ABO-Group Annual Results for 2017

Transcription

1 ABO-Grup Annual Results fr 2017 Ghent, 30 March CET Press release / regulated infrmatin The ABO-Grup, an engineering ffice fcussing n cnstructin, envirnment and energy, has tday annunced its cnslidated financial figures fr highlights 20% sales grwth t 44 millin eur Operating prfit increases by 80% t 3 millin eur Expansin f machine capacity and drilling techniques Outlk fr 2018 Increase in turnver and prfitability Develpment f getechnlgy as grwth engine fr the grup The Sil Decree apprved in Wallnia Develpment f the Visin 2022 strategic plan 2016 in in 000 Change in 000 Change in % Sales 36,779 44,127 7, % Ttal perating incme 37,820 45,393 7, % Per share In Operating prfit befre depreciatin 3,587 5,454 1, % 0.52 Depreciatin 1,929 2, % Operating prfit 1,658 2,983 1, % Financial result % Prfit befre tax 1,449 2,496 1, % Net prfit 792 1, % % sales grwth ABO-GROUP achieved a sales grwth f 20% in % f this came frm acquisitins (twelve mnths integratin f Gemet/Gesnda in the Netherlands in 2017 versus 6 mnths in 2016, full cnslidatin f Envirmania/Translab in Belgium as frm 1/01/2017). The rganic grwth was a very strng 13.5%. 1 Including the share in the prfit f assciated cmpanies p. 1/12

2 This grwth was bradly based, as sales increased by duble digits in France, the Netherlands and Belgium. The cnstructin and infrastructure market is picking up everywhere, and many new prjects are being launched. The strngest grwth was recrded in the getechnical activities, bth in the hme markets (Gesnda in Belgium and the Netherlands, ERG Gétechnique in France) and at an internatinal level (via Ecrem, Uganda prject). In the Belgian cnsultancy activities (ABO), the grwth was mainly in the asbests and archaelgy sectrs. The energy department, Energy t zer (E20) culd als recrd very strng grwth figures, thanks t the smth implementatin f several large framewrk cntracts. The sales distributin is brken dwn as fllws: 2016 in in 000 Change in 000 Change in % % f Sales France 16,545 19,205 2, % 43.5% Belgium 14,354 16,542 2, % 37.5% The Netherlands 5,880 8,380 2, % 19.0% Sales 36,779 44,127 7, % 100% 80% increase in perating prfit The higher activity level translates int increasing perating csts (38% increase in prject-related purchases, 19% increase in services and varius gds). Persnnel csts, the largest cst item in a cnsultancy firm, increased by 11%. Operating prfit befre depreciatin amunts t 5.45 millin eur (0.52 eur/share), an increase f 52%. The strng imprvement is due t imprved peratinal perfrmance in Belgium and France. In France, the getechnical department in particular generated prfit grwth. In Belgium, Envirmania/Translab and E20 culd translate their sales grwth int a significantly increased prfitability. The lsses in the internatinal department were further reduced. The Netherlands firmly pted fr recruitment and expansin, resulting in an increase in perating prfit. This cmpensated fr the disappearance f nn-recurring elements, which meant that the year-n-year cntributin remained the same. As a result f the grup s cntinuus investment prgramme fr the replacement and expansin f the machine park in recent years, depreciatins have increased significantly (+542k eur t 2.47 millin eur, +28.1%). In 2017, new equipment wrth mre than 2 millin eur was purchased fr the fieldwrk cmpanies. The grup is investing in capacity expansin, but als in new techniques. The park f multifunctinal machines, in cmbinatin with a variety f drilling techniques, ensures the prvisin f a unique prduct range fr the custmer. The perating prfit increased by 1.3 millin eur, frm 1.7 millin eur t 3 millin eur (+80%). p. 2/12

3 The financial result decreased, mainly due t the inclusin f the financing expenses fr Envirmania/Translab, as well as exchange rate lsses n the dllar. The acquisitin f Esher (47.6% stake, with the ptin f purchasing the remaining shares), which was annunced at the end f last year, made a small psitive cntributin f 28k eur. The sharehlding in Binergy Meer was sld at the end f 2017, which resulted in a ne-ff prfit f 98k eur. The crprate tax refrm in Belgium (the s-called summer agreement ) had a very significant, neff negative impact n the deferred tax assets that were built up in the past. The lwer rates are, f curse, favurable with regard t the future, but are currently causing an impairment f already anticipated and bked recverable lsses. In additin, the Bard has pted fr a cnservative apprach in its assessment. The refrm has a psitive impact n deferred tax liabilities. This is nt absrbed in the prfit and lss accunt, hwever, but in the cnslidated full perid result. Net prfit increased by 38% frm 792k eur t 1.1 millin eur (0.10 eur per share). The balance sheet ttal increased frm 37.3 t 40.8 millin eur. On the asset side, the main changes are the increase in gdwill and intangible fixed assets (as a direct result f the full cnslidatin f Envirmania/Translab and the assciated allcatin f the purchase price), trade receivables (as a result f the increased activity) and the realisatin f the assets held fr sale (thrugh the sale f Binergy Meer). On the liabilities side, the financial debts increase, mainly as a result f the leasing f new equipment, the inclusin f financing fr the wrking capital and the debt related t Envirmania/Translab fllwing the full cnslidatin. The ttal sharehlders equity increased t 13.7 millin eur, resulting in an equity rati f 33.6%. The full set f figures (cnslidated prfit and lss accunt, balance sheet, cash flw statement and changes in equity statement) is included as an annex t this publicatin. Outlk fr 2018 Increase in turnver and prfitability ABO-Grup aims t further expand its envirnmental and energy cnsultatin, and its engineering and testing activities bth in the three hme cuntries (Belgium, the Netherlands, France), and in a number f specific internatinal grwth markets (with a strng emphasis n Sutheast Asia and Africa). The grup is cntinuing its strategy and psitining as a Eurpean player with internatinal ambitins. The ABO-Grup fcuses n internal rganic grwth by recruiting experts fr setting up and develping new peratins. Varius new activities, as well as new ffices, were launched in We anticipate that these initiatives will supprt the turnver and prfitability in In additin, the grup als seeks t further strengthen its psitin in the hme cuntries thrugh acquisitins. In 2017, the participatin in Envirmania/Translab was raised t 74.4%. A 47.6% stake in the Ghent engineering ffice Esher was prcured at the end f The psitive effect f the transactins that were realised in recent years is clearly nticeable. The grup aims t cntinue this prcess, and will als actively mnitr the acquisitin market and seek t capitalise n several pprtunities in In additin t the dssiers in prgress in the hme cuntries, the gegraphical expansin within Eurpe is als envisaged. p. 3/12

4 The grup adheres t its bjective f duble-digit grwth thrugh a mix f rganic and acquisitive grwth. Fr 2018, this means in cncrete terms an bjective f 50 millin eur turnver, with an anticipated perating margin fr depreciatin abve 10%. Develpment f getechnlgy as grwth engine fr the grup Getechnlgy represents the largest activity f the grup. Active investments are being made in rder t be able t ptimally benefit frm the crss-fertilisatin between the different getechnical departments (fieldwrk and cnsultancy). The exchange f knwledge and equipment between the hme cuntries is encuraged. Cntacts are established with internatinal custmers, in rder t be able t prvide them with similar high-quality services in different markets. The grup is actively lking frward t the launch f getechnical labratry activities in Belgium, inspired by the knwledge and experience built up in France. In Belgium, Gesnda wn several larger framewrk cntracts that supprt the further expansin f the getechnical activities. The Sil Decree apprved in Wallnia The Walln Parliament apprved a new legislative framewrk fr sil management ( Décret sls ) n 28 February As a result, an adapted legislative framewrk fr the develpment, use and remediatin f the sil is being implemented in Wallnia. ABO expects that this will generate an upward mmentum fr the sectr. The decree will take effect at the latest n 1 January Develpment f the Visin 2022 strategic plan The Bard f Directrs f the grup is reviewing the develpment f a strategic 5-year plan, in cnsultatin with the management. It is expected that this will take cncrete shape befre the summer f ABO-GROUP cntinues t reslutely pt fr further grwth, thrugh the expansin f the prduct range and the pening f additinal ffices, as well as the active mnitring f acquisitin files. The mandates f all the directrs and the statutry auditr will expire at the General Meeting this year. Based n the advice f the Audit Cmmittee, the Bard prpses t reappint EY as the statutry auditr fr the grup fr a perid f 3 years. The full agenda and cnvcatin t the meeting will be sent ut at the end f April. Financial calendar 27/04/2018: Publicatin f the 2017 annual reprt and cnvcatin t the General Meeting 30/05/2018: General Meeting 14/09/2018: Figures fr the first half f 2018 p. 4/12

5 Statement f the statutry auditr The auditr f ABO-Grup Envirnment NV, EY Bedrijfsrevisren BCVBA, represented by Marnix Van Dren, has cnfirmed that his audit review, which was thrughly cmpleted, has nt revealed any significant crrectins that wuld require an adjustment t the 2017 cnslidated figures fr the Grup, which are included in this press release. Abut the ABO-Grup The ABO-Grup is a listed cmpany specialising in cnsultancy, testing & engineering, and fcussing specifically n cnstructin, envirnment and energy. The ABO-Grup perates in its three hme markets (Belgium, the Netherlands and France), as well as in the internatinal market, and guarantees a sustainable slutin t its custmers. Fr a mre detailed descriptin f the activities f the grup, please cnsult the ABO-Grup website ( Fr mre infrmatin: Frank De Palmenaer CEO ABO-Grup Envirnment NV frank.depalmenaer@ab-grup.eu T +32 (0) Jhan Reybreck CFO ABO-Grup Envirnment NV jhan.reybreck@ab-grup.eu Derbystraat 255, Maaltecenter Blk G, B-9051 Ghent (SDW), Belgium This press release is available n ur website p. 5/12

6 ANNEX: CONSOLIDATED FINANCIAL FIGURES Cnslidated prfit and lss accunt Fr the year ending n 31 December % In thusands f Sales 44,127 36,779 7,348 20% Other perating incme 1,266 1, % Ttal perating incme 45,393 37,820 7,573 20% Purchases -5,787-4,205 1, % Services and miscellaneus gds -14,580-12,278 2, % Emplyee remuneratins -18,831-16,966 1, % Depreciatin -2,471-1, % Other perating expenses % Operating prfit 2,983 1,658 1, % Financial charges % Financial incme % Share in the prfit f assciated cmpanies % Pre-tax prfit frm nging peratins 2,496 1,449 1, % Tax -1, % Net prfit frm cntinuing peratins % Prfit frm discntinued peratins, after tax Net prfit 1, % Net prfit (lss) attributable t the sharehlders f the parent cmpany 1, Minrity interests p. 6/12

7 Fr the year ending n 31 December Prfit (lss) per share fr the sharehlders Basic and diluted 0,10 0,08 Prfit (lss) per share (cntinuing peratins) Basic and diluted 0,09 0,08 Prfit (lss) per share (discntinued peratins) Basic and diluted 0,01-0,00 Weighted average shares (basic earnings per share)(in.000) 10,569 10,569 Weighted average shares with impact frm dilutin (in.000) 10,569 10,569 Cnslidated verview f the full perid result Fr the year ending n 31 December In thusands f Net prfit 1, Unrealised results Transferable t the prfit and lss accunt Revaluatin f buildings - - Tax impact Change in fair value f financial assets available fr sale Tax impact - - Nn-transferable t the prfit and lss accunt Actuarial prfits (lsses) Tax impact Unrealised results, after tax Ttal result, after tax 1, Ttal result, attributable t the sharehlders f the parent cmpany 1, Minrity interests p. 7/12

8 Cnslidated balance sheet Assets Fr the year ending n 31 December In thusands f Fixed assets Gdwill Intangible fixed assets 1,817 1,014 Tangible fixed assets 13,408 12,970 Investments in assciated cmpanies Deferred tax assets 1,011 1,849 Financial assets available fr sale Other financial assets ,934 16,637 Shrt-term assets Stcks Trade receivables 17,913 14,157 Other shrt-term assets 891 1,911 Cash and cash equivalents 3,525 2,934 22,867 19,471 Assets held fr sale - 1,225 Ttal assets 40,801 37,333 p. 8/12

9 Sharehlders' equity and payables Fr the year ending n 31 December In thusands f Net sharehlders' equity Capital 4,857 4,857 Cnslidated reserves 6,074 4,958 Unrealised results 1,591 1,516 Equity attributable t the sharehlders f the grup 12,522 11,331 Minrity interests 1, Ttal equity 13,725 12,310 Lng-term liabilities Financial debts 4,290 3,401 Deferred tax liabilities 1,114 1,294 Prvisins ,258 5,498 Current liabilities Financial debts 7,134 5,104 Trade payables 6,596 6,065 Tax liabilities Other shrt-term debts 6,299 6,930 20,818 18,229 Payables related t assets held fr sale - 1,296 Ttal sharehlders' equity and payables 40,801 37,333 p. 9/12

10 Cnslidated cash flw statement Operating activities Fr the year ending n 31 December In thusands f Net prfit 1, Nn-cash csts and perating adjustments Depreciatin f tangible fixed assets 2,245 1,816 Depreciatin f intangible fixed assets Capital gain n revaluatin f an existing stake after acquisitin f a cntrlling stake Prfit n the sale f tangible fixed assets Prfit n the sale f financial fixed assets Mvements in prvisins Mvements in impairments n custmers Financial incme Financial charges Badwill arising frm business cmbinatins Share in the prfit f assciated cmpanies Deferred incme tax expenses (incme) Tax expenses Changes t the wrking capital Decrease (increase) in ther financial assets, trade receivables and ther shrt-term assets -2, Decrease (increase) in stcks Increase (decrease) in trade payables and ther debts ,136 3,114 Interest received Tax paid Net cash flw frm perating activities 1,751 2,597 p. 10/12

11 Investment activities Investments in tangible fixed assets ,363 Investments in intangible fixed assets Sales f tangible fixed assets Acquisitin f subsidiary Lan t assciated cmpany Investments in assciated cmpanies Sale f financial fixed assets available fr sale Sale f subsidiary Net cash flw frm (used in) investment activities ,572 Financing activities Incme frm lans 4,906 3,763 Repayment f lans -4,104-3,280 Repayment f leasing debts Interest paid Other financial incme (csts) Dividend paid t minrity stake Net cash flw frm financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning f the year 2,994 2,499 Cash and cash equivalents at the end f the year 3,525 2,994 Other nn-cash transactins Financial leasing -2,118-1,015 Financial resurces assets held fr sale - 60 p. 11/12

12 Cnslidated statement f changes in equity Attributable t the sharehlders f the grup Capital Cnslida ted reserves Unrealised results Ttal Minrity interest Ttal equity In thusands f On 01 January ,857 4,032 1,676 10, ,116 Net prfit Unrealised results Ttal results Acquisitin Gesnda BV (minrity interest) Cntributin Grbergh (minrity stake) Acquisitin Sialtech (minrity interest) Transfer f depreciatin f tangible fixed assets On 31 December ,857 4,958 1,516 11, ,310 Net prfit - 1,027-1, ,093 Unrealised results Ttal results 1, , ,265 Acquisitin Envirmania/Translab Capital increase Envirmania/Translab Transfer f depreciatin f tangible fixed assets Dividend t minrity stake On 31 December ,857 6,074 1,591 12,522 1,203 13,725 p. 12/12