Lucibel

First-half 2014 Results in Line With Development Plan - Seite 3

In the months ahead, the Group will continue its industrial transition towards a model combining 'offshoring' for standard products, with production handled by its partner Flextronics, and 'nearshoring' for client-required adaptations and specific products. This differentiating strategy will translate notably into the start-up of operations at the Barentin site (Seine-Maritime), previously operated by the Schneider Group (see press release issued on 13 May 2014). The first product runs will come off the assembly lines in October, with volumes increasing progressively until the end of the year.

At the EBITDA level, Lucibel posted a negative €3.6 million for the first half of 2014, reflecting the investment and structuring efforts currently underway that are essential for the achievement of the Group's development goals. The growth in operating expenses is notably attributable to the significant increase in the Group's scope of consolidation, following the inclusion last year of Cordel (from 1 March 2013) and then Procédés Hallier (from 31 December 2013). Lucibel has also built up its expertise and resources in terms of central functions, in preparation for the challenges ahead as it expands. The Group's workforce numbered 210 as of 30 June 2014.

After amortisation, depreciation, provisions and other income and charges, the Group's EBIT was a negative €4.8 million. After interest and deferred tax income related to the acquisition of Cordel, the Group's bottom line showed a net loss of €4.7 million for the first half of 2014. 

Balance sheet strengthened prior to the Group's Alternext listing 

After deducting the first-half net loss, the Group's shareholders' equity stood at €1.3 million as of 30 June 2014. Its equity has since been increased by €17.1 million via transactions carried out after the half-year accounting closing, ahead of the admission of Lucibel's shares to trading on Alternext Paris (see press release issued on 15 July 2014).

The Group launched a €7.6 million private placement among new French and international investors, with the support of its existing institutional shareholders (Aster and CM-CIC Capital Innovation). Alongside this fundraising operation, the company converted into shares all of the 1,200,000 convertible bonds issued in December 2013, in accordance with the terms of the bond issuance agreement. This conversion lifted Lucibel SA's equity by a further €9.5 million.