PDF (1,08 Mo)

FY2020 results

Recovery dynamic engaged in H2, strong ambtitions for the next years

17 March 2021

2

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

2020 ACTIVITY: NUMEROUS OPERATIONAL &

COMMERCIAL SUCCESSES

4

STRATEGIC POSITION: OFFER TURNKEY SOLUTIONS FOR INDUSTRIAL 3D PRINTING

3D PRINTERS & RAPID 4 ADDITIVE FORGING

LIQUID RESINS &

POLYMER POWDERS DESIGN & ON-DEMAND AUDIOLOGY, CHIROPODY AND DENTAL

MANUFACTURING 3D MODELING

SOFTWARES

SYSTEMS PRODUCTS

PRINTERS, MATERIALS, SOFTWARE MANUFACTURING OF PARTS ON DEMAND

AND MEDICAL APPLICATIONS

Expertise on the whole value chain of 3D printing

COMMERCIAL SUCCESSES DESPITE A CHALLENGING ENVIRONMENT

Major contracts for liquid resins in Medical

• Partnership with 2 European specialist & a large global player for dental materials

• Several printers LD10 & LD20 installed as well

• Dozens of tons of resins to be consumed once their production is stabilized

More sales of Laser Sintering 3D Printers

• Q1 2020 : 6 SLS printers sold to three chemical industry players

• Q4 2020 : New contracts with 2 companies in the steel industry & food packaging industry

Good commercial dynamic on other fronts

• Jewelry applications : 2 clients installing a dozen of wax machines each

• 3D modeling softwares : largest contract in history in the truck industry covering a transformation program for 50 design engineers

6

CONSOLIDATE STRATEGIC POSITIONS WITH NEW INNOVATIVE SOLUTIONS FOR CLIENTS

Integrate Cloud solutions for 3D Modeling

• Integrating 3DEXPERIENCE® platform of Dassault Systèmes

• Offer launched in Europe & United States¹

1Through a minority in the capital of XD Innovation in the US

Reinforced Software expertise

Prodways is now one of the few industrial 3D printer manufacturers worldwide to offer this 3D software expertise

• Super-Resolution 3D: new algorithm to reach <42 ɥmprecision & higher printing speed

• Centrifuge post-processing : improve final rendering & improve recyling rate of uncured resin

Improving the precision & efficiency of MovingLight printers for aligners applications

Implementing new innovative solutions for Software and Printers… …to strengthen Prodways strategic position

Unique performance in precision & speed for industrial production Already materialized into commercial success with two companies in Poland (Brightalin) and Italy (GEO)

OPERATIONAL TRANSFORMATION TO IMPROVE PROFITABILITY & PRODUCTION CAPACITY

Final phase of group synergies plan fast-tracked

Transformation launched in Q4 to continue in 2021

Increased production capacity of Materials for dental applications

+50% increase in 8 months to reach 100 tons/year Upgrading the production capacity to match

strong commercial perspectives

Adapt the fabrication of printers to the ramp-up of the activity and location of the key clients

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 Optimizing fixed cost structure

8

FINANCIAL RESULTS : RECOVERY ENGAGED IN H2

FINANCIAL RESULTS : RECOVERY ENGAGED IN H2

(1) Operating income before "Net depreciation, amortization and provisions", "Other items of operating income" and “Share in the results of associated companies”.

(in €million) H1 2019 H2 2019 FY2019 H1 2020 H2 2020 FY2020 H2 2020^Var.

vs H2 2019

Var.

FY2020 vs FY2019

Revenue 35,3 36,0 71,3 26,8 30,4 57,2 -5,6 -14,1

EBITDA¹ 2,6 2,7 5,3 1,4 1,9 3,3 -0,8 -2,0

EBIT² -1,0 -0,5 -1,5 -2,9 -0,9 -3,8 -0,4 -2,3

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

Reduced impact in H2 compared to H1 Positive EBITDA despite impact on revenues Limited decrease of Operating income

10

SYSTEMS DIVISION: TOP LINE IMPACTED BY MACRO SITUATION BUT RESILIENT EBITDA

(1) Operating income before "Net depreciation, amortization and provisions", "Other items of operating income" and “Share in theresults of associated companies”.

23,6

19,2

H2

Revenues impacted by wait & see environnement

2,0 1,5

Limited EBITDA¹ decrease (€m)

• Implementation of cost saving initiatives and benefit from governments support measures

• Strong hit of Covid-19 but month by month improvement

• Good performance of Materials activity

-€4,4 m

H2 19 H2 20 H2 19 H2 20

-€0,5 m

8.6%

margin

8.0%

margin

11

PRODUCTS DIVISION: LIMITED DECREASE DESPITE SECOND LOCKDOWN

12,8

11,3

H2

Revenue ^(€m)

1,4 1,2

H2

EBITDA^{1 (€m)}

• EBITDA margin maintained above 10%

• Benefit from government support measures

• Lower impact of the 2^ndlockdown compared to the 1^st one

• Recovery engaged with medical activities almost back to 2019 level in Q4

H2 2019 H2 2020

H2 2019 H2 2020

-€0.2 m

10.7%

margin

10.3%

margin

-€1.5 m

12

SOUND BALANCE SHEET AT END-2020

In € million

AVAILABLE CASH OF €22.5M AS OF END 2020

1

1 Before IFRS16 leases debt and including treasury shares 1

Positive net cash position after a challenging year

while continuing investments

OUTLOOK : STRONG GROWTH IN 2021 & FOR THE NEXT

YEARS

14

A GROWING MARKET FOR 3D PRINTING THROUGH SCALING OF APPLICATIONS

1 Source : Wohlers report 2020

2 Average share price growth of major US 3D Printing players since 16/03/2020

~€100 bn

global market projected in 2029¹

Positive trends supporting a strong valuation of 3D printing companies in the US

+300% on average on one year^2, Uptake not yet materialized in Europe

vs ~€10 bn in 2021

Prodways track record proves its capacity to capture market growth by scaling new applications to industrial production

Dental:

1 million aligners

/ year

Chiropody:

50,000 insoles

/ year

Jewellery:

250,000 jewels

/ year

STRONG STRATEGIC POSITION TO BENEFIT FROM SUPPORTING TRENDS

1 2

3

A differentiating offer

Solutions on the whole value chain of 3D printing

1^st grade performance for industrial production for mass customized applications

Software, Printers, Materials, Manufacturing

Technologies offering unique precision & speed on the market

Development of new partnerships

for new applications with significant potential

R&D with Essilor for manufacturing lenses,

R&D with a leading dental player for new products Opportunities in precision casting

16

GUIDANCE 2021 & FUTURE AMBITIONS: STRONG GROWTH IN 2021 & BEYOND

2021

Double-digit revenue growth

improving profitability

starting in H1 2021

Beyond

Strong development of all activities

&

Q&A