2018 full-year earnings break even, affected by non-recurring items

  • Profitability affected by non-recurring items for €2.1m
  • Restated net incomeii of €2.4m, representing 7.7% of revenues
  • Payout drawn against the issue premium, with €0.03 per share in July and €0.02 per share in September
  • Revenue and profitability growth forecast for 2019

Bezons, April 17, 2019 – 5:45pm – RIBER, a global market leader for semiconductor industry equipment, is releasing its full-year earnings for 2018.

(€m – at December 31) 2018 2017 Change
Revenues 31,1 30,6 + 2 %
MBE systems revenues 9,6 7,2 + 33 %
Services and accessories revenues 10,1 9,0 + 12 %
Evaporators revenues 11,6 14,4 – 19 %
Gross margin
% of revenues
11,1
35,6 %
13,6
44,5 %
– €2,5m
Income from ordinary operations
% of revenues
(0,1)
(0,4 %)
(4,6)
(15,2 %)
– €4,5m
Operating income
% of revenues
(0,0)
(0,0 %)
(3,8)
(12,4 %)
– €3,8m
Net income
% of revenues
(0,3)
(1,0 %)
(4,1)
(13,4 %)
– €3,8m
Restated income from ordinary operations i
% of revenues
(2,2)
(7,1 %)
(4,6)
(13,4 %)
– €2,4m
Restated net income ii
% of revenues
(2,4)
(7,7 %)
(4,1)
(13,4 %)
– €1,7m

i Restated income from ordinary operations corresponds to reported income from ordinary operations adjusted for non-recurring operating expenses, which are detailed in the annual financial report. It makes it possible to reflect the company’s standard performance for 2018, independently from non-recurring events with a significant impact – €2.1m, including €1.1m for the bonus share plan set up, €0.6m for non-recurring guarantee costs and €0.4m for provisions for the adjustment of the 2013-2017 research tax credit (CIR) – making it easier to understand the results relating to the company’s regular business.
ii Restated net income corresponds to reported net income adjusted for non-recurring operating expenses, which are detailed in the annual financial report.

Business developments

Full-year revenues came to €31.3m for 2018, up 2% year-on-year. Sales of MBE systems show strong growth of 33%, with demand driven by geographical and technological factors. The services and accessories business is continuing to grow, supported by demand from industrial clients. Sales of evaporators for the screen and photovoltaic industries remained at a good level over the year.

Operational profitability

The gross margin for the year came to €11.1m, down €2.5m from 2017, with a gross margin rate of 35.6% versus 44.5% the previous year. This contraction in the gross margin primarily factors in additional costs linked to the development of a prototype production system delivered during the year, as well as non-recurring guarantee and commissioning costs.

Operating expenditure came to €11m, compared with €9m in 2017, up €2m. This increase reflects on the one hand €1.5m of non-recurring expenses, resulting from the bonus share plan set up during the year and the provision recorded on the research tax credit concerning previous years, and on the other hand, costs relating to the strengthening of the organizations, including the subsidiaries.

In this context, income from ordinary operations represents €0.1m, down €4.5m from 2017. Adjusted for nonrecurring items, restated income from ordinary operations comes out at €2.2m, epresenting 7.1% of revenues, compared with €4.6m in 2017.

Net profitability

Net income came to €0.3m, compared with €4.1m in 2017, after factoring in €0.5m of tax income linked to the capitalization of losses carried forward.

Adjusted for non-recurring items, restated net income comes to €2.4m, representing 7.7% of revenues, compared with €4.1m in 2017.

Cash flow and balance sheet

The cash position at end-December 2018 is positive, with €2.5m, down €4.8m from the end of December 2017.

This reduction is linked primarily to the increase in inventories and work-in-progress resulting from changes in the product mix, the financing of the subsidiaries, the acquisition of the company’s shares during the year and the distribution of amounts drawn against the issue premium to shareholders for 2017.

Shareholders’ equity is down €0.6m from 2017 to €19.2m. The company does not have any medium or longterm debt.

Outlook for 2019

In view of the €29.9m order book at end-2018 and the machine orders received during the first quarter of 2019, RIBER expects to deliver significant growth in revenues and profitability compared with 2018.

Distribution of amounts drawn against the “issue premium” account

The Management Board will submit a proposal to shareholders at the General Meeting on June 27, 2019 for two distributions of amounts drawn against the “issue premium” account, each presented in a separate resolution. The first distribution of €0.03 per share would be paid out during the first two weeks of July. The second distribution of €0.02 per share would be paid out during the first week of September.

Next dates

  • April 30, 2019: 2019 first-quarter revenues
  • June 27, 2019: General Meeting at 10am at Hôtel des Arts et Métiers, 9 bis avenue d’Iéna, 75016 Paris

Posted on Wednesday, April 17, 2019 - 17:45 pm

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