LECTRA: First nine months of 2023: decline in revenues and EBITDA
before non-recurring items in a very degraded environment
First nine months of 2023: decline in revenues and
EBITDA before non-recurring items in a very
degraded environment
- Revenues: 358.3 million euros
(-7%)*
- EBITDA before non-recurring items:
59.2 million euros (-17%)*
- Net income: 24.9 million euros
(-30%)
- Free cash flow before non-recurring
items: 32.1 million euros
- 2023 outlook: revised revenues –
confirmation of EBITDA before non-recurring items
*Like-for-like
|
|
|
In millions of euros |
July 1 – September 30 |
January 1 – September 30 |
|
2023 |
2022 |
2023 |
2022 |
Revenues |
118.7 |
141.2 |
358.3 |
392.1 |
Change like-for-like (%)(1) |
-11% |
|
-7% |
|
EBITDA before non-recurring items(2) |
23.9 |
29.7 |
59.2 |
74.9 |
Change like-for-like (%)(1) |
-10% |
|
-17% |
|
EBITDA margin before non-recurring items (in % of revenues) |
20.1% |
21.0% |
16.5% |
19.1% |
Net income |
11.0 |
15.2 |
24.9 |
35.4 |
Change at actual exchange rates (%) |
-27% |
|
-30% |
|
Free cash flow before non-recurring items(2) |
15.5 |
16.9 |
32.1 |
31.6 |
|
|
|
|
|
(1) Like-for-like: 2023 figures restated at 2022
exchange rates (2) The definition of the key performance
indicators is shown in the September 30, 2023 Financial Report
Paris, October 25, 2023. Today,
Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the
consolidated financial statements for the third quarter and first
nine months of 2023, which have not been reviewed by the Statutory
Auditors.
Comparisons between 2023 and 2022 are based on
2022 exchange rates unless otherwise stated (“like-for-like”).
As the impact of the acquisition of TextileGenesis on the financial
statements for 2023 is not material, like-for-like changes exclude
only the variations in exchange rates.
Currency changes between 2022 and 2023
mechanically decreased revenues and EBITDA
before non-recurring items by 6.4 million euros (-5%) and 2.8
million euros (-10%) respectively in Q3, and by 7.3 million
euros (-2%) and 3.0 million euros (-5%) respectively in the first
nine months of the year, at actual exchange rates compared to
like-for-like figures.
1. Q3 2023
The environment remained highly degraded in the
third quarter, owing primarily to expectations of lower growth or
even recession in some countries, persistent high energy costs, and
historically high interest rates. With many customers also
experiencing lower demand for their products, investment decisions
continued to be postponed.
As a result, orders for perpetual software
licenses, equipment and accompanying software, and non-recurring
services (32.3 million euros) were down 26% compared to
Q3 2022.
Orders for new software subscriptions, of which
the annual value came to 2.2 million euros, continued to rise,
displaying a growth of 19%.
Q3 revenues (118.7 million euros) were down
11%.
EBITDA before non-recurring items (23.9 million
euros) was down 10% and despite the decline in revenues, the EBITDA
margin before non-recurring items rose 0.3 percentage points to
20.1%, thanks to the sharp improvement in gross margin (+5.7
percentage points compared to Q3 2022) and the impact of actions to
reduce fixed overhead costs.
2. FIRST NINE MONTHS OF 2023
The uncertainty that characterized the first
nine months of the year has led many companies to take a very
cautious wait-and-see attitude. In these circumstances, orders for
perpetual software licenses, equipment and accompanying software,
and non-recurring services (107.1 million euros) were down 29%
compared to the same period of 2022.
The annual value of new software subscription
orders came to 7.7 million euros, up 27% compared to the first nine
months of 2022.
Revenues (358.3 million euros) were down 7%.
While revenues from perpetual software licenses, equipment and
accompanying software, and non-recurring services (117.6 million
euros) decreased by 25%, recurring contract revenues
(134.5 million euros), which benefited from the growth in
software subscription orders and the acceleration of synergies from
the Gerber acquisition, increased by 11%. Revenues from consumables
and parts (106.1 million euros) were stable.
Gross profit amounted to 249.6 million euros,
down 2% compared to 2022, while revenues fell by 7%. The gross
profit margin came to 69.7%, up 3.7 percentage points. This
increase stems mainly from the synergies coming from the Gerber
acquisition.
EBITDA before non-recurring items (59.2 million
euros) was down 17% and the EBITDA margin before non-recurring
items came to 16.5%, down 2.1 percentage points.
Income from operations came to 39.3 million
euros. This included a 9.5-million-euro charge for amortization of
intangible assets arising from the acquisitions carried out since
2021 and a non-recurrent income item of 2.6 million euros.
Net income (24.9 million euros) decreased by 30%
at actual exchange rates.
Free cash flow before non-recurring items was
32.1 million euros (31.6 million euros in the first nine months of
2022). It is higher than net income.
At September 30, 2023, the Group had a
particularly robust balance sheet with a consolidated
shareholders’ equity of 426.2 million euros and a positive net
cash position of 12.5 million euros, consisting in financial debt
of 98.0 million euros and cash of 110.6 million euros.
The working capital requirement at September 30,
2023 was a negative 7.6 million euros.
3. BUSINESS TRENDS AND
OUTLOOK
In its 2022 Financial Report, published February
8, 2023, Lectra presented its new roadmap for 2023-2025. The Group
also specified that 2023 remained unpredictable given the degraded
macroeconomic and geopolitical environment, which resulted in many
uncertainties that could continue to weigh on its customers’
investment decisions.
At the beginning of the year, the Group set
itself objectives of achieving, in 2023, revenues in the range of
522 to 576 million euros and EBITDA before non-recurring items in
the range of 90 to 113 million euros. It subsequently reported on
April 27 that it then anticipated revenues in the range of 485 to
525 million euros and EBITDA before non-recurring items in the
range of 78 to 95 million euros.
In what continues to be a highly degraded
environment in macroeconomic and geopolitical terms, orders and
revenues from new systems in Q3 were lower than anticipated by the
Group. Recurring revenues, on the other hand, which should account
for over 65% of total revenues in 2023, continued to grow in Q3,
and provide good visibility. In addition, the initial measures to
reduce overhead costs have begun to bear fruit.
In light of these factors, full-year revenues
are now anticipated in the range of 474 to 481 million euros, thus
slightly lower than anticipated on April 27, and EBITDA before
non-recurring items in the range of 78 to 82 million euros, in the
lower part of the range indicated on April 27. These scenarios are
based on September 30 exchange rates for Q4, including
$1.06 to the euro.
Because the Group's customers operate in a
highly competitive environment that demands they continue to
improve performance, their investments will pick up as soon as the
macroeconomic situation improves. Lectra's roadmap for 2023-2025,
which was launched on January 1, 2023, will enable the Group to
take full advantage of the upturn and accelerate its growth.
The 2022 Annual Financial Report, as well as the
Management Discussion and Analysis of Financial Conditions and
Results of Operations and the financial statements for the first
nine months of 2023 are available on lectra.com. Q4 and FY 2023
earnings will be published on February 14, 2024.
As a major player in
the fashion, automotive and furniture markets, Lectra contributes
to the Industry 4.0 revolution with boldness and passion by
providing best-in-class technologies. The Group offers
industrial intelligence solutions - software, equipment, data and
services - that facilitate the digital transformation of the
companies it serves. In doing so, Lectra helps its customers push
boundaries and unlock their potential. The Group is proud to state
that its 2,500 employees are driven by three core values: being
open-minded thinkers, trusted partners and passionate
innovators. Founded in 1973, Lectra reported revenues of 522
million euros in 2022 and is listed on Euronext (LSS). For
more information, please visit www.lectra.com.
Lectra – World Headquarters: 16–18, rue Chalgrin • 75016 Paris •
FranceTel. +33 (0)1 53 64 42 00 – www.lectra.comA French Société
Anonyme with capital of €37,788,949 • RCS Paris B 300
702 305
- Lectra_PressRelease_Q32023
Lectra (EU:LSS)
過去 株価チャート
から 4 2024 まで 5 2024
Lectra (EU:LSS)
過去 株価チャート
から 5 2023 まで 5 2024