2021 RESULTS Robust and growing activities generating record results for Prodways group
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2021 RESULTS P Robust and growing activities generating record results for Prodways group 16 March 2022
Summary I – Introduction: a growing company built on a solid model II – 2021 activity: major achievements on several fronts III – 2021 Financial results: record profitability IV – Outlook & guidance 2022 Appendix
I. Introduction : a growing company built on a solid model
Key figures 2021: record results & improving ESG performance
Strong revenue growth Record
Improving ESG policies
Recurring EBITDA
+23% +163% +7 pts
12.5% margin In the Gaïa rating
€70.6 m
Improvements in each category
With highly recurring profile +7 pts margin compared to 2020
of the notation
4
A new CEO for Prodways
Michaël Ohana
joined Prodways on March 1st 2022
Bringing its 28 years of experience in digital transformation and the
deployment of innovative technologies, particularly in the dental sector
5
Prodways model covering the whole value chain of 3D Printing…
SYSTEMS PRODUCTS
Providing turnkey solutions for 3D Printing One of the largest 3D Printing service in Europe
~60% of revenues ~40% of revenues
Software
Integration of Dassault Systems solutions
Offering a large range of technologies & brands
Printers Materials
Design & Printing-on-demand
Custom parts and small series
Custom medical devices
13 models 70 qualified products in audiology, podiatry & dental
Technologies Moving Light®, SLS, Solidjet Liquid resins, polymer powders, wax
6
…supported by a highly recurring revenue profile
MATERIALS consumption of installed printers
Highly recurring SOFTWARE INTEGRATION business
~60%
Recurring small series in ON-DEMAND PRINTING SERVICES
RECURRING REVENUES
Highly recurring orders for MEDICAL DEVICES
Share of recurring revenues
as a % of total 2021 revenues
7
II. 2021 activity: major achievements on several fronts
Machines & materials: major industrial project won in Q4 2021
The largest industrial project won by Prodways
Won thanks to the relevant positioning of Prodways
for the mass production of orthodontic aligners
A top tier client: a global leader in dentistry based in the US High precision / high productivity 3D printers
World leader in the distribution of medical & dental devices MovingLight LD20 printers can produce 50 dental mold per hour
An order of 8 Printers High-performance and certified materials
4 are already operational and 4 will be operational in January 2022 Liquid Resin PlastCURE aboslut developed in 2021
A virtuous model with 80% recurring revenues
Consuming 12 tons of Prodways materials per year Revenues in a 5 year life cycle of 8 printers for clear aligner production
Consumption of liquid resin in production rate
80%
materials
Potential for a fleet of 20 printers within 18 months
consuming 30 tons of materials per year
Materials revenues for 5 years: ~€3.5 million
20%
8 printers revenue: ~800 k€ machines
Year 1 Year 2 Year 3 Year 4 Year 5 Total
9
Products division driven by robust medical activities in 2021
Medical applications benefitting
On-demand printing service
from conjunctural & structural support
+25% revenues in 2021 Start of the year 2021 was slower than expected…
+3% revenue increase in H1 2021 vs H1 2020
Conjunctural catch-up effect & structural trends supporting long-term growth :
…but pace recovered in Q4 2021
► Deeper digitalization of the medical sector +24% organic revenue increase in Q4 2021 vs Q4 2020
► Full reimbursement of earing aids in France
Dynamic trend continuing early 2022
10Acceleration of the ESG strategy
Fast improving ESG performance… …Thanks to progress on all fronts
More responsible governance, increasingly involved in
extra-financial performance
+ 7 pts
in one year
Improving social policies for our teams
with progress on employee retention
62 /100
20212
More efforts on the reduction of carbon emissions
55 / 100
2020
Implementing a responsible supply chain
48 / 100
2019
11Major changes in Prodways Group's shareholding structure
Previous shareholding structure
34% 56%
Groupe Gorgé has distributed in kind most of its Prodways share Free-float Groupe Gorgé
to its shareholders in December 2021
BPI 2%
Safran 2%
Increase of Prodways free-float to 62% (vs 34%) Fimalac 7%
New shareholding structure
22%
liquidity of the share doubled 62%
Free-float
Gorgé family
since the distribution with €400 thousand traded
per day on average 6% Groupe Gorgé
Fimalac 7%
Safran 2%
BPI 2%
12III. 2021 Financial results: record profitability
2021 revenue: +23% driven by both divisions
Organic
Change (%)
(in € millions) FY 2020 FY 2021 change1
(%)
Systems 36.0 43.9 +22% +22% Driven by +45% growth in dental sector
Products 21.1 26.9 +27% +17%
Strong performance in Medical applications
& successful acquisition of Créabis
Structure &
intra-group eliminations
+0.1 -0.2 n.s. n.s.
Consolidated revenue 57.2 70.62 +23% +20%
1 Change in scope concerns the acquisition of the company Creabis in July 2021
14
2 Cut-off ajustement of vs revenue published on February 16th of €70.8 m2021: doubling current EBITDA margin
Benefiting from the operational transformation initiated in 2020 & finalized in 2021
Prodways Recurring EBITDA1 margin since 2015
12.5%
SYSTEMS: 16% margin
7%
6%
2% PRODUCTS: 10% margin
-3%
-16%
-19%
2015 2016 2017 2018 2019 2020 2021
15 1 The line item Current EBITDA has been renamed (previously “EBITDA”) but contains the same elements from historical reportingsPositive operating income for the first time in the history of Prodways
Change Change
(in € million) 2020 2021
(€m) (%) Lowered cost base thanks to operational synergies and reorganization
and favourable mix effect
Revenue 57,2 70,6 +13,4 +23%
Recurring EBITDA1 3,3 8,8 +5,5 +163% …leading to strong operational leverage effect
Income from ordinary activites2 -3,8 4,3 +8,1 -
Incl. subvention granted in the US for +€0.9 m in H1 2021
Operating income -14,8 1,8 +16,5 -
Financial results, tax & minorities 0,8 -1,2 +2,0 -
Still some exceptional costs for €2.6 m
from the restructuring plan finalized in 2021 and exceptional
Net income in group share -13,9 0,6 +14,6 - amortization and depreciations
16 1 Operating income before “depreciation, amortization and provisions”, “non-recurring items in operating income” and “Group share of the earnings of affiliated companies”.
2 Operating income before “non-recurring items in operating income” and “Group share of the earnings of affiliated companies”.A disciplined financial policy supporting a healthy balance sheet
Solid cash-flow from operations1: +€5.9 m in 2021
x +29% vs 2019
Leading to a positive net cash position
x €1.3 m net cash position2 / €17 m available cash
Focalized investments in R&D…
x ~14% of Machines & Materials revenue, the only activities requiring R&D
…but disciplined investment policy overall
x ~€3m gross investment in R&D and CAPEX, partly offset by government subsidies & tax credits
17 1 Cash flow from operating activities after neutralization of the cost of net financial debt and taxes and before change in working capital
2 Before IFRS16 lease debt and including treasury sharesIV. Outlook & guidance 2022
The two divisions are well oriented in the short & medium-term (1/2)
SYSTEMS DIVISION Dental applications to keep driving 3D Printers sales
supported by a buoyant market in clear aligners
Strong demand for 3D materials
to be met thanks to a supply chain under control
19The two divisions are well oriented in the short & medium-term (2/2)
PRODUCTS DIVISION 3D Printing service: recovery well engaged
with a strong operating leverage on results
Highly recurring medical activities to remain solid
and could be strengthened with M&A
20Guidance 2022
Revenue Profitability
Around +10% growth
revised upwards vs between +5% to +10%
following a good start of the year Improving results
And should be strengthened with M&A thanks to the pursuit of revenue growth
and continued cost control
1st quarter 2022 should be particularly strong
21Contact
Hugo Soussan
h.soussan@groupe-gorge.com
+33 1 44 77 94 86
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