2013 FIRST HALF RESULTS

Transcription

1 2013 FIRST HALF RESULTS Paris, 12 September 2013 HIGH ADDED VALUE ELECTRONICS SUPPLIER 2 business divisions Automotive: 90 % of turnover Telecommunications: 10 % of turnover 2012 turnover: million million as at 30 June % of first half turnover from outside France (56.5 % at end 2012) 30 companies across 15 countries 2,675 employees throughout the world An R&D department of nearly 520 people 16.0 % of turnover allocated to Research and Development in

2 CONTENTS 2013 H1 HIGHLIGHTS 2013 FIRST HALF RESULTS STRATEGY 3 AUTOMOTIVE MAINTENANCE OF THE FUTURE (1/2) MANUFACTURERS & EQUIPMENT SUPPLIERS Delivery of contracts signed in previous years France / Europe: Delivery, depending on the contracts, to manufacturers or rapid repair sites of flagship diagnostics products (XG Tablet, communications cards, garage management software ) Far more limited deployment of products and services for Fiat Asia: continued deployment of software solutions Consolidation of the product portfolio thanks to a steady rate of development of new products Manufacturers continue to invest in a highly competitive environment 4 2

3 AUTOMOTIVE MAINTENANCE OF THE FUTURE (2/2) REPAIR NETWORKS & INDEPENDENT GARAGES Multi-Diag : consolidation of turnover related to subscriptions A stable business in a sector of the garage industry that is suffering, particularly in France, but boosted by export sales (Spain, Italy, Scandinavia) and by upgrading of equipment In millions A very low level of investment in H1 pending the Equip Auto Show in October S turnover from systems turnover from subscriptions Technical inspection Delayed export contracts 5 AUTOMOTIVE ON-BOARD ELECTRONICS (1/3) TELEMATICS Strong progress with this strategic business Industrialisation phase in H to start production September Start of the industrialisation for first ex-works deliveries in H End of the R&D phase Production to start in Q Control of the whole chain gives the Group competitive advantage 6 3

4 AUTOMOTIVE ON-BOARD ELECTRONICS (2/3) SYSTEMS & SERVICES FOR FLEETS Modular and upgradeable architecture: gradual progress with contracts in France and around the world Upgrades for fleets of buses around the world (France: Strasburg, Avignon, Metz Europe: Milan Brazil: Sao Paulo) Ongoing responses to tenders for small, specialised fleets A business in line with the Group s forecast 7 AUTOMOTIVE ON-BOARD ELECTRONICS (3/3) Bluecar by Bolloré ELECTRIC VEHICLE A production schedule split into a number of waves: Delivery of the first batch (1,800 vehicles) for the City of Paris in H nd wave: H for the cities of Quimper and Lyons 3 rd wave: during 2014 NB: 100 % of R&D costs financed by Bolloré => no impact on the amount of R&D expenditure to be amortized for the Group Potential to use these new technological bricks for other prospects 8 4

5 AUTOMOTIVE MANUFACTURING Optimal management of the sites Very low levels of absenteeism Quality improved for the long term Improvements to productivity with the end of short term employment contracts Higher proportion of Group products Services business stable at 12 % of consolidated turnover Strong growth in actual use of factory capacity Approach to a 3 rd production site Improved profitability for the sites 9 TELECOMMUNICATIONS A RECOVERY PLAN THAT HAS BORNE FRUIT An order book rebuilt on short and medium term projects 2 sectors benefitting from the recovery: Military Ground Stations COMCEPT Programme: ASTRIUM / ACTIA Sodielec partnership Renewed investment by NATO Energy (EDF Smart Grids programme) Broadcasting: still no recovery in a highly competitive and saturated market Technological Research Institutes (IRTs): a sector benefitting from the deployment of 4G in France 10 5

6 CONTENTS 2013 H1 HIGHLIGHTS 2013 FIRST HALF RESULTS STRATEGY FIRST HALF RESULTS FINANCIAL HIGHLIGHTS Clear improvement to profitability Return to profitability for Telecommunications Lower gearing Acceptance of all the dispensations requested concerning breaches of covenants as at 31 December

7 2013 FIRST HALF RESULTS GROUP Very clearly improved results Turnover flat at million Automotive stable Telecommunications recovering Operating profit increased to 5.7 million Lower external costs Net profit strongly increased to 3.8 million In millions Equal contribution by both business divisions Exceptional income H H Turnover H H Operating Profit 0.2 H H Net Profit FIRST HALF RESULTS SOURCES OF REVENUE: LOCATION OF CUSTOMERS 16.0% 2.8% 8.5% Xx % xx % 37.8% 34.9% xx % France Europe (excl. France) Asia Americas Oceania 14 7

8 2013 FIRST HALF RESULTS AUTOMOTIVE Turnover stable at million Increased turnover for recurrent business Unfavourable basis of comparison (gradual end to exceptional deliveries, cycle for electric vehicles falls into H2 2013) Growth in on-board systems developed by the Group Operating Profit at 5.4 million Improvement despite continuous pressure on prices Better productivity in the factories Lower external costs Net Profit at 3.6 million Impact of the partial write-back under IFRS for interest and FOREX (+ 1.2 In millions million) Strong growth Exceptional income H H Turnover H H Operating Profit H H Net Profit FIRST HALF RESULTS TELECOMMUNICATIONS In millions Turnover increased to 14.7 million (+ 4.3 %) Contracts for military ground stations Renewed investment by customers in mobile telephony Positive Operating Profit at 0.4 million Payroll and external costs under control Net Profit at 0.4 million Return to profitability H H H H H H Turnover Operating Profit Net Profit 16 8

9 2013 FIRST HALF RESULTS VARIATIONS TO COST BASE Payroll costs External costs In millions ,773 Headcount 2, H H H H Headcount down, mainly at the Tunisian production site Modest increase in payroll costs Lower external costs FIRST HALF RESULTS CONTROL OF R&D In millions Re-invoicing Capitalisation Costs S S

10 2013 FIRST HALF RESULTS SUMMARY PROFIT & LOSS STATEMENT In millions H H Var. Turnover % EBITDA (1) % Operating Profit % Cost of debt (0.5) (2.4) 5 Taxation (1.5) (0.8) % Net Profit X 15 (1) EBITDA: net profit + taxation + depreciation of goodwill + interest and cost of debt + provisions for depreciation Lower external costs subsequent to the level of R&D expenditure returning to levels consistent with Group standards Better per capita productivity Cost of debt reduced by the write-back of IFRS provisions (interest FOREX) Interest on debt = % FIRST HALF RESULTS BALANCE SHEET: NET DEBT REDUCED TO 5.5 MILLION ASSETS in millions 30/06/ /12/2012 LIABILITIES in millions 30/06/ /12/2012 Non-current assets Equity Goodwill Intangible assets Fixed assets Non-current liabilities Financial assets Long term debt Taxation Provisions Current assets Current liabilities Stocks Provisions Accounts receivable Short term debt Other receivables Accounts payable Cash & equivalent Other payables TOTAL TOTAL A net debt to equity ration of 114 % as opposed to 126 % as at 31/12/

11 2013 FIRST HALF RESULTS SUMMARY CASH FLOW In millions 30/06/ /06/2012 Operations - Net profit for the period Of which depreciation & provisions Variations in working capital requirements 3.3 (3.9) Net cash flow Investments - Of which capital expenditure (4.6) (7.0) Net cash flow (4.5) (7.0) Borrowings - Issues & reimbursements of loans (7.6) (0.8) - Interest paid (1.2) (1.4) Net cash flow (8.8) (2.2) Variations to cash flow (2.0) (8.5) Cash at closing (37,8) (38,3) 21 CONTENTS 2013 H1 HIGHLIGHTS 2013 FIRST HALF RESULTS STRATEGY 22 11

12 STRATEGY AREAS FOR DEVELOPMENT Profitability Group growth Strengthening the Group internationally Enriching the offer 23 STRATEGY MOVING TOWARDS A MORE GLOBAL OFFER THAT PLACES THE SYSTEM AT THE CENTRE OF THE WHOLE AUTOMOTIVE RAILWAYS AERONAUTICS MEDICAL EQUIPMENT ON-BOARD SYSTEMS Production Design of equipment Design of Systems Urbanisation of Systems 24 12

13 STRATEGY China 25 STRATEGY AUTOMOTIVE: STRENGTHENING THE ON-BOARD SYSTEMS BUSINESS IN THE SECOND HALF Driving sales, especially in the North American region (recovery in the automobile market) and China, both with manufacturers and repair and technical inspection networks to prepare for the implementation of the maintenance of the future. Developing the commercial approach by offering complete systems with open and modular architecture that best satisfy the requirements of the end users and extend to aeronautics, railways and healthcare. Continue to invest in order to guarantee top quality production capacity at the two sites

14 STRATEGY TELECOMMUNICATIONS: RECOVERY CONFIRMED Ground Stations (SATCOM): Positive effect of the major contract with the French Military Procurement Agency (DGA) for the production of the Ground System and COMCEPT Network Energy / Aeronautics Defence (EAD): Confirmation of growth in line with the Erdf investment plan ( ) Broadcasting / Railways Transport (BFT): Continued investment in solutions for railways and other transportation: innovative solutions for permanent links (management centre, TV, internet ) Infrastructure Networks Telecoms (IRTs): Arrival of 4G in France 27 STRATEGY 2013 OBJECTIVES The business environment remains difficult but opportunities for growth beginning to emerge Order book moving in the right direction Further production of electric vehicles in H Confirmation of turnover equal to or greater than in 2012 ( 290 million) Continuation of efforts to control internal costs and inventory levels (BFR) 28 14

15 CONTENTS 2013 H1 HIGHLIGHTS 2013 FIRST HALF RESULTS STRATEGY 29 STOCK EXCHANGE CUSTOMERS GLOBAL PRESENCE AUTOMOTIVE TELECOMMUNICATIONS 2013 FIRST HALF CONSOLIDATED FINANCIAL STATEMENTS 30 15

16 STOCK EXCHANGE 49.8 % 63.9 % Shareholding 5.8 % 7.4 % 5.2 % 3.3 % % shareholding % shares controlled Shareholders pact 39.2 % 25.4 % PECH & CALMELS families SIDMIA SGPFEC Public 20,099,941 shares Market capitalisation as at 09/09/2013: 27.5 million at a share price of % since 1 January 2013 Euronext Paris compartment C ISIN Code: FR ATI 31 VARIATIONS IN THE SHARE PRICE OVER ONE YEAR Increased volumes 32 16

17 PROJET DIAPORAMA SFAF 12/09/13 A LOYAL PORTFOLIO OF PRESTIGIOUS CUSTOMERS AUTOMOBILE HGVS / BUSES & COACHES OTHERS Manufacturers Maintenance / After sales service 33 A GLOBAL PRESENCE 2,675 employees across 15 countries 34 17

18 AUTOMOTIVE Electronic diagnostics for manufacturers ACTIA, partner to the major vehicle manufacturers (lightweight, HGVs, industrial, commercial and specialist vehicles) with ACTI- DIAG, the total diagnostics solution. Diagnostics solutions based on our overall expertise with electronic architecture for vehicles and related environments (factories and repair workshops). ACTI-DIAG factory solutions End of chain diagnostics solutions used in more than 30 factories around the world with downloadable software and controls. ACTI-DIAG after sales solutions Training, updating, remote assistance for hardware and software, delivered on a daily basis by a network that covers 140 countries. 35 AUTOMOTIVE Repair networks and independent garages A major player in multi-brand electronic diagnostics A full range of products and services for electronic diagnostics and mechanical inspection A range of Multi-Diag multi-brand diagnostic tools that has become a benchmark for all automobile maintenance and repair networks

19 AUTOMOTIVE On-board electronics ACTIA, an international player in electrical and electronic distribution systems for buses, coaches, trucks and specialist vehicles (building and agriculture) Designing electrical and electronic architecture Developing, adapting for production and manufacturing related systems A range of global and high performance solutions which extends to the dashboard environment: passenger compartment calculators, instrumentation and multi-media and video-surveillance systems 37 AUTOMOTIVE Systems and services for fleet management Development of a products and services strategy for fleets A commercial strategy for the main market segments: Public transport Freight Rental vehicles Specialist vehicles An innovative offer that meets changing regulatory and economic requirements (environmental and safety) 38 19

20 AUTOMOTIVE Manufacturing World class production sites Colomiers factory (France): Geared to manufacture small production runs (5,000 units per annum), this production site employs 250 people and makes nearly 600,000 electronic cards every year. CIPI-ACTIA factory (Tunisia): Geared to manufacture medium and long production runs, this production site located near Tunis employs more than 600 people and produces over 3 million cards per year. A certified high quality environment meaning that this factory is compliant with the very highest standards of automobile production. 39 TELECOMMUNICATIONS A complementary business SATCOM: Mobile Ground Stations for civilian and military use. Broadcasting Rail Transport: Equipment for digital television and radio and for providing information in vehicles used for public transport. Energy Aeronautics Defence: Equipment to manage data for energy, aeronautical and defence infrastructures. Infrastructure Networks Telecoms: Cabinets for managing energy supplies to mobile telephone aerials More and more synergies with the Automotive Division in the area of transport 40 20

21 CONSOLIDATED FINANCIAL STATEMENTS Consolidated assets ( thousands) 6/30/ /31/2012 Goodwill 21,786 21,786 Development costs 32,546 31,835 Other intangible assets 1,267 1,634 Total intangible assets 55,599 55,255 Land 2,517 2,577 Buildings 6,173 6,446 Plant and equipment 6,614 7,068 Other property, plant and equipment 4,622 5,034 Total property, plant and equipment 19,927 21,124 Investments in associates (equity method) Non-current financial assets Deferred tax 8,763 8,971 Non-current research tax credit 4,815 3,929 TOTAL NON-CURRENT ASSETS 90,465 90,534 Inventory and work-in-process 75,200 71,774 Accounts receivable 81,114 76,298 Other current receivables from operations 4,258 3,411 Current tax credit 5,380 6,101 Miscellaneous current receivables 1, Financial instruments 9 Total current receivables 167, ,540 Marketable securities 108 Cash at bank and in hand 12,073 9,199 Total cash and cash equivalents 12,181 9,199 TOTAL CURRENT ASSETS 179, ,738 TOTAL ASSETS 269, , CONSOLIDATED FINANCIAL STATEMENTS Shareholders' Equity & Liabilities ( thousands) 6/30/ /31/2012 Share capital 15,075 15,075 Share premiums 17,561 17,561 Reserves 32,595 27,714 Retained earnings 4,253 6,063 Cumulative translation differences <1,224> <1,365> Treasury shares <162> <162> Net income 3,778 4,412 Shareholders' equity attributable to Group 71,876 69,298 Non-controlling interests in income 11 <286> Non-controlling interests in reserves 2,818 3,147 Non-controlling interests 2,829 2,861 CONSOLIDATED SHAREHOLDERS EQUITY 74,705 72,159 Bank borrowings 22,910 27,724 Other financial liabilities 2,383 1,960 Finance lease liabilities 3,220 3,709 Total non-current financial liabilities 28,512 33,393 Deferred tax liabilities 2,471 2,351 Provisions for pensions and other non-current employee benefits 5,312 4,988 TOTAL NON-CURRENT LIABILITIES 36,295 40,731 Other provisions 4,440 4,737 Current financial liabilities 68,843 66,488 Financial instruments 1,616 2,776 Total current financial liabilities 70,459 69,264 Accounts payable 43,173 37,315 Other operating liabilities 28,892 25,724 Tax payables (income tax) Miscellaneous liabilities 1,857 1,013 Deferred income 9,394 6,757 TOTAL CURRENT LIABILITIES 158, ,382 TOTAL SHAREHOLDERS' EQUITY & LIABILITIES 269, ,

22 CONSOLIDATED FINANCIAL STATEMENTS Consolidated income statement ( thousands) H H FY 2012 Revenue (Sales) 145, , ,110 - Purchases consumed <71,882> <70,702> <137,899> - Staff costs <43,838> <42,184> <82,722> - External charges <20,907> <25,022> <48,859> - Taxes and duties other than on income <2,135> <2,227> <4,589> - Depreciation and amortization <4,941> <4,496> <9,648> +/-Changes in inventories of work-in-process and finished goods 2,733 1,713 2,605 +/- Translation gains and losses on operating transactions <243> <438> <623> + Research tax credit 1,342 1,006 2,875 Current operating income 5,788 3,392 10,248 + Other operating income ,371 - Other operating expenses <327> <248> <1,220> +/- Gains (losses) on disposals of non-current assets 2 <7> <25> Operating profit/(loss) 5,691 3,363 10,374 + Income on cash and cash equivalents Interest expense and other financial charges <1,178> <1,442> <2,738> + Other financial income 1, Other financial expenses <493> <1,703> <2,734> Net financial expense <460> <2,433> <5,323> - Goodwill impairment <500> + Share in the earnings of equity-method associates Income tax <1,520> <766> <561> Net income/(loss) for the period 3, ,126 * Attributable to the Group 3, ,412 * Attributable to non-controlling interests <286> Basic earnings (loss) per share (in ) attributable to the Group Diluted earnings (loss) per share (in ) attributable to the Group CONSOLIDATED FINANCIAL STATEMENTS Statement of comprehensive income ( thousands) H H FY 2012 Net income/(loss) for the period 3, ,126 Post-employment benefits-actuarial gains and losses Deferred taxes on post-employment benefits- actuarial gains and losses <34> <234> <165> Cumulative translation differences <189> Income and expenses recognized directly in equity Comprehensive income/ (loss) of the period 4, ,268 * Attributable to the Group 3, ,540 * Attributable to non-controlling interests <272> 44 22

23 THANK YOU FOR YOUR ATTENTION Contacts ACTIA GROUP Catherine MALLET +33 (0) CAP VALUE Gilles BROQUELET - Édouard MIFFRE +33 (0) gbroquelet@capvalue.fr For further information: ACTIA GROUP 5, Rue Jorge Semprun - BP TOULOUSE Cedex 4 Tel: +33 (0) Fax: +33 (0)