FY2020 results Recovery dynamic engaged in H2, strong ambtitions for the next years - 17 March 2021
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FY2020 results Recovery dynamic engaged in H2, strong ambtitions for the next years 17 March 2021
SUMMARY
1. 2020 ACTIVITY : NUMEROUS COMMERCIAL SUCCESSES IN A CHALLENGING ENVIRONEMENT
2. FINANCIAL RESULTS: RECOVERY ENGAGED IN H2
3. OUTLOOK : STRONG GROWTH IN 2021 & FOR THE NEXT YEARS
4. APPENDIX
2
2020 ACTIVITY: NUMEROUS OPERATIONAL &
COMMERCIAL SUCCESSES
3
STRATEGIC POSITION: OFFER TURNKEY SOLUTIONS FOR INDUSTRIAL 3D PRINTING
Expertise on the whole value chain of 3D printing
SYSTEMS PRODUCTS
PRINTERS, MATERIALS, SOFTWARE MANUFACTURING OF PARTS ON DEMAND
AND MEDICAL APPLICATIONS
3D PRINTERS & RAPID LIQUID RESINS & 3D MODELING DESIGN & ON-DEMAND AUDIOLOGY,
4 CHIROPODY AND DENTAL
ADDITIVE FORGING POLYMER POWDERS SOFTWARES MANUFACTURING
4
COMMERCIAL SUCCESSES DESPITE A CHALLENGING ENVIRONMENT
Major contracts for liquid resins in More sales of Laser Sintering Good commercial dynamic on other fronts
Medical 3D Printers
• Partnership with 2 European specialist & a large • Q1 2020 : 6 SLS printers sold to three chemical • Jewelry applications : 2 clients installing a dozen of wax machines
global player for dental materials industry players each
• Several printers LD10 & LD20 installed as well
• Dozens of tons of resins to be consumed once their • Q4 2020 : New contracts with 2 companies in the • 3D modeling softwares : largest contract in history in the truck
production is stabilized steel industry & food packaging industry industry covering a transformation program for 50 design engineers
5
CONSOLIDATE STRATEGIC POSITIONS WITH NEW INNOVATIVE SOLUTIONS FOR CLIENTS
Implementing new innovative solutions for Software and Printers… …to strengthen Prodways strategic position
Integrate Cloud solutions for 3D Modeling
• Integrating 3DEXPERIENCE® platform of Dassault Systèmes Reinforced Software expertise
Prodways is now one of the few industrial 3D printer manufacturers
• Offer launched in Europe & United States1
worldwide to offer this 3D software expertise
Improving the precision & efficiency of MovingLight printers for aligners applications
• Super-Resolution 3D: new algorithm to reach
OPERATIONAL TRANSFORMATION TO IMPROVE PROFITABILITY & PRODUCTION CAPACITY
Final phase of group synergies plan fast-tracked Increased production capacity
Transformation launched in Q4 to continue in 2021 of Materials for dental applications
Adapt the fabrication of printers to the ramp-up of the activity
and location of the key clients Upgrading the production capacity to match
strong commercial perspectives
Transferring the production of the historical workshop in Paris
region to the existing sites in Annecy and in the US
More operational synergies by regrouping sites & teams +50% increase in 8 months to reach 100 tons/year
Optimizing fixed cost structure
7
FINANCIAL RESULTS : RECOVERY ENGAGED IN H2
8
FINANCIAL RESULTS : RECOVERY ENGAGED IN H2
Var. Var.
(in €million) H1 2019 H2 2019 FY2019 H1 2020 H2 2020 FY2020 H2 2020 FY2020
vs H2 2019 vs FY2019
Revenue 35,3 36,0 71,3 26,8 30,4 57,2 -5,6 -14,1 Reduced impact in H2 compared to H1
EBITDA1 2,6 2,7 5,3 1,4 1,9 3,3 -0,8 -2,0 Positive EBITDA despite impact on revenues
EBIT2 -1,0 -0,5 -1,5 -2,9 -0,9 -3,8 -0,4 -2,3 Limited decrease of Operating income
Operating income -2,4 -1,3 -3,8 -10,0 -4,8 -14,8 -3,5 -11,0
Financial result -0,1 -0,2 -0,3 -0,2 -0,1 -0,3 +0,1 -0,0
Net income group share -2,8 -1,4 -4,2 -8,7 -5,3 -13,9 -3,8 -9,7
(1) Operating income before "Net depreciation, amortization and provisions", "Other items of operating income" and “Share in the results of associated companies”.
(2) “Operating income before "Other items of operating income" and “Share in the results of associated companies”. 9
SYSTEMS DIVISION: TOP LINE IMPACTED BY MACRO SITUATION BUT RESILIENT EBITDA
Revenues impacted by wait & see Limited EBITDA1 decrease (€m)
environnement
-€4,4 m
23,6 8.6% 8.0%
margin margin
19,2
-€0,5 m
2,0
1,5
H2 19 H2 H2 20 H2 19 H2 20
• Implementation of cost saving initiatives and benefit from
• Strong hit of Covid-19 but month by month improvement governments support measures
• Good performance of Materials activity
10
(1) Operating income before "Net depreciation, amortization and provisions", "Other items of operating income" and “Share in the results of associated companies”.PRODUCTS DIVISION: LIMITED DECREASE DESPITE SECOND LOCKDOWN
Revenue (€m) EBITDA1 (€m)
-€1.5 m
12,8
11,3 10.7% 10.3%
margin margin
-€0.2 m
1,4 1,2
H2 2019 H2 H2 2020
H2 2019 H2H2 2020
• Lower impact of the 2nd lockdown compared to the 1st one • EBITDA margin maintained above 10%
• Recovery engaged with medical activities almost back to • Benefit from government support measures
2019 level in Q4
11
(1) Operating income before "Net depreciation, amortization and provisions", "Other items of operating income" and “Share in the results of associated companies”.SOUND BALANCE SHEET AT END-2020
In € million
Positive net cash position
after a challenging year
while continuing investments
1 1
AVAILABLE CASH OF €22.5M AS OF END 2020
12
1 Before IFRS16 leases debt and including treasury sharesOUTLOOK : STRONG GROWTH IN 2021 & FOR THE NEXT
YEARS
13A GROWING MARKET FOR 3D PRINTING THROUGH SCALING OF APPLICATIONS
Prodways track record proves its capacity to capture market growth
by scaling new applications to industrial production
~€100 bn
global market projected in 20291
vs ~€10 bn in 2021
Dental: Chiropody: Jewellery:
Positive trends supporting a strong valuation
of 3D printing companies in the US
1 million aligners 50,000 insoles 250,000 jewels
/ year / year / year
+300% on average on one year2,
Uptake not yet materialized in Europe
1 Source : Wohlers report 2020 14
2 Average share price growth of major US 3D Printing players since 16/03/2020STRONG STRATEGIC POSITION TO BENEFIT FROM SUPPORTING TRENDS
A differentiating offer
1 Solutions on the whole value chain of 3D printing
Software, Printers, Materials, Manufacturing
1st grade performance for industrial production
2 for mass customized applications
Technologies offering unique precision & speed on the market
R&D with Essilor for manufacturing lenses,
Development of new partnerships
3 for new applications with significant potential
R&D with a leading dental player for new products
Opportunities in precision casting
15GUIDANCE 2021 & FUTURE AMBITIONS: STRONG GROWTH IN 2021 & BEYOND
2021 Beyond
Double-digit
revenue growth
& Strong development
of all activities
improving profitability
starting in H1 2021
16Q&A
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