VIGO PHOTONICS S.A. FINANCIAL RESULTS FOR 2021
March 2022
EXECUTIVE SUMMARY
SUMMARY OF ACHIEVEMENTS IN 2021
- The highest financial results in VIGO's history: sales revenues of PLN 71.5 million (+34% y/y), adjusted EBITDA of PLN 29.1 million (+19% y/y), net profit* of PLN 24.3 million (+35% y/y)
- High margins maintained: adjusted EBITDA margin 41% and adjusted net margin 34%
- Increase of operating cash flow y/y to PLN 24.1 million and increase of capital expenditures to PLN 29.8 million
- Publication of VIGO strategy for 2023 and 2026
- Significant increase in production capacity - detector production volume increased by +46% y/y to 12.2 thousand units
- Continued construction of a new cleanroom for detector chip manufacturing technology - expected to be finalised by Q1 2022
- Development and stabilisation of new technologies and commercialisation of existing and new products in line with the Initiatives adopted in 2026 Strategy
- Launched a branch in the USA to increase VIGO's market share in that country
- Further development of sales channels by acquiring five new distributors
- Active participation in 10 international conferences and trade fairs
- Developed of social media
- Created a new VIGO PHOTONICS brand
- Prestigious market awards and distinctions
- Prospective market allowing to maintain growth dynamics in subsequent periods
Epitaxial materials | Photon detectors |
Detection modules
* In order to ensure comparability of data with previous periods, the management report also includes the net result adjusted for non-recurring events (not including the recognition of deferred tax assets)
VIGO IN A NUTSHELL
35years of experience | VIGO is a world leader in high-tech solutions - the most advanced mid-infrared photonic detectors, |
modules dedicated to these detectors and semiconductor materials | |
and operations | |
Headquarters in Poland
and branch offices in USA and Taiwan
26distributors in 19countries
supporting sales of solutions
220 highly qualified and experienced
experts
(1 Professor, 14 PhDs and >60 engineers)
Listed on the WSE since 2014
Operating in the fast-growing infrared market
Unique technology and innovative, high-end solutions, tailored to customer needs
6,500 m2 of production space - complete production line for semiconductors
Ambitious development strategy to maintain a 20-30% annual growth rate
Business relationships with global corporations (Safran, Emerson, Caterpillar, TRUMPF, to name a few)
Over 2.5 times growth in revenue and EBITDA over the last 5 years (2017-2021)
PLN 525 mln m capitalisation* | 6 detectors successfully used |
in Mars missions |
Support of stable, long-term
shareholders
* As of March 2, 2022
GLOBAL REACH
COOPERATION WITH GLOBAL CORPORATIONS
AND THE SECURITY INDUSTRY
Safran Aerotechnics | Emerson Electric Co. |
(Smart munitions) | (Industrial Gas Analysers) |
Caterpillar | TRUMPF |
(Railway Safety Systems) | (Lasery Przemysłowe ) |
Supplier of high-tech components for the most demanding customers
MARKET SHARING 2021
POLAND
4%
ASIA 10%
NORTH AMERICA
10%
EUROPE
76%
Cooperation with 26 distributors in 19 countries supporting the commercialisation of VIGO solutions and products
RAPID DEVELOPMENT
FINANCIAL RESULTS AND TARGETS
- Triple sales revenue in 4 years. In 2021, a 34% increase to PLN 71.5m, well above the industry
- Maintaining high levels of profitability :
- EBITDA above 40%
- Net profitability (without deferred tax) over 34%
- Ambitious financial targets for the next 3-year period:
- Maintaining gross margin >60%
- Maintaining EBITDA margin >40%
- Cumulative normalised EBITDA for the period 2021-2023 > PLN 103 million
FINANCIAL OBJECTIVES FOR THE PERIOD 2021-2023
[PLN thousand] | 2020 | 2021 | 2022 | 2023 | ||||
Sales revenues | 53 | 451 | 67 | 000 | 80 | 000 | 100 | 000 |
Gross profit | 35 | 615 | 44 | 890 | 51 | 200 | 62 | 000 |
Gross margin | 67% | 67% | 64% | 62% | ||||
Normalised EBITDA | 24 | 918 | 29 | 500 | 33 | 500 | 40 | 000 |
Normalised EBITDA profitability | 47% | 44% | 42% | 40% | ||||
SALES REVENUES (PLN MILLION)
71,5
53,5
42,9
37,4
25,6 25,4 27,2
20,4
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
VIGO SYSTEM S.A. SHARE PRICE (PLN)
900
800
700
600
500
400
300
200
100
0 | |||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
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Disclaimer
Vigo System SA published this content on 09 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 March 2022 15:53:10 UTC.
