SAFT GROUPE H1 2016 key figures
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Outlook
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Ghislain Lescuyer, Chairman of the Management Board, commented:
″Group sales increased by 3.6% during the second quarter. This growth was mainly driven by civil and military aviation, telecom and civil electronics. In a worldwide macroeconomic context which continues to be difficult, this increase in sales also translates into improved operational performance in each of the three divisions: Civil Electronics, Space & Defense, and Transportation, Telecom & Grid.
As anticipated, Industrial Standby division sales stabilized in the second quarter. However, this division continues to be affected by the slowdown of investments in the oil sector.
Furthermore, we are rolling-out Power 2020 as planned, and expect the first operational benefits in the second half year. We are implementing a development approach that is even closer to our customers, reinforcing our industrial efficiency, particularly in the lithium-ion plants, and have completed the reorganization of the Group.
Total's friendly bid has been successful with 90.14% of our shareholders tendering their shares to the offer which is re-opened until August 2nd. We are convinced that Total Group's backing will enable Saft to strengthen its position and to accelerate its development."
First half-year consolidated results(in € million) | Published | Restated | ||||
H1 2016 | H1 2015 | Change in % (1) | H1 2016(2) | H1 2015 | Change in % (1) | |
Revenue | 367.8 | 370.8 | (0.4)% | 367.8 | 370.8 | (0.4)% |
Gross profit | 106.4 | 110.8 | (4.0)% | 106.4 | 110.8 | (4.0)% |
Gross profit margin % | 28.9% | 29.9% | (22.3)% | 28.9% | 29.9% | (8.5)% |
EBITDA (3) | 44.7 | 57.5 | 52.6 | 57.5 | ||
EBITDA margin % | 12.2% | 15.5% | (30.6)% | 14.3% | 15.5% | (9.7)% |
EBIT (4) | 26.5 | 38.2 | 34.5 | 38.2 | ||
EBIT margin % | 7.2% | 10.3% | (60.0)% | 9.4% | 10.3% | (14.4)% |
Operating profit | 15.3 | 38.3 | 32.8 | 38.3 | ||
Net profit for the period | 3.5 | 30.1 | (88.4)% | 21.1 | 30.1 | (29.9)% |
EPS (€ per share) | 0.14 | 1.12 | (87.5)% | 0.82 | 1.12 | (26.8)% |
Percentage changes are at actual exchange rates except for revenue growth which is at constant exchange rates. The average euro/dollar exchange rate during H1 2016 was €1 to $1.11, compared with €1 to $1.12 during H1 2015.
EBITDA and profit are restated for non-recurring items related to the takeover bid.
EBITDA is defined as operating income, before depreciation, amortization, restructuring costs and other operating income and expenses.
EBIT is defined as operating income, before restructuring costs and other operating income and expenses.
First half-year 2016 condensed interim consolidated financial statements approved by the Saft Groupe SA Management Board have been examined by the Supervisory Board on 25 July 2016. These condensed interim consolidated financial statements have also been subject to a limited review by the Group's auditors.
First half-year key eventsThe first half-year of 2016 was eventful for Saft in commercial and industrial terms and on a strategic level with the start of the implementation of the Power 2020 transformation plan.
Significant commercial success:The signing of a five-year contract with the US Defense Logistics Agency for a total amount of
$10 million to provide high reliability, long-life primary lithium batteries. This contract confirms Saft's position as a leading partner of the US Army for more than 20 years;
The signing of a contract with Windmar to supply three high power, lithium-ion Intensium® Max 20P batteries. These containerized storage systems will provide ramp-rate control and frequency response at a 10 MW photovoltaic facility situated in Puerto Rico;
The supply of a Seanergy® lithium-ion battery system to Rolls Royce Marine for marine applications. This system will be installed on the OV Bøkfjord, an innovative hybrid multi- application vessel under construction in Denmark;
The signing of a two-year, multi-million pound contract, involving the supply of specialized military batteries to the UK Ministry of Defense. Around 60 different types of primary and rechargeable batteries will be delivered and used by the British armed forces for a host of military applications, from radios to helicopters;
The award of a multi-million dollar agreement with Lockheed Martin to provide lithium-ion cells for National Oceanic and Atmospheric Administration's GOES-T&U series geostationary weather satellites;
The supply of a megawatt-scale lithium-ion battery energy storage system to Fortum, the Finnish energy generation company in Suomenoja, as part of the largest electricity storage pilot project launched to date by a Northern European country.
Continuation of the Power 2020 plan:The roll-out of Power 2020 involved implementing the first operational activities aimed at strengthening the Group's presence in markets generating profitable growth, and at differentiating it by offering customers high quality bespoke solutions:
The reorganization of the development teams in Bordeaux and the manufacturing teams in Jacksonville, and the creation of a development team in Poitiers;
The adjustment of resources at our Oskarshamn plant in order to adapt to decreased sales in the oil sector;
The launch or reinforcement of incubators in Bordeaux and Cockeysville designed to foster the development of innovative solutions for and with our customers;
The launch of a new generation of Evolion® battery solutions for telecoms operators;
The inauguration of a brand new advanced technology battery manufacturing plant in Zhuhai, which will allow annual production capacity to be doubled, increasing the production of primary lithium batteries from 30 million to 60 million by the third quarter of 2016;
The expansion of our civil electronics production capacities;
The opening of a new subsidiary to strengthen our leading position in Japan with an emphasis on the transportation, telecommunications and grid markets, and also on the civil electronics markets.
H1 2016 | H1 2015 | |||||
Revenue (€m) | Change in %(1) | Restated EBITDA (2) (€m) | Restated EBITDA margin (2) % | Revenue (€m) | EBITDA (€m) | EBITDA margin % |
28.1% | ||||||
78.7 | (15.5)% | 15.4 | 19.5% | 93.7 | 21.6 | 23.1% |
37.4 | 15.8% | 4.5 | 11.9% | 32.3 | 3.7 | 11.4% |
120.2 | 3.6% | 0.6 | 0.6% | 116.3 | (0.7) | (0.6)% |
n.a. | n.a. | (4.9) | n.a. | n.a. | (2.9) | n.a. |
367.8 | (0.4)% | 52.6 | 14.3% | 370.8 | 57.5 | 15.5% |
Civil Electronics 131.5 3.0% 37.0
Industrial Standby
Space & Defense Transportation, Telecom
& Grid
Other
Total128.5 35.8 27.9%
(1) All at actual exchange rates, except revenue growth % which is at constant exchange rates. The average euro/dollar exchange rate during H1 2016 was €1 to $1.11, compared with €1 to $1.12 during H1 2015.
(2) EBITDA 2016 has been restated at €7.9 million owing to the impact of the IFRS 2 expenses relating to the free share allocation plan.
n.a.: not applicable.
Second quarter revenueIn the second quarter of 2016, revenue amounted to €195.3 million, up by 3.0% as reported, and an increase of 3.6% at constant exchange rates.
Change in % | ||||
Q2 2016 | Q2 2015 | at actual exchange rates | at constant exchange rates | |
Civil Electronics | 66.6 | 66.0 | 0.7% | 2.7% |
Industrial Standby | 44.3 | 44.3 | 0.1% | (1.3)% |
Space & Defense | 22.3 | 18.3 | 22.2% | 22.9% |
Transportation, Telecom & Grid | 62.1 | 60.9 | 1.9% | 2.2% |
Total | 195.3 | 189.5 | 3.0% | 3.6% |
The average euro/dollar average exchange rate was €1 to $1.10 during Q2 compared with €1 to $1.10 in Q2 2015.
Saft Groupe SA published this content on 27 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 July 2016 18:11:03 UTC.
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