(Boursier.com) — The Board of Directors of CS-GROUPmeeting on March 24, 2023 under the chairmanship of Mr. Yazid Sabeg, approved the consolidated financial statements for the 2022 financial year. nearly 15% compared to 2021. Activity accelerated during the second half of 2022 (+15.8% compared to H2 2021), with sustained growth across all activities.
Order intake for the 2022 financial year amounted to 319.3 M, after a record level recorded in 2021, bringing the book-to-bill ratio to 117% and the order book to 26.2 months of activity (versus 27.7 months of turnover in 2021).
The rebound in the operating margin in the second half of 2022 to 6.3% of revenue allows the Group to record operating profitability for the year at 5.1% of revenue (versus 4% of revenue in 2021). Taking into account other operating expenses and income related in particular to restructuring and M&A costs (-9.9 ME versus -4.6 ME in 2021), operating profit stands at 3.3 ME (4.4 ME in 2021) .
After taking into account the financial result of -3.8 ME, the net result for the financial year amounts to -2.3 ME.
At the end of December 2022, shareholders’ equity stood at €60.7 million. The group records, for the 3rd consecutive year, a positive Free Cash-Flow, of 15.3 ME in 2022.
Economic cash remains positive at +10.2 ME (versus +9.1 ME in 2021), after taking into account the deconsolidating factor (18.7 ME) and unfunded CIR and CICE receivables (27.4 ME) .
The group’s cash position remains solid at 67.2 ME as of December 31, 2022, compared to 67.9 ME as of December 31, 2021.
After an exceptional year in 2021, the group recorded €177.8 million in orders in the field of Defense and Security. The financial year was marked in particular by the winning of the PARADE contract in anti-drone (total contract of 350 ME in consortium with Thales) and the winning of a 4-year contract to ensure the cybersecurity of information systems and of communication for the benefit of the Ministry of the Armed Forces.
In the space sector, the group strengthened its positions in navigation and Earth observation, in France and in Europe, with in particular the renewal and extension of its contribution to the EGNOS program (new generation of the European navigation system ) and new projects at ESA and Eumetsat (satellite ground segment and space applications). The acquisition of HE SPACE, finalized on January 19, strengthens the group’s positions on the European space market.
Revenue growth for the activity was sustained at nearly 12% compared to 2021. Operating profitability also increased over the financial year to stand at 7.6% of revenue, compared to 7.1% in 2021.
The strategic repositioning initiated several semesters both in France and in North America enabled the activity to progress once again on all indicators.
Order intake and revenue up 38.5% and 22.6% respectively compared to 2021 confirm the Group’s positioning as an expert in the field of cyberprotected embedded and industrial systems, as well as simulation and data intelligence for the benefit of the Aeronautics, Nuclear and Transport sectors, and in particular the emerging segment of autonomous vehicles.
With a rebound in operating margin to 9.5% of revenue in the second half of 2022, overall operating profitability increased significantly over the full year to reach 8% of revenue (5.7% turnover in 2021).
The restructuring plan initiated in 2021 enabled the group to return to growth and profitability over the financial year.
A clear improvement in performance was recorded in the second half of 2022, with growth of 61% in order intake, 28% in revenue and operating profitability at 4.3% of revenue compared to H2 2021.
In line with its strategy, the group recorded an increase in its business mix in favor of systems integration and sovereign cybersecurity. Operating profitability for the year was 1.2% of revenue (versus -1.8% of revenue in 2021).
The Board of Directors of CS GROUP will propose to the General Meeting of June 29 next the payment of a dividend of 4 euro cents per share.
