LUMIBIRD: 2021 HALF-YEAR RESULTS: LUMIBIRD CAPITALIZES ON

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Lannion, September 21, 2021 – 5:45 p.m.

HALF-YEAR 2021 RESULT: LUMIBIRD CAPITALIZES ON THE RECOVERY BY TRIPLING ITS CURRENT OPERATION INCOME

  • EBITDA up 88% to € 14.3m (+ 51% like-for-like)
  • Strong contribution to the results of the two Photonics and Medical divisions
  • + € 8.1m in operating cash flow, despite the increase in inventory levels

The LUMIBIRD Group, European leader in laser technologies, recorded strong growth in its half-year results, reflecting the impact of the takeover and rapid integration of Ellex into the Medical division.

Extract from the condensed half-year consolidated financial statements approved by the Board of Directors on September 21, 2021

As of June 30 (€ m) H1 2021 H1 2020 Change reported Change at constant scope (1)
Valuh % Valuh %
Income 75.4 45.8 +29.7 + 65% +13.7 + 30%
EBITDA 14.3 7.6 +6.7 + 88% +3.9 + 51%
% income 19.0% 16.7%
current operating income 8.6 2.9 +5.7 + 197% +3.8 + 31%
% income 11.4% 6.3%
Operating result 8.0 (2.1) +10.1 +8.4
Income before tax 6.9 (2.6) +9.5 +8.1
Net revenue 5.1 (1.9) +7.0 +6.1

(1) Previous scope excluding Ellex and the EssMed sales subsidiaries respectively acquired To June 30 and July 31, 2020.

Resumption of organic growth confirmed in the first half of 2021

LUMIBIRD Group’s consolidated sales for the first half of 2021 amounted to € 75.4 million, up 65% based on reported figures and + 13% on a pro forma basis, confirming the resumption of organic growth that began in Q4 2020.

  • The Photonics division, with € 34.7 million in revenue, recorded half-year growth of 16%, with particularly strong trends for Industrial and Scientific (+ 39% to € 17.1 million) and Defense / Space (+ 18% to € 10.1 million) guidelines. Lidar activity (-17% to € 7.4 million) contracted, due to the impact of supply delays.
  • The growth of the Medical division (40.7 M €, + 158% based on reported figures and + 11% pro forma) reflects the strong recovery of the market, strongly impacted by the health crisis in 2020, and the successful integration of Ellex, thanks in particular to the deployment of commercial synergies leading to growth.

Strong contribution to the results of both divisions

Summary of results for each division

€ m H1 2020 H1 2021
Photonivs Medical TOTAL Photonivs Medical TOTAL
Income 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 income 18.9% 12.4% 16.7% 19.2% 18.8% 19.0%
Op. In progress. Income 2.3 0.6 2.9 3.7 4.9 8.6
% of income 7.7% 3.8% 6.3% 10.7% 11.9% 11.4%

During the first half of 2021, LUMIBIRD generated € 8.6 million in current operating income, or 11.4% of sales, compared to 6.3% a year earlier.

This performance reflects a contribution from the two divisions, with an operating margin rate of 10.7% for the Photonics division and 11.9% for the Medical division. It takes into account the growth of the activity and the effective management of external costs, as well as the rapid and successful integration of Ellex within the division.

During the first half of the year, the Group managed to maintain its gross margin at high levels compared to H1 2020 (66.9% vs 68.3% for Photonics and 60.0% vs 62.6% for Medical ), despite the price increases linked to the shortage of components and raw materials.

Thanks to the strong growth achieved and effective cost control, current operating income almost tripled to reach € 8.6 million.

Excluding specific non-recurring items for the period, EBIT stood at € 8.0 million compared to a loss of € 2.1 million in the first half of 2020.

After – € 1.1m in financial income and expenses (vs – € 0.5m in H1 2020), reflecting an increase in gross debt and € 1.8m in taxes (vs – € 0.7m in H1 2020), net income came to € 5.1 million m, compared to a loss of € 1.9 million in the first half of 2020.

Solid balance sheet

Balance sheet highlights (M €) 31.12.2020 06/30/2021
Good will 69.2 69.7
Non-current assets (excluding goodwill) 74.1 75.0
Current assets (excluding cash) 82.0 87.4
Cash and equivalents 80.3 79.9
TOTAL ASSETS 305.6 312.0
Equity
(including 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 RESPONSIBILITIES 305.6 312.0

Net financial debt, made up of € 89.7 million in gross financial debt and € 79.9 million in cash, amounted to € 9.8 million as of June 30, almost stable compared to December 31, 2020.

This solid financial situation allows the Group to maintain its financial flexibility and its ability to continue financing its ambitions for external growth.

Cash flow analysis

The main significant change in the first half of the year is the increase in the working capital requirement (+ € 7.7m), mainly linked to the increase in inventories (€ 6.3m) to cope with the shortage of components impacting all industries this year. Thanks to the increase in inventory levels, the sourcing strategy and the integration of the manufacturing of key components, the Group is able to continue its activity and deliver its orders without interruption.

(€m) 06/30/2020 06/30/2021
Net operating cash flow (0.8) 8.1
Operating cash flow before interest and taxes 2.7 14.5
Change in working capital (3.5) (7.7)
Taxes paid ns 1.3
Net cash flow from investing activities (59.0) (7.7)
Capital expenditure (5.0) (4.8)
External growth (53.5) (2.3)
Other investments in financial assets (0.6) (0.5)
Net cash flow from financing activities 88.8 (1.0)
Increase in capital 35.6
Net loan 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

On the strength of its performance in the first half of the year, with an order book reflecting the strong development of its markets and the new integration synergies expected for the Medical division, LUMIBIRD confirms its objective of doubling its published turnover3 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 under study, two were reported to the market this year, in the Defense / Space sector: SAAB and CILAS.

At the same time, to support its growth, LUMIBIRD has considerably strengthened its Executive Committee, going from 4 to 10 members, notably with the appointment of industrial, financial, IT and compliance, purchasing and transformation managers.

Next date: Q3 2021 sales on October 25, 2021 after market close

LUMIBIRD is one of the world’s leading laser specialists. With 50 years of experience and a mastery of solid-state laser, laser diode and fiber laser technologies, the Group designs, manufactures and markets high-performance lasers for the scientific (laboratories and universities), industrial (manufacturing, defense, Lidar sensors) and medical (ophthalmology markets).

Born from the merger of Keopsys Group with Quantel in October 2017, LUMIBIRD has 870 employees and more than 126 million euros in consolidated sales in 2020 and is present in Europe, America and Asia.

The LUMIBIRD share is listed on compartment B of Euronext Paris. FR0000038242 – LBIRD www.lumibird.com

Contacts

LUMIBIRD
Marc Le Flohic
President and CEO
Phone. +33 (0) 1 69 29 17 00
[email protected]
LUMIBIRD
Aude Nomblot-Gourhand
Secretary General – Chief Financial Officer
Phone. +33 (0) 1 69 29 17 00
[email protected]
calyptus
Mathieu Calleux
Investor Relations
Phone. +33 (1) 53 65 37 91
[email protected]

1 Financial liabilities (current and non-current) include lease debts under IFRS 16
2 The cash position corresponds to “cash and cash equivalents” on the assets side of the balance sheet, net of current bank borrowings (cash liabilities) included in current financial liabilities on the liabilities side of the balance sheet

  • 210921_LUMIBIRD_RS_2021_FR


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