Half-year results - September 30, 2015
Encouraging results:
Six-month period analysis:
Printing activity continues to progress, delayed launch of new Home Décor product lines
Sales of LED products from the Chinese JV on the up
Operating profit progressing following the close control of operating costs
Negative impact of foreign currency movements on the financial result
Capital structure is healthy
Outlook 2015/2016:
Order backlog on October 31, 2015 stands at €5.5 million
Prismatronic LED signs adopted by some OOH advertising media companies
Printing activity continues to progress month after month
Home Décor activity will see the launch of new product lines to replace mature products
Consolidated statement of income (April 01 - September 30, 2015)
On December 1, 2015, the Prismaflex International board closed the accounts for the 2015/2016 SI period. The financial statements were subject to a limited audit review.
6 months
6 months
In € million
30.09.15
30.09.14
Total sales
25.38
25.49
Current operating profit
1.05
0.75
Operating profit
1.05
1.00
Financial result excl. foreign exchange
-0.18
-0.18
Foreign exchange losses and gains
-0.26
0.19
Tax
-0.14
-0.16
Result of discontinued operations / equity method proportion
-0.11
-0.07
Net result
0.36
0.79
Net consolidated result
0.37
0.79
Cash flow
1.36
1.59
In € million
30.09.15
31.03.15
Consolidated equity capital
13.85
13.75
Net debt
7.45
7.50
Gearing
0.54
0.55
Significant points for the S1 2015/2016 period:
The product mix shows Printing activity is up 4.4% at €11.50 million, Hardware sales slightly higher than for the previous period at €9.37 million while Home Décor activity is down 13.6% at €4.51 million.
The new LED product range confirms it growth potential with strong sales for the period of €2.3 million.
With the pursued monitoring of operating costs, current operating profit is up at 4.1% of sales against 3.0% for the previous year (following measures taken concerning the subsidiaries and analog product activity).
Operating profit stands at €1.05 million, compared with €1.0 million same period in N-1. Note that the Group last year recorded a €0.25 million profit in relation with an export warranty.
The financial result for S1 is impacted by a foreign exchange loss of €0.26 million mainly due to a fall in the value of the South African Rand (for €0.23 million) compared to a gain over the same period of the previous year of €0.19 million.
The net result incorporates the share of the €0.1 million losses of the Chinese JV (34%). The start up and initial results of the joint-venture are encouraging.
Overall, net result for the period stands at €0.37 million.
Capital structure remains healthy
Working capital needs at €9.69 million represents 19% of total sales, an improvement on September 2014 figures (22%) and is stable compared to March 31, 2015.
Capital structure is solid with a gearing ratio of 0.54. Consolidated equity capital stands at €13.85 million compared with €13.75 on March 31, 2015. Net debt is stable at €7.45 million against €7.50 million on March 31, 2015. This incorporates CICE pre-financing to the BPI of €0.4 million.
Outlook for the year
On October 31, 2015, order backlog is up at €5.5 million against €4.5 million for the same period the previous year.
Prismaflex International pursues the specialisation of its different sites. The Prisma China JV focuses on the production of LED components; France integrates them while Distec concentrates on the production of analog products.
For the LED activity, the group notably:
delivered Indoor P4 products to Australia
was selected by a major European group for a pilot project involving the Prismatronic product line
installed its first signs in South Africa.
Printing and Home Décor activities will receive new production tools at the year-end.
S2 figures are expected to confirm activity trends noted in Q2.
Forthcoming dates
Conference call: Pierre Henri Bassouls CEO and Emmanuel Guzman, CFO will be available to answer your questions at 2.30pm on Tuesday December 8, 2015. Please contact Actus Lyon on +33 (0)4 72 18 04 90.
Press release: Q3 2015/2016 sales figures January 20, 2016 after closure
PRISMAFLEX INTERNATIONAL
OUTDOOR ADVERTISING SOLUTIONS MANUFACTURER AND WIDE FORMAT DIGITAL PRINTING
ISIN : FR0004044600-ALPRI - Reuters : ALPRI.PA - Bloomberg : ALPRI.FP
ALTERNEXT Paris
www.prismaflex.com
Contacts:
Emmanuel Guzman - CFO - phone: +33 (0)4 74 70 68 00 - finance@prismaflex.com
Amalia Naveira - Analysts/Investors contact - phone: +33 (0)4 72 18 04 92 - anaveira@actus.fr
Marie-Claude Triquet - Press contact - phone: +33 (0)4 72 18 04 93 - mctriquet@actus.fr
Communiqués au titre de l'obligation d'information permanente :
- Communiqué sur comptes, résultats, chiffres d'affaires
Full and original press release in PDF:
http://www.actusnews.com/documents_communiques/ACTUS-0-42393-cp-prismaflex_071215.pdf
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