• ASSYSTEM: First-half 2022 results

    来源: Nasdaq GlobeNewswire / 14 9月 2022 11:35:00   America/New_York

            

    First-half 2022 results

    • Revenue: €241.7 million, representing strong year-on-year growth (12.3% in total and 4.6% like for like)
    • Operating profit before non-recurring items (EBITA)(1): €16.4 million (up 17.3%)
    • EBITA margin: 6.8% (up 0.3 pts)

    • Full-year 2022 targets: €490 million in revenue (versus the previous guidance of €480 million) and EBITA margin of 6.8% (target unchanged)

    Paris La Défense, 14 September 2022, 5.35 p.m. (CEST) – At its meeting held today, the Board of Directors of Assystem S.A. (ASY – ISIN: FR0000074148), an international engineering group, reviewed the Group’s financial statements for the first half of 2022 (i.e. the six months ended 30 June 2022).

    Dominique Louis, Assystem’s Chairman and Chief Executive Officer, said:

    “Our sustained revenue growth and earnings performance once again show the strength of our business model and how we have got our strategy right. The nuclear engineering market is on a fast growth trajectory and we have positioned ourselves to leverage the benefits of this thanks to our constant investment in our managerial, commercial and technical assets. Our other activities – which have synergies with the nuclear sector in terms of where they are conducted, and the expertise required to carry them out – have seen a marked return to growth.”

    KEY FIGURES

    In millions of euros (€m) H1 2021
    restated*    		H1 2022Year-on-year change
    Revenue215.3241.7+12.3%
    Operating profit before non-recurring items   – EBITA(1) 13.916.4+17.3%
    % of revenue6.5%6.8%+0.3 pts
    Consolidated profit for the period(2)11.232.7-
        
    In millions of euros (€m) 31 Dec. 202130 June 2022 
    Net debt(3)64.752.1 

    * The published figures for first-half 2022 include 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, by the end of the year, 51% of the shares and voting rights of MPH – the company that heads up the Staffing business – to MPH’s management. The figures for first-half 2021 have been restated accordingly to enable meaningful comparisons with the first half of 2022.


    ANALYSIS OF THE FIRST-HALF 2022 INCOME STATEMENT

    • Revenue

    Assystem’s consolidated revenue totalled €241.7 million in the first half of 2022, up 12.3% on first-half 2021. The year-on-year increase included 4.6% in like-for-like growth and a positive 6.5% impact from changes in the scope of consolidation.

    Revenue from Nuclear activities amounted to €171.7 million (representing 71% of the consolidated total), up 4.9% from €163.8 million in first-half 2021, with 4.2% like-for-like growth (including a negative 2.3% impact from the end of the Kacare contract). The year-on-year growth was once again fuelled by the Group’s activities in France and the United Kingdom.

    ET&I revenue advanced 35.7% to €69.9 million from €51.5 million in first-half 2021. This increase was led by (i) the impact of the business’s return to like-for-like growth (6.0% in first-half 2022) thanks to the ramp-up of a major contract in Saudi Arabia, and (ii) the consolidation of STUP in India and Schofield Lothian in the United Kingdom (changes in the scope of consolidation had a 26.9% positive effect).

    • Operating profit before non-recurring items (EBITA) and EBITDA(4)

    Consolidated EBITA totalled €16.4 million in the first six months of 2022, up 17.3% on the €13.9 million recorded for first-half 2021. EBITA margin widened to 6.8% from 6.5%.

    EBITA for Assystem Operations (all of the Group’s operations except for Holding company activities) totalled €19.0 million, representing 7.9% of revenue, versus €16.8 million and 7.8% respectively in first-half 2021.

    The Group’s “Holding company” expenses had a €2.6 million negative impact on consolidated EBITA in first-half 2022 versus a €2.9 million negative impact in the same period of 2021.

    Excluding the impact of IFRS 16, consolidated EBITDA(4) amounted to €19.3 million in first-half 2022, representing 8.0% of revenue, compared with €15.9 million and 7.4% respectively in first-half 2021.

    • Operating profit and other income statement items

    After taking into account €1.1 million in net non-recurring expense for the period and €0.9 million in share-based payments, consolidated operating profit totalled €14.4 million, compared with €12.6 million in the first six months of 2021.

    Expleo Group – in which Assystem holds 38.05% of the capital and 38.94% of the quasi-equity instruments issued by that company (convertible bonds with capitalised interest) – contributed €3.1 million to consolidated profit, breaking down as €5.8 million in coupons on the convertible bonds less Assystem’s €2.7 million share of Expleo Group’s loss for the period.

    Assystem recorded net financial income of €5.0 million for first-half 2022. This includes a €4.1 million dividend receivable from Framatome and €3.7 million in income recognised as a result of applying IAS 29 (Financial Reporting in Hyperinflationary Economies) to items in the consolidated statement of financial position that relate to the Group’s Turkish subsidiary.

    After deducting an income tax expense of €3.5 million (versus €3.2 million in first-half 2021), consolidated profit from continuing operations totalled €19.0 million, versus €8.8 million in the same period of 2021.

    Profit from discontinued operations came to €13.7 million (€2.4 million in first-half 2021), including an €18.0 million disposal gain on the sale of the Group’s life sciences and general industry technical assistance activities, and a €4.3 million net loss from other items, primarily reflecting the terms of the agreement to sell 51% of MPH to its management.

    Consolidated profit for the period totalled €32.7 million, versus €11.2 million in the first half of 2021.

    • Information about Expleo Group

    Revenue generated by Expleo Group amounted to €617.8 million in the first six months of 2022 compared with €482.8 million in first-half 2021. This 28.0% year-on-year increase includes a 4.2% rise due to the consolidation of activities acquired from Assystem.

    Expleo Group’s EBITDA (including the impact of IFRS 16) totalled €45.0 million.

    Expleo Group’s consolidated profit before recognition of the capitalised interest on its quasi-equity instruments was €7.8 million.

    FREE CASH FLOW(5) AND NET DEBT

    Free cash flow (excluding the impact of IFRS 16 and taking into account the seasonal pattern of the Group’s working capital requirement) represented a negative €7.0 million in first-half 2022 (including a €5.6 million net outflow for continuing operations), compared with a negative €9.2 million in first-half 2021 (including an €11.2 million net outflow for continuing operations).

    The Group had net debt of €52.1 million at 30 June 2022, versus €64.7 million at 31 December 2021. The €12.6 million decrease breaks down as follows:

    • a €5.6 million impact from the negative free cash flow from continuing operations (including €20.2 million resulting from the change in working capital requirement);
    • a €1.4 million impact from the negative free cash flow from discontinued operations;
    • a €26.0 million net-of-tax cash inflow from sales of shares and businesses;
    • a €4.8 million negative impact on consolidated cash and cash equivalents resulting from the deconsolidation of MPH;
    • a €1.6 million net cash outflow from other movements.

    PAYMENT OF THE 2021 DIVIDEND

    At the Annual General Meeting held on 3 June 2022, Assystem’s shareholders approved a dividend of €1.0 per outstanding share. This dividend was paid on 8 July 2022 and represented a total payout of €14.8 million.

    FULL-YEAR 2022 TARGETS

    Assystem’s targets for full-year 2022 – based on its scope of consolidation at end-June – are as follows:

    • consolidated revenue of €490 million (versus the previous guidance of €480 million);
    • a stable EBITA margin, at 6.8%.

    AVAILABILITY OF THE FIRST-HALF 2022 INTERIM FINANCIAL REPORT

    Assystem’s first-half 2022 interim financial report has been published and filed with the Autorité des Marchés Financiers (AMF) today. This report, as well as the presentation of the Group’s first-half 2022 results, can be viewed and downloaded on Assystem’s website (www.assystem.com) in the “Finance/Regulated Information” section.

    2022 FINANCIAL CALENDAR

    • 15 September:        First-half 2022 results – Presentation meeting at 8.30 a.m. (CEST)
    • 27 October:              Third-quarter 2022 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 10 countries where the Group operates, the skills of its 6,000 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 50 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 

    Philippe Chevallier – CFO & Deputy CEO – Tel.: +33 (0)1 41 25 28 07
    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

    • Revenue
    In millions of eurosH1 2021
    restated(1)    		H1 2022
    reported    		Total year-on-
    year change    		Like-for-like change(2)
    Group215.3241.7+12.3%+4.6%
    Nuclear163.8171.7+4.9%+4.2%
    ET&I51.569.9+35.7%+6.0%

    (1)  The published figures for first-half 2022 include 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, by the end of the year, 51% of the shares and voting rights of MPH – the company that heads up the Staffing business – to MPH’s management. The figures for first-half 2021 have been restated accordingly to enable meaningful comparisons with the first half of 2022.
    (2)  Based on a comparable scope of consolidation and constant exchange rates

    • EBITA(1)

    In millions of eurosH1 2021
    restated    		% of revenueH1 2022

    		% of revenue
    Group13.96.5%16.46.8%
    Assystem Operations16.87.8%19.07.9%
    Holding company(2.9)-(2.6)-

    (1)  Operating profit before non-recurring items (EBITA) including share of profit of equity-accounted investees other than Expleo Group (€0.4 million in H1 2021 and €0.6 million in H1 2022).

    2/ Consolidated financial statements

    • Consolidated statement of financial position

    In millions of euros31 Dec. 202130 June 2022
    ASSETS  
    Goodwill97.0106.3
    Intangible assets4.44.1
    Property, plant and equipment12.912.1
    Right-of-use assets33.233.9
    Investment property1.31.3
    Equity-accounted investees1.01.0
    Expleo Group shares41.338.9
    Expleo Group convertible bonds132.3138.1
    Expleo Group shares and convertible bonds173.6177.0
    Other non-current financial assets(1)147.7143.0
    Deferred tax assets8.85.9
    Non-current assets479.9484.6
    Trade receivables169.3174.1
    Other receivables27.723.5
    Income tax receivables3.44.6
    Other current assets0.35.1
    Cash and cash equivalents(2)25.721.7
    Assets classified as held for sale18.316.9
    Current assets244.7245.9
    TOTAL ASSETS724.6730.5
       
    EQUITY AND LIABILITIES31 Dec. 202130 June 2022
    Share capital15.715.7
    Consolidated reserves307.3340.9
    Profit for the period attributable to owners of the parent34.232.4
    Equity attributable to owners of the parent357.2389.0
    Non-controlling interests1.31.7
    Total equity358.5390.7
    Long-term debt and non-current financial liabilities(2)89.873.5
    Non-current lease liabilities26.527.4
    Pension and other employee benefit obligations22.418.9
    Long-term provisions16.316.6
    Deferred tax liabilities0.10.1
    Non-current liabilities155.1136.5
    Short-term debt and current financial liabilities(2)0.50.3
    Current lease liabilities8.28.2
    Trade payables34.827.6
    Due to suppliers of non-current assets0.20.1
    Accrued taxes and payroll costs107.293.0
    Income tax liabilities2.20.7
    Short-term provisions2.63.6
    Other current liabilities(3)46.360.9
    Liabilities directly associated with assets classified as held for sale9.08.9
    Current liabilities211.0203.3
    TOTAL EQUITY AND LIABILITIES724.6730.5

    (1) Including Framatome shares, representing €136.7 million at 30 June 2022.
    (2) Net debt totalled €52.1 million at 30 June 2022, breaking down as:

                    - Short-and long-term debt and current and non-current financial liabilities: €73.8 million

                   - Cash and cash equivalents: €21.7 million

    (3) O/w, at 30 June 2022, €14.8 million in dividends payable to Assystem shareholders.

     


    Consolidated income statement

    In millions of eurosSix months
    ended
    30 June 2021
    restated    		Six months
    ended
    30 June 2022
       
    Revenue215.3241.7
    Payroll costs(151.7)(169.2)
    Other operating income and expenses(42.7)(48.4)
    Taxes other than on income(0.5)(0.6)
    Depreciation, amortisation and provisions for recurring operating items, net(6.9)(7.7)
       
    Operating profit before non-recurring items (EBITA)13.515.8
    Share of profit of equity-accounted investees0.40.6
       
    EBITA including share of profit of equity-accounted investees13.916.4
    Non-recurring income and expenses(0.6)(1.1)
    Share-based payments(0.7)(0.9)
       
    Operating profit12.614.4
    Share of profit/(loss) of Expleo Group(6.6)(2.7)
    Income from Expleo Group convertible bonds5.35.8
    Net financial expense on cash and debt(0.3)(0.3)
    Other financial income and expenses1.05.3
       
    Profit from continuing operations before tax12.022.5
       
    Income tax expense(3.2)(3.5)
       
    Profit from continuing operations8.819.0
       
    Profit from discontinued operations2.413.7
       
    Consolidated profit for the period11.232.7
    Attributable to:  
    Owners of the parent11.132.4
    Non-controlling interests0.10.3
    • Consolidated statement of cash flows

    In millions of eurosSix months ended
    30 June 2021
    restated    		Six months ended
    30 June 2022

    CASH FLOWS FROM OPERATING ACTIVITIES   
    EBITA including share of profit of equity-accounted investees13.916.4 
    Depreciation, amortisation and provisions for recurring operating items, net6.97.7 
    EBITDA20.824.1 
    Change in operating working capital requirement(19.1)(20.2) 
    Income tax paid(1.5)(4.2) 
    Other cash flows(3.7)1.1 
    Net cash generated from/(used in) operating activities of discontinued operations2.3(1.2) 
    Net cash generated from/(used in) operating activities(1.2)(0.4) 
        
    O/w: - continuing operations(3.5)0.8 
    - discontinued operations2.3(1.2) 
    CASH FLOWS FROM INVESTING ACTIVITIES   
    Acquisitions of property, plant and equipment and intangible assets, net of disposals, o/w:(2.8)(1.8) 
    Acquisitions of property, plant and equipment and intangible assets(2.8)(1.9) 
    Proceeds from disposals of property, plant and equipment and intangible assets-0.1 
        
    Free cash flow(4.3)(2.2) 
    O/w: - continuing operations(6.3)(0.9) 
    - discontinued operations2.0(1.3) 
        
    Acquisitions of shares, net of proceeds from sales(20.7)- 
    Net cash generated from/(used in) investing activities – discontinued operations

    		(0.3)26.0 
    Net cash generated from/(used in) investing activities (23.8)24.2 
    O/w: - continuing operations(23.5)(1.8) 
    - discontinued operations(0.3)26.0 
    CASH FLOWS FROM FINANCING ACTIVITIES   
    Net financial income received/(expenses paid)(0.5)(2.3) 
    Proceeds from new borrowings21.0- 
    Repayments of borrowings and movements in other financial liabilities-(17.0) 
    Repayments of lease liabilities*(5.1)(4.8) 
    Other movements in equity of the parent company(1.7)(0.1) 
    Net cash generated from/(used in) financing activities13.7(24.2) 


    Net increase/(decrease) in cash and cash equivalents     		(11.3)(0.4) 
        

    * Including interest expense

    3/ Movements in net debt

    In millions of euros  
    Net debt at 31 Dec. 202164.7 
    Free cash flow from continuing operations5.6Excluding IFRS 16 impact
    Free cash flow from discontinued operations1.4 
    Sales of shares and businesses, net of tax(26.0) 
    Deconsolidation of MPH4.8 
    Other movements1.6 
    Net debt at 30 June 202252.1 

    4/ Information about the Company’s capital

    Number of sharesAt 31 Dec. 2021At 31 Aug. 2022
    Ordinary shares outstanding15,668,21615,668,216
    Treasury shares876,771830,639
    Free shares and performance shares outstanding216,300211,025
    Weighted average number of shares outstanding14,776,16214,814,511
    Weighted average number of diluted shares14,992,46215,025,536

    Ownership structure at 31 August 2022

    In %SharesExercisable voting rights
    HDL Development(1)57.93%74.76%
    Free float(2)36.77%25.24%
    Treasury shares5.30%-

    (1)  HDL Development is a holding company that is 91,22%-controlled by Dominique Louis (Assystem’s Chairman & 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) including share of profit of equity-accounted investees other than Expleo Group (€0.4 million in H1 2021 and €0.6 million in H1 2022).
    (2) Including profit attributable to non-controlling interests, amounting to €0.1 million in H1 2021 and €0.3 million in H1 2022. Profit for the period attributable to owners of the parent therefore totalled €11.1 million in H1 2021 and €32.4 million in H1 2022.
    (3) Debt less cash and cash equivalents and after taking into account the fair value of hedging instruments.
    (4) EBITA excluding the impact of IFRS 16 (i.e.€16.1 million in first-half 2022) and before depreciation and amortisation expense and net provisions for recurring operating items.  

    (5) Corresponding to net cash generated from operating activities less capital expenditure, net of disposals. Free cash flow from continuing operations including the IFRS 16 impact represented a net outflow of €0.9 million.  

     

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