Igny on March 6, 2023
– ARCHOS announces that the consolidated turnover of its subsidiary LOGIC INSTRUMENT is up 26% compared to 2021. This increase is the result of the gradual recovery of its customers’ activities, particularly in Germany and abroad (customers in the USA and in Turkey).
The gross margin was €3.0 million, the margin rate was up by 0.6 points.
Operating expenses increased by €0.28 million. This change is mainly due to the increase in other purchases and external charges (+€0.12 million) relating in particular to the increase in transport costs and other charges (+0.14) relating to losses on receivables (compensated by reversals of provisions in other income).
Operating income improved by +€0.4 million. The exceptional result amounts to +0.24 M€ and corresponds for 0.15 M€ to the proceeds of the cancellation of an old Coface export debt (contract of 2015) and for 0.09 M€ to the Covid cost subsidies of 2021 in Germany.
LOGIC INSTRUMENT posts a positive net result of €0.02 million in 2022 against a loss of €0.84 million in 2021
Consolidated income statement LOGIC INSTRUMENT
|
Consolidated Income Statement in K€ |
31/12/2022 |
31/12/2021 |
VAR° in K€ |
VAR° in % |
Turnover | 9,916 | 7,880 |
2,036 |
26% |
Purchase cost of products sold | 6,909 | 5,537 |
1,372 |
25% |
|
Gross margin |
3,007 |
2,343 |
664 |
28% |
|
Gross Margin Rate |
30.3% |
29.7% | ||
|
Other income (reversals of provisions and transfers) |
136 |
75 |
61 | NS |
Exploitation charges | 3,328 | 3,047 |
281 |
9% |
|
Operating result |
(185) |
(629) |
444 | NS |
bottom line | (48) | (10) | (38) | NS |
exceptional result |
246 |
36 |
210 | NS |
IS | 11 | (245) | 256 | NS |
|
Consolidated net income |
24 |
(848) |
872 | NS |
.
LOGIC INSTRUMENT Simplified Consolidated Balance Sheet as of 12/31/2022
|
ASSETS BALANCE SHEET in K€ |
31/12/2022 |
31/12/2021 |
VAR |
VAR % |
R&D | 0 | 0 | 0 | NS |
Other real estate assets | 182 | 121 | 62 | 51% |
Stock | 2,124 | 1,462 | 662 | 45% |
Advances and deposits | 213 | 225 | (11) | (5%) |
Receivables | 664 | 558 | 106 | 19% |
Other receivables and deferred taxes | 94 | 35 | 59 | 167% |
Availability | 3,997 | 5,184 | (1,187) | (23%) |
CCA & ECA | 186 | 25 | 161 | 651% |
|
Total |
7,461 |
7,609 |
(148) | (2%) |
|
LIABILITIES BALANCE SHEET in K€ |
31/12/2022 |
31/12/2021 |
VAR |
VAR % |
EQUITY | 4,515 | 5,357 | (842) | NS |
Result | 24 | -845 | 869 | NS |
Prov° Risks & Charges | 76 | 61 | 14 | 23% |
Loans | 1,167 | 1,449 | (283) | (19%) |
Discoveries | 0 | 0 | 0 | N / A |
Payables | 550 | 374 | 177 | 47% |
Social and tax debts | 470 | 458 | 12 | 3% |
Other debts and PCA | 660 | 755 | (95) | (13%) |
|
Total |
7,461 |
7,609 |
(148) | (2%) |
The main change elements are as follows:
Increase of €0.7 million linked to receipt of new products.
The group’s cash is down by €1.2 million, mainly due to the impact on WCR of the growth in activity (-€0.9 million) and the repayment of loans.
Outlook 2022
As of December 31, 2022, the LOGIC INSTRUMENT group posted a healthy balance sheet situation and managed to limit the impacts of the COVID 19 pandemic. The geopolitical context is favorable to LOGIC INSTRUMENT’s activities in the defense sector with an increase in budgets of investment in Europe with in particular a major project in Germany which will be invoiced in the first half of 2023. LOGIC INSTRUMENT has been in discussion since the end of 2022 with Glacier Computers for the acquisition of this company located in the Boston region in the USA.
___________________________________________
ARCHOS will announce the Group’s 2022 results on March 23, 2023 after market close.
Contact :
Loic POIRIER –
CEO ARCHOS – [email protected]
About ARCHOS
ARCHOS, an expert in mobile solutions, has constantly revolutionized this market both in the consumer electronics sector and in B to B with its subsidiary Logic Instrument. The French brand was thus the first to offer Google Android tablets in 2009. Today, ARCHOS designs and democratizes products with high innovation value and in 2021 created a MedTech division, Medical Devices Venture, which will bring together several startups. With a head office in France, offices in Europe and Asia, ARCHOS is asserting itself as a key pan-European player, listed on the Euronext Growth Paris market, ISIN Code: FR0014007XT1. www.archos.com
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