ASSYSTEM: 2023 ANNUAL RESULTS
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 euros |
2022 |
2023 |
Year-on-year change |
Revenue |
493.5 |
577.5 |
+17.0% |
Operating profit before non-recurring items –
EBITA(1) |
33.0 |
37.4 |
+13.3% |
% of revenue |
6.7% |
6.5% |
-0.2 pt |
Consolidated profit for the
period(3) |
49.9 |
102.8 |
+106.0% |
Net debt(4) |
50.9 |
52.2 |
+1.3m |
Dividend per share (in
€)(2) |
1.0 |
12.5 |
- |
ANALYSIS OF THE 2023 INCOME STATEMENT
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 euros |
2022 |
2023 |
Total year-on-year change |
Like-for-like change(1) |
Group |
493.5 |
577.5 |
+17.0% |
+14.6% |
Nuclear(2) |
344.9 |
404.1 |
+17.2% |
+17.2% |
ET&I(2) |
148.6 |
173.4 |
+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).
In millions of euros |
2022 |
% of revenue |
2023 |
% of revenue |
Group |
33.0 |
6.7% |
37.4 |
6.5% |
Assystem
Operations |
38.5 |
7.8% |
43.0 |
7.4% |
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 euros |
2022 |
2023 |
|
|
|
Revenue |
493.5 |
577.5 |
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) |
31.8 |
36.6 |
|
|
|
Share of profit
of equity-accounted investees excl. Expleo Group and MPH Global
Services |
1.2 |
0.8 |
|
|
|
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 |
30.0 |
42.1 |
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 bonds |
11.9 |
13.0 |
Net financial
income/expense on cash and debt |
(1.5) |
(5.2) |
Other financial
income and expenses |
4.4 |
73.0 |
|
|
|
Profit from continuing operations before tax |
42.7 |
111.3 |
|
|
|
Income tax
expense |
(6.6) |
(8.5) |
|
|
|
Profit from continuing operations |
36.1 |
102.8 |
|
|
|
Profit from
discontinued operations |
13.8 |
- |
|
|
|
Consolidated profit for the period |
49.9 |
102.8 |
Attributable
to: |
|
|
Owners of the
parent |
48.9 |
102.0 |
Non-controlling interests |
1.0 |
0.8 |
- Consolidated statement of financial
position
In
millions of euros
|
31 Dec. 2022 |
31 Dec. 2023 |
ASSETS |
|
|
Goodwill |
122.2 |
125.4 |
Intangible assets |
3.6 |
3.2 |
Property, plant and equipment |
11.7 |
11.0 |
Right-of-use assets |
30.6 |
30.8 |
Investment property |
1.3 |
1.3 |
Equity-accounted investees excl. Expleo Group |
1.4 |
5.8 |
Expleo Group shares accounted for by the equity
method |
37.1 |
22.8 |
Expleo Group convertible bonds |
144.2 |
157.2 |
Expleo Group shares and convertible bonds |
181.3 |
180.0 |
Other non-current financial assets(1) |
141.3 |
218.8 |
Deferred tax assets |
8.3 |
7.8 |
Non-current assets |
501.7 |
584.1 |
Trade receivables |
163.6 |
175.7 |
Other receivables |
23.8 |
26.6 |
Income tax receivables |
4.2 |
2.7 |
Other current assets |
1.3 |
0.8 |
Cash and cash equivalents(2) |
28.5 |
36.4 |
Assets classified as held for sale |
16.3 |
- |
Current assets |
237.7 |
242.2 |
TOTAL ASSETS |
739.4 |
826.3 |
|
|
|
EQUITY AND LIABILITIES |
31 Dec. 2022 |
31 Dec. 2023 |
Share capital |
15.7 |
15.7 |
Consolidated reserves |
334.8 |
362.1 |
Profit for the period attributable to owners of the parent |
48.9 |
102.0 |
Equity attributable to owners of the parent |
399.4 |
479.8 |
Non-controlling interests |
2.1 |
2.8 |
Total equity |
401.5 |
482.6 |
Long-term debt and non-current financial
liabilities(2) |
76.0 |
85.8 |
Non-current
lease liabilities |
24.7 |
23.7 |
Pension and
other employee benefit obligations |
19.3 |
17.5 |
Long-term
provisions |
17.0 |
10.1 |
Deferred tax liabilities |
0.4 |
0.2 |
Non-current liabilities |
137.4 |
137.3 |
Short-term debt and current financial
liabilities(2) |
3.4 |
2.8 |
Current lease
liabilities |
7.6 |
9.2 |
Trade
payables |
35.3 |
37.1 |
Due to
suppliers of non-current assets |
0.1 |
0.1 |
Accrued taxes
and payroll costs |
98.8 |
104.7 |
Income tax
liabilities |
3.3 |
3.0 |
Short-term
provisions |
3.3 |
4.1 |
Other current
liabilities |
42.4 |
45.4 |
Liabilities directly associated with assets classified as held for
sale |
6.3 |
- |
Current liabilities |
200.5 |
206.4 |
TOTAL EQUITY AND LIABILITIES |
739.4 |
826.3 |
(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 euros |
2022 |
2023 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
EBITA including
share of profit of equity-accounted investees |
33.0 |
37.4 |
Depreciation,
amortisation and provisions for recurring operating items, net |
16.3 |
19.5 |
|
|
|
EBITDA |
49.3 |
56.9 |
|
|
|
Change in
operating working capital requirement |
(4.3) |
(11.4) |
Income tax
paid |
(5.9) |
(8.0) |
Other cash
flows |
1.0 |
(1.8) |
Net cash
generated from/(used in) operating activities of discontinued
operations |
(4.6) |
- |
Net cash generated from operating activities |
35.5 |
35.7 |
O/w: -
continuing operations |
40.1 |
35.7 |
-
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
assets |
0.1 |
0.3 |
|
|
|
Free cash flow |
31.6 |
31.0 |
O/w: -
continuing operations |
36.2 |
31.0 |
-
discontinued operations |
(4.6) |
- |
|
|
|
Acquisitions of
shares, net of cash acquired |
(19.8) |
(5.7) |
Other
movements, net |
6.1 |
5.1 |
Net cash
generated from investing activities of discontinued operations |
25.9 |
1.4 |
Net cash generated from/(used in) investing
activities |
8.3 |
(3.9) |
O/w: -
continuing operations |
(17.6) |
(5.3) |
-
discontinued operations |
25.9 |
1.4 |
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 |
4.4 |
9.4 |
|
|
|
* Including interest expense.
3/ Movements in net debt
In millions of euros – excluding IFRS 16 impact |
|
Net debt at 31 Dec. 2022 |
50.9 |
Impact of free cash flow |
(20.4) |
Net tax effect of
disposals and acquisitions in 2023 |
1.8 |
Dividends paid to
Assystem shareholders |
14.8 |
Other
movements |
5.1 |
Net debt at 31 Dec. 2023 |
52.2 |
4/ Information about the Company’s
capital
Number of shares |
At 31 Dec. 2022 |
At 31 Dec. 2023 |
Ordinary shares outstanding |
15,668,216 |
15,668,216 |
Treasury
shares |
833,400 |
788,718 |
Free shares and
performance shares outstanding |
268,425 |
542,500 |
Weighted average
number of shares outstanding |
14,812,512 |
14,851,867 |
Weighted average number of diluted shares |
15,080,937 |
15,023,967 |
Ownership structure at 29 February
2024
In % |
Shares |
Exercisable voting rights |
HDL Development(1) |
57.93% |
74.74% |
Free
float(2) |
37.03% |
25.26% |
Treasury shares |
5.04% |
- |
(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.
- ASSYSTEM PR 2023 _anglais
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