Ik wacht nog even, ook al is 90 bussen leuk voor over een jaar (=60 miljoen omzet), maar om met 59 miljoen aandelen in omloop en dan:
Profit & Loss statement
Cost of materials (4,888)
Margin 5.5% Employee benefit expenses (4,903) Other operational expenses (4,781)
Margin (181.7%) Depreciation & Amortisation expenses (2,514)
Margin (230.4%)
Commentary
1 1
• Revenue decreased from €16.2m in H1 2020 to €5.2m in H1 2021, which is a reflection of the impact of a lower order book in 2020 as a result of the Covid-19 pandemic (which resulted in less revenue being recognised in 2021) as well as a reflection of the impact that timing of customer orders, which tend to be concentrated on peak moments and which were not present during the six months ended 30 June 2021
•2 2
• Gross profit has decreased as a result of limited revenue being recognised
• Cost of materials in H1 2021 decreased to €4.9m from €9.2m in H1 2020, as lower number of
buses were shipped in H1 2021, but more costs of services incurred
•3 3
• EBITDA has decreased due to higher employee benefit expenses that resulted from an increase in FTEs to realise Ebusco’s roll-out plan, and rise in other operational expenses that pertained to the increase in temporary labour costs and IT costs (e.g. for ERP system implementation)
4
•4 EBIT
• EBIT has decreased, as depreciation and amortisation expenses have increased slightly in relation
to the amortisation of software and intangible assets and depreciation that corresponded to an increase in equipment
•5 Profit for the period
• Loss for H1 2021 was €6.7m, primarily due to a reduction in buses shipped and thus less revenue
being recognised, higher employee benefit costs, and higher operating and financing expenses
• Income tax credit increased to €0.4m in H1 2021 due to the higher commercial loss before tax
5
Revenue2
Gross profit
EBITDA
1
Summary of financials1 (€k) H1 2021 H1 2020
Revenue 5,172 16,220
2
Gross profit 284 7,000
3
EBITDA (9,400) 2,217
4
EBIT (11,914) 568
Finance expenses, net
Share of results of an associate Profit before tax
Income tax credit
(2,530) 7,427 (7,017) 351
(9,220)
43.2%
(2,062) (2,720)
13.7%
(1,650)
3.5%
(688) (56) (176) 45
(0.8%)
5
Profit for the period (6,666) (131)
Margin (128.9%)
Source: Company information
Notes:
1. For the six months ended June 30, 2021 and June 30, 2020, based on stable IAS 34 Report, dated 16 August 2021; 2. Revenue is recognised on a percentage of completion basis
= pagina 21 van hun presentatie, met een revenue van 5,2 miljoen een verlies van 6,7 te lijden en geen duidelijk overzicht (voor mij op dit moment althans) van assets op een balans met vermelding van de intrinsieke waarde per aandeel (iemand hier die die kengetallen wèl heeft?), is, ook al zie ik op de veel langere termijn wel winstpotentie aan de nog verre horizon, het mij nog even een te riskante investering.
Ik laat me overigens graag overtuigen met onderbouwd cijfermateriaal zoals orderportefeuille, winstmarge, nettoschuld, intrinsieke waarde per aandeel en EV/Ebitda verhouding m.b.t. concurrentie.