4 September 2024
Half-year results june 30, 2024
At the Board of Directors meeting chaired by Joël Séché to approve the financial statements to June 30, 2024, Maxime Séché, Chief Executive Officer, said:
“During the first half-year 2024, Séché Environnement continued to expand in most of its markets and announced a major acquisition in Singapore, in the industrial heartland of South-East Asia.
The start of 2024 was also marked by the impact of exogenous factors which reduced the contribution of certain businesses, both in terms of revenue and operating income: the significant drop in energy revenue prices penalized the contribution of waste-to-energy activities in France, and the reduction in industrial and environmental accidents in the first quarter led to a delay in the start-up of spot environmental emergency and depollution activities in France and abroad.
The Group’s agility and strict financial discipline enabled it to post a sharp rise in cash generation compared with the previous year, and to strengthen its balance sheet with reduced financial debt and preserved financial flexibility.
Séché Environnement’s attractive prospects are intact on the buoyant markets of ecological transition and sustainable development, and I am confident that the Group’s growth and profitability momentum will continue this year and, in the years to come.
The outlook for the 2nd half-year is significantly better, particularly for the “spot” environmental emergency and remediation businesses, in France and internationally.
The Group is already reaping the rewards of major commercial successes, which will bear fruit from the second half-year to early 2025.
Above all, Séché Environnement has made a major new strategic move with the acquisition of ECO, leader in the hazardous waste market in Singapore, which will later open to the Group the industrial markets of South-East Asia, among the most dynamic in the world.
The new business plan to 2026 thus shows improved commercial, operational and financial targets compared with those presented at the “Investor Day” in December 2023.
I am convinced that the strategy deployed over the last few years will consolidate this dynamic of sustainable and profitable growth, and I know that all the men and women who make up the Séché Environnement Group are committed to its success.”
| In millions of euros | Consolidated | France | International | |||||
| At June 30 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | ||
| Reported revenue | 530,1 | 540,4 | 404,4 | 389,4 | 125,7 | 151,0 | ||
| Contributed revenue | 491,6 | 505,1 | 365,9 | 354,1 | 125,7 | 151,0 | ||
| EBITDA | 101,9 | 88,3 | 81,4 | 71,3 | 20,5 | 17,0 | ||
| As % of revenue | 20,7 % | 17,5 % | 22,3 % | 20,1 % | 16,3 % | 11,3 % | ||
| Current operating income | 45,3 | 29,6 | 25,9 | 25,6 | 9,4 | 4,0 | ||
| As % of revenue | 9,2 % | 5,9 % | 9,8 % | 7,2 % | 7,5 % | 2,6 % | ||
| Operating income | 45,5 | 28,2 | ||||||
| As % of revenue | 9,3 % | 5,6 % | ||||||
| Net financial income | (11,4) | (14,4) | ||||||
| As % of revenue | (2,3) % | (2,9) % | ||||||
| Income tax | (9,0) | (4,7) | ||||||
| As % of revenue | (1,8) % | (0,9) % | ||||||
| Share of profit from associates | (1,2) | (0,5) | ||||||
| Minority interests | (1,0) | (0,7) | ||||||
| Net income, Group share | 23,0 | 8,0 | ||||||
| As % of revenue | 4,7 % | 1,6 % | ||||||
| Earnings per share | 2,94 € | 1,02 € | ||||||
| Recurring operating cashflow | 88,5 | 76,1 | ||||||
| As % of revenue | 18,0 % | 15,1 % | ||||||
| Net investments paid | 42,2 | 43,7 | ||||||
| As % of revenue | 8,6 % | 8,9 % | ||||||
| Operating free cashflow | 46,2 | 67,5 | ||||||
| As % of revenue | 9,4 % | 13,4 % | ||||||
| Net financial debt | 581,7 | 616,9 | ||||||
| Financial leverage | 2,7 x | 3,0 x | ||||||
Consolidated revenue and earnings for the six months to June 30, 2024, are comparable with the high base of H1 2023, which had recorded the high contribution of “spot” environmental emergency and clean-up contracts on an exceptional scale, in France and internationally, at the start of the period. They also reflect, in France, the significant decline in energy prices (electricity and steam) following the peaks of 2022 and early 2023.
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