Montilliers – November 15, 2022. Grolleau (ISIN code: FR0014005ZM5 / Symbol: ALGRO) publishes its half-year results for the 2022-2023 financial year (1
er
April 2022-30 September 2022). The financial statements were approved by the Board of Directors of Grolleau SA on November 14, 2022. They have been subject to a limited review by the Statutory Auditors.
Grolleau publishes very good half-year results with a gross operating surplus (EBITDA) close to €1 million and an EBITDA margin controlled at 5.3% despite the rise in raw materials. The company’s financial situation remains very healthy and solid with a low level of indebtedness and gross available cash of more than €13 million, allowing it to remain on active watch for targeted acquisition opportunities to complement its skills and its international deployment.
French standards – in K€ | S1 2021-22 | S1 2022-23 | Variation |
|
Turnover |
15,052 |
18,905 |
+25.6% |
Margin on purchasing costs | 8,682 | 9,692 | +11.6% |
External charges [1] | (2,222) | (2,647) | +19.1% |
Staff costs [2] | (5,537) | (5,912) | +6.8% |
|
Gross operating surplus (EBITDA) |
790 |
997 |
+26.2% |
|
EBITDA margin |
5.2% |
5.3% |
+0.1 points |
Depreciation and provisions net of reversals (including leasing) | (408) | (488) | ns |
|
Operating result |
384 |
510 |
+33.5% |
|
Operating margin |
2.5% |
2.7% |
+0.2 points |
bottom line | (14) | (22) | ns |
exceptional result | (24) | (53) | ns |
Income tax | – | – | |
Employee participation | (60) | (61) | ns |
|
Net profit |
285 |
374 |
+32.0% |
Growth of +26.2% in gross operating surplus (EBITDA)
Grolleau recorded revenue of €18.9 million at the end of this 1
er
half of 2022-23, i.e. strong growth of +25.6% thanks to dense activity in its three business segments. The pole
smart city
(formerly Urbain), comprising the urban cabinet activity and electric charging stations, represents 45% of the turnover of the 1
er
semester 2022-23, the division
Telecom
(NRO cabinets and shelters / data centers) contributes 35% to half-year revenue, while the division
Energy & Industry
(electricity cabinet, motorway tolls and boat doors in particular) represents 20% of half-year turnover.
The margin on purchasing costs increased by +11.6%, less than the turnover which grew by 25.6%. This difference includes on the one hand the cyclical effect of the rise in the cost of raw materials, even if these were partially passed on to the selling prices, and on the other hand an impact of the product mix. It stands at 51.3% as a percentage as of September 30, 2022 compared to 57.7% as of September 30, 2021.
Current expenses remain perfectly under control. External expenses increased by €0.4 million to €2.6 million as of September 30, 2022, half of which is explained by the increase in transport costs in a context of business growth, the takeover of holdings at trade fairs (especially international ones) after covid-19 and the rise in energy. Personnel costs increased by +6.8% under the effect of the reinforcement of the sales teams, as well as the increase in salaries. As of September 30, 2022, Grolleau had 210 employees compared to 200 employees as of September 30, 2021.
At the close of this 1
er
semester 2022-23, EBITDA stands at €1.0m compared to €0.8m in 1
er
semester 2021-22, up sharply by +26.2%. Grolleau posted an EBITDA margin of 5.3%, up +0.1 points.
After accounting for depreciation charges net of reversals (€0.5 million)
[4]
operating income rose sharply by +33.5% to €0.5 million.
After taking into account a very low financial result and employee profit-sharing, net income came to €0.4 million at September 30, 2022, i.e. strong growth of +32% compared to the 1
er
semester 2021-22.
A very healthy financial situation – Positive net cash of €6.2 million
Equity amounted to €14.8 million as of September 30, 2022 (compared to €14.5 million as of September 30, 2021) including the profit for the half-year and the payment of the dividend (€114 thousand).
Cash flow generated by the activity amounted to €0.4 million (compared to (€0.4) million at September 30, 2021) taking into account an improvement in WCR in a context of business growth. WCR thus amounted to (0.4) M€ compared to (1.1) M€ at September 30, 2021. Investments for the half-year increased, from €0.2 M at September 30, 2021 to 1.9 M€ as of September 30, 2022, and were mainly dedicated to the extension of the factory over 1,700 m2 with two new overhead cranes for the manufacture of modular Datacenters.
Gross financial debt amounted to €7.1 million as of September 30, 2022 (compared to €5.9 million as of March 31, 2022), including the financing of the plant extension by bank loan.
As of September 30, 2022, Grolleau has very solid available cash of €13.4 million (compared to €13.9 million as of March 31, 2022) and is in a positive net cash position of €6.2 million.
Confirmation of +10% revenue growth for fiscal year 2022-23
On the Smart City pole (formerly Urban),
the urban cabinets activity will continue to support the activity with a still dense demand on the intelligence and connectivity of cities. On the charging terminals activity, Grolleau recalls that it will deliver the Totem HPC for Total Energies by the end of the calendar year. The Company has also just signed a major industrial partnership contract with IES Synergy, one of the European leaders in direct current “DC” fast charging stations, for the deployment of their new generation of ultra-fast charging stations.
[5]
. This is a particularly strategic growth driver for Grolleau, which is now positioned on all ranges and technologies of charging stations, a market that is still in full development.
On the Telecom activity
Grolleau will deliver two
shelters
[6]
telecoms in Liberia by the end of the calendar year
[7]
. Demand is growing for its Data Centers Edge Computing offer, for which the Company has already responded to 10 calls for tenders. On the deployment of fiber networks for operators, Grolleau recalls having achieved a first commercial success with Terralpha, a subsidiary of SNCF network, for the deployment of cabinets which will be delivered to the 3
th
quarter of fiscal year 2022-2023. Grolleau finally recalls that it should deliver a new
shelter
4
NRO in Scotland by the end of 2022 for Axione.
Finally,
the Energy & Industry activity
growth is expected, driven in particular by the end of deliveries of the 2,600 doors of the Chantiers de l’Atlantique ship Euribia and the new order of €1 million for the cruise ship UTOPIA of the Seas (1,600 doors). Grolleau also notes a growing demand for energy management, amplified by the current context, thus opening up new markets.
As announced, the pace of activity will be lower on the 2
n/a
semester but in line with expectations for the year. Grolleau thus confirms its ambition of annual revenue growth of around 10% over the 2022-23 financial year, supported by an order book which stood at €8.1 million at September 30, 2022. an unfavorable inflationary context which weighs on costs, the company anticipates an annual EBITDA margin at the level of the previous financial year, i.e. around 4.5%, and confirms its medium-term ambitions, namely a figure of business of €50 million for the 2025-26 financial year and an EBITDA margin of 8 to
10%.
Lastly, the company reiterates that it is always on the lookout for targeted acquisition opportunities to complement its skills and its international deployment.
The half-year financial report, including the financial statements as of September 30, 2022, will be available no later than December 15, 2022 in the “Financial Information” / “Financial Documents” section on the Company’s website:
www.grolleau-bourse.com
Next meeting: turnover of 3
th
quarter on Tuesday, January 24, 2022
Find all the information about Grolleau on: www.grolleau-bourse.com
|
ABOUT GROLLEAU Founded in 1950, Grolleau is a French industrial player specializing in the supply of infrastructure equipment to support the development of smart cities and territories ( Smart Territory ) booming with the deployment of 5G and connected objects. Grolleau is the recognized specialist in outdoor equipment for the protection and securing of critical technologies that ensure the proper functioning of territories (energy and water management, connectivity and telecommunications, green mobility, smart grid). Grolleau is the French number 1 in urban cabinets (telecoms / energy) throughout the territory and the 1 er French manufacturer of on-street electric charging stations. French designer, manufacturer and integrator of its equipment, Grolleau controls the entire value chain, from design to delivery, on its industrial site in Montilliers (Angers) over more than 60,000 m 2 and employs 200 people. The company generated revenue of €31.2 million as of March 31, 2022 and intends to more than double its revenue between 2021-2022 and 2025-26. |
|
PRESS RELATIONS NEWS finance & communication Amaury DUGAST [email protected] Such. 01 53 67 36 74 |
INVESTOR RELATIONS
NEWS finance & communication
Anne-Pauline PETUREAUX
Such. 01 53 67 36 72
[1]
Includes restatement of interim position and leasing
[2]
Includes reclassification of the temporary position, initially recognized in external expenses and reclassified in personnel expenses.
[3]
Lease adjustment included.
[4]
Leasing included
[5]
See press release of October 19, 2022
[6]
Shelter means “shelter” in French.
[7]
See press release of September 27, 2022
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