ECA : 60% growth in net income in 2015 and an excellent outlook for 2016

In € millions H2 2015 H2 2014(2) Chg. H2 2015/H2 2014 (%) 2015 2014 Change 2015/2014 (%)
Revenue 62.1 54.5 +13.9% 105.2 93.9 +12.1%
EBITDA(1) 10.5 9.6 +9.5% 14.0 13.1 +7.0%
Current operating income 8.2 6.4 +27.9% 8.9 7.1 +25.7%
Current operating margin 13.2% 11.8% - 8.4% 7.5% -
Operating income 6.6 5.6 +17.4% 6.0 5.8 +3.3%
Tax 0.4 (1.7) - 0,6 (1.7) NA
Net income 6.8 4.0 +69.4% 6.7 4.2 +60.1%
Net income - Group share 6.9 4.0 +70.5% 6.7 4.2 +60.7%
  1. EBITDA: Current operating income before depreciation, amortization and provisions
  2. Restated accounts 2014

The 2015 financial statements were approved by the Board of Directors on March 31, 2016. Audit procedures were performed by the statutory auditors, and the audit report is currently being issued.

The Group's revenue increased by 12.1% over the financial year. The revenue target for 2015 was significantly exceeded. Two divisions (Robotics and Integrated Systems and Simulation) grew strongly (+16.4%), whilst the Aerospace division was stable. Once again, the volume of activity was higher during the second half-year than the first, representing between 58 and 65% of the volume for each of the three divisions.

The second half-year 2015 showed excellent performance compared to the second half-year 2014, for revenue (+13.9%), EBITDA (+9.5%) and current operating income (+27.9%).

The full financial year reflects the same trend as the second half-year with 25.7% growth in current operating income and revenue up 12.1%.

Detailed performance by division

Each of the three divisions saw revenue growth during the second half-year, including the Aerospace division (+23%), which was stable over the full financial year.

During the second half-year, the Robotics and Integrated Systems and Aerospace divisions generated growth in current operating income significantly higher than the revenue growth rate: 67.3% and 31.8% respectively (vs. H2 2014), compared with 10.7% and 23.0%.

Over the full financial year, the current operating income for the Robotics and Integrated Systems division grew by over 70% and that of the Simulation division by over 32%.

Financial structure and Dividend

Net cash amounted to €4.5 million, a slight reduction of €1 million in 2015. Cash flow grew by nearly 8% and the growth in WCR was managed. The level of investments remained at a high level, in particular in terms of R&D. With €70 million in equity, the Group presents an extremely sound financial position to continue its growth in 2016.

To meet growth challenges, four Group sites will relocate to larger premises over the next 12 months.

The Board of Directors will propose a dividend per share of €0.30 for the approval of the Annual General Meeting of Shareholders.


The ECA Group has seen a positive trend for the last three financial years. Over the last two years, efforts have concentrated on improving sales performance, and these were rewarded in 2015 by significant revenue growth. Profitability also progressed, in particular during the second half-year.

For 2016, the Group needs to concentrate on consolidating its positions in its core markets. To achieve this, the Group benefits from a number of favorable factors, in particular, the growth of advanced robotic markets, requirements linked to the increase of aeronautics and the reinforcement of simulation-based training courses and practice sessions. In addition to these positive market trends, investments in sales and marketing by the Group since 2014, which showed their first positive results in 2015, should continue to produce their effects and favor the strengthening of the Group's presence in the export market.

The Robotics and Integrated Systems division benefits from a good outlook for 2016. The Group will start marketing its first integrated drone-based maritime solutions for maritime surveillance, underwater mine disposal and the recovery and search for wrecks, black boxes, etc. The Group, which has implemented and continues an ambitious research and development program, is also ready to market new solutions; the AUV A18-D is almost qualified, the AUV A18-M is nearing the end of development, the UAV IT18-999 is being marketed, robot cooperation continues to progress, a magnetic ship measurement offer is being developed, and a service offer is being launched for airborne drones UAV (ECA DRONE), etc.

At the start of 2016, this division's order book totaled €69 million, a 5% increase.

The Aerospace division is also showing a strong growth trend. 2016 should see the continuation of a steady increase of the Airbus. At the same time, the continued commercial development of the "T Concept"(cf. news 21st September 2015) modular test product adaptable to aeronautics and general industry, and the launch of the partnership with Prodways , a Groupe Gorgé company, at the end of 2015, for the development of 3D printing production tools, should enable the ECA Group to consolidate its position as a high technology actor for the aerospace market.

At the beginning of 2016, the order book for this division was up 32% at €14.5 million.

In light of these positive outlooks, combined with an increased commercial presence at international trade shows and a sales force deployed worldwide, the Group is aiming to achieve revenue of €110 million for 2016.

Lastly, the Simulation division also benefits from a good outlook across its markets (Civil and Defense), in particular for the Defence market with the increasing development of tactical training requirements. The order book was down but remains at a good level with more than €10 million. 2015 was rich in terms of R&D for the division. In particular, the Group launched its top of the range latest-generation military simulators designed to meet the training simulation requirements in the operation of modern light military land vehicles. The division thus consolidates its position in the expanding market for tactical or mission simulators. A functional version of this 6-axis simulator will be presented at the Eurosatory trade show to be held from June 13 to 17 in Paris (France) Hall 5 / booth K760).

In light of these positive outlooks, combined with an increased commercial presence at international trade shows and a sales force deployed worldwide, the Group is aiming to achieve revenue of €110 million for 2016.

A commented presentation is available in “Results presentation slideshows”:

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Next publication: Publication of revenue for first-quarter 2016 on April 26, 2016


This press release could contain statements on past events and forward-looking statements including statements regarding future goals or targets. Forward-looking statements reflect current expectations for results and future events.

Such forward-looking statements and targets depend on known and unknown risks, uncertainties and other factors that may cause actual results, performance or events to differ materially from those anticipated herein. All these risks and uncertainties could affect the Group's future ability to achieve its targets. Risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements and targets include, among other things: the risks and uncertainties possibly mentioned in this press release; the strength of competition; the growth of the market; currency fluctuations; interest rate fluctuations; raw materials and freight price fluctuations; armed conflicts or political instability; obtaining the export authorizations that may be required for certain activities; control of costs and expenses; changes in tax legislation, rules, regulation or enforcement; our ability to successfully keep pace with technology changes; our ability to attract and retain qualified personnel and key-men; the evolution, interpretation and uniform application and enforcement of International Financial Reporting Standards (IFRS), according to which we prepare our financial statements; supply chain bottlenecks; the performance of our business partners (subcontractors, agents, suppliers, etc.).

Some of these risk factors are set forth and detailed in our Document de Référence (Registration Document including the annual financial report filed with the French Autorité des Marchés Financiers). This list of risks, uncertainties and other factors is not limitative. Other non-anticipated, unknown or unforeseeable factors could also have material adverse effect on our targets. The Group expressly disclaims any obligation or undertaking to update or revise any forward-looking statements or targets potentially contained in this press release to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based.

ECA Group

The ECA Group is renowned for its expertise in robotics, automated systems, simulation and industrial processes. Ever since 1936 it has been developing complete innovative technological solutions to perform complex missions in hostile or restrictive environments.

Its products are used by a demanding international clientèle requiring the highest levels of safety and efficiency, mainly in the sectors of defence, maritime, aerospace, simulation, energy and industrial equipment.

In 2015, the Group reported revenue of 105.2 M€ for its three Departments: Robotics, Aerospace and Simulation. 

ECA Group is a Groupe Gorgé company.

ECA Group is listed on Euronext Paris Compartiment C.

Indices : SBF 250, CAC SMALL 90 et CAC IT- ISIN code : FR0010099515
Mnémo : ECASA - Code Bloomberg : ECASA:FP


ECA Group
Raphaël GORGE - President - T : +33 (0)1 44 77 94 00
Guenaël GUILLERME - Managing Director - T : +33 (0)4 94 08 90 00

Actus Finance
Natacha MORANDI - Analysts/Investors Relations - T : +33 (0)1 53 67 36 94 -
Jean-Michel MARMILLON - Press Relations - T : +33(0)1 53 67 07 80 -

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