ABO-Group Environment Annual Results 2023
Ghent, 28 March 2024 – 18.30 CET – Press release
/ regulated information
2023 highlights
- ABO-GROUP saw her revenue grow by 20%, to €85.2
million, thanks to 5 acquisitions and 10% organic
growth
- The EBITDA margin increased by 13% on a year-to-year
basis, thanks to the smooth integration of the
acquisitions
- A solid balance sheet with a debt ratio of 1.5x EBITDA,
and a solvency ratio of 30%
Outlook
- Strengthening of the existing areas of expertise, with
a focus on the growth drivers ecology, PFAS and the mining
industry
- Continued focus on M&A: Eau & Perspectives,
ABO-GROUP’s first acquisition in 2024
- The "€100 million revenue" mark within reach, quicker
than planned
Frank De Palmenaer, CEO ABO-GROUP Environment:
“This year, ABO-GROUP succeeded in realising the strongest
performance in recent years, growing by 20%. The accumulated
experience relating to the quick integration of various
acquisitions and the strategic, flexible vision of our employees in
Belgium, the Netherlands and France contributed to this. Following
a challenging start to 2023, we succeeded in also increasing the
organic growth and boosting operational margins.
Moreover, the acquisitions of DynaOpt, MEET HET and SWBO added
specific areas of expertise and capacities to the Group, enabling
us to be of even better service to our customers as a
one-stop-shop. This also lays the foundation for the coming year,
in which we will continue along the familiar path – strong internal
development and value creation, combined with specific acquisitions
to further strengthen our knowledge and expertise. With the
acquisition of Eau & Perspectives early this year, we have
already added a hydrological leg to our environmental branch, which
we will also further develop in the other countries. Through this
internal cross-fertilisation, we continue to strengthen the Group,
and to prepare ourselves for further growth.”
In €000 |
|
FY2023 |
|
FY2022 |
|
% change |
Revenue |
|
83 620 |
|
69 868 |
|
19.7% |
Total operating income |
|
85 163 |
|
70 927 |
|
20.1% |
EBITDA1 |
|
11 171 |
|
9 880 |
|
13,1% |
Depreciation, impairments and provisions |
|
-6 482 |
|
-6 354 |
|
2.0% |
Operating profit |
|
4 689 |
|
3 526 |
|
33.0% |
Financial result |
|
-1 154 |
|
- 721 |
|
60.1% |
Profit before tax |
|
3 534 |
|
2 805 |
|
26.0% |
Net profit |
|
2 548 |
|
2 216 |
|
15.0% |
Total result |
|
2 526 |
|
2 225 |
|
13.5% |
Earnings per share for the shareholders |
|
0.24 |
|
0.21 |
|
13.5% |
Net cash flow from operating activities |
|
7 703 |
|
7 062 |
|
9,1% |
|
|
|
|
|
|
|
In €000 |
|
FY2023 |
|
FY2022 |
|
% change |
Total equity |
|
25 831 |
|
21 760 |
|
18.7% |
Net financial debt |
|
16 226 |
|
10 639 |
|
52.5% |
Balance sheet total |
|
86 288 |
|
70 761 |
|
21.9% |
1 EBITDA defined as operating profit before
depreciation, impairments and provisions
Strong 20% increase in turnover, evenly distributed
between organic and external growth
The five acquired entities significantly contribute to the
revenue of the Group. DynaOpt (12 months), SEGED (10.5 months),
MEET HET and Rimeco (each 6 months) and SWBO (3 months) ensured
€6.8 million revenue. Together with the remaining impact of the
acquisition of Geo-Supporting and Colsen in 2022, the acquisitions
ensure 10.1% growth compared to 2022. The existing entities of the
Group match these results, however – thanks to the increase of 9.6%
in their activities, ABO-GROUP is able to report a total revenue of
€83.6 million, a growth of 19.7% compared to 2022.
Featured projects
ABO Group constantly endeavours to take its role as a positive
force in society to heart and uses its years of experience and
expertise to best represent the interests of its customers,
partners and society. Throughout the past year, the Group was
committed to a variety of projects, which helped achieve these
great results. For instance, the recently acquired French
monitoring expert DynaOpt is collaborating on the restoration of
Notre Dame Cathedral in Paris. In the Netherlands, our entities
ABO-Geomet, Sialtech and Geosonda joined forces for a project
concerning the construction of no less than 20,000 houses in
Almere. In one of our R&D files, ABO in Belgium has the lead
within the European subsidised LIFE CAPTURE project, where it is
working with 7 European partners-specialists from academia and
industry-to investigate, map PFAS contamination and develop
innovative remediation techniques.
Recovery of the operational margins and net
result
The recovery of the geotechnical market in France, the increased
contribution of the new entities in the Group and the focus on
efficient cost management resulted in an increase of the EBITDA
margin from 11.4% in the first half of the year to 13.1% for the
full year. The total EBITDA thereby increased from €9.9 million
(13.9% margin) in 2022 to €11.2 million in 2023, an increase of
13.1%. Depreciations and provisions increase slightly from €6.4
million to €6. 5 million. Consequently, the EBIT (the operating
result) increased by 33%, from €3.5 to €4.9 million.
Due to the significant increase in interest rates, the financial
loss increased from €0.7 to €1.2 million. Moreover, the strong
performances of the operational entities resulted in a higher
expected tax burden amounting to €1.0 million, compared to €0.6
million the previous year. Net profit nevertheless increased from
€2.2 million (€0.21 per share) in 2022 to €2.5 million (€0.24 per
share) in 2023.
Cash-flow generation and debt position under control,
despite margin pressureThe margin recovery and management
of the operating capital were partially compensated by higher cash
taxes, but, despite this fact, the operating cash-flow rose from
€7.1 to €7.7 million, representing an increase of 9.1%. The
completed acquisitions represent a net cash-outflow of €4.0
million, resulting in the investment cash-flow for 2023 amounting
to €7.9 million, almost double compared to 2022, when the
acquisitions of the trade funds of Colsen and Geo-Supporting only
required a cash-outflow of €0.6 million.
As a result of the investments of ABO-GROUP in the French and
Belgian acquisitions, the net financial debt increased from €10.6
million at the end of 2022 to €16.2 million at the end of 2023. The
debt ratio increased to 1.5x compared to the EBITDA (1.1x at the
end of 2022). The EBITDA thereby remains healthy and provides the
Group with space to continue its investments in assets and/or
acquisitions.
Due to the various acquisitions, the balance sheet total
increased by €5.5 million to €86.3 million at the end of 2023,
representing an increase of 21.9%. On the assets side, this is
reflected in an increase of the tangible fixed assets and customer
relationships, and, on the liabilities side, in the long-term
debts, while the operating capital elements increased on both
sides. Total equity amounted to €25.8 million at year-end, an
increase by €4.1 million, compared to end 2022. The equity ratio is
29.9% (compared to 30.8% at the end of last year).
The full consolidated income statement and balance sheet, the
statement of changes in equity, and the consolidated cash flow
statement are included below.
Outlook
Strong focus on mining, ecology and PFAS
in 2024, with an acceleration of the 2025 plan
For 2024, ABO-GROUP will continue to focus on
the developments in the European mining sector, which are expected
to further increase due to the various initiatives at the European
level. In addition, the Group will also make efforts to make the
PFAS issue visible in France, ensuring that the necessary awareness
is created with regard to this crucial topic in the area of soil
remediation. Finally, the Group is also expecting much from its
ecological activities, which can count on increasing interest in
the three countries. Together with the further recovery and growth
of the geotechnical activities, this should constitute a good basis
for a new year of sustainable growth.
Thanks to the strong results of 2023, the
additional contribution of the newly-acquired entities and the
outlook for 2024, the revenue mark of €100 million will be within
reach faster than expected – the Group is expecting to achieve a
turnover between €95 and €100 million during the upcoming financial
year.
Financial calendar
25/04/2024: Publication of the 2023 annual report and
convocation of the General Meeting29/05/2024: General
Meeting19/09/2024: Publication of the Half Year Results 2024
Statement of the statutory auditor
The statutory auditor, EY Bedrijfsrevisoren BV,
represented by Paul Eelen, has confirmed that its audit work, which
has been completed in all its material aspects, has not revealed
any significant correction with respect to the consolidated income
statement, the consolidated total result, the consolidated balance
sheet, the consolidated statement of changes in equity and the
consolidated cash flow statement included in this press
release.
About the ABO-GROUP
ABO-GROUP is a specialised, listed engineering
office focussing on geotechnology, environment and soil
remediation. Through its Consultancy and Testing & Monitoring
departments, ABO-GROUP operates in Belgium, the Netherlands and
France, as well as internationally. The ABO-GROUP offers and
guarantees its clients a sustainable solution. For a more detailed
description of the operations of the group, please consult the
ABO-Group website (www.abo-group.eu).
For more information:
Frank De Palmenaer
CEO ABO-GROUP Environment NV
frank.depalmenaer@abo-group.eu T +32 496 59 88 88
- ABO-Group Environment Annual Results 2023
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