Return to operating profitability; synergies
target up sharply; priority to deleveraging
Regulatory News:
Elior Group (Euronext Paris – ISIN: FR 0011950732), one of the
world leaders in catering and multiservices publishes its unaudited
results for the 2022-2023 fiscal year ended September 30, 2023.
- Results for the 2022-2023 fiscal year In line with stated
objectives
- Full-year revenues of €5,223 million, showing year-on-year
organic growth of +11.2% (target: at least +10%); pro forma
revenues of €5,760 million
- Adjusted EBITA of €59 million, compared to a loss of €-48
million last year; adjusted EBITA margin of 1.1% (target: around
1%), up 220 basis points
- Normalized FCF of €-20 million, up sharply compared to €-124
million in 2021-22; €-58 million FCF as reported
- Net debt / EBITDA ratio of 5.4x, below the covenant test set at
6.0x; comfort loosening of the test threshold at March 31, 2024,
from 4.5x to 5.25x obtained on November 21, 2023
- Acquisition of Derichebourg Multiservices (DMS) along with a
new Group governance
- Strengthening of the Group's strategic position in
multiservices (28% of pro forma revenues)
- New governance and core, family-owned shareholding: long-term
stability
- Restructuring of the Group to accelerate turnaround and
deleveraging
- Initial cost synergies target already exceeded; overall
target increasing from €30 million to €56 million
- Growth and margin objectives for fiscal 2023-2024:
- Organic revenue growth between +4% and +5% (including a
continuation of contract portfolio rationalization)
- Increase in adjusted EBITA margin to reach around 2.5%
- Priority to deleveraging with net debt / EBITDA ratio
objectives of:
- Around 4.0x at September 30, 2024, then below 3.0x at September
30, 2026
Daniel Derichebourg, Chairman and Chief Executive Officer of
Elior Group, comments:
"Despite unprecedented inflationary pressures, the 2022-23
fiscal year marks the return to operational profitability, a
prelude to a more pronounced recovery. In my few months at the helm
of the Group, I implemented major structural transformations aimed
at making it stronger and more agile. These include important
managerial changes in France and Italy, a new organisation for all
our activities in France, and a restructuring of corporate support
functions. I was also directly involved in resolving profitability
issues with certain strategic contracts. Having already exceeded
the initial objective of cost synergies, we are now increasing the
overall synergies target from 30 M€ to 56 M€ by 2026. My main
priority today is the deleveraging of the Group. Intense efforts
deployed to achieve this as soon as possible, at a time when
inflationary pressures are easing, give me full confidence in our
ability to return to the path of sufficiently and sustainably
profitable growth. With an optimistic outlook for the future of the
Group, I thank all our stakeholders, internal and external, for
their support and trust".
Commercial activity
During the fourth quarter, significant contracts were signed or
renewed, including,
- in Catering:
- France: Airbus in Toulouse and the Baumettes prison in
Marseille
- United Kingdom: the GORSE charity and the James Hutton Research
Institute
- Italy: RCS (Rizzoli-Corriere della Sera) and Mariutto senior
residence near Venice
- Spain: the schools of the towns of Guipúzcoa (Basque Country)
and Murcia
- United States: Whitman Family Properties and Kipp Schools in
the District of Columbia
- India: Deloitte
- in Multiservices:
- Facility Services: La Poste and Sorbonne University
- Health: the Amiens hospital centre and the French Red
Cross
- Recruitment: Stellantis and Agirc-Arrco
- Aeronautics: Lilium GmbH
- Energy & Urban: some renovation lots of the Cristal tower
in Paris
Revenues
Consolidated revenues from continuing operations amounted to
€5,223 million for the 2022-2023 fiscal year, compared to
€4,451 million for the previous fiscal year. This +17.3% increase
reflects organic growth of +11.2% (target: growth of at least
+10%), a virtually zero exchange rate effect (+0.1%) and a change
in consolidation scope of +6.0%, linked to the integration of
Derichebourg Multiservices (DMS) from April 18, 2023, as well as
the exit of Preferred Meals in the United States.
On a comparable basis, revenues increased by +9.6%, including a
volume effect of +5.1% (of which an Omicron catch-up effect of
+3.3%) and a price effect of +4.5%.
In addition, business development remained at an historically
high level and contributed to increase revenues by +9.6%, in line
with +9.8% in the 2021-2022 fiscal year.
Finally, the loss of contracts represented a reduction in
revenues of -6.4%, excluding voluntary exits. On this same basis,
the retention rate thus stood at 93.6% at September 30, 2023.
Voluntary exits represent an additional revenue loss of -1.6%. The
overall retention rate therefore was 92.0%, compared to 93.2% at
September 30, 2022.
Revenues per segment:
In Catering, revenues amounted to €4,151 million for the
2022-2023 fiscal year, compared to €3,849 million the previous
year, an increase of +7.8%. This can be broken down as follows:
organic growth of +12.3%, change in consolidation scope of -4.7%,
essentially reflecting the exit of Preferred Meals in the United
States, and a very slightly positive currency difference
(+0.2%).
In Multiservices, revenues reached €1,056 million,
compared to €587 million a year earlier, an increase of nearly 80%.
This reflects organic growth of +3.6% and a change in scope of €447
million, linked to the integration of DMS.
Corporate and Others, which includes the remaining
concession activities not sold with Areas, generated revenues of
€16 million for the year, compared to €15 million a year
earlier.
Pro forma revenues:
Pro forma revenues from continuing operations amounted to €5,760
million for the 2022-2023 fiscal year, up 10.7%, compared to €5,205
million in 2021-2022.
Catering (€4,151 million) and Multiservices (€1,593 million)
represented 72% and 28% of the Group's total pro forma revenues,
respectively.
Adjusted EBITA and Income statement
Consolidated adjusted EBITA of the Group's continuing
operations for the 2022-2023 fiscal year stood at €59 million,
compared to a loss of -€48 million in the previous fiscal year,
i.e. a recovery of €107 million. The adjusted EBITA margin rate
therefore stood at 1.1%, compared to -1.1% in 2021-2022, an
increase of 220 basis points. The combined balance of the volume
effect and price increases almost offsets the impact of inflation.
In addition, operational efficiency gains, including €7 million in
synergies achieved, voluntary exits from loss-making contracts, the
exit of Preferred Meals and acquisitions (mainly DMS) all
contributed to the improvement in operational profitability.
Finally, net commercial development (excluding voluntary exits) was
also profitable, despite additional ramp-up costs on a limited
number of new catering contracts in France and Italy. These
difficulties are now almost completely resolved, except for one
contract still under renegotiation.
In Catering, the Group returned to operational
profitability, with an adjusted EBITA of €47 million, against a
loss of -€43 million a year earlier. Adjusted EBITA margin was
1.1%, up 220 basis points from -1.1% a year earlier.
In Multiservices, the adjusted EBITA was €24 million, a
sharp increase compared to €13 million for the previous year,
taking into account the consolidation of DMS from April 18, 2023.
Adjusted EBITA margin was 2.3%, up 10 basis points from 2.2% a year
earlier. The Multiservices business remained impacted by high wage
inflation.
For Corporate and Others, adjusted EBITA represented a
loss of -€12 million, compared to a loss of -€18 million in the
previous year, essentially reflecting significant cost savings
measures implemented by the Group's new management in the second
half of the year. These reflect in particular the decision by the
Group's new Chairman and CEO to reduce his remuneration following
his arrival on April 18, 2023.
Recurring operating income from continuing operations for
the 2022-2023 fiscal year showed a profit of €33 million, compared
to a loss of -€69 million a year earlier.
Non-recurring expenses amounted to -€81 million, down
sharply from -€309 million in 2021-2022. They included impairment
of goodwill relating to the Catering business in France and Spain
for €47 million, restructuring charges for €22 million and the
acquisition costs of Derichebourg Multiservices for €10
million.
Net financial result showed a loss of -€78 million,
compared to -€26 million in the previous year, reflecting the
combined increase in average debt and financing cost related to the
increase in interest rates. The financial result for 2021-2022 had
also benefited from a positive foreign exchange result.
Income tax showed income of €29 million against expenses
amounting to -€36 million in 2021-2022. This included deferred tax
income of €40 million in France. In addition, the CVAE (corporate
tax) rate in France was halved on January 1, 2023.
Taking into account the above factors, net result Group
share showed a loss of -€93 million, compared to a loss of
-€427 million in the 2021-2022 fiscal year.
Cash-flow, debt and liquidity
Free cash-flow amounted to -€58 million, a significant
improvement compared to -€124 million last year. It now includes
the disbursement of IFRS 16 leases for €77 million.
Adjusted EBITDA nearly doubled from €111 million in
2021-2022 to €212 million in 2022-2023.
Capital expenditure of €77 million increased by €13
million compared to €64 million last year. It therefore represents
1.5% of the Group's total revenues, up slightly from 1.4% in
2021-2022.
The net change in working capital was negative at €66
million. This reflects particularly strong organic growth in the
first half, driven by the Omicron catch up effect. In the second
half of the year, the change in working capital included a negative
movement of €38 million related to the outstanding securitisation
and factoring. This movement is temporary and will be fully
reversed in the first half of 2023-2024.
On a normalised basis, by reinstating this temporary negative
variation of €38 million, free cash flow would have been -€20
million, close to breakeven.
Net financial debt amounted to €1,393 million on
September 30, 2023, compared to €1,217 million on September 30,
2022. It was also impacted by the aforementioned temporary negative
change in working capital. On a normalised basis, net financial
debt would have stood at €1,355 million on September 30, 2023. It
was also impacted by the consolidation of DMS's net debt. This was
higher than initially anticipated, with more outstanding factoring
and higher IFRS 16 lease liabilities.
The leverage ratio (net debt/ EBITDA), calculated as part
of the test carried out by the Group's creditors, is 5.4x on
September 30, 2023, below the covenant set at 6.0x. The EBITDA used
in the calculation of the ratio, i.e. €258 million, is determined
on the basis of adjusted EBITDA, €212 million, restated for pro
forma adjustments in connection with disposals and acquisitions
(+€26 million) and annualised synergies at September 30, 2023 (+€27
million, reduced by €7 million already recorded in 2022-2023 fiscal
year).
On July 7, 2023, Elior Group obtained the one-year
extension of the maturity of almost all (89%) of its syndicated
bank debt. The senior loan of €100 million now matures on July 2,
2026, for €89 million and on July 2, 2025, for €11 million. In
addition, the revolving credit line of €350 million now matures on
July 2, 2026, for €311 million and on July 2, 2025, for €39
million. The claiming of this extension option did not generate any
additional financing costs for the Group.
On September 30, 2023, liquidity amounted to €313
million, compared to €399 million on September 30, 2022. It
included €45 million in cash, €200 million available on the €350
million revolving credit facility. The remaining available credit
lines amounted to €68 million.
Acquisition of Derichebourg Multiservices (DMS)
The Combined General Meeting, held on April 18, 2023, almost
unanimously approved the acquisition of Derichebourg Multiservices.
This has led to the creation of a new international catering and
multiservices leader with approximately 133,000 employees in 9
countries. The contribution in kind by Derichebourg SA of the
capital of Derichebourg Multiservices Holding to Elior Group,
valued at €453 million, was remunerated by the creation of
80,156,782 new shares issued to Derichebourg SA. Derichebourg SA's
stake in Elior Group increased from 24.32% to 48.31%. A goodwill of
€364 million was generated.
In addition to its strong positions in catering, the acquisition
of DMS has strengthened the Group's multiservices offering in soft
facility management (cleaning, reception, green spaces) and has
brought new additional services with high added value in security,
hard facility management (energy efficiency, public lightning) as
well as in temporary services and aeronautical subcontracting. The
Group therefore has upgraded its offering in multiservices and
benefits from a more resilient and balanced profile between
catering and multiservices.
The Group now has access to a broader customer base, with large
companies, SMEs and the public sector, a denser network in France,
stronger customer proximity, and an increased presence on the
Iberian Peninsula.
DMS brings new momentum to the Group and opportunities to
accelerate its commercial dynamics. In multiservices, the upgraded
offering on a broader range of services makes it possible to better
satisfy new customer expectations and, in particular, major calls
for tenders in multiservices. In addition, the complementarity
between Elior Services and DMS makes it possible to strengthen the
additional sales strategy within the multiservices activity and, in
the longer term, to extend it within the catering segment.
Upward revision of the initial synergies target
When announcing the proposed acquisition of DMS on December 20,
2022, the Group had communicated an initial target of recurring
annual EBITDA synergies of at least €30 million by 2026. More
specifically, cost synergies were then estimated at 60% of the
total (i.e. €18 million) via the optimisation of structures and
operations as well as the re-internalisation of certain activities.
Development synergies had been estimated at 40% of the total (i.e.
€12 million) through the acceleration of commercial dynamics.
Under the drive of Daniel Derichebourg, the new Chairman and
Chief Executive Officer of Elior Group since April 18, 2023, as
well as with the appointment, more recently, of Boris Derichebourg
as Chairman and Chief Executive Officer of Elior France (all the
catering activities in France), in addition to his role as chairman
of Derichebourg Multiservices (now covering the activities of the
former Elior Services), cost reduction opportunities have been
significantly revised upwards. Their scope now includes all the
Group's activities in France, multiservices in Spain and Portugal,
and the Group's headquarters.
In France, significant optimisation and reorganisation measures
were thus promptly implemented, leading already to the recognition
of €7 million of cost synergies over the 2022-2023 fiscal year. On
September 30, 2023, the identified annual amount of recurring cost
synergies is €27 million, above of the initial €18 million target
fixed in December 2022.
Given the progress already made and improved prospects, the
Group now aims to generate €44 million in full-year cost synergies
by 2026. In total, including the unchanged objective of commercial
synergies, the Group therefore has the new objective of
achieving €56 million of recurring annual synergies by 2026,
i.e. doubling the initial objective.
New Group governance
The Board of Directors, meeting at the end of the general
meeting of April 18, 2023, appointed Daniel Derichebourg as
Chairman and Chief Executive Officer of the Elior Group, replacing
Bernard Gault.
The completion of the transaction was also accompanied by a new
governance, for a period of 5 years, upholding the best standards
in terms of balance and independence:
- board of Directors of 12 members, including 5 representatives
of Derichebourg SA (including Daniel Derichebourg as Chairman and
Chief Executive Officer for a term of 4 years), 5 independent
members and 2 directors representing employees;
- promise by Daniel Derichebourg to resign from all his
operational mandates at Derichebourg SA, to devote himself entirely
to the development of the Elior Group;
- extended prerogatives for the referring director: merger of the
prerogatives attributed by the internal regulations to the
vice-chairman of Elior Group with those of the referring director
who is in charge of organising a meeting at least twice a year with
the independent directors only and a meeting at least twice a year
with the Group’s main executives;
- the most strategic decisions must be approved by an enhanced
majority of 8 out of 12 directors, including at least 3 out of 5
independent directors;
- decisions relating to the annual budget, the strategic plan and
the main executives of the Elior Group must be approved by a
qualified majority requiring a simple majority to include at least
one Derichebourg SA director;
- establishment of an ad hoc committee composed solely of
independent directors responsible for monitoring compliance with
the commitments made by Derichebourg under the transaction
(liability guarantees, agreements between Elior and Derichebourg,
governance agreement);
- commitment of Derichebourg SA to vote at a general meeting in
favour of resolutions approved by the Board of Directors as well as
to vote in favour of the appointment of independent directors from
among the candidates selected by the Appointments and Remuneration
Committee;
- commitment by Derichebourg SA to Elior Group to retain its
participation at the post-transaction level ("lock-up");
Derichebourg SA is also committed to capping its participation
at the post-transaction level for a period of 5 years
("standstill").
Finally, beyond this period of 5 years, for an additional period
of 3 years (i.e. for a total of 8 years), the following was
approved:
- selection process for independent directors conducted under the
sole responsibility of the Appointments and Remuneration Committee
(with the support of a specialised recruitment firm), given that
the members appointed by Derichebourg SA will not be able to
participate in the selection process;
- statutory capping of the voting rights of Derichebourg SA at
30% for resolutions relating to the appointment, renewal and
dismissal of independent members of the Board of Directors as well
as the amendment of this statutory provision.
Corporate social responsibility (CSR)
Aware of its footprint and its responsibilities to its
shareholders, the Elior Group has been committed for more than ten
years to a corporate social responsibility (CSR) approach.
The Group has brought together two CSR strategies: Elior's
"Positive Footprint Plan" program and Derichebourg Multiservices’
"Concrètement Responsable" program.
The 2022-2023 fiscal year was a transitional year where each
activity continued its commitments while consolidating common
actions and indicators. This reconciliation revealed common issues
and similar commitments:
- helping to reduce the carbon footprint;
- reducing the impact of its supplies;
- designing responsible offers;
- reducing the impact of operations;
- enriching its actions as committed employers.
A dual materiality analysis has already been initiated in order
to identify priority issues. Our new commitments, action plans and
objectives will then be defined during the first half of the
2023-2024 fiscal year.
Post balance sheet events
On November 21, 2023, the Elior Group obtained from its
creditors a relaxation of the covenant test for its leverage
ratio (net debt/ EBITDA) as of March 31, 2024. The threshold for
this is now 5.25x, compared to 4.5x previously. The test threshold
at September 30, 2024, and beyond remains unchanged at 4.5x.
The role of Chairman of Elior Italia, previously held by
Lino Volpe, and that of Managing Director, held by Rosario
Ambrosino, were merged. Lino Volpe is now Chief Executive Officer
of Elior Italia. He thus joined the Group's executive committee,
replacing Rosario Ambrosino. Lino Volpe has worked in the catering
segment throughout his career and has more than twenty years of
managerial experience in the Group's Italian activities. He had
been Chairman of Elior Italia since 2014, when Rosario Ambrosino
took over as CEO.
Outlook
The Group's activity remains well focused on its two business
lines and in all its countries. Volume growth will normalise in
2023-24, having benefited from a strong Omicron catch-up effect in
the first half of 2022-23. The price increase dynamic should
continue, with a starting base of €79 million obtained during the
2022-2023 fiscal year and applicable in 2023-2024. Business
development will be further accompanied in 2023-2024 by a
rationalisation of the existing portfolio, with a continuation of
the process of voluntary exits from contracts whose level of
profitability is considered insufficient.
Inflation remains at historically high levels but there is an
increasing deceleration in food inflation in Europe, which is
somewhat delayed compared to that already observed in the United
States. This easing of inflationary pressure across the Group gives
us reason to envisage a more favourable economic environment. In
addition, all the endogenous levers for improving our operational
profitability activated in 2022-2023 will be activated again in
2023-2024, with the same vigour introduced by the new management
team.
Based on the above, our financial targets for the 2023-24 fiscal
year are as follows:
- Organic revenue growth between +4% and +5%
- Adjusted EBITA margin of approximately 2.5%
- Net debt/ EBITDA ratio around 4.0x as of September 30,
2024
In the medium term, we have set the following financial
objectives:
- Recurring annual synergies by 2026 of €56 million (compared to
€30 million initially)
- Net debt/ EBITDA ratio less than 3.0x as of September 30,
2026
Given the transformative nature of the DMS acquisition, we have
revisited our approach to corporate social responsibility. New
extra-financial targets will be communicated at the publication of
the half-year results for the 2023-2024 fiscal year.
Presentation
The results for the 2022-2023 fiscal year will be presented on
November 22, at 9:00 a.m. Paris time and will be accessible
by webcast as well as by telephone. Participants will be able to
ask questions over the phone only.
The webcast will be accessible via the following link:
https://channel.royalcast.com/landingpage/eliorgroup/20231122_1/
The conference call will be accessible at the following numbers:
France: +33 (0) 1 70 37 71 66 United Kingdom: +44 (0) 33 0551 0200
United States: +1 786 697 3501 Access code: Elior; please log in at
least 10 minutes before the start of the presentation.
Financial calendar
- May 16, 2024: half-year results for the 2023-2024 fiscal year –
pre-market press release and conference call
- November 20, 2024: annual results for the 2023-2024 fiscal year
– pre-market press release and conference call
Starting from the 2023-2024 fiscal year, Elior Group will no
longer communicate revenues on a quarterly basis, in order to align
its publication frequency with that of Derichebourg SA, its
reference shareholder.
Appendices
Appendix 1: Revenues per segment Appendix 2: Revenues per
geographical area Appendix 3: Pro forma revenues per segment
Appendix 4: Adjusted EBITA per segment Appendix 5: Pro forma
adjusted EBITA and adjusted EBITA margin per segment Appendix 6:
Simplified cash-flow statement Appendix 7: Consolidated financial
statements Appendix 8: Definition of alternative performance
indicators
About the Elior Group
Founded in 1991, the Elior Group is a world leader in catering
and multiservices, and a benchmark in the world of business,
education, health, social and leisure. Enjoying robust positions in
9 countries, the Group achieved pro forma revenue of €5.8 billion
in 2023. Its 133,000 employees feed 3.1 million people every day in
20,200 restaurants on three continents and provide services in 6
countries.
The Group is based on an economic model built around innovation
and social responsibility. In 2004, the Elior Group signed up to
the United Nations Global Compact, reaching advanced level in
2015.
For more information: www.eliorgroup.com/ Elior Group on
Twitter: @Elior_Group
Appendix 1: Revenues per segment
1st quarter
Q1
Q1 (*)
Organic
Scope
FX
Total
(in million euros)
2022-23
2021-22
growth
impact
change
Contract Catering
1,071
964
13.3%
-5.6%
3.4%
11.1%
Multiservices
150
148
1.4%
-
-
1.4 %
Sub-total
1,221
1,112
11.7%
-4.9%
3.0%
9.8%
Corporate & Other
4
4
n.m.
n.m.
n.m.
n.m.
TOTAL GROUP
1,225
1,116
11.7%
-4.9%
3.0%
9.8%
2nd quarter
Q2
Q2 (*)
Organic
Scope
FX
Total
(in million euros)
2022-23
2021-22
growth
impact
change
Contract Catering
1,098
975
18.4%
-6.4%
0.7%
12.7%
Multiservices
152
146
4.1%
-
-
4.1%
Sub-total
1,250
1,121
16.6%
-5.7%
0.7%
11.6%
Corporate & Other
3
2
25.0%
-
-
25.0%
TOTAL GROUP
1,253
1,123
16.5%
-5.6%
0.7%
11.6%
3rd quarter
Q3
Q3 (*)
Organic
Scope
FX
Total
(in million euros)
2022-23
2021-22
growth
impact
change
Contract Catering
1,059
1,028
9.4%
-5.5%
-0.9%
3.0%
Multiservices
352
147
4.3%
135.2%
-
139.5%
Sub-total
1,411
1,175
8.8%
12.1%
-0.8%
20.1%
Corporate & Other
5
5
6.6%
-
-
6.6%
TOTAL GROUP
1,416
1,180
8.8%
12.0%
-0.8%
20.0%
4th quarter
Q4
Q4 (*)
Organic
Scope
FX
Total
(in million euros)
2022-23
2021-22
growth
impact
change
Contract Catering
923
882
8.0%
-0.7%
-2.7%
4.6%
Multiservices
402
146
4.6%
169.6%
-
174.2%
Sub-total
1,325
1,028
7.5%
23.5%
-2.3%
28.7%
Corporate & Other
4
4
8.7%
-
-
8.7%
TOTAL GROUP
1,329
1,032
7.5%
23.5%
-2.3%
28.7%
12 months
12m
12m (*)
Organic
Scope
FX
Total
(in million euros)
2022-23
2021-22
growth
impact
change
Contract Catering
4,151
3,849
12.3%
-4.7%
0.2%
7.8%
Multiservices
1,056
587
3.6%
76.1%
-
79.7%
Sub-total
5,207
4,436
11.2%
6.0%
0.2%
17.4%
Corporate & Other
16
15
10.0%
-
-
10.0%
TOTAL GROUP
5,223
4,451
11.2%
6.0%
0.1%
17.3%
(*) restated; n.m.: not meaningful
Appendix 2: Revenues per geographical area
1st half
2nd half
12 months
(in million euros)
2022-23
2022-23
2022-23
France
1,112
1,428
2,540
Europe (including the UK)
719
704
1,423
Rest of the world
647
613
1,260
GROUP TOTAL
2,478
2,745
5,223
1st half
2nd half
12 months
(in million euros)
2021-22
2021-22
2021-22
France
992
966
1,958
Europe (including the UK)
646
591
1,237
Rest of the world
601
655
1,256
GROUP TOTAL
2,239
2,212
4,451
Appendix 3: Pro forma revenues per segment
Pro forma 2022-23 (*)
1st half
2nd half
12 months
(in million euros)
2022-23
2022-23
2022-23
Catering
2,169
1,982
4,151
Multiservices
789
804
1,593
Subtotal
2,958
2,786
5,744
Corporate and Others
7
9
16
GROUP TOTAL
2,965
2,795
5,760
Pro forma 2021-2022 (*)
1st half
2nd half
12 months
(in million euros)
2021-22
2021-22
2021-22
Catering
1,818
1,842
3,660
Multiservices
756
774
1,530
Subtotal
2,574
2,616
5,190
Corporate and Others
6
9
15
GROUP TOTAL
2,580
2,625
5,205
(*) Pro forma information excluding revenues for Preferred Meals
for Elior Group and SNG for Derichebourg Multiservices sold in
2022.
Appendix 4: Adjusted EBITA and adjusted EBITA margin per
segment
1st half
Total
Adjusted EBITA margin
(in million euros)
2023
2022
Adjusted EBITA
2023
2022
Catering
49
-10
59
2.3%
-0.5%
Multiservices
-2
4
-6
-0.8%
1.2%
Subtotal
47
-6
53
1.9%
-0.3%
Corporate and Others
-6
-10
4
n.m.
n.m.
GROUP TOTAL
41
-16
57
1.7%
-0.7%
2nd half
Total
Adjusted EBITA margin
(in million euros)
2023
2022
Adjusted EBITA
2023
2022
Catering
-2
-33
31
-0.1%
-1.8%
Multiservices
26
9
17
3.5%
3.2%
Subtotal
24
-24
48
0.9%
-1.1%
Corporate and Others
-6
-8
2
n.m.
n.m.
GROUP TOTAL
18
-32
50
0.6%
-1.4%
Fiscal year ended September
30,
Total
Adjusted EBITA margin
(in million euros)
2023
2022
Adjusted EBITA
2023
2022
Catering
47
-43
90
1.1%
-1.1%
Multiservices
24
13
11
2.3%
2.2%
Subtotal
71
-30
101
1.4%
-0.7%
Corporate and Others
-12
-18
6
n.m.
n.m.
GROUP TOTAL
59
-48
107
1.1%
-1.1%
n.m.: not meaningful
Appendix 5: Pro forma Adjusted EBITA and adjusted EBITA
margin per segment
Pro forma 2022-23 (*)
1st half 2022-23
2nd half 2022-23
12 months 2022-23
(in million euros)
Adjusted EBITA
Adjusted EBITA margin
Adjusted
EBITA
Adjusted EBITA margin
Adjusted EBITA
Adjusted EBITA margin
Catering
49
2.3%
-2
-0.1%
47
1.1%
Multiservices
9
1.2%
29
3.5%
38
2.3%
Subtotal
58
2.0%
27
1.0%
85
1.5%
Corporate and Others
-9
n.m.
-8
n.m.
-17
n.m.
GROUP TOTAL
49
1.7%
19
0.7%
68
1.2%
Pro forma 2021-22 (*)
1st half 2021-22
2nd half 2021-22
12 months 2021-22
(in million euros)
Adjusted EBITA
Adjusted EBITA margin
Adjusted EBITA
Adjusted EBITA margin
Adjusted EBITA
Adjusted
EBITA margin
Catering
12
0.7%
-14
-0.7%
-2
0.0%
Multiservices
19
2.5%
30
3.8%
49
3.2%
Subtotal
31
1.2%
16
0.6%
47
0.9%
Corporate and Others
-12
n.m.
-10
n.m.
-22
n.m.
GROUP TOTAL
19
0.7%
6
0.2%
25
0.5%
n.m.: not meaningful (*) Pro forma information excluding
revenues for Preferred Meals for Elior Group and SNG for
Derichebourg Multiservices sold in 2022.
Appendix 6: Simplified cash-flow statement
Fiscal year ended on
September 30,
(in million euros)
2023
2022
Earnings before interest, taxes,
depreciation and amortisation (EBITDA)
206
108
Purchases of and proceeds from sale of
property, plant and equipment and intangible assets
(77)
(64)
Change in operating working capital
(66)
(37)
Share of profit of equity-accounted
investees
-
-
Non-recurring income and expenses
impacting cash
(40)
(46)
Non-cash items
5
5
IFRS 16 leases payments
(77)
(76)
Operational Free Cash-Flow
(49)
(110)
Tax received/(paid)
(9)
(14)
Free Cash-Flow
(58)
(124)
Appendix 7: Consolidated financial statements
Consolidated Income Statement
Fiscal year ended on
September 30,
(in million euros)
2023
2022
Revenue
5,223
4,451
Purchases of raw materials and
consumables
(1,656)
(1,444)
Personnel costs
(2,773)
(2,349)
Share-based compensation expense
(6)
(3)
Other operating expenses
(491)
(472)
Taxes other than income
(92)
(78)
Depreciation, amortisation and provisions
for recurring operating items
(152)
(156)
Net amortisation of intangible assets
recognised on consolidation
(20)
(18)
Recurring operating profit/(loss) from
continuing operations
33
(69)
Share of profit of equity-accounted
investees
-
-
Recurring operating profit/(loss) from
continuing operations including share of profit of equity-accounted
investees
33
(69)
Non-recurring expenses, net
(81)
(309)
Operating loss from continuing
operations including share of profit of equity-accounted
investees
(48)
(378)
Financial expenses
(88)
(59)
Financial income
10
33
Loss from continuing operations before
income tax
(126)
(404)
Income tax
29
(36)
Net loss from continuing
operations
(97)
(440)
Net profit/(loss) from discontinued
operations
-
-
Net loss
(97)
(440)
Attributable to:
Owners of the parent
(93)
(427)
Non-controlling interests
(4)
(13)
Fiscal year ended on
September 30,
(in Euros)
2023
2022
Earnings/(loss) per share
Earnings/(loss) per share - continuing
operations
Basic
(0.45)
(2.48)
Diluted
(0.45)
(2.48)
Earnings/(loss) per share -
discontinued operations
Basic
-
-
Diluted
-
-
Total earnings/(loss) per share
Basic
(0.45)
(2.48)
Diluted
(0.45)
(2.48)
Consolidated balance sheet: assets
(in million euros)
September 30, 2023
September 30, 2022
Goodwill
1,879
1,577
Intangible assets
257
155
Property, plant and equipment
258
237
Right-of-use assets
216
193
Non-current financial assets
127
118
Fair value of derivative financial
instruments (*)
5
3
Deferred tax assets
84
69
Total non-current assets
2,826
2,352
Inventories
107
99
Trade and other receivables
975
707
Current income tax assets
12
6
Other current assets
67
57
Cash and cash equivalents (*)
45
64
Assets classified as held for sale
-
14
Total current assets
1,206
947
Total assets
4,032
3,299
(*) included in the calculation of net
financial debt
Consolidated balance sheet: equity and liabilities
(in million euros)
September 30, 2023
September 30, 2022
Share capital
3
2
Reserves and retained earnings (1)
1,032
685
Translation reserve
11
49
Equity attributable to owners of
parent
1,046
736
Non-controlling interests
(1)
(5)
Total equity
1,045
731
Long-term debt (*)
1,074
1,060
Long-term lease liabilities (*)
155
145
Fair value of derivative financial
instruments (*)
-
2
Provisions for pension and other
post-employment benefit obligations
74
59
Other long-term provisions
28
30
Other non-current liabilities
6
5
Total non-current liabilities
1,337
1,301
Trade and other payables
646
575
Due to suppliers of non-current assets
14
11
Accrued taxes and payroll costs
639
470
Current income tax liabilities
8
1
Short-term debt (*)
135
11
Short-term lease liabilities (*)
67
54
Short-term provisions
56
52
Contract liabilities
53
49
Other current liabilities
32
28
Liabilities classified as held for
sale
-
16
Total current liabilities
1,650
1,267
Total liabilities
2,987
2,568
Total equity and liabilities
4,032
3,299
Net debt
1,381
1,206
Net debt excluding fair value of
derivative financial instruments and debt issuance costs
1,393
1,217
(*) Included in the calculation of net debt (1) Without impact
on consolidated shareholders' equity, the allocation of reserves
Group share and share attributable to non-controlling interests was
subject to a correction relating to the increase in the holding
percentage of Elior North America ("Elior NA") in 2018.
Consolidated cash-flow statement
Fiscal year ended on
September 30,
(in million euros)
2023
2022
Recurring operating profit including share
of profit of equity-accounted investees
33
(69)
Amortisation and depreciation (1)
170
201
Provisions
3
(24)
Earnings before interest, taxes,
depreciation and amortisation (EBITDA)
206
108
Share of profit of equity-accounted
investees
-
-
Change in operating working capital
(66)
(37)
Non-recurring income and expenses
impacting cash
(40)
(46)
Interest and other financial expenses
paid
(73)
(49)
Tax received/(paid)
(9)
(14)
Other non-cash items
5
5
Net cash from/(used in) operating
activities - continuing operations
23
(33)
Purchases of property, plant and equipment
and intangible assets
(83)
(68)
Proceeds from sale of property, plant and
equipment and intangible assets
6
4
Purchases of financial assets
(3)
(2)
Proceeds from sale of financial assets
-
3
Acquisitions of shares in consolidated
companies, net of cash acquired
20
-
Net cash used in investing activities -
continuing operations
(60)
(63)
Proceeds from borrowings
87
152
Repayments of borrowings
(32)
(1)
Repayments of lease liabilities
(70)
(68)
Net cash from/(used in) financing
activities - continuing operations
(15)
83
Effects of exchange rate changes on
cash
(8)
12
Increase/(decrease) in net cash and
cash equivalents - continuing operations
(60)
(1)
Increase/(decrease) in net cash and
cash equivalents - discontinued operations
(1)
(3)
Net cash and cash equivalents at
beginning of period
59
63
Net cash and cash equivalents at end of
period
(2)
59
(1) Including €1 million in amortisation of advances on customer
contracts on September 30, 2023, and €2 million on September 30,
2022.
Appendix 8: Definition of alternative performance
indicators
Organic growth in consolidated revenue: as described in
Chapter 4, Section 4.2 of the Universal Registration Document,
growth in consolidated revenue expressed as a percentage and
adjusted for the impact of (i) changes in exchange rates, (ii)
changes in accounting policies and (iii) changes in scope of
consolidation.
Retention rate: percentage of revenues retained from the
previous year, adjusted for the cumulative year-on-year change in
revenues attributable to contracts or sites lost since the
beginning of the previous year.
Adjusted EBITA: recurring operating result reported
including the share of net result of equity-accounted investees
adjusted for the impact of share-based compensation expense (stock
options and performance shares granted by Group companies) and net
amortization of intangible assets recognized on consolidation.
The Group considers that this indicator best reflects the
operating performance of its businesses as it includes the
depreciation and amortization arising as a result of the capex
inherent to the Group’s business model. It is also the most
commonly used indicator in the industry and therefore permits
comparisons between the Group and its peers.
Adjusted EBITA margin: adjusted EBITA as a percentage of
consolidated revenue.
Operating free cash flow: the sum of the following items
as defined elsewhere and recorded either as individual line items
or as the sum of several individual line items in the consolidated
cash flow statement:
- EBITDA
- Net capital expenditure (i.e. amounts paid as consideration for
property, plant and equipment and intangible assets used in
operations less the proceeds received from sales of these types of
assets)
- IFRS 16 lease payments
- Change in net operating working capital
- Share of profit of equity-accounted investees
- Non-recurring income and expenses impacting cash
- Other non-cash movements
This indicator reflects cash generated by operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231121149363/en/
Press contacts Silvine Thoma –
silvine.thoma@eliorgroup.com / +33 (0)6 80 87 05 54 Investor
Contact Philippe Ronceau – philippe.ronceau@eliorgroup.com /
+33 (0)1 71 06 78 40
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