Brief: Forsee Power FY Sales Up 17% At EUR 72.4 Mln

Forsee Power SA

06/04/2022 17:28

April 6 (Reuters) - Forsee Power SAS  FORSE.PA :
    * OUTPERFORMING 2021 REVENUE TARGET AT EUR 72.4 MILLION
(+17%)
    * FY SALES EUR 72.4 MILLION VERSUS EUR 62.1 MILLION YEAR AGO
    * FY ADJUSTED EBITDA  LOSS EUR 14.4 MILLION VERSUS LOSS EUR
12.0
MILLION YEAR AGO
    * FY NET CONSOLIDATED LOSS EUR 38.1 MILLION VERSUS LOSS 30.1
MILLION YEAR AGO
    * END-FY FREE CASH FLOW FROM OPERATIONS NEGATIVE EUR 18.3
MILLION
    * STRENGTHENING OF FINANCIAL STRUCTURE THANKS TO SUCCESS OF
IPO:
CASH POSITION OF EUR 70.8 MILLION AT END OF DECEMBER 2021
    * CONFIRMATION OF LONG-TERM FINANCIAL OBJECTIVES PRESENTED
AT IPO
    * Q1 OF 2022 WAS AFFECTED BY INCREASE IN COVID-19 INFECTIONS
IN
CHINA, PARTICULARLY IN SHANGHAI, WHICH EXPOSED GROUP TO PANDEMIC
RISK DUE TO PRESENCE IN CHINA OF ONE OF ITS PRODUCTION SITES AND
SOME OF ITS SUPPLIERS
    * PROSPECTING PROCESS INITIATED IN UNITED STATES, WITH START
OF
ACTIVITY PLANNED BY END OF 2022
    * SETTING UP OF INDUSTRIAL SITE IN U.S. WILL ENABLE GROUP TO
HAVE
A TOTAL PRODUCTION CAPACITY OF AROUND 10 GWH, OF WHICH 1 GWH
WILL BE PRODUCED LOCALLY BY 2027
    * FORSEE POWER CONFIRMS ALL OF ITS FINANCIAL OBJECTIVES FOR
2027,
NAMELY TO ACHIEVE REVENUES OF APPROXIMATELY EUR 600 MILLION AND
EBITDA AND ADJUSTED EBITDA MARGINS BOTH ABOVE 15%
    * CONFLICT IN UKRAINE: GROUP IS NOT SUBJECT TO RESTRICTIONS
IMPOSED ON RUSSIA, SINCE FORSEE POWER HAS NO EMPLOYEES,
CUSTOMERS OR SUPPLIERS IN THAT COUNTRY
    * CONFLICT IN UKRAINE: THERE ARE LOGISTICAL IMPACTS AND
INCREASES
IN MATERIAL COSTS LINKED TO SITUATION IN UKRAINE, BUT GROUP IS
NOT IN POSITION TO QUANTIFY THEM AT THIS TIME
    * IS SUSPENDING ITS OBJECTIVE OF REACHING BREAK-EVEN IN 2023
    * AS SOON AS UNCERTAINTIES LINKED TO COVID-19 CRISIS IN
CHINA,
CONFLICT IN UKRAINE AND TENSION ON SUPPLY OF CERTAIN ELECTRONIC
COMPONENTS NORMALIZE, CO WILL INFORM FINANCIAL MARKETS OF DATE
ON WHICH IT EXPECTS TO REACH OPERATING BREAKEVEN

Source text for Eikon:  urn:newsml:reuters.com:*:nBw2Mtps4a
Further company coverage:  FORSE.PA 

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