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Technoprobe Earnings Release 2022
4484_10-q_2022-09-27_92cec09b-fdac-403e-8ac4-0705953750a6.pdf
Earnings Release
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| Informazione Regolamentata n. 20250-34-2022 |
Data/Ora Ricezione 27 Settembre 2022 18:46:49 |
Euronext Growth Milan | ||
|---|---|---|---|---|
| Societa' | : | TECHNOPROBE | ||
| Identificativo Informazione Regolamentata |
: | 167480 | ||
| Nome utilizzatore | : | TECHNOPROBEN04 - Di Terlizzi | ||
| Tipologia | : | 1.2 | ||
| Data/Ora Ricezione | : | 27 Settembre 2022 18:46:49 | ||
| Data/Ora Inizio Diffusione presunta |
: | 27 Settembre 2022 18:46:50 | ||
| Oggetto | : | The Board of Directors approves | consolidated results for the first half of 2022 | |
| Testo del comunicato |
Vedi allegato.
PRESS RELEASE
The Board of Directors approves consolidated results for the first half of 20221 : guidance achieved and growth confirmed also in the second half of the year
- Consolidate Revenues at €250.3 million, up 42.6%
- Consolidated EBITDA at €106.7 million, up 30.3% and with a margin of 42.6%
- Consolidated Net Financial Position positive at €315.9 million
Cernusco Lombardone (LC), 27 September 2022 - The Board of Directors of Technoprobe S.p.A., a leading company in the design and production of Probe Cards (the "Company" or "Technoprobe") listed on Euronext Growth Milan, met today to examine and approve the Half Year Financial Report as of June 30, 2022.
Stefano Felici, Group Chief Executive Officer, said: "We are very satisfied with the results achieved in the first half of 2022 when we have recorded our historical record in turnover. The growth in the order backlog, allows us to be confident of the second half of the year".
Financial results for the first half of 2022
Consolidated revenues for the first half of 2022, at €250.3 million, up 42.6% as compared to the first half of 2021, reflect the Group's expansion in its target market, also thanks to the development of new technologies that have strengthened its leadership position.
Consolidated EBITDA at €106.7 million, up 30.3% as a result of higher volumes achieved and with a margin of 42.6%. As compared to the same period prior year, margins were affected by an increase in the cost of goods sold due to the inflationary pressure that impacted the cost of raw materials and by costs related to the roll out of production lines in the Agrate Brianza, Cernusco Lombardone and Osnago plants. The incidence of research and development expenses also increased, in connection with the research and development projects for new products.
Consolidated Ebitda adjusted for the non-recurring IPO costs incurred in the first quarter of 2022, amounted to €108.3 million with a margin of 43.3% compared to the first quarter of 2021 to €81.9 million with a margin of 46.7%.
As of June 30, 2022, the Consolidated Net Financial Position was positive for €315.9 million, the increase from €134.8 million as of December 31, 2021, was attributable to cash generated from operating activities as well as due to the proceeds from the listing amounted to €139.4 million finalised on 15 February 2022.
1 Please note that the Half Year Financial Report as of June 30, 2022 has been approved by the Company's Board of Directors on 27 September 2022 and was subject to a limited review by our Independent Auditors PricewaterhouseCoopers S.p.A. Comparative figures for the six months ended 30 June 2021 were not audited nor subject to limited review.
Technoprobe S.p.A. - VAT No. and Tax Code 02272540135 - Share Capital EUR 6,010,000 - Econ. and Admin. Index (REA) 283619
All rights reserved. The COPYRIGHT of this document is property of TECHNOPROBE S.p.A. No part of this document may be copied, reprinted or reproduced in any material form, whether wholly or in part, without a written consent. The contents or methods or techniques contained herein are CONFIDENTIAL and therefore must not be disclosed to any other person or company or entity.
In the first half of 2022, Capital expenditure amounted to €38.0 million and are related to the upgrading, modernisation and updating of production lines to meet the ever-increasing demand of the reference market, both in Italy and abroad, as well as research and development projects still in progress.
Subsequent event after 30.6.2022
On August 31, 2022 the Company announced that, as of October 1, 2022 Mr. Stefano Beretta will assume the position of Chief Financial Officer, replacing Mr. Andrea Tornaghi. The employment relationship with Dr. Tornaghi will terminate on September 30, 2022.
In September 2022, activities started in the new design centre in Catania.
Business outlook
The overall market context has been significantly impacted by the consequences of international geopolitical tensions and to a lesser extent, by the Covid-19 pandemic crisis. As such, it continues to remain uncertain and critical with reference to main raw material price increase and their availability, transport logistics and procurement.
Considering the above, the backlog of orders and assuming no worsening of the pandemic situation, also taking into account results achieved in the first half of the year, the Company confirms the growth trend also in the second half of 2022.
The results as of June 30, 2022 will be presented today at 18:45 during an audio-webcast conference call.
This press release and the presentation will be available on Technoprobe's website https://www.technoprobe.com/it/, in the Investor Relations section.
***
Contacts Technoprobe S.p.A. Technoprobe S.p.A. Ines Di Terlizzi Paolo Cavallotti
Technoprobe S.p.A. – Comin & Partners Tommaso Accomanno Email: [email protected] Mob. +39 340 770 1750
Euronext Growth Advisor e Specialist Mediobanca - Banca di Credito Finanziario S.p.A. Piazzetta Enrico Cuccia no. 1 Milan Email: [email protected] Tel: +39 02 88291
Investor Relator Communication & Marketing Manager Email: [email protected] Email: [email protected]
Technoprobe S.p.A. - VAT No. and Tax Code 02272540135 - Share Capital EUR 6,010,000 - Econ. and Admin. Index (REA) 283619
All rights reserved. The COPYRIGHT of this document is property of TECHNOPROBE S.p.A. No part of this document may be copied, reprinted or reproduced in any material form, whether wholly or in part, without a written consent. The contents or methods or techniques contained herein are CONFIDENTIAL and therefore must not be disclosed to any other person or company or entity.
About the Technoprobe Group
Technoprobe is a leading company in the field of semiconductors and microelectronics.
Established in 1996 by the entrepreneurial spirit of its founder Giuseppe Crippa, Technoprobe specialises in the design and manufacture of electro-mechanical interfaces called "Probe Cards" for testing the operation of chips. Its segment is that of non-memory or SOC (system on chip) semiconductor testing. The Group is the only Italian manufacturer of probe cards and the second largest in the world in terms of volume and turnover. Its portfolio of collaborations and partnerships includes some of the largest microelectronics, IT and digital companies in the world. Probe cards are hi-tech devices - tailored to the specific chip - that allow testing the operation of chips during their construction process. They are highly technological interfaces that ensure the operation and reliability of devices that play a crucial role in the industries of Information Technology, 5G, Internet of Things, home automation, automotive, aerospace, etc.
Technoprobe is therefore an essential link in the supply chain for the production of chips that are at the heart of today's technological world.Technoprobe is an ever-expanding technology hub of research and innovation with about 2,500 consolidated employees (of which more than 1,517 are in Italy), 3 research centres and more than 500 certified patents.
The Group has its Italian headquarters in Cernusco Lombardone (LC), a municipality on the outskirts of Milan where there is also a production plant that covers an area of about 18,000 sqm. The Group has two additional production plants in Italy: one in Agrate (MB) covering about 3,000 sqm, and one in Osnago (LC) covering about 5,000 sqm. The Group also has 11 other locations spread across Europe (France and Germany), Asia (Taiwan, South Korea, China, Japan, Philippines and Singapore) and the United States (two locations in California).
Technoprobe S.p.A. - VAT No. and Tax Code 02272540135 - Share Capital EUR 6,010,000 - Econ. and Admin. Index (REA) 283619
All rights reserved. The COPYRIGHT of this document is property of TECHNOPROBE S.p.A. No part of this document may be copied, reprinted or reproduced in any material form, whether wholly or in part, without a written consent. The contents or methods or techniques contained herein are CONFIDENTIAL and therefore must not be disclosed to any other person or company or entity.
CONSOLIDATED INCOME STATEMENT
| (In Euro thousands) | Six months ended June 30, | ||
|---|---|---|---|
| 2022 | 2021 | ||
| Revenue | 250,286 | 175,483 | |
| Cost of revenue | (101,157) | (65,843) | |
| Gross profit | 149,129 | 109,640 | |
| Operating expenses | |||
| Research and development | (25,645) | (15,769) | |
| Selling, general and administrative | (34,504) | (22,955) | |
| Total operating expenses | (60,149) | (38,724) | |
| Operating profit | 88,980 | 70,916 | |
| Other income, net | (2,205) | (13) | |
| Net finance income (expenses) | (96) | (55) | |
| Foreign exchange gains (losses) | 4,611 | 2,998 | |
| Profit before tax | 91,290 | 73,846 | |
| Income tax expense | (24,670) | (11,311) | |
| Net profit | 66,620 | 62,535 |
Technoprobe S.p.A. - VAT No. and Tax Code 02272540135 - Share Capital EUR 6,010,000 - Econ. and Admin. Index (REA) 283619
CONSOLIDATED BALANCE SHEET
| (In Euro thousands) | As of June 30, 2022 | As of December 31, 2021 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 190,726 | 169,198 |
| Intangible assets | 7,860 | 6,673 |
| Goodwill | 10,625 | 9,757 |
| Deferred tax assets | 17,548 | 13,604 |
| Non-current financial assets | 959 | 835 |
| Other non-current assets | 1,367 | 1,383 |
| Total non-current assets | 229,085 | 201,450 |
| Current assets | ||
| Inventories | 96,422 | 71,901 |
| Trade receivables | 110,296 | 102,848 |
| Current financial assets | 63 | 132 |
| Current tax receivables | - | 1,898 |
| Other current assets | 18,657 | 12,365 |
| Cash and cash equivalents | 323,484 | 146,754 |
| Total current assets | 548,922 | 335,898 |
| Total Assets | 778,007 | 537,348 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Share capital Reserves |
6,010 586,972 |
5,760 319,669 |
| Net profit attributable to the owners of the Parent | 65,656 | 118,321 |
| Total shareholders' equity attributable to the owners of the Parent | 658,638 | 443,750 |
| Equity attributable to non-controlling interests | 2,871 | 2,533 |
| Total equity | 661,509 | 446,283 |
| Non-current liabilities | ||
| Non-current lease liabilities | 5,603 | 5,516 |
| Deferred tax liabilities | 511 | 335 |
| Employee benefits obligations | 272 | 2,665 |
| Provision for risks and charges | 14,925 | 11,625 |
| Other non-current liabilities | 23 | 24 |
| Total non-current liabilities | 21,334 | 20,165 |
| Current liabilities | ||
| Trade payables | 42,640 | 32,782 |
| Contract liabilities | - | 8 |
| Current financial liabilities | 1,226 | 4,646 |
| Current lease liabilities | 2,013 | 2,013 |
| Current tax payables | 11,939 | 1,130 |
| Other current liabilities | 37,346 | 30,321 |
| Total current liabilities | 95,164 | 70,900 |
| Total liabilities | 116,498 | 91,065 |
| Total equity and liabilities | 778,007 | 537,348 |
Technoprobe S.p.A. - VAT No. and Tax Code 02272540135 - Share Capital EUR 6,010,000 - Econ. and Admin. Index (REA) 283619
All rights reserved. The COPYRIGHT of this document is property of TECHNOPROBE S.p.A. No part of this document may be copied, reprinted or reproduced in any material form, whether wholly or in part, without a written consent. The contents or methods or techniques contained herein are CONFIDENTIAL and therefore must not be disclosed to any other person or company or entity.
CONSOLIDATED CASH FLOW STATEMENT
| (In Euro thousands) | Six months ended June 30, |
|
|---|---|---|
| 2022 | 2021 | |
| Profit before tax | 91,290 | 73,846 |
| - Adjustments for: | ||
| Amortization, depreciation and impairment | 17,750 | 11,023 |
| (Gains) losses on disposals | (46) | (6) |
| Net Finance (income) expenses | 96 | 55 |
| Other non-cash adjustments | 9,093 | 1,547 |
| Cash flow generated by operating activities before changes in | 118,183 | 86,465 |
| net working capital | ||
| Change in inventories | (27,572) | (21,481) |
| Change in trade receivables | (6,866) | 1,212 |
| Change in trade payables | 10,435 | (4,721) |
| Changes in other assets/ liabilities | (1,072) | (950) |
| Uses of provisions for risks and charges and employee benefits | (1,215) | (861) |
| obligations | ||
| Income taxes paid | (15,611) | (7,110) |
| Net cash flow provided by operating activities | 76,282 | 52,554 |
| Investments in property, plant and equipment (excluding right of | (36,800) | (36,480) |
| use assets) | ||
| Investments in intangible assets | (1,177) | (83) |
| Disposal of property, plant and equipment | 175 | 406 |
| Net investments in financial assets | (55) | 11 |
| Finance income received | 87 | 20 |
| Net cash flow used in investing activities | (37,770) | (36,126) |
| Financial liabilities reimbursement | (4,420) | (30,005) |
| Lease liabilities reimbursement | (901) | (715) |
| Finance expenses paid | (183) | (75) |
| Capital increase | 139,366 | - |
| Net cash flow provided by / (used in) financing activities | 133,862 | (30,795) |
| Total cash flow provided / (used) during the period | 172,374 | (14,367) |
| Cash and cash equivalents at the beginning of the period | 146,754 | 158,296 |
| Total changes in cash and cash equivalents | 172,374 | (14,367) |
| Exchange differences from translation of cash and cash equivalents | 4,356 | 1,892 |
| Cash and cash equivalents at the end of the period | 323,484 | 145,821 |
Technoprobe S.p.A. - VAT No. and Tax Code 02272540135 - Share Capital EUR 6,010,000 - Econ. and Admin. Index (REA) 283619
All rights reserved. The COPYRIGHT of this document is property of TECHNOPROBE S.p.A. No part of this document may be copied, reprinted or reproduced in any material form, whether wholly or in part, without a written consent. The contents or methods or techniques contained herein are CONFIDENTIAL and therefore must not be disclosed to any other person or company or entity.