Activity up 7.3%
Increase in operating profitability: EBITDA
[1]
at +32.1% and ROC at +14.6%
Financial solidity strengthened: net cash of €69 million
Backlog
[2]
at September 30, 2022: €777.8 million
The consolidated half-year accounts were approved by the PIZZORNO Environnement Board of Directors, which met on October 6, 2022. The consolidated half-year accounts were subject to a limited review by the Statutory Auditors.
|
Consolidated data in M€ | H1 2021 |
H1 2022 |
|
Turnover | 100.54 |
107.85 |
|
Of which cleanliness |
80.79 |
83.22 |
|
Of which Processing-Recovery |
19.75 |
24.63 |
|
Gross operating surplus 1 | 16.66 |
22.01 |
|
As a % of turnover |
16.6% |
20.4% |
Grant to prov. and amort. net of reversals | (12.11) |
(16.80) |
|
current operating income | 4.55 |
5.21 |
|
As a % of turnover |
4.5% |
4.8% |
Other operating income and expenses | 0.09 |
0.19 |
|
Operating income | 4.64 |
5.41 |
|
As a % of turnover |
4.6% |
5.0% |
Cost of net financial debt | (0.17) |
(0.19) |
Other financial income and expenses | 2.30 |
5.81 |
IS | (1.42) |
(3.14) |
Share of net income of associates | – |
– |
|
Consolidated net income | 5.37 |
7.89 |
|
Net profit attributable to the Group | 5.27 |
7.83 |
|
Net cash flow from investing activities | (1.33) |
(8.28) |
|
Cash flow after cost of net financial debt and tax | 15.85 |
19.55 |
A first half of sustained growth
Over the first half of 2022 as a whole, PIZZORNO Environnement recorded growth in its activities of 7.3% to reach a turnover of €107.8 million compared to €100.5 million in the first half of 2021.
The activity
Cleanliness
shows an increase of 3.0% to €83.2 million over the period, benefiting from the start of new contracts such as the cleaning of the Champs-Elysées or the collection of household waste, recyclable and bulky packaging from several municipalities in the metropolis of ‘Aix-Marseille.
The activity
Processing and Valuation
posted strong growth in turnover of 24.7% to €24.6 million in the first half, driven, among other things, by the full recovery of operations at the Aboncourt site and the diversion to the Pierrefeu site -du-Var of tonnages intended for the Energy Recovery Unit operated by Zéphire, following an incident that occurred in May 2022 (€1.8 million in revenue in the first half of 2022).
Increase in operating profitability: EBITDA margin +3.8 points
In the first half of 2022, the operational performance indicators are at higher levels than in the first half of 2021.
EBITDA amounted to €22.0 million, up +32.1% compared to June 30, 2021, representing a margin rate of 20.4% of revenue, up 3.8 points compared to the first half of 2021. The improvement in operating profitability is the result of commercial momentum and perfect control of operating expenses.
Operating income increased by 16.4% and amounted to €5.4 million against €4.6 million a year earlier. It includes, among other things, -€4.9 million in allowances for depreciation and provisions, up €4.6 million mainly due to an update of provisions for thirty-year follow-up in order to take into account the increase in post-production costs. – exploitation (Balançan and Roumagayrol sites),
The cost of net financial debt as of June 30, 2022 remained stable at -€0.2 million. Other financial income and expenses (+€5.8 million) benefit, within the framework of provisions for thirty-year follow-up, from a significant accretion effect (+€5 million), with no cash effect, due to changes in 15-year OAT rate over the period (0.37% as of December 31, 2021 and 2.29% as of June 30, 2022).
Finally, after taking into account a tax charge (-€3.1 million), net profit, Group share amounted to €7.8 million compared to €5.3 million in the first half of 2021.
A very solid financial structure
During the first half of 2022, the Group generated self-financing capacity (after cost of net financial debt and tax) of €19.6 million compared to €15.8 million a year earlier. Cash flow generated by the activity is positive at €23.2 million thanks to the improvement in results and a reduction in WCR of €3.6 million, thus largely covering the net investments for the period which amount to at €8.3 million.
At the end of June 2022, the PIZZORNO Environnement Group benefited from a very solid financial structure with cash and cash equivalents of €72.9 million compared to €53.3 million at December 31, 2021. Net financial debt, down on the period, amounted to €14.6 million and the Group’s equity to €76.8 million, representing a gearing ratio of 19% at the end of June 2022, down 15 points compared to the end of December 2021.
Outlook
The activity of 2
th
half of 2022 will benefit from the start of the household waste collection market for the European Metropolis of Lille (€161 million over 7 years).
The Group continued its commercial dynamic of renewing or winning new contracts, including:
The renewal of the contract for the collection, transport and treatment of household waste and non-hazardous waste from the establishments of the Draguignan Defense Base Support Group (€2.2 million over 4 years);
The winning of the contract for the collection, transport and treatment of waste similar to household waste produced by health establishments in Dracénie (€320,000 over 2 years);
The winning of the sorting deployment contract in 6 parks in the City of Marseille and the beaches of Corbières (€1.0 million over 3 years).
Finally, as of September 30, 2022, PIZZORNO Environnement has a solid order book
2
including only firm orders, which amounted to €777.8 million.
The good commercial, operational and financial performance achieved in 1
er
half of 2022 confirm the Group’s ambitions to maintain a solid level of profitable growth.
Availability of the half-year financial report as of June 30, 2022
PIZZORNO Environnement announces that it has made available to the public and filed with the Autorité des marchés financiers (AMF) its 2022 half-year financial report as of June 30, 2022. This document can be consulted on the company’s website at www. .pizzorno.com in the “Finance” section as well as on the www.actusnews.com website.
About PIZZORNO Environment
A major player in the circular economy, PIZZORNO Environnement is a family business that supports the ecological transition of territories. The Group employs 2,200 people. PIZZORNO Environnement accompanies its customers on all waste activities: collection, cleaning, sorting center, incineration, landfill. The recovery of waste, whether material or energy, is the challenge of the 21st century, PIZZORNO Environnement is part of it proactively.
Euronext Paris – Compartment C – ISIN: FR0010214064 – Mnemonic: GPE – Bloomberg: GPE.FP – Reuters: GPE.PA
www.pizzorno.com
|
PIZZORNO Environment Maria from 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 Anne-Catherine Hello [email protected] Such. 01 53 67 36 93 |
[1]
EBITDA: operating income + depreciation and provisions
[2]
Including €112.7 million for Zephire, 51% owned by the Group, with no impact on the Group’s consolidated revenue and consolidated using the equity method
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