ASSYSTEM : First-half 2024 results
First-half 2024 results
- Revenue: €301.3 million (up 6.7% in total and 5.8% on an
organic basis)
- Operating profit before non-recurring items
(EBITA)(1):
€18.5 million (up 17.8%)
- EBITA margin: 6.1% (up 0.5 pt)
Paris La Défense, 11 September 2024,
5.35 p.m. (CEST) – At its meeting held today, the Board of
Directors of Assystem S.A. (ISIN: FR0000074148 - ASY), an
international engineering group, reviewed the Group’s financial
statements for the first half of 2024 (i.e. the six months ended 30
June 2024).
Dominique Louis, Assystem's Chairman
& CEO, stated:
“The Group’s growth remains robust, driven
by our nuclear activities in France and internationally, not only
regarding new nuclear programmes for large plants and SMRs, but
also services for existing plants and fuel cycle infrastructure,
decommissioning and defence. With over 7,500 employees, Assystem is
pursuing its business development, in particular by supporting EDF
in France and the UK, while strengthening its presence in India and
Saudi Arabia.”
KEY FIGURES
|
In millions of euros (€m) |
H1 2023 |
H1 2024 |
Year-on-year change |
|
Revenue |
282.5 |
301.3 |
+6.7% |
|
Operating profit before non-recurring items –
EBITA(1) |
15.7 |
18.5 |
+17.8% |
|
% of revenue |
5.6% |
6.1% |
+0.5 pt |
|
Consolidated profit for the
period(2) |
21.0 |
5.0 |
|
|
|
31 Dec. 2023 |
30 June 2024 |
|
|
(Net cash)/net
debt(3) |
52.2 |
(14.7) |
|
ANALYSIS OF THE FIRST-HALF 2024 INCOME
STATEMENT
In the first half of 2024, Assystem's
consolidated revenue totalled €301.3 million, up 6.7% year
on year. This increase included 5.8% organic growth, driven by
ongoing robust demand for Nuclear activities (73% of total H1 2024
revenue), whose revenue advanced 10.0% on an organic basis, with
rises of 8.3% for France and 15.4% for International
operations.
Revenue in France (63% of the
H1 2024 total) amounted to €189.6 million (of which 87% for Nuclear
activities), representing a year-on-year increase of 1.7%, breaking
down as 3.7% in organic growth and a negative 2.0% impact from
changes in the scope of consolidation (net effect of the
deconsolidation of Assystem's activities in the Pacific region and
the acquisition of KEOPS). Revenue from
International operations came to €111.7 million
(of which 50% for Nuclear activities), up 16.4% year on year,
including 9.9% organic growth, a favourable 5.9% impact from
changes in the scope of consolidation (acquisition of L&T IEL),
and a positive 0.5% currency effect.
- Operating profit before
non-recurring items (EBITA) and
EBITDA(4)
Consolidated EBITA totalled
€18.5 million in the first six months of 2024, up 17.8% on the
€15.7 million recorded for the same period of 2023. EBITA
margin widened to 6.1% from 5.6% in first-half 2023, with
the year-on-year increase mainly due to the Group’s enhanced use of
resources.
EBITA in France was €11.3
million, representing 6.0% of revenue, compared with €8.1 million
and 4.3% respectively in first-half 2023. This 1.7-point margin
increase stems from enhanced use of resources and better absorption
of fixed costs.
International EBITA came to
€10.1 million, i.e. 9.0% of revenue, versus €10.5 million and 10.9%
respectively in the prior-year period. This 1.9-point margin
decrease was due to lower-than-expected volumes of business in
Saudi Arabia.
The Group’s central expenses (“Holding” segment)
had a €2.9 million negative impact on consolidated EBITA in the
first half of 2024 (the same as in H1 2023).
Excluding the impact of IFRS 16, consolidated
EBITDA(4)
amounted to €21.0 million in first-half 2024, i.e. 7.0% of revenue,
compared with €18.5 million and 6.5% respectively in the equivalent
period of 2023.
- Operating profit and
other income statement items
Consolidated operating profit
for the six months ended 30 June 2024 totalled €13.9 million,
versus €19.7 million in H1 2023. The first-half 2024 figure
includes a €2.4 million net non-recurring expense (compared with
€5.0 million in net non-recurring income in H1 2023 corresponding
to a reversal of the provision for the tax dispute related to the
2011 and 2012 research tax credits). Share-based payments (related
to free share plans) amounted to €2.2 million (including
employer social security contributions), versus €1.0 million in the
first half of 2023.
The contribution to consolidated profit
by Expleo Group – in which Assystem holds 37.15% of the
capital and 38.94% of the quasi-equity instruments issued by the
company (convertible bonds with capitalised interest) – was a
negative €4.2 million, breaking down as €6.9 million in coupons on
the convertible bonds less Assystem’s €11.1 million share of
Expleo Group’s loss for the period. Expleo Group's contribution in
first-half 2023 was €4.0 million, including €6.3 million
in convertible bond coupons.
The Group ended the first six months of 2024
with a net financial expense of €0.7 million
compared with net financial income of €0.3 million in first-half
2023.
After deducting €4.1 million in income tax
expense (versus a €3.4 million expense in first-half 2023),
consolidated profit for the period came to €5.0
million, compared with €21.0 million in H1 2023.
- Information about
Expleo Group
Revenue generated by Expleo
Group rose by 4.2% to €728.2 million in the first six
months of 2024 from €698.6 million in first-half 2023.
Expleo Group’s EBITDA (including the impact of
IFRS 16) climbed 5.6% year on year to €70.6 million, representing
9.7% of its consolidated revenue (versus €66.9 million and 9.6%
respectively in H1 2023).
Before recognition of the capitalised interest on its quasi-equity
instruments, Expleo Group posted a €12.0 million loss
for the period, compared with €11.6 million in profit in
first-half 2023. The year-on-year decrease was primarily due to
financial expenses (net debt(5) of
€564 million at 31 December 2023 and increase of €50 million of TLB
in first-half 2024) and non-recurring expenses.
PAYMENT OF THE 2023
DIVIDEND
At the Annual General Meeting held on 24 May
2024, Assystem’s shareholders approved the payment of a €12.50
dividend per share for 2023, representing a total payout of €185.6
million. The dividend was paid in two stages: a €7.00 interim
dividend paid on 5 April 2024, representing an aggregate €104.2
million, and the balance of €5.50 paid on 12 July 2024,
representing an aggregate €81.4 million.
FREE CASH
FLOW(6)
AND NET CASH POSITION
Taking into account the seasonal pattern
of the Group's working capital requirement, free
cash flow (excluding the impact of IFRS 16) corresponded
to a negative €15.9 million in the first half of 2024, compared
with a negative €27.5 million in first half 2023.
At 30 June 2024, the Group was in a net
cash position (excluding the impact of IFRS 16), in the amount of
€14.7 million, versus a net debt position of €52.2 million
at 31 December 2023. The €66.9 million positive swing breaks down
as follows:
- a €(15.9) million impact from free
cash flow;
- a €100.8 million impact
corresponding to the €205.0 million in proceeds from the sale of
the Group's stake in Framatome less the €104.2 million interim
dividend payment to Assystem shareholders in April (€7.0 per
share);
- an €(11.5) million impact from
acquisitions;
- a €(6.5) million impact from other
movements, including the effect of the share buyback
programme.
SIGNIFICANT EVENT AFTER THE REPORTING DATE
In July 2024, the Group implemented the
second phase of its key personnel retention plan
aimed at helping drive its business growth, by launching two free
share plans (comprising an aggregate 985,913 shares). The first
phase, carried out in 2023, consisted of a free share plan
involving 288,250 shares.
OUTLOOK FOR FULL-YEAR 2024
Taking into account the sale of its activities
in the Pacific region and the acquisitions carried out as at the
publication date of this press
release(7), Assystem has set the
following targets for full-year 2024:
- consolidated revenue of
around €620 million;
- EBITA
margin(8) of
around 7%.
This outlook is based on the assumption that the
economic and exchange rate environment will remain stable compared
with the situation as at the publication date of this press
release.
AVAILABILITY OF THE FIRST-HALF 2024 INTERIM FINANCIAL
REPORT
Assystem’s first-half 2024 interim financial
report will be published and filed with the Autorité des Marchés
Financiers (AMF) on 13 September. This report, as well as the
presentation of the Group’s first-half 2024 results, will be able
to be viewed and downloaded on Assystem’s website
(www.assystem.com) in the “Finance/Regulated Information”
section.
2024 FINANCIAL CALENDAR
12 September: First-half 2024 results
release – Presentation meeting on Thursday 12
September at 8.30 a.m. (CEST)
24 October: Third-quarter 2024 revenue release
ABOUT ASSYSTEM
Assystem, one of the world's leading independent
nuclear engineering companies, is committed to accelerating the
energy transition. With more than 55 years of experience in highly
regulated sectors with stringent safety and security constraints,
the Group provides engineering and project management services as
well as digital solutions and services to optimise the performance
of complex infrastructure assets throughout their life cycle.
In its 12 countries of operation, Assystem's 7,700 experts are
supporting energy transition. To achieve an affordable low carbon
energy supply, Assystem is committed to the development of low
carbon electricity (nuclear, renewables and electricity grids) and
clean hydrogen. The Group is also helping drive the use of low
carbon electricity in industrial sectors such as
transportation.
Assystem forms part of the Euronext Tech Leaders, CAC Small, CAC
Mid & Small, CAC Industrials, CAC All-Tradable and CAC
All-Share indices. To find out more, visit www.assystem.com
CONTACTS
Malène Korvin – Chief Financial Officer –
mkorvin@assystem.com – Tel.: +33 (0)1 41 25 29 00
Anne-Charlotte Dagorn – Marketing and
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
NOTE: As changes are calculated based on exact figures,
there may be discrepancies in the totals shown due to
rounding.
1/ Revenue and EBITA
|
In millions of euros |
H1 2023 |
H1 2024 |
% change (reported) |
% change (organic(2)) |
|
Group(1) |
282.5 |
301.3 |
+6.7% |
+5.8% |
| France |
186.5 |
189.6 |
+1.7% |
+3.7% |
|
International |
96.0 |
111.7 |
+16.4% |
+9.9% |
(1) Consolidation of India-based
L&T Infrastructure Engineering Limited (L&T IEL) and
France-based KEOPS Automation since 1 January 2024, and
deconsolidation of Assystem’s activities in the Pacific region
since 1 December 2023 following their sale.
(2) On a constant scope of consolidation and
currency basis.
|
In millions of euros |
H1 2023 |
% of revenue |
H1 2024 |
% of revenue |
|
Group |
15.7 |
5.6% |
18.5 |
6.1% |
| France |
8.1 |
4.3% |
11.3 |
6.0% |
|
International |
10.5 |
10.9% |
10.1 |
9.0% |
|
Holding |
(2.9) |
- |
(2.9) |
- |
(3) Operating profit before
non-recurring items (EBITA – Earnings Before Interest and Taxes –
from Activity) including share of profit of equity-accounted
investees other than Expleo Group and MPH (€0.4 million in H1 2023
and €0.3 million in H1 2024).
2/ Consolidated financial statements
- Consolidated income statement
|
In millions of euros |
Six months ended
30 June 2023 |
Six months ended
30 June 2024 |
| |
|
|
|
Revenue |
282.5 |
301.3 |
| Payroll
costs |
(203.2) |
(224.6) |
| Other operating
income and expenses |
(55.6) |
(49,6) |
| Taxes other
than on income |
(0.5) |
(0.5) |
| Depreciation,
amortisation and provisions for recurring operating items, net |
(7.9) |
(8.4) |
|
|
|
|
|
Operating profit before non-recurring items
(EBITA) |
15.3 |
18.2 |
|
Share of profit of equity-accounted investees |
0.4 |
0.3 |
|
|
|
|
|
EBITA including share of profit of equity-accounted
investees |
15.7 |
18.5 |
|
Non-recurring income and expenses |
5.0 |
(2.4) |
| Share-based
payments |
(1.0) |
(2.2) |
|
|
|
|
|
Operating profit |
19.7 |
13.9 |
|
Share of profit/(loss) of Expleo Group |
(2.3) |
(11.1) |
| Share of profit
of MPH GS |
0.4 |
0.1 |
| Income from
Expleo Group convertible bonds |
6.3 |
6.9 |
| Net financial
income/(expense) on cash and debt |
(1.8) |
(2.0) |
| Other financial
income and expenses |
2.1 |
1.3 |
| |
|
|
|
Profit before tax |
24.4 |
9.1 |
| |
|
|
| Income tax
expense |
(3.4) |
(4.1) |
|
|
|
|
|
Profit for the period |
21.0 |
5.0 |
| |
|
|
|
Consolidated profit for the period |
21.0 |
5.0 |
|
Attributable to: |
|
|
| Owners of the
parent |
20.2 |
5.2 |
|
Non-controlling interests |
0.8 |
(0.2) |
- Consolidated statement of financial
position
In
millions of euros
|
31 Dec. 2023 |
30 June 2024 |
|
ASSETS |
|
|
|
Goodwill |
125.4 |
135.8 |
|
Intangible assets |
3.2 |
3.2 |
|
Property, plant and equipment |
11.0 |
11.1 |
|
Right-of-use assets |
30.8 |
32.3 |
|
Investment property |
1.3 |
1.3 |
|
Equity-accounted investees excl. Expleo Group |
5.8 |
5.6 |
|
Expleo Group shares accounted for by the equity method |
22.8 |
13.7 |
|
Expleo Group convertible bonds |
157.2 |
164.1 |
|
Expleo Group shares and convertible bonds |
180.0 |
177.8 |
|
Other non-current financial assets(1) |
218.8 |
14.1 |
|
Deferred tax assets |
7.8 |
8.0 |
|
Non-current assets |
584.1 |
389.2 |
|
Trade receivables |
175.7 |
202.6 |
|
Other receivables |
26.6 |
29.4 |
|
Income tax receivables |
2.7 |
3.9 |
|
Other current assets |
0.8 |
1.1 |
|
Cash and cash equivalents(2) |
36.4 |
76.8 |
|
Assets classified as held for sale |
- |
- |
|
Current assets |
242.2 |
313.8 |
|
TOTAL ASSETS |
826.3 |
703.0 |
|
|
|
|
|
EQUITY AND LIABILITIES |
31 Dec. 2023 |
30 June 2024 |
|
Share capital |
15.7 |
15.7 |
|
Consolidated reserves |
362.1 |
280.2 |
|
Profit for the period attributable to owners of the parent |
102.0 |
5.2 |
|
Equity attributable to owners of the parent |
479.8 |
301.1 |
|
Non-controlling interests |
2.8 |
2.7 |
|
Total equity |
482.6 |
303.8 |
|
Long-term debt and non-current financial
liabilities(2) |
85.8 |
58.9 |
| Non-current
lease liabilities |
23.7 |
24.4 |
| Pension and
other employee benefit obligations |
17.5 |
18.4 |
| Long-term
provisions |
10.1 |
11.8 |
| Other
non-current liabilities |
- |
0.2 |
|
Deferred tax liabilities |
0.2 |
0.2 |
|
Non-current liabilities |
137.3 |
113.9 |
|
Short-term debt and current financial
liabilities(2) |
2.8 |
3.2 |
| Current lease
liabilities |
9.2 |
10.2 |
| Trade
payables |
37.1 |
36.9 |
| Due to
suppliers of non-current assets |
0.1 |
0.1 |
| Accrued taxes
and payroll costs |
104.7 |
109.9 |
| Income tax
liabilities |
3.0 |
0.9 |
| Short-term
provisions |
4.1 |
3.8 |
| Other current
liabilities(3) |
45.4 |
120.3 |
|
Current liabilities |
206.4 |
285.3 |
|
TOTAL EQUITY AND LIABILITIES |
826.3 |
703.0 |
(1) Including Framatome shares representing €205.0 million
at 31 December 2023 and zero at 30 June 2024 following the sale of
the Group’s stake in Framatome in January 2024.
(2) The Group was in a net cash position at 30 June 2024 in an
amount of €14.7 million, including:
- - €76.8 million in cash and cash equivalents,
- - €62.1 million in short- and long-term debt and current
and non-current financial liabilities.
(3) O/w, at 30 June 2024, €81.4 million corresponding to the
balance of the 2023 dividend payable to Assystem shareholders,
which was paid on 12 July 2024.
- Consolidated statement of cash flows
|
In millions of euros |
|
Six months ended
30 June 2023
|
Six months ended
30 June 2024 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
| EBITA including
share of profit of equity-accounted investees |
|
15.7 |
18.5 |
|
| Depreciation,
amortisation and provisions for recurring operating items, net |
|
7.9 |
8.4 |
|
|
EBITDA |
|
23.6 |
26.9 |
|
| Change in
operating working capital requirement |
|
(39.5) |
(26.9) |
|
| Income tax
paid |
|
(3.6) |
(6.5) |
|
| Other cash
flows |
|
0.5 |
(1.2) |
|
|
Net cash generated from/(used in) operating
activities |
|
(19.0) |
(7.7) |
|
| |
|
|
|
|
| O/w:
- continuing
operations |
|
(19.0) |
(7.7) |
|
|
- discontinued
operations |
|
- |
- |
|
| CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
| Acquisitions of
property, plant and equipment and intangible assets, net of
disposals, o/w: |
|
(3.4) |
(2.3) |
|
|
| Acquisitions
of property, plant and equipment and intangible assets |
|
(3.4) |
(2.3) |
|
|
| Proceeds from
disposals of property, plant and equipment and intangible
assets |
|
- |
- |
|
|
| |
|
|
|
|
| Free
cash flow |
|
(22.4) |
(10.0) |
|
|
O/w: -
continuing operations |
|
(22.4) |
(10.0) |
|
|
- discontinued
operations |
|
- |
- |
|
| |
|
|
|
|
| Acquisitions of
shares, net of cash acquired |
|
(5.7) |
(11.5) |
|
| Sales of shares
and businesses |
|
- |
205.0 |
|
| Other movements,
net |
|
(0.7) |
- |
|
| |
|
|
|
|
Net cash
generated from investing activities of discontinued operations
|
|
1.2 |
- |
|
|
Net cash generated from/(used in) investing
activities |
|
(8.6) |
191.2 |
|
|
|
O/w: -
continuing operations |
|
(9.8) |
191.2 |
|
|
- discontinued
operations |
|
1.2 |
- |
|
| CASH
FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
| Net financial
income received/(expenses paid) |
|
(2.0) |
(2.3) |
|
|
| Drawdown on the
revolving credit facility |
|
29.0 |
- |
|
|
| Repayments of
borrowings and movements in other financial liabilities |
|
(0.8) |
(27.1) |
|
|
| Repayments of
lease liabilities* |
|
(5.1) |
(5.9) |
|
|
| Dividends
paid |
|
- |
(104.2) |
|
|
|
Other movements in equity of the parent company |
|
0.3 |
(3.4) |
|
|
|
Net cash generated from/(used in) financing
activities |
|
21.4 |
(142.9) |
|
|
Net increase/(decrease) in cash and cash
equivalents |
|
(6.2) |
40.6 |
|
|
|
|
|
|
|
|
|
* Including interest expense.
3/ Movements in net debt/(net cash)
|
In millions of euros – excluding IFRS 16 impact |
|
|
Net debt at 31 Dec. 2023 |
52.2 |
|
Impact of free cash flow |
15.9 |
| Impact of the
sale of the Group’s stake in Framatome net of the interim
dividend |
(100.8) |
|
Impact of the sale of the Group's stake in Framatome |
(205.0) |
|
Interim dividend paid on 7 June (€7 per share) |
104.2 |
| Impact of
acquisitions in H1 2024 |
11.5 |
| Other
movements |
6.5 |
|
Net cash at 30 June 2024 |
(14.7) |
4/ Information about the Company’s
capital
|
Number of shares |
At 31 Dec. 2023 |
At 30 June 2024 |
At 31 August 2024 |
|
Ordinary shares outstanding |
15,668,216 |
15,668,216 |
15,668,216 |
| Treasury
shares |
788,718 |
853,696 |
934,266 |
| Free shares
and performance shares outstanding |
542,500 |
533,400 |
1,477,063 |
| Weighted
average number of shares outstanding |
14,851,867 |
14,863,659 |
- |
|
Weighted average number of diluted shares |
15,023,967 |
15,153,488 |
- |
Ownership structure at 31 August
2024
|
In % |
Shares |
Exercisable voting rights |
|
HDL Development(1) |
57.93% |
75.10% |
| Free
float(2) |
36.11% |
24.90% |
|
Treasury shares |
5.96% |
- |
(1) HDL Development is a holding company that is
95.65% controlled by Dominique Louis, Assystem’s Chairman &
CEO, 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 – Earnings Before Interest and
Taxes – from Activity) including share of profit of
equity-accounted investees other than Expleo Group and MPH (€0.4
million in H1 2023 and €0.3 million in H1 2024).
(2) Including profit attributable to non-controlling interests:
€0.8 million in H1 2023 and €(0.2) million in H1 2024. Profit for
the period attributable to owners of the parent therefore totalled
€20.2 million in H1 2023 and €5.2 million in H1 2024.
(3) Debt less cash and cash equivalents, excluding the IFRS 16
impact.
(4) EBITA excluding the impact of IFRS 16 (€26.9 million in H1
2024) and before depreciation and amortisation expense and net
provisions for recurring operating items excluding the IFRS 16
impact.
(5) Expleo Group’s net debt excluding the
impact of IFRS 16, as used for the covenants applicable to
instruments maturing between March and September 2027.
(6) Corresponding to net cash generated from operating
activities less capital expenditure, net of disposals.
(7) The combined positive net impact on revenue resulting from
the sale of the Group’s activities in the Pacific region and the
first-time consolidations of L&T Infrastructure and KEOPS
Automation represents approximately €3.0 million.
(8) Operating profit before non-recurring items (EBITA –
Earnings before Interest and Taxes – from Activity) including share
of profit of equity-accounted investees (other than Expleo Group
& MPH) divided by consolidated revenue.
- ASSYSTEM CP RS 2024_Anglais - V110924 bis
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