LUMIBIRD: FY 2022 RESULTS
Lannion, March 14, 2023 – 5:45 pm
FY
2022 RESULTS
- A €31.3m
EBITDA (-4% yoy) in a year of investment and global economic
tensions
- Return to a 19% EBITDA
margin (23% excluding non-recurring
costs) in the second half of the
year
- Extension of growth and
profitability targets 2023
The LUMIBIRD Group, European leader in
laser technologies, improved its margins in the second half of the
year and ended the year with an EBITDA of €31.3 million, down 4%.
Tensions on supplies and structural costs necessary to anticipate
growth explain the lower profitability for the year. These impacts
are gradually being absorbed, thanks to the growth in activity and
the measures put in place to address
difficulties linked to the supply chain and rising
costs. The Group is therefore extending its
medium-term objectives of organic growth of 8 to 10% and is
targeting an increase in EBITDA margin to 25% in 2026, with
an objective of
18 to 23% for the year 2023.
Extract from the condensed FY
consolidated financial statements approved by the
Board of Directors on March 14, 2023
At December 31 (in €m) |
2022 |
2021 |
Change |
Value |
% |
Revenues |
191.0 |
162.5 |
+28.5 |
+18% |
EBITDA |
31.3 |
32.6 |
(1.3) |
-4% |
% revenues |
16.4% |
20.1% |
|
|
Current operating income |
16.4 |
19.8 |
(3.4) |
-17% |
% revenues |
8.6% |
12.2% |
|
|
Operating income |
17.3 |
19.1 |
(1.9) |
- |
Pre-tax income |
14.4 |
17.6 |
(3.2) |
- |
Net income |
11.4 |
13.9 |
(2.5) |
- |
Accelerated growth for both divisions in a complex
global environment
After a record-high fourth quarter (+32% to
€66m), the LUMIBIRD Group's consolidated annual turnover reached
€191m in 2022, evenly split between the Photonics (€93.5m, +23%)
and Medical (€97.5m, +13%) divisions. The Group's annual growth was
18%, and 12% at constant scope and exchange rates. The perimeter
impact is linked to the integration of the Lumibird Photonics
Sweden defence rangefinder business on 31 May, which contributed
€5.7m over the year. The annual currency effect was positive at
€3.7m, mainly due to the appreciation of the dollar over the
period.
The Photonics division recorded strong growth in
Europe (+38%) and the US (+26%), but sales declined slightly in
China, where the zero COVID policy weighed on the economy.
The Medical division was more resilient in Asia
(+11%), with dynamic growth in the US (+18%) and limited growth
(+5%) in Europe, which was affected by the conflict in Ukraine.
This pursuit of vigorous growth was achieved in
a complex political and economic context to which the Group
adapted, notably by increasing its stock levels, using brokers to
secure its supplies and reallocating part of the R&D staff to
sourcing components in short supply. Lumibird has also continued to
make strategic investments both in its human resources, with a 13%
increase in staff, and in its industrial resources, with
investments in 4 sites (Lannion, Villejust, Ljubjana, Göteborg).
These elements shed light on the structuring of the 2022
results.
Improved results in the second half of the
year
Summary of results for each division
in €m |
Photonics |
Medical |
2021 |
2022 |
Change (%) |
2021 |
2022 |
Change (%) |
Revenues |
76.4 |
93.5 |
+22.5% |
86.1 |
97.4 |
+13.2% |
Gross margin |
50.0 |
58.1 |
+16.4% |
53.3 |
59.8 |
+12.1% |
% |
65.4% |
62.2% |
|
61.9% |
61.3% |
|
EBITDA |
16.1 |
14.2 |
-12.0% |
16.5 |
17.1 |
+3.8% |
% |
21.1% |
15.2% |
|
19.2% |
17.6% |
|
Current op. income |
8.7 |
4.7 |
-45.4% |
11.1 |
11.6 |
+4.8% |
% |
11.3% |
5.1% |
|
12.9% |
11.9% |
|
The Group's gross margin rate remained high in
2022, at 61.8% compared to 63.6% a year earlier. Inflationary
pressures have less impacted the Medical division (61.3% gross
margin vs. 61.9% in 2021) where price increases can be passed on
rapidly, while the Photonics division (62.2% vs. 65.4%) is held
back by a longer-term contract structure.
Growth investments in organisational structuring
and costs to adapt to supply pressures resulted in a slight decline
in EBITDA from €32.6m to €31.3m, i.e. an EBITDA margin of 16.4%.
The margin improved significantly in the second half of the year,
to 19% compared to 13% in the first half. Adjusted for
non-recurring items (brokerage effects and the mobilisation of
R&D teams to requalify components, i.e. a total of €5m), the
EBITDA margin was 19% for FY 2022 and 23% in the second half.
The improvement in profitability in the second
half of the year affected both divisions, but for the year as a
whole, the Photonics division, which was more affected by growth
investments, suffered a more marked decline (EBITDA margin of 15.2%
vs. 21.1% in 2021) than the Medical division (17.6% vs. 19.2% in
2021).
Current operating profit was €16.4m in 2022,
compared with €19.8m in 2021.
After a financial result of €2.8m (vs. €1.5m in
2021) and taxes of €3.1m (vs. €3.7m in 2021), net profit was
€11.4m, compared to €13.9m in 2021.
Cash flow: rising inventories and strong
investments
in €m |
2021 |
2022 |
Net
cash-flow from operations |
26.6 |
1.4 |
Operating cash-flow before interests and tax |
33.6 |
30.1 |
Change in WCR |
(8.8) |
(29.2) |
Taxes paid |
1.8 |
0.5 |
Net cash-flow from investing activities |
(28.6) |
(29.3) |
Capital expenditures |
(18.2) |
(20.7) |
External growth |
(2.1) |
(8.1) |
Other financial assets investments |
(8.3) |
(0.6) |
Net cash-flow from financing activities |
(18.2) |
(7.9) |
Capital increase |
- |
- |
Net loans issuance |
20.2 |
(3.6) |
Financing cost |
(2.2) |
(2.9) |
Other change |
0.2 |
(1.4) |
NET
CASH FLOW 1 |
16.2 |
(35.8) |
The securing of raw material inventories, as
well as the integration of Lumibird Photonics Sweden's inventories
(defence rangefinder activities in Sweden) have resulted in an
increase in inventories of €19.6m in 2022. With the increase in
trade receivables resulting from business growth, the increase in
WCR (+29.2 M€) consumes almost all the operating cash flow
(30.1 M€).
In addition, 2022 was a year of strong
investment in industrial facilities, in particular for the
expansion of the Lannion site, the creation of the Göteborg site to
integrate the rangefinder activities, and the preparation of the
new Villejust and Ljubljana sites. Net industrial investments thus
amounted to €20.7m over the year. The overall cash requirement of
€27.9m is fully covered by existing cash.
Balance sheet position
Net financial debt, comprising €114.2m in gross
financial debt and €61.7m in cash and cash equivalents, amounted to
€52.5m at 31 December, compared with €49.2m at 30 June 2022 and
€14.9m at 31 December 2021.
LUMIBIRD maintains a solid financial position
with a gearing of 27%, which allows the Group to preserve its
financial flexibility and its ability to continue to finance its
external growth ambitions, in particular thanks to €82.5m of
available acquisition debt.
Balance
sheet highlights (€m) |
31.12.2021 |
31.12.2022 |
Goodwill |
70.3 |
69.9 |
Non-current assets (excl. Goodwill) |
94.5 |
114.9 |
Current assets (excl. cash) |
85.8 |
125.5 |
Cash and equivalents |
97.1 |
61.7 |
TOTAL
ASSETS |
347.6 |
372.0 |
Shareholders’ equity (Incl. minority interests) |
181.3 |
193.4 |
Long-term financial liabilities 2 |
97.9 |
48.6 |
Other long-term liabilities |
10.5 |
10.1 |
Current financial liabilities |
14.1 |
65.6 |
Current liabilities |
43.8 |
54.3 |
TOTAL
LIABILITIES |
347.6 |
372.0 |
Outlook
Lumibird's markets remain extremely buoyant and
the strengthening of capacities thanks to investments in industrial
plant and equipment should support a strong commercial dynamic in
the coming half-years.
In this context, the Group is targeting in 2023
reported revenues of €250m (including organic growth of 8 to 10%
and possible external growth), and a return of the EBITDA margin to
a range of 18 to 23%. In the medium term (up to 2026), the
objective is to maintain a 8-10% organic growth and reach an EBITDA
margin increase to 25%.
Next date: Q1
2023 revenues on April 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 1000 employees and
€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
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(0) 1 53 65 37
91lumibird@calyptus.net |
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
Financial liabilities (current and non-current) include lease
liabilities under IFRS 16
- 230314_LUMIBIRD_RA_2022_EN
Quantel (LSE:0FRI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Quantel (LSE:0FRI)
Historical Stock Chart
From Jul 2023 to Jul 2024