Earnings Release • Oct 6, 2014
Earnings Release
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FIN'EXTENSO
Trappes, September 29, 2014 - The interim consolidated financial statements for the period ended June 30, 2014 were reviewed and adopted by the Board of Directors' meeting of September 25, 2014 chaired by Philippe Brégi and attended by the auditors. The auditors performed a limited review of these financial statements and their report will be issued in accordance with the provisions of the law.
| IFRS (€m) | H1 2013 * | H2 2013 * | H1 2014 |
|---|---|---|---|
| Revenue | 10,81 | 9,58 | 10,52 |
| Operating profit/(loss) | (0,27) | (0,40) | (0,07) |
| Net income/(loss) | (0,34) | (0,18) | (0,13) |
(1) Like-for-like with 2014
On these half-year results, James (Jim) F. Collins, Chief Executive Officer, commented: "This performance highlights continuing improvements that are bringing us closer to breakeven. On that basis, the operating loss for the first half was limited to €65,000 which, combined with net financial expense of €67,000, resulted in a €132,000 net loss for the period."
At June 30, 2014 the Group had assets of €2.8 million that include namely the building and land of Egide USA (€1.4 million) and the new plating line of Bollène (€0.4 million). Cash and cash equivalents of €0.2 million were bolstered by net proceeds from the capital increase (€4.8 million), strengthening the cash position as from July 1, 2014. Working capital represented approximately 57 days of sales outstanding. Shareholders' equity stood at €8.3 million, following take-up of the rights issue on June 30, 2014. Financial debt amounted to €4 million, and included a €1.1 million loan for Egide USA, €0.1 million for Egide SA's PRME regional loan, factoring debts of €2.2 million and €0.6 million in RTC (Research Tax Credit) financing.
Pursuant to the general meeting of July 7, 2014 and the resignation for personal reasons of two directors, the members of Egide's Board of Directors are Philippe Brégi, Chairman of the Board, Jim Collins, Chief Executive Officer, Colette Lucas, independent director, Jean-Louis Malinge, independent director and SIGMA Gestion (with a 10.8% capital state), represented by Stephan Clerjaud.
In July 2014, Bpifrance pre-financed the 2013 CICE wage tax credit and the 2014 CICE wage tax credit advance for a net amount of €287,000, or 90% of total wage tax credit.
Jim Collins noted: "In an economic environment weakened by important geopolitical tensions and the slowdown of the US military market, annual revenue for 2014 is expected to remain in line with the level of 2013. The impact on earnings should nevertheless be limited, in particular, by Egide SA's implementation of part-time work measures in the fourth quarter."
He continued: "The success of our capital increase enables us to rapidly implement our "Commitments 2018" strategic plan". To date, the installation of the ceramic production line in the United States is proceeding as planned, with initial work at the Cambridge (Maryland) site having commenced. Regarding manufacturing operations in France, the prototyping unit has been in place since September 1st and new equipment has been selected that will contribute to productivity gains".
Jim Collins concluded: "Our main challenge will be to increase sales. To achieve this objective, we have launched a reorganization of our commercial actions that will be completed before the end of November 2014."
Publication of 2013 third-quarter sales: October 10, 2014 - 07:00 (CET) Publication of 2014 annual sales: January 12, 2015 - 07:00 (CET)
Egide shares are eligible for the French tax incentivized PEA-PME and FCPI investment vehicles.
Egide renewed its OSEO label as an innovative company (entreprise innovante) on June 11, 2012 ISO 9001:2008 and ISO 14001:2004 certified quality and environmental management systems
EGIDE - Finance 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]
Euronext Paris - Compartiment C - ISIN : FR0000072373 - Reuters : EGID.PA - Bloomberg : GID
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