PR Newswire/Les Echos/
Press release
Marseille, 17 September, 2009
Public Limited Company with a share capital of 4 958 662,55 EUR
Headquarters: Technopôle de Château-Gombert,
rue Albert Einstein, B.P 94, 13382 Marseille Cedex 13 - France
ISIN : FR0000036162 / Reuters : CYBT.PA / Bloomberg : CYBX:FP
30th June, 2009 interim results : 20% growth in turnover and return to
profitability
Cybernetix returns to profitability
30th June, 2009 : Cybernetix group accounts show a EUR 180 thousand positive
net income. This recovery marks a real reversal compared to previous fiscal
periods and validates the redeployment strategy of the company activities on
Energy sectors for the past 3 years.
On the 1st half, consolidated turnover rose by 20%, even though the Group is
penalized by its Industry branch CyXplus, whose activity is down 50%. At the
same time, gross margin and EBITDA margin are rapidly improving and are close
to normative levels, according to the business plan set by the management.
At the end of June 2009, the backlog is 80% higher than in June 2008. Taking
into account the latest contracts signed, the management expects an annual
growth in turnover by around 20% and a return to profitability.
Consolidated income statement
In EUR thousands 30.06.09 30.06.08
Turnover 13,575 11,331
Gross margin - % 26% 20%
EBITDA margin 2,037 439
% 15% 4%
Operating income 193 (1,279)
Net income 180 (1,286)
Consolidated statement of financial position
In EUR thousands 30.06.09 31.12.08
Group shareholders' equity 5,858 1,678
Financial debt 2,318 4,204
Cash & equivalent 1,582 616
Net financial debt 736 3,588
Gearing 13% 214%
Segment reporting 30.06.09
In EUR thousands Cybernetix SA(Energy) CyXplu Total
Oil & Nuclear Defense s
Gas (Industry
)
Turnover 8 922 2 521 307 1 825 13 575
EBITDA margin 1 610 340 35 52 2 037
% 18 % 13 % 11 % 3 % 15 %
Oil & Nuclear Industry Total
Gas &
Defense
2 833 4 046 4 452 11 331
139 -42 342 439
5 % -1 % 8 % 4 %
Industry Division has been transferred to the newly created subsidiary CyXplus
from January 1st, 2009, without any impact on the consolidated perimeter.
Segment reporting has changed: Defence activities, formerly grouped with
Industry, are from 2009 accounted as an autonomous segment.
EBITDA margin is related to the operating income before depreciation of R&D
expenses and Group administrative expenses.
Energy activities show a major improvement in profitability
Energy activities show an increase in sales over 60%, while the EBITDA margin
improved steadily compared to H1 2008. This positive performance is a
combination of several factors:
• Cybernetix has developed over the past three years a full range of products
and services in deep offshore Asset Integrity Monitoring. These products
allow Cybernetix to track changes in underwater structures, to reduce
maintenance costs and to better integrate environmental stress. The solutions
are perfectly adapted to the current needs of major oil companies.
• The production equipment dedicated to offshore seismic exploration continues
to rise according to the manufacturing plan.
• In H1 2009, Nuclear activities focused on new contracts, consisting
primarily of engineering services. Thus, the product mix is different from
the H1 2008, where the activity consisted mainly in the production of
equipment related to previous unprofitable contracts.
• Defence activities achieved a turnover complying with the production
scheduling of contracts.
CyXplus reaches EBITDA breakeven
CyXplus subsidiary now includes all activities of the Industry Division. Sales
were divided by 2 compared to H1 2008, heavily penalized by the difficulties of
key accounts in both Pharmacy and Tyre sectors. However, due to the
restructuring steps taken as of 2008, which resulted in the reduction of
workforce by over 30% and the spin-off of Industry, CyXplus manages to reach
breakeven point in the first half.
While economic conditions deterioration has stopped, the medium-term visibility
remains limited. On the basis of orders signed up to June 30th, the target for
the second semester is to maintain such break-even point. In the meantime, the
Group keeps on searching partners for CyXplus.
The Group 's financial position is secured
June 30th, 2009, net financial debt represents 13% of equity, and cash flow
shows a 1.6 million EUR profit. The capital increase by 4 million EUR,
underwritten by Sercel (CGG Veritas Group) earlier this year, helped to secure
the Group's financial position. Cybernetix is not exposed to fluctuation risks
in interest rates or exchange.
Recovery should be confirmed by the end of 2009
At end of June 2009, the backlog is 80% higher than its level of June 2008. It
includes new projects in the Oil & Gas activities, an increase in production of
seismic equipment and good perspectives as regards Nuclear activity.
Concerning CyXplus, the backlog for H2 2009 shows an increase in business
volume compared to H1 2009.
Given these prospects of sustained activity, the management trusts a full-year
growth in turnover around 20% and a return to profitability.
Interim Financial Report
The interim financial report has been published today according to the
Transparency Directive requirements. Documents can be viewed on the website of
the Company at the following address: www.cybernetix.fr, heading
"Shareholders / Regulated information".
Upcoming events
• Midcap Event: 21 & 22 September, 2009 in Paris (Palais Brongniart)
• Turnover 3rd quarter: October 29, 2009
• Turnover of the 4th quarter:January 28, 2010
About Cybernetix
Cybernetix is a leading provider of remotely operated or robotic systems for
interventions in hostile environments. The group operates in two main sectors :
Energy - Oil & Gas and, Nuclear - as regards its mother company, Cybernetix
SA, and Industry (via its CyXplus subsidiary).
Cybernetix counts 145 employees and has developed a world-class engineering and
services expertise in proj ect management, and integration of global solutions,
operating in 15 countries.
INVESTORS RELATIONS GILLES MICHEL - PDG : +334 91 21 77 18
www.cybernetix.fr E-mail : gilles.michel@cybernetix.
The content and accuracy of news releases published on this site and/or
distributed by PR Newswire or its partners are the sole responsibility of the
originating company or organisation. Whilst every effort is made to ensure the
accuracy of our services, such releases are not actively monitored or reviewed
by PR Newswire or its partners and under no circumstances shall PR Newswire or
its partners be liable for any loss or damage resulting from the use of such
information. All information should be checked prior to publication.