Lacroix: Activity above pre-crisis levels, driven by all of the Group’s activities. Profitability growth in line with expectations. Business portfolio on track, but a year-end impacted by supply tensions.


Business above pre-crisis levels,
driven by all of the Group’s activities

Profitability growth in line with expectations

Portfolio of activities on track, but a year-end
impacted by supply tensions

As a reminder, the 2019-2020 financial year had an exceptional duration of 15 months, i.e. from 1st October 2019 To December 31, 2020. Therefore, the verified figures for the 1st semester 2019-2020 relate to the period from 1st October 2019 To March 31, 2020, and the half-yearly data presented here are therefore not directly comparable.

in millions of euros 2021
6 months
6 months
Jan 1, 21 –
June 30th, 21
1 October 19
March, 31st, 20
Returned 254.8 238.7
Current EBITDA 14.9 12.3
as a% of sales 5.8% 5.2%
current operating income 8.6 6.3
as a% of sales 3.4% 2.6%
Operating result 8.2 6.2
Financial income (0.1) (0.5)
Income taxes (1.9) (2.4)
Consolidated net income 6.2 3.2
Net income – Group share 5.8 2.9

Business in the first semester above pre-crisis levels

In the 1st half-year 2021, LACROIX sales amounted to € 254.8 million compared to € 193.5 million recorded over the comparable period from 1st January to June 30, 2020, an increase of 31.7%. As an indication, the revenues of the 1st semester 2019-2020 (October 2019 To March 2020), impacted at the end of the period by the first effects of the health crisis, amounted to 238.7 million euros. In addition to a very favorable base effect linked to a relative normalization of the health situation, LACROIX’s activity recorded over the first 6 months of the year marked by a rise to pre-crisis levels of progression, with growth 2.8% compared to the period of 1st January to June 30, 2019, a performance driven by strong and sustained growth in LACROIX’s 3 activities.

Half-year results driven by the Group’s 3 Activities

Over the period, the Group’s current EBITDA amounted to € 14.9 million, i.e. a current EBITDA margin of 5.8%, a better performance compared to the first 6 months of the previous year (12, 3 M €), i.e. a margin of 5.2% at the end of March 2020, bearing in mind that this reference period is not directly comparable. In line with expectations, the level of profitability recorded in the first half of 2021 can be explained in particular by the continued recovery of the City Activity and the improvement of the Electronics Activity, combined with the maintenance of strong profitability of the Environmental activity despite the persistence of significant supply tensions in electronic components and other raw materials.

Electronic aactivity

By far the activity most affected by the health crisis in 2020, the Electronics activity benefited more broadly from a favorable base effect with growth of 38.6% compared to the previous period, to 167.8 million €. Despite a semester marked by component shortages and persistent weakness in the aeronautics sector, Electronics recorded activity 0.8% higher than the comparable pre-crisis period (period from early January to late January June 2019), a clear sign of a renewed and consolidated dynamic over the months.

With price increases linked to supply disruptions, mainly passed on to the customer, this dynamic growth is reflected in the profitability of Electronics, which posted a current EBITDA margin of 4.1% (€ 6.9 million) , compared to 3.3% over the first 6 months of the 2019-2020 fiscal year (€ 5.1 million).

City aactivity

The City activity achieved a good performance over the half-year with revenue of € 52.6 million, up sharply by 24.6% compared to the comparable period of 2020, but also by 4.4% compared to in the period from January to june 2020, thus eliminating the impact of the health crisis, thanks to double-digit growth in public lighting and V2X and the return of signage and traffic to their pre-crisis levels.

The City’s operational performance continued to improve during the period. With a positive current EBITDA of € 0.6m at 1st half-year, the current EBITDA margin was 1.1% of sales, up sharply from the -1.6% recorded over the period of October 2019 To March 2020.

Environment aactivity

Finally, with sales of 34.4 million euros over the half-year, up 13.8% compared to the first 6 months of 2020 and 11.2% compared to 2019, the Environment business fully confirms its role as a growth accelerator for the Group, driven by the Water Segments and Smart Grids.

In the 1st half-year 2021, with a current EBITDA of € 8.0 million, the profitability of the Environment is down compared to the period of 1st October 2019 To March 31, 2020 (27.4%, as a reminder not directly comparable), but remains very high at 23.3% of sales. This change is mainly due to the impact of the 2020 recruitment campaign to accelerate the development of the activity.

A solid financial situation

From June 30, 2021, shareholders’ equity amounted to € 112.8 million compared to € 108.0 million at December 31.

Net debt stood at 51.6 million euros against 31.2 million euros, with a gearing of 46% against 29%. This change is explained by an unfavorable seasonality in the middle of the year, the component crisis starting to impact inventories, and by the continuation of significant investments (€ 16.0 million in the first half) relating to the construction of the Symbiose plant, delivery of which is still scheduled for the end of the year.

On the strength of a solid financial situation, LACROIX repaid at the beginning of July the State guaranteed loans contracted during the crisis (post-closing event).

Successful capital increase to finance the deployment of Leadership 2025

Finally, as announced on July 26, 2021 and therefore post-closing, LACROIX carried out a capital increase with maintenance of preferential subscription rights for a total gross amount of 44.3 million euros, to which the historical family shareholders contributed 15.0 million euros . In addition to a significant expansion of the free float of nearly 27% (compared to 16% before the offer), the success of this transaction with existing and new shareholders confirms the relevance of the Group’s new strategic priorities, firstly with the strengthening of the firepower of LACROIX in terms of acquisitions.

At the end of this transaction, LACROIX has the means to deploy an acquisition budget of around 100 million euros.

Business portfolio on track but 2021 target slightly impacted by supply tensions

In an already tense market for electronic components, LACROIX noted increased volatility in supply conditions at the end of the current year, resulting in particular in last-minute postponements of component deliveries impacting the good organization of its production and its ability to deliver. In this context of uncertainty, the LACROIX teams remain mobilized to serve customers as well as possible. The situation nevertheless has an impact on the conditions for recording sales and the margin objective initially announced may not be reached. LACROIX nevertheless remains confident in its ability to achieve profitability close to its pre-crisis levels, ie a current EBITDA margin of between 5.8% and 6.1%.

In addition to the continued strong momentum driven by a portfolio of growing activities and projects since the start of the year, LACROIX will also benefit from the price increases passed on to customers, which will lead it to confirm its target for sales. business of 500 million euros for fiscal year 2021. year.

Next dates
Third quarter 2021 revenue: August 8, 2021 after market close

Consult our financial data on our Investors area


Convinced that technology must help make our living environments simpler, more sustainable and safer, LACROIX supports its clients in the construction and management of intelligent living ecosystems, thanks to connected equipment and technologies.
Listed family mid-cap company, with a turnover of 441 M € in 2020, LACROIX combines the essential agility necessary to innovate in a technological sector in constant evolution with the capacity to industrialize robust and secure equipment, at the cutting edge. of technology. 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 electronic equipment for its customers, particularly in the automotive, home automation, aeronautics, industry and health sectors. LACROIX also offers secure and connected equipment for the management of critical infrastructures such as smart roads (public lighting, road signs, traffic management, V2X) and the management and operation of water and energy systems.
Drawing on its experience and expertise, the Group works with its customers and partners to build the link between the world of today and the world of tomorrow. It helps them create the industry of the future and make the most of the innovation opportunities that surround them, providing them with the equipment for a smarter world.


COO & Executive Vice-President Finance
Nicolas Bedouin
[email protected]
Phone. : +33 (0) 2 72 25 68 80

Press relations
Jennifer jullia
[email protected]
Phone. : +33 (0) 1 56 88 11 19

Financial communication
Simon derbanne
[email protected]
Phone. : +33 (0) 1 56 88 11 14

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© OMX, source GlobeNewswire – EU Press Releases

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Sara H. Byrd

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