- Success of the IPO on Euronext Growth® in Paris
- Strong growth in half-year revenue, +51% to €110.2
million
- Strong increase in EBITDA, +170% to €4.9 million, and EBIT,
+413% to €2.8 million
- Significant improvement in net income
- Reaffirmation of short and medium-term objectives
- Acceleration of the M&A strategy following the
acquisitions of MON PRINT and Lusodabel, respectively in Denmark
and Portugal
Regulatory News:
ICAPE Group (ISIN code: FR001400A3Q3 - mnemonic: ALICA), a
global technology distributor of printed circuit boards, today
announces its results for the first half of the current fiscal
year, ending June 30, 2022, as approved by the Board of Directors
on October 5, 2022.
Cyril CALVIGNAC, ICAPE Group’s CEO, stated: “The results
for the first half of the year demonstrate the dynamic demand for
the solutions we offer worldwide. Thanks to the synergies generated
by the combination of organic development and an offensive
acquisition strategy, our profitable growth is being actively
deployed, as illustrated by the improvement in our margin and the
controlled increase in our structural costs. In this context, all
of the Group's financial indicators are progressing significantly.
We naturally intend to continue the pace of acquisitions during the
second half of 2022 in order to achieve our objective of €230
million in revenue for the year. All these elements enable us to
reassert our short and medium-term commercial and financial
objectives.”
Simplified income statement
In €m (IFRS standards)
H1 2021
H1 2022
Var.
Revenue
72.8
110.2
+51.3%
% growth
51.3%
Cost of goods sold
(55.2)
(81.0)
+46.8%
Transportation fees
(3.5)
(5.8)
+62.6%
Agent fees
(0.8)
(0.6)
-18.2%
Gross Margin
13.4
22.8
+70.9%
% revenue
18.3%
20.7%
+2.4 pts
Salary
(8.5)
(13.1)
+53.6%
G&A
(3.1)
(4.9)
+58.1%
EBITDA
1.8
4.9
+170.3%
% revenue
2.5%
4.5%
+2 pts
D&A
(1.3)
(2.1)
+64.2%
EBIT
0.6
2.8
+412.5%
% revenue
0.8%
2.6%
+1.8 pt
Financial result
(0.7)
(0.6)
n.a.
Income before tax
(0.2)
1.1
n.a
Income tax
(0.1)
(0.3)
n.a.
Net income
(0.3)
0.9
n.a.
Commercial activity and financial results
As of June 30, 2022, half-year revenue reached €110.2 million,
up by more than 50% compared to the first half of 2021. This strong
growth is notably driven by Europe and the United States. The ICAPE
activity, related to the distribution of PCB, represents more than
85% of the half-year revenue and 15% for the DIVSYS and CIPEM
activities, dedicated to the distribution of “custom-made”
technical parts. At the end of June, ICAPE Group recorded an order
backlog of €71.8 million. The commercial gross margin increased by
71% and represents more than 20% of the revenue of the first half
of 2022.
Expenses allocated to salary amounted to €13.1 million, an
increase of more than 54% compared with the first half of 2021.
This increase is explained by the acceleration of investments in
human resources in anticipation of the future growth expected by
the Group. Over the same period, the increase in general and
administrative expenses remains under control given the expansion
of the scope, including an increased number of subsidiaries, and
the resumption of business travel compared to the first half of
2021.
Taking these elements into account, EBITDA improved
significantly from €1.8 million to €4.9 million, or +170%, in the
first half of 2022. EBIT and net income also show strong growth,
reaching €2.8 million (+413%) and €0.9 million respectively at the
end of June 2022.
As of June 30, 2022, ICAPE Group reported a net financial debt
of €18.3 million resulting from a cash position of €16.6 million
and a level of financial debts amounting to €34.9 million.
First half 2022 and post-closing highlights
In July 2022, the Company successfully completed, within the
framework of its IPO, a capital increase of approximately €17
million, increased to €17.4 million following the partial exercise
of the over-allotment option. This offering was notably subscribed
by institutional, industrial and financial investors, as well as
numerous individual investors.
In line with its commitments, the Group completed the
acquisition of the Danish company MON PRINT as well as Lusodabel, a
major supplier of PCB solutions in Portugal and Spain. The
consolidation of these two operations will take place as of January
1st, 2022 and both are now subsidiaries of ICAPE Group.
Reaffirmation of commercial and financial targets
Based on the performances achieved over the period, ICAPE Group
reaffirms its ambition to reach a revenue of about €230 million by
the end of 2022, including at least €23 million from the
acquisitions made during the year - representing about €35 million
of revenue in full year. The Group intends to pursue its external
growth strategy through the acquisition of companies meeting the
following criteria:
- moderate size, - large portfolio of local
customers, - gross margin above 25% while being profitable, -
strong potential for commercial synergies with the Group.
The Company also confirms all the targets communicated during
the IPO.
About ICAPE Group
Founded in 1999, ICAPE Group acts as a key technological expert
in the PCB supply chain. With a global network of 30 subsidiaries
and a major presence in China, where most of the world’s PCB
production is done, the Group is a one-stop-shop provider for the
products and services which are essentials for customers. In 2021,
ICAPE Group generated consolidated revenue of €169 million.
For more information, visit www.icape-group.com
Appendices - Financial
Statements (IFRS)
Consolidated balance sheet
(In thousands of euros)
30/06/2022
30/06/2021
31/12/2021
Goodwill
11,837
4,592
5,605
Intangible assets
9,682
2,096
2,688
Tangible assets
5,204
3,678
4,838
Rights of use
6,710
5,063
5,981
Non-current financial assets
338
234
222
Deferred tax assets
1,137
788
587
Other non-current assets
5
-
5
Total non-current assets
34,914
16,451
19,905
Current financial assets
1
-
21
Inventories and work in progress
16,769
8,574
15,799
Accounts receivable and other debtors
49,038
38,336
45,791
Other current assets
1,774
750
1,178
Cash
16,684
14,929
26,006
Total current assets
84,266
62,590
88,815
Total Assets
119,180
79,041
108,721
Equity
2,303
3,008
2,291
Share premium
408
1,916
327
Treasury shares
-
(5,887)
-
Translation differences
668
(116)
215
Other reserves (including other
non-recyclable comprehensive income)
2,609
3,236
32
Net income for the period
948
(288)
2,451
Total equity, group share
6,937
1,869
5,316
Non-controlling interests
783
18
693
Total Equity
7,720
1,887
6,009
Borrowings and financial liabilities
9,470
2,714
9,910
Non-current lease liabilities
5,668
4,486
5,178
Commitments to employees
565
577
662
Deferred tax liabilities
733
182
3
Other non-current liabilities
297
53
297
Total non-current liabilities
16,733
8,012
16,050
Borrowings and bank overdrafts
25,470
21,458
21,744
Current lease liabilities
1,680
1,130
1,391
Accounts payable and other creditors
55,072
45,873
62,209
Current tax liabilities
1,259
443
738
Other current liabilities
11,247
238
580
Total current liabilities
97,727
69,142
86,661
Total liabilities
111,460
77,154
102,711
Total liabilities and equity
119,180
79,041
108,721
Consolidated cash flows
(In thousands of euros)
30/06/2022
30/06/2021
31/12/2021
Net income
886
(289)
2,487
Ajustments
Elimination of depreciation, amortisation
and provisions
1,917
1,312
2,469
Elimination of gains and losses on
disposal and dilution gains and losses
76
0
19
Calculated income and expenses related to
share-based payments
26
43
86
Cash flow after net borrowing cost and
tax
2,905
1,067
5,061
Elimination of tax expense (income)
257
70
731
Elimination of the net borrowing cost
338
89
296
Cash flow before cost of net borrowing
cost and tax
3,500
1,226
6,088
Change in working capital requirement
(9,651)
(7,357)
(4,709)
Taxes paid
(113)
(379)
(986)
Cash flow from operating
activities
(6,264)
(6,510)
393
Acquisition of subsidiaries, less cash
acquired
(2,650)
(3,918)
(6,190)
Acquisition of property, plant and
equipment and intangible assets
(3,265)
(949)
(2,213)
Change in loans and advances granted
206
6
(31)
Disposal of property, plant and equipment
and intangible assets
23
7
77
Cash flow from investment
activities
(5,686)
(4,907)
(8,357)
Capital increase
92
11
376
Net disposal (acquisition) of treasury
shares
-
(25)
(25)
Borrowings
3,718
4,073
11,917
Repayment of borrowings
(1,754)
(1,328)
(2,487)
of which IFRS 16 borrowings
(833)
(504)
(1,144)
Financial interest paid
(345)
(79)
(300)
of which net financial interest paid IFRS
16
(110)
(95)
(189)
Dividends paid to Group shareholders
-
(224)
(224)
Cash flow from financing
activities
1,711
2,429
9,258
Impact of exchange rate fluctuations
(*)
951
251
938
Change in cash
(9,288)
(8,737)
2,232
Cash and cash equivalents
26,006
23,682
23,682
Bank overdrafts (passive cash)
(109)
(16)
(16)
Opening cash position
25,897
23,666
23,666
Cash and cash equivalents
16,684
14,929
26,006
Bank overdrafts (passive cash)
(75)
(0)
(109)
Closing cash
16,609
14,929
25,897
Change in cash
(9,288)
(8,737)
2,232
(*) includes mainly exchange rate variations linked to the USD
currency for +440 K€ in June 2022 against 217 K€ in June 2021.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221005005610/en/
ICAPE Group CFO Shora Rokni Tel: +33 1 58 18 39 10
investor@icape.fr
Investor Relations NewCap Nicolas Fossiez
Louis-Victor Delouvrier Tel: +33 1 44 71 94 98 icape@newcap.eu
Media Relations NewCap Arthur Rouillé Antoine
Pacquier Tel: + 33 1 44 71 94 94 icape@newcap.eu
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