SYENSQO - Second Quarter 2024 Results
2024年8月1日 - 2:00PM
RNSを含む英国規制内ニュース (英語)
SYENSQO - Second Quarter 2024 Results
SYENSQO SECOND QUARTER 2024 RESULTS
Brussels, Belgium – August 1, 2024 - 7:00AM
CEST
CONTINUED IMPROVEMENT IN YEAR-ON-YEAR VOLUME
MOMENTUM
UNDERLYING EBITDA OF €378 MILLION IN LINE WITH
EXPECTATIONS, WITH STRONG CASH CONVERSION
FULL YEAR 2024 OUTLOOK RANGE NARROWED
Underlying (€ million) |
Q2 2024 |
Q2 2023 |
Q1 2024 |
YoY change |
YoY organic |
QoQ change |
|
H1 2024 |
H1 2023 |
YoY change |
YoY organic |
Net sales |
1,708 |
1,815 |
1,624 |
-5.9% |
-5.1% |
5.2% |
|
3,332 |
3,628 |
-8.1% |
-6.7% |
Gross profit |
582 |
635 |
583 |
-8.3% |
- |
-0.2% |
|
1,165 |
1,298 |
-10.2% |
- |
Gross profit margin |
34.1% |
35.0% |
35.9% |
-90 bps |
- |
-180 bps |
|
35.0% |
35.8% |
-80 bps |
- |
EBITDA |
378 |
433 |
363 |
-12.8% |
-10.9% |
4.1% |
|
740 |
906 |
-18.3% |
-15.8% |
EBITDA margin |
22.1% |
23.8% |
22.3% |
-170 bps |
- |
-20 bps |
|
22.2% |
25.0% |
-280 bps |
- |
Operating cash flow |
43 |
245 |
244 |
-82.3% |
- |
n.m. |
|
287 |
657 |
-56.3% |
- |
Op. cash flow excl. €167mn payment to NJDEP |
210 |
245 |
244 |
-14.1% |
- |
n.m. |
|
454 |
657 |
-30.9% |
- |
Free cash flow |
-120 |
13 |
157 |
n.m. |
- |
n.m. |
|
37 |
267 |
-86.2% |
- |
FCF excl. €167mn payment to NJDEP |
47 |
13 |
157 |
n.m. |
- |
n.m. |
|
204 |
267 |
-23.7% |
- |
Cash conversion (LTM) |
77% |
80% |
89% |
-310 bps |
- |
n.m. |
|
77% |
80% |
-310 bps |
- |
Cash conv. (LTM) excl. €167mn payment to NJDEP |
88% |
80% |
89% |
800 bps |
- |
-70 bps |
|
88% |
80% |
800 bps |
- |
ROCE (LTM) |
8.8% |
13.1% |
9.6% |
-430 bps |
- |
-80 bps |
|
8.8% |
13.1% |
-430 bps |
- |
Highlights
- Net sales of €1.7
billion increased by 5% sequentially driven by growth in both the
Materials and Consumer & Resources segments. On a year-on-year
basis, net sales decreased by 5% organically versus Q2 2023, driven
by lower prices (5%), most notably in Consumer & Resources and
Specialty Polymers. Volumes were flat year-on-year reflecting
continued improvement in momentum compared to Q1 2024, most notably
in Novecare; strong performance in Composite Materials with 14%
year-on-year net sales growth;
- Underlying EBITDA
of €378 million increased by 4% sequentially;
- EBITDA margin of
22.1% was approximately flat sequentially, including net pricing
impact of €-24 million in the quarter;
- Underlying net
profit of €159 million;
- Excluding the previously announced
€167 million payment to the New Jersey Department of Environmental
Protection (NJDEP), Operating cash flow was
€210 million and Free cash flow was €47 million,
with cash conversion of 88%;
- Balance sheet: net
debt of €1.9 billion, in line with expectations, included
€154 million in dividend payments, €167 million related to the
settlement with NJDEP and €90 million liability recognition related
to the share repurchase program; leverage ratio of
1.3x;
- Decision to
rephase investment timeline for North American battery
materials by up to two years, aligned with industry
demand.
Dr. Ilham Kadri, CEO
“We delivered on our outlook for the second
quarter, thanks in particular to improved year-on-year volume
momentum, most notably in Novecare, as well as discipline on
pricing and control of our costs. We also saw another quarter of
double digit growth in Composite Materials and continued to
generate robust cash flow.
While we expect to return to year-on-year volume growth in
the second half of 2024, we see a slower recovery in certain end
markets, as well as ongoing macroeconomic uncertainty.
Nevertheless, we remain relentlessly focused on what is within our
control, bringing solutions that our customers need, tightly
managing our costs and capital expenditure to further improve our
operating leverage and returns, which will allow Syensqo to deliver
growth and value creation as markets improve.
2024 Outlook
While our second quarter 2024 results benefited
from improved volume momentum, we do not expect a broader recovery
in overall demand in the second half of the year that would support
the higher end of our previous outlook ranges.
More specifically, we now expect a slower
recovery in a number of end markets impacted by ongoing
macroeconomic uncertainty, most notably Automotive, Agro,
Industrial and Medical while we expect continued strong growth in
the Aerospace and Defence markets.
For the second half of 2024, we expect to return
to year-on-year volume growth, driven by higher volumes in all
business units, particularly in Novecare.
As a result, our full year 2024 outlook is now
as follows:
-
Underlying EBITDA to be in the range of €1.4
billion - €1.475 billion;
- Capital
expenditures to be in the range of €600 - €650
million;
- Free
Cash Flow to be in the range of €400 - €450 million,
excluding the previously announced €167 million payment to the New
Jersey Department of Environmental Protection, which was made in
April 2024
Safe harbor
This press release may contain forward-looking
information. Forward-looking statements describe expectations,
plans, strategies, goals, future events or intentions. The
achievement of forward-looking statements contained in this press
release is subject to risks and uncertainties relating to a number
of factors, including general economic factors, interest rate and
foreign currency exchange rate fluctuations, changing market
conditions, product competition, the nature of product development,
impact of acquisitions and divestitures, restructurings, products
withdrawals, regulatory approval processes, all-in scenario of
R&I projects and other unusual items. Consequently, actual
results or future events may differ materially from those expressed
or implied by such forward-looking statements. Should known or
unknown risks or uncertainties materialize, or should our
assumptions prove inaccurate, actual results could vary materially
from those anticipated. The Company undertakes no obligation to
publicly update or revise any forward-looking statements.
About Syensqo
Syensqo is a science company developing
groundbreaking solutions that enhance the way we live, work, travel
and play. Inspired by the scientific councils which Ernest Solvay
initiated in 1911, we bring great minds together to push the limits
of science and innovation for the benefit of our customers, with a
diverse, global team of more than 13,000 associates.
Our solutions contribute to safer, cleaner, and more sustainable
products found in homes, food and consumer goods, planes, cars,
batteries, smart devices and health care applications. Our
innovation power enables us to deliver on the ambition of a
circular economy and explore breakthrough technologies that advance
humanity.
Investor Relations Resources
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Contacts
Investors & Analysts |
Media |
Sherief Bakr
+44 7920 575 989
Bisser Alexandrov
+33 607 635 280
investor.relations@syensqo.com |
Perrine Marchal
+32 478 32 62 72
Laetitia Schreiber
+32 487 74 38 07
media.relations@syensqo.com |
|
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Syensqo (EU:SYENS)
過去 株価チャート
から 8 2024 まで 9 2024
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過去 株価チャート
から 9 2023 まで 9 2024