LOGIC INSTRUMENT announces a strong increase of its result and a positive EBIDTA on the financial year
13 Mar 2017 18:00 CET
Issuer
LOGIC INSTRUMENT
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.
[1] EBITDA - Operating income before depreciation and amortization - is an indicator used by management to measure operating and financial performance and to make investment decisions and allocate resource. The EBITDA subtotal is not necessarily comparable to indicators with similar names presented by other companies.
Source
LOGIC INSTRUMENT
Provider
Euronext
Company Name
LOGIC INSTRUMENT
ISIN
FR0000044943
Symbol
ALLOG
Market
Euronext Growth