Spie: annual profit down 10.4% – 03/10/2023 at 08:28

(AOF) – Spie has unveiled its annual results which show a net profit group share of 151.5 million euros, down 10.4%. During the 2022 financial year, Ebitda improved by 19.8% to 511.2 million euros. The independent specialist in multi-technical services in the fields of energy and communications posted annual production of 8.01 billion euros, up 16.1% compared to 2021, with a robust performance in all areas geographical.

The continued improvement in the EBITA margin is confirmed at 6.3% of production, up 20 bps compared to 2021.

Management also highlights the significant increase in free cash flow to 314.7 million euros, up 17.4%.

The recommended dividend is 0.73 euro per share, up 21.7%.

In terms of outlook, Spie intends to continue improving the EBITA margin and give high priority to bolt-on acquisitions, which remain at the heart of the group’s business model.


Key points

– European leader in multi-technical services for energy and communication, created in 1900;

– Turnover of €7 billion: generated in Europe, France contributing 41% of revenues, Germany 30%, the Netherlands 17%, the rest coming from Belgium, United Kingdom, Poland, Switzerland, Slovakia , Hungary and Austria, then oil & petroleum and nuclear for 7% / distributed evenly between mechanical and electrical services, communication services, technical management of installations and transmission;

– “Proximity, performance, responsibility” business model based on acquisitions, recurring revenues, the complementarity of solutions focused on the energy and digital transition and focused on 4 strategic markets – “smart” cities, energy, “efficient” buildings » and connected and services to industries;

– Capital split between the Peugeot family (5.2%), employees (8.2%) and Caisse de Dépôts (5%), Gauthier Louette being CEO of the 11-member board of directors;

– Controlled balance sheet with leverage of 2.8, and €1.2 billion in cash.


– 2022-25 strategy: capitalization on the group’s expertise and its positioning in strong growth markets: energy transition, digital transformation, “green” rebalancing of the energy mix and low-carbon mobility / acceleration of acquisitions / objectives: annual growth of 4% of revenues, operating margin of 6.7%;

– Innovation strategy: focused on data collection and processing for buildings, augmented reality applications (MAINTiv for equipment) and hypervision platforms… / supported by partnerships and the IoT Valley in the south – Toulouse / generating €2.6 billion in revenue through the Smart FM 360° platform and €1.3 billion through the creation of new installations:

– 2025 environmental strategy: reduction of the carbon footprint of activities by 25% (vs 2019) and that of suppliers by 67%, increased to 70% (vs 42% in 2021) of the share of products sold contributing to mitigation of climate disorders and 50% of products eligible for the taxonomy / 67% of purchases from suppliers reducing their carbon footprint / refinancing and indexation on ESG criteria of a syndicated loan, of €1.2 billion;

– After the 3 acquisitions (€120 million in additional revenue) of 1


semester, expectation of other transactions in France and Germany for the same amount;

– Visibility ensured by the recurrence of maintenance activities (80% of revenues) and industrial risk limited by the diversification of customers.


– Activity framed by European regulations and supported by recovery plans favorable to energy and information infrastructures;

– Inflation offset by rising prices and “operational excellence”;

– Strengthening risk management in the face of breaks in supply chains;

– After a 14% increase in production and a 27% increase in net profit on 1


semester, 2022 target raised: production up by at least +4%, operating margin at 6.3 and stability of financial leverage;

– Interim dividend of €0.18 paid in September.

Learn more about the Capital Goods sector

German autonomy not so simple

China has been Germany’s leading economic partner for six years. However, across the Rhine, companies are called upon to reduce their heavy dependence on the Asian giant due to a rise in geopolitical tensions with the country. In this context, the powerful VDMA points out the importance of the Chinese market and the danger that a too sudden termination of ties with China would represent. The country is, in fact, the second export market and the first investment destination for German mechanical and industrial engineering. The federation nevertheless recognizes the need to diversify the trading partners of the German economy.

Source link -86