2019 Annual Results
Paris, 1 April 2020, 6.00
p.m.
2019 annual results
Turnover: €2,642 millionNet profit: €63.4
million
The Executive Board of SYNERGIE, chaired by
Daniel AUGEREAU, met on 30 March 2020 and approved the financial
statements for the year ended 31 December 2019. The auditing
procedures for these financial statements are complete and the
corresponding report is being issued.
|
Consolidated - in € million |
2019 |
2018 |
|
| |
|
|
|
| Turnover |
2,642.3 |
2,551.1 |
|
| EBITDA |
138.5 |
137.2 |
|
| Current operating profit
* |
121.7 |
128.4 |
|
| Profit before tax |
112.6 |
117.6 |
|
| Tax expense |
(49.3) |
(35.1) |
|
| Net profit ** |
63.4 |
82.5 |
|
* before amortisation and impairment of intangible assets **
Impact on net profit of conversion of the CICE (competitiveness and
employment tax credit):
€2,642.3 million in turnover
SYNERGIE, Europe's fifth largest human resources
management company, posted turnover of €2,642.3 million in 2019, up
3.6% in relation to 2018 (+2% on a like-for-like basis).
In France, turnover came out at €1,280.7
million, up 6% (4.6% on a like-for-like basis), with a very good
performance in temporary employment (+4.7%) in a market that is
shrinking by 1.1% according to Prism’Emploi.
International turnover reached €1,361.6 million
(51.5% of consolidated turnover), an increase of 1.4% (-0.3% on
like-for-like basis), with contrasting performances from region to
region: Southern Europe +4.1%; Northern and Eastern Europe
-3.5%.
The diversification underway since June 2018 in
high value added digital service activities gave rise to turnover
of €47 million in 2019 (+82.4%).
Change in tax legislation
France's conversion of the CICE (competitiveness
and employment tax credit) into lower social security contributions
in 2019 unfavourably impacted current operating profit by €6.7
million (employee profit-sharing impact) and tax expense by €13.7
million, for an overall negative impact on the Group's net profit
of €20.4 million.
Application of IFRS 16
The application from 1 January 2019 of IFRS 16
led to increases of €40.5 million in assets, €10.6 million in
EBITDA, €0.7 million in current operating profit and €0.1 million
in net profit.
Net profit
SYNERGIE's consolidated current operating profit
came to €121.7 million, compared with €128.4 million in 2018.
In France, it came to €70.3 million, reflecting
a €6.7 million erosion of the favourable impact of turnover growth
by the CICE tax credit's conversion.
Current operating profit generated abroad came
to €51.4 million, compared with €49.3 million in 2018, showing
stout resilience in a tighter economic environment in Germany and
the United Kingdom, where structural cost cutting measures were
implemented.
The investments of past years thus bore fruit,
with the creation of specialised agencies and recruitment of
consultants, digitisation and the development of IT tools and
targeted training programmes.
Financial expense excluding the €0.6 million
impact of IFRS 16 came to just €0.7 million, compared with €1.7
million in 2018.
Taking into account the above, as well as a
€49.3 million tax expense (€13.7 million effect of abolishing
CICE), net profit came to €63.4 million, compared with €82.5
million in 2018.
A solid financial structure
The financial structure was thus strengthened,
with shareholders' equity of €544.7 million at 31 December 2019, a
positive change in working capital requirement for the year of
€50.1 million, and a cash position net of any debt of €161 million
(including available CICE receivables).
Outlook for 2020
At end-February 2020, Group turnover was at the
same level as in 2019.
The coronavirus epidemic, the business
consequences of which are difficult to grasp for both SYNERGIE and
our customers alike, adds a significant element of uncertainty. The
company has hence decided not to give a business outlook, pending
better visibility.
The containment measures taken recently led the
Group to make rapid organisational adjustments. The aim was to
preserve its teams while providing a service to customers whose
business in ongoing. Country-specific action plans have been set
up, including the implementation of government measures aimed at
preserving employment and supporting companies (partial
unemployment, deferred payment, etc.)
With a very solid financial structure, reflected
in its high cash position and the possibility of selling the CICE
receivables on the assets side of its balance sheet (€123 million),
SYNERGIE has considerable assets. It thus remains confident in its
ability to weather this crisis.
Dividends
A forthcoming Executive Board will decide on a
dividend amount in May. The Group will inform the market of this
decision by means of a press release.
Next event:
Publication of turnover for the first quarter of
2020 on Wednesday 29 April 2020 after the stock market closes.
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