Financial results

1H 2021 consolidated results

Consolidated Income Statement Data
(Thousands of euro)	1H 2021	1H 2020
Total net sales	85,885	89,099
Gross profit	35,380	38,223
% on sales	41.2%	42.9%
Operating income	7,544	11,143
% on sales	8.8%	12.5%
EBITDA	13,231	16,473
% on sales	15.4%	18.5%
Income before taxes	8,660	3,770
% on sales	10.1%	4.2%
Group net income	4,189	438
% on sales	4.9%	0.5%

Consolidated Balance Sheet Data
(Thousands of euro)	June 30, 2021	December 31, 2020
Group shareholders' equity	238,723	238,162
Net financial position	82,406	95,742

HALF-YEAR NET REVENUES SHOWING ORGANIC GROWTH WITH SUBSTANTIALLY STABLE MARGINS, NET OF THE PENALIZING EXCHANGE RATE EFFECT

DURING 1H 2021 PROGRESSIVE OVERCOMING OF THE COVID-19 CRISIS, WITH A 2Q 2021 SHOWING A STRONG GROWTH COMPARED TO 1Q 2021

Consolidated net revenues equal to €85.9 million in 1H 2021 compared to €89.1 million in 1H 2020, organically increased by +3% but penalized by the exchange rate effect (-6.6%)
Consolidated net revenues equal to €44.8 million in 2Q 2021, organically increased by 9.6% compared to €41 million in 1Q 2021
Consolidated gross profit equal to €35.4 million (41.2% of consolidated revenues) in 1H 2021, down compared to €38.2 million (42.9% of consolidated revenues) in 1H 2020, exclusively due to the penalizing effect of exchange rates (net of exchange rates, gross profit in line with 1H 2020 and gross margin substantially stable)
Consolidated gross profit equal to €19.5 million (43.4% of consolidated revenues) in 2Q 2021, up when compared to €15.9 million (38.8% of consolidated revenues) in 1Q 2021
Consolidated operating income equal to €7.5 million in 1H 2021, compared to €11.1 million in 1H 2020, penalized by exchange rates and increase in operating expenses
Consolidated operating income equal to €5.3 million (11.8% of consolidated revenues) in 2Q 2021, more than doubled compared to €2.2 million (5.5% of consolidated revenues) in 1Q 2021
Consolidated EBITDA equal to €13.2 million (15.4% of consolidated revenues) in 1H 2021, compared to €16.5 million (18.5% of consolidated revenues) in 1H 2020
Consolidated EBITDA equal to €8.2 million (18.3% of consolidated revenues) in 2Q 2021, up from €5 million (12.2% of consolidated revenues) in 1Q 2021
Consolidated net income equal to €4.2 million in 1H 2021, compared to €0.4 million in 1H 2020, but the comparison is not significant due to the strong penalizing effect of Covid-19 on the fair value of the securities portfolio in 1H 2020
Consolidated net financial position positive and equal to €82.4 million as at June 30, 2021