• ASSYSTEM: 2020 results

    Источник: Nasdaq GlobeNewswire / 16 мар 2021 11:35:00   America/Chicago

     

                    

    2020 results

    • Revenue: €471.7 million
    • Operating profit before non-recurring items (EBITA)(1): €24.8 million, representing 5.3% of revenue
    • Dividend(2) : €1.00 per share
    • Outlook for 2021 buoyed by contract wins for Nuclear activities
    • Targets for 2021: full-year revenue of at least €500 million and EBITA margin of at least 6%

    Paris La Défense, 16 March 2021, 5.35 p.m. (CET) – At its meeting on 16 March 2021, 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 2020.

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

    “The Covid-19 pandemic had a significant impact on Assystem’s sales and earnings in 2020, but it did not affect its strong momentum in terms of business development. Proof of this can be seen in the many contracts we won during the year, particularly in the nuclear sector, as well as in our recent announcement concerning our strategic plans in India. Drawing on our success – which we have achieved thanks to our top quality teams and their close proximity to our key clients, as well as our unwavering ambition to grow our business – we are more than ever putting our world-renowned engineering expertise to the service of the transition to carbon-free energy.”

    KEY FIGURES

    In millions of euros (€m) 20192020
    Revenue497.5471.7
    Operating profit before non-recurring items  – EBITA(1) 35.224.8
    % of revenue7.1%5.3%
    Consolidated profit for the period excluding Expleo Group’s contribution14.314.1
    Consolidated profit/(loss) for the period(3)27.9(21.1)
    Net debt(4)51.623.8
    Dividend per share (in €)(2)1.001.00


    ANALYSIS OF THE 2020 INCOME STATEMENT

    For Assystem, 2020 was marked by the negative impact of the Covid-19 pandemic on the Group’s revenue and earnings, despite the governmental support measures that were put in place, notably in France, concerning furlough and short-time working schemes and exemptions from the corresponding payroll taxes. This impact was particularly pronounced during the national lockdown period in France.

    • Revenue

    Assystem’s consolidated revenue contracted by 5.2% in 2020, breaking down as a like-for-like decrease of 5.5%, a 1.2% positive impact from changes in the scope of consolidation, and a negative 0.9% currency effect.

    Revenue from the Energy & Infrastructure division declined by 3.7% to €429.7 million, with a 5.3% like-for-like decrease, a 2.2% positive impact from changes in scope of consolidation, and a 0.6% negative currency effect.

    Nuclear activities’ revenue edged down 2.5% for 2020 as a whole, coming in at €294.5 million, but stabilised in the second half of the year compared with the same period of 2019 despite an operating context still affected to a certain degree by the pandemic. The growth outlook for this sector looks robust for 2021 thanks to the contracts won during 2020.

    Revenue posted by Energy Transition & Infrastructures (ET&I) amounted to €135.2 million, down 7.6% like for like, although trends improved significantly in the second half of the year (when the decline was a contained 3.5% versus 12.0% in the first half). For 2021, ET&I’s target is to generate revenue at a level between its 2019 and 2020 figures.

    The Staffing division’s revenue – which was heavily affected by the border closures in place throughout most of 2020 – retreated 11.3% year on year to €38.9 million. This division’s revenue target for 2021 is €40 million.

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

    Consolidated EBITA totalled €24.8 million in 2020, compared with €35.2 million in 2019, and EBITA margin stood at 5.3% versus 7.1%.

    EBITA for the Energy & Infrastructure division came in at €28.3 million, and its EBITA margin was 6.6%, versus €36.9 million and 8.3% respectively in 2019.

    Staffing EBITA fell year on year to €0.5 million from €1.4 million(6), with an EBITA margin of 1.3%.

    The Group’s “Holding company” expenses, net of the EBITA of the activities classified in the “Other” category, had a €4.0 million negative impact on consolidated EBITA in 2020, versus a €3.1 million(6) negative impact in 2019. Excluding the EBITA realized by the “Other” activities (which were deconsolidated on 1 July 2020), these Holding company expenses were €4.6 million and €4.9 million in 2020 and 2019 respectively.

    Excluding the impact of IFRS 16, consolidated EBITDA(5) came to €30.5 million in 2020 and EBITDA margin was 6.5%, compared with €39.1 million and 7.9% respectively in 2019.

    • Operating profit and other income statement items

    Consolidated operating profit totalled €21.8 million, versus €27.3 million in 2019, after taking into account €1.3 million in share-based payments and €1.7 million in net non-recurring expense for the year, including €3.7 million in restructuring costs relating to the Belfort site and a €2.0 million capital gain on the sale of the Group’s stake in Eurosyn.

    Expleo Group – in which Assystem holds 38.2% of the capital as well as quasi-equity instruments issued by that company (convertible bonds with capitalised interest) – contributed a negative €35.2 million to consolidated profit, breaking down as Assystem’s €45.2 million share of Expleo Group’s loss for the period and €10.0 million in coupons on the convertible bonds. This negative contribution did not impact the Group’s cash flow.

    Assystem recorded a net financial expense of €1.9 million for 2020. This amount includes €3.1 million in dividends received from Framatome and a €0.9 million expense recognised for the buyout of the 49% interest in the Turkish company Assystem Envy that was not already owned by the Group.

    After deducting an income tax expense of €5.8 million (versus €11.2 million in 2019), Assystem ended the year with a consolidated loss of €21.1 million compared with consolidated profit of €27.9 million in 2019. Excluding Expleo Group’s negative contribution, Assystem would have recorded €14.1 million in consolidated profit, versus €14.3 million in 2019.

    • Information about Expleo Group

    Revenue generated by Expleo Group came to €908.0 million in 2020, compared with €1,084.1 million in 2019. The Covid-19 pandemic severely hit demand for outsourced research and development in Expleo Group’s two main sectors of activity, i.e. the aeronautical and automotive industries. As this impact is set to be lasting, the company has decided to restructure its corresponding operations, primarily in France, with most of the restructuring measures to be carried out in 2021.

    Expleo Group’s EBITDA (excluding the IFRS 16 impact) amounted to €51.5 million for 2020 (of which €27.3 million in the second half), representing 5.7% of its consolidated revenue, versus €108.6 million and 10.0% respectively in 2019. The 2020 EBITDA figure includes a negative €12.8 million impact corresponding to the residual amount borne by the company for its employees on short-time working and furlough schemes, recorded in EBITA (which totalled €38.6 million).

    Expleo Group recorded a consolidated loss of €92.2 million before recognition of the capitalised interest on its quasi-equity instruments. This amount includes a net non-recurring expense of €77.3 million, of which €66.8 million relates to the provisions for the restructuring plan.

    FREE CASH FLOW(7) AND NET DEBT

    Free cash flow for 2020 came to €58.4 million (excluding the IFRS 16 impact). Before the €26.7 million positive effect of the income and payroll tax holiday schemes put in place by national governments (mainly in France), the figure was €31.7 million (representing 6.7% of revenue). Out of the overall amount of postponed tax payments, €13.6 million is payable in the first half of 2021 and €13.1 million in the second half of 2021.

    The Group had net debt of €23.8 million at 31 December 2020, versus €51.6 million at end-2019. The €27.8 million year-on-year decrease breaks down as follows:

    • a €58.4 million reduction in debt as a result of free cash flow(7);
    • a €15.1 million dividend payment to Assystem shareholders for 2019;
    • €8.9 million paid for acquisitions of shares (acquisition of Corporate Risk Associates and buyout of the minority interests in Assystem Envy) and purchased goodwill;
    • a €6.6 million net cash inflow for other movements, including €9.4 million paid for purchases of Assystem shares and €3.1 million in dividends received from Framatome.

             
             
             
    RECOMMENDED DIVIDEND FOR 2020

    At the Annual General Meeting to be held on 27 May 2021, Assystem will recommend the payment of a dividend of €1.00 per share. If this dividend is approved by the shareholders, it would represent a total payout of €14.8 million(8).

    OUTLOOK FOR 2021

    Excluding the contributions of any acquisitions carried out during 2021 and based on exchange rates at the beginning of the year, Assystem’s targets for 2021 are as follows:

    • consolidated revenue of at least €500 million;
    • EBITA margin of at least 6%, noting that the increase compared with the reference year of 2019 in IT costs arising from the implementation of a new ERP system(9) and IT security measures represents 0.8% of revenue.

    This outlook is based on the assumption that both the Group and its clients are able to continue conducting their business in the same conditions as those currently prevailing.

    2021 FINANCIAL CALENDAR

    • 4 May 2021:                       First-quarter 2021 revenue release
    • 27 May 2021:                      Annual General Meeting
    • 29 July 2021:                      First-half 2021 revenue release

    ABOUT ASSYSTEM
    Assystem is an international engineering group. As a key participant in the industry for over 50 years, the Group supports its clients in managing their capital expenditure throughout their asset life cycles. Assystem S.A. is listed on Euronext Paris.
    To find out more visit www.assystem.com / Follow Assystem on Twitter: @Assystem

    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
    Investor relations – Komodo
    agnes.villeret@agence-komodo.com
    Tel.: +33 (0)6 83 28 04 15

     

    APPENDICES

    1/ REVENUE AND EBITA BY DIVISION

    • REVENUE
    In millions of euros20192020Total year-on-year changeLike-for-like change*
    Group497.5471.7-5.2%-5.5%
    Energy & Infrastructure446.2429.7-3.7%-5.3%
    Staffing43.838.9-11.3%-7.3%
    Other7.53.1--

       * Based on a comparable scope of consolidation and constant exchange rates.

    • EBITA(1)
    In millions of euros2019% of
    revenue    		2020% of revenue
    Group35.27.1%24.85.3%
    Energy & Infrastructure36.98.3%28.36.6%
    Staffing1.43.2%0.51.3%
    Holding company and Other(3.1)-(4.0)-

     (1)    Operating profit before non-recurring items (EBITA) including share of profit of equity-accounted investees other than Expleo Group (€0.9 million in 2019 and €1.0 million in 2020).

     

    2/ Consolidated Financial Statements
     

    • CONSOLIDATED STATEMENT OF FINANCIAL POSITION
    In millions of euros31 Dec. 201931 Dec. 2020
    ASSETS  
    Goodwill84.682.0
    Intangible assets12.215.6
    Property, plant and equipment10.512.0
    Right-of-use assets34.437.7
    Investment property1.41.3
    Equity-accounted investees1.01.4
       Expleo Group shares91.243.0
       Expleo Group convertible bonds111.4121.4
    Expleo Group shares and convertible bonds202.6164.4
    Other non-current financial assets(1)143.8144.6
    Deferred tax assets4.55.7
    Non-current assets495.0464.7
    Trade receivables160.8150.5
    Other receivables30.023.9
    Income tax receivables1.60.7
    Other current assets0.50.3
    Cash and cash equivalents(2)29.243.1
    Current assets222.1218.5
    TOTAL ASSETS717.1683.2
       
    EQUITY AND LIABILITIES31 Dec. 201931 Dec. 2020
    Share capital15.715.7
    Consolidated reserves353.7348.9
    Profit/(loss) for the period attributable to owners of the parent27.0(22.0)
    Equity attributable to owners of the parent396.4342.6
    Non-controlling interests0.30.1
    Total equity396.7342.7
    Long-term debt and non-current financial liabilities(2)80.566.0
    Lease liabilities27.130.2
    Pension and other employee benefit obligations18.419.6
    Liabilities related to share acquisitions4.4-
    Long-term provisions17.217.4
    Other non-current liabilities0.8-
    Deferred tax liabilities-0.1
    Non-current liabilities148.4133.3
    Short-term debt and current financial liabilities(2)0.30.9
    Lease liabilities7.78.5
    Trade payables32.728.3
    Due to suppliers of non-current assets1.20.1
    Accrued taxes and payroll costs95.4120.8
    Income tax liabilities2.71.0
    Short-term provisions3.06.9
    Other current liabilities29.040.7
    Current liabilities172.0207.2
    TOTAL EQUITY AND LIABILITIES717.1683.2

    (1) Including Framatome shares representing €136.7 million at 31 December 2020.
    (2) Net debt totalled €23.8 million at 31 December 2020, breaking down as:
            -  Short- and long-term debt and current and non-current financial liabilities: €66.9 million
            -  Cash and cash equivalents: €43.1 million.

    •  CONSOLIDATED INCOME STATEMENT
            
    In millions of euros20192020
       
    Revenue497.5471.7
    Payroll costs(351.2)(348.6)
    Other operating income and expenses(97.7)(81.9)
    Taxes other than on income(1.1)(1.1)
    Depreciation, amortisation and provisions for recurring operating items, net(13.2)(16.3)
       
    Operating profit before non-recurring items (EBITA)34.323.8
    Share of profit of equity-accounted investees0.91.0
       
    EBITA including share of profit of equity-accounted investees35.224.8
    Non-recurring income and expenses(6.9)(1.7)
    Share-based payments(1.0)(1.3)
       
    Operating profit 27.321.8
    Share of profit/(loss) of Expleo Group4.5(45.2)
    Income from Expleo Group convertible bonds9.110.0
    Net financial expense on cash and debt(1.8)(2.7)
    Other financial income and expenses0.50.8
       
    Profit/(loss) from continuing operations before tax39.6(15.3)
       
    Income tax expense(11.2)(5.8)
       
    Profit/(loss) from continuing operations28.4(21.1)
       
    Profit/(loss) from discontinued operations(0.5)-
       
    Consolidated profit/(loss) for the period27.9(21.1)
    Attributable to:  
    Owners of the parent27.0(22.0)
    Non-controlling interests0.90.9

     

    •  CONSOLIDATED STATEMENT OF CASH FLOWS
            
    In millions of euros20192020
    CASH FLOWS FROM OPERATING ACTIVITIES  
    EBITA including share of profit of equity-accounted investees35.224.8
    Depreciation, amortisation and provisions for recurring operating items, net13.216.3
    EBITDA48.441.1
    Change in operating working capital requirement8.146.9
    Income tax paid(10.7)(6.7)
    Other cash flows(3.8)(0.4)
    Net cash generated from operating activities42.080.9
    O/w related to continuing operations42.580.9
    O/w related to discontinued operations(0.5)-
    CASH FLOWS FROM INVESTING ACTIVITIES  
    Acquisitions of property, plant and equipment and intangible assets, net of disposals, o/w:(15.8)(11.9)
       Acquisitions of property, plant and equipment and intangible assets(16.0)(12.0)
       Proceeds from disposals of property, plant and equipment and intangible assets0.20.1
    Free cash flow26.269.0
    O/w related to continuing operations26.769.0
    O/w related to discontinued operations (0.5)-
    Acquisitions of shares and purchased goodwill(22.2)(8.9)
    Other movements, net4.46.1
    Net cash generated from/(used in) investing activities(33.6)(14.7)
    O/w related to continuing operations(33.6)(17.1)
    O/w related to discontinued operations -                  2.4
    CASH FLOWS FROM FINANCING ACTIVITIES  
    Net financial income received/(expenses paid)(1.7)(1.3)
    Proceeds from new borrowings17.2-
    Repayments of borrowings and movements in other financial liabilities(0.2)(14.0)
    Repayments of lease liabilities*(9.3)(10.6)
    Dividends paid(17.2)(16.0)
    Other movements in equity of the parent company0.2(9.4)
       
    Net cash generated from/(used in) financing activities(11.0)(51.3)
       
    Net increase/(decrease) in cash and cash equivalents (2.6)14.9
       
    Net cash and cash equivalents at beginning of year32.129.1
    Effect of non-monetary items and changes in exchange rates(0.4)(1.1)
    Net increase/(decrease) in cash and cash equivalents(2.6)14.9
    Net cash and cash equivalents at year-end29.142.9

    * Including interest expense.

     

    3/ MOVEMENTS IN NET DEBT/(CASH)

    In millions of euros  
    Net debt at 31 Dec. 201951.6 
    Free cash flow from continuing operations(58.4)Excluding impact of IFRS 16
    Acquisitions of shares8.9 
    Dividends paid to Assystem’s shareholders15.1 
    Treasury share transactions9.4 
    Other movements(2.8)Including €3.1 million in dividends received from Framatome
    Net debt at 31 Dec. 202023.8 

    4/ INFORMATION ABOUT THE COMPANY'S CAPITAL  

    Number of sharesAt 31 Dec. 2019At 31 Dec. 2020
    Ordinary shares outstanding15,668,21615,668,216
    Treasury shares670,640855,848
    Free shares and performance shares outstanding303,715170,925
    Weighted average number of shares outstanding15,004,95715,000,142
    Weighted average number of diluted shares15,308,67215,171,067

    Ownership Structure at 28 February 2021

    In %SharesExercisable voting rights
    HDL Development(1)57.14%74.76%
    Free float(2)37.37%25.24%
    Treasury shares5.49%-
    1. HDL Development is a holding company that is 88.33%-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) including share of profit of equity-accounted investees other than Expleo Group (€0.9 million in 2019 and €1.0 million in 2020).

    (2) For 2020, the figure corresponds to the dividend that will be recommended at the Annual General Meeting on 27 May 2021.

    (3) Including profit attributable to non-controlling interests amounting to €0.9 million for both 2019 and 2020. Consequently, in 2019, profit for the period attributable to owners of the parent came to €27.0 million, and in 2020, loss for the period attributable to owners of the parent was €22.0 million.

    (4) Debt less cash and cash equivalents and after taking into account the fair value of hedging instruments.

    (5) EBITA excluding the impact of IFRS16 (i.e. €0.6 million in 2020) and before depreciation and amortisation expense and net provisions for recurring operating items.

    (6) €0.2 million in EBITA has been reclassified from “Other” to Staffing for 2019 in order to provide meaningful comparisons with 2020.

    (7) Corresponding to net cash generated from operating activities less capital expenditure, net of disposals. Free cash flow including the IFRS 16 impact amounted to €69.0 million.

    (8) Corresponding to €1.00 multiplied by the 14,808,463 outstanding shares carrying dividend rights at 28 February 2021.

    (9) The Group’s previous ERP was fully amortised.

     

     

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