SPIE - Press release - 2024 Half-Year results
Cergy, July 26th, 2024
Strong half-year results reflecting the
strengths of SPIE’s business model and quality of
execution
- Revenue: €4,704.5 million, up +14.4% vs. H1 2023 (of which
+8.3% from contribution from bolt-on acquisitions and +5.8% organic
growth)
- Revenue growth in Q2 was up +16.9% vs. Q2 2023 (of which +11.3%
from contribution of bolt-on acquisitions and +5.4% organic
growth)
- EBITA: €265.6 million, up +20.7% vs. H1 2023
- EBITA margin: 5.6% of revenue, up +30 bps vs. H1 2023
- Adjusted net income1, up +28.9% vs. H1 2023, at
€157.6 million
Significant EBITA margin increase, +30 bps
at Group level with all segments improving
- Enhanced pricing power, highly selective approach in a context
of strong demand for our services and solutions, unabated focus on
operational excellence and discipline across the board
- Accretive impact of recent bolt-on acquisitions
Intense
bolt-on
acquisitions activity, at
the core of SPIE’s model of value creation
- 3 bolt-on acquisitions signed to date in Germany totalling c.
€320 million of full-year revenue acquired (ICG Group, MBG energy
GmbH, OTTO LSE); on top of ROBUR (c.€ 380 million) announced in
2023, closed in 2024
- 1 bolt-on acquisition in the nuclear domain (HORUS) in France
signed in July 2024
- Very rich pipeline of bolt-on opportunities across our existing
geographies
Leverage ratio: a sound financial
structure
- Leverage ratio: end of June 2024 at 2.4x compared to 2.3x at
end of June 2023 (excluding IFRS 16)
- Self-financed M&A translated into a limited increase of the
leverage ratio thanks to a lower working capital seasonality effect
in H1 2024
Sustainability: upgrade of our MSCI rating
and update on our progress on Scope 1, 2 & 3
emissions
- MSCI upgraded SPIE to 'A' rating, highlighting the Group’s
governance and transparency policies
- Substantial progress in reducing Scopes 1, 2, and 3 emissions,
underscoring SPIE’s commitment to decarbonation targets
2024 outlook firmed-up with EBITA margin
reaching at least 7% of revenue
- Further organic growth, at a slower pace than in 2023
(unchanged)
- EBITA margin: at least 7% of revenue (a minimum of +30 bps
increase compared to 2023)
(Previously: “Further EBITA margin
increase”)
- Continuation of a dynamic bolt-on M&A strategy, remaining
at the core of SPIE’s business model (unchanged)
- The proposed dividend pay-out ratio will remain at c.40% of
Adjusted Net Income1 attributable to the Group
(unchanged)
The Group’s EBITA margin mid-term guidance
(2025) is now expected to be reached one year in advance. The Group
plans to organize a Capital Market Day by mid-2025.
Gauthier Louette, Chairman & CEO,
said: “In H1 2024 SPIE delivered another very strong
performance after a record year in 2023. It illustrates the
strengths of its business model and SPIE’s unique positioning in
highly valuable multi-technical services supporting the
accelerating energy transition and digital transformation markets.
SPIE has forged a well-balanced business profile with predominant
positioning in asset support, offering visibility and recurring
revenue. Our long-lasting relationships with customers along with
the mission critical nature of our services serve as key
cornerstones. This obviously reinforces our confidence to weather
the current French context.
Our geographical footprint is increasingly well-diversified
with the strengthening of our presence in the energy transition
markets in Germany and the Netherlands. Germany is this year the
first contributing country of the Group.
H1 2024, has been very active on the M&A front with notably
the closing of ROBUR and Correll Group as well as the announcement
of 4 new acquisitions to date, of which 3 in Germany. Bolt-on
M&A remains at the core of our strategy and the integration of
the recent acquisitions is well on track.
These very strong H1 2024 results enable us to firm-up our
guidance for the year 2024 with an EBITA margin of at
least 7% of revenue, achieving the 2025 margin target one year in
advance”.
H1 2024 results
In millions of euros |
H1 2024 |
H1 2023 |
Change |
|
Revenue |
4,704.5 |
4,114.0 |
+14.4% |
|
EBITA |
265.6 |
220.0 |
+20.7% |
|
EBITA margin |
5.6% |
5.3% |
+30 bps |
|
Net
income (Group share) |
56.8 |
73.2 |
-22.4% |
|
Adjusted net income2 (Group share) |
157.6 |
122.3 |
+28.9% |
|
Net
debt (excl. IFRS 16) |
(1,834.7) |
(1,346.8) |
-488.0 |
|
Leverage ratio3 (excl. IFRS 16) |
2.4x |
2.3x |
+0.1x |
|
Group revenue stood at €4,704.5
million in H1 2024, up +14.4% compared to H1 2023. Revenue organic
growth was up +5.8%, confirming the strong demand on our markets.
Changes in perimeter accounted for +8.3%, related to the
contribution effect of acquisitions. Currency movements impacts
were +0.3%.
Group EBITA rose by +20.7%
compared to H1 2023, to €265.6 million. EBITA
margin was at 5.6% of revenue, up +30 bps compared to H1
2023, thanks to our enhanced pricing power, highly selective
approach in a context of strong demand for our services and
solutions, unabated focus on operational excellence and discipline
across the board, as well as an accretive impact of recent bolt-on
acquisitions.
Net income (Group share) was at
€56.8 million (compared to €73.2 million in H1 2023), down
-22.4%, mainly due to the negative €(53.8) million non-cash impact
related to the split accounting method of the ORNANE in accordance
with IFRS.
Adjusted net income4
(Group share) was €157.6 million, up +28.9%
year-on-year, mainly supported by the EBITA increase of +20.7% and
well-contained financial costs.
Operating cash flow and
net debt (excluding IFRS 16)
SPIE’s structurally negative working
capital stood at €(456.9) million at end of June 2024,
corresponding to (17) days of revenue (compared to €(366.7) million
at end of June 2023, corresponding to (16) days of revenue).
Excluding the impact of the 2024 consolidated acquisitions, the
working capital would represent (21) days at end of June 2024. This
is an excellent performance, in line with the historical
seasonality pattern and reflecting the strong discipline regarding
invoicing and cash collection process across the board.
As induced by SPIE’s usual working capital
seasonal pattern (which translates into a cash outflow in H1 and a
cash inflow in H2) the operating cash flow is
negative in H1. It has improved to
€(79.9) million in H1 2024 (compared to €(203.9) million in H1
2023) in accordance with the EBITA performance and thanks to a
lower seasonality of the working capital in H1 2024. The
free cash flow was accordingly improved to
€(211.1) million (compared to €(313.1) million in H1 2023).
Net debt excluding IFRS 16 was
€1,834.7 million at end of June 2024, compared to €1,346.8 million
at end of June 2023. Leverage ratio5
excluding IFRS 16 reached 2.4x at end of June 2024 compared to at
2.3x at end of June 2023. Self-financed M&A (corresponding to
€721.7 million cash-out in H1 2024) translated into a limited
increase of the leverage ratio thanks to a lower working capital
seasonality effect in H1 2024.
Financing and liquidity
The Group’s liquidity stands at
€1,045.6 million at end of June 2024, including €345.6 million of
cash and €700 million of undrawn Revolving Credit Facility
(compared to €1,171.7 million at end of June 2023).
In June 2024, SPIE extended and increased the
revolving credit facility to €1,000m6
until 2029 (compared to €600m until 2027 before) under the same
financing conditions as in October 2022 (refer to the appendix of
the present press release for further details). The revolving
credit facility is primarily dedicated to maintaining a high level
of liquidity and to finance the external growth of the Group.
As of June 30th, 2024, the revolving
credit facility has been drawn down for €300 million, following an
initial 3-month drawdown of €200 million in April 2024, and a
3-month drawdown of €100 million in June 2024.
The Group has no upcoming maturity before June
2026 and benefits from optimised financing conditions in a context
of higher interest rates.
SPIE’s long term corporate credit
rating granted by Standard & Poor’s and Fitch are at
BB+ both with stable outlook. This rewards our strong performance
and the Group’s sound financial structure.
Analysis by segment
Half-Year 2024 revenue
In millions of euros |
H1 2024 |
H1 2023 |
|
Change |
o/w
organic growth |
o/w
external growth |
o/w
disposal |
o/w foreign exchange |
France |
1,649.5 |
1,585.9 |
|
+4.0% |
+2.1% |
+1.9% |
- |
- |
Germany |
1,459.2 |
1,117.7* |
|
+30.6% |
+6.0% |
+24.6% |
- |
- |
North-Western Europe |
954.0 |
869.8 |
|
+9.7% |
+8.3% |
+1.4% |
- |
- |
Central Europe |
379.8 |
353.8* |
|
+7.3% |
+3.2% |
+0.7% |
- |
+3.4% |
Global Services Energy |
262.0 |
186.8 |
|
+40.2% |
+29.3% |
+11.5% |
- |
-0.6% |
Group revenue |
4,704.5 |
4,114.0 |
|
+14.4% |
+5.8% |
+8.3% |
- |
+0.3% |
* Reclassification of Traffic
System revenue from Germany to Austria (for €3.0 million in H1
2023) compared to the segmentation provided in the FY2023 results
press release. The table presenting the new segmentation with 2023
figures is in the appendix of the present press release.
Quarterly organic growth by segment
|
Q1 2024 |
Q2 2024 |
|
H1 2024 |
France |
+2.2% |
+2.1% |
|
+2.1% |
Germany |
+4.1% |
+7.8% |
|
+6.0% |
North-Western Europe |
+10.0% |
+6.8% |
|
+8.3% |
Central Europe |
+3.2% |
+3.3% |
|
+3.2% |
Global Services Energy |
+43.7% |
+15.8% |
|
+29.3% |
Group |
+6.2% |
+5.4% |
|
+5.8% |
EBITA
In millions of euros |
H1 2024 |
H1 2023 |
Change |
|
France |
98.7 |
94.1 |
+4.9% |
|
In
% of revenue |
6.0% |
5.9% |
+10 bps |
|
Germany |
75.3 |
53.0* |
+41.9% |
|
In
% of revenue |
5.2% |
4.7%* |
+50 bps |
|
North-Western Europe |
56.0 |
46.7 |
+19.9% |
|
In %
of revenue |
5.9% |
5.4% |
+50
bps |
|
Central Europe |
11.3 |
8.6* |
+31.1% |
|
In
% of revenue |
3.0% |
2.4%* |
+60 bps |
|
Global
Services Energy |
22.0 |
15.2 |
+45.4% |
|
In
% of revenue |
8.4% |
8.1% |
+30 bps |
|
Holding |
2.3 |
2.4 |
- |
|
Group EBITA |
265.6 |
220.0 |
+20.7% |
|
In % of revenue |
5.6% |
5.3% |
+30 bps |
|
* Reclassification of Traffic
System EBITA from Germany to Austria (for €0.2 million in H1 2023)
compared to the segmentation provided in the FY2023 results press
release. The table presenting the new segmentation with 2023
figures is in the appendix of the present press release.
France
The France segment’s revenue grew by +4.0% in H1
2024, including a +2.1% organic growth and +1.9% linked to bolt-on
acquisitions contribution.
The organic growth remained solid in H1 2024 at
+2.1% considering the challenging comparison basis. Technical
Facility Management activities were very dynamic marked by a high
rate of contract renewals, notably with blue chip customers
requiring a national footprint, as well as the deployment of energy
performance contracts. Building Solutions was well-oriented,
notably with projects in buildings renovation and the deployment of
our energy efficiency solutions. City Networks was supported by the
contracts in smart city segment (notably smart public lighting
solutions) and public transport, while revenue decrease from our
fibre activities remained well-contained. Industry Services, driven
by decarbonation and electrification projects, remained resilient
with the diversity of the sectors we address. Nuclear services
revenue growth remained constrained. We will see our first
contribution of the new nuclear program with the new order received
from EDF for the main diesel backup generators for the six
EPR2-type nuclear reactors.
EBITA margin was up +10 bps (at 6.0% of revenue
in H1 2024 compared to 5.9% in H1 2023) thanks to our permanent
focus on quality of execution, discipline and our added-value
innovative solutions.
We remain confident to weather the current
French context and in our ability to deliver solid activity and
performance levels going forward, thanks to the well-proven
resilience of our business.
Germany
Revenue in Germany increased by +30.6% in H1
2024, including a +6.0% organic growth and a +24.6% growth
contribution from bolt-on acquisitions (ECS, Bridging IT, ROBUR,
ICG Group and MBG energy GmbH).
In H1 2024, organic growth was very strong in
Germany thanks to our unique positioning in High Voltage and City
Networks and Grids activities where the backlog further increased
from an all-time high. The growth was mainly driven by projects for
connecting renewable energy sources to the grids (high voltage
lines and substations), expanding the capacity of the grids and
deploying smart monitoring systems. Technical Facility Management
activities did ramp up in Q2 2024 and will continue to do so in H2
2024.
ROBUR, setting up our Industry Services activity
in Germany, was consolidated as from March 1st, 2024 (4
months contribution) and did deliver a good performance. ICG Group
(not yet consolidated) included in City Networks and Grids
activities did contribute for 3 months. Their integration plans are
progressing as contemplated.
All in all, with the full year contribution of
these acquisitions compounded by the superior organic growth,
Germany becomes this year the largest reporting segment for
SPIE.
EBITA margin in Germany increased by +50 bps in
H1 2024 (at 5.2% of revenue compared to 4.7%7 in H1
2023) with a positive mix effect from our T&D (Transmission
& Distribution) activities, the accretive impact of recent
bolt-on acquisitions and a permanent focus on quality of execution
across the board.
North-Western Europe
Revenue in the North-Western Europe segment
increased by +9.7% in H1 2024, including a +8.3% organic growth.
Growth from bolt-on acquisitions contribution was +1.4%.
The Netherlands recorded an exceptional organic
growth in H1 2024. This performance was driven by High Voltage
activities (overhead lines and substations) as well as a dynamic
bridges and locks market benefitting from significant spending for
renovations and upgrades across the country. Industry Services was
at a high level of organic growth with transformation projects in
electrification and digitalisation. Building Solutions activities
remained dynamic and supported by remarkable contracts, mainly
related to renovation and decarbonation, with blue chip
customers.
In Belgium, organic growth was supported by High
Voltage projects nurtured by massive investments made by the main
Belgian TSO (Transmission System Operator), while Building
Solutions was fuelled by renovation contracts for existing
facilities.
EBITA margin of North-Western Europe increased
by +50 bps in H1 2024 (at 5.9% of revenue compared to 5.4% in H1
2023), with a favourable mix effect and a proven pricing power in
the Netherlands, and Belgium constantly improving.
Central Europe
In H1 2024 revenue in Central Europe was up
+7.3%, including a +3.2% organic growth and +0.7% related to growth
from bolt-on acquisitions contribution. The foreign exchange
amounted to +3.4%, mainly linked to the Zloty, the Czech Crown and
the Swiss Franc.
But for Switzerland, the momentum was very
strong in Central Europe, particularly in Austria driven by tunnels
and transportation infrastructures projects. Poland was very
dynamic in High Voltage with a strong activity in the construction
of substations for TSOs (Transmission System Operators) and in the
connection of renewables to the grid (wind and photovoltaic) while
the modernization of public lighting is expanding in the
country.
In Switzerland, the organic growth was in
negative territory due to the very challenging comparison basis
observed in 2023 which benefitted from the catch up of the supply
chain delays in Information and Communication Services.
The EBITA margin of Central Europe increased by
+60 bps in H1 2024 (at 3.0% of revenue compared to 2.4% in H1 2023)
thanks to the quality of execution and a strong pricing power in
some markets.
Global Services Energy
In H1 2024, the Global Services Energy segment’s
revenue was up +40.2% year-on-year with an exceptionally strong
organic growth of +29.3%. Growth from bolt-on acquisitions
contribution had a +11.5% impact (Correll Group); the currency
movements had a -0.6% impact, primarily related to the USD/EUR
parity.
Global Services Energy experienced an
exceptional level of organic growth in H1 2024 explained by the
ramp-up of several pluriannual contracts (operations and
maintenance) as well as the contribution of a shutdown operation
for a customer offshore Sub-Saharan Africa.
In June 2024, Global Services Energy launched
its new Wind Power business unit which followed the acquisition of
Correll Group; the integration process is well on track as per our
action plan. The creation of Wind Power business unit highlights
SPIE Global Services Energy’s ambition to become an offshore wind
services international champion.
EBITA margin rose by +30 bps (at 8.4% of
revenue, compared to 8.1% in H1 2023) thanks to the proven pricing
power and an unabated focus on operational excellence.
Acquisitions &
perimeter
Bolt-on M&A
SPIE dedicates part of its free cash flow to
fund a regular stream of small and mid-size bolt-on acquisitions.
This bolt-on strategy is at the core of SPIE’s growth model and
contributes to the expansion of the Group’s service offering and
footprint density. SPIE operates in highly fragmented markets and
therefore enjoys a rich pipeline of future M&A
opportunities.
On March
11th, 2024,
SPIE signed an agreement for the acquisition of ICG
Group, a German leading turnkey service provider for
telecommunication infrastructure (for both fibre and 5G Mobile
telecommunications networks). ICG Group covers the entire value
chain and operates across the whole country through a customer
portfolio which comprises network operators, infrastructure
providers and municipalities. ICG Group generated a revenue of c.
230 million euros in 2023 with margins north of 10% in line with
the sector; the company employs approximately 720 highly skilled
employees.
With this acquisition SPIE enters the market for
5G mobile telecommunications infrastructure and significantly
strengthens its position in the fibre networks, a crucial move as
Germany is still in the early stages for the roll-out of fibre
across the country and is lagging behind the other European
countries in that field.
The transaction multiple was 9.1x EBITA 2023 and
7.5x EBITA 2024E. The transaction will result in a mid-single digit
EPS accretion for the Group as soon as the first year of
consolidation. The acquisition was financed with the existing
financial resources of the Group while maintaining its sound
financial policy regarding leverage ratio. SPIE acquired c.92% of
the share capital at closing, while the remaining 8% shareholding
were retained by the current management team who remains in place
and contributes to pursue the business development. The agreement
includes put and call mechanisms related to the 8%. The transaction
was closed on April 18th, 2024.
On March
27th, 2024,
SPIE announced the acquisition of c.75% of MBG energy
GmbH, a provider of engineering, procurement and
construction (EPC) services for the photovoltaic roll-out mainly
for rooftop installation on buildings in North-Eastern Germany. The
company, headquartered in Berlin, was founded in 2018 and employs
47 employees. The company generated a revenue of approximately 15
million euros in 2023. With this acquisition, SPIE strengthens its
position in the fast-growing photovoltaic roll-out market and gains
competences in that field in a context of the adoption by the
European legislators of the EU Solar Standard within the European
Performance of Buildings Directive. This legislation is set to
require solar installations on buildings across the European Union.
The acquisition of MBG energy GmbH will also provide with potential
commercial synergies with the existing Technical Facility
Management segment of SPIE in Germany.
The management team of MBG energy GmbH comprises
the founders who joined SPIE’s team to further develop the business
and they stay as minority shareholders. Thus, SPIE acquired c.75%
of the share capital, while the remaining c.25% shareholding is
retained by the current management team. The agreement includes put
and call mechanisms related to the c.25%.
On July
17th, 2024,
SPIE announced the acquisition of c.87% of Otto Life
Science Engineering GmbH (OTTO LSE) in Germany.
Headquartered in Nuremberg in Bavaria, OTTO LSE was founded in 2017
and operates from 6 offices across Germany. The company is a
specialised provider of EPC services (Engineering, Procurement and
Construction) for pharmaceutical and biotech production facilities
and laboratories. OTTO LSE has a unique selling proposition with
its turnkey solutions and has a solid project track record in the
sector. The company covers the entire value chain (from planning,
designing, delivering to re-qualifying) with outstanding skills and
unique know-how providing for high added value solutions in process
design, pure media, clean room, building technology management,
dedicated to a first-class client base. Active in a very dynamic
market and focusing on high added value solutions, OTTO LSE
delivers a very high and recurring level of profitability (above
20% EBITA margin). The revenue generated by the company in 2023 was
close to €75 million with c.140 highly skilled employees.
With this acquisition SPIE will reinforce its
presence in the attractive and dynamic pharmaceutical and biotech
sectors.
The transaction multiple is below 8x the
forecasted EBITA 2024. The transaction will result in an EPS
accretion for the Group from the first year of consolidation. The
acquisition will be financed with the existing financial resources
of the Group while maintaining its sound financial policy regarding
leverage ratio. SPIE will hold c.87% of the share capital, while
the remaining c.13% shareholding will be retained by the current
management team who will remain in place and will contribute to
pursue the business development. The agreement includes put and
call mechanisms related to the c.13%. The closing of the
transaction is expected for Q3 2024.
On July
24th, 2024,
SPIE announced the acquisition of 100% of ABC, ETC, and
SIRAC, leaders in non-destructive testing and inspections
in the nuclear industry. Grouped under the
GIE8 HORUS, the three
companies ABC, ETC, and SIRAC are leaders in the market for
non-destructive testing and inspections in the nuclear industry
(radiographic, ultrasonic and penetrant testing, as well as
magnetic particle inspection) and operate throughout France with
over 300 qualified employees. Altogether, the three companies
generated nearly 35 million euros of revenue in 2023. With this
acquisition, SPIE expands its expertise in nuclear site
maintenance. The anticipated development of new nuclear reactors
(EPR2) and the extension of the lifespan of existing plants will
result in sustained growth in inspection and maintenance activities
over the coming decades.
Sustainability: update on progress made
on Scopes 1, 2 and Scope 3 and upgrade of MSCI rating
SPIE is fully mobilised to deliver on its
Sustainability 2025 roadmap, with significant progress made towards
its decarbonisation targets for Scope 1, 2, and 3 emissions.
For Scopes 1 and 2 direct emissions, the Group
is on track, driven by a significant increase of the share of
battery electric vehicle orders that reached 74% at end of June
2024, up from 54% at the end of 2023. As a reminder, machinery and
vehicle fuel consumption account for c.90% of SPIE's total direct
emissions.
Regarding scope 3, the proportion of emissions
related to our procurement made with suppliers who have set
ambitious targets to reduce their carbon footprint has increased
from 47% at end of December 2023 to 52% at end of June 2024 (67%
targeted for 2025), highlighting the continuous efforts made by the
Group with its major suppliers and subcontractors. In addition to
all measures implemented to train and engage, SPIE collaborates
with service providers to help small suppliers establish a first
carbon footprint assessment and develop an emissions reduction
plan.
SPIE's rating was upgraded by MSCI to 'A' in
June 2024 (compared to BBB in 2023). This upgrade highlights SPIE's
strong governance practices and transparency, strengthening its
leadership among peers. MSCI has particularly underscored SPIE's
well-structured Board, tailored to provide effective strategic
oversight for company management, along with an independent audit
committee with strong financial expertise.
2024 outlook firmed-up with EBITA margin
reaching at least 7% of revenue
- Further organic growth, at a slower pace
than in 2023
(unchanged)
- EBITA margin: at least 7% of revenue (a minimum of +30 bps
increase compared to 2023)
(Previously: “Further EBITA margin increase”)
- Continuation of a dynamic bolt-on M&A strategy, remaining
at the core of SPIE’s business model (unchanged)
- The proposed dividend pay-out ratio will remain at c.40% of
Adjusted Net Income9 attributable to the Group
(unchanged)
The Group’s EBITA margin mid-term guidance
(2025) is now expected to be reached one year in advance.
Interim dividend
SPIE will pay an interim cash dividend of €0.25
per share on September 20th, 2024 (ex-date: September
18th, 2024), i.e. 30% of the approved dividend for
2023.
Consolidated financial
statements
The consolidated financial statements of the
SPIE Group as of and for the six months ended
June 30th, 2024 were authorised for issue by the Board
of Directors on July 25th, 2024. Auditors’ limited
review of the consolidated financial statements is complete and the
statutory auditors’ report on the 2024 half year financial
information has been issued. The audited consolidated financial
statements (full financial statements and notes) and the slide
presentation of the 2024 half-year results are available on our
website www.spie.com, in the “Investors” section.
Subsequent events
The subsidiaries SPIE Oil & Gas Services and
SPIE Operations have been informed that the Parquet National
Financier (French Financial Prosecutor) considers that proceedings
should be brought against them and certain employees before the
Tribunal Correctionnel (Criminal Court) of Paris in connection with
allegations of bribery of a public official in Indonesia in the
context of a dispute with a former Oil & Gas employee whose
dismissal occurred approximately ten years ago. SPIE vigorously
denies these allegations and fully cooperates with the
procedure.
Conference call details for investors
and analysts
Date: Friday, July
26th, 2024
9.00 am Paris time - 8.00 am London time
Speakers:
Gauthier Louette, Chairman & CEO
Jérôme Vanhove, Group CFO
Dial-in details:
- France: +33 (0) 1 70 37 71 66
- UK-Wide: +44 (0) 33 0551 0200
- US: +1 786 697 3501
- Password: SPIE
Webcast link:
-
https://channel.royalcast.com/landingpage/spie/20240726_1/
Next events
September 2nd and 3rd, 2024:
London Roadshow (Morgan Stanley)
September 3rd, 2024 (afternoon): UBS
Business Services, Leisure and Transport Conference (London)
September 4th, 2024: Frankfurt Roadshow
(BofA)
September 5th and 6th, 2024:
Nordics Roadshow (Oddo)
September 9th and 10th,
2024: Paris Roadshow (Bernstein SG)
September 11th, 2024: Kepler Autumn
Conference (Paris)
September 20th, 2024: Interim dividend
payment (ex-date: September 18th, 2024)
October 31st, 2024: Quarterly
information at September 30th, 2024
Financial definitions
Organic growth represents the
production completed during the six months of year N by all the
companies consolidated by the Group for the financial year ended
December 31st of year N-1 (excluding any contribution
from any companies acquired during year N) compared with the
production performed during the 6 months of year N-1 by the same
companies, independently of the date on which they were first
consolidated within the Group.
EBITA represents operating
income mainly before amortization of allocated goodwill, IFRS2
non-cash charges and IFRS3 M&A costs. Detailed bridge from
EBITA to Operating income is set forth in appendix.
Pro-forma EBITDA corresponds to
income generated by the Group’s permanent operations over 12 months
before tax and financial income, including the impacts over 12
months of acquisitions. It is calculated before depreciation of
tangible assets and amortisation of goodwill. It excludes the
impact of IFRS 16.
Adjusted net income: correspond
to net income adjusted for i) operating income items restated from
the Group’s EBITA, ii) the change in fair value and amortisation
costs of derivative related to the ORNANE, and iii) the
corresponding normative tax income adjustment.
Operating Cash-flow is the sum
of EBITA, amortisation expenses, change in working capital
requirement, and provisions related to income and expenses included
in EBITA, minus net investment flows (excluding acquisitions) for
the period. It excludes the impact of IFRS 16.
Cash-conversion is the ratio of
operating cash-flow of the year to EBITA excluding IFRS 16 of the
same year.
Free cash-flow is defined as
operating cash-flow minus taxes, net interest paid, restructuring
and discontinuation items and before acquisitions and disposals
proceeds and charges. It excludes the impact of IFRS 16.
Leverage is the ratio of net
debt excluding impact of IFRS 16 at end of June to pro forma EBITDA
(including full-year impact of acquisitions and disposals) on a
trailing twelve-month basis.
Segment Central Europe includes
Poland, Switzerland, Austria, Czech Republic, Hungary and
Slovakia.
Segment North-Western Europe
includes The Netherlands and Belgium.
About SPIE
SPIE is the independent European leader in
multi-technical services in the areas of energy and communications.
Our 50,000 employees are committed to achieving the energy
transition and responsible digital transformation alongside our
customers.
SPIE achieved in 2023 consolidated revenue of €8.7 billion and
consolidated EBITA of €584 million.
Contacts
SPIE
Pascal Omnès
Group Communications Director
Tel. + 33 (0)1 34 41 81 11
pascal.omnes@spie.com |
SPIE
Audrey Bourgeois
Investor Relations Director
Tel. + 33 (0)1 34 41 80 72
audrey.bourgeois@spie.com
|
IMAGE 7
Laurent Poinsot & Claire Doligez
Tel. + 33 (0)1 53 70 74 70
spie@image7.fr |
www.spie.com
https://www.facebook.com/SPIEgroup
http://twitter.com/spiegroup
Disclaimer
Certain information included in this press
release are not historical facts but are forward-looking
statements. These forward-looking statements are based on current
beliefs, expectations and assumptions, including, without
limitation, assumptions regarding present and future business
strategies and the environment in which SPIE operates, and involve
known and unknown risks, uncertainties and other factors, which may
cause actual results, performance or achievements, or industry
results or other events, to be materially different from those
expressed or implied by these forward-looking statements.
Forward-looking statements speak only as of the date of this press
release and SPIE expressly disclaims any obligation or undertaking
to release any update or revisions to any forward-looking
statements included in this press release to reflect any change in
expectations or any change in events, conditions or circumstances
on which these forward-looking statements are based. Such forward-
looking statements are for illustrative purposes only.
Forward-looking information and statements are not guarantees of
future performances and are subject to various risks and
uncertainties, many of which are difficult to predict and generally
beyond the control of SPIE. Actual results could differ materially
from those expressed in, or implied or projected by,
forward-looking information and statements. These risks and
uncertainties include those discussed or identified under Chapter 2
“Risk factors and internal control” of SPIE’s 2023 Universal
Registration Document, filed with the French Financial Markets
Authority (AMF) on April 5th, 2024
under number D.24-0245, which is available on the website of SPIE
(www.spie.com) and of the AMF
(www.amf-france.org). This press release includes
only summary information and does not purport to be comprehensive.
No reliance should be placed on the accuracy or completeness of the
information or opinions contained in this press release. This press
release does not contain or constitute an offer of securities for
sale or an invitation or inducement to invest in securities in
France, the United States or any other jurisdiction.
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