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					                                              PRESS RELEASE




       Assystem: first half 2008 operating profit up 77% at 20.9 million euros

            Net income: up 151% at 13.8 million euros
            Operating income objective for 2008: in the range of 39 to 43 million euros

Paris, August 7, 2008 - Assystem S.A. (ISIN: FR0000074148 - ASY), a leading company in Innovation
Engineering and Consultancy, today reported results for the first half year ended June 30, 2008.
In millions of euros                                                          H1 2008       H1 2007     Change (%)
                                        Key items of income statement
Revenue                                                                  336.5                 324.1          +3.8%
Current operating profit                                                   20.9                 11.8         +77.1%
Operating profit                                                           20.9                 11.8         +77.1%
Operating margin                                                        6.2%                  3.6%
Profit for the period from continuing operations                           13.9                  5.7         +144%
Profit for the period attributable to shareholders of Assystem SA          13.8                  5.5         +151%
                                       Key items of cash flow statement
Operating free cash flow1                                                   0.1                   3.1
                                         Key items of balance sheet
Net debt 2                                                                 40.8                 69.8         -41.5%
Shareholders’ Equity                                                     143.0                 137.0          +4.4%
                                           Per share data (in euros)
Non diluted earnings per share                                             0.69                 0.26         +165%
Diluted earnings per share                                                 0.68                 0.25         +172%


Commenting on the performance for the 1st half 2008, Dominique Louis, Chairman of the Management
Board, said: “This first semester rewards the efforts undertaken since 2006 in order to improve our
performance, in particular in France where we suffered a lot. Notwithstanding, we still have significant
margin for improvement in France as well as in our international operations. The favourable mid-term
and long-term outlook in the Aerospace and Energy industries, which account for almost 60% of our
activities, allows us to look at the future with confidence.”




1
    Net cash flow from operating activities minus capital expenditure, net of disposals.
2
    Long-term and short-term financial debt minus cash and cash equivalents and fair value of interest rate hedging
    derivative instruments in relation with convertible bonds.

                                                                                                               1/10
    Detailed review of the Group’s H1 2008 income statement3
Revenue by region

In millions of euros                           H1 2008                H1 2007           Organic growth
                                                                                             (%)
France                                            241.1                   222.1                    +9.0%
International                                      95.4                   102.0                    -2.4%
Total                                             336.5                   324.1                    +5.4%
In the first half 2008, organic growth was 5.4% owing to sustained growth in France (up 9.0%). With
regards to international operations, lower revenue in Germany (down 7.6%) and in the United
Kingdom (down 10.1%) is partly compensated by strong growth in Southern Europe (up 29.0%).

In the second quarter, organic growth was 5.8%: up 7.2% in France and up 2.7% at international with
marked improvement in Germany (down 0.6%) and in the United Kingdom (down 0.9%) compared
with the first quarter.



Contribution to operating profit by region:
In millions of euros                           H1 2008                H1 2007                  Change (%)
France                                             18.8                   11.2                  +67.9%
International                                       5.9                    7.4                  -20.2%
One-off items                                       2.2                  (1.3)
Corporate overheads & others                      (6.0)                  (5.5)                    +9.1%
Total                                              20.9                   11.8                   +77.1%
In France, the contribution margin4 rose from 5.0% in the first half 2007 to 7.8% in the first half
2008. As far as international operations are concerned, the contribution margin fell from 7.4% in
the first half 2007 to 6.2% in the first half 2008, impacted by lower revenue in Germany and in the
United Kingdom.



Other information related to the income statement
One-off items (profit of 2.2 million euros) are related to the two office rationalisation projects5.
Net financial result6 was -1.9 million euros, improving by 34.5% year-on-year.
Given an effective tax rate of 28.4%, profit for the period attributable to shareholders of Assystem SA
posted a 2.5-fold increase at 13.8 million euros.




3
  All comments related to revenue variations are stated on a comparable structure and constant exchange rates basis.
4
  Defined as operating profit before one-off items and corporate overheads & others as a percentage of revenue.
5
  These items are included in the current operating profit in line with AMF recommendations.
6
  Comprises net borrowing costs and other financial income and expenses.

                                                                                                             2/10
        Review of Strategic Business Units performance3
Four SBUs7 (accounting for 53% of revenue) posted strong growth in revenue and contribution to
operating profit:
       Facilities (organic growth : +17.8%) and Infrastructures/Process/Energy8 (+15.2%) took
        advantage of strong demand in the Energy industry, in particular in the Nuclear sector ;
       Industry/Naval/Defence rose 16.5% despite slightly lower revenue in the Naval/Defence
        sector ;
       Automobile (up 13.5%) benefited, in the first half, from a favourable momentum and from
        substantial productivity improvement, in an environment that remains challenging ;
Aeronautics and Space (accounting for 26% of Group revenue): as the SBU’s clients are in transition
between two large programs, revenue and contribution to operating profit were lower in international
operations but showed good resilience in France.
Technologies (accounting for 20% of Group revenue): progressively improves its overall
performance, but its growth and profitability in France remains below industry benchmark.
Group headcount amounted to 9,174 workers at June 30, 2008, showing an increase of 237 compared
with December 31, 2007.
        Balance sheet and cash flow
Net debt rose by 13.6 million euros compared with December 31, 2007, given the distribution of
dividends (7.6 million euros) and net cash flow invested in the share buy-back (5.9 million euros).
Operating free cash flow was 0.1 million euros in the first half 2008: change in working capital
requirement represented a net outflow of 15.0 million euros due to the seasonality and organic
growth. The Group kept good control over the working capital requirement which represented 42 days
of revenue at June 30, 2008, compared with 53 days a year ago.

At June 30, 2008, the financial structure is therefore very robust:
       Current available net cash9 amounts to 63.3 million euros.
       Net debt was 40.8 million euros.
Compared with June 30, 2007, net debt decreased by 29.0 million euros. Thus, balance sheet ratios
substantially improved:
       Net debt to equity was 29% at June 30, 2008, compared with 51% at June 30, 2007.
       Net debt to EBITDA10 was 0.72 at June 30, 2008, compared with 1.52 at June 30, 2007.
In July 2008, the Group completed the refinancing of its debt with 4 banks (Société Générale, Banque
Scalbert Dupont - CIN, LCL, Calyon) by issuing a 65 million euros bond11 with redeemable share
acquisition or subscription warrants and by renegotiating its credit facility. Thanks to these
operations, the Group reduced the cost of its debt, extended its average maturity (to 4.7 years), and
increased its borrowing capacity by 20% to 146 million euros. The financial debt is composed of:
       2005 bond: 26 million euros, maturity date: march 2011.
       2008 bond: 65 million euros, to be amortised from December 2011 to December 2013.
       Syndicated revolving credit facility: 55 million euros, maturity date: December 2013.

7
  Strategic Business Unit
8
  Combination of Nuclear & Energy with Life Sciences
9
  Cash and cash equivalents, net of current financial debt.
10
   EBITDA is defined as operating profit + depreciation + net provisions. The net debt to EBITDA ratio is based on
12-month rolling EBITDA.
11
   Cf. press release dated June 17, 2008, and information memorandum registered with the French Autorité des
marchés financiers on June 13, 2008 under number 08-128.

                                                                                                           3/10
After implementation of fixed interest rate hedging, the bonds average cost of debt will be 3.31%
until maturity date.
The 3.25 million redeemable share acquisition or subscription warrants issued in July 2008 with the
bonds have a strike price of €11.1 and an exercise period spanning from July 12, 2010 to July 9, 2015.
They were acquired at the unitary price of 1.4 euro by:
       Dominique Louis/HDL/H2DA/CEFID: 2,150,923 redeemable share warrants.
       30 top managers: 917,527 redeemable share warrants.
       Holders of preferential subscription rights: 181,550 redeemable share warrants.


   Outlook
The Group is confident it will meet its 2008 operating income objective in the range of 39 to 43
million euros.

   Financial calendar
November 6, 2008, after market close: financial report for the quarter ended September 30, 2008.




                                                                                                   4/10
APPENDICES

Information on Capital at June 30, 200812

Number of shares
Ordinary shares outstanding                                            22,040,912
Treasury shares                                                         2,061,861
Number of redeemable subscription warrants 201213                         559,937             strike price: 10.15€
Number of redeemable subscription warrants 201314                       4,892,734             strike price: 35.00€
Stock options related to stock options subscription plans15               391,376      Of which 119,777 are in the
                                                                                                         money 16
Stock options related to stock options purchase plans 17                   210,660     Of which 114,287 are in the
                                                                                                          money16
Stock awards and performance stock awards                                  283,300
Number of share used for EPS calculation18:
Basic weighted average number of shares                                20,030,580
Diluted weighted average number of shares                              20,366,618

Share ownership structure at June 9, 2008 19

In percentage                                                                        Economic             Voting
                                                                                      rights              rights20
Dominique Louis / HDL / H2DA21 / CEFID22                                                  24.9               32.3
Caisse des Dépôts et Consignations                                                        16.0               15.8
Members of the Supervisory board and of the Management board                               1.9                 2.0
Employees Saving Scheme                                                                    1.0                 2.0
Free Float (including employees)                                                          47.0               47.9
Treasury Stock                                                                             9.2                 0.0

Assystem is a European-scale company and leader in the sphere of Innovation Engineering and Consultancy. The
group focuses its activities on the application of technologies in innovative products, production processes and
infrastructures. Assystem has a workforce of close to 9,200 workers and conducts almost 30% of its business
outside France (in 13 countries).


                   Assystem S.A. – EuronextParis - Code ISIN: FR0000074148

                 Contact for analysts and investors: Jean-François Lours. Tel: +33 1 55 65 03 10
                                                  www.assystem.com
                             Contact for media: Cyril Levy-Pey. RLPV Conseil
              Tél : +33 1 42 70 31 29 - Port : +33 6 08 46 41 41 - Email : levy-pey@rlpv.com


12
   Data in this table does not reflect the redeemable share acquisition or subscription warrants issued in July 2008.
13
   Parity: 1.13, Maturity date: March 31, 2012, Enforcement call starting date: January 31, 2009, Enforcement call
price: €17.5.
14
   Parity: 1.0, Maturity date: July 31, 2013, Enforcement call starting date: July 31, 2010, Enforcement call price:
€52.5.
15
   With strike price comprised between €7.47 and €13.19.
16
   At the July 31, 2008 closing share price: €9.04.
17
   With strike price comprised between €6.85 and €11.77.
18
   Under the treasury stock method (IAS 33) given average share price of €9.25.
19
   Based on information brought to the knowledge of the Company.
20
   Excluding treasury shares.
21
   Held by HDL (69.8%) and certain members of the Management Board.
22
   Held by HDL, Dominique Louis and Michel Combes.

                                                                                                               5/10
                                        Consolidated balance sheet
In millions of euros


Assets                                                      30/06/08 31/12/07 30/06/07


Goodwill                                                         83,6        84,7     85,8
Intangible assets                                                12,9        13,7     12,8
Property, plant and equipment                                    16,4        14,7     13,0
Investment properties                                             0,7         0,7      0,7
Investments in associates                                         3,4         3,9      6,2
Available-for-sale assets                                         0,2         0,2      0,5
Other non-current financial assets                                4,7         5,3      5,7
Deferred tax assets                                               1,1         1,2      1,2


Total non-current-assets                                       123,0       124,4    125,9

Trade receivables                                               263,4       250,8    273,9
Other receivables                                                96,3        67,3     29,6
Corporate income tax receivables                                  1,6         7,3      6,2
Other current financial and derivative assets                     4,3         3,5      5,0
Cash and cash equivalent                                         69,2        92,0     56,9


Total current assets                                           434,8       420,9    371,6

TOTAL ASSETS                                                   557,8       545,3    497,5


Equity and Liabilities                                      30/06/08 31/12/07 30/06/07


Share capital                                                    22,0        21,9     21,7
Share premiums                                                   80,5        79,9     79,0
Consolidated reserves                                            26,6        22,0     30,8
Profit for the period                                            13,9        18,0      5,5


Consolidated equity                                            143,0       141,8    137,0

Bond loans                                                       76,4        76,3     76,1
Other non-current financial and derivative liabilities           27,7        26,0     34,7
Provisions                                                        1,2         1,8      1,1
Employee benefits                                                10,1        10,4     10,0
Other non currents liabilities
Deferred tax liabilities                                             5,9      1,6      2,0


Non-current liabilities                                        121,3       116,1    123,9

Other current financial and derivative liabilities               10,2        20,4     20,5
Provisions                                                        9,9        11,5     12,1
Trade payables and related accounts                              35,7        41,3     38,9
Corporate income tax liability                                    1,0         9,4      1,9
Other current liabilities                                       236,7       204,8    163,2


Current liabilities                                            293,5       287,4    236,6

TOTAL EQUITY AND LIABILITIES                                   557,8       545,3    497,5


                                                                                        6/10
                                  Consolidated income statement
In millions of euros


                                                                                30/06/08     30/06/07      30/06/06



Revenue                                                                            336,5        324,1            315,1

Employee costs                                                                     (245,0)      (231,5)          (223,4)
Taxes and duties other than income tax                                               (3,4)        (4,0)            (3,9)
Amortization, depreciation and provision expense                                     (5,8)       (10,9)            (5,4)
Other operating revenue and expense                                                 (61,4)       (65,9)           (71,2)

Operating profit                                                                    20,9         11,8             11,2

Share in profit of associates                                                         0,3          0,1              0,1

Net borrowing costs                                                                  (1,3)        (1,8)            (1,6)
Other financial revenue and expense                                                  (0,6)        (1,1)            (0,6)


Profit for the period from continuing operations before tax                         19,3           9,0              9,1

Income tax expense                                                                   (5,4)        (3,3)            (3,6)


Profit for the period from continuing operations                                    13,9           5,7              5,5

Profit for the period from discontinued operations                                   (0,1)        (0,2)             1,2

Consolidated profit for the period                                                  13,8           5,5              6,7

Attributable :

                                                            To Assystem SA           13,8          5,5               6,8
                                                        To minority interests                                      (0,1)

                                                           In euros
Basic earnings per share                                                             0,69         0,26             0,37
Diluted earnings per share                                                           0,68         0,25             0,31

Basic earnings per share from continuing operations                                  0,69         0,27             0,30
Diluted earnings per share from continuing operations                                0,68         0,26             0,25

Basic earnings per share from discontinued operations                              -0,005         -0,01            0,07
Diluted earnings per share from discontinued operations                            -0,005         -0,01            0,05




                                                                                                          7/10
             Statement of income and expense recognized for the period
In millions of euros


                                                       30/06/08    30/06/07    30/06/06




Consolidated profit for period                             13,8         5,5            6,7

Actuarial gains and losses on retirement commitments        0,2          1,2            0,7
Tax effect                                                             (0,4)          (0,2)

Gains and losses on financial hedging instruments            0,8         1,5            2,4
Tax effect                                                 (0,3)       (0,5)          (0,8)

Unrealized exchange gains and losses                       (2,2)        0,3           (0,4)

Equity instruments issuance expenses                       (0,1)
Tax effect


Total period income and expenses recognized                -1,6         2,1            1,7
directly in equity

Total income and expenses recognized for the period        12,2         7,6            8,4




                                                                               8/10
                              Consolidated statement of cash flows
In millions of euros


                                                             30/06/08 30/06/07 30/06/06

OPERATIONS

Profit for the period from continuing operations                   13,9      5,7       5,5
Elimination of non-cash and non-operating transactions             10,8     15,0       8,7
Change in working capital requirement                            (14,7)    (9,8)    (13,9)
Income tax expense                                                (2,8)    (1,4)     (7,5)


Net cash flow from operating activities                            7,2     9,5      (7,2)

INVESTING ACTIVITIES

Non-current assets acquisitions                                   (7,1)    (6,7)     (5,6)
Non-current assets disposals                                                 0,3       0,2
                                                                  (7,1)    (6,4)     (5,4)

Securities purchases                                                       (0,1)     (7,4)
Securities disposals                                                                   1,8
                                                                           (0,1)     (5,6)

Loans to companies classified as available-for-sale assets         0,2     (0,2)     (0,3)
Loans repaid by companies classified as available-for-sale
assets                                                                      0,1
Dividends received                                                 0,7


Net cash flow from investing activities                         (6,2)     (6,6)    (11,3)

FINANCING ACTIVITIES

Proceeds from bonds issues and other borrowings                              4,4
Bond repayments                                                   (3,8)    (1,1)     (1,0)
Interest paid                                                     (2,2)    (2,2)     (1,7)
Dividends paid to shareholders of parent company                  (7,6)
Capital increases                                                   0,8               0,3
Purchase and disposal of treasury shares                          (5,9)     0,1       1,0


Net cash flow from financing activities                        (18,7)      1,2      (1,4)

Variation in cash from continuing operations                   (17,7)      4,1     (19,9)

Cash at beginning of period                                      80,4     37,2      43,7

Discontinued operations:
Net cash flow from operating activities                           (0,1)    (0,6)      0,6
Net cash flow from investing activities                                               1,1
Net cash flow from financing activities                                               0,3
Variation in cash from discontinued operations                  (0,1)     (0,6)       2,0
Effect of non-cash items and exchange rate fluctuations            0,5      0,3       0,3
Variation in cash from continuing operations                   (17,7)      4,1     (19,9)

Cash at end of period                                            63,1     41,0      26,1


                                                                                             9/10
                                                          Statement of changes in consolidated equity
In millions of euros
                                                                    Capital      Share Gains and losses Undistributed    Equity    Minority Consolidated
                                                                              premiums      recognized       retained    Group    interests       equity
                                                                                             directly in    earnings      share
                                                                                                 equity

Equity on January 1, 2006                                             19,0        79,8              0,7          34,5    134,0           -        134,0
Changes in accounting policies and correction of errors
Dividends distributed                                                                                            (6,4)    (6,4)                    (6,4)
Capital increases for cash                                              0,1         0,2                                     0,3                      0,3
Capital increases for business combinations
Capital reduction
Share-based payment and free share allotments
Transactions on treasury shares (net of tax)                                                                      0,9      0,9                      0,9
Total gains and losses recognised for the period                                                    1,7           6,7      8,4                      8,4
Equity on June 30, 2006                                               19,1        80,0              2,4          35,7    137,2           -        137,2

Equity on January 1, 2007                                             21,7        79,0            (0,6)          31,0    131,1           -        131,1
Changes in accounting policies and correction of errors
Dividends distributed                                                                                            (2,1)    (2,1)                    (2,1)
Capital increases for cash
Capital increases for business combinations
Capital reduction
Share-based payment and free share allotments                                                                     0,2      0,2                      0,2
Transactions on treasury shares (net of tax)                                                                      0,2      0,2                      0,2
Total gains and losses recognised for the period                                                    2,1           5,5      7,6                      7,6
Equity on June 30, 2007                                               21,7        79,0              1,5          34,8    137,0           -        137,0

Equity on January 1, 2008                                             21,9        79,9            (1,5)          41,5    141,8           -        141,8
Changes in accounting policies and correction of errors
Dividends distributed                                                                                            (7,6)    (7,6)                    (7,6)
Capital increases for cash                                              0,2         0,6                                     0,8                      0,8
Capital increases for business combinations
Capital reduction
Share-based payment and free share allotments                                                                      0,5      0,5                      0,5
Transactions on treasury shares (net of tax)                                                                     (4,7)    (4,7)                    (4,7)
Total gains and losses recognised for the period                                                   12,2                    12,2                     12,2
Equity on June 30, 2008                                               22,1        80,5             10,7          29,7    143,0           -        143,0



                                                                                                  10/10

				
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