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13.09.2016 17:35:55
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ASSYSTEM : First-half 2016 Results, 7.4% organic revenue growth
First-half 2016 results
- 7.4% organic revenue growth
- EBITA margin up 0.5 pt. to 5.7%
- Adjusted profit for the period up 7.9%
Paris, 13 September 2016, 5.35 p.m. - At its meeting on 7 September 2016, the Board of Directors of Assystem S.A. (ISIN code: FR0000074148 - ASY), a leading player in engineering, reviewed the Group's financial statements for the first half of 2016 (i.e. the six months ended 30 June 2016).
| In millions of euros | H1 2015 | H1 2016 | Year-on-year change | |
| Revenue | 447.2 | 480.3 | +7.4% | |
| Operating profit before non-recurring items - EBITA([1]) | 23.1 | 27.6 | +19.5% | |
| % of revenue | 5.2% | 5.7% | + 0.5 pt | |
| Consolidated profit for the period([2]) | 15.7 | 16.0 | +1.9% | |
| Adjusted profit for the period([3]) | 17.8 | 19.2 | +7.9% |
ANALYSIS OF THE FIRST-HALF 2016 INCOME STATEMENT
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Revenue
Assystem's consolidated revenue rose by a strong 7.4% in the first half of 2016, breaking down as 7.4% in organic growth, a 0.7% increase due to changes in scope of consolidation and a 0.7% negative currency effect.
Revenue generated by Global Product Solutions amounted to €290.4 million and accounted for 60.5% of the consolidated total for the period. This represents a 12.6% year-on-year increase, fuelled by 12.3% organic growth. Aerospace and Automotive activities both reported very robust revenue rises.
Revenue for the Energy & Infrastructure business climbed 1.2% to €155.7 million and represented 32.4% of the consolidated total. Organic growth came to 1.8% (or 5.1% excluding the impact of the contraction in Radicon's business). Nuclear activities saw robust growth during the period but the challenging operating context in Saudi Arabia hampered Radicon's revenue performance.
At €29.4 million (accounting for 6.1% of the consolidated total) revenue for the Staffing business was 6.9% lower than in the first half of 2015 but €1.0 million higher than in the second half of that year.
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Operating profit before non-recurring items (EBITA)
Consolidated EBITA advanced 19.5% to €27.6 million in the first six months of 2016 from €23.1 million in the same period of 2015, and EBITA margin represented 5.7% of revenue compared with 5.2%.
Global Product Solutions EBITA rose by €4.8 million to €19.8 million, representing an EBITA margin of 6.8% versus 5.8% in the comparable prior-year period. Both the Aerospace and Automotive sectors saw a sharp increase in their EBITA and EBITA margin figures.
EBITA for the Energy & Infrastructure business contracted by €1.1 million to €9.9 million, representing an EBITA margin of 6.3% compared with 7.1% in first-half 2015. Both of these first-half 2016 figures were weighed down by the impact of the challenging operating context in Saudi Arabia on Radicon's profitability. Excluding this effect, EBITA and EBITA margin were €1.2 million and 0.7 pt. higher, respectively, than in first-half 2015.
Staffing EBITA came to €1.1 million compared with €0.8 million in the first half of 2015 and EBITA margin rose 1.3 points to 3.8%, in line with the business's strategic plan.
The Group's "Holding company" expenses, net of the results of the activities classified in the "Other" category, amounted to €3.2 million in first-half 2016 (€3.7 million in first-half 2015).
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Operating profit, consolidated profit for the period and adjusted profit for the period
After deducting a €2.2 million net non-recurring expense for the period, consolidated operating profit came to €25.4 million.
After taking into account a net financial expense of €3.2 million (including €3.0 million related to ORNANE buybacks) and a €6.2 million income tax expense, consolidated profit for the period amounted to €16.0 million, of which €0.3 million was attributable to non-controlling interests.
Adjusted profit for the period totalled €19.2 million, up 7.9% year on year.
FREE CASH FLOW ([4]) AND NET CASH
Consolidated free cash flow represented a negative €6.8 million in first-half 2016, of which a negative €5.0 million related to changes in the rules applicable for the payment of payroll taxes in France. In addition, the Group's revenue growth during the period led to changes in trade receivables that were more significant than the usual seasonal effect during the first half of the year.
For the twelve months from 1 July 2015 to 30 June 2016, consolidated free cash flow amounted to €35.8 million (representing 57.5% of EBITA and 3.8% of revenue for that period).
Net cash totalled €150.1 million at 30 June 2016, versus €166.0 million at 30 June 2015 and €198.8 million at 31 December 2015. During the first six months of 2016, Assystem bought back 1,230,764 of its ORNANE 2017 bonds (on the market as part of a repurchase procedure) for €31.5 million (excluding accrued coupons). This transaction had a €3.0 million negative impact on net cash.
OUTLOOK FOR 2016
In the second half of 2016, the Group expects to see:
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a continuation of the positive trends observed in the first half of the year for its three principal business sectors: Aerospace, Nuclear and Automotive;
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further progress in operating profitability for the Staffing business;
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Radicon's results impacting consolidated EBITA growth to a lesser extent, thanks to cost streamlining measures put in place in the second quarter.
At end-July 2016, Assystem revised upwards its full-year 2016 organic growth target at constant exchange rates to over 5%.
In addition, our confidence of achieving our target of a higher EBITA margin in 2016 than the 6.4% of revenue reported for 2015 is supported by the Group's first-half results and its business outlook for the second half of the year.
The free cash flow target for full-year 2016 is circa 4% of revenue, taking into account the changes introduced in France to the rules applicable for the payment of payroll taxes.
2016 FINANCIAL CALENDAR
- 12 October: Business Day.
- 8 November: Press release for third-quarter 2016 revenue (after close of trading).
Assystem is an international group specialised in engineering. As a key participant in the industry for 50 years, Assystem supports its clients in developing their products and managing their capital expenditure throughout the product life cycle. Assystem employs 11,800 people worldwide and generated €908 million in revenue in 2015. Assystem S.A. 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 Chief Executive Officer & Chief Financial Officer Tel.: +33 (0)1 55 65 03 10 |
Agnès Villeret Komodo Tel.: +33 (0)6 83 28 04 15 - agnes.villeret@agence-komodo.com |
APPENDICES
1/ Revenue and EBITA by division
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revenue
| In millions of euros | H1 2015 | H1 2016 | Total year-on-year change | Organic year-on-year change* |
| Group | 447.2 | 480.3 | +7.4% | +7.4% |
| Global Product Solutions | 257.8 | 290.4 | +12.6% | +12.3% |
| Energy & Infrastructure | 153.8 | 155.7 | +1.2% | +1.8% |
| Staffing | 31.6 | 29.4 | -6.9% | -6.9% |
| Holding company and Other | 4.0 | 4.8 | - | - |
* Based on a comparable Group structure and constant exchange rates.
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EBITA*
| In millions of euros | H1 2015 | % of revenue | H1 2016 | % of revenue | ||
| Group | 23.1 | 5.2% | 27.6 | 5.7% | ||
| Global Product Solutions | 15.0 | 5.8% | 19.8 | 6.8% |
| Energy & Infrastructure | 11.0 | 7.1% | 9.9 | 6.3% |
| Staffing | 0.8 | 2.5% | 1.1 | 3.8% |
| Holding company and Other | (3.7) | - | (3.2) | - |
* Operating profit before non-recurring items (EBITA) including share of profit of equity-accounted investees (€0.2 million in first-half 2015 and €0.5 million in first-half 2016).
2/ Consolidated financial statements
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Consolidated statement of financial position
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In millions of euros | 31 Dec. 2015 | 30 June 2016 |
| Assets | ||
| Goodwill | 147.2 | 169.0 |
| Intangible assets | 3.7 | 4.0 |
| Property, plant and equipment | 17.5 | 17.2 |
| Investment property | 1.4 | 1.4 |
| Equity-accounted investees | 0.7 | 0.6 |
| Available-for-sale financial assets | 0.2 | 0.4 |
| Other non-current financial assets | 11.8 | 12.6 |
| Deferred tax assets | 10.5 | 9.4 |
| Non-current assets | 193.0 | 214.6 |
| Trade receivables | 298.2 | 318.8 |
| Other receivables | 66.3 | 66.8 |
| Income tax receivable | 1.1 | 1.2 |
| Other current assets | 0.5 | 0.3 |
| Cash and cash equivalents | 233.8 | 170.7 |
| Current assets | 599.9 | 557.8 |
| TOTAL ASSETS | 792.9 | 772.4 |
| Equity and liabilities | 31 Dec. 2015 | 30 June 2016 |
| Share capital | 22.2 | 22.2 |
| Share premium | 80.3 | 80.3 |
| Consolidated reserves | 144.6 | 131.3 |
| Equity instruments | 158.4 | 158.4 |
| Profit for the period | 27.2 | 15.7 |
| Equity attributable to owners of the parent | 432.7 | 407.9 |
| Non-controlling interests | (0.1) | (0.1) |
| Total equity | 432.6 | 407.8 |
| Bond debt | 26.4 | - |
| Other long-term debt and non-current financial liabilities | 4.5 | 18.9 |
| Fair value of derivatives | 2.1 | 0.4 |
| Pension and other employee benefit obligations | 23.5 | 24.8 |
| Long-term provisions | 7.3 | 7.5 |
| Contingent liabilities related to share acquisitions | 1.0 | 9.2 |
| Other non-current liabilities | - | 4.3 |
| Non-current liabilities | 64.8 | 65.1 |
| Trade payables | 55.3 | 58.9 |
| Due to suppliers of non-current assets | 0.9 | 1.1 |
| Accrued taxes and payroll costs | 180.0 | 176.8 |
| Income tax liabilities | 3.9 | 2.6 |
| Short-term debt and other current financial liabilities | 2.2 | 1.2 |
| Liabilities related to share acquisitions | 3.6 | 4.6 |
| Short-term provisions | 7.0 | 5.8 |
| Other current liabilities | 42.6 | 48.5 |
| Current liabilities | 295.5 | 299.5 |
| TOTAL EQUITY AND LIABILITIES | 792.9 | 772.4 |
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Consolidated income statement
| In millions of euros |
H1 2015 |
H1 2016 |
| Revenue | 447.2 | 480.3 |
| Payroll costs | (330.9) | (342.0) |
| Other operating income and expenses | (89.0) | (106.2) |
| Taxes other than on income | (1.1) | (1.0) |
| Depreciation, amortisation and provisions for recurring operating items, net | (3.3) | (4.0) |
| Operating profit before non-recurring items (EBITA) | 22.9 | 27.1 |
| Share of profit of equity-accounted investees | 0.2 | 0.5 |
| EBITA including share of profit of equity-accounted investees | 23.1 | 27.6 |
| Non-recurring income and expenses | (2.9) | (2.2) |
| Operating profit | 20.2 | 25.4 |
| Net financial income (expense) on cash and debt | 2.4 | - |
| Fair value remeasurement of the derivative embedded in Ornane bonds | 0.5 | (2.2) |
| Other financial income and expenses | (0.4) | (1.0) |
| Profit from continuing operations before tax | 22.7 | 22.2 |
| Income tax expense | (7.0) | (6.2) |
| Profit from continuing operations | 15.7 | 16.0 |
| Profit from discontinued operations | - | - |
| Consolidated profit for the period | 15.7 | 16.0 |
| Attributable to: | ||
| Owners of the parent | 15.3 | 15.7 |
| Non-controlling interests | 0.4 | 0.3 |
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Consolidated statement of cash flows
| In millions of euros | H1 2015 | H1 2016 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| EBITDA | 26.4 | 31.6 |
| Change in operating working capital requirement | (9.5) | (24.9) |
| Income tax paid | (3.4) | (6.5) |
| Other movements | (8.2) | (3.4) |
| Net cash generated from (used in) operating activities | 5.3 | (3.2) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Capital expenditure, net | (3.1) | (3.6) |
| Acquisitions of shares in consolidated companies, net of disposals | (29.5) | (10.1) |
| Movements in loans to non-consolidated companies | 0.1 | - |
| Net cash used in investing activities | (32.5) | (13.7) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Net financial income received (expenses paid) | 1.9 | (1.1) |
| Repayments of borrowings and movements in other financial liabilities | (5.7) | (17.8) |
| Dividends paid | (16.2) | (17.9) |
| Other movements in equity | (4.9) | (9.4) |
| Net cash used in financing activities | (24.9) | (46.2) |
| Net decrease in cash and cash equivalents | (52.1) | (63.1) |
| Net cash and cash equivalents at beginning of period | 250.5 | 233.4 |
| Effect of non-monetary items and changes in exchange rates | 0.1 | (0.6) |
| Net decrease in cash and cash equivalents | (52.1) | (63.1) |
| Net cash and cash equivalents at period-end | 198.5 | 169.7 |
3/ Changes in net cash (cash net of debt)
| In millions of euros | ||
| Net cash at 31 December 2015 | 198.8 | |
| EBITDA | 31.6 | |
| Change in operating working capital requirement | (24.9) | |
| Income tax paid | (6.5) | |
| Net capital expenditure | (3.6) | |
| Other movements | (3.4) | |
| FREE CASH FLOW | (6.8) | |
| Acquisitions, net of disposals | (10.1) |
Envy |
| Dividends, share buybacks and other | (31.8) | O/w €17.0 million in dividends paid to Assystem shareholders |
| Net cash at 30 June 2016 | 150.1 |
4/ Adjusted profit for the period
| In millions of euros | H1 2015 | H1 2016 |
| Consolidated profit for the period | 15.7 | 16.0 |
| Profit attributable to non-controlling interests | (0.2) | (0.5) |
| Financial income and expenses related to ORNANE buybacks and fair value remeasurement of the dividend embedded in ORNANE bonds, net of income tax | 0.2 | 2.2 |
| Non-recurring income and expenses not deductible for tax purposes | 0.2 | - |
| Non-recurring income and expenses deductible for tax purposes, net of income tax(1) | 1.9 | 1.5 |
| Adjusted profit for the period | 17.8 | 19.2 |
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Tax effect calculated using the effective tax rate for the period, i.e. 30.8% for first-half 2015 and 27.9% for first-half 2016.
5/ Information about the Company's capital
Number of shares
| At 31 Dec. 2015 | At 30 June 2016 | |
| Number of ordinary shares outstanding | 22,218,216 | 22,218,216 |
| Number of treasury shares | 680,149 | 1,053,513 |
| Number of free shares outstanding | 39,150 | 6,000 |
| Weighted average number of shares outstanding | 21,595,143 | 21,367,670 |
| Weighted average number of diluted shares(1) | 21,634,293 | 21,373,670 |
(1) Excluding the dilutive impact of ORNANE and ODIRNANE bonds.
Ownership structure at 31 August 2016
| % | Shares | Voting rights |
| HDL Development(1) | 60.66% | 77.22% |
| Free float(2) | 34.47% | 22.78% |
| Treasury shares | 4.87% | - |
(1) HDL Development is a holding company controlled by Dominique Louis (Assystem's Chairman and Chief Executive Officer), notably through HDL, which itself holds 0.23% of Assystem's capital.
(2) Including 0.23% held by HDL.
([1]) Operating profit before non-recurring items (EBITA) including share of profit of equity-accounted investees (€0.2 million in first-half 2015 and €0.5 million in first-half 2016).
([2]) Including profit attributable to non-controlling interests amounting to €0.4 million in first-half 2015 and €0.3 million in first-half 2016. Profit for the period attributable to owners of the parent therefore totalled €15.3 million in first-half 2015 and €15.7 million in first-half 2016.
([3]) Consolidated profit for the period after deducting profit attributable to non-controlling interests and profit from discontinued operations and adjusted for the net of tax amounts of (i) non-recurring income and expenses, and (ii) financial income and expenses related to the buyback of Ornane bonds and the fair value remeasurement of the derivative embedded in the Ornane bonds (see section 4 of the Appendices).
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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