2023 first-half earnings

• Half-year revenues growth (+32%) driven by dynamic systems business (+192%)
• Increased gross margin (+€1.1m) and improved operating income
• Solid order book: €30.5m at June 30, 2023
• Changes in corporate governance

Bezons, September 21, 2023 – 8:00am – RIBER, a global market leader for semiconductor industry equipment, is releasing its earnings for the first half of 2023.

 

(€M)	H1 2023	H1 2022	Change
Revenues Systems revenues Services and accessories revenues	12.2 8.5 3.6	9.2 2.9 6.3	+32% +192% -42%
Gross margin % of revenues	3.9 32.3%	2.8 30.9%	+39%
Operating income % of revenues	(1.1) (9.3%)	(2.1) (23.1%)	+46%
Net income % of revenues	(1.2) (10.2%)	(1.6) (17.0%)	+21%

Key developments

In the first half of 2023, despite an uncertain macroeconomic environment, revenues from the MBE systems business grew strongly, reflecting RIBER’s strengthened market positions, particularly in the production systems sector. Revenues from services and accessories declined due to lower demand from Asian markets.

Revenues

In this context, revenues for the first half of 2023 came to €12.2m, up +32% compared with the first half of 2022. Systems revenues rose by +192% to €8.5m, while revenues for services and accessories were down
-42% to €3.6m.

Earnings

The company points out that first-half earnings cannot be extrapolated over the full year due to the lower seasonality of revenues in the first half of the year.

The first-half gross margin came to €3.9m, representing 32.3% of revenues.

Operating expenditure increased slightly due to continuous R&D effort (€1.9m; +7%), while sales, marketing and administrative costs are stable overall.

Operating income improved by €1.0 million to €(1.1) million.

Net income came to €(1.2)m, compared with €(1.6)m for the first half of 2022, which included positive financial income of €0.6m.

Cash flow and balance sheet

The cash position at end-June 2023 was positive at €8.3m, up €2.3m from December 31, 2022.

After taking into account half-year earnings, shareholders’ equity at June 30, 2023 totaled €17.5m, compared with €18.8m at December 31, 2022.

Order book at June 30, 2023

The order book at June 30, 2023 totaled €30.5m, stable compared with June 30, 2022. System orders (€23.7m; +3%) include 9 machines, including 4 production machines, while orders for services and accessories (€6.7m) are down -11%.
This order book does not include the orders announced in August 2023 for 1 production machine.

Outlook

The outlook for 2023 remains unchanged and the company aims to achieve full-year revenues of around €40m, considering the machines to be delivered by the end of the year.

In a buoyant semiconductor market, new system orders are expected to remain strong over the end of the year.

Changes in corporate governance.

At the Supervisory Board meeting held on September 19, 2023, Mr. Christian Dupont resigned from the Company’s Executive Board with immediate effect. Consequently, in accordance with the Company’s bylaws, Mrs Annie Geoffroy, after resigning as Chairwoman of the Supervisory Board, has been appointed Chairwoman of the Executive Board.

Her experience as general manager of industrial companies, as well as her deep knowledge of the Company and its strategy, are solid assets for optimizing the Company’s operations, which are essential for achieving short-term objectives and developing value-creating leverages over the long term. She will also contribute to build the Company’s future by identifying candidates to strengthen the Executive Board.

Following this appointment, the Company’s Executive Board now comprises three members: Mrs. Annie Geoffroy, Mr. Michel Picault and Mr. Emmanuel Routier.

At the same time, the Supervisory Board has appointed Sylviane Troadec as Chairwoman of the Company’s Supervisory Board. Her experience of industrial issues and her CSR expertise will help strengthen the Company’s CSR strategy.

The Supervisory Board also confirmed Mr. Nicolas Grandjean’s term of office as Vice-Chairman and reviewed the composition of its committees. The Audit Committee now comprises Mr. Pierre-Yves Kielwasser, Mr. Jean-Christophe Eloy and Mr. Didier Cornardeau, its chairman. The Appointments and Compensation Committee and the CSR Committee remain unchanged.

Biographies of the new Chairwomen

• Chairwoman of the Executive Board: Mrs. Annie Geoffroy (ESCP Europe and Post-Graduate Diploma in Business Management Control), 70, has spent most of her career in industry, as Group & Finance executive officer of SIA Homefashion, Paprec Recyclage and ALCOR (CDC).
• Chairwoman of the Supervisory Board: Mrs. Sylviane Troadec (UPEC, master’s degree in AES and 3rd Cycle in HR), 58, has over 35 years’ experience in HR, management systems and business unit management in small, medium and large companies (Institut National de l’Hygiène et du Nettoyage Industriel, Veolia, Cegetel, Paprec) in various sectors.

Next date: 2023 third-quarter revenues on October 30, 2023, before start of trading 

The condensed consolidated half-year accounts have not been subject to an audit or a limited review by the statutory auditors. They were approved by the Executive and Supervisory Boards on September 19, 2023. The half-year financial report is available in French on the company website (www.riber.com).

Posted on Thursday, September 21, 2023 - 08:00 am