Turnover 3
e
quarter 2022
Operating profit loss of €1.1m in a still difficult environment
Q3 revenue at +26% vs 2021 for a cumulative 9 months at €9.4m (-2% vs 2021)
Inauguration of the Industrial Director of the future Revin site
October 13, 2022.
Cibox, a French consumer electronics company specializing in electric micro-mobility, presents its results for the first half and its sales for the 3
th
quarter 2022.
Data in K€ |
S1-2022 |
S1-2021 |
Variation | |
|
Turnover |
4,565 |
5,851 |
-1,286 |
-22% |
Gross margin | 871 | 1,328 |
-457 | -34% |
|
Operating result |
-1,126 |
-304 |
-822 |
N/S |
bottom line | -174 | -69 | -105 | N/S |
exceptional result | -2 | -9 | +7 | N/S |
|
Net profit |
-1,302 |
-382 |
-920 |
N/S |
Quarterly turnover Data in M€ |
2022 |
2021 |
Variation |
T1 | 2.1 | 3.6 | -42% |
T2 | 2.5 | 2.3 | +9% |
|
T3 |
4.8 |
3.8 |
+26% |
|
Total |
9.4 |
9.6 |
-2% |
A first half marked by difficulties in supplying components
In the first half of 2022, revenue amounted to €4.6 million, compared to revenue of €5.9 million over the same period in 2021, a decrease of 22%.
The gross margin for the half-year amounted to €0.9 million, or 19.1% of sales, the margin continuing to be impacted by high transport costs as well as by an increase in the costs of certain components.
In the first half of 2022, other external purchases and expenses increased by €0.3 million, Cibox having in particular borne an increase in its operating costs relating to maintenance operations for its products. More generally, the company has strengthened its services activity, by strengthening its teams and leasing additional space on its Alfortville site.
Taking these elements into account, the operating result for the first half of 2022 is a loss of €(1.1) million.
After taking into account a financial result of (0.2) M€ reflecting the depreciation of treasury shares and shares held in the listed company DMS, the net result for the first half of 2022 amounts to (1.4 ) €m.
Positive net cash as of June 30, 2022
As of June 30, 2022, cash stood at €3.5 million (€5.8 million at the end of December 2021), including cash (€2.7 million), the net value of the minority stake held in the company listed DMS (€0.3 million) and Cibox treasury shares (€0.5 million). Cash consumption in the first half of 2022 is mainly due to the reduction in outstandings on the factoring contract, following the reduction in the client item in line with the level of revenue in the first half of 2022. The change in cash of is, for its part, positive over this same period, the loss for the half-year having been offset by a positive change in WCR.
Cash net of financial debt at June 30, 2022 amounted to €0.4 million for shareholders’ equity of €5.1 million at the same date.
During the first half of 2022, the balance of the bonds redeemable in shares issued in 2021 were reimbursed, which generated a capital increase of €1.0 million (capital + issue premium).
Turnover 3
e
2022 quarter and outlook
Unaudited revenue for the third quarter of 2022 amounted to €4.8 million (vs. €3.8 million in the third quarter of 2021), i.e. €9.4 million for the first three quarters of 2022, close to the revenue of business over the same period of 2021 (€9.6 million).
Despite significant orders to be delivered in the fourth quarter of 2022, the level of sales for the last quarter will depend on the ability to have our products manufactured and delivered by the end of the year, in an environment where shortages of certain components are continuing and maritime transport costs and availability have still not returned to pre-crisis levels.
As a result, revenue for the full year 2022 is now expected to decline compared to the previous year. The gross margin level for the second half of 2022 will continue to be impacted by the unfavorable evolution of the costs of raw materials and components, transport costs and other operating costs.
In this difficult economic climate, but in an electric micro-mobility market that remains buoyant, Cibox is preparing to become a major manufacturer of electrically assisted bicycles in France from 2024. The deployment of its industrial tool involves an evolution of the commercial activity, in particular with a new category of customers (industrialists and/or brands) and larger volumes. These players are looking for new production capacities in Europe and France, Cibox offering them a modern and efficient industrial tool on its future Revin site.
On the commercial side, the company has started discussions with the first prospects and customers and hopes to conclude its first agreements in the coming months.
Progress report on Revin’s industrial project – arrival of a Production Manager
Revin’s industrial project, which was the subject of two communications in June 2022, is continuing its course. The first step will be the installation of service activities (Repair, Reconditioning, Recycling) in the first half of 2023. The consultation of companies for the rehabilitation of this part of the building was launched in October 2022.
Stéphane Dehasseleer, 45, has been appointed Production Director and thus Director of the future Revin site. He will take office on October 17, 2022.
Stéphane has extensive experience, particularly in planning, organization, quality and information systems. Before joining Cibox, Stéphane developed these skills within an ArcelorMittal site in Europe.
He will be in charge of production activities in France: from the manufacture of bicycles in the future Revin factory to the repair/reconditioning of products in our workshops. He will lead with Mr. Sung the implementation of the production tool.
The company will therefore accelerate its investments in 2023: industrial investments in production tools for Revin, and recruitment.
Availability of the 2022 half-year financial report
The Board of Directors met on October 13, 2022 to approve the half-year financial statements for the first half of 2022, which were subject to a limited review by the statutory auditor.
The half-year financial report will be available in the “Investors / Financial documents” section of the company’s website www.ciboxcorp.com from October 27, 2022.
Next meeting: turnover of 4
e
quarter of 2022 on January 26, 2023 after market close
Find all the information on: www.ciboxcorp.com
About Cibox
Founded in 1995, Cibox is a French technology company specializing in consumer electronics. Over the years, Cibox has acquired extensive experience in the design of technological products that meet the expectations of consumers and distributors.
Today, the offer mainly revolves around a range of electric micro-mobility products (scooters, electric bikes, accessories). Our job is to design, manufacture and maintain soft mobility products and services for journeys of 3 to 30 km, whether personal or professional. In order to promote its innovative solutions, Cibox has developed its product brands (Scooty and yeep.me).
In 2021, CIBOX achieved a turnover of €16.0 million, up by +10%.
The CIBOX share is listed on Euronext Growth Paris (CIB – FR0000054322). She is eligible for PEA and PEA-PME.
Contact
: Investor Relations [email protected]
1
Gross margin = turnover – cost of sales (purchases consumed + change in inventory + customs duties + transport on purchase)
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