Earnings Release • Sep 9, 2021
Earnings Release
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The Board of Directors of SAES Getters S.p.A., gathered today in Milan, approved the consolidated results of the first semester of 2021 (January 1 - June 30).
"The results of the second quarter confirm our growth expectations, although penalized by the negative exchange rate effect - Eng. Massimo della Porta, President of SAES Getters S.p.A., said - We expect a further improvement in the months to come".
The 2021 half-year results confirm the solidity of the SAES® Group and the return to organic revenue growth, albeit heavily penalized by the negative exchange rate effect. The semester saw the gradual overcoming of the Covid-19 crisis: after a first quarter that had already shown some signs of recovery, although still penalized by the effects of the pandemic especially on the Medical Division, in the second quarter of 2021 sales in the medical sector returned to the pre Covid-19 levels and the Group recorded a strong organic growth in consolidated revenues (+9.6%) compared to the first quarter of the year.
Consolidated net revenues were equal to €85.9 million in the first half of 2021, down (-3.6%) compared to €89.1 million in the corresponding semester of 2020, exclusively due to the negative exchange rate effect (-6.6%), related in particular to the devaluation of the US dollar against the euro. Excluding this effect, consolidated revenues organically grew by 3%.
Organic growth was mainly driven by the sectors of vacuum systems (Vacuum Technology Division) and of medical devices in Nitinol (Medical Division): the former thanks to the general growth in revenues in all applications; the latter thanks to the gradual resumption of elective surgeries, especially in the USA. However, the overcoming of the pandemic crisis has also led to the saturation of the thermo-scanner market (sector of electronic devices, within the Metallurgy Division), that last year, during the peak of the pandemic, had seen a strong demand growth. Finally, please note the continuing tensions between the United States and China, with a negative effect on the sales of SMA wire for consumer electronics applications (SMA Industrial business, also within the Metallurgy Division) and the price tensions on the market of plastics, with a penalizing effect on the advanced packaging sales (Advanced Packaging Division). Business 1H 2021 1H 2020 (% ) (% ) (% )
| SAES Group – Press Release | |||||
|---|---|---|---|---|---|
| Organic growth was mainly driven by the sectors of vacuum systems (Vacuum Technology Division) and of medical devices in Nitinol (Medical Division): the former thanks to the general growth in revenues in all applications; the latter thanks to the gradual resumption of elective surgeries, especially in the USA. However, the overcoming of the pandemic crisis has also led to the saturation of the thermo-scanner market (sector of electronic devices, within the Metallurgy Division), that last year, during the peak of the pandemic, had seen a strong demand growth. Finally, please note the continuing tensions between the United States and China, with a negative effect on the sales of SMA wire for consumer electronics applications (SMA Industrial business, also within the Metallurgy Division) and the price tensions on the market of plastics, with a penalizing effect on the advanced packaging sales (Advanced Packaging Division). |
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| Thousands of euro (except %) Business |
1H 2021 | 1H 2020 | Total difference (% ) |
Organic change (% ) |
Exchange rate effect (% ) |
| Security & Defense | 9,025 | 9,524 | -5.2% | 1.2% | -6.4% |
| Electronic Devices | 6,220 | 7,702 | -19.2% | -15.3% | -3.9% |
| Healthcare Diagnostics | 2,503 | 2,752 | -9.0% | -5.0% | -4.0% |
| Lamps | 1,574 | 1,946 | -19.1% | -15.7% | -3.4% |
| Thermal Insulated Devices | 1,592 | 1,674 | -4.9% | 2.8% | -7.7% |
| Sintered Components for Electronic Devices & Lasers | 4,012 | 3,733 | 7.5% | 17.6% | -10.1% |
| SMA Industrial | 5,277 | 6,208 | -15.0% | -12.0% | -3.0% |
| Metallurgy Division | 30,203 | 33,539 | -9.9% | -4.6% | -5.3% |
| Solutions for Vacuum Systems | 8,645 | 5,359 | 61.3% | 68.9% | -7.6% |
| Vacuum Technology Division | 8,645 | 5,359 | 61.3% | 68.9% | -7.6% |
| Nitinol for Medical Devices | 38,522 | 40,145 | -4.0% | 4.9% | -8.9% |
| 38,522 | 40,145 | -4.0% | 4.9% | -8.9% | |
| Medical Division | 5,603 | 5,024 | 11.5% | 13.1% | -1.6% |
| Functional Dispensable Products | 5,603 | 5,024 | 11.5% | 13.1% | -1.6% |
| Specialty Chemicals Division | 5,032 | -42.1% | -42.1% | 0.0% | |
| Advanced Coatings | 2,912 | ||||
| Advanced Packaging Division | 2,912 | 5,032 | -42.1% | -42.1% | 0.0% |
The general negative impact of Covid-19, that had characterized the last three quarters of 2020, gradually diminished starting from the first quarter of 2021. From March 2021, the first signs of recovery appeared and then gradually consolidated over the following months. Please note that both the first quarter and, to a lesser extent, the second quarter of 2021 were negatively impacted by the effect of currencies, which strongly reduced sales in absolute terms.
In particular, in the comparison of the second quarter of 2021 with the first one, the Medical Division consolidated the signs of recovery already recorded in the final part of the first quarter, returning to pre-Covid levels, thanks to the complete resumption of elective therapies in the USA. The increase in revenues in the Medical Division, together with the very strong growth in the Vacuum Technology Division (sales driven by the particle accelerator sector in Japan) enabled the organic growth in consolidated revenues in the second quarter. Moreover, the Specialty Chemicals Division recorded a slight organic growth (+4.9%), thanks to the good performance of sales of advanced materials in the mobile phone business.
On the other hand, the following divisions recorded an organic decrease:
the Metallurgy Division (-4.1%), in particular in the Electronic Devices sector, due to the aforementioned decrease in sales of getters for thermo-scanners and in the SMA Industrial sector, whose decrease is linked to a timing issue in the various application sectors (medical actuators, luxury goods, automotive). Please note the growth of the Security & Defense sector, thanks to the higher sales of alkaline dispensers for night vision applications;
the Advance Packaging Division (-28.6%), that was affected by some order deferrals from the second to the third quarter due to tensions on the prices of plastics, that influenced the purchasing strategy of some customers.
| Thousands of euro (except %) | |||||
|---|---|---|---|---|---|
| Business | 2Q 2021 | 1Q 2021 | Total difference (% ) |
Organic change (% ) |
Exchange rate effect (% ) |
| Security & Defense | 4,735 | 4,290 | 10.4% | 10.5% | -0.1% |
| Electronic Devices | 2,799 | 3,421 | -18.2% | -18.0% | -0.2% |
| Healthcare Diagnostics | 1,284 | 1,219 | 5.3% | 5.4% | -0.1% |
| Lamps | 745 | 829 | -10.1% | -9.6% | -0.5% |
| Thermal Insulated Devices | 661 | 931 | -29.0% | -28.2% | -0.8% |
| Sintered Components for Electronic Devices & Lasers | 2,112 | 1,900 | 11.2% | 11.3% | -0.1% |
| SMA Industrial | 2,431 | 2,846 | -14.6% | -14.5% | -0.1% |
| Metallurgy Division | 14,767 | 15,436 | -4.3% | -4.1% | -0.2% |
| Solutions for Vacuum Systems | 5,463 | 3,182 | 71.7% | 73.8% | -2.1% |
| Vacuum Technology Division | 5,463 | 3,182 | 71.7% | 73.8% | -2.1% |
| Nitinol for Medical Devices | 20,537 | 17,985 | 14.2% | 14.3% | -0.1% |
| Medical Division | 20,537 | 17,985 | 14.2% | 14.3% | -0.1% |
| Functional Dispensable Products | 2,867 | 2,736 | 4.8% | 4.9% | -0.1% |
| Specialty Chemicals Division | 2,867 | 2,736 | 4.8% | 4.9% | -0.1% |
| Advanced Coatings | 1,213 | 1,699 | -28.6% | -28.6% | 0.0% |
| Advanced Packaging Division Total Net Sales Including also the revenues of the joint ventures1 half of 2021, down compared to €93.5 million in the first six months of 2020. The decrease was exclusively due to the aforementioned effect of exchange rates on consolidated sales. The increase in revenues of the joint venture SAES RIAL Vacuum S.r.l. (+76.5%) more than offset the reduction in revenues of the joint venture Actuator Solutions (-9.3%), that was only figurative, since the figure for the current year derives from a different business model compared to the previous |
1,213 44,847 |
1,699 41,038 |
-28.6% 9.3% , total revenues of the Group were equal to €90.6 million in the first |
-28.6% 9.6% |
0.0% -0.3% |
| year. | |||||
| Thousands of euro | |||||
| 1H 2021 | 1H 2020 | Difference | |||
| Consolidated sales | 85,885 | 89,099 | (3,214) | ||
| 3,575 | 3,940 | (365) | |||
| 50% sales of the joint venture Actuator Solutions | 1,532 | 868 | 664 | ||
| 49% sales of the joint venture SAES RIAL Vacuum S.r.l. | 2 | 23 | (21) | ||
| 46.73% sales of the joint venture Flexterra | |||||
| Intercompany eliminations | (485) | (418) | (67) | ||
| Other adjustments Total revenues of the Group |
55 90,564 |
10 93,522 |
45 (2,958) |
| 1H2021 | 1H2020 | Difference | |
|---|---|---|---|
| Consolidated sales | 85,885 | 89,099 | (3,214) |
| 50% sales of the joint venture Actuator Solutions | 3,575 | 3,940 | (365) |
| 49% sales of the joint venture SAES RIAL Vacuum S.r.l. | 1,532 | 868 | 664 |
| 46.73% sales of the joint venture Flexterra | 23 | (21) | |
| Intercompany eliminations | (485) | (418) | (67) |
| Other adjustments | 10 | 45 | |
| Total revenues of the Group | 90,564 | 93.522 | (2.958) |
Consolidated gross profit2 was equal to €35.4 million in the first half of 2021, compared to €38.2 million in the corresponding half of 2020. Excluding the exchange rate effect, negative and equal to -€2.6 million, the gross profit in 2021 was in line with that of the previous year (-0.6%). Also the gross margin3 was substantially stable (41.4%, net of the penalizing effect of exchange rates, compared to 42.9% in the first six months of 2020), despite the different contributions from the various Divisions.
With reference to the quarterly trend in the current half year, please note the progressive increase in both gross profit and gross margin, confirming the trend towards a generalized recovery and towards a return to pre-Covid figures, especially in the medical sector (gross profit equal to €19.5 million - 43.4% of consolidated revenues - in the second quarter of 2021, compared to €15.9 million - 38.8% of consolidated revenues - in the first three months of the current year).
Consolidated operating income amounted to €7.5 million (8.8% of consolidated revenues) in the first half of 2021, compared to €11.1 million in the corresponding period of the previous year (12.5% of consolidated revenues): excluding the strong penalizing effect of exchange rates (-€2 million), the decrease (-€1.6 million, equal to -14.6%) was entirely
1 Actuator Solutions (50%), SAES RIAL Vacuum S.r.l. (49%) and Flexterra (46.73%).
2 Calculated as the difference between net sales and industrial costs directly and indirectly attributable to the products sold.
3 Calculated as the ratio between gross profit and consolidated revenues.
| SAES Group – Press Release | ||||||||
|---|---|---|---|---|---|---|---|---|
| attributable to the increase in operating expenses, distributed across each of the three cost items: R&D, selling expenses | ||||||||
| and G&A (for the details, see the following paragraph commenting on operating expenses). Finally, please note that in the first half of 2020 the item "Other net income (expenses)" included the donations made to |
||||||||
| research institutions and hospitals to face the Covid-19 crisis (equal to approximately €0.7 million). | ||||||||
| With reference to the quarterly trend in the current semester, operating income in the second quarter of 2021 was equal | ||||||||
| to €5.3 million (11.8% of consolidated revenues), more than doubled compared to €2.2 million (5.5% of consolidated revenues) in the first three months of the year. |
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| Thousands of euro | Metallurgy | Vacuum Technology Division | Medical | Specialty Chemicals Division | Advanced Packaging Division | TOTAL | ||
| Division 1H 2021 1H 2020 |
1H 2021 1H 2020 |
Division 1H 2021 1H 2020 |
1H 2021 1H 2020 |
1H 2021 1H 2020 |
Not Allocated 1H 2021 1H 2020 |
1H 2021 | 1H 2020 | |
| Total net sales Cost of sales |
30,203 33,539 (14,429) (16,454) |
8,645 5,359 (4,016) (2,074) |
38,522 40,145 (24,915) (24,294) |
5,603 5,024 (4,017) (3,628) |
2,912 5,032 (2,794) (4,423) |
0 (334) |
0 85,885 (3) (50,505) |
89,099 (50,876) |
| Gross profit (loss) % on net sales |
15,774 17,085 52.2% 50.9% |
4,629 3,285 53.5% 61.3% |
13,607 15,851 35.3% 39.5% |
1,586 1,396 28.3% 27.8% |
118 609 4.1% 12.1% |
(334) n.a |
(3) 35,380 n.a. 41.2% |
38,223 42.9% |
| Operating expenses and other income (expenses) Operating income (loss) |
(5,150) (5,864) 10,624 11,221 |
(2,220) (1,868) 2,409 1,417 |
(4,204) (4,293) 9,403 11,558 |
(1,071) (841) 515 555 |
(1,748) (1,734) (1,630) (1,125) |
(13,443) (12,480) (13,777) (12,483) |
(27,836) 7,544 |
(27,080) 11,143 |
| % on net sales | 35.2% 33.5% |
27.9% 26.4% |
24.4% 28.8% |
9.2% 11.0% |
-56.0% -22.4% |
n.a | n.a. 8.8% |
12.5% |
| Thousands of euro | ||||||||
| Metallurgy Division |
Vacuum Technology Division | Medical Division |
Specialty Chemicals Division | Advanced Packaging Division | Not Allocated | TOTAL | ||
| Total net sales Cost of sales |
2Q 2021 1Q 2021 14,767 15,436 (7,024) (7,405) |
2Q 2021 1Q 2021 5,463 3,182 (2,397) (1,619) |
2Q 2021 1Q 2021 20,537 17,985 (12,677) (12,238) |
2Q 2021 1Q 2021 2,867 2,736 (2,023) (1,994) |
2Q 2021 1Q 2021 1,213 1,699 (1,203) (1,591) |
2Q 2021 1Q 2021 0 (58) (276) |
2Q 2021 0 44,847 (25,382) |
1Q 2021 41,038 (25,123) |
| Gross profit (loss) % on net sales |
7,743 8,031 52.4% 52.0% |
3,066 1,563 56.1% 49.1% |
7,860 5,747 38.3% 32.0% |
844 742 29.4% 27.1% |
10 108 0.8% 6.4% |
(58) (276) n.a n.a. |
19,465 43.4% |
15,915 38.8% |
| Operating expenses and other income (expenses) Operating income (loss) |
(2,343) (2,807) 5,400 5,224 |
(1,285) (935) 1,781 628 |
(2,072) (2,132) 5,788 3,615 |
(586) (485) 258 257 |
(920) (828) (910) (720) |
(6,953) (6,490) (7,011) (6,766) |
(14,159) 5,306 |
(13,677) 2,238 |
| % on net sales | 36.6% 33.8% |
32.6% 19.7% |
28.2% 20.1% |
9.0% 9.4% |
-75.0% -42.4% |
n.a n.a. |
11.8% | 5.5% |
| Consolidated EBITDA4 | was equal to €13.2 million (15.4% of consolidated revenues) in the first half of 2021, compared | |||||||
| to €16.5 million (18.5% of consolidated revenues) in the corresponding half of 2020. Please note the negative exchange | ||||||||
| rate effect of -€2.2 million, net of which EBITDA would have been equal to €15.5 million (16.8% of consolidated | ||||||||
| revenues). The organic decrease (-€1 million, equal to 6.2%) was exclusively due to the increase in operating expenses, | ||||||||
| especially for unallocated corporate costs, with a gross profit unchanged. | ||||||||
| Thousands of euro | ||||||||
| 1H 2021 | 1H 2020 | |||||||
| Operating income (loss) | 7,544 | 11,143 | ||||||
| Depreciation & amortization | 5,667 | 5,196 | ||||||
| Write-down of assets | 6 115 |
|||||||
| Bad debt provision accrual (release) EBITDA |
14 13,231 |
19 16,473 |
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| Metallurgy Division |
Vacuum Technology Division | Medical Division |
Specialty Chemicals Division | Advanced Packaging Division | Not Allocated | TOTAL | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| was equal to €13.2 million (15.4% of consolidated revenues) in the first half of 2021, compared | ||||||||||
| Thousands of euro | ||||||||||
| Consolidated EBITDA4 to €16.5 million (18.5% of consolidated revenues) in the corresponding half of 2020. Please note the negative exchange rate effect of -€2.2 million, net of which EBITDA would have been equal to €15.5 million (16.8% of consolidated revenues). The organic decrease (-€1 million, equal to 6.2%) was exclusively due to the increase in operating expenses, especially for unallocated corporate costs, with a gross profit unchanged. |
1H 2021 | 1H 2020 | ||||||||
| Operating income (loss) | 7,544 | 11,143 | ||||||||
| Depreciation & amortization | 5,667 | 5,196 | ||||||||
| Write-down of assets | 6 | 115 | ||||||||
| Bad debt provision accrual (release) | 14 | 19 | ||||||||
| EBITDA % on sales |
13,231 15.4% |
16,473 18.5% |
| 1H2021 | 1H2020 | |
|---|---|---|
| Operating income (loss) | 7,544 | 11,143 |
| Depreciation & amortization | 5,667 | 5,196 |
| Write-down of assets | 115 | |
| Bad debt provision accrual (release) | 14 | 19 |
| EBITDA | 13,231 | 16,473 |
| % on sales | 15.4% | 18.5% |
Consolidated net income was equal to €4.2 million (4.9% of consolidated revenues) in the first half of 2021 and compares with a net income of €0.4 million in the first half of 2020 (0.5% of consolidated revenues). Also in this case, the exchange rate effect was heavily penalizing (-€1.7 million), while the organic change was positive for €5.5 million. The net income in the first half of 2020 was penalized by the reduction in the fair value of the securities portfolio, due to the Covid-19 crisis (negative change of €6.5 million in the first half of 2020, compared to a positive change equal to €1.4 million in the first half of 2021).
The consolidated net financial position was positive and equal to €82.4 million as at June 30, 2021. The worsening compared to the end of March 2021 (net financial position equal to €92.4 million), was mainly a consequence of the payment of dividends at the end of April (-€7.4 million) and of the net capex (-€5.2 million), partially offset by positive cash flows from operations (+€2.2 million) and by those related to the securities portfolio (+€1.3 million).
4 EBITDA is not deemed as an accounting measure under International Financial Reporting Standards (IFRSs); however, we believe that EBITDA is an important parameter for measuring the Group's performance and therefore it is presented as an alternative indicator. Since its calculation is not regulated by applicable accounting standards, the method applied by the Group may not be homogeneous with the ones adopted by other Groups. EBITDA is calculated as "Earnings before interests, taxes, depreciation and amortization".
| SAES Group – Press Release | |||
|---|---|---|---|
| Thousands of euro | |||
| June 30, | March 31, | December 31, | |
| 2021 | 2021 | 2020 | |
| Cash on hands | 9 | 8 | 10 |
| Cash equivalents | 24,410 | 28,645 | 30,668 |
| Cash and cash equivalents | 24,419 | 28,653 | 30,678 |
| Related parties financial assets, current | 0 | 0 | 1 |
| Securities - short term | 70,279 | 70,120 | 70,661 |
| Other current financial assets | 0 | 0 | 11 |
| Current financial assets | 70,279 | 70,120 | 70,673 |
| Bank overdraft | (44,508) | (35,880) | (33,491) |
| Current portion of long term debt | (4,142) | (4,933) | (5,199) |
| Derivative financial instruments | (38) | (123) | (32) |
| Other current financial liabilities | (16) | (22) | (24) |
| Current financial liabilities for leases | (1,496) | (1,663) | (1,932) |
| Current financial liabilities | (50,200) | (42,621) | (40,678) |
| Current net financial position | 44,498 | 56,152 | 60,673 |
| Related parties financial assets, non current | 49 | 49 | 49 |
| Securities - long term | 135,161 | 134,554 | 134,087 |
| Non current financial assets | 135,210 | 134,603 | 134,136 |
| Long term debt, net of current portion | (93,965) | (94,987) | (95,496) |
| Non current financial liabilities for leases | (3,337) | (3,417) | (3,571) |
| Non current financial liabilities | (97,302) | (98,404) | (99,067) |
| Non current net financial position | 37,908 | 36,199 | 35,069 |
| 82,406 | 92,351 | 95,742 | |
| Net financial position | |||
| For further details, please refer to the following sections of this press release. | |||
| Relevant events occurred in the first half of 2021 |
With regard to the investment in the EUREKA! venture capital fund, on February 25, 2021, an additional payment of €37 thousand was made, including both the portion of commissions and management fees, as well as the portion of an investment made by the fund in an innovative start-up, a spin-off of the NEST laboratory of the Scuola Normale Superiore di Pisa and of the Consiglio Nazionale delle Ricerche (CNR), that has developed a point-of-care diagnostic system based on nanotechnological devices with an acoustic surface wave for the detection of molecules, focusing on the detection of brain trauma.
On May 17, 2021, a further payment of €65 thousand was made, again including both management costs and the portion of an investment in the innovative start-up Endostart, established in Florence in 2018 and that has developed the Endorail system, a medical device aimed at facilitating the completion of colonoscopies in cases where they are difficult or impossible to complete, based on a proprietary technology co-developed together with the ICCOM institute of the CNR and the Interuniversity Consortium INSTM.
Finally, please note that, on May 31, 2021, the EUREKA! fund finalized the third Closing, on the basis of which new investors were formally admitted, with a total contribution to the investment of approximately €11.3 million. Therefore, the investment of SAES was diluted from 7.51% to 5.85% and the Parent Company obtained a refund referring to both the costs and the investments of the fund, equal to €51 thousand.
The Group's economic result will continue to be influenced by the trend in the exchange rate of the euro against the US dollar. In order to preserve the margins from the exchange rate fluctuations, on March 9, 2021, forward sale contracts on the dollar were signed for a notional value of \$6.7 million, with an average forward exchange rate of 1.1957 against the euro. These contracts extend throughout the year 2021.
On March 31, 2021, the establishment of a branch of SAES Coated Films S.p.A. in Freiburg - Germany was completed (registration number HRD723906), in line with the strategy of the company that is committed to improving its presence in strategic markets, in order to boost new business opportunities. This decision was approved by the Board of Directors of SAES Coated Films S.p.A. held on November 26, 2020.
With regard to the investment in SAES RIAL Vacuum S.r.l., on May 31, 2021, based on new agreements between the parties currently under negotiation, the exercise terms of the put & call option between the shareholders SAES Getters S.p.A. and Rodofil S.r.l were redefined, postponing them from mid-year 2021 to the end of 2021. In particular, Rodofil S.r.l., in the period between October 1, 2021 and October 31, 2021, will have the opportunity to sell its shares to SAES Getters S.p.A. in one single solution, exercising the put option for a minimum percentage of 2% and up to 51% of the share capital of SAES RIAL Vacuum S.r.l., at a price related to the company's performance, pro-formed for any extraordinary costs and non-recurring investments. If Rodofil S.r.l. does not exercise this put option, SAES Getters S.p.A. will have the right to exercise a call option between November 1 and November 30, 2021, again in a single solution, for a percentage of shares equal to 30% of the share capital, at a price calculated with a similar mechanism, but without adjustments for any extraordinary costs or investments.
On June 1, 2021, the German branch of SAES Getters S.p.A. was established, located in Freiburg - Germany (registration number HRB724326), with scouting and promotion functions, in line with the strategy that will see the Group committed to improving its presence in markets deemed crucial for its future growth.
During the month of June SAES Nitinol S.r.l. partially waived, for a total amount of €0.5 million, the interest already accrued on the loans granted to the joint venture Actuator Solutions GmbH. In addition, the interest rate applied to the loans has been reduced to 2% starting from January 1, 2021. The aforementioned waiver had no effect on the consolidated financial statements, as the financial receivable related to the interest-bearing loan (both principal and interest) was already fully written down as at December 31, 2020, as it was deemed difficult to recover.
Consolidated revenues of the Metallurgy Division amounted to €30.2 million in the first half of 2021, down by -9.9% compared to €33.5 million in the corresponding half of 2020. The euro trend compared to other foreign currencies recorded a negative exchange rate effect equal to -5.3%, net of which revenues organically decreased by 4.6%.
The organic decrease was mainly concentrated in:
| - the electronic devices sector (Electronic Devices Business, -15.3%) due to the slowdown in the sales of thermal | |||||
|---|---|---|---|---|---|
| sensors that were highly sought after in the previous year during the pandemic crisis; | |||||
| - the SMAs for industrial applications (SMA Industrial Business, -12%) penalized by international tensions | |||||
| between USA and China, that drastically reduced sales for consumer electronics applications in the telecom | |||||
| sector; | |||||
| - similarly to what happened in the thermo-scanner sector, the mitigation of the Covid-19 crisis also recorded an | |||||
| organic decrease in the sector of x-ray diagnostic systems (Healthcare Diagnostics Business, -5%); | |||||
| - the lamps sector (Lamps Business) continued to show a progressive structural crisis, with an organic decrease | |||||
| of -15.7%. | |||||
| On the other hand, an organic growth was recorded in the following sectors: | |||||
| - the Sintered Components for Electronic Devices & Lasers Business (organic growth of +17.6%), thanks to | |||||
| higher sales of heat sinks for solid-state lasers; | |||||
| - the security and defense sector (Security & Defense Business, +1.2%), thanks to higher sales of alkaline | |||||
| dispensers for night vision applications, particularly in the second quarter; | |||||
| - the thermal insulation sector (Thermal Insulated Devices Business, +2.8%), thanks to the higher sales of getters for vacuum bottles concentrated in the first part of the current semester. The table below shows the revenues in the first half of 2021 related to the different businesses, with evidence of the exchange rate effect and of the organic change compared to the corresponding period of 2020. |
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| Thousands of euro (except %) | |||||
| Business | 1H 2021 | 1H 2020 | Total difference (% ) |
Organic change (% ) |
Exchange rate effect |
| (% ) |
|||||
| Security & Defense Electronic Devices |
9,025 6,220 |
9,524 7,702 |
-5.2% -19.2% |
1.2% -15.3% |
-6.4% -3.9% |
| Healthcare Diagnostics | 2,503 | 2,752 | -9.0% | -5.0% | -4.0% |
| Lamps | 1,574 | 1,946 | -19.1% | -15.7% | -3.4% |
| Thermal Insulated Devices | 1,592 | 1,674 | -4.9% | 2.8% | -7.7% |
| Sintered Components for Electronic Devices & Lasers | 4,012 | 3,733 | 7.5% | 17.6% | -10.1% |
| SMA Industrial Metallurgy Division |
5,277 30,203 |
6,208 33,539 |
-15.0% -9.9% |
-12.0% -4.6% |
-3.0% -5.3% |
Operating income of the Metallurgy Division was equal to €10.6 million, compared to €11.2 million in the first half of 2020 (-5.3%); however, the operating margin improved from 33.5% to 35.2%.
| SAES Group – Press Release | |||||
|---|---|---|---|---|---|
| Vacuum Technology Division | |||||
| Consolidated revenues of the Vacuum Technology Division were equal to €8.6 million in the first half of 2021, showing a strong growth (+61.3%) compared to €5.4 million in the corresponding period of 2020. The exchange rate effect was negative and equal to -7.6%, net of which sales organically increased even by +68.9%: pump sales increased across all applications and were mainly driven by the particle accelerator business, particularly in Japan. The table below shows the revenues in the first half of 2021, with evidence of the exchange rate effect and of the organic change compared to the corresponding period of 2020. |
|||||
| Thousands of euro (except %) | |||||
| Business | 1H 2021 | 1H 2020 | Total difference (% ) |
Organic change (% ) |
Exchange rate effect (% ) |
| Solutions for Vacuum Systems | 8,645 | 5,359 | 61.3% | 68.9% | -7.6% |
| Gross profit of the Vacuum Technology Division was equal to €4.6 million in the first half of 2021, strongly up (+40.9%) compared to €3.3 million in the first half of 2020, due to the higher sales and the consequent economies of scale, while the gross margin was down (from 61.3% to 53.5%) due to the different product mix and the higher cost of raw materials. |
||||||
|---|---|---|---|---|---|---|
| Operating income of the Vacuum Technology Division amounted to €2.4 million, showing a strong growth (+70%) compared to €1.4 million in the first half of 2020. The operating margin increased from 26.4% to 27.9%. |
||||||
| Medical Division | ||||||
| Consolidated revenues of the Medical Division were equal to €38.5 million in the first half of 2021, down by 4% compared to €40.1 million in the corresponding period of 2020. Please note that the exchange rate effect was negative (-8.9%), net of which sales organically increased by 4.9%, thanks to the gradual resumption of deferred surgeries that returned to pre-Covid levels in the second quarter of the year. The table below shows the revenues in the first half of 2021, with evidence of the exchange rate effect and of the organic change compared to the corresponding period of 2020. |
||||||
| Thousands of euro (except %) Business |
1H 2021 | 1H 2020 | Total difference (% ) |
Organic change (% ) |
Exchange rate effect (% ) |
|
| Nitinol for Medical Devices | 38,522 | 40,145 | -4.0% | 4.9% | -8.9% | |
| Medical Division | 38,522 | 40,145 | -4.0% | 4.9% | -8.9% | |
| Gross profit of the Medical Division was equal to €13.6 million in the first half of 2021, down when compared to €15.9 million in the corresponding period of 2020, penalized by the devaluation of the dollar against the euro. |
Gross profit of the Medical Division was equal to €13.6 million in the first half of 2021, down when compared to €15.9 million in the corresponding period of 2020, penalized by the devaluation of the dollar against the euro. Gross margin was also lower (from 39.5% to 35.3%), although gradually improving during the current semester, due to both a temporary decline in volumes in a product line with above-average margins, and investments in the new Bethel site to expand the production capacity of tubes.
The first half of 2021 ended with an operating income of €9.4 million, compared to an operating income of €11.6 million in the previous year. The operating margin of the semester decreased at the same time, from 28.8% to 24.4%.
Consolidated revenues of the Specialty Chemicals Division were equal to €5.6 million in the first half of 2021, up (+11.5%) compared to €5 million in the corresponding period of 2020. The exchange rate effect was negative and equal to -1.6%, net of which the organic increase was equal to +13.1%, thanks to the planned increase in
| SAES Group – Press Release | |||||
|---|---|---|---|---|---|
| sales of advanced materials in the consumer electronics business and increased sales of dispensable dryers for | |||||
| passive matrix OLED displays and pulse oximeter displays. Finally, please note the launch of a new product for | |||||
| the protection of high voltage circuit-breakers used in electrical substations. | |||||
| The table below shows the revenues in the first half of 2021, with evidence of the exchange rate effect and of the | |||||
| organic change compared to the corresponding period of 2020. | |||||
| Thousands of euro (except %) | |||||
| Exchange | |||||
| Business | 1H 2021 | 1H 2020 | Total difference |
Organic change |
rate |
| (% ) |
(% ) |
effect | |||
| Functional Dispensable Products | 5,603 | 5,024 | 11.5% | 13.1% | (% ) -1.6% |
The operating income of the Specialty Chemical Division was equal to €0.5 million, substantially in line with €0.6 million in the first semester of 2020. The operating margin changed from 11% to 9.2%.
Consolidated revenues of the Advanced Packaging Division were equal to €2.9 million in the first half of 2021, compared to €5 million in the corresponding period of 2020. Sales were entirely denominated in euro. The decrease was exclusively attributable to the phase-out of metallized products completed in the second half of 2020; considering only lacquered products, sales were substantially in line and were affected by some shifts in orders from the second to the third quarter of 2021 due to the tensions on the prices of plastics, which influence the purchasing strategies of customers. Business 1H 2021 1H 2020 (% ) (% ) (% ) Advanced Coatings 2,912 5,032 -42.1% -42.1% 0.0% Advanced Packaging Division 2,912 5,032 -42.1% -42.1% 0.0%
The table below shows the revenues in the first half of 2021, with evidence of the exchange rate effect and of the organic change compared to the corresponding period of 2020.
| Total difference |
Organic change |
Exchange rate effect |
|
|---|---|---|---|
Thousands of euro (except %)
Gross profit of the Advanced Packaging Division was equal to €0.1 million (4.1% of revenues) compared to €0.6 million recorded in the corresponding period of 2020 (12.1% of revenues): the decrease was mainly due to the lower economies of scale (higher incidence of manufacturing overhead) and to the initial functioning phase of the second lacquering line, not yet fully operational.
The first half of 2021 ended with an operating loss of -€1.6 million, compared to -€1.1 million in the previous year.
It includes the costs related to basic research projects or aimed at diversification in innovative businesses, as well as corporate costs (costs that cannot be directly attributed or reasonably allocated to any business sector, but that refer to the Group as a whole).
The unallocated cost of goods sold, equal to a total of -€0.3 million, refers to costs related to a project for the renovation and safety of some production departments at the Lainate site.
The operating expenses amounted to €13.3 million in the first half of 2021, compared to €11.7 million in the corresponding period of 2020. The increase, mainly concentrated in G&A expenses, included higher costs in the IT area and higher consultancy costs for the development in foreign markets.
Finally, please note costs for Covid-19 donations equal to €0.7 million under the item "other net income (expenses)" in the first half of 2020.
***
Consolidated operating expenses were equal to €27.7 million (32.3% of revenues), compared to €26.3 million (29.5% of revenues) in the corresponding period of 2020. Excluding the exchange rate effect (which reduced operating expenses by €0.7 million), operating costs increased by €2.1 million: the increase was spread across all destinations and, in absolute terms, mainly concentrated in general and administrative expenses (+€0.9 million, net of the exchange rate effect), mainly due to higher costs in the IT area for the implementation of new information systems and higher consulting costs of the US subsidiaries for the recruiting of new staff, in order to support the current phase of production expansion after Covid-19, as well as due to the costs associated with a renovation and modernization project regarding some offices of the Parent Company in Lainate.
Selling expenses (+€0.6 million, again net of the exchange rate effect) increased as a result of the increase in the average number of sales personnel of the Parent Company and the higher bonuses set aside following the recovery of the business, as well as for consultancy costs for a development opportunity in foreign markets, currently under assessment.
Finally, research and development expenses (+€0.5 million, excluding the currency effect) increased due to both the overcoming of the pandemic phase and the consequent return of R&D activities to pre-Covid levels, as well as to the new approach of the Group to innovation, through the creation of a dedicated Strategic Innovation Office within the Parent Company. Finally, please note a slight increase in costs for the management and maintenance of patents.
The net balance of other net income (expenses) was negative and equal to -€0.1 million, compared to a negative balance of -€0.8 million in the first half of 2020. The reduction in net costs was due to the fact that in the first half of 2020 there were costs for Covid-19 donations, equal to the same amount (€0.7 million).
The net balance of financial income and expenses was positive and equal to €1.1 million, compared to a negative balance of €6.5 million in the corresponding period of 2020. The positive change (€7.6 million) was mainly attributable to the fair value valuation of the securities portfolio, positive in the current half year for €1.4 million and negative in the first six months of 2020 for €6.5 million, due to the Covid-19 financial crisis. Please also note the lower bank commissions that in the first half of 2020 included costs related to the opening of two new credit lines by the Parent Company (approximately €0.2 million). On the other hand, the current semester included net charges (€0.6 million) deriving from the partial disinvestment of the bond portfolio, replaced by a Dynamic Multi-Asset (DMAS) management, with the aim of protecting the value of the invested capital, considering the global macroeconomic and monetary framework. Finally, please note that the item included the write-down of the financial receivable for the interests accrued in the current semester both on the interest-bearing loans granted to the joint venture Actuator Solutions GmbH, and on the convertible loan granted to Flexterra, Inc. (respectively, -€79 thousand and -€100 thousand).
The income deriving from the valuation with the equity method of the jointly controlled companies was equal to €53 thousand, attributable exclusively to the joint venture SAES RIAL Vacuum S.r.l., and compares with a loss of €0.9 million in the corresponding period of the previous year, mainly attributable to the jointly controlled company Flexterra. Please note that, similarly to last year, despite the joint venture Actuator Solutions ended the first half of 2021 with a positive result, SAES's share of this net income was not recorded by the Group, since the consolidated shareholders' equity of the joint venture was still negative, against a shareholding of SAES which has already been completely zeroed. Also the portion of the net loss realized by the Flexterra joint venture in the current half year was also not recognized, as the equity investment was already zeroed5 at the end of the previous year. It should also be noted that there is no legal or implicit obligation for SAES to recapitalize, as the equity of the joint venture as at 30 June 2021 is positive.
The sum of exchange rate differences recorded a substantially nil balance in the first six months of 2021 and was equal to -€72 thousand (-€29 thousand in the first half of 2020). Both balances, of an immaterial amount, were mainly attributable to the effect of the fluctuations of the dollar against the euro on commercial transactions, including intragroup transactions.
Income taxes amounted to €4.5 million in the semester, compared to €3.3 million in the corresponding half of 2020 and mainly consisted of US company taxes. The increase compared to the first six months of the previous year was mainly attributable to the lower 2020 taxes of the subsidiary SAES Investments S.A, which had closed the previous semester with a tax loss due to the losses on securities following the Covid-19 crisis.
5 Equity investment completely zeroed as at December 31, 2020, following an impairment test.
The Group tax rate was equal to 51.6% (compared to 88.4% in the first half of 2020), still significant due to the fact that the Parent Company and SAES Coated Films S.p.A. ended the current half year with a negative tax base, not valued as a deferred tax asset.
In the first half of 2021, net income per ordinary and savings share were equal, respectively, to €0.22404 and €0.24067. In the first half of 2020, net income per savings share was equal to €0.05936, while net income per ordinary share was zero.
The consolidated net financial position as at June 30, 2021 was positive for €82.4 million and compares with a net cash as at December 31, 2020 of €95.7 million.
The decrease in the net financial position (-€13.3 million) was mainly attributable to net investments in tangible and intangible assets (-€8.2 million), as well as the payment of dividends for the year 2020, paid at the end of April 2021 (- €7.4 million), partially offset by positive cash flows (+€2 million) related to the securities portfolio6 .
With regard to operating cash flows (positive for €0.4 million), the self-financing of the semester was almost completely absorbed by the increase in net working capital, in particular the increase in trade receivables (consequence of the higher sales in the second quarter of 2021, compared to the last months of 2020) and in the inventory (in anticipation of the increase in future sales).
Finally, regarding the investment activities, please note investments amounting to €0.1 million in the venture capital fund EUREKA! and, in the financial management, financial payables for new leasing contracts entered into in the semester (including interest accrued in the period and the financial effect for the early termination of some contracts) totaling €0.4 million, in addition to negative flows of €0.7 million for interest accrued on bank loans.
The exchange rate impact was positive (+€1.1 million), mainly attributable to the effect of the revaluation of both the renminbi and the dollar as at June 30, 2021, compared to the end of 2020, on the cash equivalents held in these currencies by the Chinese subsidiary SAES Getters (Nanjing) Co., Ltd. and by the US subsidiaries.
The joint venture Actuator Solutions achieved net revenues of €7.2 million in the first half of 2021, compared to €7.9 million in the corresponding period of 2020. Despite the signs of recovery in the automotive market, revenues fell by 9.3%, but the two years are not comparable since in the second half of 2020 Actuator Solutions sold a production line of actuators for business seat comfort to its partner Alfmeier Präzision, renouncing sales, but receiving in exchange a commission on them equal to the margin it would have achieved if it had continued its production activities. Therefore, this operation reduced the revenues of the joint venture in the automotive sector, replaced only by commissions, with no effect on the results. By way of information, please note that the pro-forma value of revenues, without considering the aforementioned sale of the seat comfort production line, was €9.7 million, up by 23.5% compared to the previous period: sales increased especially in the first months of the current year, while, starting from May 2021, they were penalized by difficulties in the procurement of electronic components.
The fees generated by the application development activities in the actuator sector increased by 16.7% compared to the first six months of 2020. Finally, sales related to the development and assembly contract for Covid-19 rapid diagnostic test devices recorded revenues of €1.1 million (€1 million in the first six months of 2020).
The gross margin was equal to 29.7% in the first half of 2021, up when compared to 27.3% in the corresponding period of 2020, due to the different offer mix and the higher incidence of revenues from application developments that, together with the Covid-19 rapid test assembly activities, are characterized by higher margins compared to the core business of automotive seat comfort.
With the same gross profit and operating expenses, operating income for the half year of the year was equal to €0.9 million, down from €1 million in the first half of 2020, since the 2020 figure included an extraordinary income, equal to approximately €0.1 million, related to the liquidation process of the Taiwanese subsidiary.
Net income was equal to €1.3 million, compared to €0.7 million in the corresponding period of 2020: the increase was mainly due to a financial income, equal to €0.5 million, recognized by the joint venture following the partial waiver by the SAES Group on the interest accrued on the loans granted to Actuator Solutions GmbH. In addition, the interest rate applied on these loans was reduced from 6% to 2% starting from January 1, 2021, resulting in savings in the semester of approximately €0.2 million for the joint venture.
6 Coupons collected equal to +€1.3 million and change in the fair value of the securities equal to +€1.4 million, net of capital losses on bonds equal to -€0.6 million and management fees equal to -€0.1 million.
| SAES Group – Press Release | ||
|---|---|---|
| Thousands of euro | ||
| Actuator Solutions | 1H 2021 | 1H 2020 |
| Total net sales | 100% 7,151 |
100% 7,880 |
| Cost of sales | (5,030) | (5,725) |
| Gross profit | 2,121 | 2,155 |
| % on sales | 29.7% | 27.3% |
| Total operating expenses | (1,262) | (1,290) |
| Other income (expenses), net | 29 | 164 |
| Operating income (loss) | 888 | 1,029 |
| % on sales | 12.4% | 13.1% |
| Interests and other financial income, net | 377 | (304) |
| Foreign exchange gains (losses), net | (9) | (23) |
| Income taxes Net income (loss) |
(3) 1,253 |
15 717 |
The joint venture SAES RIAL Vacuum S.r.l. ended the first half of 2021 with revenues of €3.1 million, strongly up (+76.5%) compared to €1.8 million in the corresponding period of 2020 that, on the other hand, had been characterized by the delay of some large research projects, also due to the Covid-19 pandemic. Despite the increase in revenues, the gross margin was down (from 17.7% to 12.3%) due to a different product mix, with the dominance of projects with lower margins and the half year ended with a gross profit of €0.4 million, compared to €0.3 million in the first six months of 2020. The increase in absolute terms of the gross profit was similar at both the operating income level (€150 thousand, compared to €76 thousand in the first half of 2020), and at the net income one (€109 thousand, compared to €48 thousand in the first six months of 2020). SAES RIAL Vacuum S.r.l. 1H 2021 1H 2020 100% 100% Total net sales 3,127 1,772 Cost of sales (2,743) (1,459) Gross profit 384 313 % on sales 12.3% 17.7% Total operating expenses (341) (260) Other income (expenses), net 107 23 % on sales 4.8% 4.3%
| Solutions which has already been completely zeroed. | ||
|---|---|---|
| SAES RIAL Vacuum S.r.l. | ||
| The joint venture SAES RIAL Vacuum S.r.l. ended the first half of 2021 with revenues of €3.1 million, strongly up (+76.5%) compared to €1.8 million in the corresponding period of 2020 that, on the other hand, had been characterized by the delay of some large research projects, also due to the Covid-19 pandemic. Despite the increase in revenues, the gross margin was down (from 17.7% to 12.3%) due to a different product mix, with the dominance of projects with lower margins and the half year ended with a gross profit of €0.4 million, compared to €0.3 million in the first six months of 2020. The increase in absolute terms of the gross profit was similar at both the operating income level (€150 thousand, compared to €76 thousand in the first half of 2020), and at the net income one (€109 thousand, compared to €48 thousand in the first six months of 2020). Thousands of euro |
||
| Cost of sales | (2,743) | (1,459) |
| Gross profit % on sales |
384 12.3% |
313 17.7% |
| Total operating expenses | (341) | (260) |
| Other income (expenses), net | 107 | 23 |
| Operating income (loss) | 150 | 76 |
| % on sales | 4.8% | 4.3% |
| Interests and other financial income, net | (12) | (14) |
| Foreign exchange gains (losses), net | (6) | 0 |
| Income taxes | (23) | (14) |
During the first months of 2021 the Flexterra project made some progress. In particular, some feasibility studies and joint experiments with an important Asian player have been launched for the development of innovative displays for reading, to which Flexterra will be able to contribute with its advanced materials.
The joint venture Flexterra ended the first half of 2021 with a consolidated net loss of -€2.1 million, in line with the corresponding period of 2020 (mainly costs for employees employed in research activities and in general and administrative activities, consultancy, costs related to the management of patents and depreciation on intangible assets,
7 50% pro-quota amount.
| SAES Group – Press Release | ||
|---|---|---|
| including intellectual property). The reduction in operating expenses, exclusively attributable to the exchange rate effect, | ||
| was offset by the financial interest accrued on the \$3 million convertible loan granted by the SAES Group in July 2020. Thousands of euro |
||
| Flexterra | 1H 2021 | 1H 2020 |
| 100% | 100% | |
| Total net sales | 3 | 50 |
| Cost of sales | (1) | (27) |
| Gross profit % on sales |
2 66.7% |
23 46.0% |
| Total operating expenses | (2,010) | (2,132) |
| Other income (expenses), net | 17 | 1 |
| Operating income (loss) | (1,991) | (2,108) |
| % on sales | n.a. | n.a. |
| Interests and other financial income, net | (111) | (9) |
| Foreign exchange gains (losses), net Income taxes |
32 (32) |
74 21 |
On July 2, 2021 SAES Getters S.p.A. signed a convertible loan worth €1.5 million in favor of the German company Rapitag GmbH, based in Munich.
Rapitag is a start-up that develops products for mobile check-out, based on IoT (Internet of Things) solutions, to foster the digital transformation of physical stores. Rapitag, in particular, has developed patented IoT tags for 1-click purchase, speeding up purchases and ensuring the anti-theft functionality, with the aim of helping to support the digital transformation in the retail sector.
The financing agreement provides that the resources made available by SAES will be used by Rapitag for the prototyping activities, which will be carried out through the joint venture Actuator Solutions GmbH as exclusive contractor. The agreement also provides that Rapitag will only use SMA shape memory alloy wires supplied by SAES. The loan is granted by SAES in two tranches, and the first one, equal to €0.8 million, transferred upon signature of the agreement, will be used to finance the company's operations; the second one (equal to €0.7 million) will be paid in successive installments corresponding to the costs that Rapitag will incur for the development of the prototypes. An annual interest of 6% will accrue on the loan, maturing on December 31, 2024 and extensible through an agreement between the parties. The loan may be repaid before the maturity date upon the occurrence of certain relevant events, including the receivership of Rapitag, its liquidation, the change of control of more than 50% or the renunciation by one of the Founding Shareholders. SAES will have the right to convert its credit into new Rapitag shares (conversion shares) at any time in the period July 1, 2022 - June 30, 2023 or upon the occurrence of a qualified capital increase of at least €500 thousand, as well as at the maturity date. The price of each conversion share will be calculated by dividing the value of the company prior to the last capital increase, net of a discount coefficient, by the number of shares in circulation before the increase itself.
On July 7, 2021 SAES Getters S.p.A. finalized the closing for the acquisition of 100% of the share capital of Strumenti Scientifici Cinel S.r.l. (CINEL), a consolidated international player in the sector of components and scientific instrumentation for synchrotrons and particle accelerators, based in the province of Padua. The price was equal to €19 million, paid to CINEL shareholders in a single tranche and in cash, already in the cash holdings of SAES. This consideration was defined by calculating the equity value, determined by algebraically adding to the enterprise value (equal to 8 times the EBITDA obtained as the arithmetic average of the EBITDA resulting from the approved financial statements for the years 2019 and 2020) the net financial position (NFP) estimated at the closing date, in addition to the difference between the net working capital (NWC) estimated at the closing date and the Company's NWC for the year ended at December 31, 2020. Any deviation between the estimated NFP and NWC values and the actual values at the closing will constitute a price adjustment element (estimated at around €0.7 million, to the benefit of the former shareholders of CINEL).
The spaces used to date by CINEL, already sold to another company, will be leased through the signing of a specific sixyear contract.
8 Equity investment completely zeroed as at December 31, 2020, following an impairment test.
Some agreements are foreseen with the current owners who will continue to collaborate with SAES as consultants, in order to guarantee business continuity in the transition phase.
The objective of the acquisition, for SAES, is to strengthen its competitive position in the vacuum sector, through an expansion of the range of products for particle accelerators and synchrotrons, entirely Italian and at the forefront on a global scale.
Strumenti Scientifici Cinel S.r.l. achieved net revenues9 of approximately €8.4 million in 2020, with an EBITDA margin of 29.3%. In 2019, revenues were equal to €5.7 million, with an EBITDA margin of 27.5%. As at December 31, 2020, the company's net equity amounted to €2.9 million, while the net financial position was positive for approximately €2.9 million. The company employs around 35 people.
On July 22, 2021, the liquidation process of the German subsidiary Memry GmbH (which began at the end of 2017) was completed with the cancellation of the company from the Register of Companies.
With regard to the investment completed in the venture capital fund EUREKA!, on July 27, 2021, a payment of €50 thousand was made, including both the portion of commissions and management fees, as well as the portion of an investment made by the fund in Aquaseek S.r.l., a spin-off company of the Politecnico of Turin that has just been established, which intends to develop and market an innovative system (AWG, Atmospheric Water Generator) for the collection and conversion of environmental humidity, in order to make it available in a liquid and drinkable form, useful in contexts of water shortage or usable in parallel with other resources.
On August 18, 2021, SAES Getters International Luxembourg S.A. finalized an agreement to grant to the joint venture Flexterra, Inc. a second convertible loan for a total amount of \$2 million, with the same characteristics of the one granted last year (July 2020). The loan, with a duration of one year and on which an interest of 8% will accrue, will be paid in two tranches: the first one, equal to \$1 million, upon signing the contract and the second one, again for an amount equal to \$1 million, in November 2021. The latter will be conditional upon the joint venture's achievement of preestablished commercial objectives. The agreement also provides for the extension of the maturity date of the convertible loan of \$3 million granted in July 2020 and the alignment of its maturity to that of the new loan (i.e., August 2022, in case that only the first tranche is paid, or November 2022, if both tranches are paid).
Please note that the fair value of the Group's securities portfolio, consisting mainly of buy&hold assets, at the end of August 2021 increased by approximately 0.3% compared to the value as at June 30, 2021.
In the remaining part of the year a further consolidation is expected in the Medical Division as well as a gradual recovery of activities within the industrial world.
***
The figures are drawn from the Interim consolidated financial statements as at June 30, 2021 (including the interim condensed consolidated financial statements, the interim management report and the certification required by article 154 bis, paragraph 5 of TUF) that was approved by the Board of Directors of SAES Getters S.p.A. today and already transmitted to the auditing firm to perform the related legal requirements.
This document, together with the results of the audit check, will be available to the public both on the Company's website (www.saesgetters.com/investor-relations/financial-reports) and on the centralized storage mechanism () on September 13, 2021.
The Officer responsible for the preparation of corporate financial reports of SAES Getters S.p.A. certifies that, in accordance with the second subsection of article 154-bis, part IV, title III, second paragraph, section V-bis, of Legislative Decree February 24, 1998, no. 58, the financial information included in the present document corresponds to book of account and book-keeping entries.
***
The Officer responsible for the preparation of corporate financial reports Giulio Canale
***
SAES Group
9 Please note that the value of net revenues was determined by applying national accounting standards.
A pioneer in the development of getter technology, the company SAES Getters S.p.A., together with its subsidiaries (hereinafter referred to as SAES® Group) is the world leader in a variety of scientific and industrial applications where stringent vacuum conditions are required. In 80 years of activity, the Group's getter solutions have been supporting technological innovation in the information display and lamp industries, in sophisticated high vacuum systems and in vacuum thermal insulation, in technologies spanning from large vacuum power tubes to miniaturized silicon-based microelectronic and micromechanical devices (MEMS).
Starting in 2004, by leveraging the core competencies in special metallurgy and in the materials science, the SAES Group has expanded its business into the advanced material markets, in particular the market of shape memory alloys, a family of materials characterized by super elasticity and by the property of assuming predefined forms when subjected to heat treatment. These special alloys, which today are mainly applied in the biomedical sector, are also perfectly suited to the realization of actuator devices for the industrial sector (domotics, white goods industry, consumer electronics, healthcare, automotive and luxury sector).
More recently, SAES has expanded its business by developing a technological platform that integrates getter materials in a polymeric matrix. These products, initially developed for OLED displays, are currently used in new application sectors, among which optoelectronics, photonics and above all in the mobile sector. Among the new applications, the advanced packaging is a significantly strategic one, in which SAES is present with an offer of new products for the food sustainable packaging and aims to compete with fully recyclable and compostable solutions.
A total production capacity distributed in ten facilities, a worldwide-based sale & service network, almost 1,100 employees allow the Group to combine multi-cultural skills and experiences and to be a fully-fledged global company.
SAES Group is headquartered in the Milan area (Italy).
SAES Getters S.p.A. is listed on the Italian Stock Exchange Market, STAR segment, since 1986.
More information on the SAES Group is available in the website www.saesgetters.com.
Emanuela Foglia Investor Relations Manager Tel. +39 02 93178 273 E-mail: [email protected]
Corporate Media Relations Close to Media Tel. +39 02 70006237 Nicola Guglielmi E-mail: [email protected] Sofia Crosta E-mail: [email protected]
| Security & Defence | Getters and metal dispensers for electronic vacuum devices | ||
|---|---|---|---|
| Electronic Devices | Getters for microelectronic, micromechanical systems (MEMS) and sensors | ||
| Healthcare Diagnostics | Getters for X-ray tubes used in image diagnostic systems | ||
| Thermal Insulated Devices | Products for thermal insulation | ||
| Lamps | Getters and metal dispensers used in discharge lamps and fluorescent lamps | ||
| Sintered Components for Electronic Devices and Lasers |
state devices | Cathodes and materials for thermal dissipation in electronic tubes, lasers and solid | |
| SMA Industrial | Shape memory alloys actuator devices for the industrial sector (domotics, white goods industry, consumer electronics, healthcare, automotive and luxury sector) |
||
| Vacuum Technology Division | |||
| Solutions for Vacuum Systems | research and in particle accelerators | Getter pumps for vacuum systems that find application in the industrial sector, in | |
| Medical Division | |||
| Nitinol for Medical Devices | Nitinol raw material and components for the biomedical sector | ||
| Specialty Chemicals Division | |||
| Functional Dispensable Products | Getter materials integrated in polymeric matrices for OLED applications, | ||
| Advanced Packaging Division | optoelectronics, photonics and mobile sector | ||
| Advanced Coatings | Lacquers and advanced plastic films for the sustainable packaging sector | ||
| 1H 2021 | 1H 2020 | ||
| 2,432 | 2,008 | ||
| 14,580 | 17,324 | ||
| Consolidated Net Sales by Geographic Location of Customer Thousands of euro Geographic Area Italy European countries North America |
50,168 | 48,382 | |
| Japan | 4,967 | 3,923 | |
| South Korea | 1,210 | 876 | |
| 9,298 | 12,851 | ||
| China Rest of Asia Rest of the World |
2,549 681 |
2,887 848 |
| Geographic Area | 1H2021 | 1H2020 |
|---|---|---|
| Italy | 2,432 | 2,008 |
| European countries | 14,580 | 17,324 |
| North America | 50,168 | 48,382 |
| Japan | 4,967 | 3,923 |
| South Korea | 1,210 | 876 |
| China | 9,298 | 12,851 |
| Rest of Asia | 2,549 | 2,887 |
| Rest of the World | 681 | 848 |
| Total Net Sales | 85,885 | 89,099 |
| SAES Group – Press Release | ||
|---|---|---|
| Consolidated statement of profit or loss | ||
| Thousands of euro | ||
| 1H 2021 | 1H 2020 | |
| Total net sales Cost of sales |
85,885 (50,505) |
89,099 (50,876) |
| Gross profit | 35,380 | 38,223 |
| R&D expenses | (5,665) | (5,283) |
| Selling expenses | (6,061) | (5,656) |
| G&A expenses | (15,993) | (15,368) |
| Write-down of trade receivables | (14) | (19) |
| Total operating expenses Other income (expenses), net |
(27,733) (103) |
(26,326) (754) |
| Operating income (loss) | 7,544 | 11,143 |
| Interest and other financial income, net | 1,309 | (6,273) |
| Write-down of financial receivables and other financial assets | (174) | (187) |
| Income (loss) from equity method evalueted companies | 53 | (884) |
| Foreign exchange gains (losses), net | (72) | (29) |
| Income (loss) before taxes | 8,660 | 3,770 |
| Income taxes | (4,471) | (3,332) |
| Net income (loss) from continued operations | 4,189 | 438 |
| Income (loss) from discontinued operations Net income (loss) before minority interest |
0 4,189 |
176 614 |
| Net income (loss) pertaining to minority interest | 0 | 0 |
| Net income (loss) pertaining to the Group | 4,189 | 614 |
| Consolidated statement of other comprehensive income | ||
| Thousands of euro | ||
| 1H 2021 | 1H 2020 | |
| Net income (loss) for the period | 4,189 | 614 |
| Exchange differences on translation of foreign operations | 3,863 | 205 |
| Exchange differences on equity method evalueted companies | 0 | 13 |
| Total exchange differences | 3,863 | 218 |
| 3,863 | 218 | |
| Total components that will be reclassified to the profit (loss) in the future | ||
| Fair value variations on investments in other companies | (51) | 0 |
| Income taxes | 0 | 0 |
| Fair value variations on investments in other companies, net of taxes | (51) | 0 |
| Total components that will not be reclassified to the profit (loss) in the future | (51) | 0 |
| 4,189 | 614 | |||
|---|---|---|---|---|
| 3,863 | 205 | |||
| 0 | 13 | |||
| 3,863 | 218 | |||
| 3,863 | 218 | |||
| 0 | ||||
| 0 | ||||
| (51) | 0 | |||
| (51) | 0 | |||
| 3,812 | 218 | |||
| 8,001 | 832 | |||
| 0 | 0 | |||
| 0 | 0 | |||
| 0 | ||||
| 832 | ||||
| 8,001 | 832 | |||
| 0 | 0 | |||
| 0.22404 | 0.00000 | |||
| 0.24067 | 0.05936 | |||
| Total comprehensive income (loss), net of taxes - Equity holders of the Parent Company Consolidated income (loss) per share 1H 2021 |
Consolidated statement of other comprehensive income Exchange differences on translation of foreign operations Exchange differences on equity method evalueted companies Fair value variations on investments in other companies Net income (loss) for the period from discontinued operations 1H 2020 |
Total components that will be reclassified to the profit (loss) in the future Fair value variations on investments in other companies, net of taxes Total components that will not be reclassified to the profit (loss) in the future Other comprehensive income (loss), net of taxes - continued operations Total comprehensive income (loss), net of taxes - continued operations Other comprehensive income (loss), net of taxes -discontinued operations Total comprehensive income (loss), net of taxes -discontinued operations |
(51) 0 0 8,001 |
| Euro | |
|---|---|
| Net income (loss) per ordinary share Net income (loss) per savings share |
| SAES Group – Press Release | ||||
|---|---|---|---|---|
| Consolidated Statement of Financial Position | ||||
| Thousands of euro | ||||
| June 30, | December | |||
| 2021 | 31, 2020 | |||
| Property, plant and equipment, net | 78,741 | 73,353 | ||
| Intangible assets | 41,667 | 41,165 | ||
| Right of use | 4,747 | 5,415 | ||
| Securities | 135,161 | 134,087 | ||
| Other non current assets | 13,174 | 13,984 | ||
| Current assets | 157,693 | 156,781 | ||
| Total Assets | 431,183 | 424,785 | ||
| Shareholders' equity | 238,723 | 238,162 | ||
| Minority interest in consolidated subsidiaries | 0 | 0 | ||
| Total Shareholders' Equity | 238,723 | 238,162 | ||
| Non current liabilities | 115,308 | 115,821 | ||
| Current liabilities | 77,152 | 70,802 | ||
| Total Liabilities and Shareholders' Equity | 431,183 | 424,785 | ||
| Consolidated Cash Flows Statement | ||||
| Thousands of euro | ||||
| 1H 2021 | 1H 2020 | |||
| Net income (loss) from continued operations | 4,189 | 438 | ||
| Net income (loss) from discontinued operations | 0 | 0 | ||
| Current income taxes | 3,287 | 2,921 | ||
| Change in deferred income taxes | 1,184 | 411 | ||
| Depreciation, amortization and write down of non current assets | ||||
| 5,673 | 5,311 | |||
| Net loss (gain) on disposal of assets | (1) | 0 | ||
| Interests and other financial income, net | (1,188) | 7,344 | ||
| Other non-monetary costs | (1,422) | (773) | ||
| June 30, 2021 |
December 31, 2020 |
|||
|---|---|---|---|---|
| Current liabilities | 77,152 | 70,802 | ||
| Total Liabilities and Shareholders' Equity | 431,183 | 424,785 | ||
| Consolidated Cash Flows Statement Thousands of euro |
||||
| 1H 2021 | 1H 2020 | |||
| Net income (loss) from continued operations | 4,189 | 438 | ||
| Net income (loss) from discontinued operations | 0 | 0 | ||
| Current income taxes | 3,287 | 2,921 | ||
| Change in deferred income taxes | 1,184 | 411 | ||
| Depreciation, amortization and write down of non current assets | ||||
| 5,673 | 5,311 | |||
| Net loss (gain) on disposal of assets | (1) | 0 | ||
| Interests and other financial income, net | (1,188) | 7,344 | ||
| Other non-monetary costs | (1,422) | (773) | ||
| 11,722 | 15,652 | |||
| Change in operating assets and liabilities | (8,794) | (11,028) | ||
| Payments of termination indemnities and similar obligations | (145) | (335) | ||
| Financial income received, net of payment of interests | (68) | (415) | ||
| Payment of income taxes | (2,286) | (1,094) | ||
| Net cash provided by (used by) operating activities | 429 | 2,780 | ||
| Purchase of tangible and intangible assets, net of proceeds from sales | (8,247) | (6,933) | ||
| Purchase of securities, net of disinvestments | 156 | (1,431) | ||
| Income from securities, net of management fees | 1,187 | 1,170 | ||
| Advances paid for the purchase of investments | (40) | 0 | ||
| Cash flows provided by (used by) investing activities | (6,944) | (7,194) | ||
| Proceeds from debts, net of repayments | 8,271 | (1,981) | ||
| Interests on financing receivables from related parties | 1 | 1 | ||
| Dividends paid | (7,440) | (9,198) | ||
| Interests and other expenses paid on loans | (740) | (654) | ||
| Repayment of financial liabilities for leased assets (interests included) | (1,186) | (1,130) | ||
| Other financial liabilities/assets Cash flows provided by (used by) financing activities |
0 (1,094) |
21 (12,941) |
||
| Effect of exchange rate differences | 1,203 | 23 | ||
| Increase (decrease) in cash and cash equivalents | (6,406) | (17,332) | ||
| Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period |
30,700 24,294 |
48,521 31,189 |
| SAES Group – Press Release | ||
|---|---|---|
| Actuator Solutions - SAES Group interest (50% ) |
||
| Thousands of euro | ||
| Actuator Solutions | June 30, | December 31, |
| 2021 | 2020 | |
| Statement of financial position | 50% | 50% |
| Non current assets | 2,796 | 3,012 |
| Current assets | 1,573 | 1,809 |
| Total Assets | 4,369 | 4,821 |
| Non current liabilities | 4,166 | 4,306 |
| Current liabilities | 2,288 | 3,226 |
| Total Liabilities | 6,454 | 7,532 |
| Capital Stock, Reserves and Retained Earnings | (2,711) | (2,970) |
| Net income (loss) for the period | 626 | 189 |
| Other comprehensive income (loss) for the period (*) | 0 | 70 |
| Total Equity | (2,085) | (2,711) |
| (*) Currency translation differences arising from the conversion in euro of the financial statements | ||
| of Actuator Solutions Taiwan Co., Ltd. and Actuator Solutions (Shenzhen) Co., Ltd., from January | ||
| 1st, 2020 to the liquidation date (September 2020), and release to P&L of the conversion reserve | ||
| after the liquidation of the two asian companies. | ||
| Actuator Solutions | 1H 2021 | 1H 2020 |
| Statement of profit or loss | 50% | 50% |
| 3,575 | 3,940 | |
| (2,515) | (2,863) | |
| Total net sales | ||
| Cost of sales | ||
| Gross profit | 1,060 | 1,077 |
| Total operating expenses | (631) | (645) |
| Other income (expenses), net | 15 | 82 |
| Operating income (loss) | 444 | 514 |
| Interests and other financial income, net | 189 | (152) |
| Foreign exchange gains (losses), net | (5) | (12) |
| Income taxes | (2) | 8 |
| Net income (loss) | 626 | 358 |
| 2021 | 2020 | |
|---|---|---|
| Capital Stock, Reserves and Retained Earnings | (2,711) | (2,970) |
| (*) Currency translation differences arising from the conversion in euro of the financial statements | ||
| of Actuator Solutions Taiwan Co., Ltd. and Actuator Solutions (Shenzhen) Co., Ltd., from January | ||
| 1st, 2020 to the liquidation date (September 2020), and release to P&L of the conversion reserve | ||
| after the liquidation of the two asian companies. | ||
| Total net sales | 3,575 | 3,940 |
| Cost of sales | (2,515) | (2,863) |
| Gross profit | 1,060 | 1,077 |
| Total operating expenses | (631) | (645) |
| Other income (expenses), net | 15 82 |
|
| Operating income (loss) | 444 | 514 |
| Interests and other financial income, net | 189 | (152) |
| Foreign exchange gains (losses), net | (5) | (12) |
| Income taxes | (2) | 8 |
| Net income (loss) | 626 | 358 |
| Exchange differences | 0 2 |
|
| Total comprehensive income (loss) for the period | 626 | 360 |
| SAES RIAL Vacuum S.r.l. - SAES Group interest (49% | ) | |
| Thousands of euro | ||
| June 30, | December 31, | |
| SAES RIAL Vacuum S.r.l. | 2021 | 2020 |
| Statement of financial position | 49% | 49% |
| Non current assets | 322 | 302 |
| Current assets | 1,649 | 1,695 |
| Total Assets | 1,971 | 1,997 |
| Non current liabilities | 195 | 201 |
| Current liabilities | 964 | 1,037 |
| Total Liabilities | 1,159 | 1,238 |
| Capital Stock, Reserves and Retained Earnings | 759 | 451 |
| Net income (loss) for the period | 53 | 309 |
| Other comprehensive income (loss) for the period (*) | 0 | (1) |
| Thousands of euro | ||
|---|---|---|
| June 30, | December 31, | |
| SAES RIAL Vacuum S.r.l. | 2021 | 2020 |
| Statement of financial position | 49% | 49% |
| Non current assets | 322 | 302 |
| Current assets | 1,649 | 1,695 |
| Total Assets | 1,971 | 1,997 |
| Non current liabilities | 195 | 201 |
| Current liabilities | 964 | 1,037 |
| Total Liabilities | 1,159 | 1,238 |
| Capital Stock, Reserves and Retained Earnings | 759 | 451 |
| Net income (loss) for the period | 53 | 309 |
| Other comprehensive income (loss) for the period (*) | 0 | (1) |
| Total Equity | 812 | 759 |
| SAES Group – Press Release | ||
|---|---|---|
| SAES RIAL Vacuum S.r.l. | 1H 2021 | 1H 2020 |
| Statement of profit or loss | 49% | 49% |
| Total net sales | 1,532 | 868 |
| Cost of sales | (1,344) | (715) |
| Gross profit | 188 | 153 |
| Total operating expenses | (167) | (127) |
| Other income (expenses), net | 52 | 11 |
| Operating income (loss) | 73 | 37 |
| Interests and other financial income, net | (6) | (7) |
| Foreign exchange gains (losses), net | (3) | 0 |
| Income taxes | (11) | (7) |
| Net income (loss) | 53 | 23 |
| Actuarial gain (loss) on defined benefit plans, net of | 0 | 0 |
| taxes | ||
| Totale comprehensive income (loss) for the period | 53 | 23 |
| Flexterra - SAES Group interest (46.73% ) |
||
| Thousands of euro | ||
| Flexterra | June 30, | December 31, |
| 2021 | 2020 | |
| Statement of financial position | 46.73% | 46.73% |
| Non current assets | 5,519 | 5,628 |
| Current assets | 580 | 1,086 |
| Total Assets | 6,099 | 6,714 |
| Non current liabilities | 70 | 44 |
| Current liabilities | 1,537 | 1,343 |
| Total Liabilities | 1,607 | 1,387 |
| 7,595 | ||
| Capital Stock, Reserves and Retained Earnings | 5,154 | |
| Reserve for stock options plan | 173 | 173 |
| Net income (loss) for the period | (982) | (1,811) |
| Actuarial gain (loss) on defined benefit plans, net of | ||
|---|---|---|
| taxes | ||
| Thousands of euro Flexterra |
June 30, 2021 |
December 31, 2020 |
| Statement of financial position | 46.73% | 46.73% |
| Non current assets | 5,519 | 5,628 |
| Current assets | 580 | 1,086 |
| Total Assets | 6,099 | 6,714 |
| Non current liabilities | 70 | 44 |
| Current liabilities | 1,537 | 1,343 |
| Total Liabilities | 1,607 | 1,387 |
| Capital Stock, Reserves and Retained Earnings | 5,154 | 7,595 |
| Reserve for stock options plan | 173 | 173 |
| Net income (loss) for the period | (982) | (1,811) |
| Other comprehensive income (loss) for the period (*) | 147 | (630) |
| Total Equity | 4,492 | 5,327 |
| (*) Currency translation differences arising from the conversion in euro of the financial | ||
| statements of Flexterra, Inc. and of Flexterra Taiwan Co., Ltd. | ||
| Flexterra | 1H 2021 | 1H 2020 |
| Statement of profit or loss | 46.73% | 46.73% |
| Total net sales | 2 | 23 |
| Cost of sales | (1) | (13) |
| Gross profit | 1 | 10 |
| Total operating expenses | (939) | (996) |
| Other income (expenses), net | 8 | 0 |
| Operating income (loss) | (930) | (986) |
| Interests and other financial income, net | (52) | (4) |
| Foreign exchange gains (losses), net | 15 | 35 |
| Income taxes | (15) | 10 |
| Net income (loss) | (982) | (945) |
| Exchange differences | 147 | 13 |
| (*) Currency translation differences arising from the conversion in euro of the financial | ||
|---|---|---|
| statements of Flexterra, Inc. and of Flexterra Taiwan Co., Ltd. | ||
| Cost of sales | (1) | (13) |
| Gross profit | 1 | 10 |
| Total operating expenses | (939) | (996) |
| Other income (expenses), net | 8 | 0 |
| Operating income (loss) | (930) | (986) |
| Interests and other financial income, net | (52) | (4) |
| Foreign exchange gains (losses), net | 15 | 35 |
| (15) | 10 | |
| (945) | ||
| Income taxes Net income (loss) |
(982) | |
| Exchange differences | 147 | 13 |
| SAES Group – Press Release | ||||||||
|---|---|---|---|---|---|---|---|---|
| Total statement of profit or loss of the Group | ||||||||
| Thousands of euro | 1H 2021 | |||||||
| 50% | Intercoy eliminations & | SAES RIAL Vacuum 49% |
Intercoy eliminations & | 46.73% | Intercoy eliminations & | Total profit or | ||
| Consolidated profit or loss | Actuator Solutions | other adjustments | S.r.l. | other adjustments | Flexterra | other adjustments | loss of the Group | |
| Total net sales | 85,885 | 3,575 | (141) | 1,532 | (289) | 2 | 90,564 | |
| Cost of sales | (50,505) | (2,515) | 141 | (1,344) | 289 | (1) | (53,935) | |
| Gross profit % on sales |
35,380 41.2% |
1,060 | 0 | 188 | 0 | 1 | 0 | 36,629 40.4% |
| Total operating expenses | (27,733) | (631) | (167) | (939) | 38 | (29,432) | ||
| Other income (expenses), net | (103) | 15 | 52 | 8 | (28) | |||
| Operating income (loss) % on sales |
7,544 8.8% |
444 | 0 | 73 | 0 | (930) | 38 | 7,169 7.9% |
| Interest and other financial income, net | 1,135 | 189 | (211) | (6) | (52) | 47 | 1,102 | |
| Income (loss) from equity method evaluated companies Foreign exchange gains (losses), net |
53 (72) |
(5) | 0 | (3) | (53) | 15 | 0 | 0 (65) |
| Income (loss) before taxes | 8,660 | 628 | (211) | 64 | (53) | (967) | 85 | 8,206 |
| Income taxes | (4,471) | (2) | (11) | (15) | (4,499) | |||
| Net income (loss) from continued operations Income (loss) from assets held for sale and discontinued |
4,189 | 626 | (211) | 53 | (53) | (982) | 85 | 3,707 |
| operations | 0 | 0 | ||||||
| Net income (loss) before minority interest | 4,189 | 626 0 |
(211) | 53 | (53) | (982) | 85 | 3,707 0 |
| Net income (loss) pertaining to minority interest Net income (loss) pertaining to the Group |
4,189 | 626 | (211) | 53 | (53) | (982) | 85 | 3,707 |
| *** | ||||||||
| Covid-19 one-offs | ||||||||
| Thousands of euro | ||||||||
| 1H 2021 | ||||||||
| Covid-19 one-offs | Direct labor | Manufactorin | R&D | Selling | G&A | Total | ||
| g overhead | expenses | expenses | expenses | |||||
| Personnel cost | (29) | (13) | (6) | (2) | 16 | (34) (*) |
||
| Maintenance and repairs | 68 | 68 | ||||||
| Material and office material | 3 | 3 | ||||||
| Transport, insurance, freight-direct | 0 | 0 | ||||||
| Consultant fees | 10 | 10 | ||||||
| Canteen, cleaning, vigilance | 75 | 75 | ||||||
| 0 | 0 | |||||||
| Training | ||||||||
| Total cost of sales and extraordinary operating expenses Covid-19 |
(29) | (13) | (6) | (2) | 172 | 122 |
| Income (loss) from assets held for sale and discontinued | ||||||||
|---|---|---|---|---|---|---|---|---|
| Covid-19 one-offs Thousands of euro |
*** | |||||||
| 1H 2021 | ||||||||
| Manufactorin | R&D | Selling | G&A | |||||
| Covid-19 one-offs | Direct labor | Total | ||||||
| g overhead | expenses | expenses | expenses | |||||
| Personnel cost | (29) | (13) | (6) | (2) | 16 | (34) | (*) | |
| Maintenance and repairs | 68 | 68 | ||||||
| Material and office material | 3 | 3 | ||||||
| Transport, insurance, freight-direct | 0 | 0 | ||||||
| Consultant fees | 10 | 10 | ||||||
| Canteen, cleaning, vigilance | 75 | 75 | ||||||
| Training | 0 | 0 | ||||||
| Total cost of sales and extraordinary | (29) | (13) | (6) | (2) | 172 | 122 | ||
| operating expenses Covid-19 | ||||||||
| (*) The amount is composed by: | ||||||||
| - saving for USA governmental misures to support companies and families, for -54 thousands of euro; | ||||||||
| - additional personnel costs, for 20 thousands of euro. | ||||||||
| Thousands of euro | ||||||||
| 1H 2020 | ||||||||
| Covid-19 one-offs | Direct labor | Manufactorin | R&D | Selling | G&A | Total | ||
| g overhead | expenses | expenses | expenses | |||||
| Personnel cost | (101) | (53) | (44) | (11) | 47 | (162) | (**) | |
| Maintenance and repairs | 30 | 30 | ||||||
| Material and office material | 103 | 103 | ||||||
| Transport, insurance, freight-direct | 3 | 3 | ||||||
| Consultant fees | 73 | 73 | ||||||
| Canteen, cleaning, vigilance | 38 | 38 | ||||||
| Training | 3 | 3 | ||||||
| Total cost of sales and extraordinary | ||||||||
| (101) | (53) | (44) | (11) | 297 | 88 |
| 1H 2021 R&D Selling G&A g overhead expenses expenses expenses Total cost of sales and extraordinary operating expenses Covid-19 (*) The amount is composed by: |
Total |
|---|---|
| - saving for USA governmental misures to support companies and families, for -54 thousands of euro; | |
| - additional personnel costs, for 20 thousands of euro. | |
| Thousands of euro | |
| 1H 2020 | |
| Manufactorin R&D Selling G&A |
|
| Covid-19 one-offs Direct labor g overhead expenses expenses expenses |
Total |
| Personnel cost (101) (53) (44) (11) 47 |
(162) |
| Maintenance and repairs 30 |
30 |
| Material and office material 103 |
103 |
| Transport, insurance, freight-direct 3 |
3 |
| Consultant fees 73 |
73 |
| Canteen, cleaning, vigilance 38 |
38 |
| Training 3 |
3 |
| Total cost of sales and extraordinary (101) (53) (44) (11) 297 |
88 |
| operating expenses Covid-19 (**) The amount is composed by: |
|
| - CIGO savings in Lainate plant, for -55 thousands of euro; | |
| - saving for USA governmental misures to support companies and families, for -167 thousands of euro; | |
| - additional personnel costs, for 60 thousands of euro. | |
| Thousands of euro | |
| Covid-19 one-offs 1H 2020 |
|
| Other income 0 |
|
| Other expenses (689) |
|
| Total other extraordinary income | |
| (689) (expenses) Covid-19 |
|
| Total other extraordinary income (expenses) Covid-19 |
(689) |
|---|---|
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