Company Name

LOGIC INSTRUMENT

ISIN

FR0000044943

Market

Euronext Growth

Symbol

ALLOG

Note to the reader: This English version is a free translation from the original press release in French and is available on the company’s corporate website (logic-instrument.com). In the event of inconsistencies between the original French language version and this English translation, the French version will take precedence. 

LOGIC INSTRUMENT announces a strong increase of its result and a positive EBIDTA on the financial year

• - 20% increase in sales
• - Continued reduction of expenses (6%)
• - A positive EBITDA of +0.5 million Euros for the year

 

Consolidated income statement in k€	2015	2016	VAR° in k€	VAR° in %
Turnover	8 422	10 112	1 690	20,1%
Purchase cost of sold goods	6 035	6 861	826	13,7%
Commercial margin	2 387	3 250	864
Commercial Margin Rate	28,3%	32,1%
Exploitation charges	3 431	3 213	-219	-6,4%
Operating income	-821	50	871
Current result	-846	85	931
Exceptional income & IS	-193	-190	4
Consolidated net income	-1 039	-104	935

The consolidated financial statements were approved by the Board of Directors on March 13th 2017 and the audit procedures are in progress

Consolidated sales of Logic instrument increased by 20% in 2016. This increase is mainly due to the success of new launched products in the period (tablets and smartphones) and the development of customization offers that have convinced new customers such as La Poste (Ardoiz), Groupama and Arkea Crédit Mutuel.

The Group's sales margin increased by 0.9 million € with a margin rate up 4 points. The reorganization efforts continued during the year, reducing expenses by 0.2 million € (-6%). The operating result is thus slightly positive. The Group's consolidated net income was -0.1 million €, a improvement of 0.9 million € net compared to 2015.

 

CONSOLIDATED EBITDA in k €	2015	2016
Consolidated operating income	-821	50
Depreciation and amortization	-494	-458
Consolidated EBITDA[1]	-328	508

 

Financial and balance sheet position

The main items of consolidated balance sheet balances are as follows:

ACTIVE BALANCE SHEET in k€	31/12/2016	31/12/2015	VAR°	VAR° %
Fixed assets	490	909	-419	-46%
Stock	1 947	1 742	205	12%
Customer receivables	1 760	1 923	-163	-8%
Other receivables and accounts de régularisation	713	1 429	-716	-50%
Availabilities	1 988	855	1 133	133%
Total active	6 898	6 858	40	1%
PASSIVE BALANCE SHEET in k€	31/12/2016	31/12/2015	VAR°	VAR°
Shareholders' equity excluding earnings	3 843	3 448	395	11%
Consolidated net income	-104	-1 039	935	-90%
Prov° Risks & Charges	386	423	-37	-9%
Loans and overdrafts	516	888	-372	-42%
Supplier payables	1 073	838	235	28%
Other payables and accruals	1 184	2 299	-1 115	-48%
Total passive	6 898	6 858	40	1%

The main change in the balance sheet relates to other receivables and other liabilities, the decrease of which is due to the sharp reduction in the use of factoring. Net cash and cash equivalents stood at 2 million € on 31/12/2016, up 1.1 million €, mainly as a result of the 2 drawdowns on OCABSAs in the first half, the impact of changes in working capital requirements (-0,24 millon €) and self-financing capacity (+0.25 million €) balanced over the period.

 

Outlook and other highlights

2017 promises strong and profitable growth.

The Group will offer a range of complementary products in connected objects and industrial drones. Customization of software layers and applications Logic Instrument’s entire product range will be offered in service offerings covering the customization of software layers and applications.

The Group is now ready to expand to other European countries in order to better serve its key accounts.

 

Connect_170313-en-results.pdf