COGELEC (EPA:COGEC) - Cogelec : 2020 Annual Results : Good performance in an unprecedented context. Q1 revenue: Accelerated growth: 35%.

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21/04/2021 17:45

PRESS RELEASE

                              2020 Annual Results
                  Good performance in an unprecedented context

                                   Q1 revenue

                            Accelerated growth: 35%

Mortagne-sur-Sèvre, France, 21 April 2021, COGELEC (ISIN: FR0013335742/ticker:
ALLEC), the French leader in access control systems for collective housing, is
today releasing its results for the fiscal year ended 31 December 2020.

At its meeting of 20 April 2021, the Board of Directors approved the annual
financial statements for fiscal year 2020. These financial statements were
audited and the associated certification reports are currently being
prepared.

IFRS (EURm)   2020     2019    % change
Revenue       40.4     40.0      +1.1%
-France       36.0     36.4      -1.2%
-Europe        4.4      3.5     +24.9%
Gross margin  26.4     25.5      +3.6%
As a % of
revenue       65.3%    63.7%     +1.6%
Personnel
expenses     -16.0    -14.2     +12.8%
External
expenses      -8.2     -8.2      -0.4%
EBITDA(1)      1.7      2.8     -40.7%
Depreciation
and
amortisation
allocations/
reversals     -4.2     -3.7     +14.9%
Current
operating
income
(expense)     -2.0     -0.9        -
Operating
income
(expense)     -2.6     -0.9        -
Financial
income
(expense)     -0.4     -0.1        NA
Tax expenses  -1.1     -1.9     -41.9%
Net income    -4.0     -2.9     -37.9%

(1) COGELEC defines EBITDA as operating income before depreciation,
amortisation and impairment of assets, net of reversals.

Good performance in an unprecedented context

Annual revenue for 2020 came out at EUR40.4m, up slightly on 2019 (+1.1%).
After the strong impact of the health crisis on the second quarter, the
recovery in growth initiated in the third quarter continued in the fourth.
Subscriptions totalled EUR11.4m in 2020, for an increase of +16.6% and a 28%
share of revenue for the year as a whole.

The gross margin was up +3.6% at EUR26.4m, representing 65.3% of revenue. This
growth reflects a positive product mix.

In accordance with the business development plan, the 2020 fiscal year saw an
increase in personnel expenses, which were up to EUR16.0m from EUR14.2m a year
prior. This change is due mainly to new hires in 2020. At 31 December 2020,
COGELEC had 296 employees versus 256 employees one year earlier.

External expenses were stable at EUR8.2m, including a decrease in travel
expenses, a steady communications budget and a rise in IT expenses.

Despite the higher, but necessary costs incurred to deploy its subsidiaries in
Europe, the Group posted positive EBITDA at EUR1.7m.
Depreciation and amortization expenses were up with the amortization of Kibolt
development costs. COGELEC had an operating loss of EUR2.6m with a net loss of
EUR4.0m.

At 31 December 2020, shareholders' equity stood at EUR10.4m versus EUR15.9m at
31 December 2019. Financial debt rose to EUR14.5m versus EUR12.1m at 31
December 2019. At 31 December 2020, the Group's gross cash position stood at
EUR12.1m.

Note that after the closing of the books, the Group received a loan guaranteed
by the French government ('PGE') for EUR9m, granted on 20 April 2021. The
initial term is 12 months at 0.25% interest, but there is an option to extend
by 1 to 5 years. This loan will bolster COGELEC's cash position as it enters a
new phase of growth.

Q1 revenue up 35%: accelerated growth

In the 1st quarter of 2021, revenue grew significantly, up +35% to stand at
EUR13.2m - compared to EUR9.8m in the 1st quarter of 2020, without any deferral
effect. This performance is linked to our customers' strong interest for our
GSM solution and the first effects of the investments made in Europe.

Business in France rose to EUR11.6m versus EUR8.7m a year earlier, for an
increase of +33.9%.
In Europe, growth stood at EUR1.6m versus EUR1.1m the previous year, an
increase of +44%.
Subscriptions continued to grow, at EUR3.2m compared to EUR2.4m, an increase of
+20%.

Very favourable growth outlook

For fiscal year 2021, COGELEC confirms a strong recovery in growth in France
and Europe over the year as a whole. The Kibolt key will be launched in the
second quarter and should continue driving growth. COGELEC expects the full
year EBITDA to land between 10% and 15% of the revenues, assuming a stabilised
health situation.

For the 2022 fiscal year, COGELEC should see this growth pick up pace, for both
Intratone and Kibolt. COGELEC expects EBITDA above 15% of the revenues.

The financial report on the 2020 annual accounts has been made public and filed
                                with the AMF.
             It is available in French on the Company's website at:
              https://www.cogelec.fr/investisseurs/documentations/

Contacts
Cogelec
Véronique Pochet
Chief Financial Officer
+33 (0)2 72 67 00 91
investors@cogelec.fr

Actifin
Ghislaine Gasparetto
Financial Communication
+33 (1) 56 88 11 22
ggasparetto@actifin.fr

Actifin
Jennifer Jullia
Financial Press Relations
+33 (1) 56 88 11 19
jjullia@actifin.fr

About COGELEC

COGELEC is the French leader in access control systems for building complexes.
In 2007, COGELEC created the first global wireless interphone with subscription
offer, under the Intratone brand. COGELEC has already outfitted 1.3 million
homes, out of a potential total of 15.4 million homes in France. COGELEC is an
international group also offering its solutions in Germany, the United Kingdom,
the Netherlands, Belgium and Luxembourg.
Based on an indirect distribution model, combined with very close-knit
relations with end clients (social landlords and building complex management
associations), COGELEC posted revenue of EUR40.4m in 2020.
COGELEC is listed on the Euronext Growth Paris, and is part of the Growth
AllShare, Tech Croissance and PEA-PME 150 indices.

For more information: www.cogelec.fr

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17/04/2024 17:40

COGELEC (EPA:COGEC) - Cogelec : 2020 Annual Results : Good performance in an unprecedented context. Q1 revenue: Accelerated growth: 35%.

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