Compagnie Chargeurs Invest (CRI) Q4 2021 earnings summary

Executive summary

• Record Q4 followed record Q3; FY2021 revenue was €736.6m, recurring operating profit €50.7m and attributable net profit €30.6m, each above 2019 levels.

• Results were driven by CPF’s record business, recovery across textile activities and growth at CMS; all business lines were profitable.

• Strong cash generation, controlled working capital and available financial resources supported accelerated growth and acquisition plans.

Financial highlights

• FY2021 revenue was €736.6m, up 17.6% vs. 2019; EBITDA was €73.8m, up 23.0%, and recurring operating profit was €50.7m, up 22.5%.

• Gross profit was €186.3m, or 25.3% of revenue; attributable net profit was €30.6m, up 103% vs. 2019, and EPS was €1.30.

• Operating profit was €41.2m after €5.5m of acquisition-related intangible amortization and €4.0m of non-recurring expenses, mainly acquisitions and reorganizations.

• Net cash from operating activities was €64.9m, up 155% vs. 2019; working capital contributed €21.9m at constant exchange rates.

Outlook and guidance

• Leap Forward 2025 targets revenue of €1.5bn and recurring operating profit of €150m, combining embedded performance with acquisitions.

• 2022 performance drivers include CPF margin improvement from price increases, higher CFT-PCC volumes, CMS growth and a greater contribution from acquisitions.

• Record order books at CPF, CFT-PCC and CMS supported the recovery outlook; CFT-PCC targeted a return to pre-COVID business levels during 2022.

• Museum Studio had €140m of revenue signed for 2022–2025; its order-book-to-annual-revenue ratio was nearly 3x in early 2022.