Increase in 2023 turnover to €264.6 million, up 16.6%
Operational performance: EBE
[1]
up €5.7 million to €53.1 million, a margin of 20.1%
A very solid financial structure: €92.7 million in cash and equivalent and continued debt reduction with gearing of 10.9%
Dividend of €1.25 per share
Record sales momentum with an order book
[2]
of almost €1 billion at the end of March 2024
The consolidated accounts were approved by the Board of Directors of PIZZORNO Environnement which met on April 30, 2024. The account audit procedures were carried out and the 2023 financial report will be published in the coming days.
|
Consolidated data in €M |
2022 |
2023 |
|
Turnover |
226.9 |
264.6 |
|
Including cleanliness |
174.8 |
208.3 |
|
Including treatment-Valorization |
52.0 |
56.2 |
|
Gross Operating Surplus (EBE) |
47.4 |
53.1 |
|
As a % of turnover |
20.9% |
20.1% |
Endowment to prov. and amortization. net of recoveries |
(33.5) |
(34.2) |
|
Operating income |
13.9 |
18.9 |
Cost of net financial debt |
(0.6) |
0.7 |
Other financial income and expenses |
11.1 |
1.5 |
IS |
(5.8) |
(6.3) |
Share of net income of equity-accounted companies |
– |
– |
Net income from activities stopped or being sold |
– |
– |
|
Consolidated net income |
18.5 |
14.8 |
|
Net income Group share |
18.4 |
14.7 |
|
Net cash flow linked to investment operations |
37.6 |
30.9 |
|
Self-financing capacity after cost of net financial debt and tax |
42.7 |
45.7 |
New record annual turnover at €264.6 million, up 16.6%
PIZZORNO Environnement achieves 2023 turnover of €264.6 million, an increase of 16.6% compared to 2022. The Group’s two business areas, Cleaning and Treatment-Recovery, respectively show growth of 19.1 % and 8.1%, driven in particular by the full-year integration of the collection contract of the European Metropolis of Lille and the increase in tonnages and prices on the Ecopôle Azur Valorisation site.
Strong increase in operational performance
The Group achieves a Gross Operating Surplus (EBE) of €53.1 million in 2023, an increase of 12.0%. This performance reflects, among other things, the contribution of the Lille market and a controlled pricing policy. The EBITDA margin, in line with the Group’s expectations, thus stands at 20.1% of turnover, despite the start-up costs of new contracts.
Operating profit increased by 35.6% to €18.9 million compared to €13.9 million a year earlier,
The cost of net financial debt for 2023 amounts to €0.7 million (-€0.6 million in 2022). Other financial income and expenses (+€1.5 million) benefit, within the framework of provisions for thirty-year monitoring, from a non-significant discounting effect at -€0.5 million compared to €9.6 million a year previously ( these variations have no cash effect).
Finally, after taking into account the tax charge (-€6.3 million), the net profit, Group share, stands at €14.8 million compared to €18.5 million in the previous financial year.
A very solid financial structure
For the 2023 financial year, the Group generated self-financing capacity (after cost of net financial debt and tax) of €45.7 million compared to €42.7 million a year previously.
PIZZORNO Environnement once again benefits from a strengthened financial structure with cash and cash equivalents of €92.7 million compared to €61.0 million as of December 31, 2022. Net financial debt, down over the period, is amounts to €10.5 million and the Group’s equity to €96.1 million, representing a gearing ratio of 10.9% in 2023, down 13 points compared to the end of December 2022.
Payment of a dividend
Based on the 2023 annual results, the Board of Directors has decided to propose to shareholders to vote, during the General Meeting to be held next June, the payment of a dividend of €1.25 per share.
Outlook and developments
PIZZORNO Environnement approaches the year 2024 with confidence, marking 50 years of the family business.
The performance of PIZZORNO Environnement for the year 2024 is based on solid commercial dynamics, illustrated by an order book, including only firm orders, which amounts to nearly €1 billion. This on-board demonstrates the continued and renewed confidence of customers in the services deployed by PIZZORNO Environnement. This also demonstrates the Group’s ability to respond to the new challenges of major French metropolises and rural areas to contribute to their economic and social development.
About PIZZORNO Environment
A player in the circular economy, PIZZORNO Environnement is a family business that supports the ecological transition of territories. Its expertise is based on mastery of all waste trades, from cleanliness to collection, from sorting to recovery to treatment. The Group employs nearly 2,500 people.
Euronext Paris – Compartment C – ISIN: FR0010214064 – Ticker: GPE – Bloomberg: GPE.FP – Reuters: GPE.PA
www.pizzorno.com
|
PIZZORNO Environment Maria by VIA CARROZZA Financial director [email protected] Such. : 04 94 50 50 50 |
Analyst/Investor Relations NEWS finance & communication Corinne POWERFUL [email protected] Such. 01 53 67 36 77 |
Press relations NEWS finance & communication Fatou-Kiné N’DIAYE [email protected] Such. 01 53 67 36 34 |
[1]
Gross Operating Surplus: operating profit + depreciation and provisions
[2]
€996 million, including 51% of Zephire activity
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