WENDEL: 2023 Full-Year Results
2023 Full-Year Results:
Good performance of the portfolio companies
Ongoing deployment of new strategic
directions
Dividend up +25% to €4.00
Consolidated net sales for 2023:
€7,127.6 million, up +5.7% overall and up +6.4% organically
year-to-date
- Strong organic
growth of Bureau Veritas, CPI and Scalian
- Activity rebound of
Stahl since Q3 2023
Consolidated net income, Group share at
€142.4 million
Net income from operations, group share up
+10.6% at €246.9 million. 2023 net income (Group share) at
€142.4 million. In 2022, the disposal of
Cromology resulted in a €590 million gain on sale, and net
income, Group share of €656.3 million
Net asset value as of December 31, 2023:
€7,118 million or €160.2 per share
- NAV per share down
2.7%1 in 2023, restated for the dividend paid in 2023, reflecting a
decrease in listed company valuations, partially offset by growth
in excess of 10% for unlisted portfolio companies at constant
perimeter.
Strong financial structure:
- Average debt
maturity of 4.6 years with an average cost of 2.4%
- LTV ratio at 9.6%2
as of December 31, 2023
- Total liquidity of
€2.2 billion as of December 31, 2023, including
€1,286 million of cash (before €1.1 billion proceeds from
the sale of Constantia Flexibles), and a €875 million
committed credit facility (fully undrawn)
- Low leverage across
portfolio companies
Deployment of a new strategy focused on
value creation and recurring returns to shareholders, based on a
strongly evolving business model
- Wendel’s
ambition is to build a dual business model based on permanent
capital and private asset management, generating an attractive and
recurring return to shareholders.
- Asset management: ambition to reach
€150 million in FRE3 by 2027 in third-party private asset
management. Wendel plans to reach this level through double-digit
organic growth of its activities, supplemented by external growth
in new asset classes.
- Principal Investments:
- Objective of generating a double
digit IRR on the existing portfolio
- Portfolio rotation: redeployment of
capital in assets generating a c. 15% IRR4.
ESG achievements
- Wendel is included in the Dow Jones
Sustainability (DJSI) World and Europe indices for the fourth year
in a row
- Wendel ranks in the top 2% of its
sector, according to Sustainalytics' ESG rating
- Improved CDP score from B to
A-.
Strong return to shareholders
policy
- Ordinary dividend of €4.00 per
share for 2023, up +25% compared to 2022, to be proposed at the
Annual Shareholders’ Meeting on May 16, 2024, representing a yield
of 2.5%5 vs NAV and 4.4%6 vs share price.
- Increased return to
shareholder targets: redistribution to shareholders, in
the form of recurring and predictable dividends, of the bulk of
cash flows generated by asset management and of around 20% of
expected performance on principal investments and sponsor
money.
- Increase in
dividend target to 2.5% of NAV from 2024, with the aim of reaching
3.5% of NAV in the medium term, with the development of asset
management. The objective to maintain at least a constant dividend
from one year to another remains unchanged.
- Share buyback: c.
330,000 shares, totaling €26 M, already bought back as of February
23, 2024 under the €100 M program launched on October 27,
2023. This program may be opportunistically renewed.
Laurent Mignon, Wendel Group CEO,
commented: “2023 was very dynamic for Wendel and its
portfolio companies. Consolidated net sales rose organically by
+6.4%, driven in particular by the very good performances of Bureau
Veritas and Crisis Prevention Institute. Our companies also pressed
ahead with their targeted external growth strategies. We are
deploying the new strategic directions announced in March 2023,
with a strong portfolio rotation, with the acquisition of a
majority stake in the Scalian Group, and the sale of Constantia
Flexibles at a price above Net Asset Value. In
October, we announced the ongoing acquisition of IK Partners, a
major step in the deployment of the Wendel transforming strategy.
It will be the foundation of the private asset management division
we are building. Implementing this ambitious strategy allows to
accelerate Wendel’s diversification, to boost recurring cash flow
generation and to enhance our attractiveness as an investor and as
a listed company. The combined growth of our Principal
investments activity and our Asset management activity, coupled
with disciplined cost management, give us confidence in our ability
to offer our shareholders growing and recurring dividends, starting
now with a dividend increase of +25% to a level representing 2.5%
of NAV. 2023 was a year of transformation for Wendel, and I would
like to extend my warmest thanks to the Wendel teams who are so
skilfully supporting this project.” |
2023 net sales
2023 consolidated net sales
(in millions of euros) |
2022 |
2023 |
Δ |
Organic Δ |
Bureau Veritas |
5,650.6 |
5,867.8 |
+3.8% |
+8.5% |
Stahl(1) |
914.9 |
913.5 |
-0.2% |
-8.3% |
CPI |
114.2 |
128.0 |
+12.1% |
+15.6% |
ACAMS(2) |
66.2 |
91.6 |
n.a. |
+12.0%(3) |
Scalian(4) |
n.a. |
126.8 |
n.a. |
n.a. |
Consolidated sales (5) |
6,745.9 |
7,127.6 |
+5.7% |
+6.4% |
(1) Including the acquisition
of ICP Industrial Solutions Group (ISG) since March 2023 (sales’
contribution of €89,1 M)
(2) ACAMS accounts have been
consolidated since March 11, 2022. The sales include a PPA
restatement for an impact of -€3.4 M (vs -€12.6 M as of
12M 2022). Excluding this restatement, the sales amount to
€94.4 M vs. €78.8M as of 12M 2022.
(3) ACAMS estimated organic
growth of 12% is calculated over 2 comparable periods (March to
December 2023 vs. March to December 2022).
(4) Contribution of 3-month
sales
(5) In accordance with
IFRS 5, the contribution of Constantia Flexibles has been
reclassified in “Net income from discontinued operations and
operations held for sale”.
Comparable sales for 12M 2022 represent
€6,745.9 M versus 2022 published sales of €8,700.4 M. The
difference of €1,954.5 M corresponds to Constantia Flexibles
classified as assets held for sale in accordance with
IFRS 5.
2023 net sales of equity-accounted
companies
(in millions of euros) |
2022 |
2023 |
Δ |
Organic Δ |
Tarkett (6) |
3,358.9 |
3,363.1 |
+0.1% |
+4.5% |
(6) Selling price adjustments in the CIS countries are historically intended to offset currency movements and are therefore excluded from the “organic growth” indicator
2023 consolidated results
(in millions of euros) |
2022 |
2023 |
Consolidated subsidiaries |
789.3 |
826.3 |
Financing, operating expenses and taxes |
-118.7 |
-115.3 |
Net income from operations(1) |
670.6 |
711.0 |
Net income from operations(1), Group share |
223.2 |
246.9 |
Non-recurring income/loss |
610.6 |
-60.4 |
Impact of goodwill allocation |
-142.2 |
-120.4 |
Impairment |
-116.8 |
0.7 |
Total net income |
1,022.1 |
530.9 |
Net income, Group share |
656.3 |
142.4 |
(1) Net income before goodwill allocation
entries and non-recurring items.
2023 net income from
operations
(in millions of euros) |
2022 |
2023 |
Change |
Bureau Veritas |
561.3 |
594.0 |
+5.8% |
Stahl |
118.3 |
90.3 |
-23.7% |
Constantia Flexibles |
91.4 |
115.2 |
+26.1% |
CPI |
19.6 |
20.7 |
+5.7% |
ACAMS |
-1.4 |
0.0 |
n/a |
Scalian |
n/a |
-2,8 |
n/a |
Tarkett (equity accounted) |
0.1 |
8.8 |
n/a |
Total contribution from Group companies |
789.3 |
826.3 |
+4.7% |
of which Group share |
341.8 |
362.1 |
+5.9% |
Operating expenses net of management fees |
-67.0 |
-72.5 |
+8.1% |
Taxes |
-1.1 |
-1.5 |
+36.2% |
Financial expenses |
-28.0 |
-15,9 |
-43.1% |
Non-cash operating expenses |
- 22.6 |
-25.3 |
+11.7% |
Net income from operations |
670.6 |
711.0 |
+6.0% |
of which Group share |
223.2 |
246.9 |
+10.6% |
On February 28, 2024, Wendel’s Supervisory Board
met under the chairmanship of Nicolas ver Hulst and reviewed
Wendel’s consolidated financial statements, as approved by the
Executive Board on February 22, 2024. The audit procedures by the
statutory auditors on the consolidated financial statements are
underway. The audit report would be released mid-March
2024.
Wendel Group’s consolidated net sales totaled
€7,127.6 million, up +5.7% overall and up +6.4% organically.
FX contribution is -4.7% and scope effect is +3.9%.
The overall contribution of Group companies to
net income from operations, Group share amounted to
€362.1 million, up +5.9% year on year. Net income from
operation, Group share, was €246.9 million, up +10.6%.
Financial expenses, operating expenses and taxes
at Wendel SE level totaled €115.2 million (of which
€25.3 million non-cash), down 3.0% from the
€118.7 million (of which €22.6 million non-cash) reported
in 2022. Operating expenses were up notably due to an increase in
rent payments as well as other items, partially offset by a
decrease in financial expenses, down -43.1% (€15.9 million in
2023 vs. €28.0 million in 2022).
Net income Group share €142.4 million vs.
€656.3 million in 2022, which reflected a €589.9 million
gain on the sale of Cromology.
Group companies’ results
Figures post IFRS 16
unless otherwise specified.
Bureau Veritas :
Excellent 2023 performance: strong growth and record
earnings; Confident of strong growth in 2024
(full consolidation)
Revenue in 2023 amounted to
€5,867.8 million, a +3.8% increase compared with 2022. The
organic increase was +8.5%, benefiting from very solid trends
across most businesses and most geographies. In the fourth quarter,
organic growth stood at a strong +9.4%.
Three businesses delivered double-digit organic
revenue growth, with Industry up +16.5%, Marine & Offshore
+14.4% and Certification +12.4%. Two businesses delivered
mid-single-digit organic revenue growth, with Buildings &
Infrastructure (B&I) up +6.3% and Agri-Food & Commodities
up +5.7%. Consumer Products Services saw a nearly stable organic
revenue growth, down -0.5% (including a +3.8% recovery in
Q4 2023).
The scope effect was a positive +0.6% reflecting
the bolt-on acquisitions realized in the previous year partly
offset by a small disposal in the third quarter (explaining a
negative impact of -0.4% in the last quarter). Currency
fluctuations had a negative impact of -5.3% (including a negative
impact of -6.4% in the fourth quarter), mainly due to the strength
of the Euro against the US dollar and pegged currencies and some
emerging countries’ currencies.
Adjusted operating profit increased by +3.1% to
€930.2 million. The 2023 adjusted operating margin decreased
by 11 basis points to 15.9%, including a 32 basis-point negative
foreign exchange impact and a 1 basis point positive scope impact.
Organically, the adjusted operating margin increased by +20 basis
points to 16.2% (of which c.50 basis point was delivered in the
second half of 2023). This illustrates good progress in operational
excellence programs, and the disciplined execution of pricing
programs.
Solid financial position
At the end of December 2023, the Group’s
adjusted net financial debt decreased compared with the level at
December 31, 2022. Bureau Veritas has a solid financial structure
with most of its maturities to be refinanced after 2024. The Group
had €1.2 billion in available cash and cash equivalents and
€600 million in undrawn committed credit lines.
At December 31, 2023, the adjusted net financial
debt/EBITDA ratio was further reduced to 0.92x (from 0.97x at
December 31, 2022) and the EBITDA/consolidated net financial
expense ratio was 44.33x. The average maturity of the Group’s
financial debt was 3.7 years, while the average gross cost of debt
during the year was 2.7% excluding the impact of IFRS 16
(compared to 2.1% in 2022, excluding the impact of
IFRS 16).
On September 7, 2023, the Group redeemed at
maturity a €500 million bond program issued in 2016.
Proposed dividendThe Board of
Directors of Bureau Veritas is proposing a dividend of €0.83 per
share for 2023, up +7.8% compared to the prior year. This
corresponds to a payout ratio of 65% of its adjusted net
profit.
This is subject to the approval of the
Shareholders’ Meeting to be held on June 20, 2024. The dividend
will be paid in cash on July 4, 2024 (shareholders on the register
on July 3, 2024, will be entitled to the dividend and the share
will go ex-dividend on July 2, 2024).
2024 Outlook
Leveraging a healthy and growing sales pipeline,
high customer demand for “new economy services” and strong
underlying market growth, Bureau Veritas expects to deliver for the
full year 2024:
- Mid-to-high
single-digit organic revenue growth;
- Improvement in
adjusted operating margin at constant exchange rates;
- Strong cash flow,
with a cash conversion7 above 90%.
The Group expects H2 organic revenue growth
above H1 (with stronger comparables in H1).
2024 Capital Markets Day
Bureau Veritas will host a Capital Markets Day
on March 20, 2024, in Paris. This will be an opportunity to reveal
the Group’s new strategy and ambitions.
For further details: group.bureauveritas.com
Stahl – Full Year 2023 sales stable
(-0.2%), outperforming an unfavorable market environment. Organic
decrease of -8.3%, in a context of destocking and relatively weak
demand in the chemical industry. EBITDA margin up at 22.3% with
cashflow generation ahead of 2022. €125 million dividend paid to
shareholders in December 2023.
(Full consolidation)
Stahl, the world leader in specialty coatings
for flexible substrates, posted total sales of €913.5 million
in 2023, stable versus 2022. Organic growth was -8.3%, in the
context of muted market demand across Leather and Coatings. FX
contributed negatively (-1.6%), mostly through USD weakening
against the Euro. External growth (+9.7%), driven by the
acquisition of ISG in March 2023, offset the destocking and
sluggish demand.
On a quarterly basis, Stahl’s business showed a
returning demand in H2, as the decline in organic growth
significantly reduced compared to previous quarters: in
Q3 2023, Stahl’s sales organically decreased by -3.4%, and in
Q4 by -0.4% compared to -15.4% and -13.1% in Q2 and Q1
respectively.
On March 16, 2023, the Stahl Group acquired 100%
of the shares (EV of c.$205 million) in ICP Industrial
Solutions Group (ISG), a leader in high-performance packaging
coatings which reinforces Stahl’s position as the global leader in
the field of specialty coatings for flexible materials. ICP ISG
offers a comprehensive portfolio of high-performance coatings used
primarily in packaging and labeling applications, notably in the
resilient food and pharmaceutical sectors. It is mostly present in
North America (close to 70% of sales).
FY2023 EBITDA8 amounted to €204.0 million,
up +5% versus 2022 and translating into an EBITDA margin of 22.3%,
in line with Stahl’s historical levels. Stahl remained highly cash
generative, notably thanks to the good EBITDA level. Management’
successful integration of ISG, generated higher than estimated
synergies and on a much faster timeline.
As a result, net debt as of December 31, 2023,
was €329.0 million9, after the ICP acquisition and the payment
to its shareholders of a 125 million euros dividend in
December 2023, vs. €98 million end of December 2022. Stahl’s
leverage was reported at 1.6x10 EBITDA as of December 31, 2023.
Stahl has been awarded a Platinum rating by the
sustainability rating agency EcoVadis for the second consecutive
year. For the 2023 EcoVadis assessment, Stahl’s rating increased by
three points compared to its 2022 score.
Crisis Prevention Institute reports
+15.2% revenue growth and 49.6% EBITDA margin for 2023
(Full consolidation) CPI reported 2023 revenues
of $138.4 million, up +15.2% compared to 2022, or +15.6%
organically (foreign exchange impact was -0.4%). Drivers for the
performance reflect continued expansion of its certified instructor
installed base in North America, beneficial mix impact from
specialty programs and digital offerings, and growth in its
international markets, notably the UK, Ireland and Australia. CPI
also opened an office in Dubai in late 2023, from which it will
lead its expansion into Gulf Cooperation Council
Countries.
2023 EBITDA growth was +10.8%
to $68.6 million11, or a margin of 49.6% for 2023
(comparable year-over-year). This EBITDA growth aligned with the
Company’s revenue growth, which accelerated in the second half of
the year, and included material investments in technology to
further automate and expand the business.
As of December 31, 2023, net debt totaled
$284.5 million12, or 4.0 x EBITDA as defined in CPI’s credit
agreement.
ACAMS reports +4.5% revenue growth and
EBITDA margin at 23.9% for 2023
(Full consolidation since March 10, 2022)
ACAMS, the global leader in training,
certifications, thought leadership and conferences for anti-money
laundering and financial-crime prevention professionals, reported
2023 revenue of $102.9 million13, up +4.5% vs. 2022, and +8.3%
when excluding the revenue of a large, European banking customer
that implemented an usually large firm wide training program in
2022 and has since normalized to include only employee groups
focused on financial crime. The year-over-year growth reflects
expansion within existing and new banking customers globally, as
well as in adjacencies in governments and new geographies, many of
which are increasing their investment in compliance training in
response to developing regulatory activity in their regional
markets.
EBITDA14 for the year was c.
$24.6 million, up +26.8% vs. 2022 and reflecting a 23.9%
margin, up 420 bps year-over-year. The increased profitability
reflects improved price and cost discipline, better productivity
from recent technology investments and more experience operating as
a stand-alone company.
As of December 31, 2023, net debt totaled
$156.4 million15, up from $143.4 million at the end of
2022, which represents 5.8x EBITDA as defined in ACAMS’ credit
agreement. The increased borrowings were used to fund residual
consulting costs and working capital payments related to the
separation from Adtalem.
ACAMS has also finalized the addition of several
key members to its senior leadership team in the first quarter of
2024, including the appointment of Neil Sternthal as Chief
Executive Officer, and the recent hire of Yuctan Hodge II as
new Chief Financial Officer, expected to start in the coming weeks.
Mr. Sternthal joins ACAMS after a long career as an executive with
Thomson Reuters (NYSE: TRI) and will join Mariah Gause, COO and
previously interim CEO, as the two executive officers of the
Company’s Board of Directors.
For 2024, ACAMS expects growth to accelerate in
2024, in line with its historical performance, and to maintain
stable margins.
Scalian - Sustained growth over the 12
months of 2023, with like-for-like sales growth of +15.7%,
outperforming its peers in a context of general industry
slowdown
(Full consolidation since July 2023. Full
Year 2022 and Full Year 2023 are like-for-like unaudited
figures. EBITDA and Net debt are post IFRS 16)
Scalian, a European leader in digital
transformation, project management and operational performance
consulting, reported like-for-like growth of +15.7% in 2023, with
annual sales at December 31, 2023 of €541.4 million. This
performance, above that of its peers, is particularly remarkable
given the slowdown in growth observed in its industry since March
2023.
Scalian generated EBITDA16 of €65.8 million in
2023, up 22.7% in 2023 on a like-for-like basis. The EBITDA margin
thus stood at 12.2%, slightly up compared to 2022. Compared with H1
2023, EBITDA margin is slightly down, mainly due to the slippage of
expected projects by Scalian’s customers, translating into lower
utilization rate. Since September 2023, Scalian has adapted to the
market conditions by limiting its recruitment volume to optimize
its utilization rate, while adjusting its initially planned
SG&A investments.
Net debt17 stands at €303.6 million,
representing a leverage of 5.9x18 EBITDA, giving Scalian a
comfortable headroom in relation to its covenants (limit of 8.5x).
In terms of recent news, Scalian announced the acquisition of Dulin
Technology in January 2024, a Spanish-based consulting firm
specializing in cybersecurity for the financial sector, and the
recruitment of Nathalie Senechault, former CFO of the Atos Group,
as its new CFO in January 2024.
Scalian seeks to achieve sales of
€1.5 billion by 2028.
Tarkett – Organic sales growth of +4.5%
driven by record turnover in the Sports
segment.Increase in adjusted EBITDA value and
margin thanks to a solid performance in Sports and recovery in
North America. Strong improvement in free cash flow generation and
reduction in debt leverage
(Equity method)
Net revenue of the Group amounted to
€3,363 million, up slightly by +0.1% compared to 2022. Organic
growth reached +4.5% and remains unchanged including selling price
increases in the CIS region (selling price adjustments in the CIS
countries are historically intended to offset currency movements
and are therefore excluded from the organic growth
calculation).
The effect of selling price increases mainly
implemented during the second half of 2022 is on average +3.9% over
2023 and contributed mainly to the first half of the financial
year. Volumes were generally stable over the entire year with
contrasting situations depending on activities and geographies.
Sports experienced strong growth again (+20.2%), volumes in CIS
improved after the sharp fall in 2022 and North American Commercial
activity held on track over the financial year in a market that
remains complicated. On the other hand, Residential activities in
North America and Europe fell sharply as a result of the drop in
real estate transactions. The currency effect was unfavorable over
the year (-4.5%), mainly due to the depreciation of the ruble and
the dollar.
Adjusted EBITDA amounted to €287.8 million,
i.e. 8.6% of revenue, compared to €234.9 million in 2022,
i.e. 7.0% of revenue.
The Group generated a positive free cash flow
for the year of €147.1 million, a very strong increase
from 2022 (- €148.3 million), thanks to the improvement in
EBITDA and the significant reduction in working capital
requirements.
At the end of the 2023 financial year, the Group
had a good level of liquidity amounting to €656 million
comprising the undrawn RCF in an amount of €350 million at the
end of December 2023, other confirmed and unconfirmed credit lines
in an amount of €82 million and €224 million in cash.
For more information:
https://www.tarkett-group.com/en/investors/
IHS Towers – IHS Towers will report its
FY 2023 results in March 2024
Wendel Growth: 4 new direct investments
in 2023
Wendel Growth made four direct investments in
2023:
- In January,
€15 million invested in Tadaweb. It delivers open-source
intelligence (OSINT) platforms that enable organizations to
generate actionable intelligence by making analysts’ investigative
methods hyper-efficient, reducing time to insight from days to
minutes.
- In February,
€7 million invested in Brigad, an online tool connecting
self-employed professionals with hospitality and care
establishments.
- In March 2023,
Wendel invested c. €15 million in convertible bonds and
warrants in Preligens, the French pioneer in AI technology to
empower intelligence and other defense applications. Preligens
develops solutions to automate the analysis of multi-source data
and cue users towards unusual events requiring their
tradecraft.
- In December 2023, Wendel entered
into a definitive agreement to acquire a minority interest of
Aqemia. Wendel made an equity investment of €15.5 million to
support the Company’s growth. Aqemia develops a first-in-class
technological platform (the Launchpad) combining quantum-inspired
physics and machine learning. The technology developed by the
Company aims to quickly and accurately predict the affinity between
a molecule and a target, hence accelerating drug discovery.
AlphaSense, the leading IA powered market
intelligence and search platform, of which Wendel is a minority
shareholder ($2.7 million invested), announced two financing rounds
in 2023, leading its valuation to $2.5 billion.
Total investments and commitments to date stand
at €235 million, of which €180 million committed in funds and
around €55 million in direct investments.
Sale of Constantia Flexibles
After obtaining the necessary authorizations,
Wendel announced on January 4, 2024, that it had completed the sale
of Constantia Flexibles (“The Company”) to an affiliate of One Rock
Capital Partners, LLC (“One Rock”). The transaction generated net
proceeds19 for Wendel of €1,094 million for its shares. Wendel
earned upon closing additional proceeds of €27 million from
the sale of some Company’s ancillary assets bringing total proceeds
to Wendel to €1,121 million, i.e. a valuation over 10% higher
than the latest NAV on record before the announcement of the
transaction (as at March 31, 2023).
The total amount of this operation reflects a
multiple of 2.0x Wendel’s net total investment in Constantia
Flexibles since 2015.This transaction is one of the largest on the
European private equity market in 2023.
Wendel’s net asset value: €160.2 per
share as of December 31, 2023
Wendel’s Net Asset Value (NAV) as of December
31, 2023 was prepared by Wendel to the best of its knowledge and on
the basis of market data available at this date and in compliance
with its methodology.
Net Asset Value was €7,118 million or
€160.2 per share as of December 31, 2023 (see detail in
Appendix 1 below), as compared to €167.9 on December 31, 2022,
representing a decrease of -4.6% and -2.7% restated from the
dividend paid in 2023. Compared to the last 20-day average share
price as of December 31, the discount to the December 31, 2023 NAV
per share was of -50.1%.
Wendel’s NAV methodology is now aligned
with IPEV Guidelines
Wendel’s NAV methodology has been updated to
incorporate the recommendations of the industry market standard
International Private Equity Valuation Guidelines (IPEV) , under
which NAV is based on management’s best estimate of Fair Value.
The main adjustment concerns the methodology for
the calculation of the NAV of the unlisted assets, where the
progressive fadeout of the acquisition multiple is no longer used
and the calibration principle is implemented, in line with IPEV
Guidelines. While listed peers’ multiples remain the main
calculation methodology, in the event a significant gap with the
acquisition multiple is identified, a calibration coefficient can
be applied. The calibration process is strongly recommended by IPEV
and is widely used in the industry.
This application of the updated methodology has
impacted Wendel’s December 31, 2023 NAV by €+2.3 per share, or
approximately +1.4%).
The full methodology is available on Wendel’s
website.
Renewal of term and new Supervisory
Board member to be submitted to the 2024 Shareholders’
Meeting
It will be proposed to shareholders to renew for
a further four-year term Thomas de Villeneuve as member of the
Supervisory Board.
Non-financial ratings: Wendel confirms
its inclusion in the DJSI World and Europe and improves its CDP
score
DJSI
For the fourth year in a row, Wendel has been
included in the Dow Jones Sustainability (DJSI) World and Europe
indices, making it one of the top 10% of companies in terms of
sustainability in the Diversified Financials category. With a score
of 66/100 in its category, Wendel is well above the average for its
sector (22/100).
Through the review of the Corporate
Sustainability Assessment questionnaire, S&P Global assesses
the ESG (Environment, Social, Governance) performance of listed
companies in different industries since 1999. The top 10% of
companies with the best performance in terms of sustainability,
according to criteria defined for each industry, are included in
the Dow Jones Sustainability Indices.
CDP
Wendel’s efforts to mitigate climate change were
also recognized by the CDP this year, with a A- rating, compared
with a B at the end of 2022. Wendel is now above the average for
its Financial Services sector (B), and above the world average for
all sectors combined (C).
The CDP’s annual environmental publication and
rating process is widely recognized as the benchmark for corporate
environmental transparency. In 2023, 746 investors representing
more than $136 trillion in assets asked companies to provide
data on environmental impacts, risks, and opportunities through
CDP. A total of 21,000 companies chose to report in 2023.
In addition, Wendel is ranked AA by MSCI,
Negligible Risk by Sustainalytics (top 2% of its sector) and 84/100
by Gaïa Rating.
Return to shareholders and
DividendAn ordinary dividend of €4.00 per share for 2023
up +25%, will be proposed at the Annual Shareholders’ Meeting on
May 16, 2024 representing a yield of 4.4%20 on Share Price and of
2.5%21 on its NAV at December 31, 2023. The ex-dividend date is May
21 and the dividend will be paid on May 23.
As of February 23, 2024, 330,000 Wendel shares were
repurchased (€26 million) since the launch of the
€100 million share buyback program launched on October 27,
2023.
1 Restated from the €3.2 per share dividend paid in
2023, NAV is down 2.7%. In published data, NAV is down 4.6% in
2023.
2 Pro Forma of the disposal of Constantia
Flexibles on Jan. 4, 2024 the LTV stands at -0.1%. Proforma of the
disposal of Constantia, acquisition of IK Partners, sponsor money
commitments and the remainder of the share buyback program, LTV
would stand at 9.6%.
3 Fee Related Earnings: earnings generated by
recurring fee revenues (mainly management fees). It excludes
earnings generated by more volatile performance-related revenues
such as performance fees or carried interest of investment
income.
4 Levered.
5 % dividend payout calculated on the basis of
NAV at the end of December of the previous year.
6 Based on Wendel’s share price of €90.80 as of
February 23, 2024.
7 (Net cash generated from operating activities
– lease payments + income tax)/ adjusted operating profit.
8 EBITDA post IFRS 16 impacts, EBITDA pre IFRS
16 stands at €197.1m.
9 Post IFRS 16 impacts. Net debt pre IFRS 16 was
€306.0m.
10 Computed as per financing documentation
definition.
11 Recurring EBITDA post IFRS 16. Recurring
EBITDA pre IFRS 16 was $67.6m
12 Post IFRS 16 impact. Net debt pre IFRS 16
impact was $280.8m.
13 Including a $1.0 million one-time benefit
associated with an updated revenue recognition policy
14 EBITDA post IFRS 16. There was no IFRS 16
impact on ACAMS in 2022. 2022 EBITDA was calculated on a pro forma
basis that reflects full anticipated cost structure required to
operate on a standalone basis. EBITDA is before non-recurring items
and goodwill allocation entries. In 2023, there is IFRS 16 impact.
2023 EBITDA is adjusted to (i) exclude the $1.0 million one-time
benefit associated with an updated revenue recognition policy, and
(ii) exclude $1.5 million of non-recurring expenses on outside
consultants.
15Net debt pre IFRS 16 was $155.8m.
The acquisition of ACAMS was completed in March
2022.
16 EBITDA after IFRS 16 impact.
17 Net debt after IFRS 16 impact.
18 As per credit documentation (pre IFRS 16)
19 Net proceeds after ticking fees, financial
debt, dilution to the benefit of the Company’s minority investors,
transaction costs and other debt-like adjustments.
20 % dividend payout calculated on the basis of
NAV at the end of December of the previous year.
21 Based on Wendel’s share price of €90.80 as of
February 23, 2024.
Agenda
Thursday April 25, 2024
Q1 2024 Trading
update – Publication of NAV as of March 31, 2024
(post-market release)
Thursday May 16, 2024
Annual General Meeting
Wednesday July 31, 2024
H1 2024 results – Publication
of NAV as of June 30, 2024, and condensed Half-Year consolidated
financial statements (post-market release)
Thursday October 24, 2024
Q3 2024 Trading
update – Publication of NAV as of September 30, 2024
(post-market release)
Thursday December 5, 2024
2024 Investor Day.
About Wendel
Wendel is one of Europe’s leading listed
investment firms. The Group invests in Europe and North America in
companies which are leaders in their field, such as ACAMS, Bureau
Veritas, Constantia Flexibles, Crisis Prevention Institute, IHS
Towers, Scalian, Stahl and Tarkett. Wendel often plays an active
role as a controlling or significant shareholder in its portfolio
companies. Wendel seeks to implement long-term development
strategies, which involve boosting growth and margins of companies
so as to enhance their leading market positions. With Wendel Growth
(formerly known as Wendel Lab), Wendel also invests via funds or
directly in innovative, high-growth companies.
Wendel is listed on Eurolist by Euronext
Paris.
Standard & Poor’s ratings: Long-term: BBB,
stable outlook – Short-term: A-2 since January 25, 2019
Moody’s ratings: Long-term: Baa2, stable outlook
since September 5, 2018
Wendel is the Founding Sponsor of Centre
Pompidou-Metz. In recognition of its long-term patronage of the
arts, Wendel received the distinction of “Grand Mécène de la
Culture” in 2012.
For more information: wendelgroup.com
Follow us on Twitter
@WendelGroup
Press
contacts |
Analyst and investor contacts |
Christine Anglade
Pirzadeh: + 33 1 42 85 63
24 |
Olivier Allot: +33 1 42 85 63 73 |
c.anglade@wendelgroup.com |
o.allot@wendelgroup.com |
|
|
Caroline Decaux: +33 1
42 85 91
27 |
Lucile Roch: +33 1 42 85 63 72 |
c.decaux@wendelgroup.com |
l.roch@wendelgroup.com |
|
|
Primatice |
|
Olivier Labesse: +33 6
79 11 49 71 |
|
olivierlabesse@primatice.com |
|
Hugues Schmitt: +33 6
71 99 74 58 |
|
huguesschmitt@primatice.com |
|
|
|
Kekst CNC |
|
Todd Fogarty: +1 212
521 4854 |
|
todd.fogarty@kekstcnc.com |
|
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