DJ 2CRSi SA: Information following the initiation of the receivership procedure of Blade SAS. Revised revenue target for 2020/21: EUR162-175 million.
2CRSi SA
2CRSi SA: Information following the initiation of the receivership procedure of Blade SAS. Revised revenue target for
2020/21: EUR162-175 million.
03-March-2021 / 20:10 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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Press release
Information following
the initiation of the receivership procedure of Blade SAS
Revised revenue target for 2020/21: EUR162-175 million
Strasbourg (France), March 3, 2021 - 2CRSi (ISIN: FR0013341781), a designer and manufacturer of high-performance,
energy-efficient IT servers, provides information to its shareholders following the opening of receivership proceedings
in favor of its customer Blade SAS.
The company Blade SAS, the specialist of cloud PC for video game players, was placed in receivership proceedings by the
Paris Commercial Court yesterday.
2CRSi has a hold on EUR30.2 million of hardware used by Blade SAS
In all contracts between the two companies, the servers provided remain the property of 2CRSi[1] until all lease
payments or instalments are paid by Blade. As a result, 2CRSi now has the capacity to take over servers corresponding
to EUR30.2 million worth of orders placed in 2017, 2018 and 2020.
These servers that 2CRSi could take over are high-end graphics card (GPU) based compute servers and storage servers.
Given the shortage of electronic components and more specifically graphics cards since the end of 2020, there is a
strong demand on the market for this type of equipment and 2CRSi has already received indications of interest from
several customers for the servers involved.
2CRSi will initiate a claim procedure without delay, in accordance with legal provisions, in order to recover this
equipment, which is still owned by the Group.
Receivables on equipment sold or leased to Blade SAS: EUR10.8 million
Within the framework of the collective proceedings of Blade SAS, 2CRSi may not be able to recover all or part of the
sums owed by the customer under the current contracts mentioned above. The corresponding receivables amount to EUR10.8
million in the consolidated financial statements as of February 28, 2021 (including interests).
The financial debt corresponding to the financing of the contracts with Blade SAS amounts to EUR3.7 million as of today.
In brief:
Group exposure to Blade SAS Amounts (EURm)
Client receivables 10.8
1.5
of which accruing interest
Corresponding financial debt 3.7
Recoverable hardware (historical order value) 30.2
EUR2 million invested in Blade's capital in 2019
In 2019, 2CRSi participated in the capital increase of Blade SAS, investing EUR2 million by offsetting receivables corresponding to interests owed by Blade under an equipment sale contract. With the entry of Blade into receivership proceedings, this investment will be fully depreciated.
Update on US subsidiary Blade Corp
To date, 2CRSi is only aware of one procedure concerning Blade SAS. The US subsidiary, Blade Corp, is also a historical customer of 2CRSi.
For general information (amounts in USD millions):
Group exposure to Blade Corp Amounts (USDm)
Client receivables 23.3
3.0
of which accruing interest
Corresponding financial debt 1.2
Recoverable hardware (historical order value) 29.4
A long-standing customer whose weight is now reduced
In 2020/2021, orders delivered to the entire Blade Group are expected to represent a total of EUR17 million. Some compute servers, for an amount of EUR9.3 million, which were part of the order confirmed by Blade in April 2020, have been subject to repeated postponements on Blade's initiative and therefore have not been delivered to date.
While 2CRSi has supported Blade in its development since 2017 by providing it with a high-performance server infrastructure with reduced energy consumption, Blade now represents about 10% of the Group's deliveries, thanks to the work carried out over the past 2 years to expand and diversify the customer portfolio.
The Group revises its revenue target for the year 2020/21
The undelivered part of the Blade order, combined with delays on signed orders related to the health context, leads 2CRSi to refocus its revenue target for the financial year closed on February 28, 2021. This should be between EUR162m and EUR175m (vs. EUR170-200m initially targeted). Both these recent orders and the solid current sales momentum make it possible to start the 2021/22 financial year with confidence.
- FIN -
Next on the agenda: 2020/2021 revenue on April 29, 2021, after trading.
About 2CRSi
Founded in Strasbourg (France), 2CRSi group develops, produces and sells high-performance customised and environment-friendly servers. In the financial year 2019/2020, the Group achieved pro forma turnover of EUR141.1m. The Group today has approximately 350 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 is included in the European Rising Tech label. For further information please visit: www.2crsi.com
Contacts
2CRSi Actifin Actifin Marie de Lauzon Simon Derbanne Jennifer Jullia COO Financial Communication Financial PR investors@2crsi.com sderbanne@actifin.fr jjullia@actifin.fr +33 3 68 41 10 70 + 33 1 56 88 11 14 + 33 1 56 88 11 19 -----------------------------------------------------------------------------------------------------------------------
[1] For some equipment, 2CRSi used lease financing. In this case, ownership remains with the financier until full payment of the lease payments and the purchase option. The amount of these financial debts amounts to EUR3.7 million. ----------------------------------------------------------------------------------------------------------------------- Regulatory filing PDF file File: 2CRSi - Blade EN
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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 / Other releases
EQS News ID: 1172957
End of Announcement EQS News Service
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1172957 03-March-2021 CET/CEST
(END) Dow Jones Newswires
March 03, 2021 14:11 ET (19:11 GMT)
