- ISIN: CH0033361673
- Land: Schweiz
Nachricht vom 24.08.2018 | 07:00
u-blox firmly on track for expanded market position in IoT (news with additional features)
DGAP-News: u-blox AG / Key word(s): Half Year Results
u-blox firmly on track for expanded market position in IoT
2018 half-year highlights
Thalwil, Switzerland - August 24, 2018 - u-blox (SIX:UBXN), a global provider of leading positioning and wireless communication technologies, today announced results for the first half year.
- Reflecting a soft China business, u-blox posted a 2.6% increase in revenues from CHF 193.9 million to CHF 199.0 million.
- Gross profit increased compared to H1/2017 by 7.1% to CHF 93.6 million in H1/2018 and gross margin increased compared to H1/2017 to 47.0% in H1/2018 due to favorable changes in the product mix.
- EBIT fell by 3.3% to CHF 28.5 million, representing a margin of 14.3% as guided for this fiscal year.
- Operating activities generated a cash flow of CHF 13.7 million, 6.9% of revenue.
- Net profit saw a 39.3% increase to CHF 25.1 million, a net profit margin of 12.6% (H1/2017: 9.3%).
- A surge of new and prospective products consolidated u-blox's leading position in the industry.
- Full-year revenue, EBITDA and EBIT guidance have been slightly reduced.
Remark: All numbers in this report are IFRS based. Adjusted numbers are provided in the last table to this report.
- Half year report (PDF): https://www.u-blox.com/en/investor-relations/reports
- Presentation: https://www.u-blox.com/en/investor-relations/presentations
In the first half of 2018, we have seen a strong growth in our customer numbers and in the market for car connectivity devices (Telematic Control Units). At the same time, shrinking business with key Chinese customers as well as the delaying effect on our customers of their long lead times for receiving other components resulted in overall slow revenue growth of 2.6% compared to the same period in 2017, with consolidated revenues standing at CHF 199.0 million during the first half of 2018.
u-blox registered another increase in gross profit from CHF 87.4 million to CHF 93.6 million, with gross profit margin remaining high at 47.0%. Operating profit (EBIT) was down from CHF 29.5 to CHF 28.5 million as the company continued to expand its R&D capacity, representing an EBIT margin of 14.3% as guided, while the EBITDA margin stood at 20.1%. There was a 39.3% increase in net profit, which increased from CHF 18.0 million in 2017 to CHF 25.1 million mainly due to foreign exchange impacts. Net cash flow from operations was CHF 13.7 million, which represented 6.9% of revenue. The balance sheet remained solid, with a healthy equity ratio of 62.0%.
The company has focused relentlessly on increasing its continued growth potential with the announcement of two new core product platforms and several new modules. Executing its time-tested strategy, u-blox is in a strong position to benefit from continually growing markets, and a full pipeline of new product developments remains a firm indication of potential future growth.
Consolidated revenues from chips and modules for positioning and wireless connectivity rose by 2.6% from CHF 193.8 million in the first half of 2017 to CHF 198.9 million during the first half of 2018. Revenue growth was slightly negatively impacted by -0.5% foreign exchange decay. Wireless services (including intra-Group sales) generated CHF 16.1 million in revenues compared with CHF 12.3 million for the same period last year.
During the first half of 2018, u-blox reported an overall increase of revenues of 2.6%, with Asia-Pacific accounting for 33.1%, EMEA for 35.1%, and the Americas for 30.7%. EMEA grew rapidly by 35.4% to CHF 69.8 million, revenues in Americas were stable with CHF 61.1 million and Asia-Pacific reported a 19.2% decline over first half year 2017 to CHF 65.9 million. When compared to second half year 2017, the growth rates amounted to 31.3% for EMEA, -17.6% for Americas and -16.2% for Asia-Pacific. These splits are based on reporting area.
In the Americas, business activities in metering, medical devices, wearables, and point-of-sales were particularly strong, while fleet management showed a slowdown in the first half of 2018 due to delays in the adoption of the new Cat M1 and NB-IoT networks.
Our business in the EMEA region continues to impress with strong growth, driven by a constant flow of new projects in various markets going into mass production as well as strong progress in solar energy, telematic control units (TCUs), automation, fleet management, and road pricing. Europe in particular benefited from a notable upturn in demand for connected devices destined for the IoT, as well as good demand from the automotive sector, stimulated by the need for in-vehicle connectivity.
The company has taken the necessary actions to respond strategically to the current environment. Above all, it changed the management structure in China, and re-focused the sales team to cope with emerging application sectors. In all regions, u-blox pursued a record number of new business opportunities, driven by general interest in the Internet of Things (IoT).
Increased gross profit
Research and product development
Distribution and marketing activities
Finance income and costs
Strategic highlights and initiatives
New product rundown
In our solution portfolio, we saw good growth in the area of cellular and short range products: LTE modules performed very strongly across the first six months of 2018, and we have seen continued growth in sales for Wi-Fi modules. By contrast, sales of positioning chipsets have slowed.
In keeping with its strategy, u-blox launched a variety of significant new products in 2018. Highlights include the u-blox F9 technology platform, which delivers high precision positioning solutions for mass market industrial and automotive applications; the UBX-P3 chip for vehicle to everything (V2X) wireless communication, and a new cellular technology called LTE Cat M1, specifically designed for the needs of applications targeting the Internet of Things (IoT) or machine-to-machine (M2M) communications.
Revenue by reporting segments
- Positioning and wireless products
u-blox develops and sells chips and modules for positioning and wireless connectivity that are used in automotive, industrial, and consumer applications. Revenue was CHF 198.9 million for the first half of 2018 compared with CHF 193.8 million during the same period last year.
- Wireless services
u-blox also offers wireless communication technology services in the form of reference designs and software. In the first semester, revenue for wireless services was CHF 16.1 million compared with CHF 12.3 million in the first half of 2017 (including intra-group revenue).
For 2018, u-blox anticipates updated EBITDA of between CHF 90 million and CHF 100 million and EBIT of between CHF 60 million and CHF 65 million, based on revenue predictions of between CHF 435 million and CHF 445 million, with unchanged assumptions for foreign exchange rates. In the medium to long-term, u-blox expects continued growth.
u-blox (SIX:UBXN) is a global provider of leading positioning and wireless communication technologies for the automotive, industrial, and consumer markets. Their solutions let people, vehicles, and machines determine their precise position and communicate wirelessly over cellular and short range networks. With a broad portfolio of chips, modules, and a growing ecosystem of products supporting data services, u-blox is uniquely positioned to empower its customers to develop innovative solutions for the Internet of Things, quickly and cost-effectively. With headquarters in Thalwil, Switzerland, the company is globally present with offices in Europe, Asia, and the USA.
Document title: u-blox Half Year Results - Tables - English
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