DJ 2CRSi SA: 2021/22 Consolidated annual results*
2CRSi SA 2CRSi SA: 2021/22 Consolidated annual results* 11-Jul-2022 / 18:22 CET/CEST Dissemination of a French Regulatory News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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2021/22 Consolidated annual results*
-- Revenue of EUR183.6m, up 12.4%
-- EBITDA margin up 70 basis points (5.2% of revenue)
-- Changes in Group governance
-- Upbeat on financial year 2022/23
Strasbourg (France), 11 July 2022 - 2CRSi (ISIN: FR0013341781), a designer and manufacturer of high-performance energy-efficient IT solutions, releases its consolidated annual results for financial year 2021/22 ended 28 February 2022.
The Group turned in consolidated full-year revenue of EUR183.6 million in 2021/22, up 12.4% year-on-year despite an unfavourable comparison base stemming from the bankruptcy of its main client, Blade (revenue of EUR17.9m in 2020/21), early in the year (2 March 2021).
The conditions created by Covid and Brexit generated additional costs and lead times affecting operational performance. Sales could have been significantly improved if relations with existing and prospective clients had gone ahead in a business as usual setting. The technological innovations of products designed and manufactured by 2CRSi and Tranquil-IT need to be seen, tested and validated.
Furthermore, the Group continued its global expansion, opening a new Canadian subsidiary in 2021. As an international, or more precisely "multi-local" group, 2CRSi is capable of overcoming global geopolitical challenges: revenue earned in France made up just 13% of total revenue (vs. 16% last year) and the Group's top 10 clients only accounted for 35% (vs. 43% in 2020/21). 79% of revenue is generated in the Group's countries of operation.
The Group has no exposure to Ukraine, Belarus or Russia.
CONSOLIDATED ANNUAL RESULTS FOR FY 2021/22
Simplified income statement -
2020-2021
In millions of EUR - IFRS 2021-2022 Change
(audit in progress)
Revenue 183.6 163.3 +12.4%
Other ordinary operating income 1.4 3.9 -65.1%
Revenue from ordinary activities 185.0 167.2 +10.6%
Consumed purchases (141.0) (129.7) +8.7%
Gross margin rate 23.2% 20.6% +250 bp
External expenses (11.0) (9.4) +16.8%
Personnel expenses (23.6) (19.5) +20.6%
Taxes (0.6) (0.6) ns
Other operating income and expenses 0.6 (0.6) ns
EBITDA 9.5 7.4 +29.8%
EBITDA margin 5.2% 4.5% +70 bp
Other current operating income and expenses (0.5) (0.2) +153.2%
Depreciation, amortisation and impairment (8.3) (6.6) +25.6%
Current operating income (expense) 0.7 0.6 +27.1%
Current operating margin 0.4% 0.3% +10 bp
Operating income (expense) 0.7 0.6 +27.1%
Financial income (expense) (3.0) (5.0) -41.1%
Taxes 0,6 0,1 ns
Consolidated net income (expense) (1.6) (4.3) ns
Group net income (expense) (1.6) (4.2) ns
2CRSi's gross margin stood at 23.2%, compared with 20.6% in 2020/21.
Despite a relatively stable number of employees (+4.56%), personnel expenses were up 20.6%, particularly due to an accounting reclassification at Boston Server and Storage Solutions (Germany). Excluding this impact, personnal expenses increased by 12%, in line with activity.
External expenses increased by 16.8% over the year.
Thanks to a boost in sales of services, EBITDA rose 29.8% year-on-year to EUR9.5m, i.e. an EBITDA margin of 5.2% of total revenue, up 70 basis points.
Depreciation, amortisation and provisions amounted to EUR8.3m versus EUR6.6m the previous year
With financial expenses dropping from EUR(5.0)m to EUR(3.0)m, Group net income (expense) improved significantly from EUR (4.2)m last year to EUR(1.6)m this year.
Simplified consolidated balance sheet In millions of EUR - IFRS 28/02/2022 29/02/2021 (audit in progress) Goodwill 8.7 7.8 Intangible assets 16.3 15.6 Tangible assets[1] 20.0 22.2 Non-current financial receivables 4.4 7.2 Other non-current assets 4.1 3.2 Total non-current assets 53.5 55.9 Inventories 56.6 32.2 Customers 26.2 28.1 Other current assets 16.8 12.1 Current financial receivables 5.9 28.1 Cash and cash equivalents 4.7 4.5 Total current assets 110.3 105.1 TOTAL ASSETS 163.8 161.0 Capital attributable to equity holders of the parent 40.9 40.7 Non-controlling interests (0.3) (0.1) Consolidated capital 40.6 40.7 Borrowings and financial debt 31.9 33.8 Non-current lease liabilities 12.3 14.0 Other non-current liabilities 3.1 3.6 Total non-current liabilities 47.3 52.4 Trade payables 24.8 24.1 Current financial liabilities 24.4 23.1 Current lease liabilities 3.0 2.9 Other current liabilities 23.5 17.9 Total current liabilities 75.8 67.9 TOTAL LIABILITIES 163.8 161.0
At the end of financial year 2021/22, inventories were up sharply to EUR56.6m, compared with EUR32.2m at 28 February 2021 (reflecting in particular the creation of strategic inventories of parts to address shortages and the recovery of Blade assets at the start of the year. Conversely, inventories were down slightly compared to end-August 2021 (EUR57.4m).
At 28 February 2022, 2CRSi recorded current financial receivables of EUR5.9m versus EUR28.1m last year, due in large part to payments (EUR10.5m) for the acquisition of Blade by hubiC (Mr Octave Klaba) and the recovery of the remaining equipment.
In addition, the Group is continuing to reduce its bank debt, which fell from EUR38.8m to EUR28.0m.
Net FCF held steady at EUR2.9m at 28 February 2022 versus EUR3.1m at 28 February 2021.
In addition, on 4 July 2022, the Group recorded unused credit lines totalling EUR3.5m.
CHANGES IN GOVERNANCE:
Lilla Merabet, former Vice-Chair of the Grand Est Region, in charge of Competitiveness, Digital Technology and the Excellence Division, and former Director of Fondation de France, will be recommended as a new independent director at the next AGM on 31/08/2022, replacing Dominique Henneresse, who resigned.
A company director certified by the Institut Français des Administrateurs and Sciences Po, Lilla Merabet currently manages the Force Foundation for research and innovation in healthcare and regularly provides executive mentoring and transition management consulting services.
Marie de Lauzon left her position as Deputy Chief Executive Officer on 6 May 2022 and resigned from her office as director on 9 July 2022.
The company expresses its gratitude to Dominique and Marie for their hard work and service during their terms of office.
CURRENT FINANCIAL YEAR AND OUTLOOK
2CRSi boasted multiple major new commercial successes (https://investors.2crsi.com/fr/communiques-de-presse/) during the financial year spanning all regions of operation, including the record-setting EUR73m contract earned in March, a large order for thousands of servers in April, and developments in Germany, the United States, Africa, the Middle East and India.
Thanks to the investments and recruitments made, and its capacity for innovation, 2CRSi is particularly confident it will be able to forge ahead with its expansion. Against this backdrop, the Group will detail its long-term vision by the end of the year when it presents its new strategic plan, "Mission 2027", a profitable growth plan driven by the strong ambition of achieving 1% market share on the global IT server segment.
* The financial statements were approved by the Board of Directors on Monday, 11 July and are currently being audited
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Next event: Annual General Meeting on 31 August 2022.
About 2CRSi
Founded in Strasbourg (France), 2CRSi group develops, produces and sells customised, high-performance and environment-friendly servers. In the 2021-22 financial year, the Group generated revenue of EUR183,6 million. The Group today has around 400 employees and markets its offer of innovative solutions (processing, storage and network) in more than 50 countries. 2CRSi has been listed since June 2018 on the regulated market of Euronext in Paris (ISIN Code: FR0013341781). For further information please visit: www.2crsi.com.
Contacts
2CRSi Actifin Actifin Joseph Gonnachon Simon Derbanne Mathias Jordan Chief Marketing Officer Financial Communication Financial PR investors@2crsi.com sderbanne@actifin.fr mjordan@actifin.fr +33 (0)3 68 41 10 70 +33 (0)1 56 88 11 14 +33 (0)1 56 88 11 26
À propos de 2CRSiCréé à Strasbourg, le groupe 2CRSi conçoit, produit et commercialise des serveurs informatiques haute performance sur mesure et éco-responsables. Sur l'exercice 2021-2022, le Groupe a réalisé un chiffre d'affaires de 183,6 millions d'euros. Le Groupe compte aujourd'hui environ 400 collaborateurs et commercialise désormais son offre de solutions innovantes (calcul, stockage et réseau) dans plus de 50 pays. 2CRSi est coté depuis juin 2018 sur le marché réglementé d'Euronext à Paris (Code ISIN: FR0013341781) et figure dans le label European Rising Tech. Pour plus d'informations: www.2crsi.comContacts 2CRSi
2CRSiJoseph GonnachonChief Marketing ActifinSimon Derbanne Communication ActifinMathias JordanRelations Presse Officerinvestors@2crsi.com03 68 41 10 financière sderbanne@actifin.fr01 56 88 financière mjordan@actifin.fr01 56 88 11 70 11 14 26
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[1] Includes items associated with right-of-use assets (IFRS 16).
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Regulatory filing PDF file File: 2CRSi SA: 2021/22 Consolidated annual results*
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Language: English
Company: 2CRSi SA
32, rue Jacobi-Netter
67200 Strasbourg
France
Phone: +33 3 68 41 10 70
E-mail: investors@2crsi.com
Internet: www.2crsi.com
ISIN: FR0013341781
Euronext Ticker: 2CRSI
AMF Category: Inside information / News release on accounts, results
EQS News ID: 1395527
End of Announcement EQS News Service
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1395527 11-Jul-2022 CET/CEST
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