Half-year results, September 30, 2017
Improved results in line with company's activity trends
Operating profit at €0.42 million for the six-month period despite drop in Home Décor activity
Six-month period analysis:
- Dynamic LED activity;
- Printing activity increases regularly;
- S2 Home Decor sales stable. Unfavourable base effect;
- Operating profit up €1.2 million due to a solid management of margins and operating costs;
- Improved gearing at 0.61;
- Good business drive notably for LED product range;
- Healthy order backlog on October 31, 2017;
- Positive outlook for S2;
Consolidated statement of income (April 1 - September 30, 2017)
On November 30th, 2017, Prismaflex International board closed the accounts for the 2017/2018 S1 period. The financial statements were subject to a limited audit review.
|6 months||6 months|
|In € million||30.09.17||30.09.16|
|(audit in progress)|
|Current operating profit||0.42||-0.45|
|Financial result excl. foreign exchange||-0.14||-0.14|
|Foreign exchange losses and gains||-0.35||0.09|
|Result of discontinued operations and/or equity method proportion||-0.02||-0.09|
|Net consolidated result||-0.08||-1.02|
|In € million||30.09.17||31.03.17|
|Consolidated equity capital||13.41||12.67|
Significant points for the S1 2017/2018 period:
The results achieved in the first six-month period 2017/2018 confirm the upward trend recorded since S2 of the previous year. Moreover, the results integrate the impact of the amicable settlement to the dispute concerning the rights of reproduction (cf. press release 20 July, 2017).
S1 Activity: Printing activity is sound at €12.43 million, +3.2% on N-1.
The 19.5% drop in Home Decor activity at €2.75 million is offset by strong Hardware activity, up 35.8% at €9.1 million. LED display sales continue, quarter after quarter, to go from strength to strength increasing its contribution to total sales.
S1 Results: Operating profit is up €1.2 million thanks to good turnover growth and control of margins and operating expenses.
S1 expenses benefit from the costs savings plan launched the previous year.
The financial result stands at - €0.59 million against - €0.05 in N-1 with stable financial costs and foreign exchange losses of €0.35 million due notably to variations in the value of the USD and South African Rand.
Net result at - €0.06 million shows a clear improvement (+€1.01 million on N-1). It includes taxes for €0.04 million and company's share of the business losses in the Chinese JV for €0.02 million.
Capital structure: Working capital needs at €10.47 million represents 22% of total sales compared to 20% in March 2017 following major orders for LED displays currently in production.
Gearing stands at 0.61. Consolidated equity capital is at €13.41 million compared with €12.67 million on March 31, 2017. This evolution integrates the sale of treasury shares in May and June 2017. Net debt stands at €8.12 million against €8.75 million on March 31, 2017.
Outlook for the year
On October 31, 2017, order backlog, mainly for Hardware remains high at €12.2 million €5.5 million new orders have been received for Germany, Brazil and Russia since then (€2.2 million of which were disclosed in our press release of October the 19th and not booked).
Several large orders for LED displays will be delivered during the S2 period (Paris and Germany).
- Conference call: Pierre Henri Bassouls CEO and Emmanuel Guzman, CFO, will be available to answer your questions on half year results at 10 am on Friday December 8, 2017. Please contact Actus Lyon on +33 (0)4 72 18 04 93 for conference call number
- Next press release: Q3 2017/2018 sales figures (dec 2017) January 22, 2018 after closure
|PRISMAFLEX INTERNATIONAL |
OUTDOOR ADVERTISING SOLUTIONS MANUFACTURER AND WIDE FORMAT DIGITAL PRINTING
ISIN: FR0004044600-ALPRI - Reuters: ALPRI.PA - Bloomberg: ALPRI:FP
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