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WKN: A2JN55 ISIN: FR0013341781 Ticker-Symbol: 52C 
15:54 Uhr
2,940 Euro
+0,17 %
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2CRSi SA: First-half results for fiscal year 2022/23

DJ 2CRSi SA: First-half results for fiscal year 2022/23

2CRSi SA 2CRSi SA: First-half results for fiscal year 2022/23 29-Nov-2022 / 20:32 CET/CEST Dissemination of a French Regulatory News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

----------------------------------------------------------------------------------------------------------------------- First-half results for fiscal year 2022/23

-- 6% turnover growth reaching EUR95.6m thanks to sales momentum, despite a more demanding context.

-- Profitability impacted by growth investments and inflation pressures. Confirmation of 2022/23 annual objectives Mission 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.


A good sales performance hampered by the supply of components

Over the first half of the 2022/23 financial year, 2CRSi recorded revenue of EUR95.6m, 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.

Simplified income statement - 
                    H1 2021/22   H1 2021/22   FY 2020/21 
                    6 months    6 months    12 months 
In millions of EUR - IFRS 
                    1 March 2022 - 1 March 2021 - 1 March 2021 - 
                    31 August 2022 31 August 2021 28 February 2022 
Revenue                 95,6      90,2      183,6 
Other income              (0,4)     (0,1)     1,8 
Consumed purchases           (74,6)     (70,2)     (142,5) 
Gross margin rate            22,0%     22,2%     22,4% 
External expenses            (6,5)     (5,3)     (10,9) 
Personnel expenses           (12,4)     (10,4)     (23,6) 
Other operating income and expenses   0,4      0,0      (0,1) 
EBITDA                 2,6      4,3      8,4 
EBITDA margin              2,7%      4,7%      4,6% 
Other current op. income & expenses   (0,2)     0,1      (0,5) 
Depreciation, amortisation & impairment (2,5)     (2,6)     (6,5) 
Current operating income        (0,1)     1,7      1,4 
Operating income (expense)       (0,1)     1,7      1,4 
Financial income (expense)       (0,8)     (2,8)     (3,0) 
Consolidated net income (expense)    (0,8)     (1,0)     (1,1) 
Net income (Group share)        (0,4)     (1,1)     (1,1) 

Profitability impacted by the Group's structure reinforcements and the inflationary context

Over the period, 2CRSi's EBITDA amounted to EUR2.6m compared to EUR4.3m a year earlier, representing an EBITDA margin of 2.7% of revenue. This change is mainly due to:

-- A slight decline in gross margin of 0.2 point to 22.0% is due to a higher contribution of distributionactivities in the business mix.

-- A cost structure integrating the Group's growth investments:? marketing costs representing nearly half of the increase in external expenses (EUR6.5m in H1 2022/23compared to EUR5.3m in H1 2021/22), - a 19.7% increase in total payroll over the period due to additional staff in the United Kingdom andGermany and a salary revaluation, as a result of inflationary pressures.

After including other operating income and expenses, depreciation charge and provisions, 2CRSi's recurring operating income stands at EUR(0.1)m, compared to EUR1.7m 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 EUR(0.8)m, mainly including a revaluation of debts related to the acquisition of Boston Ltd for a negative amount of EUR2.1m, a variation in the fair value of financial assets of EUR1m and impacts related to positive exchange rate fluctuations of EUR0.9m.

Cumulatively over the first half of 2022/23, 2CRSi posted a consolidated net income, Group share, of EUR0.4m, compared to EUR1.1m over the comparable period.

Financial position

Simplified consolidated balance sheet 
                                  31 August 2022 28 February 2022 
 In millions of EUR - IFRS 
Goodwill                              8,4      8,7 
Intangible assets                         15,8      16,3 
Tangible assets                          18,0      20,0 
Non-current financial receivables                 2,5      4,4 
Other non-current assets                      3,2      3,9 
Total non-current assets                      49,8      53,3 
Inventories                            63,6      56,4 
Clients                              30,6      26,2 
Other current assets                        13,6      16,8 
Current financial receivables                   6,7      5,9 
Cash and cash equivalents                     8,2      4,7 
Total current assets                        122,6     110,0 
TOTAL ASSETS                            172,4     163,4 
Capital attributable to equity holders of the parent        39,0      40,5 
Non-controlling interests                     (0,7)     (0,3) 
Consolidated capital                        38,2      40,3 
Borrowings and financial liabilities (including lease liabilities) 33,3      38,8 
Other non-current liabilities                   4,4      3,1 
Total non-current liabilities                   37,7      42,0 
Trade payables                           33,1      24,8 
Financial liabilities (including lease liabilities)        43,3      32,8 
Other current liabilities                     20,3      23,5 
Total current liabilities                     96,4      81,1 
TOTAL LIABILITIES                         172,4     163,4 

In relation to the activity growth and the supply situation, 2CRSi had to build up larger inventories, the amount of which amounted to EUR63.6m as at August 31, 2022 compared to EUR56.4m as at February 28, 2022. Given current orders, 2CRSi's main objective is to reduce the level of inventories to less than EUR50m by the end of February 2023.

Gross financial debt, excluding the impact of IFRS16, rose to EUR62.6m as at August 31, compared to EUR56.3m as at February 28, 2022.

With the net income for the period and the impact of exchange rates, Group's equity fell by EUR1.6m to EUR39.0m as at August 31, 2022.

The Group's cash flow generation rose in value with a cash flow generated by operating activities of EUR2.8m over the half-year, compared to EUR(0.7)m over the previous half-year.

After considering investment activities (use of EUR2.1m compared to EUR1.6m a year earlier) and financing activities (use of EUR1.8m compared to EUR2.7m a year earlier), the Group cash flow increased from EUR2.5m to EUR5.3m. It is supplemented by unused short-term financing lines of nearly EUR7m.


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 EUR200m.

With its new strategic plan "Mission 2027", presented on November 7, 2CRSi intends to exceed:

-- EUR400m in revenue, thanks to the continuation and strengthening of sales,

-- 7% EBITDA margin rate, thanks to the volume effect, the organic optimization of the structure andproductivity, product innovation and the development of service activities.

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 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) and its shares were transferred to Euronext Growth on 25 November 2022. For further information please visit:


2CRSi          Actifin         Actifin 
Joseph Gonnachon    Simon Derbanne     Mathias Jordan 
            Financial Communication 
Chief Marketing Officer             Financial Press Relations 
            +33 (0)1 56 88 11 14 
+33 (0)3 68 41 10 70              +33 (0)1 56 88 11 26 


Regulatory filing PDF file File: First-half results for fiscal year 2022/23

Language:    English 
Company:     2CRSi SA 
         32, rue Jacobi-Netter 
         67200 Strasbourg 
Phone:      +33 3 68 41 10 70 
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

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November 29, 2022 14:32 ET (19:32 GMT)

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