Résultats annuels 2014 - Assystem · 2019-02-06 · 1 3 1 12.0 0.1 (1.8) 21.8 Incometaxexpense...

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INVESTOR PRESENTATION

PHILIPPE CHEVALLIER – CFO & Deputy CEO

Natixis Mid Caps Conference - 2017

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Disclaimer

INVESTOR PRESENTATION - NATIXIS MID CAPS CONFERENCE

This presentation includes forward-looking statements, which, by their very nature, involve inherent risks and uncertainties. Thesestatements concern future financial performance and other risks relating to Assystem's results, levels of business, performance, andobjectives.

Actual results could therefore differ significantly from those currently anticipated. Assystem considers that such statements are basedon reasonable assumptions, but cannot and does not give any assurance that future results, levels of business, performance orachievements will be consistent with those statements.

The above-mentioned risks include: trends in Assystem's markets; increased competition in these markets; the profitability ofAssystem's expansion strategy; challenges to or loss of its intellectual property rights; its ability to establish and maintain strategicrelationships in its major businesses; its ability to develop and take advantage of new software and services; and the effect of futureacquisitions and investments on the Assystem share price.

Due to the uncertain nature of these forward-looking statements, the reader is advised that they do not constitute a guarantee bythe Company or by any other person as to the achievement of Assystem's goals and projects. Neither the Company nor any otherperson assumes any liability for the accuracy or completeness of these statements, which apply solely to this presentation.

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ASSYSTEM IN 2017: STRATEGIC RECONFIGURATION

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Strategic movements in 2017

Creation of Assystem Technologies60.8% owned by Ardian and 39.2% by AssystemObjectives: speed up the expansion of GPS and participate to value creation

Completed: 28 September 2017

Acquisition of a 5% stake in New Areva NPObjectives: strengthen Assystem’s existing partnerships with EDF and other nuclear players and capitalise on attractive investment conditions

Planned completion date: Q4 2017

Launch of a share buyback offer Objective: allocate to the Company’s shareholders a portion of the proceeds from the transfer of control of GPS

AMF visa no. 17-570 obtained on 31 October 2017

STRATEGIC RECONFIGURATION

Transfer of control of GPS

New Areva NP project

Share buyback offer

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Characteristics of the planned share buyback offer(1)STRATEGIC RECONFIGURATION

(1) Subject to approval of the corresponding resolutions at the Extraordinary General Meeting of 22 November 2017.

(2) Representing a premium of 18.3% on the closing Assystem share price at 16 October, and premiums of 14.6% and 19.2% compared with the

volume-weighted average share prices as recorded over the one- and 12-month periods, respectively, preceding 17 October 2017.

The offer covers (3) 27% of the total number of shares making up Assystem’s capital (22,218,216 shares) and 28.35% of the Assystem shares currently outstanding (i.e. after deducting the 1,057,572 shares held in treasury).

Price per share: €37.50(2)

Maximum number of shares involved: 6,000,000 representing 28.35% of the Company’s outstanding shares(3)

and a maximum €225m

Offer period: from 24 November to 14 December (settlement-delivery on 22 December 2017)

Followed by the cancellation of the shares bought back plus 550,000 shares already held in treasury

HDL Development intends to tender to the offer a number of shares that would enable it to retain the same ownership interest in the Company in terms of the percentage of outstanding Assystem shares held

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100%

5% 39%

The new Assystem

STRATEGIC RECONFIGURATION

ENERGY

& INFRASTRUCTURENEW AREVA NP ASSYSTEM

TECHNOLOGIES

accounted for by the equity method

STAFFING

100%

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ASSYSTEM ENERGY & INFRASTRUCTURE:

A NEW GROWTH PROFILE

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Assystem Energy & Infrastructure at a glance

Over 50 years ‘ experience

International presence

€316m in revenue in 2016

Independent engineering specialist focused on:

Partnering public authorities, operators and industrialists in managing and engineering their capital expenditure projects

Complex projects subject to significant safety and regulatory constraints

Mastering state-of-the-art engineering digital tools

Revenue by sector

58%

14%10%

7%4%4%

NUCLEAR ENERGY BUILDING

INFRA

LIFE

SCIENCES

OIL

& GAS

INDUSTRY

3%

OTHER

• Belgium

• France • India• Malaysia

• Morocco

• Nigeria

• Qatar• Romania• Russia

• Saudi Arabia

• Singapore

• Switzerland• Turkey• United Arab

Emirates• United Kingdom

ASSYSTEM E&I: A NEW GROWTH PROFILE

4,000 employees

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A targeted strategy

Nuclear – the strategic cornerstone:

Deep offering for nuclear engineering

Strong international positioning

High demand for nuclear engineering: need for maintenance, construction of new nuclear power plants, and dismantling operations

Capitalise on this expertise to target

high-growth sectors:

Life Sciences and Transport

New projects and management of existing infrastructure


1010

The growing demand for electricity and digitisation are major challenges for our clients in the fields of:

EnergyProduction and

transport

Infrastructure Everyday life

and work

Mobility

Assystem offers three service lines:

By drawing on two dedicated cross-business technical supports:

EngineeringOperating performance Safety and security

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Project managementand Critical systems integration and

maintenance

Assystem: a vector for the digital and energy revolutions


1111

Our strengths

50 YEARS’ EXPERIENCE

IN COMMISSIONING AND MAINTAINING NUCLEAR POWER

PLANTS IN FRANCE AND THE UK

GUARANTEED DELIVERYWITH SCHEDULES AND BUDGETS RESPECTED

LONG-STANDING EXPERIENCE IN MANAGING

COMPLEX PROJECTS AND SAFETY & CONTROL SYSTEMS

TECHNOLOGICAL

INDEPENDENCE

ETHICS, SECURITY &

HSEAT THE HEART OF OUR BUSINESS

ONE OF THE WORLD’s TOP 5 NUCLEAR

ENGINEERING FIRMS

IN-DEPTH KNOWLEDGEOF OUR INDUSTRIAL CLIENTS’ BUSINESSES

AREVACEAEDF

GSKRATPRENAULT NISSAN

ROLLS ROYCEROSATOMSANOFI

SAUDI ARAMCO SAUDI ROYAL COMMISSION

SNCFTOTAL

Major client references:


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Our roadmap

Strengthen our positions in France

Roll out our offerings to Germany

Grow our market share in Belgium, Switzerland and the Middle East

Grow our transport infrastructure

business (automation & systems)

And life sciences

Switch from a PMC* to PMS**

approach

Develop new technological solutions

ET&I(1)

Partnering EDF worldwide (India, Turkey etc.)

Partnering new entrants (ENEC and EUAS in Turkey, Kacare in Saudi Arabia)

Strengthen our positioning in the UK

Enter the German market (decommissioning)

Broaden the services offered to

existing clients (EPC, digital etc.)

Develop partnerships with large

international nuclear companies (Rosatom, MHI etc.)

Deploy existing services (STEMA)

Develop new solutions

NUCLEAR


(1) Energy Transition & Infrastructures

GEOGRAPHIC EXPANSION

CLIENT AND SECTOR FOCUS

DIVERSIFYING OFFERINGS

*PMC: Project management consultancy / **PMS: Project management support

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FINANCIAL PERFORMANCE AND

OUTLOOK FOR FULL-YEAR 2017

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Application of IFRS 5

INVESTOR PRESENTATION - NATIXIS MID CAPS CONFERENCE

On • 28 September 2017, Assystem transferred control of GPS to Assystem Technologies, which is 60.8% owned by Ardian and 39.2% by Assystem.

In accordance with IFRS • 5, GPS was therefore classified as held for sale in Assystem’s financial statements for the first three quarters of 2017.

The financial statements for the corresponding quarters of • 2016 have been restated in order to facilitate year-on-year comparisons.

All of the profit generated by GPS was recorded in • ”Profit from discontinued operations” in Assystem’s consolidated income statement for the six-month period from 1 January 2017 to 30 June 2017 and it will be recorded under this same line item for the first three quarters of 2017 in the annual financial statements.

Profit generated by GPS as from the date of the transfer of its control will be accounted for by the •equity method in proportion to Assystem’s ownership interest in Assystem Technologies.

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E&I and Staffing key figures at 30 June 2017

INVESTOR PRESENTATION – NATIXIS MID CAPS CONFERENCE

191.0(5.1)

(in €m and % of revenue)

204.5

H1

2016

H1

2017

18.7 (0.1)

8.8 4.0 12.0(0.5) (0.3)

4.6% 5.9%

E&I Staffing Other H1

2016

H1

2017

E&I Staffing Holding

company

and other

Revenue + 7.1% EBITA + 36.4%

representing 5.9% of revenue (+130 bps)

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Nuclear

Energy Transition

& Infrastructures

102.0+7.6%

73.8+18.3%

Energy & Infrastructure (E&I) – Key figures at 30 June 2017

(1) Total growth at constant exchange rates (breaking down as 9.2% in organic growth, a 3.3% increase due to changes in scope of consolidation and a

0.6% negative currency effect).

Revenue (in € m)

€175.5m +11.9%(1)

9.9

13.9

H1 2016 H1 2017

6.3%

7.9%

EBITA (in €m and % of revenue)

Good performances for both business sectors •

Strong increase in EBITA and EBITA margin•

+ €4.0m

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Staffing – Key figures at 30 June 2017


Lower• revenue in the Oil & Gas sector but a stable performance in Industry

EBITA margin in line with budget•

1.1

0.6

H1 2016 H1 2017

-€0.5m


Oil & Gas

Industry

17.0-25.3%

7.3 stable

Revenue (in €m)

€24.3m -17.5%

3.7%

2.5%

STAFFING

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GPS in first-half 2017(1)


Strong increase in revenue, EBITA and EBITA margin in the Aerospace and Automotive sectors•

(1) Classified under discontinued operations in accordance with IFRS 5 – GPS became Assystem Technologies on 28 September 2017.

(2) Organic growth, i.e. based on a comparable scope of consolidation and at constant exchange rates.

Revenue (in €m)

18.8

24.1

H1 2016 H1 2017

+€5.3m


178,9 M€

Aerospace

Industry &

Transportation

190.7 117.7 Automotive

24.2

€332.6m+ 13.7%(2)

6.4% 7.2%

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EBITA from continuing operations consolidated profit for the period (first-half 2017)


in €mROPA

1 3

1

12.0 0.1 (1.8)

21.8

Income tax expense

EBITAConsolidatedprofit for the

period

2

Other operating

income

(4.1)

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2Net financial

expense4 GPS’s profit

15.6

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Based• on the Group’s future configuration, profit for first-half 2017 is estimated to

represent €12.5m(1)

(1) With Assystem Technologies accounted for by the equity method and taking into account Assystem Technologies’ financing structure and the

elimination of certain non-recurring tax items related to internal and external dividends.

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in €m

Net cash used in

operating and

investing

activities(1)

1.4

26.4

16.1

Dividends paid to

shareholders of

Assystem SA

Net debt of

continuing

operations at

30 June 2017

50.1

Other

movements(3)

Continuing operations

(15.1)

Consolidated net

debt at

31 Dec. 2016

GPS

Including €((1) 1.4)m in net cash generated from operating activities and €2.8m used in investing activities.

Including €(2) 4.0m in net cash used in operating activities and €22.4m used in investing activities (o/w €15.8 m for acquisitions in first-half 2017 and

€4.7m in payments for prior-period acquisitions).

(3) GPS’s net debt totalled €16.3m at 30 June 2017 and primarily related to acquisitions carried out in first-half 2017. The agreements signed with Ardian provide for this debt to be transferred to Assystem Technologies separately from the agreed enterprise value of €550m. The pro forma impact

of the transfer of this net debt on the net debt of continuing operations is €(16.3) million.

Net cash used in

operating and

investing

activities(2)

21.2

Movements in net debt in first-half 2017


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Revenue for the nine months ended 30 September 2017


In millions of euros 2016* 2017Total y-on-y

changeOrganic y-on-y

change**

9 months 278.5 293.4 +5.3% +4.9%

Energy & Infrastructure 230.5 252.6 +9.5% +8.1%

Staffing 41.1 34.4 -16.4% -14.0%

Other 6.9 6.4 - -

* Restated to facilitate year-on-year comparisons.** Based on a comparable scope of consolidation and constant exchange rates.

9 months 427.9 495.5 15.8% 12.8%

Organic growth of 8.2% excluding the impact of the decrease in Staffing revenue

Organic growth of 9.5% in the Nuclear sector and 6% for ET&I

Organic growth of 11.8% in the Aerospace sector (revenue of €281.8m)

Organic growth of 23.9% in the Automotive sector (revenue of €174.6m)

Consolidated revenue

Assystem Technologies

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Outlook for full-year 2017(1)INVESTOR PRESENTATION – NATIXIS MID CAPS CONFERENCE

E&I revenue: ~ +8.0% to 8.5%(organic growth at constant exchange rates)

Strong growth in EBITA margin

Staffing revenue: ~ €45m

(1) As announced in the press release issued on 9 November 2017

(2) At 31/12/2017. Taking into account (i) an estimated €35m in net cash generated by the operating and investing activities of continuing operations

in second-half 2017 (excluding the impact of any acquisitions but including €9m from the receipt of a research tax credit receivable) and (ii) thecompletion of the transfer of control of GPS on 28 September 2017 (generating net cash proceeds of €404m), and based on the assumption that the

following will take place before 31 December 2017: the settlement-delivery for a €225m share buyback offer and a €125m investment in the capital of

New Areva NP.

Net cash: €40m(2)

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2018 financial calendar


7 February:

19 March:

26 April:

16 May:

26 July:

10 September:

8 November:

Press release for 2017 annual revenue

Press release for 2017 annual resultsPresentation meeting on 20 March at 8.30 a.m.

Press release for first-quarter 2018 revenue

Annual General Meeting

Press release for first-half 2018 revenue

Press release for first-half 2018 resultsPresentation meeting on 11 September at 8.30 a.m.

Press release for third-quarter 2018 revenue

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APPENDIX

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Free float 34.64%

HDL

Development

Treasury shares

4.76%

60.60%(1)

% of shares – (1) Of which 0.23% held by HDL

Assystem’s ownership structure at 31 October 2017

Indices:

CAC All-Shares

CAC Industrials

CAC Support Services Next 150

Market capitalisation:

€738m (share price: €33.21)

Euronext Paris

Compartment B

FR0000074148

Mid-caps deferred

settlement service (SRD)

Number of shares:

22,218,216

O/w treasury shares:

1,057,572

Résultats annuels 2014 - Assystem · 2019-02-06 · 1 3 1 12.0 0.1 (1.8) 21.8 Incometaxexpense...

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