Bollene, September 29, 202106 : 00pm (HEC)
hurry Exit


  • S1 2021 turnover:16.60 million (+ 30.7% vs. S2 2020) thanks to the Cambridge unitary veneer line progressive recovery during the semester and Thank you strong year-on-year growth To Egide SA.
  • VSconsolidated operation Income at € 0.52m
  • Report Returned: 0.24 M € (vs €0.004M in H1 2020) despite exceptional temporary US plating subcontracting costs during this period.
  • Outlook:
    • The Group plans to maintain a level of activity comparable to H2 2021
    • The Group should quickly benefit from its new services and industrial capacities: new electroplating line in the USA and industrial modernization of the Bollène site.

The Audit Committee and the Board of Directors met to approve the half-yearly accounts as of June 30, 2021. The Statutory Auditors carried out a limited examination of these accounts and issued their report in accordance with legal provisions.

The Egide Group’s consolidated EBITDA (corrected for IFRS16) at June 30, 2021 amounts to € 1.19 million.

Consolidated half-year P&L results
(In € m)
H1 2020 As a percentage of revenues S1 2021 As a percentage of revenues
Sales 17.27 16.60
Current EBITDA * 0.93 7% 1.19 7%
Operating result (Ebit) 0.52 3% 0.52 3%
Net revenue 0.004 0% 0.24 1%

*Ebitda corrected from IFRS16


The consolidated turnover of the Egide group for the first half of the year amounted to € 16.60 million, a decrease of 3.9% compared to H1 2020 but a rebound in growth of + 30.7% compared to H2 2020. The significant 16.6% increase in sales of Egide SA did not fully offset the drop in sales of its American subsidiaries, accentuated by the currency effect. At constant exchange rates, the group’s growth would have been positive by 1.1%.

Commercial prospecting activity continued to be hampered by health constraints, macroeconomic uncertainties, and especially manufacturing delays due to delays in rebuilding the Egide USA plating line in Cambridge (following the fire in July 2020) .

Thus, the activity profile in the first half of 2021 varies according to the different business units:

  • Egide SA strengthened its position in the thermal imaging market in Europe, Asia and the Middle East. Egide SA also recorded significant growth thanks to the new strategy focused on the development of high-performance packages for power, optronics, RF / microwave and high frequency communication, and sensor applications.
  • Egide USA has largely responded to demand and preserved its customers by resorting to veneer subcontracting, imposed by the delays in installing new veneer lines. Plating outsourcing protected customers but had a negative impact on revenues.
  • Santier’s activity recorded sequential growth of + 14% but a decrease of 13% (both variations are expressed in $), compared to H1 2020, mainly explained by the impact of the aeronautics industry. Indeed, some satellite programs carried out by the main players in the defense sector have been delayed, due to the downsizing caused by the pandemic. However, the momentum of this last semester of recovery shows good momentum with 2 of the 3 best months of invoicing since 2018. Santier’s customer mix remains diversified although not very favorable for the margin and financial results over the period.

Sales denominated in dollars represented 56% of the group’s total sales in the first half of 2021.


Egide SA continues to improve its profitability thanks to the positive combination of the impact of the continuation of activities on the one hand, the increase in turnover on the other hand, and finally, an improvement in the gross margin with a more rigorous selection of the markets served and strict control of expenses.

For Egide USA, the Cambridge plant has succeeded in resuming its activity to satisfy its customers. However, she used more plating outsourcing than expected due to the delay in rebuilding the plating shop. The additional cost represents € 2,657,000 in plating subcontracting costs, of which € 498,000 were compensated by the insurance. In addition, the new fixed assets financed by the insurance amount to 2,268k and represent an operating result.

Santier’s results were affected by an insufficient level of activity and by several manufacturing difficulties, resulting in part from the COVID crisis, which generated additional costs of materials and labor.

The group’s consolidated operating income, at € 0.52 million, was directly impacted by the additional costs linked to the veneer subcontracting of Egide USA during the first half of the year.
IFRS16 has reclassified € 347k in rents as € 255k in depreciation and € 92k in interest, for H1 2021.

Note that the net result is calculated after a tax charge of 50 k €, which consumes the deferred tax asset appearing in the assets.


H1 2020 H1 2021 H1 2020 H1 2021
Non-current assets 10.81 12.23 Equity 10:40 a.m. 11.12
Inventory, trade and other receivables 14.6 17.66 Financial debts and provisions 12.62 12.25
Cash 2.93 2.01 Suppliers and other creditors. 5.31 6.53
TOTAL 28.34 29.90 TOTAL 28.34 29.90

Acquisitions of tangible fixed assets for the half-year amount to 2,556 K €, of which 97 K € at Egide SA, 2,444 K € at Egide USA and 18 K € at Santier. The working capital requirement (inventories + trade receivables + other current assets – trade payables – other current liabilities) is 95 days of sales, compared to 105 days at June 30, 2020.

The financial debts are mainly composed of 2 loans guaranteed by the State (French PGE) of 900 K € from Egide SA, a real estate loan of 1,191 K € from Egide USA and equipment loans of 736 K € and 562 K € respectively for Egide USA and Santier. These US loans do not comply with the Covenants and have all been reclassified as short term.

Finally, the Vatel bond loan will be fully realized by December 31, 2021, and a Santier loan for an initial amount of $ 1 million, 50% of which was counter-guaranteed by a down payment, was fully repaid in January. 2021.

The Group intends to maintain its activity in the second half of 2021 at a level comparable to that of the first half.

The economic rebound in the markets addressed by the Group is favorable and certain problems encountered by certain competitors (semiconductor supply crisis) do not affect the markets served by Egide.

In addition, new commercial development initiatives have been launched to take advantage of the Group’s new industrial services and capacities as quickly as possible: new electroplating line in the USA and industrial modernization of the Bollène site.

In terms of profitability, the second half of 2021 should be in line with management’s initial expectations since it should no longer include elements related to the consequences of the Cambridge fire and it should register the abrogation of the PPP (plan American Covid Support Fund) for € 0.6 million.

This means that for the whole of 2021, the difference in net income with the ambitions communicated in the past should be limited to the additional veneer subcontracting costs incurred in the first half of the year at Egide USA and estimated at € 1 million. .

Despite the exceptional events of the past 18 months, the Group believes that it remains on track to consolidate its position on a profitable and sustainable growth path.

Jim Collins, CEO of Egide, comments: “It has been a difficult time for
Aegis between the Covid pandemic and the Cambridge industrial fire. But in both cases, we have overcome these difficulties and are in a position to meet our organic growth target in the years to come. We are constantly improving our business operations through new human resources and business development, which should benefit the company in the near future.. Our new Cambridge veneer plant and the modernization of our Ballèborn continue the transformation of the company that began in 2018. The future is bright for EGIDE.


Presentation of the 2021 half-year results to analysts and investors September 30, 2021 – 11:30 a.m.

Availability of the 2020 half-year financial report

October 1, 2021

Full-year sales 2021

January 26, 2022


EGIDE – Luc ArdonCFO – +33 4 90 30 35 94 – [email protected]

FIN’EXTENSO – Press Reports -Isabelle Aprile – +33 1 39 97 61 22 – [email protected]


Egide is an international group specializing in the manufacture of hermetic packages and thermal dissipation solutions for sensitive electronic components. It operates in cutting-edge markets with strong technological barriers to entry into all critical industrial segments (thermal imaging. Optronics. High frequency. Power units, etc.). Egide is the only pure player in this market niche with industrial establishments in France and the United States.

Egide is listed on Euronext Paris ™ – Segment C – ISIN code: FR0000072373 – Reuters: EGID.PA – Bloomberg: GID

Follow all the Group’s news online: and LinkedIn

  • Egide-PR-2021-HY-results-FR-210929

Leave a Reply

Your email address will not be published.