- Half-year revenues at €8.3 million (-14% vs. H1 2021) and
gross margin rate at 35% vs. 43% in H1 2021, unfavorable seasonal
revenue effect concerning the contract with Linde, which should be
recovered in H2 2022
- Continued rebalancing of the business model towards direct
sales, representing 36% of new orders in H1 2022 vs. 19% in
2021
- Order intake at €11 million, up 25% vs. H1 2021
- Increased Sales & Marketing investments to support the
development of the direct sales model
- Linde is signing a new order commitment contract for €11.5
million for 2023
Regulatory News:
BALYO (FR0013258399, Ticker: BALYO, PEA-PME eligible)
(Paris:BALYO), a technology leader in the design and development of
innovative robotic solutions for industrial trucks, today announces
its results for the first half of 2022, approved by the Board of
Directors on September 21, 2022.
Pascal Rialland, CEO of BALYO, said: “The first half of
2022 is marked by the speed-up of direct sales and increased
investments, particularly in sales teams, in order to boost the
development of the direct sales channel. 18 months after the start
of marketing BALYO solutions in direct sales, the Company must
continue to build its commercial and operational independence over
the coming months. In 2023, BALYO will be able to rely on a final
order commitment from Linde of €11.5 million. After this date, the
partnership will remain, but without any hard commitment from Linde
as historical partner. With the strong commercial momentum of
direct sales, BALYO expects significant growth in its order intake
in 2023. In this respect, the Company will disclose early next year
its sales and operating profit targets. In the nearer term,
revenues for the second half of 2022 should benefit from the
commitment of orders from Linde and the growing share of direct
sales. As a result, the Company expects a loss slightly higher for
the whole 2022 fiscal year compared to the one recorded for the
first half of 2022.”
First half 2022 activity
As announced on the occasion of the release of the revenues for
the first half of 2022, BALYO reports revenues of €8.3 million,
down by -14% compared to the first half of 2021. This decrease is
mainly explained by an unfavorable seasonal effect concerning
deliveries made to its partner Linde Material Handling. BALYO is
expecting a recovery of its revenues in the second half of
2022.
After taking into account new orders for €4.7 million in the
second quarter of 2022, the order backlog1 as of June 30, 2022
amounted to €11 million, compared to €8.8 million as of June 30,
2021, a strong increase (+25%) compared to the first half of 2021.
It is also important to highlight that more than 50% of direct
orders were generated in the United States.
The United States thus represents now the most important
commercial region for BALYO in terms of direct orders.
At the same time, BALYO has also entered into key partnerships
during the past six months with leading players. The first one with
Bolloré Logistics, with the implementation of BALYO solutions in
the Asia-Pacific zone and the support of its partner towards
operational excellence. BALYO also signed a contract with Auchan to
manage 2,000 of the retailer's pallets within its logistics
platform located in the South-East of Paris.
2022 Half-Year financial results
In € million
H1 2022
H1 2021
Change
Sales revenue
8.29
9.61
-14%
Cost of sales
-5.43
-5.50
-1%
Gross profit
2.86
4.11
-30%
Gross margin rate
35%
43%
-19%
Research and Development
-2.46
-2.00
+23%
Sales and Marketing
-1.48
-1.07
+38%
General and administrative expenses
-3.68
-2.72
+35%
Share-based payment expense
-0.21
-0.11
+91%
Operating loss
-4.98
-1.70
-193%
Financial expense
-0.02
-0.02
-
Net loss
-5.00
-1.72
-191%
Cash position (as of June 30)
6.68
6.37
The decline in revenues during the period, together with a
stable cost of sales compared to last year, resulted in a decline
in gross margin to €2.9 million and a gross margin rate of 35%
compared to €4.1 million and 43% in H1 2021.
Operating expenses amounted to €7.6 million, up 32% compared to
the first half of 2021. This change is mainly due to higher
personnel expenses related to the increase in the number of
employees, travel expenses as well as external services. Expenses
allocated to R&D, Sales and Marketing and General Expenses are
up respectively by 23%, 38% and 35%.
At the end of June 2022, BALYO accounts 150 employees, compared
to 143 employees at the end of December 2021.
After taking these items into account, the operating loss for
the period sets at -€5.0 million, compared with -€1.7 million in H1
2021.
The financial result is stable at -€0.02 million, the latest
includes mainly the interest charges of BALYO.
In total, net loss for the first half of 2022 amounts to -€5.0
million, compared to -€1.7 million in H1 2021.
As of June 30, 2022, the Company’s cash and cash equivalents
position sets at €6.7 million compared to €6.4 million as of June
30, 2021. Given the information currently in its hands and as
already disclosed at the beginning of the year, the Company
considers that it will be able to meet its 12-month maturities at
the closing date of the half-yearly accounts and does not
anticipate a capital increase in 2022.
Master agreement with Linde for an order commitment of €11.5
million in 2023
Since the beginning of 2021, BALYO has been allowed to market
its solutions directly in the market in order to build its
commercial and operational independence. The Company had before an
exclusive commercial relationship with its two industrial partners,
Hyster-Yale and Linde Material Handling.
In 2021, direct orders represented 19% of new orders compared to
36% over the last six months, illustrating the fast-moving success
of the transition towards this new sales model.
BALYO has just negotiated a last contract of order commitment
with Linde Material Handling for €11.5 million for the year 2023.
The partnership between the two companies will continue after this
date, without involving each year firm annual orders.
In the coming months, BALYO plans to continue accelerating
direct sales in order to be commercially independent from 2024
onwards.
Strategy and outlook
In the second half of 2022, BALYO will continue to execute its
business plan with strong growth expected in direct sales,
supported by the strengthening of sales and service teams, which
will continue to reduce commercial dependence on historically
exclusive partners.
With regard to the supply of certain electronic components and
the extension of lead times, BALYO remains cautious in the current
context. The increase in production costs has had an impact, still
limited, on the H1 Company's margins of the robotic kits, in
connection with the increase in raw material prices as well as the
extension of the supply lead times of electronic components as well
as the handling carts for the projects sold directly. The Company
expects an impact on revenues in the third quarter of 2022 which
should be partially offset in the last quarter of 2022. The Company
is not yet in a position to confirm at this stage the exact impact
on 2022 revenues of supply delays.
***
Next BALYO financial release: 2022 Third quarter sales,
October 27, 2022 after market close.
BALYO has made available to the public and submitted to the
Autorité des marchés financiers its half-year financial report as
of June 30, 2022.
The half-year financial report is available on BALYO’s website
at www.balyo.com, in the "Documentation" section.
ABOUT BALYO Humans around the World deserve enriching and
creative jobs. At BALYO, we believe that pallet movements in DC and
manufacturing sites should be left to fully autonomous robots. To
execute this ambition, BALYO transforms standard forklifts into
intelligent robots thanks to its breakthrough Driven by Balyo™
technology. Our leading geo guidance navigation system enables
robots to locate their position and navigate autonomously inside
buildings - without the need for any additional infrastructure. To
accelerate the material handling market conversion to autonomy,
BALYO has entered into two global partnerships with KION
(Fenwick-Linde's parent company) and Hyster-Yale Group. A full
range of globally available robots has been developed for virtually
all traditional warehousing applications; Tractor, Pallet,
Stackers, Reach and VNA-robots. BALYO and its subsidiaries in
Boston and Singapore serve clients in the Americas, Europe and
Asia-Pacific. The company has been listed on EURONEXT since 2017
and its sales revenue reached €21.8 million in 2021. For more
information, visit www.balyo.com.
1 The backlog refers to all orders for projects received but not
yet fulfilled. The backlog evolves every quarter following the
taking into account of new orders, the revenue generated by
projects during the period and the cancellation of orders
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220929005681/en/
BALYO Frank Chuffart investors@balyo.com
NewCap Investor Relations Thomas Grojean / Louis-Victor
Delouvrier Tel : +33 1 44 71 98 53 balyo@newcap.eu
Balyo (EU:BALYO)
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