Brief: Forsee Power H1 Operating Loss Widens To EU 12.2 Mln

Forsee Power SA

14/09/2022 17:12

Sept 14 (Reuters) - FORSEE POWER SAS  FORSE.PA :
    * FORSEE POWER ANNOUNCES ITS HALF-YEAR RESULTS FOR 2022:
CONTINUED
SALES MOMENTUM, ESTABLISHMENT OF NORTH AMERICAN HEADQUARTERS AND
SOLID FINANCIAL STRUCTURE
    * HALF-YEAR REVENUES UP 34% TO EUR 49.7 MILLION
    * EXPECTED ANNUAL REVENUES OF MORE THAN 100 MEUR
    * CONFIRMATION OF FINANCIAL OBJECTIVES FOR 2027
    * ADJUSTED EBITDA GROWTH OF 21%, SOLID FINANCIAL STRUCTURE
AND
CASH POSITION OF EUR 46.5 MILLION AT END OF JUNE 2022
    * GROSS FINANCIAL DEBT WAS STABLE AT EUR 54.4 MILLION AT
JUNE 30,
2022, COMPARED WITH EUR 53.7 MILLION AT DECEMBER 31, 2021
    * NET LOSS FOR FIRST HALF OF 2022 IMPROVED SIGNIFICANTLY AND
AMOUNTED TO (-EUR 9.8 MILLION) COMPARED TO (-EUR 16.8 MILLION)
    * GROUP IS NOT EXPOSED TO RESTRICTIONS IMPOSED ON RUSSIA, AS
FORSEE POWER HAS NO EMPLOYEES, CUSTOMERS OR SUPPLIERS IN THAT
COUNTRY
    * GROUP IS EXPOSED TO INDIRECT LOGISTICAL IMPACTS, IMPACTS
LINKED
TO INCREASES IN COST OF MATERIALS, AND IMPACTS LINKED TO
GEOPOLITICAL SITUATION IN UKRAINE AND ENERGY SECTOR
    * IN SECOND HALF OF 2022, FORSEE POWER WILL FOCUS ON
DEVELOPMENT
OF ITS PRODUCTION UNIT IN UNITED STATES WITH OBJECTIVE OF
REACHING A PRODUCTION CAPACITY OF 3 GWH BY 2027
    * REMAINS CAUTIOUS ABOUT UNCERTAINTIES LINKED TO COVID-19
CRISIS,
PARTICULARLY IN CHINA WHERE GROUP OPERATES ONE OF ITS 4
PRODUCTION SITES
    * OPERATING PROFIT FOR THE FIRST HALF OF 2022 AMOUNTED TO
(-€12.2M), DOWN FROM THE OPERATING PROFIT RECORDED IN THE FIRST
HALF OF 2021 (-€10.2M)

Source text for Eikon:  ID:nBw6MCv1Ca 
Further company coverage:  FORSE.PA 

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