CS Group
Financial calendar
Results for 2011 fiscal year 1& 2
|
€ million |
2010 |
H1 2011 |
H2 2011 |
2011 |
|
|
||||
|
Order intake |
194,8 |
94.0 |
110.4 |
204 .4 |
|
|
||||
|
Revenue |
192.7 |
100.5 |
100.1 |
200.6 |
|
Operating
margin |
(5.2) |
(1.4) |
4.1 |
2.7 |
|
Operating
income |
(9.8) |
(8.3) |
1.8 |
(6.5) |
|
Pre-tax
income from continuing operations |
(12.7) |
(10.2) |
(1.2) |
(11.4) |
|
Net income from discontinued operations |
(1.2) |
(2.0) |
(0.1) |
(2.1) |
|
Total Net Income |
(28.4) |
(13.3) |
(2.7) |
(16.0) |
1 Audited accounts pending issuance of the final report.
2 In accordance with IFRS 5, the results for 2010 and 2011 have been restated from Diginext’s “electronic warfare” business, which was classified as a “discontinued operation.”
Order intake rebounded to €204.4 million (5.0% more than in 2010), taking the full-year book-to-bill ratio above 1.0, and at end-December 2011, backlog reached more than 16 months of sales.
Actions undertaken within the framework of the “Performance” transformation plan enabled a sharp improvement in operating margin, which reached 4.1% in the second half of 2011. For the full year 2011, the group shows a positive operating margin of 1.3%.
“Other operating expenses and income” totalled a negative €9.2 million, of which €7.5 million corresponded to restructuring costs associated in particular with the redundancy plan implemented on July 1, 2011 (elimination of about 90 positions). These costs mainly impacted results in the first half of 2011 (-€2.3 million in H2 2011). Operating income was positive at €1.8 million in H2 2011 against €-8.3 million in H1 2011.
Taking into account the €2.1 million loss generated by discontinued operations (electronic warfare) and net financial expenses of €4.9 million, the net loss was €16.0 million, compared with a €28.4 million loss in 2010. Total net income was €-2.7 million in the second half of the year, versus €-13.3 million in the first half.
Working capital requirement improved in the second half of 2011 and ended the year at € -22.7 million.
Between June 30, 2011 and December 31, 2011, the net cash position was stable (€17.2 million and €15.0 million respectively) and financial debt was unchanged at €21.2 million.
Consolidated shareholders’ equity stood at €14.9 million on December 31, 2011.
Defense, Space & Security: Sustained growth and improvement in operating margin
|
€ million |
2010 |
H1 2011 |
H2 2011 |
2011 |
|
Order intake |
78.9 |
32.7 |
59.3 |
92.0 |
|
Revenue |
85.2 |
44.6 |
45.3 |
90.0 |
|
Operating margin |
(6.8) |
(1.9) |
0.8 |
(1.1) |
|
% of revenue |
-8.0% |
-4.2% |
1.7% |
-1.2% |
With a book-to-bill ratio of 1.02 and a backlog representing more than 24 months of sales, the group maintained its positions with large key clients and has laid the foundations for future growth in new market segments and export markets, working in partnership with major industrial firms.
Actions taken as part of the transformation plan and a closer monitoring of projects have led to an improvement of the operating margin, which ended the year at -1.2% compared with -8.0% in 2010.
|
€ million |
2010 |
H1 2011 |
H2 2011 |
2011 |
|
Order intake |
63.0 |
31.4 |
35.4 |
66.7 |
|
Revenue |
67.8 |
34.0 |
32.4 |
66.4 |
|
Operating margin |
2.2 |
0.4 |
1.1 |
1.5 |
|
% of revenue |
3.2% |
1.1% |
3.6% |
2.3% |
The group is strengthening its positions through numerous new preferred supplier listings with EADS, Thales, DCNS and MBDA and delivering services in the areas of high-performance computing and control-command systems for the nuclear power industry in partnership with Alstom.
This business experienced a slight revenue decrease in 2011. The active presence in new expanding markets should allow to show revenue growth in 2012.
After a low point in H1 2011, the operating margin of this activity improved in H2 2011 (3.6% of revenue),and reached 2.3% in FY 2011 (versus 3.2% in 2010).
|
2010 |
H1 2011 |
H2 2011 |
2011 |
|
|
Order intake |
34.7 |
25.6 |
8.9 |
34.5 |
|
Revenue |
29.1 |
15.3 |
16.1 |
31.4 |
|
Operating margin |
(1.5) |
0.3 |
1.1 |
1.4 |
|
% of revenue |
-5.1% |
1.9% |
7.1% |
4.5% |
Recognized as a leader in its market, this Business Unit offers innovative solutions and has demonstrated its ability to design and implement comprehensive systems in Europe and North & South America.
Operating margin climbed above 7% in the second half of 2011 and ended the year at 4.5%, confirming the turnaround of this Business Unit.
|
€ million |
2010 |
H1 2011 |
H2 2011 |
2011 |
|
Order intake |
19.1 |
6.8 |
7.7 |
14.5 |
|
Revenue |
11.8 |
7.6 |
7.3 |
14.9 |
|
Operating margin |
0.7 |
0.0 |
1.6 |
1.6 |
|
% of revenue |
5.9% |
0% |
21.3% |
10.7% |
The Operating margin increased drastically in the second half of 2011, and ended the year at 10.7% Diginext nonetheless maintained its R&D expenditure at a high level over the period, especially for the industrial development of the Stradivarius HF trans-horizon radar, tests of which are promising.
CS starts 2012 with improved fundamentals, well controlled costs and an outlook of profitable growth.
CS is refocusing its strategy in order to make its positioning clearer, to consolidate its positions with its traditional clients and to benefit from new growth drivers in the private sector.
CS has initiated a project to move its Transport Business Unit into a new legal entity. The market for intelligent transportation systems is experiencing ever more complex projects that require global responses, worldwide coverage and significant financial capabilities. This project will allow all of the resources allocated to the business to be consolidated within an independent subsidiary. Subsequently, the capital of this entity may potentially be opened to a partner
On another hand, the group signed an agreement with its financial partners, subject to the strengthening of its equity to occur by the end of 2012. This agreement provides for : the rescheduling and the amortization of the medium-term loan of € 10.4 million from 15 July 2012 to 30 January 2015 at the latest ; the postponement of the repayment of the €5.4 million bridge loan from 30 June 2012 to 31 December 2013 at the latest ; the opening of confirmed lines of €19 million and €8 million, respectively for new bonds and currency hedging, mainly required for the implementation of new commercial contracts; the confirmation of factoring lines for a maximum amount of €31,5 million; the rescheduling until September 2013 of the repayment of the remainder (around 7 M€) of the tax and social debt granted in 2011; and the financing of the 2011 R&D tax credit.
With this agreement which will come into force at the end of May, 2012, the group will have the financial resources necessary for its business continuity and its business development continuation.
For 2012, CS maintains its objective of operating margin improvement and positive net income.
| Press relations Barbara GOARANT Tel: +33 (0)1 41 28 46 94 | Investor contact Marc KARAKO Tel: +33 (0)1 41 28 44 44 |
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