(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.
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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.
Challenges
– 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
er
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.
Challenges
– 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
er
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.
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