ASSYSTEM: 2021 results
2021
results
- Revenue: €483.1 million (up 10.1%, with 7.8% like-for-like
growth)
- Operating profit before non-recurring items (EBITA)(1): €32.0
million, representing 6.6% of revenue
- Dividend(2): €1.00 per share
Paris La
Défense,
15 March
2022, 5.35 p.m. (CET) – At its
meeting on 15 March 2022, the Board of Directors of Assystem S.A.
(ISIN: FR0000074148 - ASY), an international engineering group,
reviewed the Group’s financial statements for the year ended 31
December 2021.
Dominique Louis, Assystem’s Chairman
and Chief Executive Officer,
stated:
“More than ever before, Assystem is at the heart
of the combat for energy transition. One of the key objectives of
this combat is to maintain and develop capacity to produce
carbon-free electricity, and many countries are choosing to use
nuclear energy as a major way of achieving this goal. As one of the
world’s leading independent nuclear engineering firms, Assystem’s
long-term vision has been borne out not only by its solid financial
performance for 2021, but also by governmental announcements in
France and the United Kingdom about the future role of nuclear in
their countries’ energy mixes, as well as by the European Union’s
green taxonomy.”
KEY FIGURES
In millions of euros (€m) |
2020 reported |
2020
restated* |
2021
reported* |
Revenue |
471.7 |
438.8 |
483.1 |
Operating profit before non-recurring items
–
EBITA(1) |
24.8 |
20.6 |
32.0 |
% of revenue |
5.3% |
4.7% |
6.6% |
Consolidated profit/(loss) for the
period(3) |
(21.1) |
(22.4) |
34.7 |
Net
debt(4) |
23.8 |
23.8 |
64.7 |
Dividend per share
(in
€)(2) |
|
1.00 |
1.00 |
* The published figures for 2021 take into
account: (i) the impacts on revenue and profit of applying IFRS 5
with regard to the sale of Assystem’s life sciences and general
industry technical assistance businesses to Expleo Group in January
2022, and (ii) the impacts on profit of IFRIC relating to the
recognition of expenses incurred for implementing an ERP system in
SaaS mode. The figures for 2020 have been restated accordingly to
enable meaningful year-on-year comparisons. Net debt at 31 December
2021 does not take into account the proceeds generated from the
above-mentioned sale, as the transaction closed after the year-end.
ANALYSIS OF THE
2021 INCOME
STATEMENT
Assystem’s consolidated revenue
totalled €483.1 million in 2021, up 10.1% on the restated figure
for 2020. The year-on-year increase breaks down as 7.8% in
like-for-like growth, a positive 2.5% impact from changes in the
scope of consolidation (primarily due to the consolidation of the
India-based company STUP as from 1 July and the UK-based company
Schofield Lothian as from 1 October), and a 0.2% negative currency
effect.
Revenue from Nuclear activities
(accounting for 68% of the consolidated total) amounted to €326.2
million in 2021, versus €294.5 million and €301.9 million
respectively in 2020 and 2019. At 10.8%, year-on-year growth was
particularly strong (breaking down as 9.8% like-for-like growth, a
positive 0.7% impact from changes in the scope of consolidation and
a favourable 0.3% currency effect). The increase was also high
compared against 2019 (+8.1% in total). In both cases, the revenue
rises were fuelled by the Group’s activities in France and the
United Kingdom.
ET&I revenue (excluding the
businesses sold to Expleo Group) came to €156.9 million in 2021,
compared with €141.2 million in 2020. Year-on-year growth was 11.1%
(3.7% like-for-like growth, a positive 8.7% impact from changes in
the scope of consolidation due to the acquisitions of STUP and
Schofield Lothian, and a 1.3% negative currency effect).
- Operating profit before
non-recurring items
(EBITA)
and
EBITDA(5)
Consolidated
EBITA totalled €32.0 million in 2021 versus €20.6
million in 2020, and EBITA margin widened to 6.6% from 4.7%.
EBITA for Assystem Operations (all of the
Group’s operations except for Holding activities) came to
€38.1 million (up 55% year on year), representing 7.9% of
revenue, compared with €24.6 million and 5.6% respectively in
2020.
The Group’s “Holding company” expenses had a
€6.1 million negative impact on consolidated EBITA in 2021 versus a
€4.0 million negative impact in 2020 (including €0.6 million
generated by “Other” activities).
Excluding the impact of IFRS 16,
consolidated
EBITDA(5)
amounted to €36.1 million in 2021, representing 7.5% of
revenue.
- Operating profit and other
income statement items
After taking into account €1.5 million in
share-based payments and €1.1 million in net non-recurring income,
consolidated operating profit totalled €31.6
million, compared with €17.8 million in 2020.
Expleo Group –
in which Assystem holds 38.05% of the capital and 38.94% of the
quasi-equity instruments issued by that company (convertible bonds
with capitalised interest) – contributed €6.0 million to
consolidated profit, breaking down as €10.9 million in coupons on
the convertible bonds less Assystem’s €4.9 million share of Expleo
Group’s loss for the period. In 2020, Expleo contributed a negative
€35.2 million, including a positive €10.0 million in coupons on the
convertible bonds.
Assystem recorded net financial
income of €1.6 million for 2021, including €2.4 million in
dividends received from Framatome.
After deducting an income tax expense of €7.2
million (versus €4.6 million in 2020), consolidated profit
from continuing operations totalled €32.0 million in 2021,
compared with a €23.8 million loss in 2020.
Assystem ended 2021 with €34.7 million in
consolidated profit (compared with a €22.4 million
consolidated loss in 2020), after taking into account the €2.7
million profit generated by the businesses sold to Expleo Group
(€1.4 million in 2020), as calculated in accordance with IFRS
5.
- Information
about Expleo
Group
Revenue generated by
Expleo Group came to €1,008.4
million in 2021 (€525.5 million in the second half), up 11.7% on
the 2020 figure of €903.0 million(6) (€419.6 million in second-half
2020).
Expleo Group’s
EBITDA (including the impact of IFRS 16) totalled €92.4
million for 2021 (of which €55.7 million generated in the
second half), and its EBITDA margin was 9.2%. In 2020, Expleo Group
recorded €74.9 million in EBITDA (of which €39.6 million in the
second half) and an EBITDA margin of 8.3%.
Expleo Group
posted consolidated profit of
€17.4 million before recognition of the capitalised interest on its
quasi-equity instruments.
FREE
CASH-FLOW(7)
AND NET DEBT
Free cash flow from continuing
operations (excluding the impact of IFRS 16) represented a net
outflow of €5.2 million in 2021 versus a €56.4 million net
inflow in 2020.
The free cash flow figures were
positively impacted by €26.7 million in 2020 and negatively
impacted by €26.6 million in 2021 as a result of the income tax and
payroll tax deferrals allowed in 2020 under Covid-related tax
holiday schemes set up by several national governments. Almost all
of the taxes deferred under these schemes were paid in 2021.
Overall, for the two years combined, free cash flow from continuing
operations represented a net inflow of €51.2 million, representing
5.6% of cumulative revenue for the same period.
The Group had net debt of
€64.7
million at 31
December
2021, versus
€23.8 million at end-2020.
The €40.9 million year-on-year increase breaks down as
follows:
- €5.2 million due to the impact of
the negative figure for free cash flow from continuing
operations;
- a €2.4 million positive impact from
free cash flow of discontinued operations;
- a €14.7 million dividend payment to
Assystem shareholders for 2020;
- €23.8 million paid for acquisitions
of shares (STUP and Schofield Lothian);
- a €0.4 million net cash inflow for
other movements, including €1.4 million paid for purchases of
Assystem shares and €2.4 million in dividends received from
Framatome.
RECOMMENDED DIVIDEND FOR
2021
At the Annual General Meeting to be held on 3
June 2022, Assystem will recommend the payment of a dividend of
€1.00 per share. If this dividend is approved by the shareholders,
it would represent a total payout of €14.8 million(8).
OUTLOOK FOR
2022
Assystem envisages transferring control of its
Staffing business in 2022. If this transaction takes place,
Assystem estimates that its revenue and EBITA for 2021, as restated
in accordance with IFRS 5, would amount respectively to €445.3
million and €30.5 million (representing an EBITA margin of
6.8%).
Assystem’s targets for 2022 – based on its scope
of consolidation at end-2021 and excluding the Staffing business –
are as follows:
- consolidated revenue of €480
million
- a stable EBITA margin, at
6.8%.
To date, Assystem does not expect the war in
Ukraine and the international sanctions against Russia to have a
significant impact on the achievement of its targets.
2022 FINANCIAL CALENDAR
16 March:28
April:3 June:28 July:14 September:27 October: |
Full-year 2021 results
– Conference call at
8.30
a.m. (CET) First-quarter 2022 revenue
releaseAnnual General MeetingFirst-half 2022 revenue
releaseFirst-half 2022 results release – Results presentation on 15
September at 8.30 a.m. (CEST) Third-quarter 2022 revenue
release |
ABOUT
ASSYSTEMAs one of the world’s leading independent
nuclear engineering companies, Assystem’s main mission is to help
accelerate energy transition. In the Group’s 13 countries of
operation, the skills of more than 6,000 Assystem experts are
being put to the service of developing the production and use of
carbon-free electricity (nuclear and renewables) as well as green
hydrogen.
With over 50 years’ experience in
highly regulated sectors subject to stringent safety and security
constraints, the Group provides engineering and digital services
and solutions to optimise the cost and performance of its
clients’ complex infrastructure assets throughout their
life cycles.
To find out more visit www.assystem.com / Follow
Assystem on Twitter: @Assystem
CONTACTS
Philippe Chevallier – CFO & Deputy CEO –
Tel.: +33 (0)1 41 25 28 07 Anne-Charlotte Dagorn –
Communications Director – acdagorn@assystem.com - Tel.: +33 (0)6 83
03 70 29
Agnès Villeret –
Komodo – Investor relations –
agnes.villeret@agence-komodo.com – Tel.: +33 (0)6 83 28 04 15
APPENDICES
1/ Revenue and
EBITA by business
In millions of euros |
2020reported |
2020 restated(1) |
2021reported |
Total year-on-year change(2) |
Like-for-like change(2,3) |
Group |
471.7 |
438.8 |
483.1 |
+10.1% |
+7.8% |
Nuclear |
294.5 |
294.5 |
326.2 |
+10.8% |
+9.8% |
ET&I(4) |
174.1 |
141.2 |
156.9 |
+11.1% |
+3.7% |
Other(5) |
3.1 |
3.1 |
- |
- |
- |
(1) Restated to enable meaningful year-on-year comparisons. (2)
Compared with restated 2020 data. (3) Based on a comparable scope
of consolidation and constant exchange rates. (4) STUP Consultants
consolidated since 1 July 2021 and Schofield Lothian since 1
October 2021. (5) The business corresponding to the “Other” segment
has been deconsolidated since 1 July 2020.
In millions of euros |
2020 restated |
% of revenue |
2021reported |
% of revenue |
Group |
20.6 |
4.7% |
32.0 |
6.6% |
Assystem
Operations |
24.6 |
5.6% |
38.1 |
7.9% |
Holding company and Other |
(4.0) |
- |
(6.1) |
- |
(6) Operating profit before non-recurring items (EBITA)
including share of profit of equity-accounted investees other than
Expleo Group (€1.0 million in 2020 and €0.9 million in
2021).
2/ Consolidated financial
statements
- Consolidated statement of financial
position
In millions of
euros |
31 Dec.
2020restated |
31 Dec.
2021reported |
ASSETS |
|
|
Goodwill |
82.0 |
97.0 |
Intangible assets |
5.1 |
4.4 |
Property, plant and equipment |
12.0 |
12.9 |
Right-of-use assets |
37.7 |
33.2 |
Investment property |
1.3 |
1.3 |
Equity-accounted investees |
1.4 |
1.0 |
Expleo Group shares |
43.0 |
41.3 |
Expleo Group convertible bonds |
121.4 |
132.3 |
Expleo Group shares and convertible bonds |
164.4 |
173.6 |
Other non-current financial assets(1) |
144.6 |
147.7 |
Deferred tax assets |
8.4 |
8.8 |
Non-current assets |
456.9 |
479.9 |
Trade receivables |
150.5 |
169.3 |
Other receivables |
23.9 |
27.7 |
Income tax receivables |
0.7 |
3.4 |
Other current assets |
0.3 |
0.3 |
Cash and cash equivalents(2) |
43.1 |
25.7 |
Assets classified as held for sale |
- |
18.3 |
Current assets |
218.5 |
244.7 |
TOTAL ASSETS |
675.4 |
724.6 |
|
|
|
EQUITY AND LIABILITIES |
31 Dec. 2020 |
31 Dec. 2021 |
Share capital |
15.7 |
15.7 |
Consolidated reserves |
342.5 |
307.3 |
Profit/(loss) for the period attributable to owners of the
parent |
(23.4) |
34.2 |
Equity attributable to owners of the parent |
334.8 |
357.2 |
Non-controlling interests |
0.1 |
1.3 |
Total equity |
334.9 |
358.5 |
Long-term debt and non-current financial liabilities(2) |
66.0 |
89.8 |
Lease
liabilities |
30.2 |
26.5 |
Pension and
other employee benefit obligations |
19.6 |
22.4 |
Long-term
provisions |
17.4 |
16.3 |
Deferred tax liabilities |
0.1 |
0.1 |
Non-current liabilities |
133.3 |
155.1 |
Short-term debt and current financial liabilities(2) |
0.9 |
0.5 |
Lease
liabilities |
8.5 |
8.2 |
Trade
payables |
28.3 |
34.8 |
Due to
suppliers of non-current assets |
0.1 |
0.2 |
Accrued taxes
and payroll costs |
120.8 |
107.2 |
Income tax
liabilities |
1.0 |
2.2 |
Short-term
provisions |
6.9 |
2.6 |
Other current
liabilities |
40.7 |
46.3 |
Liabilities directly associated with assets classified as held for
sale |
- |
9.0 |
Current liabilities |
207.2 |
211.0 |
TOTAL EQUITY AND LIABILITIES |
675.4 |
724.6 |
(1) Including Framatome shares, representing €136.7 million at
31 December 2021.(2) Net debt totalled €64.7 million at 31 December
2021, breaking down as:
- - Short-and long-term debt and current and non-current
financial liabilities: €90.4 million
- - Cash and cash equivalents: €25.7 million.
- Consolidated income statement
In millions of euros |
2020 restated |
2021 reported |
|
|
|
Revenue |
438.8 |
483.1 |
Payroll
costs |
(326.7) |
(343.9) |
Other operating
income and expenses |
(76.8) |
(93.7) |
Taxes other
than on income |
(1.0) |
(0.8) |
Depreciation, amortisation and provisions for recurring operating
items, net |
(14.7) |
(13.6) |
|
|
|
Operating profit before non-recurring items
(EBITA) |
19.6 |
31.1 |
Share of profit of equity-accounted investees |
1.0 |
0.9 |
|
|
|
EBITA including share of profit of equity-accounted
investees |
20.6 |
32.0 |
Non-recurring income and expenses |
(1.5) |
1.1 |
Share-based
payments |
(1.3) |
(1.5) |
|
|
|
Operating profit |
17.8 |
31.6 |
Share of profit/(loss) of Expleo Group |
(45.2) |
(4.9) |
Income from
Expleo Group convertible bonds |
10.0 |
10.9 |
Net financial
expense on cash and debt |
(2.7) |
0.4 |
Other financial
income and expenses |
0.9 |
1.2 |
|
|
|
Profit/(loss) from continuing
operations before tax |
(19.2) |
39.2 |
|
|
|
Income tax
expense |
(4.6) |
(7.2) |
|
|
|
Profit/(loss) from continuing operations |
(23.8) |
32.0 |
|
|
|
Profit from
discontinued operations |
1.4 |
2.7 |
|
|
|
Consolidated profit/(loss) for the period |
(22.4) |
34.7 |
Attributable to: |
|
|
Owners of the
parent |
(23.4) |
34.2 |
Non-controlling interests |
1.0 |
0.5 |
- Consolidated statement of cash flows
In millions of euros |
2020restated |
2021reported |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
EBITA including
share of profit of equity-accounted investees |
20.6 |
32.0 |
Depreciation,
amortisation and provisions for recurring operating items, net |
14.7 |
13.6 |
|
|
|
EBITDA |
35.3 |
45.6 |
|
|
|
Change in
operating working capital requirement |
46.3 |
(25.5) |
Income tax
paid |
(6.1) |
(6.7) |
Other cash
flows |
(0.7) |
(4.0) |
|
|
|
Net cash
generated from operating activities of discontinued operations |
2.6 |
2.5 |
Net cash generated from operating activities |
77.4 |
11.9 |
|
|
|
o/w: -
generated from continuing operations |
74.8 |
9.4 |
- generated
from discontinued operations |
2.6 |
2.5 |
CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
Acquisitions of
property, plant and equipment and intangible assets, net of
disposals - continuing operations, o/w: |
(8.4) |
(5.1) |
Acquisitions of
property, plant and equipment and intangible assets |
(8.5) |
(5.2) |
Proceeds from
disposals of property, plant and equipment and intangible
assets |
0.1 |
0.1 |
|
|
|
Acquisitions of
property, plant and equipment and intangible assets, net of
disposals - discontinued operations |
- |
(0.1) |
|
|
|
Free
cash flow |
69.0 |
6.7 |
o/w: -
generated from continuing operations |
66.4 |
4.3 |
- generated
from discontinued operations |
2.6 |
2.4 |
|
|
|
Acquisitions of
shares and businesses |
(8.9) |
(23.8) |
Other
movements, net |
6.1 |
2.4 |
Net cash generated
from/(used in) investing
activities |
(11.2) |
(26.6) |
|
|
|
o/w: -
generated from continuing operations |
(11.2) |
(26.5) |
- generated
from discontinued operations |
- |
(0.1) |
FINANCING ACTIVITIES |
|
|
Net financial
income received/(expenses paid) |
(1.3) |
(0.6) |
Proceeds from
new borrowings |
- |
24.0 |
Repayments of
borrowings and movements in other financial liabilities |
(14.0) |
(2.0) |
Repayments of
lease liabilities* |
(10.6) |
(10.1) |
Dividends
paid |
(16.0) |
(14.7) |
Other movements in equity of the parent company |
(9.4) |
(1.4) |
Net cash generated
from/(used in) financing
activities |
(51.3) |
(4.8) |
|
|
|
Net increase/(decrease) in cash and cash
equivalents |
14.9 |
(19.5) |
|
|
|
* Including interest expense.
3/ Movements in net
debt
In millions of euros |
|
|
Net debt at 31 Dec. 2020 |
23.8 |
|
Free cash flow from continuing operations |
5.2 |
Excluding IFRS
16 impact and after application of IFRS 5 |
Free cash flow
from discontinued operations |
(2.4) |
|
Acquisitions of
shares |
23.8 |
Acquisition of
STUP and Schofield Lothian |
Dividends paid to
Assystem shareholders |
14.7 |
|
Treasury share
transactions |
1.4 |
|
Other
movements |
(1.8) |
Mainly
dividends received from Framatome |
Net debt at 31 Dec. 2021 |
64.7 |
|
4/ Information about
the Company’s capital
Number of shares |
At 31 Dec. 2020 |
At 31 Dec. 2021 |
Ordinary shares outstanding |
15,668,216 |
15,668,216 |
Treasury
shares |
855,848 |
876,771 |
Free shares and
performance shares outstanding |
170,925 |
216,300 |
Weighted average
number of shares outstanding |
15,000,142 |
14,776,162 |
Weighted average number of diluted shares |
15,171,067 |
14,992,462 |
Ownership structure at 28
February
2022
In % |
Shares |
Exercisable voting rights |
HDL Development(1) |
57.93% |
75.35% |
Free
float(2) |
36.50% |
24.65% |
Treasury shares |
5.57% |
- |
(1) HDL Development is a holding company that is
88.33%-controlled by Dominique Louis (Assystem’s Chairman and Chief
Executive Officer), notably through HDL, which itself holds 0.85%
of Assystem’s capital. (2) Including 0.85% held by
HDL.
(1) Operating profit before non-recurring items
(EBITA) including share of profit of equity-accounted investees
other than Expleo Group (€1.0 million in 2020 and €0.9 million
in 2021). (2) For 2021, the figure corresponds to the dividend that
will be recommended at the Annual General Meeting to be held on 3
June 2022.(3) Including profit attributable to non-controlling
interests, amounting to €1.0 million in 2020 and €0.5 million in
2021. Consequently, the Group ended 2020 with a €23.4 million loss
attributable to owners of the parent and reported attributable
profit of €34.2 million for 2021. (4) Debt less cash and cash
equivalents and after taking into account the fair value of hedging
instruments.(5) EBITA excluding the impact of IFRS 16 (€9.5 million
in 2021) and before depreciation and amortisation expense and net
provisions for recurring operating items.(6) Figure restated to
enable meaningful year-on-year comparisons.(7) Corresponding to net
cash generated from operating activities less capital expenditure,
net of disposals. Free cash flow from continuing operations
including the IFRS 16 impact represented a net inflow of €4.3
million. (8) Corresponding to €1.00 multiplied by the
14,795,743 outstanding shares carrying dividend rights at 28
February 2022.
- ASSYSTEM PR 2021 annual results 15 March 2022
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