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4-Traders Homepage  >  Equities  >  Euronext Paris  >  Esi Group    ESI   FR0004110310

ESI GROUP (ESI)

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ESI GROUP : Solid growth in 2011/12 annual revenues: €94.2 million (+11.9%)

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03/21/2012 | 07:40pm CEST
  • Sharp increase in activity from key accounts in the automotive sector and buoyant growth from the aeronautical sector
  • Solid growth in New Business and the installed base,
    stable high rate of repeat business
  • Increasing contribution of emerging countries

Alain de Rouvray, ESI Group's Chairman and CEO, comments: "Beyond the solid growth of activity, an analysis of our 2011 figures demonstrates amplification in the adoption of our solutions by major automotive as well as aeronautical clients. Faced with substantial competitive pressure and increasingly stringent regulations, both in terms of safety and environmental impact, some major car manufacturers are deliberately aiming for their product development to be entirely digital by 2015. Indeed, the increase in annual sales from our top twenty clients came out twice as large as the increase in our global sales. This was particularly significant for Services, reflecting the major methodological changes that our customers anticipate as they adopt and deploy ESI solutions in their design and manufacturing processes. End-to-end virtual prototyping is clearly on the move, making us firmly confident in our ability to record further growth of our activity."

4th quarter and annual revenue

The Company's financial year runs to January 31

*Includes activity recorded by IC.IDO, consolidated per August 24th 2011, and Efield, consolidated per December 9th 2011

**cc: constant currency

Breakdown in revenue by quarter

The Company's financial year runs to January 31 (unaudited data)

4th quarter revenue

Revenue for the 4th quarter of 2011/12 totalled 40.0 million euros, up +14.6% in actual terms and up +13.9% at constant currency compared to the 4th quarter of the previous financial year. The seasonal effect inherent to ESI Group's activity remained stable, with 42.5% of the Group's revenue recorded over the final quarter of the year.

4th quarter revenue takes into account the integration of both IC.IDO and Efield, whose activities generated revenue of 2.2 million euros over the last three months of the fiscal year. At constant perimeter, excluding acquisitions, 4th quarter revenue would have totalled 37.8 million euros; an +8.2% increase.

Licenses activity recorded revenue of 32.4 million euros, an increase of +13.8% in actual terms and +13.1% at constant currency compared to the same period the previous year.

This revenue growth was driven by the installed base, which grew by +13.9% to 29.8 million euros, giving a very high rate of repeat business of +94% and +91% in organic terms, and by the buoyant growth in New Business, which increased by +26% to 6.9 million euros.

Continuing the trend in previous quarters, Services recorded strong growth and totalled 7.6 million euros, an increase of +17.9% in actual terms and +17.3% at constant currency.

The geographical split in activity was globally stable over the 4th quarter: Europe 50%, Asia 27% and the Americas 23%.

Annual revenue

The Group's annual revenue totalled 94.2 million euros in 2011/12, up +11.9% in actual terms and +12.1% at constant currency. Excluding acquisitions, annual revenue would have totalled 91.3 million euros, giving organic growth of +8.5%. The business mix remained mostly stable, with Licenses accounting for 73.1% of total revenue and Services accounting for 26.9%.

Over the whole year, Licenses revenue totalled 68.8 million euros, up +11.2% in actual terms and +11.0% at constant currency. This increase was notably the result of New Business, which remained very dynamic and totalled 15.9 million euros compared to 13.1 million euros a year earlier, giving an annual increase of +21.8% in actual terms and +13.5% in organic terms; the increase was also the result of the +10.5% increase in the installed base to 54.7 million euros, giving a rate of repeat business that remained high at 87.4%.

Services revenue totalled 25.4 million euros, and reflects the increase in high value-added projects associated with Licenses within our End-to-End Virtual Prototyping solutions.

The geographical split in activity remained globally stable over the year: Europe 43%, Asia 36% and the Americas 21%.

2011/12 highlights

Beyond these elements, a detailed analysis of the evolution in annual revenue also highlights three major factors that reflect a substantial acceleration in industry migration towards digital factories. This is especially clear in sectors that are the most competitive and are subject to major regulatory constraints but it is also evident that virtual prototyping is becoming increasingly established in emerging countries:

· Sharp increase in activity from key accounts

Revenue from our top twenty clients increased by +24% over the year, compared to an +11.3% increase for revenue as a whole. This emphasizes the fact that ESI Group's major clients, who already have a substantial installed base in terms of licenses, are also those who are preparing for a significant acceleration in their use of virtual prototyping solutions for their products key components. The strong growth in related services reflects the extent of the methodological changes necessary to enable the migration to virtual prototyping, and the extent to which customers rely on support provided by ESI Group's teams.

· Ongoing growth for the Transport sector (including Automotive),

sharp growth for the Aeronautical sector

Faced with heightened global competition and increasingly strict regulations, the automotive sector is continuing to see, in ESI Group's solutions, a major opportunity to strengthen its competitiveness through innovations that accelerate the launch of new models, more fuel-efficient and ecological. The Transport sector was thus responsible for 56% of all orders taken by the Group, increasing by +15%. Equally affected by the pressure of global competition and regulatory constraints, the Aeronautical sector has also seen a substantial increase of +38%, and now accounts for 8% of our orders. The use of new materials such as Composites is also profoundly altering design and manufacturing processes, making the use of virtual prototyping solutions even more essential.

· Increasing contribution of BRIC countries

BRIC countries (Brazil, Russia, India, China) now represent 11.5% of orders taken, compared to 10.3% in 2010/11. This increase reflects the intention of these new and fast-growing economies to right away offer high-quality innovative products at competitive prices. The systematic integration of virtual prototyping is proving to be a decisive approach in assisting decision-making within the 'product/process' development cycle to strengthen the technological contribution and maintain the competitive advantages of lower labour costs.

is a pioneer and world-leading player in virtual prototyping that take into account the physics of materials. has developed an extensive suite of coherent, industry-oriented applications to realistically simulate a product's behaviour during testing, to fine-tune manufacturing processes in accordance with desired product performance, and to evaluate the environment's impact on product performance. This offer represents a unique collaborative and open environment for Simulation-Based Design, enabling virtual prototypes to be improved in a continuous and collaborative manner while eliminating the need for physical prototypes during product development. Present in over 30 countries, employs some 850 high-level specialists throughout its worldwide network. ESI Group is listed on compartment C of NYSE Euronext Paris.



2011/12 2010/11
€ millions Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Licenses 11.6 13.3 11.5 32.4 11.0 11.9 10.6 28.5
Services 5,7 6,0 6.1 7.6 4.9 5.5 5.4 6.5
Total 17.3 19.3 17.6 40.0 15.9 17.4 16.0 34.9


€ millions Q4 2011/12* Q4 2010/11 Var. % (euros) Var. % (tcc**) 2011/12* 2010/11 Var. % (euros) Var. % (tcc**)
Licenses 32.4 28.5 +13.8% +13.1% 68.8 61.9 +11.2% +11.0%
Services 7.6 6.5 +17.9% +17.3% 25.4 22.3 +13.9% +15.1%
Total 40.0 34.9 +14.6% +13.9% 94.2 84.2 +11.9% +12.1%
distributed by

This press release was issued by ESI Group SA and was initially posted at http://www.esi-group.com/corporate/finance/news/financial-press-release/solid-growth-in-2011-12-annu al-revenues-20ac94-2-million-11-9 . It was distributed, unedited and unaltered, by noodls on 2012-03-21 19:34:22 PM. The issuer is solely responsible for the accuracy of the information contained therein.

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Financials (€)
Sales 2018 152 M
EBIT 2018 17,1 M
Net income 2018 9,90 M
Debt 2018 32,1 M
Yield 2018 -
P/E ratio 2018 37,27
P/E ratio 2019 30,74
EV / Sales 2018 2,54x
EV / Sales 2019 2,29x
Capitalization 355 M
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 44,3 €
Spread / Average Target -26%
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Managers
NameTitle
Alain Loriot de Rouvray President, Chairman, Chief Executive Officer & GM
Vincent Chaillou Co-Chief Operating Officer & Executive Director
Christopher St. John Co-Chief Operating Officer
Laurent Bastian CFO, Director-Finance & Administration
Charles-Helen des Isnards Independent Non-Executive Director
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