Strong revenue growth with profitability affected by production constraints.

Performance H01 2022

• Revenue increased from 124.3 million euro in H01 2021 to 171.2 million euro in H01 2022, an increase of 37.8%, thanks to a higher order backlog at the end of 2021 and continuous strong order intake during the first semester of 2022.
• Operating profit (EBIT) for the first 6 months of 2022 amounts to 12.2 million euro compared to 10.2 million euro in H01 2021, an increase of 19.9%, which is the result of:
  • The positive impact of higher revenues as well as lower organizational costs due to the measures taken by the Group last year to structurally decrease the cost base.
  • The negative impact of production constraints resulting from critical component shortages, higher material prices, lower manufacturing output and pressure on labor productivity.
• Cash flow from operations (EBITDA) for the first 6 months of 2022 amounts to 12.8 million euro, a 9.0% decrease compared to last year.
• Total net finance cost amounts to 1.3 million euro and relates to interest charges (0.8 million euro), net currency charges (0.2 million euro) and other financial charges (0.3 million euro).
• Net income attributable to the shareholders amounts to 8.9 million euro (Earnings per Share of 1.2 euro) compared to 6.9 million euro last year (Earnings per Share of 0.9 euro).
• The Group reports a net financial cash of 21.1 million euro (including 3.7 million euro leasing debt) compared to 41.0 million euro at year-end 2021. The decrease in net cash is mainly caused by higher working capital, negatively affected by the industry-wide increase in material prices as well as higher work-in-progress due to components scarcity.
• The Group received 188 million euro of orders in H01 2022, a 34.1% increase compared to H01 2021.