Lacie - Net income as of December 31, 2012

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LaCie

Paris, 02/25/2012 - Net income as of December 31, 2012

In thousands of euros

31/12/2012

 

6 Months

30/06/2012

 

12 months

31/12/2011

 

6 months

Revenue

111 536

247 447

122 993

Gross Margin

29 100

26,1%

63 879

25,8%

33 463

27,2%

Operating income

8 228

7,4%

22 143

8,9%

11 391

9,3 %

Financial income

Tax

-2 777

-1 929

296

-5 411

197

-2 749

Net income

3 522

3,2%

17 027

6,9%

8 839

7,2%

PPS (€)

0,10

0,47

0,24

Financial statements were reviewed by the auditors and voted by the Board on 02/22/2013

 

Key topics of the semester

P  Following the press releases issued on May 23, 2012 and June 14, 2012, Seagate Technology plc (NASDAQ: STX) and LaCie S.A. (Euronext: LAC) announced on 3rd August 2012 the acquisition by Seagate of all LaCie shares held by Philippe Spruch and his affiliate company, totaling 64,5% of the share capital of de LaCie.

P  In September 2012, Philippe Spruch joined Seagate as Executive Vice President in charge of the Branded division.

P  At the end of the Simplified Public Purchasing Offering (« Offre Publique d’Achat Simplifiée ») on October 18, 2012 by which Seagate committed to buy any LaCie share at a share price of 4.50 euros, Seagate owned 92.14% of the share capital and voting rights of LaCie. As of today, Seagate owns 93.49% of the share capital and voting rights of LaCie

P  No dividend was voted at the Annual Meeting on December 21, 2012.

P  LaCie has updated its entire USB 3.0 portfolio to include 2nd generation USB 3.0 products that deliver a fast and seamless user experience. The next generation USB 3.0 products are available in Apple retail locations since last summer.

P  On January 25, 2013 Matignon Investissement et Gestion, represented by Christian Hass, resigned from their Management Board member position.

7,4% profitability

The consolidated turnover of the first semester of the fiscal year 2012/2013 (closing 30th of June 2013) amounted to 111.5m€, declining by 9% against the first semester of the previous fiscal year:

P  Based on applicable parity, sales are decreasing by 14%.

P  49% of sales are done in Europe, versus 36% in Americas and 15% in Asia-Pacific.

The decrease in sales has led to a degradation of the operating profit in both relative terms (7.4% against 9.3% for the first semester of the previous fiscal year and 8.9% for the full previous fiscal year 2011/2012) and absolute terms (decrease by 3.2m€, ie -27.8% against the first semester of the previous fiscal year).

P  The gross margin is at 26.1%, compared to 27.2% for the first semester of the previous fiscal year, and 25.8% for the full previous fiscal year 2011/2012. The gross margin of the first semester of the previous fiscal year was impacted by the adjustment of the selling prices, following the world shortage in the market of hard drives after the record Thailand flood in October 2011.

P  Distribution costs decreased to 1.7% of sales (2.4% for the first semester of the previous fiscal year and 2.1% for the full previous fiscal year 2011/2012), mainly thanks to the control of the freight costs.

P  Administrative and selling costs represented 13.7% of sales against 13.4% for the first semester of the previous fiscal year, and 12.7% for the full previous fiscal year 2011-12. The decline in the turnover made the absorption of fixed costs more difficult.

P  Net R&D expenses, eligible to research tax credit, represented 3.7m€ against 2.7m€ for the first semester of the previous fiscal year, and 5.2m€ for the full previous fiscal year 2011/2012. This increase is due to the end of the capitalization of the R&D costs related to Wuala activities from 1st July 2012.

P  The consolidated operating profit amounted to 8.2 m€ (7.4% of sales) against 11.4 m€ (9.3% of sales) for the first semester of the previous fiscal year and 22.1 m€ for the full fiscal year 2011/12 (8.9% of the sales).

P  The consolidated financial profit amounted to -2.8 m€ against 0.2 m€ for the first semester of the previous fiscal year and 0,3 m€ for the full fiscal year 2011/12. This loss is due to the significant decrease in the value of Loewe shares from 1st July 2012 (2.8 m€).

P  The effective tax rate stands at 35.4% against 23.7% for the first semester of the previous fiscal year and 24.1% for the full fiscal year 2011/2012 given the strong contribution of the Americas region with a tax rate around 40% and the non-recognition of deferred tax assets for 0,5m€. The unrecognized deferred tax amounted to 2.9m€, against 4.0m€ as of the end of December 2011 and 3.3m€ as of the end of June 2012.

P  The net result after tax amounted to 3.5 m€ (3.2% of sales) against 8.8 m€ for the first semester of the previous fiscal year (7.2% of sales), and 17.0 m€ for the full previous fiscal year 2011/2012 (6.9% of sales).

P  PPS amounts to €0.10, compared to €0.24 as of 12/31/2011 (-60%).

Net cash position

In thousands of euros

31/12/2012

6 months

30/06/2012

12 months

31/12/2011

6 months

CF before change in net current assets

Change in net current assets

Net cash of operating activities

Net cash of investing activities

Net cash of financing activities

7 612

-6 165

1 447

-455

-898

19 279

13 745

33 024

-9 787

-13 955

8 998

-6 865

2 133

-7 154

-12 878

Liquidity

71 126

71 804

43 930

Debts

-4 249

-5 242

-6 378

P  Net cash is € 66.9million.

P  The changes in working capital is usually unfavorable on S1 (-6.2m€ for S1FY13 and -6.9m€ for S1FY12) due to the sales structure and the anticipation of Chinese New Year.

P  The 0,5m€ in investing activities are mainly related to the external expenses on new R&D projects. In addition to such costs, in FY12, investing activities included also internal R&D costs on Wuala activities and Loewe shares acquisition.

P  The financing activities are related to the reimbursement of the loans. The S1FY13 amount is low due to the fact that one loan was totally reimbursed as of June 2012 and to the lack of dividend payment in accordance with the decision of the shareholders’ Meeting held on 21 December 2012,

2013 outlook

LaCie continues to strengthen its product offering in the Premium segment, while planning its integration in the Seagate Branded division.

Next release

Q3 FY13 revenue on 04/18/2013 after Euronext is closed.

About LaCie

Located in North America, Europe, Asia and Middle East, LaCie is the leading manufacturer of computer peripherals for PC, Apple and Linux users. LaCie has differentiated its products through original designs and leading-edge technology. Find all information at www.lacie.com.

This press release includes statements that may constitute forward-looking statements. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. Although the Company believes the expectations contained in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct. These statements may involve risks and uncertainties that could cause actual results to differ materially from expected results. Such risks include, but are not limited to, risk factors described in the pros

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