ASSYSTEM: 2022 annual results
2022 annual
results
- Revenue: €493.5m (up 10.8%, with 5.4% like-for-like
growth)
- Operating profit before non-recurring items (EBITA)(1): €33.0m
(up 8.2%), representing 6.7% of revenue
- Dividend(2): €1.00 per share
Paris La Défense, 14
March
2023,
5.35 p.m. (CET) – The Board of Directors of
Assystem S.A. (ISIN: FR0000074148 - ASY), an international
engineering group, reviewed today the Group’s financial statements
for the year ended 31 December 2022.
Dominique Louis, Assystem’s Chairman
and Chief Executive Officer,
stated:
“The need for decarbonised energy is a central
preoccupation of nations, and this need has amplified following the
geopolitical and climate events of 2022. Our 6,500 employees have
been working for a long time now on accelerating the energy
transition, and the relevance of our strategic positioning enables
us, once again, to deliver a very good commercial, operational
and financial performance. During the year we also successfully
integrated our recent acquisitions that will help us expand our
expertise clusters in order to serve our clients across the globe.
We are pursuing our long-term strategic roadmap with confidence,
our main challenge now being the ability to attract and retain the
best talents”.
KEY FIGURES
In millions of euros (€m) |
2021
reported |
2021
restated* |
2022
reported* |
Revenue |
483.1 |
445.4 |
493.5 |
Operating profit before non-recurring items
–
EBITA(1) |
32.0 |
30.5 |
33.0 |
% of revenue |
6.6% |
6.8% |
6.7% |
Consolidated profit for the
period(3) |
34.7 |
34.7 |
49.9 |
Net
debt(4) |
64.7 |
64.7 |
50.9 |
Dividend per share
(in
€)(2) |
1.00 |
1.00 |
1.00 |
*The reported figures for 2022 take into account
the impacts on revenue and profit of applying IFRS 5 with regard to
(i) the sale of Assystem’s life sciences and general industry
technical assistance activities to Expleo Group in January 2022,
and (ii) the agreement entered into by Assystem to sell 51% of the
shares and voting rights of MPH GS – the parent company of its
Staffing business – to MPH’s management. This sale took place in
January 2023. The figures for 2021 have been restated accordingly
in order to ensure meaningful comparisons with the figures for
2022.
ANALYSIS OF THE 2022 INCOME
STATEMENT
Assystem’s consolidated revenue
totalled €493.5 million in 2022, up 10.8% on the
€445.4 million recorded for 2021 (restated). Like-for-like
growth came to 5.4%, changes in the scope of consolidation had a
positive 3.9% impact (due to the consolidation of the India-based
company STUP as from 1 July 2021 and the UK companies Schofield
Lothian as from 1 October 2021 and LogiKal as from 1 December
2022), and the currency effect was a favourable 1.5%.
Revenue from Nuclear activities
totalled €344.9 million in 2022 (70% of the consolidated revenue),
versus €326.3 million in 2021. This 5.7% increase breaks down as
5.2% in like-for-like growth (including a 1.8% negative effect
resulting from the end of the first Kacare contract) and a 0.5%
favourable currency effect. Growth continued to be led throughout
the year by operations in France and the United
Kingdom.
ET&I revenue amounted to
€148.6 million in 2022, compared with €119.1 million in 2021.
Year-on-year growth was 24.7% (5.9% like-for-like growth, a
positive 14.6% impact from changes in the scope of consolidation
(consolidation of STUP, Schofield Lothian and LogiKal), and a
favourable 4.2% currency effect. Like-for-like growth was led by a
major new contract won in relation to the Neom project in Saudi
Arabia.
- Operating profit before
non-recurring items
(EBITA)
and
EBITDA(5)
Consolidated EBITA totalled
€33.0 million in 2022, up 8.2% on the €30.5 million restated figure
for 2021. EBITA margin narrowed to 6.7% from 6.8% in 2021,
reflecting the hiring costs incurred towards the end of 2022 to
support Assystem’s business growth.
EBITA for Assystem
Operations (all
of the Group’s operations except for Holding activities) came to
€38.5 million, representing 7.8% of revenue, compared with €36.6
million and 8.2% respectively in 2021.
The Group’s “Holding company” expenses
had a €5.5 million negative impact on consolidated EBITA in 2022
versus a €6.1 million negative impact in 2021.
Excluding the impact of IFRS 16, consolidated
EBITDA(5)
amounted to €39.6 million in 2022, representing 8.0% of revenue,
compared with €35.8 million and 8.0% respectively in 2021
(restated).
- Operating profit and other
income statement items
After taking into account €1.8 million in
share-based payments and €1.2 million in net non-recurring expense
for the period, consolidated operating profit
totalled €30.0 million in 2022, compared with €30.2 million in
2021.
Expleo Group – in which
Assystem holds 37.22% of the capital and 38.94% of the quasi-equity
instruments issued by that company (convertible bonds with
capitalised interest) – contributed €9.8 million to consolidated
profit, breaking down as €11.9 million in coupons on the
convertible bonds less Assystem’s €2.1 million share of
Expleo Group’s loss for the period. In 2021, Expleo Group
contributed €6.0 million, including €10.9 million in coupons on the
convertible bonds.
Assystem recorded net financial
income of €2.9 million in 2022, versus €1.6 million in
2021. The 2022 figure breaks down as €4.1 million in dividends
received from Framatome (€2.4 million in 2021). It also includes
€4.3 million recognised as a result of applying IAS 29 (Financial
Reporting in Hyperinflationary Economies) related to the Group’s
Turkish subsidiary, but this had no impact on consolidated
cash.
After deducting an income tax expense of €6.6
million (€7.2 million in 2021), consolidated profit from
continuing operations rose 18.4% to €36.1 million from
€30.5 million in 2021 (restated).Profit from discontinued
operations, as determined in accordance with IFRS 5, came to
€13.8 million (businesses sold to Expleo and MPH classified as
discontinued operations under IFRS 5).
Consolidated profit for the
period totalled €49.9 million, versus €34.7 million in
2021.
- Information
about Expleo Group
Revenue generated by
Expleo Group amounted to €1.27 billion in
2022, up 23% year on year (including the Life Sciences business
acquired from Assystem).
Expleo Group’s
EBITDA (including the impact of IFRS 16) surged
36% to €126 million in 2022, representing 9.9% of consolidated
revenue.
Expleo Group’s
consolidated profit before recognition of the capitalised
interest on its quasi-equity instruments was €31.3 million.
FREE CASH
FLOW(6)
AND NET DEBT
Free cash flow from continuing
operations for 2022 (excluding the impact of IFRS 16)
represented a net inflow of €26.5 million, or 5.4% of
consolidated revenue. For purposes of comparison, for 2020 and 2021
combined, free cash flow from continuing operations (excluding the
IFRS 16 impact) represented a net inflow of €51.2 million, or
5.6% of combined revenue for those two years.
The Group had net debt
(excluding the IFRS 16 impact) of
€50.9
million at 31 December 2022. This was €13.8
million lower than one year earlier, breaking down as follows:
- €(26.5) million due to the impact
of free cash flow from continuing operations;
- a €4.7 million impact from the free
cash flow of discontinued operations;
- a €14.7 million dividend payment to
Assystem shareholders for 2021;
- a €(2.9) million net-of-tax impact
arising from disposals and acquisitions(7);
- a €3.8 million net cash inflow for
other movements, including €4.1 million in dividends received from
Framatome and €0.1 million paid for purchases of Assystem
shares.
RECOMMENDED DIVIDEND FOR
2022
At the Annual General Meeting to be held on 5
June 2023, Assystem will recommend the payment of a dividend of
€1.00 per share for 2022, unchanged year-on-year. If this
dividend is approved by the shareholders, it would represent a
total payout of €14.8 million(8).
TWO NEW ACQUISITIONS CARRIED OUT IN JANUARY
2023
Assystem is continuing its bolt-on acquisition
strategy aimed at reinforcing its skills clusters in France, the
United Kingdom and India. Having acquired the Anglo-Australian
company LogiKal, specialised in Project Management, Assystem
carried out two new external growth transactions in
January (OREKA Ingénierie, specialised in digital
visualisation and simulation tools, and RELSAFE PRA Consulting,
specialised in nuclear safety).
OUTLOOK FOR
2023
In order to complete its strategic refocusing,
Assystem plans to sell its business activities in the Pacific area
in 2023. In 2022, these activities generated €12.7 million in
revenue, which was recognized in ET&I.
Taking into account this disposal, the
integration of the three acquisitions carried out since end-2022,
and the impact of major growth investments in skills to be made in
2023 to support the Group's medium-term growth, Assystem’s targets
for 2023 are as follows:
- consolidated revenue of between
€540 million and €560 million;
- and EBITA over €35 million.
These targets are based on macroeconomic, geopolitical and
health context comparable to the one in place at the beginning of
the year.
2023 FINANCIAL CALENDAR
- 27 April:
First-quarter 2023 revenue
release
- 5 June:
Annual
General Meeting
- 25 July:
First-half 2023 revenue release
- 13
September: First-half 2023 results release
– Results presentation on 14 September at 8.30 a.m. (CEST)
- 26 October:
Third-quarter 2023
revenue release
ABOUT ASSYSTEM
As one of the world’s leading independent
nuclear engineering companies, Assystem’s main mission is to help
accelerate energy transition. In the 12 countries where the Group
operates, the skills of its 6,500 experts are being put to the
service of developing the production and use of carbon-free
electricity (nuclear and renewables) as well as green hydrogen.
With over 55 years’ experience in highly
regulated sectors subject to stringent safety and security
constraints, the Group provides engineering and digital services
and solutions to optimise the cost and performance of its clients’
complex infrastructure assets throughout their life cycles.
To find out more visit www.assystem.com / Follow
Assystem on Twitter: @Assystem
CONTACTS
Malène Korvin – Chief
Financial Officer - mkorvin@assystem.com - Tel.: +33 (0)1 41 25 29
00
Anne-Charlotte Dagorn –
Communications Director – acdagorn@assystem.com - Tel.: +33 (0)6 83
03 70 29
Agnès Villeret –
Komodo – Investor relations -
agnes.villeret@agence-komodo.com – Tel.: +33 (0)6 83 28 04 15
APPENDICES
1/ Revenue and EBITA by
Business
In millions of euros |
2021reported |
2021restated(1) |
2022reported |
Total year-on-year change(2) |
Like-for-like change(2,3) |
Group |
483.1 |
445.4 |
493.5 |
+10.8% |
+5.4% |
Nuclear |
326.3 |
326.3 |
344.9 |
+5.7% |
+5.2% |
ET&I(4) |
156.8 |
119.1 |
148.6 |
+24.7% |
+5.9% |
(1) Restated to enable meaningful year-on-year comparisons. (2)
Compared with restated 2021 data. (3) Based on a comparable scope
of consolidation and constant exchange rates. (4) UK-based LogiKal
consolidated since 1 December 2022.
In millions of euros |
2021 restated |
% of revenue |
2022reported |
% of revenue |
Group |
30.5 |
6.8% |
33.0 |
6.7% |
Assystem
Operations |
36.6 |
8.2% |
38.5 |
7.8% |
Holding company and Other |
(6.1) |
- |
(5.5) |
|
(5) Operating profit before non-recurring items (EBITA)
including share of profit of equity-accounted investees other than
Expleo Group (€0.7 million in 2021 and €1.2m in 2022).
2/ Consolidated financial
statements
- Consolidated statement of financial
position
In millions of
euros |
31 Dec. 2021 |
31 Dec. 2022 |
ASSETS |
|
|
Goodwill |
97.0 |
122.2 |
Intangible assets |
4.4 |
3.6 |
Property, plant and equipment |
12.9 |
11.7 |
Right-of-use assets |
33.2 |
30.6 |
Investment property |
1.3 |
1.3 |
Equity-accounted investees |
1.0 |
1.4 |
Expleo Group shares |
41.3 |
37.1 |
Expleo Group convertible bonds |
132.3 |
144.2 |
Expleo Group shares and convertible bonds |
173.6 |
181.3 |
Other non-current financial assets(1) |
147.7 |
141.3 |
Deferred tax assets |
8.8 |
8.3 |
Non-current assets |
479.9 |
501.7 |
Trade receivables |
169.3 |
163.6 |
Other receivables |
27.7 |
23.8 |
Income tax receivables |
3.4 |
4.2 |
Other current assets |
0.3 |
1.3 |
Cash and cash
equivalents(2) |
25.7 |
28.5 |
Assets classified as held for sale |
18.3 |
16.3 |
Current assets |
244.7 |
237.7 |
TOTAL ASSETS |
724.6 |
739.4 |
|
|
|
EQUITY AND LIABILITIES |
31 Dec. 2021 |
31 Dec.
2022 |
Share capital |
15.7 |
15.7 |
Consolidated reserves |
307.3 |
334.8 |
Profit for the period attributable to owners of the parent |
34.2 |
48.9 |
Equity attributable to owners of the parent |
357.2 |
399.4 |
Non-controlling interests |
1.3 |
2.1 |
Total equity |
358.5 |
401.5 |
Long-term debt and non-current financial liabilities(2) |
89.8 |
76.0 |
Non-current
lease liabilities |
26.5 |
24.7 |
Pension and
other employee benefit obligations |
22.4 |
19.3 |
Long-term
provisions |
16.3 |
17.0 |
Deferred tax liabilities |
0.1 |
0.4 |
Non-current liabilities |
155.1 |
137.4 |
Short-term debt and current financial liabilities(2) |
0.5 |
3.4 |
Current lease
liabilities |
8.2 |
7.6 |
Trade
payables |
34.8 |
35.3 |
Due to
suppliers of non-current assets |
0.2 |
0.1 |
Accrued taxes
and payroll costs |
107.2 |
98.8 |
Income tax
liabilities |
2.2 |
3.3 |
Short-term
provisions |
2.6 |
3.3 |
Other current
liabilities |
46.3 |
42.4 |
Liabilities directly associated with assets classified as held for
sale |
9.0 |
6.3 |
Current liabilities |
211.0 |
200.5 |
TOTAL EQUITY AND LIABILITIES |
724.6 |
739.4 |
(1) Including Framatome shares, representing €134.0 million at
31 December 2022.(2) Net debt totalled €50.9 million at 31 December
2022, breaking down as:
- - Short- and long-term debt and current and non-current
financial liabilities: €79.4 million
- - Cash and cash equivalents: €28.5 million.
- Consolidated income statement
In millions of euros |
2021restated |
2022reported |
|
|
|
Revenue |
445.4 |
493.5 |
Payroll
costs |
(308.1) |
(343.2) |
Other operating
income and expenses |
(91.9) |
(101.1) |
Taxes other
than on income |
(0.8) |
(1.1) |
Depreciation,
amortisation and provisions for recurring operating items, net |
(14.8) |
(16.3) |
|
|
|
Operating profit before non-recurring items
(EBITA) |
29.8 |
31.8 |
Share of profit of equity-accounted investees |
0.7 |
1.2 |
|
|
|
EBITA including share of profit of equity-accounted
investees |
30.5 |
33.0 |
Non-recurring income and expenses |
1.2 |
(1.2) |
Share-based
payments |
(1.5) |
(1.8) |
|
|
|
Operating profit |
30.2 |
30.0 |
Share of profit/(loss) of Expleo Group |
(4.9) |
(2.1) |
Income from
Expleo Group convertible bonds |
10.9 |
11.9 |
Net financial
income/(expense) on cash and debt |
0.3 |
(1.5) |
Other financial
income and expenses |
1.2 |
4.4 |
|
|
|
Profit from continuing operations before tax |
37.7 |
42.7 |
|
|
|
Income tax
expense |
(7.2) |
(6.6) |
|
|
|
Profit from continuing operations |
30.5 |
36.1 |
|
|
|
Profit from
discontinued operations |
4.2 |
13.8 |
|
|
|
Consolidated profit for the period |
34.7 |
49.9 |
Attributable
to: |
|
|
Owners of the
parent |
34.2 |
48.9 |
Non-controlling interests |
0.5 |
1.0 |
- Consolidated statement of cash flows
In millions of euros |
2021restated |
2022reported |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
EBITA including
share of profit of equity-accounted investees |
30.5 |
33.0 |
Depreciation,
amortisation and provisions for recurring operating items, net |
14.8 |
16.3 |
|
|
|
EBITDA |
45.3 |
49.3 |
|
|
|
Change in
operating working capital requirement |
(27.2) |
(4.3) |
Income tax
paid |
(6.7) |
(5.9) |
Other cash
flows |
(4.0) |
1.0 |
|
|
|
Net cash
generated from/(used in) operating activities of discontinued
operations |
4.5 |
(4.6) |
Net cash generated from operating activities |
11.9 |
35.5 |
O/w: -
continuing operations |
7.4 |
40.1 |
- discontinued operations |
4.5 |
(4.6) |
CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
Acquisitions of
property, plant and equipment and intangible assets, net of
disposals – continuing operations, o/w: |
(4.9) |
(3.9) |
Acquisitions of
property, plant and equipment and intangible assets |
(5.0) |
(4.0) |
Proceeds from
disposals of property, plant and equipment and intangible
assets |
0.1 |
0.1 |
|
|
|
Free
cash flow |
7.0 |
31.6 |
O/w: -
continuing operations |
2.5 |
36.2 |
- discontinued
operations |
4.5 |
(4.6) |
|
|
|
Acquisitions of
shares and businesses |
(23.8) |
(19.8) |
Other
movements, net |
2.4 |
6.1 |
Net cash
generated from/(used in) investing activities – discontinued
operations |
(0.3) |
25.9 |
Net cash generated from/(used in) investing
activities |
(26.6) |
8.3 |
O/w: -
continuing operations |
(26.3) |
(17.6) |
- discontinued
operations |
(0.3) |
25.9 |
CASH
FLOWS FROM FINANCING ACTIVITIES |
|
|
Net financial
income received/(expenses paid) |
(0.6) |
(2.8) |
Proceeds from
new borrowings |
24.0 |
- |
Repayments of
borrowings and movements in other financial liabilities |
(2.0) |
(12.0) |
Repayments of
lease liabilities* |
(10.1) |
(9.8) |
Dividends
paid |
(14.7) |
(14.7) |
Other movements in equity of the parent company |
(1.4) |
(0.1) |
Net cash generated from/(used in) financing
activities |
(4.8) |
(39.4) |
|
|
|
Net increase/(decrease) in cash and cash
equivalents |
(19.5) |
4.4 |
|
|
|
* Including interest expense.
3/ Movements in net debt
In millions of euros - excluding
ifrs 16
impact |
|
|
Net debt at 31 Dec. 2021 |
64.7 |
|
Free cash flow from continuing operations |
(26.5) |
|
Free cash flow
from discontinued operations |
4.7 |
|
Dividends paid to
Assystem shareholders |
14.7 |
|
Net tax effect of
disposals and acquisitions in 2022 |
(2.9) |
|
Other
movements |
(3.8) |
Including
€(4.1) million in dividends received from Framatome |
Net debt at 31
Dec. 2022 |
50.9 |
|
4/ Information about
the Company’s capital
Number of shares |
At 31 Dec. 2021 |
At 31 Dec. 2022 |
Ordinary shares outstanding |
15,668,216 |
15,668,216 |
Treasury
shares |
876,771 |
833,400 |
Free shares and
performance shares outstanding |
216,300 |
268,425 |
Weighted average
number of shares outstanding |
14,776,162 |
14,812,512 |
Weighted average number of diluted shares |
14,492,462 |
15,080,937 |
Ownership structure at
28 February
2023
In % |
Shares |
Exercisable voting rights |
HDL Development(1) |
57.93% |
74.79% |
Free
float(2) |
36.78% |
25.21% |
Treasury shares |
5.29% |
- |
(1) HDL Development is a holding company that is
91.22%-controlled by Dominique Louis (Assystem’s Chairman and Chief
Executive Officer), notably through HDL, which itself holds 0.85%
of Assystem’s capital. (2) Including 0.85% held by
HDL.
(1) Operating profit before non-recurring items
(EBITA - Earning Before Interest and Taxes - from Activity)
including share of profit of equity-accounted investees other than
Expleo Group (€0.7m in 2021 (restated) and €1.2m in 2022).(2)
Dividend for 2022 that will be recommended at the 5 June 2023
Shareholders’ Meeting.
(3) Including profit attributable to
non-controlling interests, amounting to €0.5m in 2021 and €1.0m in
2022. Profit for the period attributable to owners of the parent
therefore totalled €34.2m in 2021 and €48.9m in 2022. (4) Debt less
cash and cash equivalents, excluding the IFRS 16 impact.(5) EBITA
excluding the impact of IFRS 16 (€32.3 million in 2022) and before
depreciation and amortisation expense and net provisions for
non-recurring items excluding the IFRS 16 impact.
(6) Corresponding to net cash generated from
operating activities less capital expenditure, net of disposals.(7)
Including a net debt impact of €(26.1) million from net disposals,
€19.8 million from acquisitions, and a €3.4 million impact on
consolidated cash arising from the deconsolidation of MPH.(8)
Corresponding to €1.00 multiplied by the 14,839,120 outstanding
shares carrying dividend rights at 28 February 2023.
- ASSYSTEM FY 2022 PR _eng V DEF 16h
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