ASSYSTEM: First-half 2022 results
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
2021restated* |
H1 2022 |
Year-on-year change |
Revenue |
215.3 |
241.7 |
+12.3% |
Operating profit before non-recurring
items –
EBITA(1) |
13.9 |
16.4 |
+17.3% |
% of revenue |
6.5% |
6.8% |
+0.3 pts |
Consolidated profit for the
period(2) |
11.2 |
32.7 |
- |
|
|
|
|
In millions of euros (€m) |
31 Dec.
2021 |
30 June
2022 |
|
Net
debt(3) |
64.7 |
52.1 |
|
* 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
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
ASSYSTEMAs 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
In millions of euros |
H1 2021 restated(1) |
H1 2022reported |
Total year-on-year change |
Like-for-like change(2) |
Group |
215.3 |
241.7 |
+12.3% |
+4.6% |
Nuclear |
163.8 |
171.7 |
+4.9% |
+4.2% |
ET&I |
51.5 |
69.9 |
+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
In millions of euros |
H1 2021 restated |
% of revenue |
H1 2022 |
% of revenue |
Group |
13.9 |
6.5% |
16.4 |
6.8% |
Assystem
Operations |
16.8 |
7.8% |
19.0 |
7.9% |
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
euros |
31 Dec. 2021 |
30 June 2022 |
ASSETS |
|
|
Goodwill |
97.0 |
106.3 |
Intangible assets |
4.4 |
4.1 |
Property, plant and equipment |
12.9 |
12.1 |
Right-of-use assets |
33.2 |
33.9 |
Investment property |
1.3 |
1.3 |
Equity-accounted investees |
1.0 |
1.0 |
Expleo Group shares |
41.3 |
38.9 |
Expleo Group convertible bonds |
132.3 |
138.1 |
Expleo Group shares and convertible bonds |
173.6 |
177.0 |
Other non-current financial assets(1) |
147.7 |
143.0 |
Deferred tax assets |
8.8 |
5.9 |
Non-current assets |
479.9 |
484.6 |
Trade receivables |
169.3 |
174.1 |
Other receivables |
27.7 |
23.5 |
Income tax receivables |
3.4 |
4.6 |
Other current assets |
0.3 |
5.1 |
Cash and cash
equivalents(2) |
25.7 |
21.7 |
Assets classified as held for sale |
18.3 |
16.9 |
Current assets |
244.7 |
245.9 |
TOTAL ASSETS |
724.6 |
730.5 |
|
|
|
EQUITY AND LIABILITIES |
31 Dec. 2021 |
30 June 2022 |
Share capital |
15.7 |
15.7 |
Consolidated reserves |
307.3 |
340.9 |
Profit for the period attributable to owners of the parent |
34.2 |
32.4 |
Equity attributable to owners of the parent |
357.2 |
389.0 |
Non-controlling interests |
1.3 |
1.7 |
Total equity |
358.5 |
390.7 |
Long-term debt and non-current financial liabilities(2) |
89.8 |
73.5 |
Non-current
lease liabilities |
26.5 |
27.4 |
Pension and
other employee benefit obligations |
22.4 |
18.9 |
Long-term
provisions |
16.3 |
16.6 |
Deferred tax liabilities |
0.1 |
0.1 |
Non-current liabilities |
155.1 |
136.5 |
Short-term debt and current financial liabilities(2) |
0.5 |
0.3 |
Current lease
liabilities |
8.2 |
8.2 |
Trade
payables |
34.8 |
27.6 |
Due to
suppliers of non-current assets |
0.2 |
0.1 |
Accrued taxes
and payroll costs |
107.2 |
93.0 |
Income tax
liabilities |
2.2 |
0.7 |
Short-term
provisions |
2.6 |
3.6 |
Other current
liabilities(3) |
46.3 |
60.9 |
Liabilities directly associated with assets classified as held for
sale |
9.0 |
8.9 |
Current liabilities |
211.0 |
203.3 |
TOTAL EQUITY AND LIABILITIES |
724.6 |
730.5 |
(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 euros |
Six months ended 30 June
2021restated |
Six months ended 30 June
2022 |
|
|
|
Revenue |
215.3 |
241.7 |
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) |
13.5 |
15.8 |
Share of profit of equity-accounted investees |
0.4 |
0.6 |
|
|
|
EBITA including share of profit of equity-accounted
investees |
13.9 |
16.4 |
Non-recurring income and expenses |
(0.6) |
(1.1) |
Share-based
payments |
(0.7) |
(0.9) |
|
|
|
Operating profit |
12.6 |
14.4 |
Share of profit/(loss) of Expleo Group |
(6.6) |
(2.7) |
Income from
Expleo Group convertible bonds |
5.3 |
5.8 |
Net financial
expense on cash and debt |
(0.3) |
(0.3) |
Other financial
income and expenses |
1.0 |
5.3 |
|
|
|
Profit from continuing operations before tax |
12.0 |
22.5 |
|
|
|
Income tax
expense |
(3.2) |
(3.5) |
|
|
|
Profit from continuing operations |
8.8 |
19.0 |
|
|
|
Profit from
discontinued operations |
2.4 |
13.7 |
|
|
|
Consolidated profit for the period |
11.2 |
32.7 |
Attributable
to: |
|
|
Owners of the
parent |
11.1 |
32.4 |
Non-controlling interests |
0.1 |
0.3 |
- Consolidated statement of cash flows
In millions of euros |
Six months ended 30 June
2021restated |
Six months ended 30 June
2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
EBITA including
share of profit of equity-accounted investees |
13.9 |
16.4 |
|
Depreciation,
amortisation and provisions for recurring operating items, net |
6.9 |
7.7 |
|
EBITDA |
20.8 |
24.1 |
|
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
operations |
2.3 |
(1.2) |
|
Net cash generated
from/(used in) operating
activities |
(1.2) |
(0.4) |
|
|
|
|
|
O/w: -
continuing operations |
(3.5) |
0.8 |
|
- discontinued
operations |
2.3 |
(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
operations |
2.0 |
(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 borrowings |
21.0 |
- |
|
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
activities |
13.7 |
(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. 2021 |
64.7 |
|
Free cash flow from continuing operations |
5.6 |
Excluding IFRS 16
impact |
Free cash flow from discontinued operations |
1.4 |
|
Sales of shares
and businesses, net of tax |
(26.0) |
|
Deconsolidation of MPH |
4.8 |
|
Other
movements |
1.6 |
|
Net debt at 30 June
2022 |
52.1 |
|
4/ Information about the Company’s
capital
Number of shares |
At 31 Dec. 2021 |
At 31 Aug. 2022 |
Ordinary shares outstanding |
15,668,216 |
15,668,216 |
Treasury
shares |
876,771 |
830,639 |
Free shares and
performance shares outstanding |
216,300 |
211,025 |
Weighted average
number of shares outstanding |
14,776,162 |
14,814,511 |
Weighted average number of diluted shares |
14,992,462 |
15,025,536 |
Ownership structure at 31 August
2022
In % |
Shares |
Exercisable voting rights |
HDL Development(1) |
57.93% |
74.76% |
Free
float(2) |
36.77% |
25.24% |
Treasury shares |
5.30% |
- |
(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.
- PR ASY_Résultatssemestriels 2022 ENG
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