FY 2023 SPIE annual results - Press release
March 07 2024 - 12:54AM
FY 2023 SPIE annual results - Press release
Cergy, March 7th, 2024 Outstanding
financial performance in 2023
- Revenue: €8,709 m, up +7.6% vs. 2022, including an exceptional
+8.4% organic growth reflecting the strong momentum on our markets,
as well as our ability to increase prices in an inflationary
context
- Significant increase of EBITA, up +14.3% (vs. 2022) at €584.2
m
- EBITA margin exceeding guidance at 6.7% of revenue; +40 bps vs.
2022, despite an inflationary context, and thanks to our unabating
focus on operational excellence and our selectivity approach which
is even higher in a context of strong demand for our services
- Adjusted net income1: €344.0 m (+14.2% vs. 2022)
- Net income Group share: €238.5 m (+57.4% vs. 2022)
- Recommended dividend for FY2023: €0.83 per share2, up +13.7%
vs. 2022
Very strong cash generation and a
leverage ratio at all-time low
- Exceptional level of free cash flow at €427 m (+35.6% vs.
2022), with a cash conversion at 109% well above our target of
100%, supported by a structurally highly negative working capital
((37) days of revenue at the end of December 2023) illustrating our
rigorous focus on cash
- Further deleveraging down to 1.2x3 at December 31st, 2023
(compared to 1.6x at December 31st, 2022)
- Successful refinancing with very attractive conditions in early
2023 and no upcoming maturities before 2026
- In 2023, SPIE was upgraded to BB+ by both S&P and
Fitch
Very strong delivery on our M&A
activity with more than €700 million of yearly revenue
acquired
- 9 bolt-on acquisitions reinforcing our footprint in France,
Germany, the Netherlands as well as building a position in the
offshore wind sector at SPIE Global Services Energy (former SPIE
Oil & Gas Services)
- SPIE nurtures a rich pipeline of opportunities and pursues the
consolidation of its key markets to further strengthen its
positioning as a key enabler for energy transition
Leading the way on
sustainability - 48% of SPIE revenue is aligned with
EU taxonomy, establishing SPIE as a best-in-class performer
As from 2024, new reporting segment to
reflect the evolution of the geographical mix of the
Group
- France (including Nuclear Services)
- Germany
- North-Western Europe
- Central Europe: Poland, Switzerland, Austria, Czech Republic,
Hungary and Slovakia
- Global Services Energy (former Oil & Gas Services)
2024 outlook
- Further organic growth, at a slower pace than in 2023
- Further EBITA margin increase
- Continuation of a dynamic bolt-on M&A strategy, remaining
at the core of SPIE’s business model
- The proposed dividend pay-out ratio will remain at c.40% of
Adjusted Net Income4 attributable to the Group
As the Group
has reached its 2025
EBITA margin guidance two years
in advance, SPIE
upgrades its 2025 mid-term
guidance
- Organic growth: at least +4% p.a. on
average, based on historical level of inflation (unchanged)
- EBITA margin: continuous improvement towards 7% in 2025
(Previously: “EBITA margin improvement towards 6.7% in 2025”)
- A cash conversion of c.100% (unchanged) - Accelerating
on its M&A compounding model (unchanged) - 5 ESG targets
confirmed (unchanged)
Gauthier Louette, Chairman &
CEO, said: “2023 was a record year for SPIE in all
respects. It demonstrates the strengths of our model and the unique
positioning of our highly valuable multi-technical services, which
are critical for the accelerating energy transition markets. The
Group delivered an exceptional level of organic growth at 8.4%.
Despite an inflationary context, the margin increased markedly, by
40 basis points, bringing us two years ahead of plan at our
mid-term guidance of 6.7 % EBITA margin. SPIE delivered more than
100% cash conversion and achieved an all-time low leverage ratio.
Our strong discipline and unabating focus on operational excellence
remained the key drivers of success. We stepped up our bolt-on
acquisitions during the year, with nine acquisitions representing
more than 700 million euros of annual revenue acquired while
nurturing a dynamic and rich pipeline of further opportunities. Our
revenue aligned with the EU taxonomy reached 48% in 2023,
showcasing one of the highest levels among SBF120 and establishing
the Group as a key enabler for energy transition. Looking ahead, we
are very confident to deliver yet another strong year in 2024”.
About SPIE
SPIE is the independent European leader in
multi-technical services in the areas of energy and communications.
Our 50,000 employees are committed to achieving the energy
transition and responsible digital transformation alongside our
customers. SPIE achieved in 2023 consolidated revenue of €8.7
billion and consolidated EBITA of €584 million.
Contacts
SPIE Pascal Omnès Group Communications Director
Tel. + 33 (0)1 34 41 81 11 pascal.omnes@spie.com |
SPIE Audrey Bourgeois Investor Relations Director
Tel. + 33 (0)1 34 41 80 72 audrey.bourgeois@spie.com |
IMAGE 7 Laurent Poinsot & Claire Doligez Tel.
+ 33 (0)1 53 70 74 70 spie@image7.fr |
www.spie.com https://www.facebook.com/SPIEgroup
http://twitter.com/spiegroup
Disclaimer
Certain information included in this press
release are not historical facts but are forward-looking
statements. These forward-looking statements are based on current
beliefs, expectations and assumptions, including, without
limitation, assumptions regarding present and future business
strategies and the environment in which SPIE operates, and involve
known and unknown risks, uncertainties and other factors, which may
cause actual results, performance or achievements, or industry
results or other events, to be materially different from those
expressed or implied by these forward-looking statements.
Forward-looking statements speak only as of the date of this press
release and SPIE expressly disclaims any obligation or undertaking
to release any update or revisions to any forward-looking
statements included in this press release to reflect any change in
expectations or any change in events, conditions or circumstances
on which these forward-looking statements are based. Such
forward-looking statements are for illustrative purposes only.
Forward-looking information and statements are not guarantees of
future performances and are subject to various risks and
uncertainties, many of which are difficult to predict and generally
beyond the control of SPIE. Actual results could differ materially
from those expressed in, or implied or projected by,
forward-looking information and statements. These risks and
uncertainties include those discussed or identified under Chapter 2
“Risk factors and internal control” in SPIE’s 2022 Universal
Registration Document, filed with the French Financial Markets
Authority (AMF) on April 12th, 2023, under number D.23-0265 which
is available on the website of SPIE (www.spie.com) and of the AMF
(www.amf-france.org). This press release includes only summary
information and does not purport to be comprehensive. No reliance
should be placed on the accuracy or completeness of the information
or opinions contained in this press release. This press release
does not contain or constitute an offer of securities for sale or
an invitation or inducement to invest in securities in France, the
United States or any other
jurisdiction.
1 Adjusted for i) operating income items restated from the
Group’s EBITA, ii) the change in fair value and amortisation costs
of derivative related to the ORNANE, and iii) the corresponding
normative tax income adjustment 2 Subject to shareholders’ approval
at the next Annual General Meeting on May 3rd, 2024 3 Ratio of net
debt excluding the impact of IFRS 16 at end December to pro forma
EBITDA (including full-year impact of acquisitions and disposals)
on a trailing twelve-month basis 4 Adjusted for i) operating income
items restated from the Group’s EBITA, ii) the change in fair value
and amortisation costs of derivative related to the ORNANE, and
iii) the corresponding normative tax income adjustment
- FY 2023 SPIE annual results - Press release
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