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FY 2010 results

Mercredi 09 Mar 2011 à 18:15

Profitability level remains high
despite lower revenues


  • Turnover of 44,408 K€
  • Operating income at 26 % of turnover
  • Net profit: 8,310 K€
  • Significant prospects for growth in 2011


The Board of Directors of Store Electronic Systems met on 9 March 2011 to review and approve the 2010 FINANCIAL statements.  Audit procedures have been completed by our statutory auditors and their annual report will be issued once specific audits required by law have been finalized.


In K€ (French GAAP) 2010 2009 % change
Turnover 44,408 56,621 -22 %
Operating income 11,480 17,991 -36 %
Operating margin 26 % 32 %  
EBITDA 12,878 19,350 -33 %
EBITDA margin 29 % 34 %  
Net income 8,310 12,437 -33 %
Net margin 19 % 22 %  



As of December 31 2010 turnover stands at 44,408 K€, down 21.6 % on 2009. It is the French market that has negatively impacted business, due to the combined effect of the end of the Auchan rollout and the consequences of the LME (Loi de Modernisation Economique). Export sales increased sharply throughout the year (+75%), confirming both the opening of new geographical markets and the gain of new integrated and franchised customers.

During 2010, SES installed 623 stores for 81 networks in 23 countries, bringing the total number of equipped stores to 3,663 at year end. It should be noted that over half of these (1,908 stores or 52 %) have been installed during the last three years.
Initial equipments therefore remain relatively steady, with the number of equipped stores being fairly similar to that of the previous year (-16 stores or -2.5 % compared to 2009), in any case, disproportionate to the drop in turnover and this despite an unfavourable economic climate. The average size of equipped stores thus negatively impacted 2010, mainly as a consequence of the end of the Auchan hypermarket rollout.


Income is down, but profitability remains at a high level

Operating income stands at 11,480 K€, at 25.9 % of turnover.

Despite this decline, SES is carrying out its significant R&D investment plan initiated mid 2009. Research and development work now involves the equivalent of 18% of the total workforce, an indication of the Company’s determination to build future success in spite of an unclear economic recovery.

Net income stands at 8,310 K€ and accounts for 19% of revenues, confirming the robustness of SES’ business model.


A healthy financial structure

As of 31 December 2010, the Company has no financial debt. Its cash position amounted to 36.2 M€ (compared to 21.2 M€ at the end of 2009). This substantial increase in cash reserves is a consequence of the downturn in business, further contributing to a cash generating business model.

SES is therefore in a position to easily finance both the return to high growth (working capital) and its investment plan (sales, R&D).


Shareholding structure


As of March 9 2011, to the best of the Company’s knowledge, the share holding structure is the following:

  • Chequers and Pechel concert : 28.5 %
  • Sycomore Asset Management : 5.0 %
  • Tikehau Capital : 5.0 %
  • Y. Martin : 2.0 %
  • Other : 59.5 %


2011 outlook

The increase in orders recorded during the early months of 2011 leads the Company to expect a real upturn in business, in spite of the lack of visibility regarding a sustainable improvement in the economic climate. One should also note the signing of the rollout agreement with Bilka hypermarkets, part of the Danish Dansk Supermarked group, for some 500,000 labels to be installed during 2011.

In addition, new non-food retail markets, such as gardening, leisure or sporting goods, seem to be opening up, which could potentially generate new growth opportunities. Non-food retailing already accounts for 13% of French orders in 2010.

The new generation of full-graphic labels should further entrance the leverage of the existing customer base, thereby increasing recurring turnover.

In these conditions, management expects a significant increase in business for 2011.


Q1 2011 turnover will be published on May 12, 2011


About Store Electronic Systems

Store Electronic Systems is the worldwide leader in Electronic Shelf Labelling systems (ESL) for large-scale food and non-food retailers.

The company designs, markets and instals each of the system‘s components (software and communication platform , displays and fastening) thus providing clients with a turnkey solution. The range of products and services offered by SES allows retailers to manage pricing dynamically, while significantly improving store productivity.

Store Electronic Systems is listed on the Compartment C of Euronext™ Paris.
Mnémo: SESL ISIN codes: FR0010282822 - Reuters: SESL.PA - Bloomberg: SESL.FP




Michel Boyer
Executive Vice President and C.F.O
Tel: 01 34 34 61 66
François Berrubé
Marketing Director
Tel: 01 34 34 61 73

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