PARROT: Activity and results for the 3rd quarter of 2018

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<p type = "text" content = "Henri Seydoux, Chief Executive Officer and Parrot's largest shareholder explains: " This end of the year is complicated by a sharp, unexpected drop in the market for mass market drones that took place at the launch of our new drone, the Parrot Anafi. If the technical performances and the reception reserved for this product are up to our expectations, and even if we have taken back market shares in a controlled price environment, the market downturn has slowed down the increase of our turnover. and weighs on all of our financial balances. To adapt to the pace of this market for the very unstable time we are changing our organization and our action plan was endorsed by the Board of 22 November. It aims first and foremost to secure the capability to respond to the potential of the UAV market in the long term. The possibilities offered by the Parrot ANAFI, the strength of our professional subsidiaries and our development in the Defense and Security market will be a key asset to rebound: with a decentralized and flexible strategy we aim to achieve balance in the professional UAVs at the end of 2019 while having preserved the resources that will allow us to seize the acceleration opportunities. ""data-reactid =" 17 ">Henri Seydoux, Chief Executive Officer and Parrot's largest shareholder explains: " This end of the year is complicated by a sharp, unexpected drop in the market for mass market drones that took place at the launch of our new drone, the Parrot Anafi. If the technical performances and the reception reserved for this product are up to our expectations, and even if we have taken back market shares in a controlled price environment, the market downturn has slowed down the increase of our turnover. and weighs on all of our financial balances. To adapt to the pace of this market for the very unstable time we are changing our organization and our action plan was endorsed by the Board of 22 November. It aims first and foremost to secure the capability to respond to the potential of the UAV market in the long term. The possibilities offered by the Parrot ANAFI, the strength of our professional subsidiaries and our development in the Defense and Security market will be a key asset to rebound: with a decentralized and flexible strategy we aim to achieve balance in the professional UAVs at the end of 2019 while having preserved the resources that will allow us to seize the acceleration opportunities. "

<p type = "text" content = "Parrot: Developing a portfolio of unique participations , pure player drones "data-reactid =" 18 ">Parrot: Developing a portfolio of unique participations , pure player drones

Parrot makes the choice to develop a portfolio of subsidiaries and participations. With recognized brands, strong managements and complementary positioning, subsidiaries and participations are dedicated to the development of their commercial activities, addressing jointly or independently the needs of consumers, professionals, companies and large groups, and the rest of the world. drone industry.

Parrot aims to have a group of leading drone companies at the end of 2019 and about € 100 million in net cash. The 5 subsidiaries and the 5 participations are:

<p type = "text" content = "Parrot Drone brings the consumer activity and the Parrot product range for professionals, strengthened by the performance of the Parrot ANAFI but hit hard by the growth crisis in the consumer drone market. The company focuses on a light and highly technological UAV offering, combining performance and versatility with an international sales organization piloted from France and customer services with global capabilities. Advances in the field of Defense and Security are reinforced by the participations held in Planck Aerosystems and Sky Hero . "data-reactid =" 21 ">Parrot Drone brings the consumer activity and the Parrot product range for professionals, strengthened by the performance of the Parrot ANAFI but hit hard by the growth crisis in the consumer drone market. The company focuses on a light and highly technological UAV offering, combining performance and versatility with an international sales organization piloted from France and customer services with global capabilities. Advances in the field of Defense and Security are reinforced by the participations held in Planck Aerosystems and Sky Hero .

<p type = "text" content = "Pix4D dominates the market for UAV modeling software with Pix4Dmapper. With a European R & D and a strong international presence, the company has developed a diversified offer (mobile, desktop, cloud, saas, business) by business (mapping, construction, agriculture) that meets the needs of +50,000 unique users. "data-reactid =" 22 ">Pix4D dominates the market for UAV modeling software with Pix4Dmapper. With a European R & D and a strong international presence, the company has developed a diversified offer (mobile, desktop, cloud, saas, business) by business (mapping, construction, agriculture) that meets the needs of +50,000 unique users.

<p type = "text" content = "senseFly maintains its lead in the fixed-wing professional UAV segment. Recognized for its performance, the eBee X drone marketed since early October is at the forefront of technology. The offering, available in more than 4,000 active customers, combines drones, sensors and complete solutions for advanced integration of UAVs in the most promising sectors (cartography, monitoring and inspection, agriculture). "Data-reactid =" 23 ">senseFly maintains its lead in the fixed-wing professional UAV segment. Recognized for its performance, the eBee X drone marketed since early October is at the forefront of technology. The offering in more than 4,000 active customers combines drones, sensors and complete solutions for advanced integration of UAVs in the most promising sectors (cartography, monitoring and inspection, agriculture).

<p type = "text" content = "In the field of precision farming by drone, Airinov performs the majority of drone service activities in the agricultural sector in France. Around a network of 80 independent pilots flying over 150,000 hectares of land each year, the powerful and multicultural data analysis platform delivers reports on plantation health and yield prospects. integrate into equipment already used by modern farms. "data-reactid =" 24 "> In the field of precision farming by drone, Airinov performs the majority of drone service activities in the agricultural sector in France. Around a network of 80 independent pilots flying over 150,000 hectares of land each year, the powerful and multicultural data analysis platform delivers reports on plantation health and yield prospects. integrate into the equipment already used by modern farms.

<p type = "text" content = "Micasense develops and markets the world's most widely used and most powerful precision data sensors in the field of precision farming. "data-reactid =" 25 ">Micasense develops and markets the most used and most powerful precision data sensors in the world of precision farming.

<p type = "text" content = "The expertise held in precision agriculture is complemented by a participation in society Owl Vision who develops solutions for monitoring vines by drone. "data-reactid =" 26 "> The expertise held in precision farming is complemented by a participation in society Owl Vision who develops solutions for monitoring vines by drone.

<p class = "canvas-atom-text-canvas Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The other minority holdings are Iconem , which contributes to the digital preservation of the world's architectural heritage, and BioCarbon , which works for reforestation, both illustrating the contribution of drones in preservation and sustainable development. "data-reactid =" 31 "> The other minority holdings are Iconem , which contributes to the digital preservation of the world's architectural heritage, and BioCarbon , which works for reforestation, both illustrating the contribution of drones in preservation and sustainable development.

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "All of these leading participations, is a unique portfolio in the field of drones.
"data-reactid =" 32 "> All of these leading participations constitute a unique portfolio in the field of drones.

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Results of 3 th quarter 2018
The financial statements of 3 th quarter are not audited. IFRS 15 "Revenue from Contracts with Customers" came into force on 1 st January 2018. The reclassification of certain marketing expenses as a deduction from sales previously classified as operating expenses is the only impact of the application of IFRS15. The accounts of 3 th were terminated by the Board of Directors on November 22, 2018. The impact of the impairment of goodwill resulting from strategic decisions and the revision of Parrot Drone's development prospects is applied as of September 30, 2018. "data-reactid =" 33 "> Results of 3 th quarter 2018
The financial statements of 3 th quarter are not audited. IFRS 15 "Revenue from Contracts with Customers" came into force on 1 st January 2018. The reclassification of certain marketing expenses as a deduction from sales previously classified as operating expenses is the only impact of the application of IFRS15. The accounts of 3 th were terminated by the Board of Directors on November 22, 2018. The impact of the impairment of goodwill resulting from strategic decisions and the revision of Parrot Drone's development prospects is applied as of September 30, 2018.

IFRS, in millions of euros (details in appendices) Q3 2018 Q3 2017 Var. 9M 2018 9M 2017 Var.
– General Drones 12.5 22.6 -45% 38.2 50.0 -24%
– Professional drones 9.3 8.9 + 4% 31.1 30.3 + 3%
TOTAL DRONE (1) 21.7 31.6 -31% 69.3 80.3 -14%
– Other consumer products 1.7 7.6 -78% 9.1 22.6 -60%
TOTAL GROUP 23.4 39.2 -40% 78.4 102.9 -24%

(1) Parrot Professional and Sequoia sales are integrated in the line "Professional Drone" to reflect the evolution of the internal organization. Not very significant in 2017 they were attached to the "Drone general public".

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Consumer Drones (53% of Q3 2018 sales)"data-reactid =" 39 ">Consumer Drones (53% of Q3 2018 sales)

In a consumer drone market experiencing a growth crisis, the business generated sales of € 12.5 million (-45%). It reflects the evolution of the product portfolio with the sharp reduction in sales of historical end-of-life products (-14.5 M € compared to Q3 2017) which could not be offset by the progressive marketing, from of July 2018, of the new Parrot ANAFI drone.

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "On a panel of studied market [1] about € 100 million in the 3 th quarter 2018, the decline is approximately 22% in value and 19% in volume. Parrot estimates that far from being saturated, the market of the public drones, after 8 years of strong growth, marks a pause. In the leisure drone segment sold between 500 and 800 euros, data analysis reveals a more pronounced decline (-40% in units and -33% in value), concentrated in the North American market (-56%) , which contrasts with a still rising French market (+ 12%). "data-reactid =" 41 "> On a market panel studied about € 100 million in the 3 th quarter 2018, the decline is approximately 22% in value and 19% in volume. Parrot estimates that far from being saturated, the market of the public drones, after 8 years of strong growth, marks a pause. In the leisure drone segment sold between 500 and 800 euros, data analysis reveals a more pronounced decline (-40% in units and -33% in value), concentrated in the North American market (-56%) which contrasts with a still rising French market (+ 12%).

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Between the 2 th and the 3 th quarter, in the drone segment from 500 to 800 euros, Parrot took back market share, from 5 to 15 pts, thanks to the launch of Parrot ANAFI which established itself as an alternative of choice on the market of the drones general public. Despite the strong seasonality of the 4 th quarter, the growth crisis, which is frequent in young and innovative markets, weighs on sales momentum and gross margin, burdened by the adjustment of sales prospects, and calls into question the Group's objective of targeting a recovery in sales. growth and improvement in the gross margin of its consumer drone business in 2018. "data-reactid =" 42 "> Between 2 th and the 3 th quarter, in the drone segment from 500 to 800 euros, Parrot took back market share, from 5 to 15 pts, thanks to the launch of Parrot ANAFI which established itself as an alternative of choice on the market of the drones general public. Despite the strong seasonality of the 4 th quarter, the growth crisis, which is frequent in young and innovative markets, weighs on sales momentum and gross margin, burdened by the adjustment of sales prospects, and calls into question the Group's objective of targeting a recovery in sales. growth and improvement in the gross margin of its consumer drone business in 2018.

To adjust to the instability of this market Parrot Drone adapts its development model: a plan of departure of a hundred people, concentrated internationally, is implemented to reduce the resources consumed by the structures of marketing and those dedicated to production, in line with current market capacities.

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Professional drones (40% of turnover Q3 2018 )"data-reactid =" 44 ">Professional drones (40% of turnover Q3 2018 )

In a market of growing professional drones, Parrot favors companies pursuing a model of healthy development and mastered. During the period, marked by a strong instability of the sector, the professional drone subsidiaries totaled a turnover of 9.3 M € (+ 4%) with contrasting performances.

Sales of software and services (T3 sales: € 6.0 million) were up 28%, driven by the strong performance of Pix4D whose business solutions offer continued to expand with the arrival of Pix4Dfields , dedicated to precision farming. Airinov remains for the moment on a level of development and focuses on the efficiency of its model. In a market of expert services that is still not very mature and meets the current needs of all the other subsidiaries, Parrot Airsupport is put to sleep.

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Equipment sales (CA T3: 3 , € 3m, -23%) are still impacted by the delayed launch of new generations of fixed-wing UAVs, linked to problems of production and purchase of components, settled at the beginning of the 4th th quarter. Fewer contributors, sensor sales remain strong. The business solutions range continues to expand with the launch this fall of ANAFI Work packs (construction, real estate, public safety) and Parrot Bluegrass Fields (agriculture). "Data-reactid =" 47 "> Equipment sales ( CA T3: € 3.3 million, -23%) are still impacted by the delayed launch of new generations of fixed-wing UAVs, linked to problems of production and purchase of components, set at the beginning of the 4th th quarter. Fewer contributors, sensor sales remain strong. The business solutions range continues to expand with the launch this fall of ANAFI Work packs (construction, real estate, public safety) and Parrot Bluegrass Fields (agriculture).

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "In the vast market of Defense and Safety, after a phase of study and understanding of expectations driven by new skills recruited, promising first trials have been concluded in different countries and companies (Parrot Drone, Sky Hero and Planck Aerosystems) will deliver their first orders and go gradually increase their business activities.
"data-reactid =" 48 "> In the vast defense and security market, after a phase of study and understanding of expectations driven by the new skills recruited, promising first trials were concluded in various countries and the companies (Parrot Drone, Sky Hero and Planck Aerosystems) will deliver their first orders and will gradually increase their commercial activities.

IFRS in millions of euros and in% of turnover Q3 2018 (1) T3
2017 (1)
Var. 9M 2018 (1) 9M 2017 (1) Var.
Turnover 23.4 39.2 -40% 78.4 103.0 -24%
Gross margin 4.8 13.5 -64% 28.0 40.6 -31%
in% of turnover 21% 34% 36% 39%
current operating income -21.0 -11.2 -88% -48.9 -41.3 -18%
in% of turnover -90% -28% -62% -40%
Operating income -50.9 -12.6 -304% -76.8 -54.9 -40%
in% of turnover -130% -32% -98% -53%
Net income, Group share -51.8 -14.1 -267% -83.9 -16.1 -421%
in% of turnover -132% -36% -107% -16%

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "(1) With the application at 1 st As of January 2018 of IFRS 15, certain marketing expenses previously recognized as operating expenses have been restated and reclassified as a deduction from sales. The impact on Q3 2018 is -0.9 M € on sales and gross margin. "Data-reactid =" 53 "> (1) With the application to 1 st As of January 2018 of IFRS 15, certain marketing expenses previously recognized as operating expenses have been restated and reclassified as a deduction from sales. The impact on Q3 2018 is -0.9 M € on sales and gross margin.

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The Gross margin consolidated of 3 th quarter was 21% of sales, a level below Parrot's expectations. Despite a controlled price strategy, Parrot Drone had to review its purchases, production plans and sales prospects to adapt to the slowdown in the market for consumer drones. In the event of a late restart, and hardly predictable of the consumer market, this trend can not be absorbed before mid 2019 and remains largely subject to changes in market prices. "Data-reactid =" 54 "> Gross margin consolidated of 3 th quarter was 21% of sales, a level below Parrot's expectations. Despite a controlled price strategy, Parrot Drone had to review its purchases, production plans and sales prospects to adapt to the slowdown in the market for consumer drones. In the event of a late restart, and difficult to predict the consumer market, this trend can not be absorbed before mid 2019 and remains largely subject to changes in market prices.

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The current operating expenses from 3 th quarter amounted to € 25.8 million, up € 0.2 million from the previous year. th quarter of 2018. "data-reactid =" 55 "> The current operating expenses from 3 th quarter amounted to € 25.8 million, up € 0.2 million from the previous year. th quarter 2018.

R & D expenses, at € 9.3 million (-2% vs. Q2 2018), are dedicated to the next generations of drones intended to be marketed to both the general public and professionals. They will be reduced by the majority of the costs generated by external stakeholders whose contracts are being reviewed.

Sales and Marketing expenses, at € 9.3 million (-5% vs. Q2 2018), reflect the resources deployed for the launch of Parrot ANAFI and new professional solutions (ANAFI Work, Bluegrass Fields, eBeeX, Pix4Dfield). The professional drone companies will maintain a strategy of international commercial expansion while the commercial organization of Parrot Drone will be majority driven from France to manage a network of direct and indirect distributors carefully selected internationally. Cost optimization will be complemented by an adjustment of marketing budgets to market trends and investments in customer services will be maintained.

General & Administrative expenses totaled € 4.9 million (+ 23% vs. Q2 2018). The change from the previous quarter is mainly due to the adjustment of expenses related to the evolution of free shares of a subsidiary and non-recurring legal fees. This position will continue to support the growth of professional drone companies and may be reduced as part of the refocusing of Parrot Drone and Parrot SA.

Production and Quality expenses (2.4 M €, -1%) are stable and well controlled; they are largely based on a flexible model (no factory in Asia) that may be subject to further adjustments.

<p class = "canvas-atom-text-canvas Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Over the period, the Other operating income and expenses , for – € 29.9 million, breaks down as follows: – € 42.3 million in goodwill impairment related to the revision of the activity and income assumptions. This is partially offset by the result of the disposal of Parrot Faurecia Automotive (+ € 12.8 million) and a subsidiary dedicated to connected objects (+ € 2 million). "Data-reactid =" 60 "> On the period, Other operating income and expenses , for – € 29.9 million, breaks down as follows: – € 42.3 million in goodwill impairment related to the revision of the activity and income assumptions. This is partially offset by the result of the disposal of Parrot Faurecia Automotive (+ € 12.8 million) and a subsidiary dedicated to connected objects (+ € 2 million).

<p class = "canvas-atom-text-canvas Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "As of September 30, 2018, the workforce Group companies (CDD + CDI) are 658 (compared to 665 as at 30/06/2018), to which 41 external service providers (50 on 30/06/2018) are added. The number of professional drones is 320 (compared with 330 on 30/06/2018) and those dedicated to the public drones are 291 (against 287 on 30/06/2018). Rebalancing in favor of the professional drone workforce will continue. The departure plan would concern exclusively the general public activity, mainly international, and in France on a voluntary basis; it will not impact the design office calibrated to meet the challenges of an offer multiplying the bridges between consumer and professional uses. "data-reactid =" 61 "> As of September 30, 2018, workforce Group companies (CDD + CDI) are 658 (compared to 665 as at 30/06/2018), to which 41 external service providers (50 on 30/06/2018) are added. The number of professional drones is 320 (compared with 330 on 30/06/2018) and those dedicated to the public drones are 291 (against 287 on 30/06/2018). Rebalancing in favor of the professional drone workforce will continue. The departure plan would concern exclusively the general public activity, mainly international, and in France on a voluntary basis; it will not impact the design office calibrated to meet the challenges of an offer multiplying bridges between consumer and professional uses.

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Cash and balance sheet at September 30, 2018"data-reactid =" 62 ">Cash and balance sheet at September 30, 2018

Net cash (including current and non-current financial assets and liabilities) at end-September 2018 amounted to € 171.8 million, a variation of + € 84.9 million compared to the end of June 2018. Operating losses in the quarter being offset by the € 108.4 million disposal of the automotive subsidiary.

The change in WCR was -6.3 M € for the quarter (increased to -8.2 M € as at 30/09/2018) as a result of launches and the slowdown in the consumer UAV market.

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Parrot's equity amounts to 181 , € 1 million (€ 231.0 million at 30/06/2018) for a total balance sheet of € 276.6 million (€ 358.8 million at 30/06/2018) The decrease is explained by the total depreciation goodwill and operating loss for the period Net inventories amounted to € 34.6 million (compared to € 18.0 million as at 30/06/2018) and trade payables amounted to € 38.3 million. (€ 28.6 million at 30/06/2018) reflect the expected seasonality in the 3 th quarter. The receivables at € 30.7m (€ 33.7m at 30/06/2018) are in line with the level of activity. "Data-reactid =" 65 "> Parrot's shareholders' equity stands at 181, € 1 million (€ 231.0 million at 30/06/2018) for a total balance sheet of € 276.6 million (€ 358.8 million at June 30, 2013) .The decrease is explained by the total depreciation of Goodwill and operating loss for the period Net inventories amounted to € 34.6 million (compared with € 18.0 million as at June 30, 2013) and trade payables amounted to € 38.3 million ( 28.6 M € on 30/06/2018) reflect the expected seasonality in the 3 th quarter. The receivables at € 30.7m (€ 33.7m at 30/06/2018) are in line with the level of activity.

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "prospect"data-reactid =" 67 ">prospect

<p class = "canvas-atom-text-canvas Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Previously communicated goals [2] are challenged by the evolution of the consumer market. For the 4 th quarter Parrot expects sales of around € 35 million and a stable gross margin rate on an annual basis, without further deterioration of the consumer drone market. Approximately € 15 to € 20 million should be needed to optimize Parrot Drone's operations, which will revolve around an offer multiplying bridges between consumer and professional uses and which will lead to substantial savings by 2019. "data-reactid = "68"> Previously communicated objectives are challenged by the evolution of the consumer market. For the 4 th quarter Parrot expects sales of around € 35 million and a stable gross margin rate on an annual basis, without further deterioration of the consumer drone market. Approximately € 15 to € 20m should be needed to optimize Parrot Drone's operations, which will revolve around an offer multiplying bridges between consumer and professional uses and which will lead to substantial savings by 2019.

On 2019, the prospects will result in:

  • A drastic decrease in Parrot Drone's activities, in a general public market that is expected at half-mast and anticipating a slow rise in professional usage, whose democratization among smaller companies is still hampered by the regulatory environment. The actions must reduce the annual loss to a sustainable level to continue to meet the long-term market potential.

  • Stronger growth of professional drone companies, reinforced by the solidity of their offerings in an ever buoyant market in which the development of drone technologies for corporate and large corporate clients is less constrained by the regulatory framework. Most of them must be close to balance at the end of the year.

On this basis, Parrot should have at the end of 2019 approximately € 100 million in cash and a portfolio of leading companies and holdings.

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Financial agenda"data-reactid =" 74 ">Financial agenda

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "ABOUT PARROT"data-reactid =" 77 ">ABOUT PARROT

Founded in 1994 by Henri Seydoux, Parrot is today the leading European drone group in this booming market. Visionary, at the forefront of innovation, Parrot is the only group to be positioned on the entire value chain, from equipment to services and software.

  • Parrot, the world's second largest consumer drone market, designs products and software that are known for their performance and ease of use.

  • Parrot also has a portfolio of companies and leading participations in professional drones, covering equipment, software and services. Expertises are mainly focused on 3 verticals: (i) Agriculture, (ii) 3D Mapping, Geomatics and Inspection, and (iii) Defense and Security.

The Parrot Group designs and develops its products in Europe, mainly in Paris, where its headquarters are located, and in Switzerland. Today, it has over 600 employees worldwide and makes the vast majority of its sales internationally. Parrot has been listed since 2006 on Euronext Paris (FR0004038263 – PARRO). For more information: www.parrot.com

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "CONTACTS"data-reactid =" 83 ">CONTACTS

Investors, analysts, financial media
Marie Calleux – T.: +33 (0) 1 48 03 60 60
parrot@calyptus.net
Consumer and technological media
Fabien Laxague – T.: +33 (0) 1 48 03 60 60
fabien.laxague@parrot.com

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "NOTES"data-reactid =" 87 ">NOTES

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " The financial statements of 3 th quarter are not audited.
IFRS 15 "Revenue from Contracts with Customers" came into force on 1 st janvier 2018. Le reclassement de certaines charges de marketing en déduction du chiffre d'affaires alors qu'elles étaient auparavant classées en charge d'exploitation est le seul impact de l'application de la norme IFRS15.
Les comptes du 3 th trimestre ont été arrêtés par le Conseil d'administration du 22 novembre 2018. L'impact de la dépréciation de l'écart d'acquisition résultant des décisions stratégiques et de la révision des perspectives de développement de Parrot Drone est appliqué au 30 septembre 2018. " data-reactid="88"> Les états financiers du 3 th trimestre ne sont pas audités.
La norme IFRS 15 « Produits des activités ordinaires tirés des contrats conclus avec des clients » est entrée en vigueur au 1 st janvier 2018. Le reclassement de certaines charges de marketing en déduction du chiffre d'affaires alors qu'elles étaient auparavant classées en charge d'exploitation est le seul impact de l'application de la norme IFRS15.
Les comptes du 3 th trimestre ont été arrêtés par le Conseil d'administration du 22 novembre 2018. L'impact de la dépréciation de l'écart d'acquisition résultant des décisions stratégiques et de la révision des perspectives de développement de Parrot Drone est appliqué au 30 septembre 2018.

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Chiffre d'affaires par activités" data-reactid="89">Chiffre d'affaires par activités

Comptes consolidés, IFRS
En M€ et % du CA du Groupe
T3 2018 T3 2017 9M 2018 9M 2017
Drones et produits Grand Public 14,2 61% 30,3 77% 47,3 60% 72,7 71%
– Drones grand public (1) 12,5 53% 22,6 58% 38,2 49% 50,0 49%
– Autres produits grand public (2) 1,7 7% 7,6 19% 9,1 12% 22,6 22%
Drones Professionnels 9,3 39% 8,9 23% 31,1 40% 30,3 29%
– Équipements professionnels (1) 3,3 14% 4,3 11% 12,7 16% 15,5 15%
– Logiciels et services professionnels 6,0 25% 4,6 12% 18,4 23% 14,7 14%
Total Groupe Parrot 23,4 100% 39,2 100% 78,4 100% 102,9 100%
– Dont total activités Drone 21,7 93% 31,6 81% 69,3 88% 80,3 78%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="(1) A compter du 2nd trimestre 2018, le chiffre d'affaires Parrot Professional et Sequoia est intégré dans la ligne « Drones Professionnels » pour refléter l'évolution de l'organisation interne. Ce reclassement a été appliqué rétroactivement sur le 1 st trimestre. Peu significatifs en 2017 ils étaient rattachés au « Drones Grand Public »." data-reactid="92">(1) A compter du 2nd trimestre 2018, le chiffre d'affaires Parrot Professional et Sequoia est intégré dans la ligne « Drones Professionnels » pour refléter l'évolution de l'organisation interne. Ce reclassement a été appliqué rétroactivement sur le 1 st trimestre. Peu significatifs en 2017 ils étaient rattachés au « Drones Grand Public ».

(2) Regroupement des lignes de produits Automobile Grand Public, Plug& Play Automobile, Objets connectés (activité arrêtée fin 2017).

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Compte de résultats consolidés" data-reactid="94">Compte de résultats consolidés

IFRS en M€ et en % du CA T3 2018 T3 2018
Retraité*
T3 2017 9M 2018 9M 2018
Retraité*
9M 2017
Chiffre d'affaires 23,4 24,4 39,2 78,4 80,2 103,0
Marge brute 4,8 5,8 13,5 28,0 29,8 40,6
en % du chiffre d'affaires 20,7% 23,8% 34,3% 35,7% 37,2% 39,5%
Frais de R&D -9,3 -9,3 -7,6 -28,3 -28,3 -27,3
en % du chiffre d'affaires -39,7% -38,1% -19,4% -36,1% -36,1% -26,5%
Frais Marketing & Commerciaux -9,3 -10,2 -10,2 -27,0 -28,8 -32,0
en % du chiffre d'affaires -39,5% -41,8% -26.0% -34,3% -35,9% -31,0%
Frais Généraux & Administratifs -4,9 -4,9 -4,8 -14,5 -14,5 -14,4
en % du chiffre d'affaires -20,9% -20,1% -12,3% -18,5% -18,1% -14,0%
Frais de Production & Qualité -2,4 -2,4 -2,0 -7,2 -7,2 -8,2
en % du chiffre d'affaires -10,1% -9,8% -5,2% -9,2% -9,0% -8,0%
Résultat opérationnel courant -21 -21 -11,2 -48,9 -48,9 -41,3
en % du chiffre d'affaires -89,6% -89,1% -28,5% -62,4%, -60,0%, -40,1%
Autres produits et charges opérationnelles -29,9 -29,9 -1,4 -27,9 -27,9 -13,6
Résultat opérationnel -50,9 -50,9 -12,6 -76,8 -76,8 -54,9
en % du chiffre d'affaires -217,1% -208,6% -32,1% -98,0% -95,8% -53,3%
Résultat financier -0,4 -0,4 -1,0 -0,6 -0,6 -2,8
Quote part du résultat MEQ -1,9 -1,9 -1,2 -7,4 -7,4 -2,4
Impôt sur le résultat 1,3 1,3 0,4 1,1 1,1 -0,3
Résultat des activités détenues en vue de la vente, net d'impôt 43,5
Résultat net -51,9 -51,9 -14,4 -83,6 -83,6 -17,0
Intérêts minoritaires -0,04 -0,04 -0,3 0,2 0,2 -0,9
Résultat net, part du Groupe -51,8 -51,8 -14,1 -83,9 -83,9 -16,1
en % du chiffre d'affaires -221,1% -212,3% -36,0% -107,0% -104,0% -15,6%

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "* : Retraité de l'impact IFRS 15.
***" data-reactid="97">* : Retraité de l'impact IFRS 15.
***

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " [1] Les tendances de marchés issues des rapports GfK et NPD Group sont compilées à partir des rapports de sortie de caisse des drones vendus à <2000 € par les principaux distributeurs physiques ; ils couvrent les États-Unis, la France, l'Allemagne et le Royaume Uni, qui représentent près de 70% du marché mondial des drones grand public." data-reactid="99"> Les tendances de marchés issues des rapports GfK et NPD Group sont compilées à partir des rapports de sortie de caisse des drones vendus à <2000 € par les principaux distributeurs physiques ; ils couvrent les États-Unis, la France, l'Allemagne et le Royaume Uni, qui représentent près de 70% du marché mondial des drones grand public.

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " [2] Pour mémoire, lors du communiqué de résultats du 1 st semestre le 2 août 2018, l'objectif était une croissance du chiffre d'affaires drones (grand public et professionnels) et une amélioration de la marge brute, associée à une réduction de la consommation de trésorerie." data-reactid="100"> Pour mémoire, lors du communiqué de résultats du 1 st semestre le 2 août 2018, l'objectif était une croissance du chiffre d'affaires drones (grand public et professionnels) et une amélioration de la marge brute, associée à une réduction de la consommation de trésorerie.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="PARROT : Activité et résultats du 3ème trimestre 2018
" data-reactid="101">PARROT : Activité et résultats du 3ème trimestre 2018

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " This announcement is distributed by West Corporation on behalf of West Corporation customers.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: PARROT via GlobeNewswire
" data-reactid="104"> This announcement is distributed by West Corporation on behalf of West Corporation customers.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: PARROT via GlobeNewswire

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "HUG#2226717
" data-reactid="105">HUG#2226717