Shareholders’ Combined General Meeting - Approval of the annual and consolidated financial statements, appropriation of ea...
Shareholders’ Combined General Meeting - Approval of the annual and
consolidated financial statements, appropriation of earnings
On January 31, 2020, the Shareholders’ Combined
General Meeting, chaired by Daniel Derichebourg, approved without
any changes the annual and consolidated financial statements for
the financial year ended September 30, 2019, which received an
unqualified opinion from the Statutory Auditors. These financial
statements were published in the annual financial report referred
to in Article L.451-1-2 of the French Monetary and Financial Code.
This report was included in the 2018-2019 Universal Registration
Document filed with the French securities regulator (Autorité des
Marchés Financiers) on December 12, 2019 under number D.19-1011,
which is available on the company's website (www.derichebourg.com).
The Shareholders’ Meeting approved all of the proposed resolutions
by the required majority. In particular, it approved the
distribution of a dividend of €0.11 per share, i.e. a 3.3% yield
based on January 30th shareprice. The ex-dividend date is
scheduled for February 7, 2020, and the dividend will be paid on or
after February 11, 2020.
After four months of activity during the
2019-2020 financial year, the group's recurring EBITDA on a
comparable basis (restated for the disposal of activities in
Morocco and in Italy, nuclear engineering, and before the
acquisition of Lyrsa), fell by around €8 million compared to the
previous fiscal year, due mainly to the decline in recycling
volumes in the first two months of the year. In the first quarter,
the volumes of ferrous scrap metal processed decreased by 12.5%, in
line with steel production in the group's countries of delivery,
and non-ferrous metal volumes fell by 1.2%. It should be noted that
this slowdown was noted over the first two months of the fiscal
year, which was relatively quiet in terms of tonnages, as already
indicated. Volumes for December were in line with the previous
year's, and the volumes processed in January (excluding the effect
of the Lyrsa acquisition) should be equal to than last year. In
addition, since January 2020, the group has benefited from the
contribution of volumes from Lyrsa, Spain's leader in scrap metal
recycling, which was acquired on December 20, 2019.
The price effect in the first quarter was -23%
for ferrous metal revenue and -9% for non-ferrous metal
Revenue from the Multiservices business
continued to grow by around 8% to 9% in the first quarter.
The group remains confident in the long-term
prospects for its businesses:
Notwithstanding the geopolitical crises of
recent months that have affected the recycling business, the
long-term trends in the steel market are not disputed. Steel from
electric steel mills and non-ferrous metals from the recycling are
expected to occupy an increasing share:
- CO2 emissions sharply reduced compared to primary production,
at a ratio of 1 to 2.3 for steel,
- Lower energy consumption per tonne produced, and
- Locally available resources and maintenance of local jobs.
The group, whose strategy is based on a
long-term vision of this market, has adapted its economic model to
effectively withstand cyclical fluctuations:
- Low inventory levels to avoid exposure to price variations, and
the pursuit of satisfactory unit margins
- Regional coverage density in France, which enables the economic
profitability of specialized sorting lines and value-adding
vertical integration to be justified.
- The acquisition of Lyrsa, Spain's leader in scrap metal
recycling, is part of this long-term vision of acquiring
critical-sized positions in strategic markets where targets are
very rare. Spain has become the second-largest country in the group
in terms of revenue and assets.
In the Multiservices business, continued
outsourcing, digitalization and the energy efficiency market are
creating new opportunities with customers.
ISIN code: FR0000053381 –
- Approval of the annual and consolidated financial statements,
appropriation of earnings
Graphique Historique de l'Action
De Sept 2020 à Oct 2020
Graphique Historique de l'Action
De Oct 2019 à Oct 2020