Elis: 2021 half-year results
Very solid half-year financial
performanceStrengthened organic
growth profile2021
outlook revised
upwards
H1 organic growth above
our expectations and strong improvement of
all financial KPIs
- Revenue of
€1,375.5m (+1.8% vs H1 2020)
- Organic revenue
growth of +19.4% in Q2 and +1.3% in H1
- EBITDA margin up
+80bps at 33.3%
- EBIT margin up
+140bps at 9.5%
- Headline net result
up +36.2% at €67.1m
- Free cash flow
(after lease payments) of €90.7m (+61.5% vs H1 2020)
- Net debt down
€78.4m in H1 2021
Organic growth profile
structurally strengthened in Healthcare, Industry
and Trade & Services
- In all our
geographies, business in these 3 end-markets benefited from the
success of our new commercial offers and from the new needs of our
clients in Workwear and Hygiene & Well-Being
- Churn rate
improvement in all countries, especially in the UK
- Revenue in these 3
end-markets was up c. +5% on an organic basis
- As of June 30,
2021, in Hospitality, the lifting of lockdown measures and the
partial rebound of travel helped return to a level c. -30% below
the pre-crisis situation
Margin improvement
driven by strong operating leverage
- Savings made in H2
2020 significantly and durably decreased Elis’ cost base
- Great Group
discipline on pricing
- Good industrial
performance and further productivity gains in plants
Outlook updated
- Full-year revenue
up between +5% and +6% on an organic basis
- 2021 EBITDA margin
should be at c. 34.5%
- Free cash flow
(after lease payments) should be between €200m and €230m
- Net debt / EBITDA
ratio should be at 3.3x as of December 31, 2021 and below 3.0x as
of December 31, 2022
Saint-Cloud,
July 28,
2021 – Elis, an international multi-service
provider, offering textile, hygiene and facility services
solutions, which is present in Europe and Latin America, today
announces its 2021 half-year financial results. The accounts have
been approved by the Management Board and examined by the
Supervisory Board today. They have been subject to a limited review
by the Company’s auditors.
Commenting on the announcement, Xavier
Martiré, CEO of Elis,
said:
« Elis’ financial and operational performance in
H1 2021 was very satisfactory. Revenue was up +1.3% on an organic
basis, EBITDA margin and EBIT margin were up +80bps and +140bps
respectively, and free cash flow stood at €91m, up +62% compared to
H1 2020. This very good performance underscores the great
reactivity shown by Elis at the beginning of the crisis by adapting
its commercial offer to the new needs of its clients whilst
significantly decreasing its cost base.
In Healthcare, Industry and Trade &
Services, commercial dynamism was very good, driven by our offer
for products and services in Workwear and Hygiene & well-being.
This dynamism is a direct consequence of the need generated by the
sanitary crisis for more hygiene, more traceability and for a more
secure supply chain, and should be a sustainable trend, supporting
Elis’ organic revenue growth going forward.
In Hospitality, our only market which remains
impacted by the crisis, activity has significantly rebounded since
the lifting of lockdown measures in Europe in mid-May, although
uncertainties remain heading into H2.
Given the H1 performance and our organic
momentum, we upgrade our expectations for full-year organic growth
to a +5% to +6% range for 2021, with the working assumption that
Hospitality will be c. -25% below the 2019 level during the summer
season and then c. -30% below the 2019 level until year-end.
Moreover, the sustainable savings made on our
cost base in H2 2020 should allow us to reach 2021 EBITDA margin of
34.5% and free cash flow between €200m and €230m, depending on the
impact from change in working capital at year-end.
The great resilience shown by Elis since the
beginning of the crisis, its operational know-how and its
strengthened organic growth profile are major assets which will
enable Elis to assert its leadership in all the countries in which
it is present.”
Revenue
Reported revenue
In millions of
euros |
Q1 |
2021Q2 |
H1 |
Q1 |
2020Q2 |
H1 |
Q1 |
Var.Q2 |
H1 |
France |
200.4 |
220.2 |
420.7 |
236.9 |
175.7 |
412.5 |
-15.4% |
+25.4% |
+2.0% |
Central
Europe |
169.2 |
175.2 |
344.3 |
180.1 |
163.2 |
343.3 |
-6.1% |
+7.3% |
+0.3% |
Scandinavia
& East. Eur. |
117.2 |
118.9 |
236.1 |
127.0 |
106.3 |
233.3 |
-7.7% |
+11.9% |
+1.2% |
UK &
Ireland |
70.3 |
85.0 |
155.3 |
88.9 |
54.9 |
143.8 |
-21.0% |
+55.0% |
+8.0% |
Southern
Europe |
42.6 |
52.5 |
95.1 |
60.5 |
36.6 |
97.2 |
-29.6% |
+43.3% |
-2.1% |
Latin
America |
53.0 |
59.4 |
112.4 |
58.8 |
49.9 |
108.7 |
-10.0% |
+19.0% |
+3.3% |
Others |
5.5 |
6.1 |
11.6 |
6.9 |
6.0 |
12.9 |
-20.2% |
+1.3% |
-10.2% |
Total |
658.2 |
717.3 |
1,375.5 |
759.2 |
592.6 |
1,351.7 |
-13.3% |
+21.1% |
+1.8% |
« Others » includes Manufacturing
Entities and Holdings.Percentage change calculations are based on
actual figures.
In millions of
euros |
H1 2021 |
H1 2020 |
Organic growth |
External growth |
FX |
Reported growth |
France |
420.7 |
412.5 |
+1.9% |
+0.1% |
- |
+2.0% |
Central
Europe |
344.3 |
343.3 |
-1.9% |
+2.7% |
-0.5% |
+0.3% |
Scandinavia
& East. Eur. |
236.1 |
233.3 |
-1.3% |
- |
+2.5% |
+1.2% |
UK &
Ireland |
155.3 |
143.8 |
+3.7% |
+3.7% |
+0.6% |
+8.0% |
Southern
Europe |
95.1 |
97.2 |
-2.1% |
- |
- |
-2.1% |
Latin
America |
112.4 |
108.7 |
+16.3% |
+3.5% |
-16.5% |
+3.3% |
Others |
11.6 |
12.9 |
-10.5% |
|
+0.3% |
-10.2% |
Total |
1,375.5 |
1,351.7 |
+1.3% |
+1.4% |
-1.0% |
+1.8% |
« Others » includes Manufacturing
Entities and Holdings.Percentage change calculations are based on
actual figures.
Organic revenue growth
|
Q1 2021 |
Q2 2021 |
H1 2021 |
France |
-15.4% |
+25.2% |
+1.9% |
Central Europe |
-9.1% |
+6.0% |
-1.9% |
Scandinavia & East. Eur. |
-9.5% |
+8.5% |
-1.3% |
UK & Ireland |
-22.2% |
+45.8% |
+3.7% |
Southern Europe |
-29.6% |
+43.3% |
-2.1% |
Latin America |
+12.1% |
+21.2 |
+16.3% |
Others |
-19.5% |
-0.0% |
-10.5% |
Total |
-12.8% |
+19.4% |
+1.3% |
« Others » includes Manufacturing
Entities and Holdings.Percentage change calculations are based on
actual figures.
Monthly organic revenue growth
|
January 2021 |
February 2021 |
March 2021 |
April 2021 |
May 2021 |
June 2021 |
France |
-22.8% |
-20.3% |
+0.5% |
+35.9% |
+29.7% |
+14.7% |
Central Europe |
-17.8% |
-10.5% |
+2.7% |
+8.8% |
+5.8% |
+3.8% |
Scandinavia & East. Eur. |
-16.6% |
-11.1% |
+0.8% |
+10.1% |
+8.6% |
+6.9% |
UK & Ireland |
-27.9% |
-25.8% |
-10.7% |
+37.9% |
+43.4% |
+55.5% |
Southern Europe |
-36.9% |
-39.2% |
-6.5% |
+44.3% |
+48.8% |
+38.1% |
Latin America |
+7.2% |
+6.9% |
+24.0% |
+33.6% |
+18.7% |
+13.6% |
Others |
+16.0% |
-10.9% |
-44.7% |
+4.8% |
-40.5% |
+58.3% |
Total |
-19.7% |
-16.4% |
+0.4% |
+23.4% |
+19.7% |
+15.8% |
« Others » includes Manufacturing
Entities and Holdings.Percentage change calculations are based on
actual figures.
EBITDA
In millions of euros |
H1 2021 |
H1 2020 |
Var. H1 2021 / H1 2020 |
France |
153.2 |
145.0 |
+5.6% |
As of % of revenue |
36.3% |
35.1% |
+120bps |
Central Europe |
111.2 |
110.8 |
+0.3% |
As of % of revenue |
32.1% |
32.1% |
= |
Scandinavia & Eastern Europe |
92.1 |
91.4 |
+0.8% |
As of % of revenue |
39.0% |
39.2% |
-20bps |
UK & Ireland |
46.7 |
36.8 |
+26.9% |
As of % of revenue |
30.1% |
25.6% |
+450bps |
Southern Europe |
24.2 |
22.4 |
+8.0% |
As of % of revenue |
25.4% |
23.0% |
+240bps |
Latin America |
37.6 |
38.0 |
-1.0% |
As of % of revenue |
33.5% |
34.9% |
-150bps |
Others |
(6.3) |
(4.5) |
+41.5% |
Total |
458.7 |
439.9 |
+4.3% |
As of % of revenue |
33.3% |
32.5% |
+80bps |
« Others » includes Manufacturing
Entities and Holdings.Percentage change calculations are based on
actual figures.
Group EBITDA margin is up +80bps in H1 at
33.3%.
France
H1 2021 revenue was up +2.0% (+1.9% on an
organic basis). Activity in Healthcare, Industry and Trade &
Services were driven by good commercial dynamism in Workwear (food
processing and healthcare clients) and by an increasing need for
hygiene related products and services. Activity in Hospitality has
significantly rebounded since the lifting of lockdown measures in
Europe in mid-May. This led to much stronger organic revenue growth
in Q2 than in Q1 (+25.0% vs -15.4%)
H1 2021 EBITDA margin was up+120bps at 36.3%,
which offsets the significant decrease recorded in H1 2020. This
reflects the significant cost reduction measures implemented in the
country in 2020, both at plant and HQ level.
Central Europe
H1 2021 revenue was slightly up by +0.3% (-1.9%
on an organic basis) with a sharp improvement in Q2 (+6.0% on an
organic basis vs -9.1% in Q1). Industry showed good resilience,
with new contract wins in Workwear. Thus, despite strict lockdown
measures in Q1, Poland, Czech Republic, and Belux delivered
positive revenue growth in the first half, driven by good
commercial momentum with clients operating in food processing,
energy services and pharma. H1 organic revenue growth was slightly
down in Germany, in the Netherlands and in Switzerland despite
sequential improvement in Q2.
EBITDA margin was stable vs H1 2020 at 32.1%
Scandinavia & Eastern Europe
H1 2021 revenue was up +1.2% (-1.3% on an
organic basis). The fact that the greater share of our clients
operates in the Industry segment enabled the region to be quite
resilient since the beginning of the crisis. Sweden and Denmark,
the region’s largest contributors, recorded organic revenue
declines of -4% and -2% respectively in H1, due to Hospitality.
However, Norway, Finland, the Baltic States and Russia all
delivered positive organic growth in H1, with commercial momentum
remaining intact in Workwear.
EBITDA margin was almost stable vs H1 2020, only
slightly down -20bps at 39.0%.
UK &
Ireland
H1 2021 revenue was up +8.0% (+3.7% on an
organic basis). Hospitality, which normally represents around
one-third of the region’s revenue, significantly rebounded in Q2,
driven by very strong domestic tourism since May. In Q2, activity
in Hospitality was down c. -40% vs the pre-crisis level, to be
compared to -70% in Q1. Industry and Trade & Services, which
represent another third of total revenue, were down c. -10%
compared to pre-crisis levels, but the churn rate is now in line
with Group average i.e. c. 5%. Finally, Healthcare is back to
pre-crisis levels and Elis continues to gain market share on the
back of contract wins.
EBITDA margin was strongly up by +450bps
compared to H1 2020 at 30.1%. Reaching this level demonstrates the
success of our plan to improve the former Berendsen operations in
the UK.
Southern Europe
H1 2021 revenue was down -2.1% (entirely
organic). Activity in Hospitality (which represented more than 60%
of total revenue in 2019) significantly rebounded in Q2 (+43.3% on
an organic basis) and drove revenue improvement in the region. In
Workwear, activity was still well-oriented on the back of good
commercial dynamism and the acceleration of development of
outsourcing, because of the increasing client needs for more
traceability and hygiene due to the crisis.
EBITDA margin was up +240bps compared to H1 2020
at 25.4%. This increase only partially offsets the 2020 margin loss
in a context of sharp volume decline. Further activity improvement
towards normative levels should contribute to a return to higher
margin.
Latin America
H1 2021 organic revenue was up +16.3% in the
region but the unfavorable currency effect resulted in reported
revenue growing by a lower +3.3%. End-markets in which e Elis
operates (public and private healthcare, food processing) were
well-oriented. Furthermore, the Group developed new offers to meet
new client requirements, leading to short-term contract wins
(waterproof overgowns) or permanent contracts (healthcare garments,
increase in linen rotation…).
EBITDA margin was down -150bps compared to H1
2020, at 33.5%. This is due to a difficult comparable base as the
high number of one-off overgowns sales in H1 2020 had a significant
impact on margin.
From EBITDA to
net income
In millions of
euros |
H1 2021reported |
H1 2020 restated1 |
Var. |
EBITDA |
458.7 |
439.9 |
+4.3% |
As a % of
revenue |
33.3% |
32.5% |
+80bps |
D&A |
(327.6) |
(329.6) |
|
EBIT |
131.1 |
110.3 |
+18.8% |
As a % of
revenue |
9.5% |
8.2% |
+140bps |
Current operating
income |
114.7 |
103.6 |
+10.7% |
Amortization of
intangible assets recognized in a business combination |
(39.7) |
(46.5) |
|
Non-current
operating income and expenses |
(3.9) |
(37.2) |
|
Operating
income |
71.1 |
19.9 |
+257.6% |
Net financial
result |
(42.0) |
(45.6) |
|
Income tax |
(12.1) |
4.3 |
|
Income from
continuing operations |
17.1 |
(21.4) |
n/a |
Net income |
17.1 |
(21.4) |
n/a |
Headline net
income2 |
67.1 |
49.3 |
+36.2% |
1: A reconciliation is provided in the “Restated
income statement for prior financial years” section of this
release2: A reconciliation is provided in the “Net income to
headline net income” section of this releasePercentage change
calculations are based on actual figures
EBIT
As a percentage of revenue, EBIT was up +140bps
in H1 2021, due to the significant decrease in linen capex in 2020,
implying relative stability of D&A for 2021 & 2022.
Operating income
The main items between EBIT and Operating income
are as follows:
- Expenses related to
free-share plans correspond to the requirements of the IFRS 2
accounting standard. They showed a +€9.6m increase in H1 2020.
- The amortization of
intangible assets recognized in a business combination is partly
related to the goodwill allocation of Berendsen. The €(6.8)m
decrease in H1 2021 is mainly due to end of the amortization
schedule of the Berendsen trademark, following the rebranding.
- Non-current
operating expenses. The high amount in H1 2020 was mainly made up
of restructuring costs relating to saving plans and site shutdowns
and of additional costs directly tied to the sanitary crisis.
Net financial
result
In H1 2021, net financial expense was €42.0m. It
slightly decreased compared to H1 2020.
Net income
Net Income was €17.1m in H1 2020 compared to
€(21.4)m in H1 2020.
Net income to
headline net income
In millions of
euros |
H1 2021 reported |
H1 2020restated1 |
Net income |
17.1 |
(21.4) |
Amortization of
intangible assets recognized in a business combination2 |
31.9 |
36.5 |
IFRS 2
expense2 |
15.2 |
6.2 |
Accelerated
amortization of loans issuing costs2 |
- |
0.1 |
Refinancing
costs2 |
- |
0.0 |
Non-current
operating income and expenses including: |
2.9 |
27.9 |
Litigation provisions2 |
0.1 |
0.4 |
Exceptional expense relating to the sanitary crisis2 |
- |
17.1 |
Restructuring costs2 |
2.7 |
8.5 |
Acquisition-related costs2 |
0.5 |
1.6 |
Other2 |
(0.3) |
0.4 |
Headline net income |
67.1 |
49.3 |
1: A reconciliation is provided in the “Restated
income statement for prior financial years” section of this
release2: Net of tax effect
Headline net income was €67.1m in H1 2021, up
+36.2% compared to H1 2020.
Cash-flow statement
In millions of
euros |
H1 2021 |
H1 2020 |
EBITDA |
458.7 |
439.9 |
Non-recurring
items and provision variance |
(7.4) |
(32.4) |
Acquisition and
cession fees |
(0.5) |
(1.3) |
Other |
(0.7) |
(0.6) |
Cash flows
before net finance costs and tax |
450.0 |
405.6 |
Net capex |
(255.7) |
(232.7) |
Change in
working capital requirement |
34.1 |
0.9 |
Net interest
paid (including interest on lease liabilities) |
(54.9) |
(50.6) |
Tax paid |
(37.7) |
(34.0) |
Lease
liabilities payments - principal |
(45.1) |
(33.1) |
Free
cash-flow |
90.7 |
56.1 |
Acquisitions of
subsidiaries, net of cash acquired |
(42.3) |
(33.6) |
Changes arising
from obtaining or losing control of subsidiaries or other
entities |
(3.6) |
(3.2) |
Other cash flows
related to financing activities |
3.4 |
(5.1) |
Proceeds from
disposal of subsidiaries, net of cash transferred |
0.0 |
0.0 |
Dividends and
distributions paid |
- |
- |
Equity increase
& treasury shares |
17.5 |
(1.5) |
Other |
12.7 |
(2.2) |
Net debt
variance |
78.4 |
10.5 |
Net financial debt |
3,202.6 |
3,361.7 |
Capex
In H1 2021, the Group’s Net capex represented
18.6% of revenue. This ratio is in line with the usual seasonality
pattern, where investments are higher in H1 than in H2 notably due
to the preparation of the summer season. H1 capex are c. €25m
higher yoy, notably as a result of our commercial successes and
significant contract wins in Workwear.
Change in operating working capital
requirement
In H1 2021, the change in working capital
requirement was c. +€34m, reflecting the strong and continuous
focus on cash collection and inventory management.
Free cash-flow
In H1 2021, free cash-flow (after lease
liabilities payments) reached €90.7m, up +€34,5m yoy (+61,5%).
Net financial debt
The Group’s net financial debt at June 30, 2021
stood at €3,202.6m compared to €3,361.7m at June 30, 2020 and
€3,281.0m at December 31, 2020. The leverage Ratio was 3.6x at June
30, 2021, lower than the Group’s initial covenant of 3.75x. As a
reminder, Elis obtained in 2020 a waiver regarding its June 30,
2020, December 31, 2020, and June 30, 2021 bank covenant tests. The
renegotiated covenants are 5.0x, 4.75x and 4.5x respectively.
Pay-out for the 2020 financial
year
As announced on March 9, 2021, there will be no
payout in 2021 for the 2020 financial year.
Updated 2021 outlook
The success of Elis’ new commercial offers and
changing client needs as a consequence of the sanitary crisis
(increase in demand for hygiene products and higher consumption of
workwear) enable us to anticipate organic revenue growth for the
full year in a range of +5% to +6% (vs c. +3% as previously
communicated), with the working assumption that activity in
Hospitality will be c. -25% below its 2019 level during the summer
season and c. -30% until the end of the year.
2021 EBITDA margin should be at c. 34.5% on the
back of operating leverage generated by the savings achieved in H2
2020 and the Group’s operational excellence in 2021.
Free cash flow (after lease payments) should be
between €200m and €230m, the main variable being the change in
working capital (impact of year-end activity on trade
receivables).
The Net debt / EBITDA ratio should be at 3.3x as
of December 31, 2021 and below 3.0x as of December 31, 2022.
Restated income statement for prior
financial years
The table below presents the adjustments made retrospectively
linked to business combinations (IFRS3) on the previously published
income statement as of June 30, 2020.
In millions of
euros |
H1 2020 reported |
IFRS 3 |
H1 2020 restated |
Revenue |
1,351.7 |
- |
1,351.7 |
EBITDA |
439.9 |
(0.0) |
439.9 |
EBIT |
110.3 |
(0.0) |
110.3 |
Current operating
income |
103.6 |
(0.0) |
103.6 |
Amortization of
intangible assets recognized in a business combination |
(46.0) |
(0.5) |
(46.5) |
Non-current
operating income and expenses |
(37.2) |
|
(37.2) |
Operating
income |
20.4 |
(0.5) |
19.9 |
Net financial
result |
(45.5) |
(0.1) |
(45.6) |
Income tax |
4.1 |
0.1 |
4.3 |
Income from
continuing operations |
(21.0) |
(0.4) |
(21.4) |
Net income |
(21.0) |
(0.4) |
(21.4) |
Financial definitions
- Organic growth in
the Group’s revenue is calculated excluding (i) the impacts of
changes in the scope of consolidation of “major acquisitions” and
“major disposals” (as defined in the Document de Base) in each of
the periods under comparison, as well as (ii) the impact of
exchange rate fluctuations.
- EBITDA is defined
as EBIT before depreciation and amortization net of the portion of
subsidies transferred to income.
- EBITDA margin is
defined as EBITDA divided by revenues.
- EBIT is defined as
net income (or net loss) before financial expense, income tax,
share in income of equity-accounted companies, amortization of
customer relationships, goodwill impairment, non-current operating
income and expenses, miscellaneous financial items (bank fees
recognized in operating income) and expenses related to IFRS 2
(share-based payments).
- Free cash-flow is
defined as cash EBITDA minus non-cash-items, minus change in
working capital, minus linen purchases and manufacturing capital
expenditures, net of proceeds, minus tax paid, minus financial
interest payments and minus lease liabilities payments.
- The leverage ratio
is a leverage ratio calculated for bank loan covenants: Total net
leverage is equal to (Net financial debt, less current accounts
held for employee profit-sharing and accrued interest not yet due,
plus unamortized debt issuance costs and finance lease liabilities
as measured under IAS 17 had the standard had continued to apply)
divided by (Pro forma EBITDA of acquisitions finalized during the
last 12 months after synergies and excluding the impact of IFRS
16).
These alternative performance measures are meant
to facilitate the analysis of Elis’ operating trends, financial
performance and financial position and allow the provision to
investors of additional information that the Management Board
believes to be useful and relevant regarding Elis’ results. These
alternative performance measures generally have no standardized
meaning and therefore may not be comparable to similarly labelled
measures used by other companies. As a result, none of these
alternative performance measures should be considered in isolation
from, or as a substitute for, the Group’s consolidated financial
statements and related notes prepared in accordance with IFRS.
Consolidated financial
statements
Consolidated financial statements for the year 2020 are
available at this
address:https://fr.elis.com/en/group/investors-relations/regulated-information
Geographical breakdown
- France
- Central Europe: Germany,
Netherlands, Switzerland, Poland, Belgium, Austria, Czech Republic,
Hungary, Slovakia, Luxembourg
- Scandinavia & Eastern Europe:
Sweden, Denmark, Norway, Finland, Latvia, Estonia, Lithuania,
Russia
- UK & Ireland
- Southern Europe: Spain &
Andorra, Portugal, Italy
- Latin America: Brazil, Chile,
Colombia
Presentation of Elis’
2021 half-year
results (in English)
Date: Wednesday 28 July 2021 at 5:00pm GMT
(6:00pm CET)
Speakers: Xavier Martiré, CEO, and Louis Guyot,
CFO
Webcast
link:https://edge.media-server.com/mmc/p/78yp3w9n
Conference call dial in numbers:
United Kingdom: +44(0) 2071 928 338United States:
+1 646 741 3167France: +33(0)1 70 70 07 81
Confirmation code: 7478933
Investor presentation:
An investor presentation will be available at 4:45pm GMT (5:45pm
CET) at this address:
https://fr.elis.com/en/group/investors-relations/regulated-information
Forward looking statements
This document may contain information related to
the Group’s outlook. Such outlook is based on data, assumptions and
estimates that the Group regarded as reasonable at the date of this
press release. Those data and assumptions may change or be adjusted
as a result of uncertainties relating particularly to the economic,
financial, competitive, regulatory or tax environment or as a
result of other factors of which the Group was not aware on the
date of this press release. Moreover, the materialization of
certain risks, especially those described in chapter 4 “Risk
factors, risk control, insurance policy, and vigilance plan” of the
Universal Registration Document for the financial year ended
December 31, 2020, which is available on Elis’s website
(www.elis.com), may have an impact on the Group’s activities,
financial position, results or outlook and therefore lead to a
difference between the actual figures and those given or implied by
the outlook presented in this document. Elis undertakes no
obligation to publicly update or revise the Group’s outlook or any
of the abovementioned data, assumptions, or estimates, except as
required by applicable laws and regulations. Reaching the outlook
also implies success of the Group’s strategy. As a result, the
Group makes no representation and gives no warranty regarding the
attainment of any outlook set out above.
Next information
Q3 2021 revenue: October 26, 2021 (after
market)
Contact
Nicolas Buron, Investor Relations Director -
Phone: +33 1 75 49 98 30 - nicolas.buron@elis.com
Consolidated Financial Statements Excerpt
P&L
(in millions of
euros) |
06/30/2021 |
06/30/2020 |
|
|
restated |
Revenue |
1,375.5 |
1,351.7 |
Cost of linen,
equipment and other consumables |
(253.3) |
(260.6) |
Processing
costs |
(508.6) |
(507.5) |
Distribution
costs |
(216.0) |
(230.4) |
Gross margin |
397.6 |
353.2 |
Selling, general
and administrative expenses |
(284.4) |
(242.3) |
Net impairment
on trade and other receivables |
1.5 |
(7.4) |
Operating income before other income and expenses and amortization
of intangible assets recognized in a business combination |
114.7 |
103.6 |
Amortization of
intangible assets recognized in a business combination |
(39.7) |
(46.5) |
Goodwill
impairment |
- |
- |
Other operating
income and expenses |
(3.9) |
(37.2) |
Operating income |
71.1 |
19.9 |
Net financial
income (expense) |
(42.0) |
(45.6) |
Income (loss) before tax |
29.2 |
(25.7) |
Income tax
expense |
(12.1) |
4.3 |
Income from continuing operations |
17.1 |
(21.4) |
Income from
discontinued operation, net of tax |
- |
- |
Net income (loss) |
17.1 |
(21.4) |
Attributable
to: |
|
|
- owners of the
parent |
17.0 |
(21.3) |
-
non-controlling interests |
0.1 |
(0.1) |
Earnings (loss)
per share (EPS) (in euros): |
|
|
- basic,
attributable to owners of the parent |
€0.08 |
€(0.10) |
- diluted,
attributable to owners of the parent |
€0.08 |
€(0.10) |
Earnings (loss)
per share (EPS) from continuing operations (in euros): |
|
|
- basic,
attributable to owners of the parent |
€0.08 |
€(0.10) |
- diluted, attributable to owners of the parent |
€0.08 |
€(0.10) |
Balance Sheet
Assets
(in millions of
euros) |
06/30/2021 |
12/31/2020 |
|
|
restated |
Goodwill |
3,800.8 |
3,752.4 |
Intangible
assets |
768.6 |
799.5 |
Right-of-use
assets |
434.6 |
438.6 |
Property, plant
and equipment |
1,884.4 |
1,883.7 |
Other equity
investments |
0.2 |
0.2 |
Other
non-current assets |
65.6 |
64.4 |
Deferred tax
assets |
35.9 |
36.6 |
Employee benefit
assets |
48.9 |
34.1 |
TOTAL
NON-CURRENT ASSETS |
7,039.1 |
7,009.6 |
Inventories |
136.0 |
137.3 |
Contract
assets |
37.3 |
27.6 |
Trade and other
receivables |
549.6 |
517.0 |
Current tax
assets |
22.0 |
13.6 |
Other
assets |
17.3 |
18.8 |
Cash and cash
equivalents |
152.4 |
137.6 |
Assets held for
sale |
0.4 |
0.4 |
TOTAL CURRENT
ASSETS |
914.8 |
852.3 |
TOTAL ASSETS |
7,953.9 |
7,861.9 |
Liabilities
(in millions of
euros) |
06/30/2021 |
12/31/2020 |
|
|
restated |
Share
capital |
224.1 |
221.8 |
Additional
paid-in capital |
2,531.7 |
2,575.6 |
Treasury share
reserve |
(1.5) |
(11.2) |
Other
reserves |
(304.3) |
(366.2) |
Retained
earnings (accumulated deficit) |
470.2 |
386.1 |
EQUITY
ATTRIBUTABLE TO OWNERS OF THE PARENT |
2,920.1 |
2,806.2 |
NON-CONTROLLING INTERESTS |
0.7 |
0.6 |
TOTAL
EQUITY |
2,920.8 |
2,806.8 |
Provisions |
84.0 |
83.8 |
Employee benefit
liabilities |
107.4 |
111.0 |
Borrowings and
financial debt |
3,071.1 |
3,066.6 |
Deferred tax
liabilities |
296.8 |
301.7 |
Lease
liabilities |
361.4 |
368.3 |
Other
non-current liabilities |
25.5 |
20.9 |
TOTAL
NON-CURRENT LIABILITIES |
3,946.4 |
3,952.3 |
Current
provisions |
13.1 |
14.5 |
Current tax
liabilities |
17.9 |
25.5 |
Trade and other
payables |
252.3 |
221.3 |
Contract
liabilities |
65.0 |
62.7 |
Current lease
liabilities |
81.2 |
79.0 |
Other
liabilities |
373.3 |
347.7 |
Bank overdrafts
and current borrowings |
283.9 |
352.0 |
Liabilities
directly associated with assets held for sale |
- |
- |
TOTAL CURRENT
LIABILITIES |
1,086.7 |
1,102.7 |
TOTAL EQUITY AND LIABILITIES |
7,953.9 |
7,861.9 |
Cash-flow statement
(in millions of
euros) |
06/30/2021 |
06/30/2020 |
|
|
restated |
Consolidated net income (loss) |
17.1 |
(21.4) |
Income tax
expense |
12.1 |
(4.3) |
Net financial
income (expense) |
42.0 |
45.6 |
Share-based
payments |
14.1 |
6.4 |
Depreciation,
amortization and provisions |
364.4 |
379.2 |
Portion of
grants transferred to income |
(0.1) |
(0.2) |
Net gains and
losses on disposal of property, plant and equipment and intangible
assets |
0.5 |
0.3 |
Other |
(0.0) |
(0.0) |
CASH FLOWS BEFORE FINANCE COSTS AND TAX |
450.0 |
405.6 |
Change in
inventories |
4.1 |
(25.8) |
Change in trade
and other receivables and contract assets |
(31.7) |
72.2 |
Change in other
assets |
1.0 |
(0.2) |
Change in trade
and other payables |
24.0 |
(50.7) |
Change in
contract liabilities and other liabilities |
34.1 |
2.9 |
Other
changes |
0.8 |
2.3 |
Employee
benefits |
1.7 |
0.2 |
Tax paid |
(37.7) |
(34.0) |
NET CASH FROM OPERATING ACTIVITIES |
446.4 |
372.5 |
Acquisition of
intangible assets |
(8.9) |
(6.5) |
Proceeds from
disposal of intangible assets |
(0.0) |
0.1 |
Acquisition of
property, plant and equipment |
(250.0) |
(229.1) |
Proceeds from
disposal of property, plant and equipment |
3.3 |
2.9 |
Acquisition of
subsidiaries, net of cash acquired |
(42.3) |
(33.6) |
Proceeds from
disposal of subsidiaries, net of cash transferred |
0.0 |
0.0 |
Changes in loans
and advances |
(1.6) |
(0.2) |
Dividends
earned |
0.0 |
0.0 |
Investment grants |
0.2 |
0.0 |
NET CASH FROM INVESTING ACTIVITIES |
(299.4) |
(266.5) |
Capital
increase |
10.3 |
(0.0) |
Treasury
shares |
7.2 |
(1.5) |
Dividends and
distributions paid |
|
|
- to owners of
the parent |
0.0 |
- |
- to
non-controlling interests |
- |
- |
Change in
borrowings (1) |
(55.7) |
(5.3) |
- Proceeds from
new borrowings |
262.2 |
605.2 |
- Repayments of
borrowings |
(318.0) |
(610.5) |
Lease liability
payments - principal |
(45.1) |
(33.1) |
Net interest
paid (including interest on lease liabilities) |
(54.9) |
(50.6) |
Other cash flows related to financing activities |
3.4 |
(5.1) |
NET CASH FROM FINANCING ACTIVITIES |
(134.8) |
(95.6) |
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS |
12.2 |
10.4 |
Cash and cash
equivalents at beginning of period |
137.6 |
170.8 |
Effect of changes in foreign exchange rates on cash and cash
equivalents |
2.6 |
(9.3) |
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
152.4 |
171.9 |
(1) Net change
in credit lines |
|
|
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