GROUPE GORGE : 2015 Half yearly results - Favorable outlook for the second half

in € millions(1)
SSS IPS PNE 3D Elimination Group
  H1 H1 H1 H1 H1 H1
  2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014
Revenue 43.1 39.4 46.8 37.5 16.5 23.5 8.0 1.1 (0.4) (0.1) 114.0 101.4
EBITDA(2) 3.0 3.0 1.9 1.3 1.7 4.0 (0.5) (1.1) (0.1) (0.1) 6.0 7.0
in % 7.0%  7.6% 4.2% 3.4% 10.1% 17.0%  -6.4%  -95.2%     5.2% 6.9% 
Current operating income 0.7 0.6 1.2 0.9 1.1 3.9 (1.2) (1.2) (0.2) (0.3) 1.6 4.0


In € millions 6/30/2015 (1) 6/30/2014 12/31/2014
Revenue 114.0 101.4 223.3
EBITDA(2) 5.9 7.0 21.7
Current operating income 1.6 4.0 15.8
Operating income (0.2) 2.5 13.1
Financial income and expense (0.8) (0.9) (4.6)
Income tax (0.2) (0.4) (2.9)
Net income (1.1) 0.3 4.7
Net income - Group share (1.1) 0.5 2.6

(1) The 2015 consolidated financial statements were subject to a limited review by the statutory auditors and were approved by the Board of Directors on September 8, 2015.

(2) EBITDA: Current operating income before depreciation, amortization and provisions.


During the half-year the Group generated revenue of €114.0 million, compared with €101.4 million for the same period in 2014, or an increase of 12.5%. This growth in Group revenue was driven mainly by the performance of the Industrial Projects and Services division (+24.7% vs. H1 2014), 3D Printing (x7 vs. H1 2014) and Smart Safety Systems (+9.6% vs. H1 2014).

Apart from the Protection in Nuclear Environments division, all divisions reported earnings higher than in the first half of 2014.

The 3D Printing division reported a current operating loss of €1.2 million because of higher costs (principally in sales and R&D).

The Group's current operating income was €1.6 million, compared with €4.0 million in the first half of 2014, a drop due to disappointing performance by the Protection in Nuclear Environments (PNE) division. This downturn in the PNE division was the result of the significant decline in revenue reported in July.

Several major projects were postponed to the second half-year. The division's EBITDA, however, was 10% of revenue (17% in 2014). Unlike the preceding year, this division's second half will be better than the first in terms of revenue.


A sound financial position

Shareholders' equity stood at €89 million after paying a €4.2 million dividend at June 30, and available cash and cash equivalents were €29 million (excluding €1.2 million of treasury stock). Adjusted net debt (including treasury stock) was €36.2 million, higher due to significant capital spending during the half-year and also to external growth transactions in the 3D Printing division.

As part of the line of equity financing contracted in March 2014 (see press release of March 4, 2014), 100,000 new shares were created during the half-year to help finance the Group's expansion. 100,000 new shares were also issued in July 2015. The contract allows for another 185,000 shares to be issued.



The Group's consolidated order backlog amounted to €208 million as of June 30, 2015, representing a 7.4% increase from June 30, 2014.

Apart from the PNE division, which nonetheless holds a €47 million backlog, all divisions showed growth in their order backlogs as of June 30, 2015: Up 12% in the SSS division, up +13% in the IPS division and up 72% in the 3D division.

The very favorable sales trend seen in these three divisions is expected to continue through the second half-year, supporting the organic growth of the Group's revenue. The SSS division is well-placed on a number of bids and saw its Simulation business achieve excellent revenue in the first half of 2015 (up 26.2% from H1 2014.)

The IPS division for its part showed a 24.7% growth in revenue during the half-year and a very significant growth in current operating income (up 40.7%). Lastly, the 3D division is expected to continue its very positive trend, in keeping with its very impressive performance in the first half-year.


Rapid acceleration of the 3D Printing division

During the first half of 2015, the 3D Printing division continued to pass strategic milestones in its objective of becoming the third-largest player in the world to offer a range of multi-technological services and all 3D printing services to its customers. This objective is based on an essentially two-pronged strategy: broadening the technology portfolio and covering each and every process in additive manufacturing.

The Group has taken the first concrete steps in this strategy by acquiring Norge Systems, an English company that has developed a line of additive manufacturing machines using selective laser sintering (SLS), and Initial, the leading independent company in France in the manufacture of parts using 3D printing.

At the same time, the €25 million in total funds raised, €15 million from Groupe Gorgé and €10 million from FIMALAC, will enable the division to pursue its ambitious strategy. The Group would point out that the 3D printing market is growing at over 30% per year and that this division represents the Group's greatest potential for growth.


Major orders booked early in the second half-year

Two contracts for protecting ships against underwater mines were won in Asia by the Robotics and Embedded Systems business of the SSS division. These two contracts, totaling in the region of €25 million, will be fulfilled in 2016 and 2017.

The PNE division also has major prospects in France, in the post-Fukushima program. The division has just crossed a first step on a strategic project for back-up diesel generators, a total project involving 58 phases (58 operating reactors).

The division, which won the first six phases of this large-scale project, will in 2016 deliver all the doors for securing the building that houses the electrical generating units feeding the power station's electrical energy monitors should a Fukushima-type event happen in France. Fifty-two identical projects are still to be awarded.

Finally, significant strategic and trade negotiations are underway in the 3D Printing division. They could be concluded in the second half of the year.


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Availability of the half-year financial report as of June 30, 2015

Groupe Gorgé announced today that it has published and filed with the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) its half-year report as of June 30, 2015.

It can be consulted on:

The Group's website:

The website:


Next report

Publication of revenue for the third quarter on October 27, 2015



This presentation contains 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 mentioned in the comments of this presentation; the strength of competition; the continuing 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 contained in this presentation to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based. Only the written content of this presentation should be relied upon.


About Groupe Gorgé:

Established in 1990, Group Gorgé is an industrial group operating in different areas of expertise: Smart Safety Systems, Protection in Nuclear Environments, Industrial Projects & Services and 3D Printing

In 2014, the Group reported revenue of €223.3 million. It is backed by 1,370 employees and operations in over ten countries. Groupe Gorgé is listed on NYSE Euronext Paris (ISIN: FR0000062671; Ticker code: GOE) and on the US OTC market (ISIN: US3994511034; OTC Pink: GGRGY / GGRGF) in the form of ADR.

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