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(LSS.PA) LECTRA: Risultati del 4° trimestre e dell'esercizio 2007
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Esercizio 2007:
Ordini per nuove licenze di software e attrezzatura: +11%(*)
Ricavi: E 216,6 milioni (+3%)(*)
Risultato operativo prima delle poste non ricorrenti: E 11,2 milioni (-20%)(*)
(*) dati comparabili
| (milioni di euro) | Ottobre 1- Dicembre 31 | Ottobre 1- Dicembre 31 | Gennaio 1 - Dicembre 31 | Gennaio 1 - Dicembre 31 | | | 2007 | 2006 | 2007 | 2006 | | Ricavi | 60.1 | 57.8 | 216.6 | 216.1 | | Variazione a dati comparabili (1) | +7% | | +3% | | | Risultato operativo prima delle poste non-ricorrenti (2) | 3.6 | 5.2 | 11.2 | 17.5 | | Variazione a dati comparabili (1) | -13% | | -20% | | | Risultato operativo (2) | 2.6 | 5.2 | 10.2 | 17.3 | | Risultato netto | 1.0 | 3.7 | 5.8 | 12.1 | | Free cash flow prima delle poste non-ricorrenti (3) | 6.0 | 1.5 | (1.9) | 15.4 | | Patrimonio netto(4) | | | 26.3 | 72.2 | | Posizione finanziaria netta (4) | | | (50.8) | 8.7 |
(1) Dati comparabili: i dati 2007 sono stati riclassificati ai tassi di cambio del 2006 (non )
(2) Dal 1 gennaio 2007, il credito d'imposta per la ricerca è dedotto dalle spese di R&D mentre in precedenza veniva dedotto dall'onere d'imposta. Il cambiamento è stato riclassificato nei dati 2006
(3) Componente non ricorrente del free cash flow: esborsi netti di E 1,2 milioni nel Q4 2007 e E 6,4 milioni nell'esercizio 2007 (E 1,2 e E 9,7 milioni nel Q4 2006 e nell'esercizio 2006)
(4) Al 31 dicembre
Paris, February 11, 2008. The Board of Directors of Lectra (Parigi:
FR0000065484 - notizie) , chaired by André Harari, today reviewed the audited consolidated financial statements for the full-year 2007.
(Detailed comparisons between 2007 and 2006 are like-for-like)
Fourth Quarter 2007
Business activity in Q4 2007 saw a weakening of the positive trend seen since the start of the year. After solid growth of 14% in the first nine months of the year, compared to the same period in 2006, orders for new software licenses and CAD (Milano: CAD.MI - notizie) /CAM equipment were only 3% up overall (E0.7 million) compared with Q4 2006.
Revenues and income from operations before non-recurring items are in line with the company's expectations, published on October 30.
Free cash flow returned strongly to positive figures in Q4. After registering a negative free cash flow of E7.9 million during the first nine months, the company generated E6.0 million in free cash flow before non-recurring charges in Q4 2007, an increase of E4.5 million relative to Q4 2006.
Full Year 2007
With solid growth of 11% (+ E10.6 million) business activity in 2007 showed new momentum. Orders for new software licenses increased by 20%, and those for CAD/CAM equipment by 6%.
With orders for 442 Vector (VCT.NZ - notizie) cutting systems (+43%) booked in the course of 2007, compared to 309 in 2006, the commercial success of the new generation, launched at the beginning of the year, was stronger and faster than expected.
The gradual build-up of numbers of Vector cutting systems manufactured continued, reducing delivery times to 4-6 weeks at the end of December. The objective is to return to delivery in 3 weeks, the company's standard, by the end of Q1 2008.
At E216.6 million, revenues were up by E6.9 million (+ 3%) like-for-like. Revenues from new systems sales were stable whereas recurring revenues showed sustained growth of 7%.
Income from operations before non-recurring items amounted to E11.2 million, down 20% on a like-for-like basis. This decline was primarily due to longer lead times between the booking of orders for new systems during the period and billings.
The mechanical impact of currency fluctuations (in particular the dollar's weakening) alone reduced revenues by E6.5 million (-3%) and income from operations before non-recurring items by E2.7 million (-20%).
Net income amounted to E5.8 million at December 31, 2007 (E12.1 million in 2006), giving net earnings per share on basic and diluted capital of E0.19 and E0.18, respectively, compared with E0.34 and E0.34 in 2006.
The company registered, exceptionally, a negative free cash flow before non-recurring items of
E1 (017940.KS - notizie) .9 million owing to the temporary E9.2 million increase in working capital requirement following the launching of the new generation of automated cutting systems.
As the volume of orders for Vector cutting systems was greater than the manufacturing capacity, and as a result of the signature of two multi-year contracts for a total amount of E8 million signed with a French group that is a world leader in its field, the order backlog for new software licenses and CAD/CAM equipment at December 31 (E19.8 million) increased by E7.3 million relative to January 1st 2007, on an actual basis.
New Post-Stock Buyback Tender Offer Balance Sheet Structure
As a consequence of the public stock buyback tender offer for 20% of the capital stock in May, consolidated stockholders' equity amounted to E26.3 million at December 31, 2007.
Cash and cash equivalents totaled E10.9 million. Financial borrowings totaled E61.7 million, of which
E48 million corresponds to the medium-term bank loan put in place to finance the public stock buyback tender offer, and E12.6 million to the temporary use of cash credit facilities.
In 2008, the company will have to suspend its policy of paying dividends to its shareholders, as the accounting treatment of the public stock buyback tender offer mechanically reduced retained earnings to a negative amount at December 31, 2007. Confirming its confidence in the future, the Board of Directors intends pursuing the dividend distribution policy, as soon as the reserves have been reconstituted.
Business Trends and Outlook
At the time of writing, macro-economic conditions are particularly uncertain. Formulating a view of the outlook for 2008 as well as for the mid-term is therefore a difficult exercise.
At the beginning of 2007, the company stated that its prospects should enable it to achieve revenues of E300 million in 2009, with a 15% operating margin (assuming an average parity of $1.25/E1). Unless there is a particularly strong acceleration in the pace of business activity, these objectives will not be met.
The company remains confident, however, in its medium-term growth outlook. The three major objectives in its strategic plan are to accelerate the pace of organic growth, to increase profitability by regularly increasing the operating margin, and to generate free cash flow greater than net income.
In this context, the company's expectations for the year 2008 are as follows (changes are like-for-like compared with the 2007 results translated at the exchange rates used for the 2008 scenarios, in particular a parity of $1.50/E1):
- revenues of between E220 million and E230 million, up by 5-10%,
- income from operations before potential non-recurring items of between E11.5 million and
E14.5 million, up 33-67%.
These scenarios would lead to net earnings per share of between E0.22 and E0.29, up 18-55% compared to E0.19 in 2007.
Free cash flow before non-recurring items should return to normal and exceed net income in 2008.
The Management Discussion and Analysis of Financial Condition and Results of Operations for the fourth quarter and full-year 2007 are available at www.lectra.com. First quarter 2008 financial results will be published on April 29, 2008, after the close of Euronext Paris. The Annual Shareholders' meeting will take place on April 30, 2008.
With more than 1,500 employees worldwide, Lectra is the world leader in software, CAD/CAM equipment and related services dedicated to large-scale users of textiles, leather and industrial fabrics. Lectra addresses a broad array of major global markets, including fashion (apparel, accessories, footwear), automotive, aeronautical and furniture.
Lectra (code ISIN FR0000065484) is listed on Euronext Paris (compartment B)
For more informations : www.lectra.com
Contact: Nathalie Gerbal
email: n.gerbal@lectra.com
Phone: +33 (0)1 53 64 42 37 - Fax: +33 (0)1 53 64 43 40
Copyright Hugin
[CN#132316]
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