(Boursier.com) — Cerinnov Groupspecialist in robotic engineering and industrial equipment for the ceramic and glass industry in France and internationally, publishes its accounts for the first half of 2023, characterized by a new appreciation of profitability and a continuation of commercial dynamics.
In the first half of 2023, Cerinnov Group managed to maintain its turnover at a stable level of 6.4 ME despite extended supply times.
This stability of turnover over the first 6 months does not reflect the current commercial dynamic which remained very sustained over the period, at the same level as that which was recorded during the same period in 2022.
Thus, the secure order book, covering only orders from the Equipment activity, stands at 12.5 ME to date, including 9.5 ME billable in 2023 (5.7 ME after restatement of turnover of 3.8 ME already accounted for this activity as of June 30, 2023).
This amount is higher to date than the total volume of turnover which had been recorded for the Equipment activity for the 2022 financial year and does not include orders linked to consumables.
Among the numerous projects in progress, in diversified sectors of activity, characterizing this order book, we can notably cite:
– The deployment of a first thermal equipment project in the field of carbon-free hydrogen production;
– The commissioning of 4 autonomous robotic lines for finishing parts in the luxury industry;
– The control of 2 robotic laser ablation cells in the automotive industry;
– The signing of a commercial partnership with a French player in ceramic and metal 3D printing;
– Presentation of our AI solution to a panel of companies in the luxury and watchmaking sectors.
Furthermore, advanced discussions are underway with several industry players which should result in new orders in high-potential markets in the coming months.
Doubling of EBITDA in the first half of 2023 (11.6% of turnover)
In the first half of 2023, Cerinnov Group continued to benefit from the transformation of its economic model carried out by the company in 2020 and 2021, during two years of economic and health crisis, allowing it today to display a more profitable model , less cash intensive, and with intact industrial and commercial capacity.
Over the period, the gross margin increased by 9 points to 59% of turnover, a non-normative level linked to the non-linearity of orders.
The appreciation of the gross margin and the continued strict control of operating expenses over the period allowed Cerinnov Group to post a doubling of EBITDA from 355 KE to 747 KE, thus externalizing an EBITDA margin of 11.6 % (6 points more than in H1 2022).
The operating result moves into positive territory in the first half of 2023 at 276 KE, compared to an operating loss of (86) KE over the same period in 2022.
After accounting for the depreciation of goodwill, the financial and exceptional results and the tax charge, Cerinnov Group is approaching balance with a net result Group share of (81) KE compared to (676 ) ME in the first half of 2022.
New cash generation and continued debt reduction
As of June 30, 2023, Cerinnov continued to strengthen its financial structure:
– An appreciation of the gross cash flow which moves into positive territory from the first half of the year, making it possible to finance ‘R&D’ and repay part of the debt reduction;
– A stabilization of working capital (WCR), which reached a normative level at the end of 2022, after having been reduced by 2 since 2019;
– A generation of cash from activity of 685 KE, an increase compared to June 30, 2022, and 13 times higher than the level of June 30, 2021;
– A continuation of debt reduction with gross financial debt, including repayable advances, which stands at 8.2 ME as of June 30, 2023 compared to 9.3 ME as of December 31, 2022 and 9.8 ME as of June 30, 2022.