i2S: Operating Income shows growth of 51.4%


(Boursier.com) — The turnover ofi2S in the first half of 2022 came to 10,414 K, in line with the budget, up 25% compared to H1 2021, with sales from the three Divisions, Vision, DigiBook and MedCare, all posting growth of more than 20%.

The Gross Margin, not including any activation of ‘R&D’ costs, increased by 599 K in value, but fell by 2.6 pts, from 41.7% in H1 2021 to 39.1% in H1 2022, impacted by the increase in the price of components fitted in mass-produced equipment for one of our historical customers, within a contractual framework, now revised, preventing any indexation of selling prices.

Value Added increased by 18.9% in value compared to H1 2021, but fell by 1.6 pts as a result of the drop in percentage of the gross margin rate. The good control of all operating expenses during the half-year made it possible to post an EBITDA up 136% to 538.7 KE, increasing in turnover ratio from 2.7% to 5.2% .

Operating income increased by 51.4%, with a 36% increase in depreciation and amortization linked to the investments made during H2 2021, in particular to finance the renovation works of the Pessac site, of which the company is owner.
Other expenses include foreign exchange losses for 45 KE, which were classified as financial expenses during H1 2021. Financial expenses related to the repayment of loans increased by 10 KE over the period, now that all the PGEs are being finalized. ‘amortization.

After taking into account a research tax credit of 13.6 KE (against 63.3 KE in H1 2021), the Net Income for the first half of 2022 is up by 37%, at 432.5 KE against 315 .8 KE as of June 30, 2021.

Equity increased to 7,083 KE against 6,870 KE at the end of December 2021. Gross financial debt with credit institutions, which includes 3,345 KE of loans guaranteed by the state (PGE not consumed to date), increased established at 4,519 KE and represents 64% of equity. Net financial debt remains negative, at -17% of shareholders’ equity, so as to facilitate the long-term financing of any external growth operations, through mergers/acquisitions of corporate targets.

On the outlook side, management comments: “Without a sudden deterioration in the geopolitical and economic environment during the second half of the year, the commercial momentum observed in each of the four Divisions should enable i2S Innovative Imaging Solutions to close the end of the 2022 financial year. in line with the budget, however dependent on the ability of suppliers to honor their commitments in terms of improving their delivery schedules, which had been agreed to and respected until then.
Confidence in the potential of our strategic orientations is therefore complete and constitutes a source of motivation for our employees and partners, reinforced by a responsible development strategy, accompanied by a structured CSR approach, which is intensifying (production of the carbon, development of a new eco-design product, etc.).



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