Elior Group’s revenues continue to increase
Regulatory News:
Elior Group (Paris:ELIOR) (Euronext Paris – ISIN: FR
0011950732), one of the world’s leading operators in catering and
support services, announces its revenues for the first nine months
of fiscal 2021- 2022, ended June 30, 2022.
Revenues for the first nine months of 2021-2022
- Revenues of €3.419 billion reflect 20.3% organic growth
compared with the first nine months of the previous year, of which
10.1% stems from strong new business development
- Retention rate up from 91.3% at March 31, 2022, to 92.0% at
June 30, 2022
- Q3 revenues of €1.180 billion reflect 25% organic growth
compared with the same period a year ago
- Q3 revenues for 2021-2022 were equivalent to 93% of revenues
for the same period in 2018-2019 (pre-Covid), compared with 87% in
Q2
- Available liquidity at end-June 2022 was €437 million, compared
with €444 million at end-March 2022
- 2021-2022 financial guidance and 2024 ambitions confirmed
Bernard Gault, Chairman and CEO of Elior Group,
commented:
“Elior Group confirms good business growth in the third quarter
this year, driven by a more favorable health context as well as
strong business development and a higher retention rate.
That said, our operating conditions continue to be affected by
persistent, very high inflation. I would therefore like to thank
our teams for their enduring commitment and efficiency in rolling
out the four pillars of our operating margin recovery plan. They
are: (1) to systematically renegotiate all our price grids
worldwide, (2) to work with our clients to create new, more
sustainable product and service offerings, (3) to systematically
review our contract portfolio, and (4) to exercise even tighter
control of operating costs. We have also kicked off the strategic
review we announced on July 4.”
Business development
Elior signed or renewed several major catering and services
contracts in the third quarter. These included:
- In France: TF1, Schneider Electric, Fnac, the military high
school in Autun, public schools in Noisy-le-Grand, Courbevoie,
Melun, and Bordeaux, Stanislas middle school in Paris, the Liveli
day nurseries, the Medicharme senior residences, the Arras hospital
complex, and the Hôpital Rothschild in Paris; for Elior Services,
the Metpark parking facilities, SNCF and RATP buildings, the
Hôpital d'Instruction des Armées Legouest in Metz and the Hôpital
Rothschild;
- In the UK: Aker Solutions’ head office, Chesterford Research
Park, Queens Park Rangers football club, GLF and Wickersley
Partnership Trust schools, Trafford College and the Minster Care
senior residences;
- In the US: Apollo Global Management, Cooley LLP, correctional
facilities in Cobb County, Georgia and Lake County and East Chicago
School Districts, in Indiana, Sioux Falls University, Northwest
Mississippi Community College, Westerwood senior care homes in
Columbus, Ohio, community meals for the Metropolitan Inter-Faith
Association in Tennessee, and the JWCH Institute Health Center in
Los Angeles;
- In Italy: Bottega Veneta, Lotto Sport Italia, SCM Group, public
schools in Palermo and Rovello Porro and Gruppo Segesta senior
residences;
- In Spain, MAPFRE Seguros, public schools in Milagros, the
private Highlands School in Barcelona, the Lycée Français of
Madrid, Jerez university hospital and the Riaño group senior
residences.
Revenues
Revenues from continuing operations came to €3.419
billion for the first nine months of fiscal 2021-2022, compared
with €2.783 billion a year earlier. This 22.9% year-on-year
increase reflects 20.3% organic growth, a 3.0% positive exchange
rate impact (USD and GBP gains against the euro), and a 0.4%
negative scope impact (mostly due to the sale of CRCL in
India).
Like-for-like revenues rose 18.2%, a clear rebound compared with
the 6.1% decline a year earlier.
Furthermore, business development helped boost revenues by
10.1%, a vast improvement over the 5.7% boost a year ago.
Lastly, contract losses lowered revenues by 8.0%. The retention
rate therefore came to 92% at June 30, 2022, up from 91.3% at March
31, 2022.
International operations represented 56% of revenues in the
first nine months of 2021-2022, compared with 53% a year
earlier.
Third-quarter revenues came to €1.180 billion up from €914
million a year earlier, or organic growth of 25%, reflecting a
significant improvement in the public health situation compared
with the same time last year.
Revenues by geography:
Revenues in France came to €1.496 billion for the first
nine months of fiscal 2021-2022, compared with €1.298 billion a
year ago, reflecting 15.3% reported growth and 15.2% organic growth
(no material scope changes).
Third-quarter revenues came to €511 million, compared with €408
million a year ago, up by 25.2%, almost entirely organically (+25.1
%). All our markets benefited from the easing of public health
restrictions. The Education market has made a robust recovery after
being hit by the particularly strict health protocols implemented
in schools during the first wave of the Omicron variant in the
second quarter of this fiscal year.
International sales rose 28.8% to €1.912 billion in the
first nine months of fiscal 2021-2022, up from €1.484 billion a
year ago. The growth rate breaks down into 24.1% organic growth, a
5.4% positive exchange rate impact and a 0.7% negative scope
impact.
Third-quarter revenues grew 31.5% to €664 million, up from €505
million last year, reflecting 24.2% organic growth, a 7.6% positive
exchange rate impact, and a 0.3% negative scope impact. All the
geographic regions Elior operates in contributed to this recovery
since all our countries recorded double-digit organic growth,
reflecting a significant improvement in public heath situations
compared with the same time last year.
Revenues generated by the Corporate & Other segment,
which includes the remaining concession activities not sold with
Areas, amounted to €11 million for the first nine months of fiscal
2021-2022, compared with €1 million a year ago.
Revenues by market:
The Business & Industry market generated revenue of
€1.350 billion, a 42.0% increase compared with the first nine
months of 2020-2021, or an organic increase of 40.2%. Third-quarter
revenues were €493 million compared to €334 million for the same
period year ago, a 47.6% reported and 44.0% organic increase. This
performance amounted to 84% of the pre-Covid Q3 2018-2019 level,
compared with 74% in the second quarter, erasing the slight dip
seen during the first wave of the Omicron variant.
Education generated €1.174 billion in the first nine
months of 2021-2022, a reported increase of 19.8% vs. the
year-earlier period and a 16.5% organic increase. Third-quarter
revenues were €379 million compared with €300 million a year ago,
for a 26.3% reported increase and organic growth of 21.4%. That is
equivalent to 105% of the level in Q3 2018-2019 (pre-Covid),
compared with 101% in the second quarter, mostly due to a return to
business as usual in France.
In Health & Welfare, the Group generated €895 million
in revenues in the first nine months of 2021-2022, a 5.0% reported
increase year-on-year and a 2.5% organic increase. Third-quarter
revenues came to €308 million compared with €280 million a year
earlier, for reported growth of 10.0% and organic growth of 6.3%.
That is equivalent to 96% of the Q3 2018-2019 pre-Covid level,
compared with 94% in the second quarter, reflecting improved public
health conditions and stronger sales trends in France.
The table below shows revenues by market for the last nine
quarters expressed as a percentage of revenues for the same period
in fiscal 2018-2019 (pre-Covid-19).
Revenues as a % of 2018-2019
revenues(*)
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2019-20
2020-21
2021-22
Business & Industry
38%
67%
54%
55%
58%
75%
75%
74%
84%
Education
45%
85%
84%
85%
87%
99%
92%
101%
105%
Health & Welfare
92%
95%
93%
93%
91%
92%
93%
94%
96%
GROUP TOTAL
54%
79%
73%
73%
74%
85%
85%
87%
93%
(*): at constant exchange rates
Liquidity
Elior’s available liquidity at June 30, 2022, was €437 million
compared with €444 million at March 31, 2022. This includes cash of
€39 million and total available, undrawn revolving credit
facilities of €350 million. Remaining available credit lines amount
to €48 million.
Outlook
We reiterate our full-year guidance for 2021-2022:
– At least 16% organic revenue growth
– Adjusted EBITA near breakeven (excluding an estimated €35
million in losses at Preferred Meals for this fiscal year)
– Capex less than 2% of revenues
Our 2024 ambitions are unchanged:
– Average annual organic revenue growth of at least 7% over the
next two years
– Adjusted EBITA margin of around 4.0% in 2023-2024
– Organic revenue growth / Capex as a percentage of revenues
between 2x and 3x
– Resumption of dividend payments in respect of fiscal
2023-2024
We therefore reaffirm our CSR commitments, which are to:
– Cut our greenhouse gas emissions per meal by 12% by 2025
compared with 2020 (Scopes 1, 2, and 3)
– Reduce food waste per meal by 30% by 2025 compared with
2020
– Lower our energy consumption and ensure that 80% of our
electricity use comes from renewables by 2022
Elior will host conference calls on Wednesday, July 27th at 4:00
p.m. Paris time:
The call will be accessible by webcast on the Elior Group
website and by telephone by dialing one of the following
numbers:
France: + 33 (0) 1 33 70 37 71 66 UK: + 44 (0) 33 0551 0200 US:
+ 1 212 999 6659 Access code: Elior
Financial calendar:
- November 23, 2022: Full-year 2021-2022 results - press release
published before the start of trading, conference call to
follow
Appendix 1: Revenue trends by geography: Appendix 2: Revenue
trends by market: Appendix 3: Definition of alternative performance
indicators
About Elior Group
Founded in 1991, Elior Group has grown into one of the world's
leading operators in contract catering and support services and has
become a benchmark player in the business & industry,
education, health & welfare and leisure markets. With strong
positions in 5 key countries, the Group generated €3.690 billion in
revenue in fiscal 2020-2021.
Our 99,000 employees feed over 3.6 million people on a daily
basis in 22,700 restaurants on three continents and offer services
at 2,400 sites in France.
Innovation and social responsibility are at the core of our
business model. Elior Group has been a member of the United Nations
Global Compact since 2004, reaching the GC Advanced Level in
2015.
For further information please visit our website
http://www.eliorgroup.com or follow us on Twitter at:
@Elior_Group
Appendix 1: Revenue by
geographic segment
Q1.
Q1.
Organic
Change in
Currency
Total
(in € millions)
2021-2022
2020-2021
growth
scope
effect
Growth
France
489
447
9.5%
-
-
9.5%
International
623
498
22.5%
-0.9%
3.5 %
25.1%
Contract Catering & Services
1,112
945
16.4%
-0.5%
1.8 %
17.7%
Corporate & Other
4
-
n.m.
-
-
n.m.
GROUP TOTAL
1 ,116
945
16.7%
-0.5%
1.8%
18.1%
Q2.
Q2.
Organic
Change in
Currency
Total
(in € millions)
2021-2022
2020-2021
growth
scope
effect
Growth
France
496
443
11.9%
0.1%
-
12.0%
International
625
481
25.8%
-0.9%
5.1%
29.9%
Contract Catering & Services
1,121
924
19.1%
-0.5%
2.7%
21.3%
Corporate & Other
2
-
n.m.
-
-
n.m.
GROUP TOTAL
1,123
924
19.4%
-0.5%
2.7%
21.6%
Q3.
Q3.
Organic
Change in
Currency
Total
(in € millions)
2021-2022
2020-2021
growth
scope
effect
Growth
France
511
408
25.1%
0.1%
-
25.2%
International
664
505
24.2%
-0.3%
7.6%
31.5%
Contract Catering & Services
1,175
913
24.6%
-0.1%
4.2%
28.7%
Corporate & Other
5
1
n.m
-
-
n.m.
GROUP TOTAL
1,180
914
25.0%
-0.1%
4.2%
29.1%
9-months.
9-months.
Organic
Change in
Currency
Total
(in € millions)
2021-2022
2020-2021
growth
scope
effect
Growth
France
1,496
1,298
15.2%
0.1%
-
15.3%
International
1,912
1,484
24.1%
-0.7%
5.4%
28.8%
Contract Catering & Services
3,408
2,782
19.9%
-0.4%
3.0%
22.5%
Corporate & Other
11
1
n.m.
-
-
n.m.
GROUP TOTAL
3,419
2,783
20.3%
-0.4%
3.0%
22.9%
n.m.: not meaningful
Appendix 2: Revenue by
market
Q1.
Q1.
Organic
Change in
Currency
Total
(in € millions)
2021-2022
2020-2021
growth
scope
effect
Growth
Business & Industry
443
316
39,6%
-1,3%
1,9%
40,2%
Education
380
341
9,7%
-
2,0%
11,7%
Health & Welfare
293
288
-0,1%
-
1,6%
1,4%
TOTAL GROUP
1 116
945
16,7%
-0,5%
1,8%
18,1%
Q2.
Q2.
Organic
Change in
Currency
Total
(in € millions)
2021-2022
2020-2021
growth
scope
effect
Growth
Business & Industry
415
301
36.6%
-1.5%
2.4%
37.6%
Education
414
339
19.2%
-
3.1%
22.3%
Health & Welfare
294
284
1.4%
-
2.4%
3.8%
TOTAL GROUP
1,123
924
19.4%
-0.5%
2.7%
21.6%
Q3.
Q3.
Organic
Change in
Currency
Total
(in € millions)
2021-2022
2020-2021
growth
scope
effect
Growth
Business & Industry
493
334
44.0%
-0.5%
4.1%
47.6%
Education
379
300
21.4%
0.1%
4.8%
26.3%
Health & Welfare
308
280
6.3%
-
3.7%
10.0%
TOTAL GROUP
1,180
914
25.0%
-0.1%
4.2%
29.1%
9-months.
9-months.
Organic
Change in
Currency
Total
(in € millions)
2021-2022
2020-2021
growth
scope
effect
Growth
Business & Industry
1,350
951
40.2%
-1.1%
2.9%
42.0%
Education
1,174
980
16.5%
-
3.3%
19.8%
Health & Welfare
895
852
2.5%
-
2.5%
5.0%
TOTAL GROUP
3,419
2,783
20.3%
-0.4%
3.0%
22.9%
Appendix 3: Definition of Alternative
Performance Indicators
Organic growth in consolidated revenue: As described in
Chapter 4, Section 4.2 of the Universal Registration Document,
growth in consolidated revenue expressed as a percentage and
adjusted for the impact of (i) changes in exchange rates, (ii)
changes in accounting policies and (iii) changes in scope of
consolidation.
Retention rate: Percentage of revenues retained from the
previous year, adjusted for the cumulative year-on-year change in
revenues attributable to contracts or sites lost since the
beginning of the previous year
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220726006154/en/
Press Antonia Krpina – antonia.krpina@eliorgroup.com /
+33 (0)6 21 47 88 69
Investor Relations Kimberly Stewart –
Kimberly.stewart@eliorgroup.com / +33 (0)1 71 06 70 13
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