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Groupe Gorgé SA — Earnings Release 2013
Feb 24, 2014
1381_iss_2014-02-24_3effa6fa-e62a-46e3-b82c-e333733f47a5.pdf
Earnings Release
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Paris, 24th February 2014
About Groupe Gorgé
Established in 1990, Group Gorgé is an industrial group operating in different areas of expertise:
Smart Safety Systems – Using technology to work in risk environments. Group Gorgé holds 63.88% of the share capital of ECA, a company listed on NYSE Euronext Paris – Compartment C;
Protection in Nuclear Environments – Protecting people and securing buildings operating with radioactive materials;
Industrial Projects & Services Conducting Robotics and Fire protection systems projects for industry and service-sector player;
3D Printing – Enabling major industry players to find new routes to successful innovation and production processes by providing systems, 3D printers and new premium material.
In 2013, the Group reported revenue of €214.5 million. It is backed by 1,300 employees and operations in over ten countries.
More information available on www.groupe-gorge.com
Groupe Gorgé is listed on NYSE Euronext Paris and on the US OTC market in the form of ADR
NYSE Euronext Paris: Compartment C. ISIN code: FR0000062671 Ticker code: GOE
US OTC market: CUSIP NUMBER: 399451 103 ISIN NUMBER: US3994511034 Ticker Code: GGRGY
2013 Annual Revenue : €214,5 M (+2.9%)
| Revenue Q4 in €M | 2013(1) | 2012 | Var. (%) |
|---|---|---|---|
| Smart Safety Systems | 30.2 | 31.8 | -4.7% |
| Industrial Projects & Services | 23.3 | 24.5 | -4.7% |
| Protection in Nuclear Environments |
12.1 | 9.0 | +34.4% |
| Revenue between the 3 divisions and structure |
(0.3) | (0.0) | - |
| Consolidated revenue | 66.0 | 65.2 | +1.2% |
| Revenue FY in €M | 2013(1) | 2012(2) | Var. (%) |
|---|---|---|---|
| Smart Safety Systems | 93.2 | 98.8 | -5.7% |
| Industrial Projects & Services | 80.4 | 76.3 | +5.3% |
| Protection in Nuclear Environments |
40.9 | 33.5 | +21.9% |
| Revenue between the 3 divisions and structure |
(0.0) | (0.2) | - |
| Consolidated revenue | 214.5 | 208.4 | +2.9% |
(1) Unaudited figures
(2) 2012 column readjusted (cf note 1.3 from half year report 2013)
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Contact
Groupe Gorgé - Raphaël GORGÉ – Chairman & CEO - Tél. : 01 44 77 94 77 - E-mail : [email protected] Actus Finance - Anne-Pauline PETUREAUX – Investor Relations - Phone. : (0033)1 53 67 35 74 - mail : [email protected] Actus Finance – Jean-Michel MARMILLON – Press Relations - Phone : (0033)1 53 67 07 80 - mail : [email protected]
During the fourth quarter, the Group recorded a revenue of €66.0M compared with €65.2M for the previous fiscal year, an increase of 1.2%. The growth of PNE's turnover (+34.4%) offset the decline recorded by SSS (-4.7%) and IPS (down by 4.7% due to strong comparables).
Over the year, Smart Safety Systems' revenues amounted to €93.2M (-5.7%). Sales volumes were lower this year on Aerospace's area(1) (end of A350XWB contract) and Simulation's area despite a strong rebound in the last quarter. The activity Robotics & Embedded Systems grew by 11.7% over the year, driven by significant contracts.
Throughout the year, the business activity Industrial Projects & Services recorded an increase of 5.3% of its turnover reaching €80.4M. This performance is linked to the contribution, for the first year, of Van Dam (12% of total turnover of IPS division), which fully compensates the decline of 7.4% at constant perimeter, caused solely by Cimlec. The proportion of the Fire Protection's activity in IPS's turnover increased this year to 68% (compared to 60% last year).
Turnover for Protection in Nuclear Environments reached €40.9M versus €33.5M, a growth of 21.9% (+18.6% at constant perimeter), a new record for this activity, with notably the contribution of the €12.5M AP 1000 contract (delivered over 2013 and 2014) won by the Group last June.
In the end, Group Gorgé generated a turnover of €214.5M, an increase of 2.9%.
Positive outlook on 2014 for the three divisions
SSS is in a dynamic sales period on its 3 core businesses: in Aerospace's area (new contract ATR with a delivery planned by mid-2014); in Simulation (press release dated January 16 regarding land-based defence simulation), and in Robotics & Embedded Systems, where SSS continues to establish itself as an international key player (press release dated February 6 regarding a dronization for the Australian Navy).
(1) ECA has decided to present going forward its businesses in three areas : Robotics & Embedded Systems, Aerospace and Simulation (cf Press release ECA 2014/02/24)
The division is also discussing the terms of a strategic partnership with PROMINVEST (whose conditions will be decided during summer 2014) to deploy its underwater drones in Russia. Finally, the announcement of the signature of a settlement agreement with BAE Systems in 2013 relaunches the K-Ster C commercialization, a niche product which should bring new business opportunities.
SSS' backlog grew by 4.4% at end 2013, to €89M.
The two other areas IPS and PNE should continue their momentum.
IPS's backlog amounts to €37M versus €32M last year, an increase of almost 15%. CIMLEC, which had been a point of extra vigilance over 2013, will benefit from the acquisition of Air Liquide Welding France robotics business (estimated annual turnover of €7M).
With €50M, the backlog of PNE remains at a high level, while the business activity is still very dynamic with many pending offers, notably in China.
Backlog for the three divisions totaled €175M at 31 December 2013.
The 3D printing activity, integrated in IPS division, will contribute to Group Gorgé's turnover in 2014 for the first time. This activity, new flagship for the Group, generates an international very strong interest in many sectors, notably the dental market for which the Group has realized sales recently. Group Gorgé sold a 3D printer "D35 producer" which will be delivered in 2014 (press release dated December 9, 2013) and a "K20 producer" for the production of technical ceramics parts (press release dated February 13, 2014). These orders confirm the promising dynamic of this niche technology.
Medium-term outlook
Group Gorgé believes that it has been successful in refocusing on promising technologies and markets. Among them: robotics, 3D printing and drones, businesses in which the group has key assets, represent a significant growth potential for the coming years.
Next appointment
Publication of 2013 annual results on April 7, 2014 before the stock market opening Information meeting on April 7, 2014
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Disclaimer
The forward-looking statements and targets of turnover growth contained herein are based on the Management's current strategy and assumptions. Such statements and targets depend on known and unknown risks, uncertainties and other factors that may cause actual results, performance or events to differ materially from those anticipated herein. All these risks and uncertainties could affect the Group's future ability to achieve its targets.
Risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements and targets include, among other things: the risks and uncertainties mentioned in the press release; the strength of competition; the continuing growth of the Group's markets whose 3D printing market; the research for the diversification of materials for 3D printers; risks relating to the use of chemical products; currency fluctuations; interest rate fluctuations; raw materials and freight price fluctuations; armed conflicts or political instability; control of costs and expenses; changes in tax legislation, rules, regulation or enforcement; intensified price pressure by our competitors; our ability to successfully keep pace with technology changes; our ability to attract and retain qualified personnel and key-men; the evolution, interpretation and uniform application and enforcement of International Financial Reporting Standards (IFRS), according to which we prepare our financial statements; supply chain bottlenecks; the performance of our business partners (subcontractors, agents, suppliers, etc.).
Some of these risk factors are set forth and detailed in our Document de Référence (reference document including the annual financial report filed with the French Autorité des Marchés Financiers). This list of risks, uncertainties and other factors is not limitative. Other non-anticipated, unknown or unforeseeable factors could also have material adverse effect on our targets.
The Group expressly disclaims any obligation or undertaking to update or revise any forward-looking statements or targets contained in this press release to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based.