Riber releases 2022 results
Business impacted by difficulties sourcing electronic components
MBE company Riber has released its full-year earnings for 2022, revealing a difficult year impacted by supply chain disruption.
During FY 2022, Riber recorded a strong level of commercial development, as shown by its high order intake, including 14 systems and an option for an additional four systems. Nevertheless, the supply chain disruption affecting electronic components resulted in the deferral of the delivery of two research systems to 2023, representing a total of €2.9m, despite the company’s efforts to diversify its sourcing capacity.
In addition, Riber has stopped marketing a range of evaporators for the OLED market.
In this context, 2022 full-year revenues came to €27.8m, down -11 percent from 2021. Sales of MBE systems contracted -15 percent to €14.8m, for six machines delivered, compared with eight in 2021. Sales of services and accessories are down -6 percent from a high basis for comparison to €13.0m, representing 46.8 percent of 2022 revenues.
The gross margin came to €9.8m, representing 35.2 percent of revenues, stable versus 2021(35.4 percent).
Operating expenditure is stable (€9.8m). R&D investments totaled €3.2m, representing 12 percent of revenues, stable compared with 2021. Sales and marketing costs are up (+18 percent in line with the strong growth in order intake), while administrative costs are stable overall.
Income from ordinary operations amounted to €1.3m, comparable to 2021.
Operating income broke even, compared with a €1.3m profit in 2021. Riber says it is impacted by non-current charges for €1.3m, in particular due to the decision to discontinue the OLED evaporator product line, which led to the depreciation of inventories.
Net income totalled €0.2m, compared with €1.5m in 2021. In 2022, it included +€0.4m of financial income and expenses, linked primarily to the revaluation in euros of receivables denominated in US dollars and Yuan.
The cash position at end-2022 was positive at €6.1m, up +€0.2m from the end of 2021. This change reflects the good level of cash flow from operations and the improvement in working capital requirements.
Net financial debt decreased to €1.3m at December 31, 2022, compared with €2.4m one year earlier.
Shareholders’ equity totaled €18.8m, down -€1.0m from end-2021. This change is linked to earnings for the year and the distribution of amounts drawn against the issue premium for 2021 to shareholders.
Order book
During FY 2022, new order intake improved significantly, with 14 systems ordered over the period and a good level of orders recorded for services and accessories.
This robust development helped significantly strengthen the order book at December 31, 2022, up +102 percent to €29.9m and including 11 MBE systems (€24.6m), as well as orders for services and accessories (€5.3m).
This order book does not include the additional order for a production system announced on February 20, 2023, or the option to buy announced on June 8, 2022 covering four production machines for which the firm orders will be confirmed in 2023 when the export license is obtained.
Outlook
In view of these elements, Riber is confident that it will be able to achieve revenues of around €40m, driven by 40 percent growth compared with 2022. This growth in business is expected to be combined with a significant improvement in profitability.
In a still buoyant market context, with robust demand for the company’s systems, Riber is expected to continue taking orders in 2023, capitalising on a strong pipeline of prospects.
Governance
Riber’s supervisory board appointed Christian Dupont as chairman of the company’s Executive board from April 13, 2023, replacing Michel Picault, who is still a member of the company’s executive board. The company says this appointment will make it possible to ramp up Riber's robust growth and expansion in a buoyant market environment.
