Les ventes drones baissent
Disappointing results in light of a significant consumer drone market contraction Net income affected by the impairment of goodwill Development of a unique portfolio of companies focused exclusively on drones Action plan to retain €100m of cash by end-2019.
Henri Seydoux, Parrot’s Chairman, CEO and leading shareholder, explains: “The end of this year is being complicated by a significant and unexpected contraction of the consumer drone market, which has occurred at the time of the launch of our new drone, the Parrot ANAFI.
While the technological performance and the positive reaction received by this product are in line with our expectations, and even though we have gained market share, in a harsh environment whilst preserving our pricing positioning and strategy, the market reversal has held back our revenue growth and impacted all our financial balances.
To adapt to the pace of this market, which is very unstable for the time being, our organization is evolving and our action plan was approved by the Board of Directors on November 22.
It aims primarily to secure our capacity for action to respond to the drone market’s potential over the long term. The possibilities offered by the Parrot ANAFI, the solidity of our commercial subsidiaries and our development on the Defense and Security market will be key assets to bounce back: with a decentralized and flexible strategy, we aim to break even on commercial drones by the end of 2019, while safeguarding the resources that will enable us to capitalize on opportunities for acceleration”.
Parrot: development of a unique portfolio of companies as a pure player for drones
Parrot has chosen to develop a portfolio of subsidiaries and associates. With recognized brands, strong management and complementary positionings, the subsidiaries and associates are focusing on the development of their commercial activities, jointly or independently addressing the needs of consumers, professionals, businesses and major groups, as well as the rest of the drone industry.
By the end of 2019, Parrot aims to have in place a group of outstanding drone companies and around €100m of net cash. The five subsidiaries and five associates are presented below:
Parrot Drone houses the consumer business and the range of Parrot products for professionals, further strengthened by the Parrot ANAFI’s performances, but significantly affected by the growing crisis on the consumer drone market.
The company is focused on a range of high-tech, lightweight drones, combining performance and multi-capabilities with an international commercial organization managed out of France and client services with global capabilities.
Progress in the Defense and Security sector is being reinforced by the interests in Planck Aerosystems and Sky Hero.
Pix4D dominates the market for drone modelling software with Pix4Dmapper. With industry-leading European R&D and a strong international presence, the company has developed a diverse range of solutions (mobile, desktop, cloud, SaaS, business) for different sectors (mapping, construction, agriculture), meeting the needs of 50.000 users.
SenseFly continues to lead the segment for fixed-wing commercial drones. Recognized for its performance capabilities, the eBee X drone, on sale since early October, includes cutting-edge technology. The solutions deployed for over 4,000 active clients combine drones, sensors and complete solutions for the advanced integration of drones in the most promising sectors (mapping, surveillance and inspection, agriculture).
For drone-based precision farming, Airinov carries out the majority of the drone-based service activities for the agricultural sector in France. With a network of 80 independent pilots who perform flights over more than 150,000 hectares of farms each year, the powerful, multi-crop data analysis platform provides reports on crop health and harvest prospects, which can be integrated into the equipment already used by modern farms.
Micasense develops and markets the world’s most widely used and most powerful precision data sensors for precision farming.
The expert capabilities in place for precision farming have been further strengthened by the interest in Chouette Vision, a company that is developing drone-based vine monitoring solutions.
The other minority interests are Iconem, which is contributing to the digital conservation of the world’s architectural heritage, and BioCarbon, which is working to support reforestation; they both illustrate the benefits of drones for conservation and sustainable development.
All of these outstanding companies represent a unique portfolio in the drone industry.
2018 third-quarter earnings
The financial statements for the third quarter have not been audited. IFRS 15 “Revenue from Contracts with Customers” came into force on January 1, 2018. The reclassification of certain marketing costs as a deduction against revenues, whereas they were previously classed as operating expenses, represents the only impact of the application of IFRS 15. The accounts for the third quarter were approved by the Board of Directors on November 22, 2018. The impact of the write-down of goodwill resulting from the strategic decisions and the revised development outlook for Parrot Drone is applied at September 30, 2018.
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