th, 2016 - 7:00am (CET)
Press Release on 2016 revenue: January 10th, 2017 - 7:00am (CET)
To find out more about Egide: www.egide-group.com
Egide is a group with an international presence specializing 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 (Thermal Imaging, Optronics, High-Frequency, Power Management.). Egide is the only pure player in this market niche with manufacturing bases in France and the United States.
Egide renews OSEO certification as an innovative company (entreprise innovante) on July 30, 2015
ISO 9001:2008 and ISO 14001:2004 certified quality and environmental management systems
Egide is listed on Euronext Paris(TM)- Segment C - ISIN: FR0000072373 - Reuters: EGID.PA - Bloomberg: GID
Egide shares are eligible for the French tax incentivized PEA-PME and FCPI investment vehicles
and the Long-only Deferred Settlement Service (Euronext).
Contacts
EGIDE - Finance Department - Philippe Lussiez - +33 1 30 68 81 00 - plussiez@fr.egide-group.com
FIN'EXTENSO - Press Relations - Isabelle Aprile - +33 1 39 97 61 22 - i.aprile@finextenso.fr
