(AOF) – For the 2022-2023 financial year, Derichebourg revealed net income attributable to shareholders down 42.3% to 136.9 million euros. Current Ebitda for the financial year amounted to 334.8 million euros, down 27.1% compared to last year. “A decrease in volumes, a decline in unit margins, and an increase in costs for the Recycling activity (electricity from January 2023 in particular) explain most of this development,” specified the consumer services operator. businesses and the environment.
Consolidated turnover fell by 3.6 billion euros. This decrease mainly comes from the Recycling division (-17.8%), partially offset by an increase in turnover from the Community services activity (+10.9%).
The board of directors proposes to the general meeting of January 30, 2024 the distribution of a dividend of 0.16 euros per share.
Regarding its prospects, the group has set itself the objective of generating a current Ebitda greater than 350 million euros for the 2023-2024 financial year, and an amount of tangible investments less than 50% of current Ebitda.
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Key points
– Global operator of environmental services, created in 1956 under the name Cie Française des Ferrailles;
– Turnover of €5.3 billion organized into 2 businesses: environmental services for 82% (collection & processing of scrap metal & non-ferrous metals and leftovers) and multi-services (cleanliness, industrial cleaning, public lighting, temporary solutions and human relations);
– High weight of France (72% of revenues), followed by Europe (22%) and the Americas (6%);
– Business model:
– a complete range of services for businesses and communities – collective catering, soft facility management (cleaning, reception, green spaces), hard facility management (energy efficiency, public lighting), security, aeronautical subcontracting, HR and temporary work,
– a dense network, vertical integration for the environment and the digitalization of the digital offer;
– Capital locked by the Derichebourg family (41.5% of the capital and 57.8% of the voting rights), Abderrahmane El Aoufir taking over as general manager and Daniel Derichebourg chairing the board of directors of 9 members;
– Solid balance sheet: €653 million of net debt compared to €924 million of equity and 0.71 leverage.
Challenges
– Growth strategy:
– consolidation and commercial restructuring of the environmental and cleaning services offered within Elior Group, 48.31% owned,
– strengthening in the non-ferrous metals sector,
– deployment of the collection offer to local authorities,
– Innovation strategy integrated into environmental issues;
– Benefits of the partnership with Saur in water-related services for local authorities;
– Balance between the two activities: short cycles in the environment, with strong price variations, and long cycles secured by multi-year contracts in multiservices.
Challenges
– Exposure to scrap metal prices, affected by weak demand;
– Two major projects:
– achievement of expected synergies (€21 million) from the integration of Ecore -€1.3 billion in revenues in waste treatment, 78 sites in Europe, with a recovery rate of 80%,
– creation, through the contribution of the multiservices branch to Elior Group, of an offer combining biocleaning, hygiene and cleanliness services on the one hand, environmental services on the other hand, with the objective of at least €30 million of synergies at the end of 2026.
Sector sheet – Business services
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