Annual results 2015


CS board of directors met on 10 March 2016 under the chairmanship of Mr Yazid Sabeg, to approve fiscal year 2015 consolidated statements.


Growth acceleration: +4.7%
Strong progress in operating profitability: 5.8%

Annual results 2015
With revenue almost 9% higher in the second half of 2015 compared to H2 2014, the group posted a revenue of €169.9M for FY 2015, representing an organic growth of 4.7% compared to the previous year.

As of end December 2015, orders stood at €196.3M (+ 51.8 % compared to 2014) bringing the book-to-bill ratio to 115%. Orders represented 13.8 months of revenue overall.
In the second half of 2015, the group posted clear progress in operational profitability (7% of revenue). For the entire year, operating margins stood at €9.8M (5.8% of revenue: +1.5 point compared to 2014). Net profit (group share) stood at €1.0M compared to €0.4M in 2014, confirming the improvement in the group’s overall performance.
As of end December 2015, overall debt (after factoring of €9.8M) stood at €41.5M, which is comparable to the recorded tax credits (CIR and CICE) of €42.0M.

Net cash stood at €9.2M as of end December 2015 compared to €5.9M as of end December 2014.


Annual results 2015

In Defense & Security, the group has returned to growth, both in terms of orders and revenue. The order book stands at 23 months of activity. The signature of the MG2S contract (worth €276M of which only the firm tranche of €43M is recorded in the group’s 2015 orders), and progress made in deploying CLA and SRSA air defense projects, have contributed to this performance. The group is continuing to develop in this sector in the area of operational command-control systems (C4I) and cybersecurity.
 
Business in the Space sector has been especially buoyant in Europe (Germany & Italy); the group continues to implement its strategy in the field of geo-information for both civilian and military clients.
 
 Over the entire year, business in the Defense, Space & Security sector has grown 5.2% and profitability has improved by 0.6 point, standing at 4.4% of revenue.
 

Annual results 2015

The Aeronautics sector has benefited from continued strong growth in the North American market, notably with Pratt & Whitney, compensating for the falloff in Airbus engineering business. The group is developing its expertise in industrial and embedded secure software, digital simulation, PLM, ECM and Big Data analytics, to serve new clients and new accounts such as Andra, Airbus, EDF, Renault, Triumph and Areva TA.
 
For the full year, business in Aeronautics, Energy and Industry grew 1.8% and profitability improved by almost 2 points, standing at 6.7% of revenue, driven by the buoyant North American market and the rollout of the Performance plan in France.
 

Annual results 2015

Diginext business remains dynamic, in particular in the area of training systems based on Tactical Data Links. Diginext has strengthened its positions in passenger information systems and mobility into the Smart Cities market, and continues with pre-sales efforts on the promising maritime surveillance market (Stradivarius HF Radar).
For the full year, Diginext posted a 14% increase in orders and a 20.5% increase in revenue. Its operating margin also improved, standing at €2.2M (11.6% of revenue).
 
 
 
Outlook for 2016

2015 figures result from the Transformation Plan initiated in 2013, whose  explicit goals were to allow the group to return to growth and achieve normalized profitability by 2016. To maintain this momentum, CS continues with its development strategy, aiming at reinforcing its positions in strategic sectors and seizing new growth opportunities in promising French and international markets, while implementing productivity-enhancing measures as laid out in its Performance plan.
 
 
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A detailed presentation of the 2015 financial statements can be found on our website: www.c-s.fr.
CS is a major actor in the design, integration and operation of mission critical systems. CS is listed on the Euronext Paris stock markets - Compartment C (Shares: Euroclear 7896 / ISIN FR 0007317813). For more information, please go to: www.c-s.fr
 
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