23 April 2020
Riber’s annual revenue grows 7% in 2019
For full-year 2019, Riber S.A. of Bezons, France – which manufactures molecular beam epitaxy (MBE) systems as well as evaporation sources and effusion cells – has reported revenue growth of 7% from 2018’s €31.3m to €33.4m.
Revenue for MBE system grew by 140% from €9.6m to €23m, driven by the development of 5G.
Revenue for Evaporators (cells and sources) fell by 91% from €11.6m to just €1m, impacted by the lack of investment in the organic light-emitting diode (OLED) screen industry.
Revenue for Services & Accessories fell by 7% from €10.1m to €9.4m.
The change in revenues for each product line and the €0.5m of non-recurring commissioning costs contributed to gross margin falling from 35.6% to 29.6%.
Overheads fell significantly from €11m to €9m, linked to a €1.4m reduction in administrative costs (due largely to non-recurring costs falling from €1.1m in 2018). Sales & marketing costs are stable. R&D spending was level at €2.4m.
Net income has risen from €0.3m to €1.1m. The cash position rose during the year by €3.4m, from €2.5m to €5.9m, reflecting the reduction in inventory and the favorable position for deposits received on orders at end-2019, as well as good cash flow from operations. Shareholders’ equity is €19.2m, level with 2018.
The order book fell only slightly during 2019 from €29.9m to €28.7m. The MBE order book (€21.8m) includes 12 systems to be delivered in 2020, including five production units. The order book for Services & Accessories is stable year-on-year at €6.9m.
Riber says that, in the context of the Covid-19 epidemic, it has adapted its organization to minimize the impact of the health crisis on its business, taking all the measures needed to ensure the safety of its staff and continue operating.
Due to the actions rolled out since 13 March, Riber has been able to keep almost all its staff operational, working either from home or on site. Specifically, it is still able to produce and deliver, while continuing to develop its strategic projects. However, the firm faces a slowdown in its commercial activity, with certain orders deferred, especially in China (Riber’s leading region), where the 5G market is still very buoyant.
Alongside this, Riber is continuing to closely monitor its levels of cash and it intends to use some of the support measures put in place by the public authorities.
Riber’s executive board will submit a proposal to shareholders at the General Meeting on 23 June to approve a cash payout based on reimbursing part of the issue premium for €0.03 per share (to be released for payment on 30 June). Due the lockdown measures and restrictions on movement, Riber’s General Meeting on 23 June will be held as a closed session, without shareholders being physically present. Shareholders will be encouraged to vote by email or to appoint the General Meeting chairman to represent them.