Artificial Intelligence
LACROIX Group : Annual results 2019-2020. Proven resilience in the face of the crisis. On course to making the most of recovery.
Annual results 2019-2020
Proven resilience in the face of the crisis
On course to making the most of recovery
LACROIX (LACR – FR0000066607), an international technological equipment manufacturer, presents its results for the financial year 2019/2020.
As a reminder, following the change in the closure date, the financial year ran for an exceptional period of 15 months, from 1 October 2019 to 31 December 2020. As a result, it is not directly comparable to the previous 12-month financial year ended 30 September 2019. For the purpose of better comparability and for information, this press release therefore presents certain financial aggregates on a 12-month pro forma basis (from 1st January to 31 December 2020).
| in millions of euros | 2019-2020 15 months |
2018/2019 12 months |
Variation | 2019/2020 12 months pro forma |
Change |
| 01/10/19 – 31/12/20 |
01/10/18 – 30/09/19 |
01/01/20 – 31/12/20 |
|||
| Revenue | 566.3 | 481.6 | +17.6% | 441.0 | -8.4% |
| EBITDA | 34.6 | 28.9 | 19.7% | 26.1 | -9.6% |
| as a % of revenue | 6.1% | 6.0% | +10bp | 5.9% | -10bp |
| Current operating profit | 20.1 | 20.8 | -3.0% | 14.4 | -30.6% |
| as a % of revenue | 3.6% | 4.3% | -70bp | 3.3% | -100bp |
| Operating profit | 19.1 | 16.3 | +16.8% | ||
| Financial income | (1.7) | (1.0) | -62.2% | ||
| Income taxes | (5.7) | (4.2) | -35.9% | ||
| Consolidated net income | 11.7 | 11.1 | +5.4% | ||
| Net income – Group share | 11.0 | 10.6 | +3.7% |
A turnaround in activity from the fourth quarter
After a start to the financial year driven by still robust activity with a first quarter up 7.6%, the growth momentum was logically stopped by the first national lockdown, impacting the end of the second quarter (-7.5% over the period from January to March) and especially the third quarter (-36.1% for the period from April to June).
With the gradual lifting of restrictive health measures, business has steadily recovered, demonstrating the resilience of the Group, which has made a rapid return to growth with increases of 1.8% and 2.2% respectively in the fourth and fifth quarters (compared to the previous year).
For the full 2019-2020 financial year (15 months, from 1 October 2019 to 31 December 2020), LACROIX recorded revenue of €566.3 million, up 17.6% on a reported basis. On a pro forma basis (12 months, from 1 January to 31 December 2020), the latter came to €441.0 million, down 8.4%, entirely in line with the target announced in spring 2020 (an expected fall of around 10%).
The upturn underway is all the more encouraging as it is driven by all the Group’s activities:
- The Electronics Activity posted revenues of €355.2 million over 15 months, up 11.8% on a reported basis. On a 12-month pro forma basis, it fell by 13.3%, compared with a fall of 17.0% at the end of June 2020 (of which 43% in the third quarter alone), partially offset by a return to balance in the fourth and fifth quarters. The rebound was driven in particular by the automotive sector, while demand from the aeronautics sector, whose contribution to the division’s activity did not exceed 8% before the crisis, remains strongly contracted for the time being.
- Boosted by new uses, the City Activity held up well with revenues on a 12-month pro forma basis down by a limited 6.2% and a return to growth from the fourth quarter (+0.4%), confirmed in the fifth quarter (+7.3%). Over 15 months, revenue for the activity was €125.3 million, up 19.8% on a reported basis.
- The Environment Activity also held up remarkably well with growth of 14.1% on a 12-month pro forma basis, driven by maintained sales momentum and the sound contribution of SAE IT Systems in the field of the Smart Grid (acquisition carried out in February 2019). On a reported basis, the 15-month revenues were up 44.9% to €85.8 million.
Vincent Bedouin, Chairman and CEO of LACROIX, “While the health crisis has logically penalised us, forcing us to postpone achieving the objectives of our Ambition 2020 strategic plan, we are nonetheless very satisfied with the resilience demonstrated by all our activities, which have made a rapid turnaround. Our ability to ensure business continuity with our customers and the successful integration of our latest acquisitions have enabled us to cope with this unprecedented context. While the current situation still calls for caution, we are now ready to prepare for tomorrow’s growth and set new ambitions.”
Strong resistance of results
EBITDA came to €34.6 million, up 19.7% on a reported basis, representing 6.1% of overall activity for the period.
On a reported basis, current operating profit came to €20.1 million, down by only 3.0% compared with 2018/2019. The current operating margin held up well with a limited drop of 70 basis points to 3.6%.
On a 12-month pro forma basis, current operating profit came to €14.4 million, down 1 point to 3.3% compared with 2018/2019. The measures immediately taken in the spring to protect the Group’s financial fundamentals, as well as the marked recovery of all activities from the fourth quarter, made it possible to limit the impact of the crisis on operational profitability.
This resistance is especially noticeable in LACROIX’s Environment Activity. The sharp rebound in activity recorded in the second half of the financial year, the tight control of the cost structure and the positive contribution of SAE IT Systems enabled the activity to maintain a high current operating margin.
Performance was more mixed for the Group’s other two activities. The Electronics Activity showed a €6.9 million drop in current operating profit compared with 2019, which nevertheless remains positive at €2.5 million. The City Activity, for its part, showed a current operating loss of €1.8 million, entirely attributable to the effects of the health crisis.
Operating profit amounted to €19.1 million and included exceptional expenses that were significantly lower than those recorded for the 2018/2019 financial year (€1.0 million versus €4.4 million).
After taking into account financial income and tax expenses, the net income (Group share) remains positive at €11.0 million.
Strong Free Cash Flow generation of €30.8 million driven by the improvement in WCR
LACROIX posted a significant increase in its net cash flow from operations to €48.0 million compared to €6.3 million in 2018/2019. Beyond the extended duration of the financial year to 15 months, this strong performance comes from the improvement in WCR observed over the entire period, up by €21.7 million and which partly benefited from a recovery in fundamentals (deterioration of €15.7 million in the previous financial year) and an improvement in customer receipts at the end of the calendar year.
The Group also continued its investment programme in order to prepare for future growth and take full advantage of the upturn. As such, investments excluding financial investments and changes in scope, amounted to €17.2 million over the period, compared with €11.7 million in the previous year. €2.2 million are related to the 4.0 Symbiose factory project, the timetable for which is still on schedule despite the context. As a reminder, this new site, which receives financial support from BPI, is intended to achieve €100 million in turnover by 2027. Delivery is scheduled for the end of the year.
In total over the period, LACROIX generated €30.8 million in Free Cash Flow (excluding financial investments and excluding the impact of changes in scope).
Lastly, a State-guaranteed loan was obtained in June for €18.5 million. Over the period, debt improved significantly with a gearing ratio of 0.29 at 31 December 2020 compared to 0.54 at 30 September 2019.
With €54.4 million in cash at 31 December, the Group has a healthy financial position, ensuring it has solid means to finance its growth ambitions, whether organic or through acquisitions.
Dividend
A dividend of €0.68 per share will be proposed at the next General Meeting of Shareholders. This proposal includes a 20% reduction in the usual distribution rate to take into account the specific context of 2020.
Presentation of the new strategic plan on 7 April
While the signs of economic turnaround have been confirmed over recent months, LACROIX is fully operational and ready to return to a positive trajectory both in terms of growth and progression in its profitability.
The Group is also expected to continue to benefit from the significant contributions of its latest acquisitions, whether in industrial IoT and artificial intelligence with eSoftThings (acquisition carried out in July 2020) or in the buoyant Smart Grid market with SAE IT Systems (acquisition carried out in February 2019).
Given these encouraging prospects, new ambitions will be unveiled when the new strategic plan is presented on 7 April 2021. This plan will be an opportunity to share the strategic objectives and priorities that will drive the Group’s development for the next five years.
Upcoming dates
Presentation of strategic plan: 7 April 2021 before market open
Revenue for the 1st quarter of 2021: 10 May 2021 after market close
See our financial information in our investor section
https://www.lacroix-group.com/investors/
Contacts
ABOUT LACROIX
Convinced that technology should contribute to simple, sustainable and safer environments, LACROIX enable its customers to build and manage smarter life ecosystems, thanks to useful equipment and technologies.
As a publicly-listed family-owned SME, LACROIX combines the essential agility required to innovate in an ever-changing technological sector with the ability to industrialise robust and secure equipment, cutting-edge 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 its customers’ electronic equipment, in particular in the automotive, home automation, aeronautical, industrial and health sectorś. LACROIX also provides safe, connected equipment for the management of critical infrastructures such as smart roads (street lighting, traffic signs, traffic management, V2X) and the management and operation of water and energy systems.
Drawing on its extensive experience and expertise, the Group works with its customers and partners to build the connection between the world of today and the world of tomorrow. It helps them to create the industry of the future and to make the most of the opportunities for innovation that surround them, supplying them with the equipment for a smarter world.
Attachment
Artificial Intelligence
Aon and Marsh McLennan call on (re)insurance industry to aid Ukraine’s resilience
– The firms emphasized that the removal of blanket exclusions would catalyze Ukraine’s growth and future reconstruction
MONTE CARLO, Sept. 8, 2024 /PRNewswire/ — Aon and Marsh McLennan today called on the (re)insurance industry to build upon the capital, expertise and historical role of the (re)insurance industry to help Ukraine’s resilience by catalyzing economic growth and strengthening the country’s foundations for a post-conflict economy. The firms emphasized that the removal of blanket exclusions, which ignore the diversity of risk throughout the country, would further support for Ukraine’s economy.
Additionally, since the start of the war, many global reinsurers have grouped risks originating in Ukraine, Russia, and Belarus together, excluding them from reinsurance contracts, limiting (re)insurance capital and impeding economic growth and stability. The inclusion of Ukraine with Russia and Belarus is not rooted in the data and analytics that drive the assessment of risk and overlooks that Ukraine, while under siege, seeks to further align as a free and democratic economy and member of the European Union.
“Marsh McLennan is dedicated in our support of Ukraine – helping it attract global investment to rebuild the country, and recover from the devastating impact of war on its people and economy,” said John Doyle, president and CEO of Marsh McLennan. “We call on the global insurance community to join us in this effort and end blanket exclusions for Ukraine.”
“Aon’s support of Ukraine leads us to look forward to its economic recovery,” said Greg Case, CEO of Aon. “Insurance capital is essential for the reconstruction of Ukraine’s health care, energy and agricultural sectors. We’re asking the insurance industry to look closely at Ukraine’s risks and work to strengthen the public private partnerships under development.”
Marsh McLennan and Aon each are already working with the Ukraine, U.S. and UK governments, along with many other international organizations, to support Ukraine’s economy as it endures ongoing attacks and accelerate investment in the country’s eventual economic recovery.
In March, Marsh McLennan announced the expansion of its public-private partnership with the Ukraine government to cover all shipping to and from Ukraine’s ports. This follows Marsh McLennan’s support in helping the Ukraine Government develop its war risk data platform which provides investors and (re)insurers with granular transparent data on the impact of the conflict to date and degree of war risk.
In June, Aon worked with the U.S. International Development Finance Corporation to create a first-of-its-kind insurance program to support war risk policies for businesses operating in Ukraine. The availability of insurance for war risk, especially across health care and agriculture, will stimulate economic expansion and employment, while strengthening the foundation of Ukraine’s economy to support a robust reconstruction.
The firms assert that arbitrary exclusions for Ukraine contribute to confusion about the vastly different levels of risk in the country. As a result, there are potential issues with how (re)insurers underwrite risks between regions directly impacted by the war and many areas of central and western Ukraine which have suffered little to no war damage. The use of data and analytics can enable more impactful insights into where insurance capital can contribute to Ukraine’s reconstruction and further economic growth.
About AonAon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon’s newsroom and sign up for news alerts here.
About Marsh McLennanMarsh McLennan (NYSE: MMC) is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of $23 billion and more than 85,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit marshmclennan.com, or follow on LinkedIn and X.
Media Contacts
[email protected] (U.S., Canada and Puerto Rico): +1 833 751 8114International: +1 312 381 3024
Marsh McLennanJason [email protected]+44 (0)7733 325 587
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Artificial Intelligence
HONOR Redefines Mobile AI Solutions with PC powered by Snapdragon, on-device AI Agent and AI Deepfake Detection at IFA 2024
HONOR, Qualcomm, and Microsoft Redefine Innovations in Mobile AI
BERLIN, Sept. 7, 2024 /PRNewswire/ — Today at IFA 2024, HONOR unveiled three groundbreaking mobile AI Solutions: AI PC powered by Snapdragon® X Elite platforms, AI Agent and AI Deepfake Detection. The launch was accompanied by a thought-provoking panel discussion featuring HONOR CEO George Zhao; Alex Katouzian, Group GM of MCX at Qualcomm Technologies, Inc.; and Mark Linton, VP of Device Partner Sales at Microsoft. Together, they explored the convergence of AI and Snapdragon technology, discussing how these innovations are shaping the future of mobile AI.
“When it comes to mobile computing, AI is not just a buzzword, it’s a revolution,” commented George Zhao, CEO of HONOR Device Co., Ltd. “At HONOR, we’re committed to working with our partners to deliver powerful AI capabilities and seamless connectivity, while protecting our users’ privacy. Through open collaboration with industry leaders, we’re creating devices that empower individuals and redefine what’s possible.”
“At Qualcomm Technologies, we believe the NPU is the key to unlocking the true potential of AI in PCs,” added Alex Katouzian, Group GM of MCX, Qualcomm Technologies, Inc. “The Snapdragon X Elite with its industry-leading NPU performance empowers AI PCs like the HONOR MagicBook Art 14 to deliver next-generation AI experiences. Not only will users see a significant boost in capabilities, but the NPU’s efficiency also translates to longer battery life, allowing users to stay productive for extended periods.”
HONOR MagicBook Art 14 Snapdragon: Redefining PC in the Mobile AI EraThe PC landscape is undergoing a radical transformation, driven by advancements in AI and the rise of Snapdragon platforms. Fueled by HONOR’s platform-level AI capabilities and developed in collaboration with top industry leaders, HONOR MagicBook Art 14 Snapdragon heralds a new era of computing.
Featuring a sleek and compact design, the HONOR MagicBook Art 14 Snapdragon is a marvel of lightweight engineering. It incorporates cutting-edge platform-level AI features alongside robust hardware and software solutions, ensuring unmatched productivity and user experience. It translates the lightweight and slim characteristics of smartphones to laptops, delivering the lightest and slimmest AI PC on the market, weighing approximately 1kg with a slimness of 1cm. Delivering an immersive visual journey, the HONOR MagicBook Art 14 Snapdragon features a captivating 14.6-inch HONOR FullView Touch Display boasting a crystal-clear 3.1K resolution. It also includes an outstanding 97% screen-to-body ratio, the largest among 14-inch laptops. The HONOR MagicBook Art 14 Snapdragon is powered by the Qualcomm Snapdragon X Elite, elevating the computing experience to new heights in terms of power, efficiency, and security.
The HONOR MagicBook Art 14 Snapdragon also enables a smooth transition of Windows applications on X86 to the Windows on Snapdragon architecture. Based on years of research on the ecosystem, HONOR created a Hotspot Library that uses platform-level AI to identify frequently used scenarios and trigger translation optimization efficiently. HONOR has improved 16% of the average boot-up time1 with translation optimization across a diverse array of Windows applications. Currently, HONOR has optimized a total of the Top 14 applications across six major categories, including browsers, online meetings, media, office, social software and tools.
The HONOR MagicBook Art 14 Snapdragon will be soon available in German, France and Italy. For preorder, please visit HONOR online store now at www.honor.com.
Seamless AI Experiences Elevated by the Power of MagicRingIn the mobile AI era, seamless cross-OS connectivity will truly empower users to unlock AI everywhere. Unlike the manual point-to-point connections in traditional solutions, the HONOR MagicRing allows multiple devices of the same account to automatically connect with low power consumption.
The MagicRing not only connects devices but also connects services across the devices. The solution also enables users to use the same set of keyboard and mouse for multiple devices, receive calls and notifications on a device other than their smartphones, and control the smartphone’s camera on the PC. With the secure and smooth flow of services and information across devices, MagicRing makes multi-device AI experience easier. For example, as one of the typical scenarios of Windows on Snapdragon experience, Cocreator allows users to produce fantastic artwork with simple draws. Powered by MagicRing, users can seamlessly access Cocreator on their HONOR MagicPad 2, drawing AI masterpieces with their Magic-Pencil. In the Meanwhile, they can also use AI Eraser from HONOR Magic V3 on the HONOR MagicBook Art 14 Snapdragon to experience unparalleled levels of convenient mobile AI.
HONOR AI Agent: The First On-device AI Agent for the Open Ecosystem The HONOR AI Agent is a revolutionary always-on personal assistant designed to enhance and simplify users’ daily lives. By intuitively understanding users’ requests and intentions through language analysis and UI awareness technology, the AI Agent that learns from their habits and device environment can intelligently make decisions across various apps and services. This capability allows it to automate complex tasks. HONOR demonstrated how to find and cancel unwanted app subscriptions across different apps with just a few simple voice commands on their smartphones.
As we look to the future, the HONOR AI Agent is poised to become the cornerstone of mobile AI, and it is anticipated to arrive with the HONOR Magic7 Series later this year in China. This innovation not only signifies a leap in technology but also heralds a new era where AI seamlessly integrates into our daily routines, enhancing everyday productivity and efficiency.
The World’s First On-device AI Deepfake Detection TechnologyAs the technology behind deepfakes becomes more sophisticated, the potential for misuse, including identity theft and the spread of disinformation, grows significantly. HONOR’s on-device AI Deepfake Detection represents a groundbreaking solution designed to protect users from the increasingly prevalent threat of deepfakes. This innovative detection system employs advanced algorithms to meticulously analyze various elements, including pixel-level synthetic imperfections, border compositing artifacts, inter-frame continuity, consistency in face-to-ear hairstyle, and the positioning of synthetic traces. By examining these characteristics, the technology can accurately identify manipulated content, distinguishing between genuine media and deceptive alterations.
About HONOR HONOR is a leading global provider of smart devices. It is dedicated to becoming a global iconic technology brand and creating a new intelligent world for everyone through its powerful products and services. With an unwavering focus on R&D, it is committed to developing technology that empowers people around the globe to go beyond, giving them the freedom to achieve and do more. Offering a range of high-quality smartphones, tablets, laptops and wearables to suit every budget, HONOR’s portfolio of innovative, premium and reliable products enable people to become a better version of themselves.
For more information, please visit HONOR online at www.honor.com or email [email protected]
https://community.honor.com/ https://www.facebook.com/honorglobal/ https://twitter.com/Honorglobal https://www.instagram.com/honorglobal/ https://www.youtube.com/c/HonorOfficial
1Data comes from HONOR labs.
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Artificial Intelligence
TECNO Pocket Go Wins Global Product Technology Innovation Award 2024 at IFA 2024
BERLIN, Sept. 7, 2024 /PRNewswire/ — One of the largest consumer electronics exhibitions in the world, the 2024 IFA Berlin International Consumer Electronics Show, officially kicks off today in Berlin. During the event, the highly anticipated Global Product Technical Innovation Award 2024 was announced, with TECNO Pocket Go winning the prestigious AR Immersive PC Gaming Experience Innovation Gold Award. This recognition highlights the brilliance of Chinese brand on the global stage.
TECNO is dedicated to innovation from the user’s perspective, continuously developing products and applications that enhance user experience. Since 2019, TECNO has expanded its AIoT ecosystem, leveraging its mobile technology to introduce innovative smart wearables, business laptops, and other groundbreaking products, all aimed at providing users with a more intelligent TECNO ecosystem experience.
As a global innovative technology brand with operations in over 70 markets, TECNO has been committed to revolutionizing the digital experience in global emerging markets, relentlessly pushing for the perfect integration of contemporary, aesthetic design with the latest technologies. TECNO offers a wide range of AIoT products covering smart wearables, laptops, tablets and smart home products.
Guided by its brand essence of “Stop At Nothing”, TECNO is committed to unlocking the best and newest technologies for forward-looking individuals, inspiring them to never stop pursuing their best selves and their best futures.
The “Global Product Technology Innovation Award” is a grand international selection of global consumer electronics brands. Launched globally every year, it is also one of the most professional and authoritative international exchange, display and cooperation platforms in IFA in the same year to conduct comprehensive review and evaluation of the global consumer electronics industry for the whole year.
TECNO Pocket Go, redefines gaming on the go
TECNO Pocket Go creates a “new gaming paradise” in handheld PC form in AR industry. By seamlessly integrating with the Windows gaming ecosystem and utilizing advanced head tracking technology, it brings an unparalleled 6D immersive experience to users. Featuring a top-tier AMD® Ryzen™ 7 8840HS gaming processor and a laptop level cooling system by rebuilt the structure to compact size with 50% smaller size and 30% lighter weight. Just easy to carry as a smartphone.
Smaller in your palm, Master in your vision
The AR Pocket Vision features a 0.71-inch Micro-OLED screen that delivers the equivalent of a 215-inch TV experience from 6 meters away, surpassing industry standards. Gamers will enjoy a cinematic-level viewing experience, with customizable adjustments for up to 600° diopters to ensure eye comfort. It also safeguards your privacy, enabling you to play anywhere.
Dominant Flagship Gaming CPU, lead Performance Ahead
Powered by the AMD® Ryzen™ 7 8840HS gaming processor, the Pocket Go handheld offers exceptional speed and seamless multitasking with 8 cores, 16 threads, and turbo speeds up to 5.1 GHz. Its PC-level cooling system, featuring a large fan and three copper pipes, ensures optimal performance at 35W. Combined with a 50Wh replaceable battery, it guarantees long-lasting gaming sessions without interruptions.
“VisionTrack” experiences, games come alive
The Pocket Go combo delivers an immersive experience for your eyes and hands. The AR Pocket Vision features a six-axis gyroscope and AI algorithms for precise head tracking, enhancing real-time data collection during gameplay. With N’BASS® acoustic materials and a proprietary vibration algorithm, it translates in-game sounds into nuanced vibrations via handheld while the Hall Effect Joysticks and Triggers provide precise control, elevating your gaming experience with rich visual and tactile sensations.
With TECNO Pocket Go, users can enjoy a futuristic gaming experience, and seamlessly connecting to TECNO’s products in a new forms of AR experiences.
View original content:https://www.prnewswire.co.uk/news-releases/tecno-pocket-go-wins-global-product-technology-innovation-award-2024-at-ifa-2024-302241146.html
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