LACROIX Group : Annual results 2019-2020. Proven resilience in the
face of the crisis. On course to making the most of recovery.
Annual results
2019-2020Proven resilience in the face of the
crisis On course to making the most of
recovery
LACROIX (LACR - FR0000066607),
an international technological equipment manufacturer, presents its
results for the financial year 2019/2020.
As a reminder, following the change in
the closure date, the financial year ran for an exceptional period
of 15 months, from 1 October 2019 to 31 December 2020. As a result,
it is not directly comparable to the previous 12-month financial
year ended 30 September 2019. For the purpose of better
comparability and for information, this press release therefore
presents certain financial aggregates on a 12-month pro forma
basis (from 1st January to 31 December 2020).
in millions of euros |
2019-202015 months |
2018/201912 months |
Variation |
2019/2020 12 months pro forma |
Change |
01/10/19 - 31/12/20 |
01/10/18 - 30/09/19 |
|
01/01/20 - 31/12/20 |
|
Revenue |
566.3 |
481.6 |
+17.6% |
441.0 |
-8.4% |
EBITDA |
34.6 |
28.9 |
19.7% |
26.1 |
-9.6% |
as a % of revenue |
6.1% |
6.0% |
+10bp |
5.9% |
-10bp |
Current operating profit |
20.1 |
20.8 |
-3.0% |
14.4 |
-30.6% |
as a % of revenue |
3.6% |
4.3% |
-70bp |
3.3% |
-100bp |
Operating profit |
19.1 |
16.3 |
+16.8% |
|
|
Financial income |
(1.7) |
(1.0) |
-62.2% |
|
|
Income taxes |
(5.7) |
(4.2) |
-35.9% |
|
|
Consolidated net income |
11.7 |
11.1 |
+5.4% |
|
|
Net income - Group share |
11.0 |
10.6 |
+3.7% |
|
|
A turnaround in activity from the fourth
quarter
After a start to the financial year driven by
still robust activity with a first quarter up 7.6%, the growth
momentum was logically stopped by the first national lockdown,
impacting the end of the second quarter (-7.5%
over the period from January to March) and especially the third
quarter (-36.1% for the period from April to June).
With the gradual lifting of restrictive health
measures, business has steadily recovered, demonstrating the
resilience of the Group, which has made a rapid return to growth
with increases of 1.8% and 2.2% respectively in the fourth and
fifth quarters (compared to the previous year).
For the full 2019-2020 financial year (15
months, from 1 October 2019 to 31 December 2020), LACROIX recorded
revenue of €566.3 million, up 17.6% on a reported basis. On a
pro forma basis (12 months, from 1 January to 31 December
2020), the latter came to €441.0 million, down 8.4%, entirely
in line with the target announced in spring 2020 (an expected fall
of around 10%).
The upturn underway is all the more encouraging
as it is driven by all the Group's activities:
- The Electronics Activity posted revenues of €355.2 million
over 15 months, up 11.8% on a reported basis. On a 12-month pro
forma basis, it fell by 13.3%, compared with a fall of 17.0% at the
end of June 2020 (of which 43% in the third quarter alone),
partially offset by a return to balance in the fourth and fifth
quarters. The rebound was driven in particular by the automotive
sector, while demand from the aeronautics sector, whose
contribution to the division's activity did not exceed 8% before
the crisis, remains strongly contracted for the time
being.
- Boosted by new uses, the City Activity held up well with
revenues on a 12-month pro forma basis down by a limited 6.2%
and a return to growth from the fourth quarter (+0.4%), confirmed
in the fifth quarter (+7.3%). Over 15 months, revenue for the
activity was €125.3 million, up 19.8% on a reported
basis.
- The Environment Activity also held up remarkably well with
growth of 14.1% on a 12-month pro forma basis, driven by
maintained sales momentum and the sound contribution of SAE IT
Systems in the field of the Smart Grid (acquisition carried out in
February 2019). On a reported basis, the 15-month revenues were up
44.9% to €85.8 million.
Vincent Bedouin, Chairman and CEO of LACROIX,
“While the health crisis has logically penalised us, forcing us to
postpone achieving the objectives of our Ambition 2020 strategic
plan, we are nonetheless very satisfied with the resilience
demonstrated by all our activities, which have made a rapid
turnaround. Our ability to ensure business continuity with our
customers and the successful integration of our latest acquisitions
have enabled us to cope with this unprecedented context. While the
current situation still calls for caution, we are now ready to
prepare for tomorrow’s growth and set new ambitions.”
Strong resistance of
results
EBITDA came to €34.6 million, up 19.7% on a
reported basis, representing 6.1% of overall activity for the
period.
On a reported basis, current operating profit
came to €20.1 million, down by only 3.0% compared with
2018/2019. The current operating margin held up well with a limited
drop of 70 basis points to 3.6%.
On a 12-month pro forma basis, current
operating profit came to €14.4 million, down 1 point to 3.3%
compared with 2018/2019. The measures immediately taken in the
spring to protect the Group’s financial fundamentals, as well as
the marked recovery of all activities from the fourth quarter, made
it possible to limit the impact of the crisis on operational
profitability.
This resistance is especially noticeable in
LACROIX’s Environment Activity. The sharp rebound in activity
recorded in the second half of the financial year, the tight
control of the cost structure and the positive contribution of SAE
IT Systems enabled the activity to maintain a high current
operating margin.
Performance was more mixed for the Group's other
two activities. The Electronics Activity showed a €6.9 million
drop in current operating profit compared with 2019, which
nevertheless remains positive at €2.5 million. The City
Activity, for its part, showed a current operating loss of
€1.8 million, entirely attributable to the effects of the
health crisis.
Operating profit amounted to €19.1 million
and included exceptional expenses that were significantly lower
than those recorded for the 2018/2019 financial year
(€1.0 million versus €4.4 million).
After taking into account financial income and
tax expenses, the net income (Group share) remains positive at
€11.0 million.
Strong Free Cash Flow generation of
€30.8 million driven by the improvement in WCR
LACROIX posted a significant increase in its net
cash flow from operations to €48.0 million compared to
€6.3 million in 2018/2019. Beyond the extended duration of the
financial year to 15 months, this strong performance comes from the
improvement in WCR observed over the entire period, up by
€21.7 million and which partly benefited from a recovery in
fundamentals (deterioration of €15.7 million in the previous
financial year) and an improvement in customer receipts at the end
of the calendar year.
The Group also continued its investment
programme in order to prepare for future growth and take full
advantage of the upturn. As such, investments excluding financial
investments and changes in scope, amounted to €17.2 million
over the period, compared with €11.7 million in the previous
year. €2.2 million are related to the 4.0 Symbiose factory
project, the timetable for which is still on schedule despite the
context. As a reminder, this new site, which receives financial
support from BPI, is intended to achieve €100 million in
turnover by 2027. Delivery is scheduled for the end of the
year.
In total over the period, LACROIX generated
€30.8 million in Free Cash Flow (excluding financial
investments and excluding the impact of changes in scope).
Lastly, a State-guaranteed loan was obtained in
June for €18.5 million. Over the period, debt improved
significantly with a gearing ratio of 0.29 at 31 December 2020
compared to 0.54 at 30 September 2019.
With €54.4 million in cash at 31 December,
the Group has a healthy financial position, ensuring it has solid
means to finance its growth ambitions, whether organic or through
acquisitions.
Dividend
A dividend of €0.68 per share will be proposed
at the next General Meeting of Shareholders. This proposal includes
a 20% reduction in the usual distribution rate to take into account
the specific context of 2020.
Presentation of the new strategic plan
on 7 April
While the signs of economic turnaround have been
confirmed over recent months, LACROIX is fully operational and
ready to return to a positive trajectory both in terms of growth
and progression in its profitability.
The Group is also expected to continue to
benefit from the significant contributions of its latest
acquisitions, whether in industrial IoT and artificial intelligence
with eSoftThings (acquisition carried out in July 2020) or in the
buoyant Smart Grid market with SAE IT Systems (acquisition carried
out in February 2019).
Given these encouraging prospects, new ambitions
will be unveiled when the new strategic plan is presented on 7
April 2021. This plan will be an opportunity to share the strategic
objectives and priorities that will drive the Group’s development
for the next five years.
Upcoming dates
Presentation of strategic plan: 7 April 2021 before market
openRevenue for the 1st quarter of 2021: 10 May 2021 after market
close
See our financial information in our
investor
sectionhttps://www.lacroix-group.com/investors/
Contacts
LACROIX COO & Executive Vice-President Finance
Nicolas Bedouininfo@lacroix-group.comTel.: +33
(0)2 40 92 58 56 |
ACTIFINPress relationsJennifer
Jullia
jjullia@actifin.frTel.: +33 (0)1 56 88 11 19 |
ACTIFINFinancial communicationSimon
Derbannesderbanne@actifin.frTel.: +33 (0)1 56 88 11
14 |
ABOUT LACROIX
Convinced that technology should contribute to
simple, sustainable and safer environments, LACROIX enable its
customers to build and manage smarter life ecosystems, thanks to
useful equipment and technologies.
As a publicly-listed family-owned SME, LACROIX
combines the essential agility required to innovate in an
ever-changing technological sector with the ability to
industrialise robust and secure equipment, cutting-edge know-how in
industrial IoT solutions and electronic equipment for critical
applications and the long-term vision to invest and build for the
future.
LACROIX designs and manufactures its customers’
electronic equipment, in particular in the automotive, home
automation, aeronautical, industrial and health sectorś. LACROIX
also provides safe, connected equipment for the management of
critical infrastructures such as smart roads (street lighting,
traffic signs, traffic management, V2X) and the management and
operation of water and energy systems.
Drawing on its extensive experience and
expertise, the Group works with its customers and partners to build
the connection between the world of today and the world of
tomorrow. It helps them to create the industry of the future and to
make the most of the opportunities for innovation that surround
them, supplying them with the equipment for a smarter world.
- LACROIX_CP_RA 19-20_20210325_EN_vdef2
Grafico Azioni Lacroix (EU:LACR)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Lacroix (EU:LACR)
Storico
Da Mar 2023 a Mar 2024