GUILLEMOT (EPA:GUI) - GUILLEMOT CORPORATION : 2021 INTERIM CONSOLIDATED RESULTS
Transparency directive : regulatory news
23/09/2021 18:00
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Carentoir, September 23, 20212021 INTERIM CONSOLIDATED RESULTS
Key items from the Guillemot Corporation Group's financial statements to June
30, 2021 are as follows:
First half (EUR millions)
January 1 - June 30, 2021 June 30, 2021 June 30, 2020 Change
Thrustmaster gaming accessories 66.8 38.9 +72%
Thrustmaster total 66.8 38.9 +72%
Hercules digital devices 3.5 2.3 +52%
OEM* 0.2 0.3 -33%
Hercules total 3.7 2.6 +42%
Total turnover 70.5 41.5 +70%
Net income from ordinary activities 13.3 3.1 +316%
Net operating income 13.3 3.1 +316%
Net financial income** -9.3 5.3 -
Corporate income tax -0.3 -1.1 -73%
Consolidated net income 3.7 7.3 -50%
Earnings per share EUR0.24 EUR0.48 -50%
* Accessories developed for third party companies (Original Equipment
Manufacturers).
** Net financial income includes the cost of net financial debt as well as
other financial expenses and income.
Activity
The Group's turnover grew 70% in the first half of 2021, to EUR70.5 million.
The Group posted second-quarter turnover of EUR34.7 million, up 23% compared
with the second quarter of 2020, when turnover had already doubled relative to
the same period in 2019.
This performance confirms buoyant sales of the Group's accessories in the
Thrustmaster racing and flight segments, as well as the Hercules DJing
segment.
All geographical regions (European Union and United Kingdom, North America and
Other) posted growth in the second quarter, and demand remains high.
Results
The gross accounting profit margin came in at 55%, compared with 51.5% in the
first half of 2020. The Group stepped up its recruitment efforts over the
period, with its global headcount up 11% in the year to date, as well as
running sales promotions and marketing campaigns to support business growth.
Total costs increased by 38%.
Net operating income came in at EUR13.3 million, compared with EUR3.1 million
for the six months to June 30, 2020.
The net financial expense of EUR9.3 million included an EUR8.8 million
unrealized loss linked to the decline in the valuation of the portfolio of
Ubisoft Entertainment SA shares. Consolidated net income totaled EUR3.7
million.
Key balance sheet items
(EURm) June 30, 2021 December 31, 2020
Shareholders? equity 80.2 79.7
Inventories 26.7 20.6
Net debt (excl. AFS securities)* -15.1 -18.2
Current financial assets (AFS securities portion) 26.2 35.0
* Available-for-sale (AFS) securities are not taken into account when
calculating net debt.
Group shareholders' equity stood at EUR80.2 million at June 30, 2021. The
Group's net debt is negative at -EUR15.1 million excluding available-for-sale
securities, the fair value of which stood at EUR26.2 million at June 30,
2021.
Over the first half of 2021, the Group built up a buffer of inventory to
mitigate the shortage of electronic components and make provision for business
growth. Against this backdrop, the value of net inventories was EUR26.7 million
at June 30, 2021, up 29% from December 31, 2020.
Capitalized research and development costs over the six months to June 30, 2021
totaled EUR4.9 million, up EUR0.5 million.
Recent developments
The Group has secured its supply of components and is ramping up production to
meet high demand for accessories in the run- up to the year's end. Price rises
are in the process of being implemented to reflect increased costs for
logistics and components. The logistics situation remains tight, with long
delivery lead times and volume restrictions, though this is not expected to
adversely affect the Group's forecasts. The Group is strengthening its
logistical, commercial and trade marketing capabilities in Europe to take full
advantage of growth among pan-European operators, particularly in the United
Kingdom, Germany and the Benelux countries.
* Thrustmaster
o Racing news: the Formula Wheel Add-on Ferrari SF1000 Edition, a gaming
replica of the wheel used in the celebrated Ferrari SF1000, was launched in
April 2021, featuring the first built-in screen able to display telemetry data
from the leading single-seater racing games. The wheel was an immediate hit
with the global community, with the launch attracting record audiences to
Thrustmaster.
Following the July launch of the brand's flagship T-GT II, at the end of August
Thrustmaster disclosed information about its first next-generation hybrid
racing wheel designed to master all tracks. The T248, officially licensed for
PlayStation(r)5, PlayStation(r)4 and PC, will be available in Europe, the
Middle East and North America from October 21. Its hybrid belt-and-gear
mechanism provides powerful Force Feedback at an affordable price. The Xbox One
and Xbox Series X|S version of the T248 will be launched in the fourth quarter
of this year. The release of Gran Turismo(tm) 7, scheduled for March 4, 2022,
is expected to boost demand for PlayStation(r)5 racing wheels.
o Flight news: Thrustmaster continues to expand its joystick range, adding
exciting new products including an Airbus bundle - the TCA Captain Pack - to
celebrate the success of this range, as well as a new flight yoke for Xbox and
PC. The launch of Microsoft Flight Simulator for the Xbox Series X|S also
heightened gamers' interest in Thrustmaster's T.Flight Hotas One - the only
Xbox Series X|S-compatible joystick available when the game was launched.
With joystick sales by value up 100.2% in Europe and 32.2% in the United States
in the first half of 2021, Thrustmaster has consolidated its position as the
top seller of joysticks by both volume and value in the United States and the
top five European countries of France, the United Kingdom, Germany, Spain and
Italy (sources - GfK: (c) GfK 2021. All rights reserved. Europe 5 - NPD: data
for the U.S. market only. Racing wheel data excludes Nintendo Switch
accessories. (c) 2021 The NPD Group, Inc. All rights reserved. Proprietary and
confidential. Property of NPD and its affiliates. Licensed for use by NPD
clients only).
o ESWAP controller news: following its successful launch, the ESWAP X PRO
CONTROLLER is already well-established in the gaming community. To promote the
ecosystem, Thrustmaster will be launching a number of packs in the second half
of this year: the Red Color Pack, LED Crystal Packs (backlit modules) and the
ESWAP X S2 NXG MINI-STICK MODULE. The ESWAP family's reputation continues to
grow as more and more professional gamers adopt the controller.
* Hercules
On September 10, Hercules launched a new area within its DJing website: the
Hercules DJ Mix Room. This new service helps DJs improve their sets by allowing
them to download royalty-free music so that their sets can be freely shared.
Hercules has also created additional services such as customized graphics and
emojis in response to recurring demand from DJs keen to liven up their
livestreams.
Outlook
The Group is maintaining its forecast of turnover in excess of EUR150 million,
equating to full-year growth of over 25% in 2021, and is now forecasting net
income from ordinary activities in excess of EUR25 million.
Guillemot Corporation is a designer and manufacturer of interactive
entertainment hardware and accessories. The Group offers a diversified range of
products under the Hercules and Thrustmaster brand names. Active in this market
since 1984, the Guillemot Corporation Group is currently present in 10
countries (France, Germany, Spain, the UK, the United States, Canada, Italy,
Belgium, Romania and China [Shanghai, Shenzhen and Hong Kong]) and distributes
its products in more than 140 countries worldwide. The Group?s mission is to
offer high-performance, ergonomic products which maximize the enjoyment of
digital interactive entertainment for end users.
Contact: Guillemot Financial Information - Telephone: +33 (0) 2 99 08 08 80 -
www.guillemot.com
APPENDICES
(All figures in EURk)
Consolidated statement of net income to June 30, 2021
(All figures in EURk) Jun 30, 2021 Jun 30, 2020
Net turnover 70,462 41,519
Purchases -39,557 -15,772
External expenses -11,453 -7,724
Employee expenses -5,767 -5,167
Taxes and duties -336 -306
Additions to amortization and depreciation -1,938 -1,718
Additions to provisions -1,896 -1,086
Change in inventories 7,683 -4,375
Other income from ordinary activities 252 170
Other expenses from ordinary activities -4,163 -2,444
Net income from ordinary activities 13,287 3,097
Other operating income 0 0
Other operating expenses 0 0
Net operating income 13,287 3,097
Income from cash and cash equivalents 7 3
Cost of gross financial debt 53 80
Cost of net financial debt -46 -77
Other financial income 0 5,400
Other financial expenses -9,221 0
Corporate income tax -327 -1,089
Net income before minority interests 3,693 7,331
O/w net income from discontinued operations 0 0
Attributable to minority interests 0 0
Net income attributable to
equity holders of the parent 3,693 7,331
Basic earnings per share EUR0.24 EUR0.48
Diluted earnings per share EUR0.24 EUR0.48
Consolidated balance sheet at June 30, 2021
Net Net
ASSETS Jun 30, 2021 Dec 31, 2020
(All figures in EURk)
Goodwill on acquisitions 0 0
Intangible assets 16,477 15,425
Property, plant and equipment 4,750 4,499
Financial assets 571 447
Tax assets 272 404
Deferred tax assets 4,702 3,489
Non-current assets 26,772 24,264
Inventories 26,679 20,611
Trade receivables 26,372 28,245
Other receivables 4,811 3,887
Financial assets 26,206 34,995
Current tax assets 139 142
Cash and cash equivalents 23,860 29,024
Current assets 108,067 116,904
Total assets 134,839 141,168
LIABILITIES AND EQUITY
(All figures in EURk) Jun 30, 2021 Dec 31, 2020
Capital (1) 11,771 11,771
Premiums (1) 10,551 10,551
Reserves and consolidated income (2) 57,374 57,352
Currency translation adjustments 478 35
Group shareholders' equity 80,174 79,709
Minority interests
Consolidated shareholders' equity 80,174 79,709
Employee benefit liabilities 1,458 1,383
Borrowings 4,779 6,020
Other liabilities 0 0
Deferred tax liabilities 0 0
Non-current liabilities 6,237 7,403
Trade payables 29,836 31,007
Short-term borrowings 3,992 4,853
Taxes payable 584 3,470
Other liabilities 13,962 14,676
Provisions 54 50
Current liabilities 48,428 54,056
Total liabilities and equity 134,839 141,168
(1) Of the consolidating parent.
(2) Of which net income for the period of EUR3,693k.
Consolidated statement of cash flows to June 30, 2021
(All figures in EURk) Jun 30, 2021 Jun 30, 2020
Cash flows from operating activities
Net income from consolidated companies 3,693 7,331
+ Additions to amortization, depreciation and
provisions (except on current assets) 2,071 1,762
- Reversals of amortization, depreciation and
provisions -9 0
-/+ Unrealized gains and losses arising from
changes in fair value 8,789 -5,247
+/- Expenses and income arising from stock options 0 0
-/+ Capital gains and losses on disposals -7 0
Change in deferred taxes -1,213 876
Operating cash flow after cost of net financial debt 13,324 4,722
Cost of net financial debt 46 77
Operating cash flow before cost of net financial debt 13,370 4,799
Currency translation adjustment on gross cash flow
from operations -14 0
Inventories -6,068 5,618
Trade receivables 1,873 -1,456
Trade payables -1,171 1,899
Other -4,815 687
Change in working capital -10,181 6,748
Net cash flows from operating activities 3,129 11,470
Cash flows from investing activities
Acquisitions of intangible assets -1,651 -1,195
Acquisitions of property, plant and equipment -864 -488
Disposals of property, plant and equipment and
intangible assets 6 0
Acquisitions of non-current financial assets 0 -2
Disposals of non-current financial assets 13 52
Net cash from acquisitions and disposals of subsidiaries 0 0
Net cash flows from investing activities -2,496 -1,633
Cash flows from financing activities
Increases in capital and cash injections 0 0
Dividends paid -3,818 0
Borrowings 679 363
Repayment of shareholders' current accounts 0 0
Repayment of borrowings -2,560 -1,763
Repayment of IFRS 16 liability and interest -222 -183
Other cash flows from financing activities 0 0
Total cash flows from financing activities -5,921 -1,583
Impact of foreign currency translation adjustments 121 -108
Change in cash -5,167 8,146
Net cash at the beginning of the period 29,013 4,477
Net cash at the end of the period 23,846 12,623
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