DELTA DRONE - FY 2020: in accordance with the strategic plan, EBITDA is close to break-even in the second half of the year
31 Mars 2021 - 6:00PM
DELTA DRONE - FY 2020: in accordance with the strategic plan,
EBITDA is close to break-even in the second half of the year
FY 2020: in accordance with the strategic
plan,EBITDA is close to break-even in the second
half of the year
March 31, 2021 to 6 PM.Key
points
- Excluding non-recurring expenses, EBITDA was close to
break-even in the second half of the year
(negative of 0.65 million
euros).
- The volume of activity for the year (revenues) was
stable at almost 17 million euros, despite a turnover impacted by
billing deferrals related to the health crisis and taking into
account 3.8 million euros of sales sold during the
year.
- The backlog (signed contracts) is close to 25 million
euros.
- At the end of 2020, the group's financial structure is
solid, with 12.6 million euros of equity, net cash of 4.7 million
euros and limited financial indebtedness of 1.7 million
euros.
|
In K€ |
FY 2019 |
2020 |
|
S1 2020 |
S2 2020 |
FY 2020 |
|
a |
b |
a + b |
|
Turnover |
15 987 |
6 885 |
6 532 |
13 417 |
|
Inventoried products |
-1 |
0 |
1 573 |
1 573 |
|
Capitalised production |
569 |
1 019 |
853 |
1 872 |
|
GROSS PROFIT |
16 555 |
7 904 |
8 958 |
16 862 |
|
Purchases of goods and raw materials consumed |
3 208 |
1 312 |
2 469 |
3 781 |
|
Other external purchases and expenses |
4 844 |
2 145 |
2 378 |
4 523 |
|
ADDED VALUE |
8 503 |
4 447 |
4 111 |
8 558 |
|
Other income and expenses (net) |
567 |
-172 |
43 |
-129 |
|
Staff costs |
13 985 |
6 373 |
6 353 |
12 726 |
|
Gross operating income (1) |
-4 915 |
-2 098 |
-2 199 |
-4 297 |
|
Non-recurring expenses (strategic impact plan)* |
1 500 |
1 167 |
1 548 |
2 715 |
|
EBITDA - OPERATING RESULT BEFORE DAP** |
-3 415 |
-930 |
-652 |
-1 582 |
|
Depreciation and amortization and provisions (2) |
1 995 |
853 |
626 |
1 479 |
|
OPERATING RESULTS (1) - (2) |
-6 909 |
-2 950 |
-2 826 |
-5 777 |
|
Financial result |
513 |
-202 |
-381 |
-583 |
|
Exceptional result |
-1 356 |
-51 |
-2 042 |
-2 093 |
|
Amortization of goodwill |
1 670 |
920 |
860 |
1 780 |
|
CONSOLIDATED NET INCOME |
-10 081 |
-4 403 |
-6 459 |
-10 862 |
|
SHAREHOLDERS EQUITY |
9 734 |
8 758 |
|
12 571 |
|
NET CASH |
1 817 |
2 158 |
|
4 731 |
*
Non-recurring operating expenses are those identified in the year
corresponding to the activities sold and discontinued, as well as
the staff costs of employees who have left and not replaced.
** DAP:
Depreciation and amortization allowances and provisions
Improved operational
performance:
Revenues:The inventoried
products, essentially 20 automatic ISS Spotter systems, have been
marketed or are in the process of being marketed. The shipment and
installation of several of these systems had to be delayed due to
the health crisis.
The Countbot inventory solution represents the
majority of the capitalised production and will allow the
development and deployment of the solution in the context of
service missions, as soon as the general context is more
favourable.
Purchases of goods and raw materials
consumed:For the past two years, it was the launch of
industrial production in the first pre-series of professional
solutions.
Other external purchases and
expenses:The drop of 300K euros between 2019 and 2020 is a
direct result of the management efforts carried out under the
2020-2021 plan.
Staff costs:The cost reduction
of 1.2 million euros also proves the efforts made to follow the
plan. It resolutly contributes to the objective of achieving a
fixed level of expenses in line with a profitable operation,
without jeopardizing the Group's development. Indeed, the staff out
of the workforce corresponds to a rationalization of the
organization more in line with the Activities of the Group.
Non-recurring expenses:The sale
and discontinuation of several activities and entities that have
become non-strategic and structurally loss-making explain the
importance of the level reached in 2020. The complete disappearance
of these expenses as early as the 2021 financial year will
contribute decisively to the objective of reaching the break-even
point for the Group.
Financial result:The financial
result increased from a positive balance of 513K euros in 2019 to a
deficit of 583K euros in 2020, a deterioration of 1.1 million
euros. These movements and their balance are always mostly
registered with no impact on cash flow and in connection with the
in-depth reorganization of the Group's organization chart.
Exceptional result:The
exceptional result was strongly negative at 2.1 million euros. In
particular, it corresponds to costs related to the operations of
discontinuation of activities and disposal of entities, in
connection with the effects also observed in terms of the financial
result.
Equity and related
assets:Thanks to the financing program set up with the
investment fund Yorkville Advisors, the Group can continue to
pursue its development program with serenity, while securing its
financial structure. This strategic choice is reinforced over the
months, as the outcome of the health crisis remains uncertain,
especially in terms of its inevitable economic consequences, while
limiting indebtedness to institutional financial partners whose
excessive and uncontrolled recourse would necessarily lead to a
dangerous development in the coming years.
Net cash:As of March 19, 2021,
net cash amounted to 3.1 million euros.
Nb. The Group's detailed accounts are available in French and
English on the Group's website (www.deltadrone.com).
Continuation of the 2020-2021 strategic
plan:
It should be recalled in the preamble that the
Group's management is part of the 2020-2021 plan, the three main
areas of which are a consolidated turnover of 30 million euros, a
positive operating profitability equal to 10% of turnover and 30%
of the activity carried out outside France.The implementation of
this plan is based on an organisation in two areas of activity,
professional solutions and associated services, on the other hand
on dynamic international development, mainly in Africa and Oceania.
It requires sufficient financial resources to be carried out
because it requires significant investments, both in terms of
research and development, and industrialization, as well as in the
resources needed for commercial development.
In terms of systems designed and manufactured,
it is important to be particularly vigilant at a time when a "new
world order" is emerging in the sector of civilian drones for
professional use, gradually excluding any components of Chinese
origin. Historically, Delta Drone has always chosen proprietary
designs by using "on-shelf" components from Asia in a very marginal
way. On the other hand, this evolution is likely to turn the tables
on many players in the sector, often simple assemblers from
purchased technologies.
Finally, it should be stressed that the strategy
developed by the Group also relies on taking a stake in companies
in the international drone ecosystem, so as to enable Delta Drone
to have privileged relationships with innovative companies whose
activities are in synergy with its own technical and commercial
developments.
In the final analysis, the weight of the health
crisis and the related uncertainties, especially over its duration,
make it very difficult to project on the future.
The three major axes described in the 2020-2021
plan remain achievable, obviously more random. In this context, the
Group continues to focus on achieving a profitability situation.
The figures for fiscal year 2020, and even more so in the second
half of the year, are encouraging in this regard and put us on the
right track.
About Delta Drone: Delta Drone
Group is a recognized international player in the civil drone
industry for professional use. It develops a range of professional
solutions based on drone technology as well as all associated
services that form a complete value chain.Delta Drone shares are
listed on the Euronext Growth Paris market - ISIN Code:
FR0011522168Also listed on Euronext Growth of BSA Y - Code ISIN: FR
0013400991
www.deltadrone.com
Investor
Contacts:
Press Contact:
| |
|
|
| Jerome
Gacoin |
Louise Caetano |
| +33 1 75
77 54 65 |
+33 1 55 02 15 13 |
|
jgacoin@aelium.fr |
l.caetano@open2europe.com Sarah Ousahla+33 1 55 02 15
31s.ousahla@open2europe.com |
- 20210331_PR DELTADRONE_FY2020 VDEF