ASSYSTEM : First-half 2015 results: attributable net profit up 46%
(Thomson Reuters ONE) -
First-half 2015 results: attributable net profit up 46%
* Organic growth excluding staffing: 2.0%
* EBITA margin: 5.1%, up 0.3 points
* Attributable net profit((1)): ?15.0 million, up ?4.7 million
* Free cash flow for the twelve months from 1 July 2014 to 30 June 2015:
?37.5 million (70% of EBITA and 4.3% of revenue for the same period)
(Paris, 8 September 2015, 5:35 p.m.) - The Board of Directors of Assystem S.A.
(ISIN: FR0000074148 - ASY), a leading Innovation and Engineering Consultancy,
met on 7 September 2015 and reviewed the financial statements for the six months
ended 30 June 2015.
In ? million H1 2014 restated* H1 2015
-------------------------------------------------------------------------------
Income statement highlights
Revenue 438.7 447.2
Operating profit before non-recurring items 21.0 22.9
(EBITA)(2)
% of revenue 4.8% 5.1%
Operating profit 18.6 20.1
% of revenue 4.2% 4.5%
Attributable net profit 7.9 15.3
Attributable net profit excl. change in fair value 10.3 15.0
of ORNANE derivative([3])
Cash flow highlights
Free cash flow((4)) (4.4) 1.9
Balance sheet highlights
Net cash[4] 35.5 166.0
Per share data (?)
Basic earnings per share 0.40 0.54
Diluted earnings per share((6)) 0.40 0.54
* First-half 2015 figures reflect the first-time application of IFRIC 21. For
purposes of comparison, the 2014 accounts have been restated to reflect the
impact of this change in accounting method.
The Statutory Auditors have conducted a review of the interim consolidated
financial statements.
Analysis of the first-half 2015 income statement
* Revenue
Revenue rose by 1.9% in the first half of 2015. Organic growth, excluding the
impact of the decline in staffing activities, amounted to 2.0% for the company
as a whole, as well as for the Energy & Infrastructure and Global Product
Solutions divisions. Organic growth accelerated significantly in the second
quarter to 3.3%, compared with 0.8% in the first quarter.
The decline in staffing activities had a negative impact of 2.3% on reported
revenue.
* Operating profit before non-recurring items (EBITA)
EBITA totalled ?22.9 million, or 5.1% of revenue, compared to ?21.0 million
(restated to reflect the impact of IFRIC 21) and 4.8% of revenue in the first
half of 2014.
In Energy & Infrastructure, EBITA amounted to ?9.7 million (less ?0.5 million
year-on-year). The decrease reflects the positive impact of the Radicon
acquisition, on the one hand, and the effect of the economic situation on non-
Nuclear activities in France and the decline in profit from staffing activities,
on the other. EBITA margin came to 5.2% for the period (6.0% excluding
staffing).
In Global Product Solutions, EBITA amounted to ?13.2 million, up from
?10.8 million in first-half 2014. EBITA margin increased to 5.1% of revenue,
versus 4.2% in first-half 2014. EBITA for the division was lifted by a sharp
increase in Automotive profit and the first positive impacts of the performance
improvement plan in Germany. Aerospace profit declined moderately.
* Attributable net profit
Excluding the change in fair value of the ORNANE derivative, attributable net
profit totalled ?15.0 million, up 46% year-on-year from ?10.3 million.
The ?4.7 million increase was primarily driven by a rise in EBITA and a change
in net borrowing costs.
FREE CASH FLOW AND NET CASH
Free cash flow amounted to a positive ?1.9 million, compared to a negative
?4.4 million in first-half 2014. Note that this figure is influenced by seasonal
fluctuations in profit and working capital.
For the twelve months from 1 July 2014 to 30 June 2015, free cash flow totalled
a positive ?37.5 million, which represented 70% of EBITA and 4.3% of revenue for
the period.
The Group had a net cash position of ?166.0 million at 30 June 2015, compared
with ?35.5 million at 30 June 2014 and ?221.9 million at 31 December 2014.
The year-on-year change is chiefly due to the issue of an ODIRNANE in July
2014. In comparison with 31 December 2014, the change reflects seasonal
fluctuations in working capital, the Radicon acquisition, the purchase of the
minority interest (19.25%) in MPH Global Services, the parent company for
staffing activities, and the payment of the annual dividend in June 2015.
2015 OUTLOOK
In the second half of 2015, the Group anticipates:
* Sustained momentum in the Automotive segment.
* A return to growth in the Nuclear segment.
* Stabilised performance in the Aerospace segment.
* A reduced impact of the decline in staffing activities.
As a result, full-year 2015 reported revenue is expected to grow by between 3%
and 4% compared to 2014.
Besides, the objective of a higher EBITA margin compared to 6.0% of revenue in
2014 is reinforced by first-half results and second-half business prospects.
INVESTOR CALENDAR
* 4 November 2015: Third-quarter 2015 revenue released.
Assystem is an international Engineering and Innovation Consultancy. As a key
participant in the industry for 50 years, Assystem supports its customers in
developing their products and managing their capital expenditure throughout the
product life cycle. Assystem employs 11,248 people worldwide and generates
annual revenue of close to ?900 million. The Company is listed on Euronext
Paris.
For more information, please visit www,assystem,com
Follow Assystem on Twitter: (at)Assystem
CONTACTS
Philippe Chevallier Nicolas Castex
Deputy Managing Director and CFO Citigate Dewe Rogerson
Phone: +33 (0)1 55 65 03 10 Phone: +33 (0)1 53 32 78 88
nicolas.castex(at)citigate.fr
Pauline Bucaille
Vice President, Corporate Communications and
Investor Relations
Phone: +33 (0)1 55 65 03 08 -
pbucaille(at)assystem.com
APPENDICES
* Consolidated revenue by geography and by division
-------------------------------------------------------------------------------
In ? million H1 2014 H1 2015 Reported Organic change Organic
change Excl. change*
staffing*
-------------------------------------------------------------------------------
France 271.3 275.1 1.4% 1.4% 1.4%
International 167.4 172.1 2.9% 3.4% -3.0%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Energy & 182.1 185.4 1.8% 2.0% -3.5%
Infrastructure
Global Product 256.6 261.8 2.0% 2.0% 2.0%
Solutions
-------------------------------------------------------------------------------
* At constant scope of consolidation (including Radicon in 2014 first-half) and
current exchange rates
* Ebita by geography and by division
-------------------------------------------------------------------------------
In ? million H1 2014 % of Revenue H1 2015 % of Revenue
restated*
-------------------------------------------------------------------------------
France 18.4 6.8% 16.7 6.1%
International 2.6 1.5% 6.2 3.6%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Energy & Infrastructure 10.2 5.6% 9.7 5.2%
Global Product Solutions 10.8 4.2% 13.2 5.1%
-------------------------------------------------------------------------------
*restated for the impact of IFRIC21
* Share capital
Shares outstanding as of
31/12/2014 as of 31/08/2015
-------------------------------------------------------------------------------
Ordinary shares oustanding 22,154,831 22,218,216
Treasury stock 388,117 601,584
BSAR 2015 redeemable share warrants outstanding 170,698 0
(Exercise price: ?11.10)
Stock awards and performance stock awards outstanding 92,550 39,150
Weighted average shares outstanding 20,751,174 N/A
Diluted weighted average shares outstanding(1) 20,919,873 N/A
-------------------------------------------------------------------------------
* Breakdown of capital at 31 december 2015
En pourcentage Shares Effective voting rights
---------------------------------------------------------
HDL Development(2) 60.66 % 61.73%
Public (3) 36.63 % 38.27%
Treasury stock 2.71% 0%
---------------------------------------------------------
(1) After taking into account the potential dilution from the exercise of
warrants, and excluding potential effect of dilution by the conversion of ORNANE
and ODIRNANE.
(2 )HDL Development is a holding company controlled by Dominique Louis, Founder-
Chairman of Assystem, notably through HDL, which holds a 0.23% direct stake in
Assystem.
(3 )Including 0.23% held by HDL.
* Consolidated balance sheet
In ? million
30 June 2015 31 Dec. 2014 30 June 2014
Assets restated* restated*
Goodwill 151.4 124.5 124.4
Intangible assets 4.6 4.6 4.9
Property, plant and equipment 18.2 17.6 18.7
Investment property 1.4 1.4 1.4
Investment in associates 0.7 1.0 1.6
Available-for-sale financial assets 0.2 0.2 0.2
Other non-current financial assets 10.6 10.7 8.7
Deferred tax assets 7.8 11.3 6.2
-----------------------------------------------------------------------------
Total non-current assets 194.9 171.3 166.1
-----------------------------------------------------------------------------
Trade receivables 307.8 280.5 283.5
Other receivables 63.4 56.5 47.6
Corporate income tax receivables 1.1 4.0 3.5
Other current financial assets 0.4 0.1 -
Cash and cash equivalents 200.4 252,2 161.7
-----------------------------------------------------------------------------
Total current assets 573.1 593.3 496.3
-----------------------------------------------------------------------------
TOTAL ASSETS 768.0 764.6 662.4
30 June 2015 31 Dec. 2014 30 June 2014
LIABILITIES restated* restated*
-------------------------------------------------------------------------------
Share capital 22.2 22.1 22.1
Share premiums 80.3 79.7 79.4
Consolidated reserves 146.4 136.0 142.6
Convertible hybrid bonds 158.4 158.4 -
Net profit for the period 15.3 21.8 7.9
---------------------------------------
Equity, Group share 422.6 418.0 252.0
Non-controlling interests (1.1) 7.2 7.3
-------------------------------------------------------------------------------
Consolidated equity 421.5 425.2 259.3
-------------------------------------------------------------------------------
Convertible bonds 26.0 25.6 82.8
Other non-current financial liabilities 4.7 1.0 12.4
Provisions 3.0 2.3 0.4
Employee benefits 22.3 24.3 19.8
Other non-current liabilities 2.0 2.0 7.1
Deferred tax liabilities - - 0.7
-------------------------------------------------------------------------------
Non-current liabilities 58.0 55.2 123.2
-------------------------------------------------------------------------------
Current financial and derivative
liabilities 3.7 3.7 31.0
Provisions 5.8 9.7 4.9
Trade payables 49.0 47.2 36.7
Corporate income tax liabilities 4.9 1.8 1.6
Other current liabilities 225.1 221.8 205.7
-------------------------------------------------------------------------------
Current liabilities 288.5 284.2 279.9
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
TOTAL LIABILITIES 768.0 764.6 662.4
-------------------------------------------------------------------------------
* Figures as of 31 December 2014 and as of 30 June 2014 have been restated to
reflect the retroactive application of IFRIC 21.
* Consolidated income statement
30 June 2015 30 June 2014 30 June 2013
In ? million restated* restated*
-------------------------------------------------------------------------------
Sales 447.2 438.7 433,2
Employee costs (329.6) (326.1) (316.0)
Taxes and duties (1.1) (1.3) (1.3)
Net depreciation expense (4.4) (4.4) (4.6)
Net change in provisions for risks and
charges** (0.7) (1.0) (1.6)
Other operating income and expense *** (88.5) (84.9) (83.8)
-------------------------------------------------------------------------------
Operating income before non-recurring
items (EBITA) 22.9 21.0 25.9
Costs related to bonus shares (0.2) (0.4) (0.6)
Other non-recurring income and expense (2.6) (2.0) (2.8)
-------------------------------------------------------------------------------
Operating income 20.1 18.6 22.5
Net profit of equity affiliates - 0.1 0.2
Net borrowing costs 2.5 (1.3) (3.5)
Change in fair value of the ORNANE
derivative 0.5 (3.8) 1.8
Other financial income and expense (0.4) (2.1) (0.2)
-------------------------------------------------------------------------------
Net profit for the period from
continuing operations before tax 22.7 11.5 20.8
-------------------------------------------------------------------------------
Income tax (7.0) (3.4) (5.6)
-------------------------------------------------------------------------------
Net profit for the period from
continuing operations 15.7 8.1 15.2
-------------------------------------------------------------------------------
Result for the period from discontinued
operations - - (0.1)
-------------------------------------------------------------------------------
Consolidated net profit for the period 15.7 8.1 15.1
Attributable :
Net income - Group share 15.3 7.9 14.8
Net income - Non-controlling interests 0.4 0.2 0.3
* Figures as of 30 June 2013 and as of 30 June 2014 are restated to reflect the
retroactive application of IFRIC 21.
** "Net change in provisions for risks and charges" only includes movements in
provisions related to recurring income and expense items. Furthermore, with
regard to the reversal of provisions, it records only the release of provisions
which have not been used to cover expenses. Reversals of provisions used to
cover expenses are recorded where the corresponding expense is accounted for.
*** "Other operating income and expense" includes movements in provisions on
current assets.
* Consolidated cash flow statement
30 June 2015 30 June 2014 30 June 2013
In ? million restated* restated*
OPERATING ACTIVITIES
Net profit for the period from
continuing operations 15.7 8.1 15.2
Elimination of non-cash and non-
operating transactions 6.0 16.6 15.5
Change in operating working capital
requirement (13.3) (22,1) (26.1)
Income tax paid (3.4) (2.7) (9.9)
Net cash flow from discontinued
operations - - 0.1
-------------------------------------------------------------------------------
Net cash flow from operating activities 5.0 (0.1) (5.6)
-------------------------------------------------------------------------------
INVESTING ACTIVITIES
Fixed assets - acquisitions (3.3) (4.3) (4.7)
Fixed assets - disposals 0.2
---------------------------------------
(3.1) (4.3) (4.7)
Investment in consolidated companies (29.5) (1.9) (0.1)
Loans repaid to the Group by non-
consolidated companies - 0.2 0.3
Loans granted by the Group to non-
consolidated companies 0.1 (0.5)
Dividends received 0.3 0.4 0.4
-------------------------------------------------------------------------------
Net cash flow from investing activities (32.2) (5.6) (4.6)
-------------------------------------------------------------------------------
FINANCING ACTIVITIES
New borrowings and other debt 0.1 - 40.0
Borrowing repayments and changes in
other financial liabilities (5.8) (18.5) 0.4
Net borrowing costs / Net debt proceeds 1.9 (4.9) (4.8)
Dividends paid to equity holders of the
parent company and to non-controlling
interests (16.2) (10.0) -
Capital increase 0.7 31.1 0.6
Purchases and disposals of treasury
shares (5.6) 33.8 (28.9)
-------------------------------------------------------------------------------
Net cash flow from financing activities (24.9) 31.5 7.3
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Change in net cash (52.1) 25.8 (2.9)
-------------------------------------------------------------------------------
Net cash at beginning of the period 250.5 131.3 134.3
-------------------------------------------------------------------------------
Impact of non-monetary elements and
changes in exchange rates 0.1 0.2 (0.3)
Change in net cash (52.1) 25.8 (2.9)
Cash at end of the period 198.5 157.3 131.1
-------------------------------------------------------------------------------
* Figures as of 30 June 2013 and as of 30 June 2014 are restated to reflect the
retroactive application of IFRIC 21.
* Net cash
------------------------------------------------
In ? million
------------------------------------------------
NET CASH (31/12/2014) 221.9
Operating cash flow 21.7
Change in operating Working Capital
Requirements (WCR) (13.3)
Income tax paid (3.4)
Capital expenditure, net (3.1)
FREE CASH FLOW 1.9
including Radicon (33.0 M?) and
Acquisitions buyout of MPH minority interest
(38.8) (5.8 M?)
Dividends (16.2)
Other (2.8)
NET CASH (30/06/2015) 166.0
* SUMMARY BALANCE SHEET
-------------------------------------------------------------------------------
In ? million 30 June 31 December 2014*
2015
-------------------------------------------------------------------------------
ASSETS 479.5 480.4
Non-current assets 194.9 171.3
Of which Goodwill 151.4 124.5
Net Working Capital Requirements 87.9 60.6
Cash and cash equivalents, net of current financial
liabilities 196.7 248.5
EQUITY AND LIABILITIES 479.5 480.4
Equity 421.5 425.2
incl. convertible hybrid bonds 158.4 158.4
NC liabilities 27.3 28.6
Long term financial debt 30.7 26.6
* Figures as of 30 June 2013 and as of 30 June 2014 are restated o reflect the
retroactive application of IFRIC 21.
--------------------------------------------------------------------------------
1. Attributable net profit excluding change in fair value of the ORNANE
derivative.
2. Operating profit before non-recurring items (EBITA) corresponds to operating
profit before (i) expenses related to stock grants and stock options;
(ii) acquisition costs; (iii) gains or losses on asset disposals and (iv)
income and expenses related to unusual or infrequent events.
3. The change in fair value of the ORNANE derivative represented income of
?0.5 million in first-half 2015, or ?0.3 million net of tax.
In first-half 2014, the change in fair value led to the recognition of an
expense of ?3.8 million, or ?2.4 million net of tax.
4. Net cash flow from operating activities, less operating capital expenditure,
net of disposals and excluding cash flow from discontinued operations.
5. Cash and cash equivalents less long-term and short-term debt after taking
into account the fair value of interest-rate and currency hedging
instruments.
6. Calculated on a fully-diluted basis assuming conversion of ORNANE and
ODIRNANE instruments into Assystem shares and not taking into account the
Group's ability to repay the nominal amount of these financial instruments
in cash.
ASSYSTEM First-half 2015 results:
http://hugin.info/143356/R/1950593/709225.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ASSYSTEM via GlobeNewswire
[HUG#1950593]
Unternehmensinformation / Kurzprofil:
Datum: 08.09.2015 - 17:36 Uhr
Sprache: Deutsch
News-ID 418610
Anzahl Zeichen: 30354
contact information:
Town:
Paris
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 155 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"ASSYSTEM : First-half 2015 results: attributable net profit up 46%"
steht unter der journalistisch-redaktionellen Verantwortung von
ASSYSTEM (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
