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08.09.2015 17:36:04
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ASSYSTEM : First-half 2015 results: attributable net profit up 46%
First-half 2015 results: attributable net profit up 46%
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Organic growth excluding staffing: 2.0%
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EBITA margin: 5.1%, up 0.3 points
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Attributable net profit(1): €15.0 million, up €4.7 million
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Free cash flow for the twelve months from 1 July 2014 to 30 June 2015: €37.5 million (70% of EBITA and 4.3% of revenue for the same period)
(Paris, 8 September 2015, 5:35 p.m.) - The Board of Directors of Assystem S.A. (ISIN: FR0000074148 - ASY), a leading Innovation and Engineering Consultancy, met on 7 September 2015 and reviewed the financial statements for the six months ended 30 June 2015.
| In € million | H1 2014 restated* | H1 2015 | |
| Income statement highlights | |||
| Revenue | 438.7 | 447.2 | |
| Operating profit before non-recurring items (EBITA)(2) | 21.0 | 22.9 | |
| % of revenue | 4.8% | 5.1% | |
| Operating profit | 18.6 | 20.1 | |
| % of revenue | 4.2% | 4.5% | |
| Attributable net profit | 7.9 | 15.3 | |
| Attributable net profit excl. change in fair value of ORNANE derivative([3]) | 10.3 | 15.0 | |
| Cash flow highlights | |||
| Free cash flow(4) | (4.4) | 1.9 | |
| Balance sheet highlights | |||
| Net cash(5)[4] | 35.5 | 166.0 | |
| Per share data (€) | |||
| Basic earnings per share | 0.40 | 0.54 | |
| Diluted earnings per share(6) | 0.40 | 0.54 | |
* First-half 2015 figures reflect the first-time application of IFRIC 21. For purposes of comparison, the 2014 accounts have been restated to reflect the impact of this change in accounting method.
The Statutory Auditors have conducted a review of the interim consolidated financial statements.
Analysis of the first-half 2015 income statement
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Revenue
Revenue rose by 1.9% in the first half of 2015. Organic growth, excluding the impact of the decline in staffing activities, amounted to 2.0% for the company as a whole, as well as for the Energy & Infrastructure and Global Product Solutions divisions. Organic growth accelerated significantly in the second quarter to 3.3%, compared with 0.8% in the first quarter.
The decline in staffing activities had a negative impact of 2.3% on reported revenue.
- Operating profit before non-recurring items (EBITA)
EBITA totalled €22.9 million, or 5.1% of revenue, compared to €21.0 million (restated to reflect the impact of IFRIC 21) and 4.8% of revenue in the first half of 2014.
In Energy & Infrastructure, EBITA amounted to €9.7 million (less €0.5 million year-on-year). The decrease reflects the positive impact of the Radicon acquisition, on the one hand, and the effect of the economic situation on non-Nuclear activities in France and the decline in profit from staffing activities, on the other. EBITA margin came to 5.2% for the period (6.0% excluding staffing).
In Global Product Solutions, EBITA amounted to €13.2 million, up from €10.8 million in first-half 2014. EBITA margin increased to 5.1% of revenue, versus 4.2% in first-half 2014. EBITA for the division was lifted by a sharp increase in Automotive profit and the first positive impacts of the performance improvement plan in Germany. Aerospace profit declined moderately.
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Attributable net profit
Excluding the change in fair value of the ORNANE derivative, attributable net profit totalled €15.0 million, up 46% year-on-year from €10.3 million.
The €4.7 million increase was primarily driven by a rise in EBITA and a change in net borrowing costs.
FREE CASH FLOW AND NET CASH
Free cash flow amounted to a positive €1.9 million, compared to a negative €4.4 million in first-half 2014. Note that this figure is influenced by seasonal fluctuations in profit and working capital.
For the twelve months from 1 July 2014 to 30 June 2015, free cash flow totalled a positive €37.5 million, which represented 70% of EBITA and 4.3% of revenue for the period.
The Group had a net cash position of €166.0 million at 30 June 2015, compared with €35.5 million at 30 June 2014 and €221.9 million at 31 December 2014.
The year-on-year change is chiefly due to the issue of an ODIRNANE in July 2014. In comparison with 31 December 2014, the change reflects seasonal fluctuations in working capital, the Radicon acquisition, the purchase of the minority interest (19.25%) in MPH Global Services, the parent company for staffing activities, and the payment of the annual dividend in June 2015.
2015 OUTLOOK
In the second half of 2015, the Group anticipates:
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Sustained momentum in the Automotive segment.
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A return to growth in the Nuclear segment.
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Stabilised performance in the Aerospace segment.
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A reduced impact of the decline in staffing activities.
As a result, full-year 2015 reported revenue is expected to grow by between 3% and 4% compared to 2014.
Besides, the objective of a higher EBITA margin compared to 6.0% of revenue in 2014 is reinforced by first-half results and second-half business prospects.
INVESTOR CALENDAR
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4 November 2015: Third-quarter 2015 revenue released.
Assystem is an international Engineering and Innovation Consultancy. As a key participant in the industry for 50 years, Assystem supports its customers in developing their products and managing their capital expenditure throughout the product life cycle. Assystem employs 11,248 people worldwide and generates annual revenue of close to €900 million. The Company is listed on Euronext Paris.
For more information, please visit www,assystem,com
Follow Assystem on Twitter: @Assystem
CONTACTS
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Philippe Chevallier Deputy Managing Director and CFO Phone: +33 (0)1 55 65 03 10 |
Nicolas Castex Citigate Dewe Rogerson Phone: +33 (0)1 53 32 78 88 nicolas.castex@citigate.fr |
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Pauline Bucaille Vice President, Corporate Communications and Investor Relations Phone: +33 (0)1 55 65 03 08 - pbucaille@assystem.com |
APPENDICES
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Consolidated revenue by geography and by division
| In € million | H1 2014 | H1 2015 | Reported change |
Organic change Excl. staffing* | Organic change* |
| France | 271.3 | 275.1 | 1.4% | 1.4% | 1.4% |
| International | 167.4 | 172.1 | 2.9% | 3.4% | -3.0% |
| Energy & Infrastructure | 182.1 | 185.4 | 1.8% | 2.0% | -3.5% |
| Global Product Solutions | 256.6 | 261.8 | 2.0% | 2.0% | 2.0% |
* At constant scope of consolidation (including Radicon in 2014 first-half) and current exchange rates
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Ebita by geography and by division
| In € million |
H1 2014 restated* | % of Revenue | H1 2015 | % of Revenue |
| France | 18.4 | 6.8% | 16.7 | 6.1% |
| International | 2.6 | 1.5% | 6.2 | 3.6% |
| Energy & Infrastructure | 10.2 | 5.6% | 9.7 | 5.2% |
| Global Product Solutions | 10.8 | 4.2% | 13.2 | 5.1% |
*restated for the impact of IFRIC21
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Share capital
Shares outstanding as of 31/12/2014 as of 31/08/2015
| Ordinary shares oustanding | 22,154,831 | 22,218,216 |
| Treasury stock | 388,117 | 601,584 |
| BSAR 2015 redeemable share warrants outstanding (Exercise price: €11.10) | 170,698 | 0 |
| Stock awards and performance stock awards outstanding | 92,550 | 39,150 |
| Weighted average shares outstanding | 20,751,174 | N/A |
| Diluted weighted average shares outstanding1 | 20,919,873 | N/A |
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Breakdown of capital at 31 december 2015
| En pourcentage | Shares | Effective voting rights |
| HDL Development2 | 60.66 % | 61.73% |
| Public 3 | 36.63 % | 38.27% |
| Treasury stock | 2.71% | 0% |
1 After taking into account the potential dilution from the exercise of warrants, and excluding potential effect of dilution by the conversion of ORNANE and ODIRNANE.
2 HDL Development is a holding company controlled by Dominique Louis, Founder-Chairman of Assystem, notably through HDL, which holds a 0.23% direct stake in Assystem.
3 Including 0.23% held by HDL.
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Consolidated balance sheet
In € million
| Assets |
30
June 2015 |
31 Dec. 2014 restated* |
30 June 2014 restated* | |
| Goodwill | 151.4 | 124.5 | 124.4 | |
| Intangible assets | 4.6 | 4.6 | 4.9 | |
| Property, plant and equipment | 18.2 | 17.6 | 18.7 | |
| Investment property | 1.4 | 1.4 | 1.4 | |
| Investment in associates | 0.7 | 1.0 | 1.6 | |
| Available-for-sale financial assets | 0.2 | 0.2 | 0.2 | |
| Other non-current financial assets | 10.6 | 10.7 | 8.7 | |
| Deferred tax assets | 7.8 | 11.3 | 6.2 | |
| Total non-current assets | 194.9 | 171.3 | 166.1 | |
| Trade receivables | 307.8 | 280.5 | 283.5 | |
| Other receivables | 63.4 | 56.5 | 47.6 | |
| Corporate income tax receivables | 1.1 | 4.0 | 3.5 | |
| Other current financial assets | 0.4 | 0.1 | - | |
| Cash and cash equivalents | 200.4 | 252,2 | 161.7 | |
| Total current assets | 573.1 | 593.3 | 496.3 | |
| TOTAL ASSETS | 768.0 | 764.6 | 662.4 |
| LIABILITIES |
30 June 2015 |
31 Dec. 2014 restated* |
30 June 2014 restated* |
| Share capital | 22.2 | 22.1 | 22.1 |
| Share premiums | 80.3 | 79.7 | 79.4 |
| Consolidated reserves | 146.4 | 136.0 | 142.6 |
| Convertible hybrid bonds | 158.4 | 158.4 | - |
| Net profit for the period | 15.3 | 21.8 | 7.9 |
| Equity, Group share | 422.6 | 418.0 | 252.0 |
| Non-controlling interests | (1.1) | 7.2 | 7.3 |
| Consolidated equity | 421.5 | 425.2 | 259.3 |
| Convertible bonds | 26.0 | 25.6 | 82.8 |
| Other non-current financial liabilities | 4.7 | 1.0 | 12.4 |
| Provisions | 3.0 | 2.3 | 0.4 |
| Employee benefits | 22.3 | 24.3 | 19.8 |
| Other non-current liabilities | 2.0 | 2.0 | 7.1 |
| Deferred tax liabilities | - | - | 0.7 |
| Non-current liabilities | 58.0 | 55.2 | 123.2 |
| Current financial and derivative liabilities | 3.7 | 3.7 | 31.0 |
| Provisions | 5.8 | 9.7 | 4.9 |
| Trade payables | 49.0 | 47.2 | 36.7 |
| Corporate income tax liabilities | 4.9 | 1.8 | 1.6 |
| Other current liabilities | 225.1 | 221.8 | 205.7 |
| Current liabilities | 288.5 | 284.2 | 279.9 |
| TOTAL LIABILITIES | 768.0 | 764.6 | 662.4 |
* Figures as of 31 December 2014 and as of 30 June 2014 have been restated to reflect the retroactive application of IFRIC 21.
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Consolidated income statement
| In € million |
30 June 2015 |
30 June 2014 restated* |
30
June 2013 restated* |
| Sales | 447.2 | 438.7 | 433,2 |
| Employee costs | (329.6) | (326.1) | (316.0) |
| Taxes and duties | (1.1) | (1.3) | (1.3) |
| Net depreciation expense | (4.4) | (4.4) | (4.6) |
| Net change in provisions for risks and charges** | (0.7) | (1.0) | (1.6) |
| Other operating income and expense *** | (88.5) | (84.9) | (83.8) |
| Operating income before non-recurring items (EBITA) | 22.9 | 21.0 | 25.9 |
| Costs related to bonus shares | (0.2) | (0.4) | (0.6) |
| Other non-recurring income and expense | (2.6) | (2.0) | (2.8) |
| Operating income | 20.1 | 18.6 | 22.5 |
| Net profit of equity affiliates | - | 0.1 | 0.2 |
| Net borrowing costs | 2.5 | (1.3) | (3.5) |
| Change in fair value of the ORNANE derivative | 0.5 | (3.8) | 1.8 |
| Other financial income and expense | (0.4) | (2.1) | (0.2) |
| Net profit for the period from continuing operations before tax | 22.7 | 11.5 | 20.8 |
| Income tax | (7.0) | (3.4) | (5.6) |
| Net profit for the period from continuing operations | 15.7 | 8.1 | 15.2 |
| Result for the period from discontinued operations | - | - | (0.1) |
| Consolidated net profit for the period | 15.7 | 8.1 | 15.1 |
| Attributable : | |||
| Net income - Group share | 15.3 | 7.9 | 14.8 |
| Net income - Non-controlling interests | 0.4 | 0.2 | 0.3 |
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* Figures as of 30 June 2013 and as of 30 June 2014 are restated to reflect the retroactive application of IFRIC 21.
** "Net change in provisions for risks and charges" only includes movements in provisions related to recurring income and expense items. Furthermore, with regard to the reversal of provisions, it records only the release of provisions which have not been used to cover expenses. Reversals of provisions used to cover expenses are recorded where the corresponding expense is accounted for.
*** "Other operating income and expense" includes movements in provisions on current assets.
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Consolidated cash flow statement
| In € million |
30 June 2015 |
30 June 2014 restated* |
30 June 2013 restated* |
| OPERATING ACTIVITIES | |||
| Net profit for the period from continuing operations | 15.7 | 8.1 | 15.2 |
| Elimination of non-cash and non-operating transactions | 6.0 | 16.6 | 15.5 |
| Change in operating working capital requirement | (13.3) | (22,1) | (26.1) |
| Income tax paid | (3.4) | (2.7) | (9.9) |
| Net cash flow from discontinued operations | - | - | 0.1 |
| Net cash flow from operating activities | 5.0 | (0.1) | (5.6) |
| INVESTING ACTIVITIES | |||
| Fixed assets - acquisitions | (3.3) | (4.3) | (4.7) |
| Fixed assets - disposals | 0.2 | ||
| (3.1) | (4.3) | (4.7) | |
| Investment in consolidated companies | (29.5) | (1.9) | (0.1) |
| Loans repaid to the Group by non-consolidated companies | - | 0.2 | 0.3 |
| Loans granted by the Group to non-consolidated companies | 0.1 | (0.5) | |
| Dividends received | 0.3 | 0.4 | 0.4 |
| Net cash flow from investing activities | (32.2) | (5.6) | (4.6) |
| FINANCING ACTIVITIES | |||
| New borrowings and other debt | 0.1 | - | 40.0 |
| Borrowing repayments and changes in other financial liabilities | (5.8) | (18.5) | 0.4 |
| Net borrowing costs / Net debt proceeds | 1.9 | (4.9) | (4.8) |
| Dividends paid to equity holders of the parent company and to non-controlling interests | (16.2) | (10.0) | - |
| Capital increase | 0.7 | 31.1 | 0.6 |
| Purchases and disposals of treasury shares | (5.6) | 33.8 | (28.9) |
| Net cash flow from financing activities | (24.9) | 31.5 | 7.3 |
| Change in net cash | (52.1) | 25.8 | (2.9) |
| Net cash at beginning of the period | 250.5 | 131.3 | 134.3 |
| Impact of non-monetary elements and changes in exchange rates | 0.1 | 0.2 | (0.3) |
| Change in net cash | (52.1) | 25.8 | (2.9) |
| Cash at end of the period | 198.5 | 157.3 | 131.1 |
* Figures as of 30 June 2013 and as of 30 June 2014 are restated to reflect the retroactive application of IFRIC 21.
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Net cash
| In € million | |||
| NET CASH (31/12/2014) | 221.9 | ||
| Operating cash flow | 21.7 | ||
| Change in operating Working Capital Requirements (WCR) | (13.3) | ||
| Income tax paid | (3.4) | ||
| Capital expenditure, net | (3.1) | ||
| FREE CASH FLOW | 1.9 | ||
| Acquisitions | (38.8) | including Radicon (33.0 M€) and buyout of MPH minority interest (5.8 M€) | |
| Dividends | (16.2) | ||
| Other | (2.8) | ||
| NET CASH (30/06/2015) | 166.0 | ||
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SUMMARY BALANCE SHEET
| In € million |
30 June 2015 | 31 December 2014* |
| ASSETS | 479.5 | 480.4 |
| Non-current assets | 194.9 | 171.3 |
| Of which Goodwill | 151.4 | 124.5 |
| Net Working Capital Requirements | 87.9 | 60.6 |
| Cash and cash equivalents, net of current financial liabilities | 196.7 | 248.5 |
| EQUITY AND LIABILITIES | 479.5 | 480.4 |
| Equity | 421.5 | 425.2 |
| incl. convertible hybrid bonds | 158.4 | 158.4 |
| NC liabilities | 27.3 | 28.6 |
| Long term financial debt | 30.7 | 26.6 |
* Figures as of 30 June 2013 and as of 30 June 2014 are restated o reflect the retroactive application of IFRIC 21.
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Operating profit before non-recurring items (EBITA) corresponds to operating profit before (i) expenses related to stock grants and stock options; (ii) acquisition costs; (iii) gains or losses on asset disposals and (iv) income and expenses related to unusual or infrequent events.
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The change in fair value of the ORNANE derivative represented income of €0.5 million in first-half 2015, or €0.3 million net of tax.
In first-half 2014, the change in fair value led to the recognition of an expense of €3.8 million, or €2.4 million net of tax. -
Net cash flow from operating activities, less operating capital expenditure, net of disposals and excluding cash flow from discontinued operations.
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Calculated on a fully-diluted basis assuming conversion of ORNANE and ODIRNANE instruments into Assystem shares and not taking into account the Group's ability to repay the nominal amount of these financial instruments in cash.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ASSYSTEM via Globenewswire
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