• ASSYSTEM: 2023 ANNUAL RESULTS

    来源: Nasdaq GlobeNewswire / 13 3月 2024 12:35:00   America/New_York

    2023 annual results

    • Revenue: very robust performance across all businesses (like-for-like growth of 14.6%)
    • Operating profit before non-recurring items (EBITA)(1): €37.4 million (up 13.3%), representing an EBITA margin of 6.5%
    • Sale of Assystem’s stake in Framatome and recognition of a €70.9 million fair value gain
    • 2023 dividend(2): €12.5 per share, including a €7.0 per share interim dividend paid on 5 April 2024

    Paris La Défense, 13 March 2024, 5.35 p.m. (CET) – 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 year ended 31 December 2023.

    Dominique Louis, Assystem's Chairman & CEO, stated: “The Group’s performance in 2023 mirrors the growth of infrastructure projects aimed at accelerating the energy transition in the countries where we operate, starting with France and its large-scale nuclear renaissance programme. This development is evidently positive, not only for Assystem, but also for the planet. Human resources will be key to the success of all these major infrastructure projects needed to fight climate change. To address this challenge, Assystem has invested, and will continue to invest, in recruiting and training the best talent, while offering our people an inclusive environment in which they can all flourish. This confirms and reinforces the firm belief that has been part of our DNA at Assystem for nearly 60 years now: our employees are our most valuable asset”.

    KEY FIGURES

    In millions of euros20222023Year-on-year change
    Revenue493.5577.5+17.0%
    Operating profit before non-recurring items – EBITA(1) 33.037.4+13.3%
    % of revenue6.7%6.5%-0.2 pt
    Consolidated profit for the period(3)49.9102.8+106.0%
    Net debt(4)50.952.2 +1.3m
    Dividend per share (in €)(2)1.012.5-

    ANALYSIS OF THE 2023 INCOME STATEMENT

    • Revenue

    Assystem’s consolidated revenue totalled €577.5 million in 2023 (€563.7 million excluding its business activities in the Pacific region), up 17.0% on the €493.5 million recorded for 2022. Like-for-like growth was 14.6%, changes in the scope of consolidation had a positive 3.7% impact (due to the consolidation of UK-based LogiKal since 1 December 2022 and of Oreka Ingénierie and Relsafe PRA Consulting since 1 January 2023), and the currency effect was a negative 1.3%.

    Revenue from Nuclear activities amounted to €404.1 million in 2023 (70% of consolidated revenue), versus €344.9 million in 2022. This 17.2% year-on-year increase breaks down as 17.2% in like-for-like growth, a positive 0.5% impact from changes in the scope of consolidation, and a negative 0.5% currency effect. Throughout 2023, growth for this segment was very buoyant in the United Kingdom (both for new-builds and decommissioning) and momentum was also strong in France, particularly driven by maintenance of the installed fleet, while Saudi Arabia's contribution was limited to the completion of siting studies.

    ET&I revenue came to €173.4 million, compared with €148.6 million in 2022. Total year-on-year growth was 16.7%, breaking down as 8.4% like-for-like growth, a positive 11.2% impact from changes in the scope of consolidation (first-time consolidations of STUP, Schofield Lothian and LogiKal), and a negative 2.9% currency effect. This segment's revenue performance was led in particular by the ramp-up since mid-2022 of contracts for work on major infrastructure projects in Saudi Arabia (Neom and Al-Ula).

    Revenue by geographic region in 2023 broke down as 65% for France, 17% for the United-Kingdom and 18% for the Middle East-Asia region.

    • Operating profit before non-recurring items (EBITA) and EBITDA(5)

    Consolidated EBITA totalled €37.4 million in 2023 (€36.4 million excluding the Group’s activities in the Pacific region which were sold in December 2023), up 13.3% on the €33.0 million recorded for 2022. EBITA margin came in at 6.5% (versus 6.7% in 2022), in a year marked by the impact of the recruitment campaign launched upstream of projects as of end-2022 in order to help drive the Group’s business growth.

    EBITA for Assystem Operations (all of the Group’s operations except for Holding activities) came to €43.0 million, representing 7.4% of revenue, compared with €38.5 million and 7.8% respectively in 2022.

    The Group’s “Holding company” expenses had a €5.5 million negative impact on consolidated EBITA in 2023 (the same figure as in 2022).

    Excluding the impact of IFRS 16, consolidated EBITDA(5) amounted to €46.3 million in 2023, representing 8.0% of revenue, compared with €39.6 million and 8.0% respectively in 2022.

    • Operating profit and other income statement items

    Consolidated operating profit for 2023 totalled €42.1 million (compared with €30.0 million in 2022), after taking into account €8.1 million in net non-recurring income for the period, mainly comprising a reversal of the provision for the tax dispute related to the 2011 and 2012 research tax credits, and the gain on the disposal of the Group’s activities in the Pacific region. Share-based payments (related to free share plans) amounted to €3.4 million in 2023 (including employer social security contributions), versus €1.8 million in 2022. Towards the end of July, the Group implemented the first phase of its key personnel retention plan aimed at helping drive its business growth, by launching an initial free share plan (comprising 288,250 shares).

    The contribution of Expleo Group to Assystem's profit, which holds 37.22% of the capital and 38.94% of the quasi-equity instruments issued by the company (convertible bonds with capitalised interest), was €1.5 million in 2023, including €(11.5) million share of Expleo Group’s loss for the period and €13.0 million in convertible bond coupon. Expleo Group's contribution in 2022 was €9.8 million, including €11.9 million in convertible bond coupon.
    The sale of Assystem’s 5% stake in Framatome to EDF SA completed in January 2024 led to (i) the revaluation of the Framatome’s shares held in the Group's balance sheet to meet the amount of the transaction of €205 million (compared with €134 million at 30 June 2023), and (ii) the recognition of a €70.9 million change in fair value in net financial income. The Group received the proceeds of the sale in January 2024.

    In view of the above, net financial income totalled €67.8 million in 2023 compared with €2.9 million in 2022. In addition to the impact of the above-mentioned Framatome disposal, the 2023 figure includes a €2.6 million dividend received from Framatome for 2022, and the reversal of interest relating to the CIR 2011 and 2012 provision mentioned above. In terms of expenses, it includes €7.2 million in net other financial expenses, mainly related to the impact of rising interest rates.

    In late 2023, the Group refinanced its €60 million investment loan as well as its revolving credit facility (RCF) which was increased from €120 million to €170 million, both with a maturity date at the end of 2028.

    After deducting an income tax expense of €8.5 million (versus €6.6 million in 2022), consolidated profit for the period totalled €102.8 million, compared with €49.9 million in 2022 (which included €13.8 million in profit from the businesses sold to Expleo and MPH classified as discontinued operations under IFRS 5).

    • Information about Expleo Group

    Revenue generated by Expleo Group amounted to €1,387 million in 2023, up 8.9% on its €1,273 million revenue figure for 2022.
    Expleo Group’s EBITDA (including the impact of IFRS 16) rose 17.9% year on year to €148.5 million from €125.9 million in 2022, representing 10.7% of its consolidated revenue versus 9.9%.
    Expleo Group’s consolidated profit before recognition of the capitalised interest on its quasi-equity instruments was €5.7 million, compared with €31.3 million in 2022.

    FREE CASH FLOW(6) AND NET DEBT

    Free cash flow for 2023 (excluding the impact of IFRS 16) is positive at €20.4 million, or 3.5% of consolidated revenue, compared with €26.5 million and 5.4% of consolidated revenue in 2022.

    The Group’s net debt (excluding the IFRS 16 impact) totalled €52.2 million at 31 December 2023, versus €50.9 million at 31 December 2022. The €1.3 million increase breaks down as follows:

    • a €(20.4) million impact from free cash flow;
    • a €1.8 million net impact from acquisitions and disposals;
    • a €14.8 million dividend payment to Assystem shareholders for 2022;
    • a €5.1 million impact from other movements.

    RECOMMENDED DIVIDEND FOR 2023

    At the Annual General Meeting to be held on 24 May 2024, Assystem will recommend a total dividend of €12.5 per share for 2023 including the payment of a €7.0 per-share interim dividend to be paid on 5 April 2024, with an ex-dividend date of 4 April 2024.

    OUTLOOK FOR 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 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.
    2024 FINANCIAL CALENDAR

    14 March:        Full-year 2023 results release – Results presentation at 8.30 a.m. (CET)
    25 April:        Q1 2024 revenue release
    24 May:         Annual General Meeting
    25 July:         First-half 2024 revenue release
    11 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 7,500 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.

    To find out more visit www.assystem.com/Follow Assystem on Twitter: @Assystem

    CONTACTS 

    Malène Korvin – Group 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

    As changes are calculated based on exact figures, discrepancies in the totals may exist due to rounding.

    1/ Revenue and EBITA

    In millions of euros20222023Total year-on-year change Like-for-like change(1)
    Group493.5577.5+17.0%+14.6%
    Nuclear(2)344.9404.1+17.2%+17.2%
    ET&I(2)148.6173.4+16.7%+8.4%

    (1) Based on a comparable scope of consolidation and constant exchange rates.
    (2) Consolidation of the UK-based LogiKal since 1 December 2022 and of Relsafe and Oreka since 1 January 2023. Assystem's activities in the Pacific region (accounted for in ET&I and deconsolidated since 1 December 2023) represented revenue of €12.7 million in 2022 (full year) and €13.8 million in 2023 (11 months).

    • EBITA(3)

    In millions of euros2022% of revenue2023% of revenue
    Group33.06.7%37.46.5%
    Assystem Operations38.57.8%43.07.4%
    Holding company and Other(5.5) (5.5) 

    (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 (€1.2 million in 2022 and €0.8 million in 2023).

    2/ Consolidated financial statements

    • Consolidated income statement

    In millions of euros20222023
       
    Revenue493.5577.5
    Payroll costs(343.2)(401.2)
    Other operating income and expenses(101.1)(119.2)
    Taxes other than on income(1.1)(1.0)
    Depreciation, amortisation and provisions for recurring operating items, net (16.3)(19.5)
       
    Operating profit before non-recurring items (EBITA)31.836.6
       
    Share of profit of equity-accounted investees excl. Expleo Group and MPH Global Services1.20.8
       
    EBITA including share of profit of equity-accounted investees excl. Expleo Group and MPH Global Services 

    33.0    		 

    37.4
    Non-recurring income and expenses 

    (1.2)    		 

    8.1
    Share-based payments(1.8)(3.4)
       
    Operating profit 30.042.1
    Share of profit/(loss) of Expleo Group 

    (2.1)    		 

    (11.5)
    Share of profit/(loss) of MPH GS-(0.1)
    Income from Expleo Group convertible bonds11.913.0
    Net financial income/expense on cash and debt(1.5)(5.2)
    Other financial income and expenses4.473.0
       
    Profit from continuing operations before tax42.7111.3
       
    Income tax expense(6.6)(8.5)
       
    Profit from continuing operations36.1102.8
       
    Profit from discontinued operations 13.8-
       
    Consolidated profit for the period49.9102.8
    Attributable to:   
    Owners of the parent48.9102.0
    Non-controlling interests1.00.8
    • Consolidated statement of financial position

    In millions of euros

         		31 Dec. 202231 Dec. 2023
    ASSETS  
    Goodwill122.2125.4
    Intangible assets 3.63.2
    Property, plant and equipment11.711.0
    Right-of-use assets30.630.8
    Investment property1.31.3
    Equity-accounted investees excl. Expleo Group1.45.8
        Expleo Group shares accounted for by the equity method37.122.8
        Expleo Group convertible bonds144.2157.2
    Expleo Group shares and convertible bonds181.3180.0
    Other non-current financial assets(1)141.3218.8
    Deferred tax assets8.37.8
    Non-current assets501.7584.1
    Trade receivables163.6175.7
    Other receivables23.826.6
    Income tax receivables4.22.7
    Other current assets1.30.8
    Cash and cash equivalents(2)28.536.4
    Assets classified as held for sale16.3-
    Current assets237.7242.2
    TOTAL ASSETS739.4826.3
       
    EQUITY AND LIABILITIES31 Dec. 202231 Dec. 2023
    Share capital15.715.7
    Consolidated reserves334.8362.1
    Profit for the period attributable to owners of the parent48.9102.0
    Equity attributable to owners of the parent399.4479.8
    Non-controlling interests2.12.8
    Total equity401.5482.6
    Long-term debt and non-current financial liabilities(2)76.085.8
    Non-current lease liabilities24.723.7
    Pension and other employee benefit obligations19.317.5
    Long-term provisions17.010.1
    Deferred tax liabilities 0.40.2
    Non-current liabilities137.4137.3
    Short-term debt and current financial liabilities(2)3.42.8
    Current lease liabilities7.69.2
    Trade payables35.337.1
    Due to suppliers of non-current assets0.10.1
    Accrued taxes and payroll costs98.8104.7
    Income tax liabilities3.33.0
    Short-term provisions3.34.1
    Other current liabilities42.445.4
    Liabilities directly associated with assets classified as held for sale6.3-
    Current liabilities200.5206.4
    TOTAL EQUITY AND LIABILITIES739.4826.3

    (1) Including Framatome shares representing €205.0 million at 31 December 2023.
    (2) Net debt totalled €52.2 million at 31 December 2023, breaking down as:

    • - €88.6 million in short- and long-term debt and current and non-current financial liabilities
    • - €36.4 million in cash and cash equivalents
    • Consolidated statement of cash flows

    In millions of euros20222023
    CASH FLOWS FROM OPERATING ACTIVITIES   
       
    EBITA including share of profit of equity-accounted investees 33.037.4
    Depreciation, amortisation and provisions for recurring operating items, net16.319.5
       
    EBITDA49.356.9
       
    Change in operating working capital requirement(4.3)(11.4)
    Income tax paid(5.9)(8.0)
    Other cash flows1.0(1.8)
    Net cash generated from/(used in) operating activities of discontinued operations(4.6)-
    Net cash generated from operating activities35.5 

    35.7
    O/w: - continuing operations40.135.7
               - discontinued operations(4.6)-
    CASH FLOWS FROM INVESTING ACTIVITIES  
       
    Acquisitions of property, plant and equipment and intangible assets, net of disposals, o/w:(3.9)(4.7)
    Acquisitions of property, plant and equipment and intangible assets(4.0)(5.0)
    Proceeds from disposals of property, plant and equipment and intangible assets0.10.3
       
    Free cash flow31.631.0
    O/w: - continuing operations36.231.0
    - discontinued operations(4.6)-
       
    Acquisitions of shares, net of cash acquired(19.8)(5.7)
    Other movements, net6.15.1
    Net cash generated from investing activities of discontinued operations25.91.4
    Net cash generated from/(used in) investing activities8.3 

    (3.9)
    O/w: - continuing operations(17.6)(5.3)
    - discontinued operations25.91.4
    CASH FLOWS FROM FINANCING ACTIVITIES  
       
    Net financial income received/(expenses paid)(2.8)(6.2)
    Proceeds from new borrowings -9.7
    Repayments of borrowings and movements in other financial liabilities(12.0)(0.9)
    Repayments of lease liabilities*(9.8)(10.6)
    Dividends paid(14.7)(14.8)
    Other movements in equity of the parent company(0.1)0.4
    Net cash generated from/(used in) financing activities(39.4) 

    (22.4)
       
    NET INCREASE IN CASH AND CASH EQUIVALENTS 4.49.4
       

    * Including interest expense.

    3/ Movements in net debt

    In millions of euros – excluding IFRS 16 impact 
    Net debt at 31 Dec. 202250.9
    Impact of free cash flow (20.4)
    Net tax effect of disposals and acquisitions in 20231.8
    Dividends paid to Assystem shareholders14.8
    Other movements5.1
    Net debt at 31 Dec. 202352.2

    4/ Information about the Company’s capital

    Number of sharesAt 31 Dec. 2022At 31 Dec. 2023
    Ordinary shares outstanding 15,668,21615,668,216
    Treasury shares 833,400788,718
    Free shares and performance shares outstanding 268,425542,500
    Weighted average number of shares outstanding14,812,51214,851,867
    Weighted average number of diluted shares 15,080,93715,023,967

    Ownership structure at 29 February 2024

    In %SharesExercisable voting rights
    HDL Development(1)57.93%74.74%
    Free float(2)37.03%25.26%
    Treasury shares5.04%-

    (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 (€1.2 million in 2022 and €0.8 million in 2023).

    (2) Dividend for 2023 that will be recommended at the 24 May 2024 Annual General Meeting, i.e €1.0 as an ordinary dividend, €11.50 as a special dividend including a €7.0 interim dividend.
    (3) Including profit attributable to non-controlling interests, amounting to €1.0 million in 2022 and €0.8 million in 2023. Profit for the period attributable to owners of the parent therefore totalled €48.9 million in 2022 (including €13.8 million in profit from operations discontinued in 2022) and €102.0 million in 2023 (including a €70.9 million gain on the fair value remeasurement of the Group’s 5% stake in Framatome, recorded in “Net financial income”).
    (4) Debt less cash and cash equivalents, excluding the IFRS 16 impact.
    (5) EBITA (Earnings before Interest and Taxes – from Activity) excluding the impact of IFRS 16 (€36.7 million in 2023) and before depreciation and amortisation expense and net provisions for recurring items excluding the IFRS 16 impact.

    (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.

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