Earnings Release • Oct 11, 2011
Earnings Release
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The Board of Directors met on October 6, 2011 under the chairmanship of Philippe Brégi and in the presence of the statutory auditors. The consolidated accounts as of June 30, 2011 were examined and determined by the Board. The statutory auditors carried out a limited review of said accounts and their report shall be issued in accordance with legal provisions.
| In million Euros, IFRS | 1 st half-year 2011 |
2 nd half-year 2010 |
1 st half-year 2010 |
|---|---|---|---|
| Revenues | 14.2 | 13.1 | 11.6 |
| Operating income | 0.4 | 0.2 | 0.5 |
| Net income | (0.1) | (0.3) | 1.0 |
In his comments on these half-year results, Philippe Brégi declares: "This good first half-year is due to growth in our revenue (+ 8% year on year and + 22% compared to the first half year of 2010) and to the successful performance of our production indicators. Operating income of 0.4 million Euros represents 3% of our revenues against - 1% in 2010 (excluding the sale of our Bollène facility).The strong change in our closing exchange rate prices compared to the average prices to which the current accounts between the group's companies are linked, has generated a provision for exchange losses of 0.4 million Euros, bringing the financial income to minus 0.5 million Euros. Therefore the net income is minus 0.1 million Euros."
He adds: "In this way, Egide is showing its return to profitability as soon as there is sufficient activity to absorb its fixed costs, these still include the Egima costs from the first half-year. The assets of this branch have been let out since the month of April, and so forthcoming quarters will not be impacted by these costs".
| In million Euros (non-audited) | 3 rd quarter 2011 |
Changes Q3 11 / Q3 10 |
|---|---|---|
| Revenues | 6.4 | + 3% |
Concerning the third quarter, he states: "With this turnover, up on the same quarter of last year, growth for the first nine months of the year reaches + 16% compared to the same period of 2010, and + 30% compared to that of 2009".
The operating income from Egide France is positive at 0.2 million Euros and is made up of a gain of 0.4 million Euros for Egide SA and a loss of 0.2 million Euros for the subsidiary Egima. Egide USA remains positive and shows an operating income of 0.15 million Euros. Egide UK reaches break even with a positive result of 0.05 million Euros.
As of June 30, 2011, the available cash flow is 0.7 million Euros. Working capital requirements are around 43 days of turnover. Equity stands at 3.1 million Euros. Total debt stands at 3 million Euros, of which 2.6 million Euros is factoring. As the subsidiary Egima is to be sold, its assets and liabilities are shown on separate lines on the balance sheet.
During the third quarter of 2011, Egide produced non-audited revenues of 6.4 million Euros. The defense and space sector accounted for 50% of the group's total revenues, the industrial sector produced 28% and telecoms 22%. Egide France represents 68% of consolidated revenues, Egide USA 24% and Egide UK 8%.
Philippe Brégi points out: "All Egide's markets are markets experiencing growth. As such, despite the severity, western countries including France, forecast for 2012 a slight rise in their defense budget, the space budget should once again be well-positioned from next year and annual growth forecasts for our main industrial markets (security, aeronautics and automotives), are good. Regarding telecoms, despite the expected short term slow down, all analysts confirm a very high demand for optical networks and the European Union has announced measures aimed at accelerating the roll out of high speed fiber networks. This market should therefore restart quite quickly towards growth".
He adds: "In order to support this outlook for growth, to finance the working capital requirements which will result from it and to secure the available cash, the board of directors has decided to implement an operation to strengthen its resources in the long term in forthcoming weeks."
Egide SA is a European group with international scope specializing in the manufacture of hermetic cases for sensitive electronic components. The Group is active in high tech sectors, including Aerospace, Defense, Security, Aeronautics, Telecommunications, Automotives and Medicine. The only dedicated manufacturer in its niche, Egide has facilities in France, the United States and Great Britain.
To find out more about Egide, visit: www.egide.fr
EGIDE is listed on NYSE Euronext Paris™- Compartment C - ISIN: FR0000072373 – Reuters: EGID.PA – Bloomberg: GID
Egide has renewed its OSEO Innovative Company label on 10 September 2009 Environmental and quality management systems certified ISO 9001:2008 and ISO 14001:2004
Contacts
EGIDE – Financial Department - Philippe Lussiez - +33 1 30 68 81 00 - [email protected] FIN'EXTENSO – Press Relations - Isabelle Aprile - +33 1 39 97 61 22 – [email protected]
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