Half-year results as of June 30, 2020
16 Septembre 2020 - 6:42PM
Half-year results as of June 30, 2020
Paris, 16 September 2020, 5.45pm
HALF YEAR RESULTS:
TURNOVER €1 BILLION
CONSOLIDATED NET PROFIT €10
MILLION
The Executive Board of SYNERGIE, chaired by
Daniel AUGEREAU, met on 14 September 2020 and approved the interim
financial statements for the period ended 30 June 2020. The limited
audit procedures for these financial statements are complete and
the related report is being issued.
Consolidated - in € million |
2020 |
2019 |
|
|
|
|
|
Turnover |
1,000.6 |
1,295.6 |
|
EBITDA |
39.9 |
64.8 |
|
Current
operating profit (1) |
30.0 |
54.5 |
|
Profit before
tax |
22.6 |
50.6 |
|
Tax expense
(2) |
(12.6) |
(23.4) |
|
Net
profit |
10.0 |
27.2 |
|
(1) before amortisation and impairment of intangible assets
(2) including the French value-added contribution for businesses
(CVAE) of €6.1 million in 2020 and €8.5 million in 2019
Activity
After a first quarter during which business
performed particularly well, the Covid-19 pandemic significantly
affected the employment market in France and abroad.
Against this exceptionally challenging backdrop,
SYNERGIE mobilised its teams and succeeded in posting consolidated
turnover of €1,000.6 million, 22.8% lower than in 2019 (23.3% on a
like-for-like basis).
By acting fast, the Group succeeded in
diversifying its customer base and extending its services in the
environment, renewable energies, digital technology, agri-food,
logistics and medical sectors to offset the slowdown in the
aeronautics and, to a lesser degree, automotive construction
sectors. This resilience helped limit the downturn in business to
37.1% in the second quarter.
In France, turnover reached €454 million, a
decrease of -28% compared with -31% for the market, according to
PRISM’EMPLOI, with temporary employment showing a resumption after
the sudden drop-off in the second half of March.
International business held up better, reaching
€546.6 million (54.6% of the consolidated total) compared with
€664.8 million in 2019, a decrease of only 17.8%.
Results
SYNERGIE showed very good resilience during this
unprecedented crisis by swiftly adapting its organisation to
preserve its teams and ensure continuity of service for customers
in their ongoing business.
Country-specific action plans were set up,
including the implementation of government measures aimed at
preserving employment and supporting companies. In addition, costs
were cut in all of the subsidiaries.
Thanks to these measures, the vast majority of
the group's geographical entities generated positive current
operating profit. In France, operating margin reached €13.8 million
compared with €34.1 million in 2019, demonstrating good resilience
despite the considerable fall in activity. Current operating profit
from the international business reached €16.2 million compared with
€20.5 million in 2019, underpinned by good resilience in Italy and
Belgium.
The digital services activity maintained a
margin on turnover of 10%, showing the success of the Group's
diversification in these activities, a segment in which it has been
operating since 2018 (acquisition of DCS EASYWARE in France
followed by TIGLOO in Spain, generating total turnover of €32.2
million over the first six months).
After taking into account amortisation and
impairment of intangible assets of €5.4 million and financial
expenses of €1.9 million (of which €0.9 million linked to exchange
rate fluctuations), pre-tax profit came out at €22.6 million.
The tax expense of €12.6 million factors in the
French value-added contribution for businesses (CVAE) in the amount
of €6.1 million.
Net profit came to €10 million, demonstrating
SYNERGIE’s capacity to continue making a profit in an economic
environment reeling from an unprecedented crisis.
Financial situation
The financial structure was bolstered with
shareholders’ equity of €552.9 million and a sharp increase in the
cash position due to a reduction in working capital requirement of
€100 million over the period, limited investment and the decision
not to pay dividends.
Outlook
In an environment in which human resources are a
core concern in company structures, with increased demand for
services and flexibility, SYNERGIE plans to remain the preferred
partner of these companies.
Thanks to a very solid financial structure,
SYNERGIE holds further attributes underpinning its confidence in
its ability to withstand this health crisis and make turnover in
excess of €2 billion in 2020.
Next event:Publication of
turnover for the third quarter of 2020 on Wednesday 28 October 2020
after the stock market closes.
- 747 - Half Year Results 2020
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