LECTRA: 2021- very strong increase in revenues and earnings thanks
to the rebound in activity and the acquisition of Gerber Technology
2021: very strong
increase in revenues and earnings thanks to the rebound in activity
and the acquisition of Gerber Technology
- Revenues: 387.6 million euros (+64%)*
- EBITDA before non-recurring items: 65.1 million euros
(+74%)*
- Net income: 28.2 million euros (+61%)*
- Free cash flow before non-recurring items: 47.5 million
euros
- Dividend**: €0.36 per share (+50%)
* At actual exchange rates
** Proposed to the Annual Shareholders’ Meeting
on April 29, 2022
|
|
|
In
millions of euros |
October 1 – December 31 |
January 1 – December 31 |
|
2021 |
2020 |
2021 |
2020 |
Revenues |
125.6 |
65.6 |
387.6 |
236.2 |
Change at actual exchange rates (%) |
+91% |
|
+64% |
|
EBITDA
before non-recurring items(1) |
21.8 |
13.1 |
65.1 |
37.5 |
Change at actual exchange rates (%) |
+66% |
|
+74% |
|
EBITDA
margin before non-recurring items (in % of revenues) |
17.3% |
20% |
16.8% |
15.9% |
Net
income |
11.4 |
6.6 |
28.2 |
17.6 |
Change at actual exchange rates (%) |
+74% |
|
+61% |
|
Free
cash flow before non-recurring items(1) |
13.9 |
15.2 |
47.5 |
25.2 |
Shareholders’ equity(2) |
|
|
400.8 |
192.2 |
Net cash (+) / Net financial debt (-)(1) (2) |
|
|
(8.8) |
134.6 |
|
|
|
|
|
- The definition for performance indicators appears in the
Management Discussion of December 31, 2021
- At December 31
Paris, February 9, 2022. Today,
Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the
consolidated financial statements for the fiscal year 2021. Audit
procedures have been performed by the Statutory Auditors. The
certification report will be issued at the end of the Board of
Director’s meeting of February 23, 2022.
These financial statements incorporate the
acquisitions of Gerber Technology (“Gerber”), consolidated since
June 1, 2021, Neteven, since July 28, 2021, and Gemini CAD Systems
(“Gemini”), since September 27, 2021. Lectra’s results
before taking into account these acquisitions are provided in the
“Lectra 2020 scope” paragraphs, in which comparisons between 2021
and 2020 are like-for-like.
1. Q4
2021
Q4 2021 revenues (125.6 million euros) were up
91% compared to Q4 2020.
EBITDA before non-recurring items totaled 21.8
million euros, up 66%, and the EBITDA margin before non-recurring
items was 17.3%.
Income from operations before non-recurring
items amounted to 14.8 million euros (10 million euros in Q4 2020)
and net income totaled 11.4 million euros (+74%).
Lectra 2020 scope
Q4 confirmed the positive dynamic observed since
the beginning of 2021.
Orders for perpetual software licenses,
equipment and accompanying software, and non-recurring services
(32.9 million euros) were up 16% compared to Q4 2020. The annual
value of new software subscription orders amounted to 1.8 million
euros (+57%).
Revenues (76.2 million euros) increased by 13%
and income from operations before non-recurring items (11.9 million
euros) increased by 5%.
2. 2021
Acquisitions of Gerber, Neteven and
Gemini
On February 8, 2021, Lectra announced having
entered into a Memorandum of Understanding to acquire the entire
capital and voting rights of the US-based company Gerber
Technology. It then announced, on June 1, 2021, having
finalized this acquisition.
The Company then finalized on July 28, 2021, the
acquisition of the French company Neteven, and finally announced on
September 6, 2021, the signature of an agreement to acquire the
entire capital and voting rights of the Romanian company Gemini
(the press releases related to these acquisitions are available on
the website Lectra.com).
If Lectra had completed the acquisitions of
Gerber, Neteven and Gemini on January 1, 2021, then the Group would
have reported pro forma revenues of 468 million euros, pro forma
EBITDA before non-recurring items of 73 million euros, and a pro
forma EBITDA margin before non-recurring items of 15.6%.
Very strong growth in results in a more
favorable environment, but one that remains heterogeneous and
uncertain
While activity and results for the full year
2021 reflected a rebound in activity and investment decisions by
customers, along with successful deployment of the Group's new
offers, the year remained marked by the consequences of the
COVID-19 crisis, with periods of lockdowns and restrictions, often
severe restrictions, alternating with periods of recovery, during
the successive waves of the pandemic. The situation sustained a
climate of uncertainty for the Group's customers.
The crisis has also led to supply difficulties
and rising costs of certain raw materials, which affected the
Group's manufacturing schedules and costs. It had a strongly
negative impact on maritime transport, which caused delays in
deliveries and sharply higher corresponding costs. In 2021,
however, the Group has been able to limit the impact of these
disruptions on its business and results.
Shortages of electronic components had a
negative impact on production by the Group’s automotive customers
and, consequently, on the revenue from consumables and parts.
Revenues of 2021 (387.6 million euros) were up
64%. EBITDA before non-recurring items (65.1 million euros)
increased by 74%, and the EBITDA margin before non-recurring items
was 16.8%.
Gerber (since June 1), Neteven (since July 28)
and Gemini (since September 27) have contributed 106.6 million
euros, 1.4 million euros and 0.5 million euros to revenues,
respectively. Gerber's contribution to EBITDA before non-recurring
items was positive 13.3 million euros, Neteven's and Gemini’s
contribution was 0.2 million euros overall.
Consolidated income from operations before
non-recurring items totaled 44.4 million euros. This included a
6-million-euro charge for amortization of intangible assets arising
from the acquisitions of Gerber, Neteven and Gemini.
After a non-recurring net charge of 6.1 million
euros for fees and other income and expense items relating to the
acquisition of Gerber, income from operations amounted to 38.3
million euros.
Net income (28.2 million euros) was up
61%.
Free cash flow before non-recurring items came
to 47.5 million euros (25.2 million euros in 2020). This sharp rise
is attributable mainly to the improvement in business activity and
higher income from operations. After disbursement of 8 million
euros, in respect of fees and other related expenses in connection
with the acquisition of Gerber, free cash-flow amounted to
39.5 million euros.
Balance sheet at December 31,
2021
Consolidated shareholders’ equity amounted to
400.8 million euros (192.2 million euros at
December 31, 2020). This increase is explained mainly by
the capital increase carried out for the purpose of the acquisition
of Gerber in the total amount of 165.3 million euros.
At December 31, 2021, the Group's net
financial debt stood at 8.8 million euros, consisting in
financial debt of 139.4 million euros and available cash of
130.6 million euros.
The working capital requirement at December 31,
2021 was a negative 31.5 million euros.
Lectra 2020 scope
Orders for perpetual software licenses,
equipment and accompanying software, and non-recurring services
(117.8 million euros) increased by 44%. The annual value of new
software subscription orders (6.1 million euros) more than doubled
compared to 2020.
Revenues (279.1 million euros) increased by 19%
(+18% at actual exchange rates) compared to those of 2020, which
had suffered the effects of the health crisis.
Revenues from perpetual software licenses,
equipment and accompanying software, and non-recurring services
(107.6 million euros) increased by 40%, those from recurring
contracts (102.9 million euros) by 4% and those from consumables
and parts (68.6 million euros) by 18%.
Income from operations before non-recurring
items (40 million euros) increased by 61% compared to 2020 (+56% at
actual exchange rates) and the operating margin before
non-recurring items (14.3%) was up 3.8 percentage points
(+3.4 percentage points at actual exchange rates).
3. 2020-2022
STRATEGIC ROADMAP: SECOND PROGRESS REPORT
The Lectra 4.0 strategy was launched in 2017
with the aim of positioning the Group as a key Industry 4.0 player
in its markets before 2030. It has been implemented to date through
two consecutive strategic roadmaps.
The first roadmap, for 2017-2019, established
the key fundamentals for the future of the Group, notably the
successful integration into its new offers of the key technologies
for Industry 4.0 (cloud computing, the Internet of Things, big data
and artificial intelligence), the strengthening of the Executive
Committee, the reorganization of subsidiaries into four main
regions, and the launch of the first software offers in SaaS
mode.
The second roadmap, for 2020-2022, was published
in the financial report dated February 11, 2020. It is
designed to enable Lectra to capture the full potential of its new
offers for Industry 4.0, while delivering sustainable, profitable
business growth.
Despite the consequences of the economic crisis
caused by the COVID-19 pandemic, the objectives of the 2020-2022
strategic roadmap remain unchanged. The only adjustments to the
original objectives are in the growth targets for the end of the
three-year period – notably following the acquisition by Lectra of
Gerber, Neteven, and Gemini.
The Lectra 4.0 strategy, and each of the main
chapters in the strategic roadmap for 2020-2022, are summarized in
the financial report at December 31, 2021, which is available on
Lectra.com.
The financial objectives that the Group set
itself for 2022 are provided in the “Outlook” chapter of this press
release.
4. DIVIDEND
AT €0.36 PER SHARE
The Board of Directors will propose to the
Shareholders’ Meeting of April 29, 2022, the payment of a dividend
at €0.36 per share in respect of fiscal year 2021.
5. OUTLOOK
While uncertainties persist regarding the
evolution of the pandemic and its impacts on the macroeconomic
environment (e.g., inflation, difficulties in the automotive
industry, and transportation costs), and could continue to weigh on
investment decisions by the Group's customers, still the rebound in
orders and in earnings recorded in 2021 have confirmed the
relevance of Lectra’s strategy and the strength of its business
model.
The acquisitions made in 2021, and particularly
the acquisition of Gerber, give the Group a new dimension and open
new perspectives.
At the same time, the new offers for Industry
4.0 are increasingly contributing to revenues and earnings.
Finally, the very strong balance sheet, with
shareholders' equity of 400 million euros and net financial debt
held at 9 million euros at December 31, 2021, enables the Group to
implement its long-term strategy in a serene manner.
Financial objectives for
2022
In the February 8, 2021, announcement of
Lectra's proposal to acquire Gerber, the Group reported on the 2022
financial objectives for the combined entity: returning to the
level of combined revenue achieved by Lectra and Gerber in 2019
(482 million euros) and generating an EBITDA margin before
non-recurring items in the range of 17% to 20% by adding the
expected synergies to the operational performance of the two
groups.
Lectra subsequently acquired Neteven and Gemini,
the rebound in activity in 2021 was greater than the Group
expected, and the dollar strengthened against the euro.
In light of the above, the Group has raised its
objectives for 2022, with revenues in the range of 508 to
556 million euros (+ 31% to + 43% at actual exchange rates)
and EBITDA before non-recurring items in the range of 92 to 104
million euros (+ 41% to + 60% at actual exchange rates).
These objectives were prepared on the basis of
the closing exchange rates on December 31, 2021, and particularly
$1.13 to the euro.
The Management Discussion and Analysis of
Financial Conditions and Results of Operations and the financial
statements for Q4 and the fiscal year 2021 are available on
lectra.com. First quarter earnings for 2022 will be published on
April 28, 2022. The Annual Shareholders' Meeting will take place on
April 29, 2022.
For companies that breathe life into our
wardrobes, car interiors, furniture and more, Lectra crafts the
premium technologies that facilitate the digital transformation of
their industry. Lectra’s offer empowers brands, manufacturers and
retailers from design to production, providing them with the market
respect and peace of mind they deserve. Founded in 1973, the
company reported revenues of 388 million euros in 2021 and is
listed on Euronext (LSS).
In June 2021, Lectra acquired Gerber Technology,
a USA-based company founded in 1968. Like Lectra, Gerber Technology
develops software and automation solutions for fashion, automotive,
furniture and other businesses across the globe.
For more information, please visit
www.lectra.com.
Lectra – World Headquarters: 16–18, rue Chalgrin
• 75016 Paris • France
Tel. +33 (0)1 53 64 42 00 – www.lectra.com
A French Société Anonyme with capital of
€37,742,959 • RCS Paris B 300 702 305
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