Earnings Release • Apr 27, 2023
Earnings Release
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Paris-La Défense, 27 April 2023, 5.35 p.m. (CEST) – Assystem S.A. (ISIN: FR0000074148 - ASY), an international engineering group, today released its revenue figures for the three months ended 31 March 2023.
| In € millions | Q1 2022 reported |
Q1 2022 restated(1) |
Q1 2023 | Total year-on-year change(2) |
Like-for-like year-on-year change(2) |
|---|---|---|---|---|---|
| Group(3) | 129.1 | 120.2 | 143.8 | +19.7% | +16.4% |
| Nuclear ET&I |
87.7 41.4 |
87.7 32.5 |
100.9 42.9 |
+15.0% +32.1% |
+15.7% +18.3% |
First-quarter 2023 consolidated revenue (unaudited) and year-on-year changes
(1) On 19 July 2022, Assystem entered into an agreement to sell 51% of the shares and voting rights of MPH – the company heading up Assystem's Staffing business – to MPH's management. This sale was completed in January 2023. Consequently, the reported figures for first-quarter 2022 have been restated in order to provide meaningful comparisons with first-quarter 2023.
(2) The figures for "Total year-on-year change" and "Like-for-like year-on-year change" (i.e. based on a comparable scope of consolidation and constant exchange rates) have been calculated based on the restated figures for first-quarter 2022.
(3) Consolidation of the UK company LogiKal since 1 December 2022, and of Oreka Ingénierie and Relsafe PRA Consulting since 1 January 2023.
Assystem's consolidated revenue totalled €143.8 million in the first quarter of 2023, up 19.7% on the restated figure for the first three months of 2022. The year-on-year increase breaks down as 16.4% in like-for-like growth, a positive 3.9% impact from changes in the scope of consolidation (due to the consolidation of UKbased LogiKal since 1 December 2022, and of Oreka Ingénierie and Relsafe PRA Consulting since 1 January 2023), and a 0.6% negative currency effect.
The acceleration in like-for-like growth during the first quarter of 2023 was driven by buoyant demand in all of our businesses, as well as by the success of the Group's recruitment campaign carried out upstream of projects. Out of the 3,000 recruitments planned for full-year 2023, nearly a quarter of the target for 2023 has already been reached.
Revenue from Nuclear activities totalled €100.9 million versus €87.7 million in the first quarter of 2022 (restated). This 15.0% year-on-year increase includes 15.7% like-for-like growth, a positive 0.3% impact from changes in the scope of consolidation (due to the consolidation of Relsafe), and a negative 1.0% currency effect. Growth accelerated as expected in France and the United Kingdom, notably led by the impact of recruitments carried out upstream of projects as from the fourth quarter of 2022.
ET&I revenue came to €42.9 million in the first quarter of 2023. Total year-on-year growth was 32.1%, breaking down as an 18.3% like-for-like increase, a positive 13.4% impact from changes in the scope of consolidation (due to the consolidations of LogiKal and Oreka) and a 0.4% favourable currency effect. The acceleration in like-for-like growth was particularly driven by the increasing contribution of siting studies that form part of major infrastructure contracts in Saudi Arabia (the Neom smart city and Al-Ula archaeological site projects).
At the Annual General Meeting to be held on 5 June 2023, Assystem will recommend the payment of a dividend of €1.00 per share for 2022. If the shareholders approve this dividend it would represent a total dividend payout of around €14.8 million(1) and would be paid on 7 July 2023 with an ex-dividend date of 5 July.
The agenda, the purpose of the proposed resolutions, and the text of the proposed resolutions submitted for the shareholders' approval at the Annual General Meeting are available on Assystem's website (assystem.com) in the 2022 Universal Registration Document, the French language version of which was filed on 18 April 2023.
Assystem, one of the world's leading independent nuclear engineering companies, is committed to accelerating the energy transition. With more than 55 years of experience in highly regulated sectors with stringent safety and security constraints, the Group provides engineering services as well as digital solutions and services to optimise the performance of complex infrastructure assets throughout their life cycle.
In its 12 countries of operation, Assystem's 6,500 experts are supporting energy transition. To achieve an affordable low carbon energy supply, Assystem is committed to the development of low carbon electricity (nuclear, renewables and electricity grids) and clean hydrogen. The Group is also helping drive the use of low carbon electricity in industrial sectors such as transportation.
For more information please visit www.assystem.com / Follow Assystem on Twitter: @Assystem
Malène Korvin – Chief Financial Officer - [email protected] - Tel.: +33 (0)1 41 25 29 00
Anne-Charlotte Dagorn – Communications Director - [email protected] - Tel.: +33 (0)6 83 03 70 29
Agnès Villeret – Komodo – Investor relations - [email protected] - Tel: +33 (0)6 83 28 04 15
(1) Corresponding to €1.00 multiplied by the 14,837,347 outstanding shares carrying dividend rights at 31 March 2023.
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