- Gross margin up +70.4% to €49.6 million
- Strong increase in EBITDA, +127% to €14.5 million, and in
EBIT, +138% to €10.0 million
- Net income more than doubled over the period, reaching €5.3
million
- Confirmation of the business and financial objectives
announced during the IPO
- Proposal to distribute a dividend of €0.20 per share, i.e. a
distribution rate of 30% of net income
Regulatory News:
ICAPE Group (ISIN code: FR001400A3Q3 - Ticker: ALICA)
(Paris:ALICA), a global technology distributor of printed circuit
boards ("PCB"), announces its results for the year ended December
31, 2022, as approved by the Board of Directors on March 28,
2023.
Cyril Calvignac, ICAPE Group’s CEO, stated: "We closed
this first year as a listed company by achieving all our financial
objectives, both in terms of gross margin and EBIT. This
performance is particularly remarkable given that it was achieved
in an adverse environment, with the war in Ukraine and
macroeconomic tensions (inflation, interest rates). This success
comes from the activation of our value-creation pillars, namely the
pursuit of sustained organic growth, reinforced by an offensive
external growth strategy, combined with the ongoing optimization of
our organizational structure. We start 2023 with the firm intention
to pursue this growth and profitability dynamic while reaffirming
all our financial and business objectives. The Group is already
engaged in several advanced discussions with the aim of making new
acquisitions this year."
Simplified income statement
In €m (IFRS standards)
2021
2022
Var.
Revenue
163.9
219.6
+34.0%
% growth
+34.0%
Cost of goods sold
(125.1)
(157.4)
+25.8%
Transportation fees
(7.8)
(11.3)
+44.9%
Agent fees
(1.9)
(1.3)
-31.6%
Gross Margin
29.1
49.6
+70.4%
% revenue
17.8%
22.6%
+4.8 pts
Salary
(17.3)
(26.5)
+53.2%
G&A
(5.4)
(8.6)
+59.3%
EBITDA
6.4
14.5
+126.6%
% revenue
3.9%
6.6%
+2.7 pts
D&A
(2.2)
(4.6)
+109.1%
EBIT
4.2
10.0
+138.3%
% revenue
2.6%
4.6%
+2.0 pts
Other operating income and expenses
0.2
0.1
Financial result
(1.0)
(2.3)
+130.0%
Income tax
(0.6)
(0.4)
-33.3%
Income from discontinued activities
(0.3)
(2.0)
+566.7%
Net income
2.5
5.3
+112.0%
% revenue
1.5%
2.4%
0.9 pt
Commercial activity and financial results up
significantly
As of December 31, 2022, the Group's revenue amounted to €219.6
million, up by more than 34% compared to 2021. The ICAPE business,
dedicated to the distribution of PCB, represents more than 85% of
the full-year revenue and the CIPEM activity, dedicated to the
distribution of "custom made" electromechanical parts, represents
15%. At the end of December 2022, ICAPE Group recorded a backlog of
€58.3 million, restated from the non-strategic activities being
sold. In accordance with its policy of activating synergies related
to purchases, in line with the M&A strategy pursued, the Group
managed to optimize the weight of its consumed purchases in
proportion of its revenue (72% in 2022 vs 76% in 2021). This
improvement enabled the Group to record an increase in its gross
margin of +70.4% over the period, reaching €49.6 million.
Salary-related expenses increased by more than 50% compared to
2021, reaching €26.5 million. This increase is the result of
accelerated investment in human resources and integration of
employees from acquired companies. Administrative expenses showed a
similar trend, up 59.3%, due to an enlarged scope and an increased
number of production and trading subsidiaries compared with
2021.
Benefiting from the increase in the gross margin, the EBITDA
showed a significant improvement, rising from €6.4 million to €14.5
million, an increase of +126.6% compared to 2021. The EBIT and net
income follow the same trend, rising sharply over the period to
€10.0 million (+138.3%) and €5.3 million (+112.0%)
respectively.
As of December 31, 2022, ICAPE Group held a cash position of
€28.0 million and a level of financial debt of €36.0 million, both
slightly up compared to 2021, i.e. +8% for the former and +14% for
the latter. The Group's net debt as of December 31, 2022 is thus
€8.0 million. The financial leverage of ICAPE Group improved in
2022 compared to 2021, from 1.10 to 0.65, mainly due to the
improvement of the EBITDA.
2022 highlights
In July 2022, the Company successfully completed, within the
framework of its initial public offering, a capital increase of
approximately €17 million, increased to €17.4 million following the
partial exercise of the over-allotment option. This offering was
subscribed to by institutional, industrial and financial investors,
as well as numerous individual investors.
In line with its commitments, the Group has accelerated its
external growth policy by completing the following acquisitions
since its IPO:
- Mon Print, one of the leading suppliers of PCB solutions in
Denmark; - Lusodabel, a major supplier of PCB solutions in Portugal
and Spain; - The MMAB Group, a Swedish manufacturer and distributor
of PCB.
These different operations were all financed with the Company's
own resources and are now subsidiaries of the ICAPE Group.
Post-closing events
Last February, the Group announced the acquisition of FIMOR
ELECTRONICS, a French manufacturer of man-machine interface
solutions and distributor of customized technical parts. This
operation consolidated the positioning of ICAPE Group on the market
of "custom-made" electromechanical parts and enriched the product
offer of its entity CIPEM. ICAPE Group intends to benefit from the
existing commercial and sourcing synergies with FIMOR ELECTRONICS
and to integrate on this occasion a new factory in Europe, which
will be dedicated to a local production for high added value
industrial sectors.
Dividend distribution policy
As announced during its IPO, ICAPE Group intends to follow an
active dividend distribution policy. In this perspective, the Board
of Directors of the Group decided to propose to the Annual General
Meeting to be held on May 16, 2023 the distribution of an ordinary
dividend for the fiscal year 2022 of 0.20€ per share, i.e. 29.5% of
the consolidated net income generated in 2022. The record date for
the dividend is set for June 13, 2023, and the payment date for the
dividend will be June 15, 2023.
Reaffirmation of business and financial objectives
In 2023, the Group intends to pursue its external growth policy
and is already in advanced discussions with several international
targets meeting the following criteria:
- a moderate size, - a large portfolio of local customers, - a
gross margin above 25% while being profitable, - a strong potential
for commercial synergies with the Group.
The Company also confirms all its objectives communicated for
2024 and 2026 as stated in its registration document.
The Board of Directors of Icape Holding, meeting on March 28,
2023, reviewed and approved the consolidated financial statements
of the Group for the year ended December 31, 2022. The audit
procedures were performed and the audit report on the certification
is being issued.
Information available on the Company's website
The presentation material for the webinar will be available on
March 29, 2023 after market close on the Company's website. The
2022 annual financial report will be available on April 6, 2023 on
the Company's website.
Next financial release
- 2023 First-Quarter Revenue, Wednesday, May 10, 2023
after market close
About ICAPE Group
Founded in 1999, ICAPE Group acts as a key technological expert
in the PCB supply chain. With a global network of 36 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. As of
December 31, 2022, ICAPE Group recorded a consolidated revenue of
nearly €220 million.
For more information: icape-group.com
Appendices - Financial
statements (IFRS)
CONSOLIDATED BALANCE SHEET
In €m (IFRS standards)
2021
2022
Goodwill
5 .6
20.9
Intangible assets
2.7
16.4
Tangible assets
4.8
3.7
Rights of use
6.0
7.0
Financial assets
0.8
2.4
Total fixed assets
19.9
50.4
Inventories
15.8
13.9
Accounts receivable
45.8
45.3
Other receivables
1.2
1.2
Cash
26.0
28.0
Total current assets
88.8
88.4
Total assets to be divested
6.0
Total Assets
108.7
144.8
Equity
2.3
3.2
Reserves
0.3
19.5
Currency translation reserves
0.2
0.3
Net income / (loss)
2.5
5.5
Non-controlling interests in
subsidiaries
0.7
0.6
Total Equity
6.0
29.1
Loans and financial liabilities
31.6
36.1
Non-current lease liabilities
6.6
7.5
Trade and other payables
62.2
56.6
Other liabilities
2.3
12.0
Total liabilities
102.7
112.2
Total liabilities to be
divested
3.5
Total Liabilities and equity
108.7
144.8
CONSOLIDATED CASH FLOW STATEMENT
In €m (IFRS standards)
2021
2022
Net income
2.5
5.3
Depreciation and amortization
2.6
3.5
Operating cash flow after cost of net
financial debt and tax
5.1
8.8
Less tax expense (income)
0.6
0.4
Less cost of net financial debt
0.3
0.9
Operating cash flow before cost of net
financial debt and tax
6.0
10.1
Change in working capital requirements
(5.6)
(6.9)
Cash flows from operating
activities
0.4
3.2
Purchases of subsidiaries
(6.1)
(16.5)
Acquisition / disposal of tangible and
intangible assets
(2.3)
(4.2)
Cash flows from investing
activities
(8.4)
(20.7)
Increase (decrease) in capital
(0.4)
17.7
Long-term debts issuance
11.9
16.0
Repayments of long-term debts
(2.5)
(13.5)
Financial interests paid
(0.6)
(1.2)
Cash flows from financing
activities
9.2
19.0
Foreign currency effects
0.9
0.7
Impact of discontinued activities
(0.2)
(0.2)
Change in cash
1.9
2.0
Cash at the beginning of the period
23.7
25.9
Cash at the end of the period
25.6
27.9
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230329005693/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 01 44 71 94 94 icape@newcap.eu
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