Scienza e Tecnologia
Egide: RESULTS FOR THE 1ST HALF OF 2023 MARK EGIDE GROUP'S RECOVERY
Press Release
Bollène, October 24, 2023– 05:30pm (CET)
RESULTS FOR THE 1 HALF OF 2023
MARK EGIDE GROUP'S RECOVERY
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Egide Group (Euronext Growth Paris™- ISIN : FR0000072373 - Mnémo : ALGID), worldwide provider of hermetic packages and heat dissipation solutions for sensitive electronic components, is today announcing its results for the 1 half of 2023.
The main financial indicators below illustrate Egide's rapid and significant recovery:
* Unaudited
** Operating income excluding depreciation and amortization
The Audit Committee and the Board of Directors met to approve the half-year financial results as of June 30, 2023. As a reminder, on Euronext Growth, the half-year financial statements are not submitted to an audit by the statutory auditors (Euronext Growth Rules, art. 4.2.1). The financial statements presented below are not and will not be audited.
1. H1 2023 REVENUE
In the first half of 2023, Egide Group reported €19.2 million revenues, up 20% on the first half of 2022 and up 9% on the second half of 2022. At constant exchange rates, sales growth was 19%; the favorable currency effect amounted to 1%.
This increase in Egide's business in the first half of 2023 compared with the same period in 2022 is all the more significant given that, in the previous year, Egide lost 8% in first-half sales compared with 2021. This performance is in line with an upward trend in the Defense and Aerospace markets.
All market segments are growing, except for Microwave, which remains stable. Growth in the Group's sales came mainly from the Thermal Imaging (+1.6M€), Power (+0.6M€) and Optronics (+0.7M€) markets.
2. IMPROVED PROFITABILITY
Group performance improved at all levels:
The Group's consolidated operating loss has been sharply reduced from 1.29M€ in the first half of 2022 to 0.33M€ in the first half of 2023, representing a 74% reduction of the loss. This is mainly due to a smaller increase in personnel costs (+9%), raw materials (+14%) and external expenses (+5%) compared with the 20% growth in sales.
On the other hand, the financial loss increased due to the cost of financial debt, which rose from 0.2M€ to 0.5M€.
The net loss has been reduced from 2M€ in the first half of 2022 to 0.9M€ in the first half of 2023, representing a 56% reduction of the loss.
The breakdown of consolidated net income by entity as of June 30, 2023 is as follows:
In the first half of 2023, the net loss was reduced by:
This very quick and significant recovery is the result of the new strategy implemented by the new management, which is focused on the profitability achieved with:
3. CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 2023
Shareholders' equity amounted to €5.63 million, or 20% of the balance sheet total.
The 932k€ decrease in shareholders' equity from 6,506k€ at December 31, 2022 to 5,574k€ at June 30, 2023 is explained by:
4. OUTLOOK
The Egide Group's priority is to ensure the recovery of its American subsidiaries. Numerous actions have been implemented, including:
The second priority is to improve the Group's financial situation. To achieve this goal, in early September Egide raised €2.6 million in cash via a €1.9 million capital increase and a 750k€ bond issue, which must be repaid by December 14, 2023.
The Egide Group will also continue to modernize its Bollène plant in France, installing several new machines (Agglomeration press, punching, cutting, CNC machining, X-ray fluorescence spectrometer) in the summer of 2023, representing an investment of 1M€ (excl. VAT) financed by leasing.
FINANCIAL CALENDAR
Half Year 2023 Results presentation to analysts & Investors October 26; 2023 – 02: 30 pm
Availability of the 2023 Half-Year Financial Report October 26; 2023
2023 full year sales January 29, 2024
CONTACTS
EGIDE –Philippe Bringuier – Chief Executive Officer & Chief Financial Officer - +33 4 90 30 35 94 – pbringuier@fr.egide-group.com
FIN'EXTENSO – Isabelle Aprile – Press Relations - +33 6 17 38 61 78 – i.aprile@finextenso.fr
About EGIDE - Keep up to date with all the Group's news online: www.egide-group.com and LinkedIn
Egide is a group with an international dimension, specialized in the manufacture of hermetic packages and heat dissipation solutions 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 Units…). Egide is the only pure player in this market niche with manufacturing bases in France and the United States.
EGIDE is listed on Euronext Growth Paris™- ISIN : FR0000072373 - Mnémo : ALGID
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