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2CRSi SA: First-half results for fiscal year 2022/23
29 Nov 2022 20:32 CET
Issuer
2CRSI S.A.
2CRSi SA
First-half results for fiscal year 2022/23
Confirmation of 2022/23 annual objectivesMission 2027: A new strategic momentum to support future growth
Strasbourg (France), November 29, 2022 - 2CRSi (EPA: AL2SI, ISIN code: FR0013341781), a manufacturer of sustainable IT solutions, publishes presents its results for the first half of financial year 2022/23 (from March 1, 2022 to August 31, 2022).The Board of Directors met on November 29, 2022 to approve the Group's accounts for the period ended August 31, 2022. The half-year financial report will be made available shortly.FIRST HALF 2022/23 RESULTS A good sales performance hampered by the supply of components
Over the first half of the 2022/23 financial year, 2CRSi recorded revenue of €95.6m, up 5.9% compared to the first half of 2021/22.
This good performance is driven by the continuation of a strong business dynamic, only slowed down by the time of business completion, related to the electronic component supply situation.
This dynamic is mainly visible in the defense, cloud, research and HPC services sectors.
This is joined with the efforts to continue the diversification of the customer portfolio. Contribution of the first client in terms of revenue has been divided by more than two (5% against 12% a year earlier and 8% in 2021/22), while international activity remains strong at 87% of total sales.
Profitability impacted by the Group's structure reinforcements and the inflationary context
Over the period, 2CRSi's EBITDA amounted to €2.6m compared to €4.3m a year earlier, representing an EBITDA margin of 2.7% of revenue. This change is mainly due to:
After including other operating income and expenses, depreciation charge and provisions, 2CRSi's recurring operating income stands at €(0.1)m, compared to €1.7m for the 1st half of 2021/22. The latter is not swayed by any exceptional element impacting the operating result.
The financial result amounts to €(0.8)m, mainly including a revaluation of debts related to the acquisition of Boston Ltd for a negative amount of €2.1m, a variation in the fair value of financial assets of €1m and impacts related to positive exchange rate fluctuations of €0.9m.
Cumulatively over the first half of 2022/23, 2CRSi posted a consolidated net income, Group share, of €0.4m, compared to €1.1m over the comparable period.
Financial position
In relation to the activity growth and the supply situation, 2CRSi had to build up larger inventories, the amount of which amounted to €63.6m as at August 31, 2022 compared to €56.4m as at February 28, 2022. Given current orders, 2CRSi's main objective is to reduce the level of inventories to less than €50m by the end of February 2023.
Gross financial debt, excluding the impact of IFRS16, rose to €62.6m as at August 31, compared to €56.3m as at February 28, 2022.
With the net income for the period and the impact of exchange rates, Group's equity fell by €1.6m to €39.0m as at August 31, 2022.
The Group's cash flow generation rose in value with a cash flow generated by operating activities of €2.8m over the half-year, compared to €(0.7)m over the previous half-year.
After considering investment activities (use of €2.1m compared to €1.6m a year earlier) and financing activities (use of €1.8m compared to €2.7m a year earlier), the Group cash flow increased from €2.5m to €5.3m. It is supplemented by unused short-term financing lines of nearly €7m.
A STRONG AMBITION: TO BECOME ONE OF THE LEADERS IN OUR MARKETS BY 2027
Despite a still uncertain context, 2CRSi is taking advantage of this commercial dynamic and a more contributive 2nd half to confirm its objectives for the 2022/23 financial year: an EBITDA margin rate of 4.8% and a turnover of €200m.
With its new strategic plan “Mission 2027”, presented on November 7, 2CRSi intends to exceed:
Highlighted by these financial objectives, a strong ambition of the Group: to establish itself by 2027 as one of the worldwide leaders in the computer server market.
- END -
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 €183,6 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) and its shares were transferred to Euronext Growth on 25 November 2022. For further information please visit: www.2crsi.com.
Contacts
Regulatory filing PDF file File: First-half results for fiscal year 2022/23 |
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: | 1501113 |
End of Announcement | EQS News Service |
1501113 29-Nov-2022 CET/CEST
AYQBLGONVRMAPSSXUQROPBIR_2CRSI_Resultat_S1_2022_2023_EN_vf.pdf
Source
2CRSi SA
Provider
EQS Group
Company Name
2CRSI
ISIN
FR0013341781
Symbol
AL2SI
Market
Euronext Growth