Regulatory News:
Séché Environnement (Paris:SCHP):
Sustained growth
Solid operating results
Improved liquidity generation and financial
flexibility
Targets for 2023 confirmed
New international acquisitions
Quality results compared to a H1 2022
sustained by spot contracts
Strong organic growth
Contributed revenue: €492 million: +9% vs. 06/30/22
High operating margins
EBITDA: €102 million (23% of revenue*): +5%* vs. 06/30/22
COI: €45 million (11% of revenue*): +3%* vs. 06/30/22
Stronger financial position
Free cash flow at 45% of EBITDA: +81% vs. 06/30/22
Financial leverage ratio: 2.7x: -0.1x vs. 12/31/2022
* at constant scope and exchange rates
Continuation of our international external growth strategy
with the acquisitions of:
Furia, a hazardous waste and soil remediation specialist
in Northern Italy
Rent-A-Drum, the leading waste management and circular
economy firm in Namibia
Outlook for 2023 confirmed
Revenue close to €1,000 million before contributions from
2023 acquisitions
- Organic growth in the historical scope1 at a normative rate of
around +5%
- Scope effect: full-year contribution of acquisitions completed
in 2022
EBITDA margin close to 22% of revenue before
contribution from 2023 acquisitions
- Growth in the EBITDA margin of the historical scope1
- Improved operating profitability of the consolidated scopes in
2022 in line with objectives
Financial leverage ratio of 2.7x EBITDA (excluding 2023
acquisitions)
At the Board of Directors meeting held on September 6, 2023, to
approve the financial statements for the period ended June 30,
2023, the Chairman, Joël Séché, stated:
Our achievements of the first half of 2023 confirm the relevance
of our development strategy. Indeed, the quality of our economic,
operational, financial and extra-financial performance confirms
both our expectations for the current fiscal year, and it also
validates our growth and profitability trajectory in the medium
term.
During the period under review, our Group successfully continued
to integrate and develop the businesses we acquired during the
previous year, in promising industrial infrastructure risk
management sectors such as wastewater treatment, as well as in
strategic circular economy and decarbonization sectors, such as
chemicals recycling and the industrial water cycle.
Within our historical scope, performance to June 30, 2023 has
been strong, particularly in view of the challenging baseline in
the first half of 2022 in terms of both business activity and
results.
In a challenging macroeconomic context, our markets have
remained well-oriented and Séché Environnement has maintained a
high level of activity and operating profitability, particularly in
France.
In addition, our Group has strengthened its financial position,
demonstrating once again that Séché Environnement is an agile
company with a liquid and flexible balance sheet.
In non-financial terms, our Group has consolidated its
successes, with its climate strategy validated by the SBTi, the
alignment of its activities with the EU's ‘green taxonomy’
strengthened, and a new Group-wide biodiversity action plan
launched, among other achievements.
On the strength of these achievements, Séché Environnement is in
a position to actively pursue its development strategy, and in
particular its targeted external growth policy.
At the start of the second half of 2023, our Group is
simultaneously making two international acquisitions, complementing
the commercial, industrial, and geographic strengths of its
existing facilities.
In addition, after the “Investor Day” in 2019, we would like to
present before the end of the current fiscal year our new plan with
financial and non-financial objectives for 2026.
It will mark a new milestone in the profitable growth strategy
of a Group endowed with a long-term vision, positioned in growing
markets, committed to creating a comprehensive offering of high
value-added services to help economic operators meet their
challenges in terms of the ecological transition and sustainable
development. "
Selected financial data2
In €m
Consolidated
France
International
At June 30
2022
2023
2022
2023
2022
2023
Revenue (reported)
463.9
530.1
334.1
404.4
129.8
125.7
Contributed revenue
429.2
491.6
299.4
365.9
129.8
125.7
EBITDA
% of revenue
99.9
23.3%
101.9
20.7%
73.0
24.4%
81.4
22.3%
26.9
20.7%
20.5
16.3%
COI
% of revenue
47.7
11.1%
45.3
9.2%
33.1
11.1%
35.9
9.8%
14.6
11.2%
9.4
7.5%
Operating income
% of revenue
45.6
10.6%
45.5
9.3%
Net financial income
% of revenue
(8.8)
(2.1)%
(11.4)
(2.3)%
Income tax
% of revenue
(9.8)
(2.3)%
(9.0)
(1.8)%
Share of income of equity-accounted
investees
(0.2)
(1.2)
Minority interests
(1.6)
(1.0)
Net income attributable to company
shareholders
% of revenue
25.2
5.9%
23.0
4.7%
Net earnings per share
€3.23
€2.94
Cash flow
Recurring operating cash flow
88.5
88.5
% of revenue
20.6%
18.0%
Net CAPEX paid
47.4
42.2
% of revenue
11.0%
8.6%
Available operating cash flow
25.5
46.2
% of revenue
5.9%
9.4%
Balance sheet
Net financial debt
531.0
581.7
Financial leverage ratio
2.7x
2.7x
Published consolidated data
Summary of activity, results, and financial position for the
period ended June 30, 2023
At June 30, 2023, Séché Environnement posted revenue of €491.6
million, up +14.5% on a reported basis and +8.5% on an organic
basis3 compared with the first half of 2022.
In the first half of 2023, the Group maintained strong growth in
most markets and delivered quality results, particularly within its
historical scope.
Indeed, the past period compares to a first half of 2022 which
recorded the significant contribution of «spots» contracts in terms
of activity as well as operational results. It also recorded a
significant foreign exchange effect outside France, as well as a
tax impact from the electricity price cap in France.
At the same time, the Group consolidated the businesses acquired
in 2022 and pursued its acquisition strategy in France and
abroad.
The Group also strengthened its financial position by
significantly improving its liquidity generation and maintaining
its financial flexibility.
The achievements of the first half of 2023 allow the Group to
confidently look forward to continuing its internal and external
growth momentum and to confirming all its objectives for the 2023
financial year.
Consolidation of new strategic activities
Acquisition of Assainissement Rhône-Isère (ARI)
On January 16, 2023, Séché Environnement completed the
acquisition of Assainissement Rhône-Isère (ARI), since renamed
Séché Assainissement Rhône-Isère.
Based in Bonnefamille (Isère) and present throughout the
Auvergne-Rhône-Alpes region, this company provides sanitation,
industrial cleaning and high-pressure hydrocleaning services.
Licensed to work on Seveso sites, the company generated revenue of
around €2 million in 2022.
The acquisition price of approximately €0.7 million was financed
by drawing on the Group’s cash.
This acquisition completes Séché Environnement's commercial
operations with respect to industrial clients in the Rhône-Alpes
region.
For technical reasons, ARI – now Séché Assainissement
Rhône-Isère – was not included in the scope of consolidation at
June 30, 2023, without any material impact on the consolidated
activity, results, and financial position at that date.
Transfer of a portfolio of “Industrial water”
activities
During the first half of 2023, Séché Environnement continued the
transfer of a portfolio of industrial water management activities
acquired from the Veolia Group on November 30, 2022.
The acquired assets include contracts signed with more than 120
manufacturers and a network of twenty branches in France. The
process also involved the transfer of some 350 employees –
specialists in industrial water cycle management.
With their highly technological nature and reliance on rare
expertise, these businesses enhance Séché Environnement’s
outsourcing offer as part of its “comprehensive service” to its
industrial clients. These businesses address with recurring markets
with high barriers to entry and high potential in view of the
growing environmental problems related to access, reuse and return
to the natural environment of this resource.
This portfolio of contracts represents revenue – over a full
year – of around €50 million, of which some €38 million were
transferred by December 31, 2022. The transfer of the entire
business should be completed by the end of 2023.
UPON completion of the transfer operations, the total amount
paid for this acquisition should be on the order of €35 million (of
which nearly €31 million had been disbursed by December 31,
2022).
First half in line with annual targets
Continued strong organic growth momentum – excluding
contribution from spots markets in H1 2022
The first half of 2023 confirms Séché Environnement's strong
growth momentum in its markets.
By June 30, 2023, contributed revenue had risen by +14.5%
to €491.6 million.
At constant scope and exchange rates, contributed revenue
amounted to €457.0 million, representing organic growth4 of
+8.5%.
This increase was particularly strong in the first half of 2022,
due in particular to emergency environmental contracts «spots» that
had significantly contributed to the activity of the period (up to
approximately €25 million).
- In France, with contributed revenue of €365.9 million,
growth amounted to 22.2% on a reported basis and 10.6% on an
organic basis. Séché Environnement benefited from strong industrial
and public authority markets in terms of volume and prices, which
underpinned the growth of its businesses, particularly those linked
to the Circular Economy and Decarbonization, as well as
environmental services. The scope effect was €34.6 million,
reflecting the contribution of subsidiaries consolidated during the
2022 financial year (All'Chem, Séché Assainissement 34, and
STEI5).
- Internationally, with revenue of €125.7 million at June
30, 2023, the scope of consolidation showed a slight decrease of
(3.1)% on a reported basis, but an increase of +2.9% on an organic
basis, after taking into account the strongly negative foreign
exchange effect (on the order of €7.9 million, mainly due to the
deterioration of the South African rand (ZAR) -vs. a positive
foreign exchange effect of + €2.8 million at June 30, 2022. Over
and above the foreign exchange effect, international activity
compares with the particularly strong baseline of the first half of
2022, which benefited from the significant contribution of
exceptionally large “one-off” environmental emergency contracts
(for around €15 million) in South Africa and Latin America. To a
lesser extent, Solarca is experiencing occasional delays in its
projects, which should be made up in the coming months.
Strong operating results within historical scope
Operating results, both gross and current, were up on the same
period last year:
- Earnings before interest, taxes, depreciation, and
amortization (EBITDA) stood at €101.9 million at June 30, 2023,
up +2.0% on a reported basis and +4.9% on an organic basis. This
gives a margin of 20.7% of contributed revenue. This increase is
appreciated compared to the first half of 2022, which recorded the
significant contribution of emergency environmental contracts
«spots», particularly on the international scope. It also includes
a negative currency effect and the impact of the change in scope in
France.
- In France, EBITDA totaled €81.4 million, or 22.3% of
contributed revenue on a reported basis, and 25.0% at constant
scope (vs. 24.4% at June 30, 2022). The €1.3 million scope effect
reflects in particular the recognition over the period of
non-recurring expenses related to the consolidation of the
activities of new subsidiaries (premises, vehicles, information
systems, etc.) and, with particular respect to STEI, to
subcontracting expenses which continue to be paid to the vendor
during the transition period. At constant scope and exchange
rates, the increase in the gross operating margin reflects
commercial effects (volumes and prices) which continue to be
generally favorable, as well as the positive effects of industrial
efficiency and cost control policies, despite a persistent
inflationary environment. In addition, EBITDA was impacted in the
amount of €(4.1) million by the capping of electricity sale prices
provided for in the amended French Finance Act for 2023; adjusting
for this taxation effect, EBITDA would have amounted to 25.3% of
contributed revenue in the first half of 2023, vs. 24.4% a year
earlier).
- Internationally, EBITDA totaled €20.5 million, or 16.3%
of contributed revenue. 20.7% at June 30, 2022). This balance
includes a significant foreign exchange effect of (€1.6) million
vs. negligible effect compared to a year ago. At constant
exchange rates, the EBITDA margin would have been 16.5% of
revenue. This is compared with the high EBITDA baseline in the
2022, which benefited from a significant contribution from
“one-off” environmental emergency contracts.
- Current Operating Income (COI) grew in line with EBITDA,
totaling €45.3 million at June 30, 2023, or 9.2% of contributed
revenue. At constant scope and exchange rates, this represents an
increase of +3.1% compared with the first half of 2022, to 10.6% of
contributed revenue:
- In France, it totaled €35.9 million, representing 9.8%
of contributed revenue on a reported basis and 11.8% at constant
scope (vs. 11.1% a year ago). This trend reflects growth in EBITDA
and tight control over depreciation and amortization allocations,
resulting from an optimized investment policy.
- Internationally, operating income totaled €9.4 million,
or 7.5% of revenue on a reported basis, and 7.6% at constant
exchange rates (vs. 11.2% a year ago). This change essentially
reflects that seen in EBITDA, which last year benefited from the
operational contribution of environmental emergencies
contracts.
- Operating income came to €45.5 million, or 9.3% of
contributed revenue (vs. €45.6 million, or 10.6% of contributed
revenue to June 30, 2022). At June 30, 2022, this result included
registration fees of €(1.6) million relating to the acquisition of
Séché Assainissement.
Net income attributable to company shareholders at 5% of
contributed revenue
Net financial income came to (€11.4) million, vs. (€8.8)
million at June 30, 2022.
This change essentially reflects the rise in gross debt costs
(+€2.6 million) resulting from the increase in average gross
financial debt over the period, as the average gross financial debt
cost rose from 2.56% in the first half of 2022 to 3.14% in the
first half of 2023.
After accounting for:
- Income tax of (€9.0) million, vs. (€9.8) million a year
earlier, giving a tax rate of 26.3%, vs. 26.6% in the first-half of
2022;
- Share of profit of equity-accounted investees was (€1.2)
million, vs. (€0.2) million a year earlier, which included one-off
expenses linked to the planned winding-down of Gerep;
- Income from non-controlling interests (mainly related to
investments in South Africa) was (€1.0) million, vs. (€1.6) million
a year ago;
Net income attributable to company shareholders stood at
€23.0 million, or 4.7% of contributed revenue at June 30, 2023, vs.
€25.2 million (or 5.9% of contributed revenue) a year earlier.
As a result, Earnings per share came to €2.94, vs. €3.23
at June 30, 2022.
Strong liquidity generation and improved financial
flexibility
In the first half of 2023, Séché Environnement confirmed its
ability to control its industrial investments (particularly
recurring investments). The Group generated strong free cash flow
and improved its financial flexibility.
Over the period, free operating cash flow generation6
rose by +81.2% to €46.2 million (vs. €25.5 million at June 30,
2022), notably through:
- Changes in the working capital requirement (WCR) were
under control, down from (€25.1) million a year ago to (€5.8)
million at June 30, 2023. In the first half of 2022, the change in
the WCR was adversely affected by the inclusion of Séché
Assainissement (formerly OSIS-IDF);
- Optimized net disbursed industrial investments at 8.6%
of revenue (vs. 11.0% at June 30, 2022), with recurring capital
expenditure – excluding major maintenance and renewal – coming in
at €21.8 million, or 4.4% of contributed revenue (vs. €25.3 million
at June 30, 2022, or 5.9%).
The free cash flow to EBITDA rate stood at 45%,
significantly higher than the Group’s targets (“greater than or
equal to 35% of EBITDA”).
The liquidity position was strong at €311.3 million
euros, vs. €313.1 at December 31, 2022, with a cash balance
of €116.3 million, vs. €126.1 million at December 31, 2022.
Net financial debt fell slightly to €581.7 million, vs.
€587.4 million at December 31, 2022.
Financial leverage improved to 2.7 times EBITDA, vs. 2.8
times EBITDA at December 31, 2022.
Recent events and outlook
Ongoing international acquisitions strategy
Acquisition of Furia in Italy
Furia specializes in the collection, sorting, consolidation, and
recovery of hazardous and non-hazardous industrial waste. The
Company also generates 40% of its revenue from soil remediation and
site decontamination activities.
Furia is an integrated operator across the entire industrial
waste management value chain, offering its large industrial clients
(ENI, Enel...) collection, sorting, massification, material
recovery, and transfer of non-recoverable waste to treatment and
energy recovery solutions.
Located in Caorso, south-east of Milan, Furia has 120 highly
qualified employees working under a management team that upholds
the same environmental values and family business culture as Séché
Environnement; its platform, authorized for 220,000 tons per year,
is perfectly synergized in commercial, industrial, and geographical
terms with Mecomer's facilities, also located near Milan
(authorized for 180,000 tons per year), as well as those of
Tredi-Salaise (Isère), of which it is already a customer.
In particular, Furia and Mecomer complete and strengthen the
Group’s commercial offering on the industrial waste markets in
Northern Italy; enabling them to offer comprehensive services to
their large industrial clients.
As a result, the two companies now position Groupe Séché
Environnement as one of the leading players in the hazardous waste
market in Northern Italy.
This new entity also helps broaden and consolidate the Group's
diversified supply of hazardous waste.
By 2022, Furia will have achieved revenue of around €52 million,
generating EBITDA of around €6.5 million.
The acquisition, involving 100% of the capital, is based on a
multiple of 7 times the 2022 EBITDA. It is debt-financed, initially
by drawing on the Group's liquidity line and then refinanced on a
long-term basis.
Signed at the beginning of August 2023, this acquisition will be
finalized in the weeks following the preparation of this document,
subject to the fulfillment of conditions precedent for the benefit
of both parties.
Acquisition of Rent-A-Drum (Namibia)
Rent-A-Drum is Namibia’s leading waste management company. It
offers a wide range of services to its clientèle of large Namibian
companies, as well as to a number of leading local authorities such
as the capital Windhoek, thanks to its integrated waste recovery
and treatment services.
Its expertise covers most areas of hazardous and non-hazardous
waste management, as well as medical waste. Rent-A-Drum is active
in on-site waste collection and management, recycling, landfill
management and rehabilitation, deconstruction, and site
decontamination.
With a workforce of around 500 skilled employees, and already
OHSAS 18001-certified and ISO 14001 and ISO 9001-certified,
Rent-A-Drum is driven by experienced management and strong
environmental values.
With a growth strategy focused on the circular economy and
recovery businesses that already account for a quarter of its
revenue, the company is supported by recent logistics tools and 7
sites in Namibia, including a solid recovered fuel (SRF) production
unit and 2 recovery units for materials as diverse as aluminum
cans, cardboard packaging, plastic bottles and aerosols, which RAD
sends to South Africa to be transformed into new materials. The
company is also expanding in the hazardous waste market,
particularly with industrial customers in the mining sector, which
accounts for almost 40% of its revenue.
The Company has forecast revenue of around €7.5 million in 2022,
up around 20% on 2021, for an EBITDA of around €0.9 million.
Along with South Africa and Mozambique, this acquisition
completes Séché Environnement’s presence in Southern Africa, with
industrial clients who are key targets for the Group, and in
attractive regions with strong economic potential and demanding
environmental regulations.
Completed at the end of August 2023, the acquisition concerns
100% of the shares and will be financed from the Group’s cash
resources.
Strong outlook for 2023
A second half of 2023 focused on growth and
profitability
Positioned as a specialist in the Circular Economy in
sustainable growth markets in France and abroad
Séché Environnement is developing in the growth markets of the
ecological transition and is positioning itself in the high-barrier
businesses of the circularECONOMYand the decarbonization of
economic activities; the Group is also positioning itself as a
specialist in Hazard Management and the protection of human health
and the environment.
Both in France and abroad, the Group offers its industrial and
public-sector clients highly technological tools and rare know-how
in the form of high value-added services, enabling them to control
the impact of their activities on the environment, gain access to
rare, low-carbon resources, materials and energy, and meet their
targets for reducing greenhouse gas emissions.
In this way, the Group's offer meets the growing needs of its
clients in the medium term, posed by the restrictive regulations
associated with the ecological transition, as well as their
short-term economic imperatives, such as access to competitively
priced local resources.
Séché Environnement considers that this growth dynamic in its
markets is sustainable and gives its businesses a high degree of
visibility and resilience over the medium term.
Continued organic growth momentum
The achievements of the first half of 2023 confirm Séché
Environnement's objectives for the current fiscal year7.
Séché Environnement expects its organic growth to continue over
the next few months at a rate close to that seen in the recent
period.
- In France, organic growth should remain strong, driven
mainly by Services and the Circular economy businesses.
- Internationally, the second half of 2023 will be
compared with a less demanding baseline, which should allow this
scope (in particular, Spill Tech) to return to a more normal level
of growth - excluding the impact of exchange rates. In addition,
Solarca is expected to make up for the construction delays observed
in the first half of 2023.
Overall, Séché Environnement confirms its target of
5% organic growth in contributed revenue compared to its
historical scope8.
With the contribution of the scopes consolidated in 2022,
contributed revenue should be nearly €1,000 million in financial
year 2023.
Focus on maintaining operating margins, free cash flow
generation, and financial flexibility
The Group will continue to improve its operating margins:
- In France, within its historic scope, the Group will
intensify its policy of industrial efficiency and cost control to
continue to offset the inflationary pressures that persist in some
of its costs (subcontracting, payroll costs, etc.). The recently
consolidated scope – in particular, STEI – should see a gradual
increase in profitability, after the non-recurring consolidation
and transition expenses which affected its operating profitability
in the first half of 2023.
- Internationally, the return of certain subsidiaries (in
particular, Solarca, Spill Tech...) to a better level of activity
should improve their contribution to operating results in this
scope (excluding foreign exchange effects).
Séché Environnement thus confirms its target of gross
operating profitability (EBITDA/contributed revenue) for 2023
at close to 22% of contributed revenue (before acquisitions made in
the second half of 2023).
The Group will strive to increase its operating free cash
flow9 above its target of 35% of EBITDA through:
- Controlling industrial investments: the Group is targeting an
amount close to €100 million, or around 10% of contributed revenue
by 2023, in line with its medium-term targets.
- Controlling working capital requirements after a 2022 financial
year impacted by the successive consolidations of Séché
Assainissement and STEI.
Séché Environnement thus confirms its financial leverage
target of 2.7 times EBITDA at December 31, 2023 (excluding
acquisitions made in the second half of 2023).
In addition, Séché Environnement will hold an ‘Investor Day’ at
the end of 2023 to present its medium-term financial and
non-financial objectives.
Results presentation webcast: September 12, 2023 at 8.30
a.m.
Connect on the home page of the Séché Environnement website
In French: https://www.groupe-seche.com/fr In English:
https://www.groupe-seche.com/en
Next release
Third-quarter 2023 revenue: October 24, 2023 after market close
Investor Day: December 12, 2023
About Séché Environnement
Séché Environnement is a leading player in waste management,
including the most complex and hazardous waste, and in
environmental services, particularly in the event of an
environmental emergency. Thanks to its expertise in the creation of
circular economy loops, decarbonization and hazard control, the
group has been contributing to the ecological transition of
industries and territories, as well as to the protection of the
living world, for nearly 40 years. A French family-owned industrial
group, Séché Environnement deploys the cutting-edge technologies
developed by its R&D department at the heart of territories in
more than 120 locations in 15 countries, including some 50
industrial sites in France. With over 5,700 employees, including
2,500 in France, Séché Environnement generated revenue of nearly
€900 million in 2022, 30% of which from its international
operations. Séché Environnement has been listed on the Euronext
Eurolist (Compartment B) since November 27, 1997. It is included in
the CAC Mid&Small, EnterNext Tech 40 and EnterNext PEA-PME 150
indexes. ISIN: FR 0000039139 – Bloomberg: SCHP.FP – Reuters:
CCHE.PA
FINANCIAL INFORMATION AT JUNE 30,
2023
(Excerpts from the Management
Report)
Comments on activity and results for the year ended June 30,
2023
Change in consolidated activity
Reported revenue and contributed revenue - Scope effect
At June 30, 2023, Séché Environnement reported consolidated
revenue of €530.1 million, vs. €463.9 million at June 30, 2022.
The reported consolidated revenues include non-contributed
revenue of €38.5 million (vs. €34.7 million at June 30, 2022),
which breaks down as follows:
In €m
06/30/2022
06/30/2023
IFRIC 12 investments
7.1
9.0
French General Tax on Polluting
Activities
27.6
29.5
Non-contributed revenue
34.7
38.5
Net of non-contributed revenue, contributed revenue came
to €491.6 million, vs. €429.2 million at June 30, 2022, an increase
of +14.5% over the period.
This includes a scope effect of €34.6 million, broken
down as follows:
- All'Chem (France), consolidated from June 2022: €8.5
million;
- Séché Assainissement 34 (France), consolidated from July 2022:
(2.1 million;
- Séché Traitement Eaux Industrielles – STEI (France),
consolidated from December, 2022: €24.0 million.
It should be noted that Séché ARI, acquired in January 2023, was
not included in the scope of consolidation at June 30, 2023, with
no material impact on the analysis of consolidated revenues and
results for the period.
Breakdown of scope effect by activity and division
In €m
Services
Circular Economy:
Hazard Management
Total
Hazardous waste
24.0
8.5
-
32.5
Non-hazardous waste
2.1
-
-
2.1
Total
26.1
8.5
-
34.6
The period saw a negative foreign exchange effect of
(€7.9) million, mainly due to the deterioration of the South
African rand (compared with a positive foreign exchange effect of
+€2.8 million at June 30, 2022).
At constant scope, contributed revenue amounted to €457.0
million at June 30, 2023, up 6.5% at current exchange rates and
8.5% at constant exchange rates.
Breakdown of revenue by geographic region
06/30/2022
06/30/2023
Gross change
Organic change
In €m
In %
In €m
In %
As a %
As a %
Subsidiaries in France
o/w scope effect
299.4
-
69.8%
-
365.9
34.6
74.4%
-
+22.2%
+10.6%
International subsidiaries
o/w scope effect
129.8
-
30.2%
-
125.7
-
25.6%
-
-3.1%
+2.9%
Total contributed
revenue
429.2
100.0%
491.6
100.0%
+14.5%
+8.5%
Consolidated data at current exchange rate
At constant exchange rates, contributed revenue for the year ended
June 30, 2022 came to €421.3 million, reflecting a negative foreign
exchange effect of (€7.9) million.
The first half of 2023 confirmed strong performance in France,
reinforced by the contribution of the newly consolidated scopes,
while growth Internationally was penalized by the comparison to the
first half of 2022, which included the significant contribution (of
the order of €15 million) of exceptionally large environmental
emergencies “spots” contracts, as well as the deterioration of the
exchange rate in South Africa:
- In France, contributed revenue rose sharply (+22.2%) to
€365.9 million, vs. €299.4 million at June 30, 2022. This increase
includes a scope effect of €34.6 million linked to the
consolidation of All'Chem, STEI, and Séché Assainissement 34 (see
above). At constant scope, growth came to +10.6%, confirming
the strong dynamics of the Group's markets. Séché benefited from
industrial markets supported by industrial production maintained at
high levels among its key customers, and from public authority
markets driven by the implementation of regulations related to the
circular economy. This favorable context drove growth in
Environmental Services (up 12.2% in organic terms) and in
businesses linked to the Circular Economy and Decarbonization (up
17.8% in organic terms). Sales generated by subsidiaries in France
accounted for 74.4% of contributed revenue at June 30, 2023 (vs.
69.8% one year earlier).
- Internationally, revenue amounted to €125.7 million at
June 30, 2023, vs. €129.8 million a year earlier, showing a slight
decline of (3.1) % on a reported basis. This weaker performance is
due in part to the high basis of comparison in the first half of
2022 and the deterioration in the South African Rand (ZAR). At
constant exchange rates, international revenue was up +2.9%,
with the situation varying from one subsidiary to another:
- Europe (excluding Solarca): revenue came to €41.8
million, up +1.2% on the same period last year, reflecting the
stabilization at a high level of business at the main subsidiaries,
particularly in Italy (Mecomer) and Spain (Valls Quimica), against
a dynamic first half of 2022.
- South Africa: revenue fell by 4.4% to €49.3 million.
Interwaste’s growth momentum (+18.6%), resulting from its recent
capacity expansions, among other things, was hampered by the weaker
performance of Spill Tech (-38.3%), whose activity is compared with
the first half of 2022, which benefited from exceptionally large
environmental emergency contracts.
- Latin America: strong revenue growth – up 64.7% to €21.6
million – confirms the strong dynamics of the Peruvian and Chilean
markets. In particular, Peru was able to compensate through new
service contracts, environmental emergency contracts having boosted
its growth in the first half of 2022.
- Solarca in Europe and the rest of the world: the -17.8%
decline in revenue to €12.9 million resulted from postponements of
work sites to the second half of 2023, and from comparison with the
high baseline of the first half of 2022, characterized by a very
strong recovery in business after two years affected by the Covid
pandemic.
Revenue earned by subsidiaries outside France accounted for
25.6% of contributed revenue for the year ended June 30, 2023 (vs.
30.2% one year earlier).
Breakdown of revenue by activity
06/30/2022
06/30/2023
Gross change
Organic change
In €m
In %
In €m
In %
As a %
As a %
Services
o/w scope effect
190.2
-
44.3%
233.4
26.1
47.5%
22.7%
+12.2%
Circular economy and
decarbonization
o/w scope effect
132.6
-
30.9%
155.6
8.5
31.7%
17.4%
+10.8%
Hazard management
o/w scope effect
106.4
-
24.8%
-
102.6
-
20.8%
-3.6%
-1.1%
Total contributed
revenue
429.2
100.0%
491.6
100.0%
14.5%
+8.5%
Consolidated data at current exchange
rate
Growth in the first half of 2023 was driven by Services
activities and those linked to the circular economy and
decarbonization. In France, which continues to be a positively
oriented market in terms of both volumes and prices, revenue was
also sustained by the contribution of recently consolidated
acquisitions, while the situation outside France is more uneven,
given the challenging baseline in the of 2022 as well as foreign
exchange effects.
Service activities posted revenue of €233.4 million for
the year ended June 30, 2023, an increase of +22.7% (reported
data).
This strong growth includes the consolidation of STEI and Séché
Assainissement 34 (+€26.1 million).
At constant scope and exchange rates, Services activities
revenue grew by +10.4% to €207.3 million.
These figures benefited from:
- In France (Revenue: €122.6 million vs. €110.4 million,
an increase of +11.0%): robust performance in the “comprehensive
service” business and in remediation and environmental emergencies
businesses, despite the high activity level in the first half of
2022.
- Internationally (revenue: €84.7 million vs. €79.8
million, up +13.8%): the decline in activity at Spill Tech and
Solarca (in view of the very strong performance generated by these
subsidiaries in the first half of 2022) was more than offset by the
solid contribution of Interwaste and the roll-out of new pollution
control contracts in Peru.
Environmental Services activities accounted for 47.5% of
contributed revenue at June 30, 2022 (vs. 44.3% a year earlier)
Activities related to the Circular Economy and
Decarbonization generated revenue of €155.6 million at June 30,
2022, up +17.4% on a reported basis. This includes the
consolidation of All'Chem (+€8.5 million).
At constant scope and exchange rates, revenue rose by
10.8% over the period, mainly reflecting performance in France:
- In France, these activities grew by +17.6% to €110.3
million. They benefited from structurally dynamic markets that
support materials recovery activities, such as chemical recycling,
while energy recovery activities are seeing the full impact of the
indexation of steam supply contracts recorded in fiscal year
2022;
- Internationally, these activities showed a slight
decline compared with the same period in 2022 (down -5.6% to €36.8
million), partly due to Valls Quimica (chemical purification),
whose activity for the period is compared with a high baseline in
the first half of 2022 (in trading activities in particular).
Activities related to the circular economy and decarbonization
accounted for 31.7% of contributed revenue at June 30, 2023 (vs.
30.9% one year earlier).
Hazard Management activities generated revenue of €102.6
million at June 30, 2023, a decline of -0.8% on a reported basis
and +1.9% at constant exchange rates.
At constant scope and exchange rates, this change
reflects:
- In France (Revenue: €98.4 million, up +3.3%), the slower
growth in volumes in a context of saturation with respect to
operating permits, particularly in the final waste management
business, while prices remained strong, especially in the thermal
treatment business.
- Internationally (revenue: €4.2 million, down -22.9%),
the weaker performance of Latin America in the final waste
management business compared with a dynamic first half of
2022.
Hazard Management activities accounted for 20.8% of contributed
revenue at June 30, 2023 (vs. 24.8% one year earlier).
Breakdown of revenue by division
06/30/2022
06/30/2023
Gross change
Organic change
In €m
In %
In €m
In %
As a %
As a %
Hazardous waste
o/w scope effect
275.0
-
64.1%
323.2
32.5
65.7%
+17.5%
+4.8%
Non-hazardous waste
o/w scope effect
154.2
-
35.9%
168.4
2.1
34.3%
+9.3%
+13.5%
Total contributed
revenue
429.2
100.0%
491.6
100.0%
+14.5%
+8.5%
Consolidated data at current exchange
rate
Over the period, division trends varied from one geographical
area to another. Their growth in France confirms the positive trend
in volumes and prices in most Hazardous and Non-Hazardous Waste
markets, while internationally, Non-Hazardous Waste markets drove
growth:
- The Hazardous Waste division generated contributed
revenue of €323.2 million, up +17.5% compared with June 30, 2022.
This increase includes a +€32.5 million scope effect due to the
contribution of All'Chem and STEI over the period. At constant
scope and exchange rates, revenue grew by +4.8%, reflecting
varying contributions from the Group's geographical regions:
- In France, the division generated revenue of €200.8
million, up +12.8% compared to the first half of 2022. Over the
period, the division’s growth was supported by the Services
businesses (industrial services, environmental services, etc.) and
by businesses related to the Circular Economy, which benefited from
the dynamic growth of the chemicals recycling business and positive
trends in energy recovery activities, which benefited from the full
effect of indexation of energy sales contracts during the 2022
financial year.
- Internationally, revenue for the division stood at €89.8
million at June 30, 2023, down -9.5% on the same period last year.
This decline is mainly attributable to the very high basis for
comparison in the first half of 2022, both in the Services in South
Africa (Spill Tech) and in the Hazard Management in LatAm (Peru).
The Hazardous Waste division accounted for 65.7% of revenue, vs.
64.1% a year ago.
- The Non-Hazardous Waste division posted contributed
revenue of €168.4 million, up +9.3% on June 30, 2022 on a reported
basis, including a scope effect of +€2.1 million relating to the
contribution of Séché Assainissement 34 over the period. At
constant scope and exchange rates, the division grew by
+13.5%:
- In France, this division generated €130.4 million in
revenue, an increase of +7.4%. The division continues to
demonstrate robust performance, supported by regulations related to
the implementation of the circular economy and positive price
effects in a saturated environment with respect to operating
permits;
- Internationally, revenue reached €35.9 million, up
+55.8% on the same period last year, thanks to a strong
contribution from Interwaste. The Non-Hazardous Waste division
accounted for 34.3% of revenue (35.9% a year ago).
Change in Operating income
EBITDA
At June 30, 2023, earnings before interest, taxes,
depreciation and amortization (EBITDA) stood at €101.9 million,
or 20.7% of contributed revenue, up +2.0% on June 30, 2022 (€99.9
million, or 23.3% of contributed revenue). This increase includes a
scope effect of (€1.3) million, related to the consolidation
of All'Chem, Séché Assainissement 34, and STEI over the period. It
also includes a negative foreign exchange effect of (€1.6)
million primarily due to the deterioration of the South African
rand.
At constant scope, EBITDA stood at €104.8 million, up
+4.9% compared to the first half of 2022, giving a gross operating
margin of 22.5% of contributed revenue.
The changes in EBITDA and gross operating margin over the period
primarily reflect:
- The strong baseline in the first half of 2022, marked by the
significant contribution of exceptionally large environmental
emergency “spots” contracts, and to a lesser extent by the effects
of the post-Covid recovery, which had significantly boosted the
activity of certain international subsidiaries (in particular,
Solarca).
- Overall positive commercial effects related to positive market
trends and the effects of the industrial efficiency policy,
particularly in France.
- Stable volume effects and waste-mix effects for (€0.3) million,
favorable momentum resulting from positive commercial effects, and
good availability of thermal treatment facilities in France,
hampered by the weaker performance outside France.
- A strong positive price effect of +€26.8 million, reflecting
the good level of saturation of facilities in France and positive
price trends in all regions.
This was partially offset by the increase in:
- Variable operating costs (+€10.9 million), notably impacted by
inflationary effects on certain subcontracting costs, while the
Group has observed a relative decline in the price of certain costs
in France compared with the same period last year (energy…).
- Payroll costs (+€6.3 million), reflecting the Group’s
determination to support its employees through a salary policy
adapted to inflationary pressures.
- Maintenance and repair costs (+€1.5 million), which remained
under control due to the relative decline in the cost of certain
maintenance items compared with the first half of 2022.
- Miscellaneous expenses of +€3.4 million, including +€4.1
million from the electricity price cap applied by the amended
French Finance Act for 2023. Adjusting the contributed revenue for
this price cap, at constant scope and exchange rates, and all other
things being equal, the EBITDA margin rate would have been 23.6% of
contributed revenue (vs. 23.3% for the first half of 2022, a period
not subject to this tax).
Breakdown of EBITDA by geographic area
In €m
06/30/2022
06/30/2023
Group
France
Internal
Group
France
Internal
Contributed revenue
429.2
299.4
129.8
491.6
365.9
125.7
EBITDA
99.9
73.0
26.9
101.9
81.4
20.5
% of contributed revenue
23.3%
24.4%
20.7%
20.7%
22.3%
16.3%
Consolidated data at current exchange
rate
For each geographic scope, the main changes were:
- In France, EBITDA amounted to €36.0 million, or 22.3% of
revenue. This includes a scope effect of (€1.3) million linked to
the gross operating contribution of All'Chem, Séché Assainissement
34, and STEI, with these new subsidiaries – in particular STEI –
recording significant non-recurring consolidation costs over the
period. AT constant scope, EBITDA France came to €82.7
million, or 25.0% of revenue (vs. €73.0 million, or 24.4% of
revenues a year ago). This increase in gross operating
profitability was mainly due to:
- Favorable commercial effects, in terms of volumes, waste mix,
and prices, in line with robust market trends in France and the
improved tool utilization rate and productivity gains resulting
from the industrial efficiency policy;
- Control of operating expenses, despite persistent inflationary
pressures on external costs (subcontracting) which were not offset
by the decline in certain costs (energy, maintenance, etc.) and the
increase in payroll costs due to the Group's determination to
support its employees' purchasing power;
- A tax effect in the amount of €4.1 million respecting the
taxation of sub-marginal profits from electricity sales provided
for by the amended French Finance Act for 2023. Excluding this
effect, all other things being equal, the EBITDA margin for this
scope would have been 25.3% of contributed revenue (vs. 24.4% for
the first half of 2022, a period not subject to this tax).
- Internationally, EBITDA stood at €20.5 million, or 16.3%
of revenue (vs. €26.9 million, or 20.7% of revenues a year
earlier). This includes a significant foreign exchange effect of
(€1.6) million, compared to a negligible foreign exchange effect a
year ago. At constant exchange rates, EBITDA represented
16.5% of revenues. This unfavorable trend in gross operating
profitability mainly reflects the impact of:
- The non-renewal of exceptionally large environmental emergency
contracts which had made a significant contribution to the
operating performance of certain subsidiaries in the first half of
2022 (Spill Tech, etc.);
- Delays in activity for certain subsidiaries, such as Solarca,
compared with the same period last year, which had been
characterized by high levels of activity linked to the post-Covid
recovery of industrial maintenance work sites.
Current operating income (COI)
At June 30, 2023, current operating income (COI) stood at
€45.4 million, or 9.2% of revenues. This includes a scope effect of
(€3.0) million and a negative foreign exchange effect of (€0.8)
million.
At constant scope and exchange rates, COI was €49.2
million, or 10.6% of revenue (vs. €47.7 million, or 11.1% of
revenue at June 30, 2022). This growth primarily reflects the
increase in EBITDA at constant scope and exchange rates, as well as
tight control over depreciation and amortization expenses in line
with our selective investment policy.
Breakdown of current operating income by geographic
scope
In €m
06/30/2022
06/30/2023
Group
France
Internal
Group
France
Internal
Contributed revenue
429.2
299.4
129.8
491.6
365.9
125.7
COI
47.7
33.1
14.6
45.3
35.9
9.4
% of contributed revenue
11.1%
11.1%
11.2%
9.2%
9.8%
7.5%
Consolidated data at current exchange
rate
For each geographic scope, the main changes were:
- In France, COI totaled €35.9m, or 9.8% of revenue. This
includes a scope effect of (€3.0) million. At constant
scope, COI amounted to €39.0 million, or 10.7% of revenue (vs.
€33.1 million and 11.1% of revenue a year earlier). This increase
mainly reflects the rise in EBITDA at constant scope (+€9.3
million) as well as strictly controlled depreciation and
amortization expenses, thanks to selective investment and an
industrial efficiency policy.
- Internationally, COI totaled €9.4 million, or 7.5% of
revenue (vs. €14.6 million and 11.2% of revenue a year ago). This
includes a negative foreign exchange effect of (€0.8) million.
At constant exchange rates, COI was 7.6% of revenue. This
change essentially reflects that of EBITDA outside France over the
period.
Operating income (OI)
Operating income reached €45.5 million, or 9.3% of
revenue, vs. €45.6 million, or 10.6% of revenue at June 30,
2022.
This stability essentially reflects the trend in COI as well as
the non-recurrence of expenses linked to the effects of the
business combinations, which had reduced the balance by (€2.1)
million at June 30, 2022. This result also includes income of €1.1
million from the disposal of fixed assets.
Change in Net income attributable to company
shareholders
Net financial income
At June 30, 2023, Net financial income stood at (€11.4) million,
compared with (€8.8) million a year earlier.
This change reflects:
- The rise in gross debt costs to (€11.1) million, vs.
(€8.5) million a year earlier, in line with the change in the
average gross debt cost to 3.14% (vs. 2.56% in the first half of
2022), as well as the increase in average net financial debt over
the period;
- The change in the balance of other financial income and
expenses, amounted to (€0.9) million, vs. (€0.6) million a year
earlier, primarily due to a negative foreign exchange result of
(€0.1) million, compared to positive foreign exchange result of
+€0.2 million a year earlier.
Income tax
At June 30, 2023, income tax expenses stood at (€9.0) million,
vs. (€9.8) million.
This breaks down to (€6.8) million – compared to (€6.5) million
a year ago – for France and (€2.1) million – vs. (€3.3) million a
year ago – Internationally.
The Group's effective tax rate stood at 26.3% at June 30,
2023, vs. 26.6% a year ago.
Share of profit of equity-accounted investees
Share of profit of equity-accounted investees amounted to (€1.2)
million at June 30, 2023 (vs. (€0.2) million a year earlier). This
unfavorable trend is linked to Gerep in the amount of (€1.0)
million.
Net income attributable to company shareholders
At June 30, 2023, Net income before non-controlling
interests came to €24.0 million.
After accounting for minority interests, which amounted to €1.0
million (vs. €1.6 million at June 30, 2022), representing in
particular minority interests in Solarca and the South African
subsidiaries, Net income attributable to company
shareholders came to €23.0 million, or 4.7% of contributed
revenue (vs. €25.2 million and 5.9% of revenue in the first half of
2022).
Earnings per share came to €2.94, vs. €3.23 at June 30,
2022.
Comments on cash flows and the financial position for the
year ended June 30, 2023
Cash flow
Summary consolidated statement of cash flows
In €m
06/30/2022
06/30/2023
Cash flow from operating activities
65.5
84.9
Cash flows from investments
(83.3)
(57.0)
Cash flows from financing activities
(33.7)
(34.4)
Change in cash from continuing
operations
(51.5)
(6.5)
Change in cash flow from discontinued
operations
-
Change in cash and cash
equivalents
(51.5)
(6.5)
The change in cash and cash equivalents went from (€51.5)
million at June 30, 2022 to (€6.5) million at June 30, 2023.
Over the period, this change of +€45.0 million reflects the
combined impact of:
- The change in cash flows generated by operating activities:
+€19.4 million.
- The change in cash flows related to investments: +26.3
million;
- The change in cash flows related to financing activities:
(€0.7) million.
Cash flows from operating activities
In the first half of 2023, the Group generated €84.9 million in
cash flow from operating activities (vs. €65.5 million one year
earlier), an increase of +€19.4 million.
This increase reflects the combined effect of:
- Solid cash flow from operating activities before tax and
financing costs, at €95.2 million (vs. €94.8 million one year
earlier);
- A significant reduction in the change in WCR to (€5.8)
million, an improvement of +€19.3 million compared with the change
observed in the first half of 2022;
- The change in net tax expense to (€4.4) million from
€(4.1) million at June 30, 2022.
Investment flows
In €m
06/30/2022
12/31/2022
06/30/2023
Net industrial investments (excl.
IFRIC 12)
41.0
105.0
36.7
Net financial investments
0.2
0.2
-
Investments recorded
47.6
105.2
36.7
Industrial investments
47.4
95.7
42.2
Financial investments
0.2
3.0
14.1
Acquisition of subsidiaries - Net
cash flow
35.7
77.7
0.7
Investments paid out
83.3
176.4
57.0
During the first half of 2023, industrial investments
were particularly tightly controlled, amounting to €36.7 million
(vs. €41.0 million over the same period in 2022).
These include:
- Recurring investments of €25.1 million, or 5.1% of
contributed revenue (vs. €27.2 million at June 30, 2022, or 6.4% of
contributed revenue).
- Non-recurring investments of €11.6 million, or 2.4% of
contributed revenue (vs. €13.8 million at June 30, 2022, or 3.1% of
contributed revenue). These mainly concern growth investments in
services and thermal treatment businesses, as well as investments
in safety, regulatory compliance, and information systems.
By activity, industrial investments break down as follows:
- Hazard Management: €14.0 million vs. €17.6 million a year ago –
of which €6.7 million of category 2 “major maintenance and renewal”
expenses, vs. €5.8 million in the first half of 2022;
- Circular Economy: €1.0 million (vs. €1.8 million in the first
half of 2022);
- Services: €6.9 million (vs. €5.0 million in the first half of
2022);
- Security - Regulations - Information systems (holding): €10.0
million (vs. €8.6 million in the first half of 2022);
- Others: €4.8 million (vs. €8.0 million in the first half of
2022).
Net cash relating to financing activities
The balance of net cash relating to financing activities, i.e.,
(€34.4) million at June 30, 2023, includes:
- Cash flows from new borrowings: +€51.8 million vs. +€19.5
million in the first half of 2022.
- Cash flows from loan repayments: (€62.7) million vs. (€29.9)
million in the first half of 2022.
- Repayment of lease liabilities: (€13.3) million (including
interest paid of €1.5 million) vs. (€11.9) million, of which €1.1
million interest in the first half of 2022.
- Interest expenses: (€8.8) million. (€7.4) million in the first
half of 2022.
- Cash flows from dividends paid to non-controlling interests
(€0.8) million. (€0.9) million in the first half of 2022.
- Cash flows without gain of control: (€0.6) million. (€3.1)
million in the first half of 2022.
- Changes in treasury shares in an insignificant amount (vs. €0.1
million a year ago).
The generation of free operating cash flow can be
analyzed as follows:
In €m
06/30/2022
06/30/2023
EBITDA
99.9
101.9
Other income and operating
expenses
(0.5)
(1.7)
Rehabilitation and maintenance
expenses for sites and assets under concession (including major
maintenance and renewal)
(10.9)
(11.7)
Recurring operating cash
flow
88.5
88.5
Net disbursed recurring
investments (excluding major maintenance and renewal)
(25.3)
(21.8)
Change in WCR
(25.1)
(5.8)
Tax paid
(4.1)
(4.4)
Net interest payments (including
interest on lease liabilities)
(8.5)
(10.3)
Free operating cash
flow
25.5
46.2
Cash conversion rate (free
operating cash flow/EBITDA)
26%
45%
Recurring operating cash flow9 was at the same level as
last year, €88.5 million, taking into account the change in EBITDA
over the period, on the one hand, and calculated operating expenses
and rehabilitation and maintenance expenses for concession sites
(including major maintenance and renewal) on the other.
Free operating cash flow10 improved significantly by
+81.2% to €46.2 million (vs. €25.5 million a year ago), which
reflects the reduction in changes in working capital over the
period. The change in WCR in the first half of 2022 was mainly due
to the increase in trade receivables resulting from the
consolidation of Séché Assainissement’s activities. In the first
half of 2023, the change in WCR is explained by the high level of
activity of certain subsidiaries in France and Peru at the end of
the period.
The level of free operating cash flow shows an EBITDA-to-cash
conversion rate of 45% (vs. 26% a year earlier) significantly
higher than Group targets (“greater than or equal to 35% of
EBITDA”).
Changes in liquidity, net financial debt, and
flexibility
The Group maintained a solid liquidity position, at
€311.3 million, vs. €313.1 million at December 31, 2022. The
liquidity position breaks down as follows:
- Cash balance: €116.3 million (vs. €126.2 million at December
31, 2022); this trend shows that over the period, net of variations
in short-term borrowing, cash generation fell from €2.7 million to
€1.1 million.
- Overdraft facilities: €20.0 million (unchanged from December
31, 2022).
- Revolving credit facility (“RCF”): €175.0 million, vs. €167.0
million at December 31, 2022.
Net financial debt breaks down as follows:
In €m
31/122022
06/30/2023
Bank loans
186.5
178.8
Non-recourse loans
24.3
22.9
Bonds
415.8
416.5
Lease debt
65.4
61.1
Miscellaneous financial debt
9.6
2.6
Factoring debt
7.0
5.6
Derivatives
-
9.4
Short-term bank borrowings
2.7
1.1
Total financial debt (current
and non-current)
713.6
698.0
Cash balance
125.2
116.3
IFRS net financial
debt
587.4
581.7
o/w due in less than one year
(14.8)
(15.9)
o/w due in more than one year
602.2
597.6
At June 30, 2023, 74% of gross financial debt, including lease
liabilities and after recognizing hedging instruments, was hedged
at fixed rates (vs. 73% at December 31, 2022.
The change in net financial debt breaks down as
follows:
In €m
12/31/2022
06/30/2023
Net financial debt at
opening
474.9
587.4
Cash flows from operating
activities
(148.1)
(84.9)
Net industrial CAPEX
disbursed
95.7
42.2
Net financial CAPEX
(0.1)
14.8
Dividends paid
8.8
0.8
Net interest payments (including
on lease liabilities)
17.0
10.3
Cash and cash equivalents without
loss/gain of control
16.1
0.6
Other financing flows
0.6
-
Net financial debt at constant
scope and before non-cash effects
464.9
571.2
First-time consolidation
80.7
0.7
Non-cash change in debt
(including IFRS 16)
41.8
9.8
Net financial debt at
closing
587.4
581.7
At June 30, 2023, net debt (IFRS) stood at €581.7 million
(vs. €587.4 million at December 31, 2022), marking a decline of
(€5.7) million over the period.
The non-cash variation in debt is mainly due to new IFRS 16
rights-of-use contracted over the period.
The new consolidation (non-cash effect) corresponds to the
goodwill arising on the acquisition of Séché Assainissement 34.
The financial leverage ratio stood at 2.7 times EBITDA, a
slight improvement compared with December 31, 2022 (2.8 times
EBITDA).
APPENDIX 1
Consolidated financial position
(in thousands of euros)
12/31/2022
06/30/2023
Goodwill
395992
395260
Concession intangible assets
30861
28603
Other intangible assets
44151
45976
Property, plant and equipment
409251
402840
Investments in equity-accounted
investees
1067
885
Non-current financial assets
32955
40119
Non-current derivatives - assets
777
692
Non-current operating financial assets
32805
31123
Deferred tax assets
15475
16047
Non-current assets
963335
961545
Inventories
25556
26090
Trade and other receivables
245727
307279
Current financial assets
3306
3362
Current derivatives - assets
-
-
Current operating financial assets
40473
49804
Cash and cash equivalents
126166
116343
Current assets
441,229
502876
Assets held for sale
-
-
TOTAL ASSETS
1404564
1464422
(in thousands of euros)
12/31/2022
06/30/2023
Share capital
1572
1572
Additional paid-in capital
74061
74061
Reserves
189861
219201
Net income
44608
22973
Equity attributable to company
shareholders
310102
317807
Equity attributable to non-controlling
interests
7286
7291
Total equity
317388
325098
Non-current financial debt
547878
548650
Non-current lease liabilities
44680
39556
Non-current derivatives - liabilities
10341
10057
Employee commitments
18029
19199
Non-current provisions
30181
30720
Non-current operating financial
liabilities
4761
6873
Deferred tax liabilities
4893
4575
Non-current liabilities
660763
659629
Current financial debt
90553
78709
Current lease liabilities
20882
21720
Current derivatives - liabilities
-
-
Current provisions
2681
2577
Trade payables
165086
174184
Other current liabilities
146119
197428
Tax liabilities
1092
5076
Current liabilities
426412
479695
Liabilities held for sale
-
-
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
1404564
1464422
APPENDIX 2
Consolidated income statement
(in thousands of euros)
06/30/2022
06/30/2023
Revenue
463929
530137
Other business income
876
751
Income from ordinary activities
464805
530887
Purchases used for operational
purposes
(65,029)
(73,447)
External expenses
(160,064)
(190,162)
Taxes and duties
(36,114)
(42,292)
Employee expenses
(103,700)
(123,055)
EBITDA
99899
101931
Expenses for rehabilitation and/or
maintenance of sites under concession arrangements
(5,097)
(5,049)
Depreciation, impairment, and
provisions
(46,793)
(50,928)
Other operating items
(296)
(614)
Current operating income
47712
45340
Other non-current items
(2,150)
133
Operating income
45562
45473
Cost of net financial debt
(8,221)
(10,431)
Other financial income and expenses
(609)
(930)
Net financial income
(8,831)
(11,361)
Share of income of equity accounted
investees
(165)
(1,207)
Income tax
(9,760)
(8,957)
Net income
26806
23949
o/w attributable to non-controlling
interests
(1,634)
(976)
o/w attributable to company
shareholders
25172
22973
Non-diluted earnings per share
(in euros)
3.23
2.94
Diluted earnings per share (in
euros)
3.23
2.94
APPENDIX 3
Consolidated statement of cash flows
(in thousands of euros)
12/31/2022
06/30/2023
Net income
47870
23949
Share of profit of equity-accounted
investees
1341
1207
Dividends from joint ventures and equity
accounted investees
-
-
Depreciation, impairment, and
provisions
96714
50056
Income from disposals
(55)
(1,078)
Deferred taxes
4386
(818)
Other income and expenses
6850
1445
Cash flows
157106
74761
Income tax
14845
9774
Cost of gross financial debt before
long-term investments
16939
10639
Cash flow before taxes and financial
expenses
188890
95174
Change in working capital requirement
(24,971)
(5,831)
Tax paid
(15,803)
(4,420)
Net cash flows from operating
activities
148117
84923
Investments in property, plant and
equipment and intangible assets
(99,861)
(43,344)
Disposals of property, plant and equipment
and intangible assets
4157
1063
Increase in loans and financial
receivables
(18,632)
(15,648)
Decrease in loans and financial
receivables
2518
1549
Acquisition of subsidiaries net of cash
and cash equivalents
(76,239)
(670)
Loss of control over subsidiaries net of
cash and cash equivalents
(1,426)
-
Net cash flows from investment
activities
(189,483)
(57,049)
(in thousands of euros)
12/31/2022
06/30/2023
Dividends paid to parent company
shareholders
(7,806)
(0)
Dividends paid to non-controlling
interests
(1,027)
(806)
Capital increase or decrease by
controlling company
580
-
Cash and cash equivalents without
loss/gain of control
(3,047)
(565)
Change in treasury shares
111
13
New loans and financial debt (1)
104804
51805
Repayment of loans and financial debt
(2)
(60,683)
(62,689)
Interest paid
(14,580)
(8,830)
Repayment of lease liabilities
and associated financial expenses
(23,547)
(13,315)
Net cash flows from financing
activities
(5,195)
(34,387)
Total cash flow for the period, continuing
operations
(46,561)
(6,513)
Net cash flows from discontinued
operations
-
-
TOTAL CASH FLOWS FOR THE
PERIOD
(46,561)
(6,513)
Cash and cash equivalents at beginning of
the period (2)
169901
123451
Cash and cash equivalents at end of the
period (1)
123451
115225
Effect of changes in foreign exchange
rates
(112)
1713
(1) of which:
-
Cash and cash equivalents
126166
116343
Short-term bank borrowings and
overdrafts (current financial debt)1
(2,715)
(1,117)
(1) To be comparable with the presentation used at June 30,
2023, these lines have been restated less the amount of the
factoring debt at June 30, 2022, i.e., €3.2 million. Factoring debt
has been excluded from “Cash and cash equivalents at the end of the
period” and reclassified under “New loans and financial debt”.
(2) To be comparable with the presentation at June 30, 2023,
these lines have been restated less the amount of the factoring
debt at December 31, 2021, i.e., €5.4 million. The factoring debt,
excluded from cash and cash equivalents at December 31, 2021, was
repaid in the first half of 2022.
1 Excluding the scope consolidated in 2022 and 2023 2 The
percentages shown in the tables and mentioned in the comments below
are calculated based on contributed revenue. 3 At constant scope
and exchange rates. 4 At constant scope and exchange rates 5 For
technical reasons, Séché Assainissement Rhône-Isère, acquired in
January 2023, was not included in the scope of consolidation at
June 30, 2023, without any material impact on the consolidated
activity, results, and financial position at that date. 6 Free cash
flow before non-recurring industrial investments, financial
investments, dividends, and debt repayment 7 See: Press release of
March 6, 2023 8 Excluding the scope consolidated in 2022 and 2023 9
Free cash flow before financing of development investments,
financial investments, dividends, and before repayment of debt. 10
See paragraph 1.1.2 “Definitions.” 11 Free cash flow before
non-recurring industrial investments, financial investments,
dividends, and repayment of financial debt.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230911355026/en/
SÉCHÉ ENVIRONNEMENT
Analyst/Investor Relations Manuel Andersen Head of
Investor Relations m.andersen@groupe-seche.com +33 (0)1 53 21 53
60
Press and Media Anna Jaegy Communications Division
a.jaegy@groupe-seche.com +33 (0)1 53 21 53 53
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