COMMUNIQUÉ DE PRESSE

par ELIOR (EPA:ELIOR)

Inside Information / News release on accounts, results

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Elior delivers an outstanding first-half performance

With EBITA up by 144% and a faster pace of deleveraging

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https://channel.royalcast.com/landingpage/eliorgroup/20240516_1/

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(in € millions)

H1

2023-24

H1

2022-23

Changes in 

Organic                            Currency

scope of

growth                                   effect 

consolidation 

Total year-onyear change

Contract Catering

2,293

2,169

5.9%

+0.6%

-0.8%       +5.7%

Multiservices

823

302

6.0%

+166.9%

0.0% +172.9%

Sub-total

3,116

2,471

5.9%

+20.9%

-0.7%     +26.1%

Corporate & Other

7

7

1.9%

NM

     NM       +1.9%

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GROUP TOTAL                                     3,123           2,478           5.9%          +20.8%        -0.7%      +26.0%

NM: not material

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H1

(in € millions)

2023-24

France 

1,607

Europe (including the UK)

841

Rest of the world

675

GROUP TOTAL                                                                     3,123

H1

H2 

12 months

(in € millions)

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

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2,478

2,745

5,223

Pro forma 2022-23

H1 

H2 

12 months

(in € millions)

2022-23

2022-23

2022-23

Contract Catering

2,169

1,982

4,151

Multiservices

789

804

1,593

Sub-total

2,958

2,786

5,744

Corporate & Other

7

9

16

GROUP TOTAL                                                                       2,965                    2,795                       5,760

 

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(in € millions)

2023-24

H1 2022-23

Change in adjusted EBITA

Adjusted EBIT

2023-24

A margin 2022-23

Contract Catering

91

49

+42

4.0%

2.3%

Multiservices

16

(2)

+18

1.9%

-0.8%

Sub-total

107

47

+60

3.4%

1.9%

Corporate & Other

(7)

(6)

-1

NM

NM

GROUP TOTAL                                             100                41                    +59            3.2%           1.7%

NM: not material

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Pro forma 2022-23

H1

H2

12 months

(in € millions)

Adjusted

Adjusted

EBITA

EBITA  margin

Adjusted Adjusted 

EBITA

EBITA margin

Adjusted

Adjusted

EBITA

EBITA  margin

Contract Catering

49

2.3%

(2)

-0.1%

47

1.1%

Multiservices

9

1.2%

29

3.5%

38

2.3%

Sub-total

58

2.0%

27

1.0%

85

1.5%

Corporate & Other

(9)

NM

(8)

NM

(17)

NM

       GROUP TOTAL                              49           1.7%               19           0.7%               68           1.2%

NM: not material

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Six months ended  March 31

(in € millions)

2024

2023

EBITDA

189

107

Purchases of and proceeds from sale of property, plant and equipment and intangible assets

(43)

(32)

Change in operating working capital

83

(45)

Share of profit of equity-accounted investees

-

-

Non-recurring income and expenses impacting cash

(13)

(15)

Other non-cash movements

(1)

2

Repayments of lease liabilities (IFRS 16)

(41)

(33)

Operating free cash flow

174

(16)

Tax recovered (paid)

(5)

1

     Free cash flow                                                                                                          169             (15)

  

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Six months ended  March 31

(in € millions)

2024

2023

Revenue

3,123

2,478

Purchase of raw materials and consumables

(907)

(845)

Personnel costs

(1,675)

(1,255)

Share-based compensation expense

1

(3)

Other operating expenses

(293)

(223)

Taxes other than on income

(60)

(46)

Depreciation, amortization and provisions for recurring operating items

(88)

(68)

Net amortization of intangible assets recognized on consolidation

(13)

(8)

Recurring operating profit from continuing operations

88

30

Share of profit of equity-accounted investees

-

-

Recurring operating profit from continuing operations including share of profit of equity-accounted investees

88

30

Non-recurring income and expenses, net 

(15)

(17)

Operating profit from continuing operations including share of profit of equityaccounted investees

73

13

Financial expenses

(61)

(39)

Financial income

9

4

Profit/(loss) from continuing operations before income tax

21

(22)

Income tax

(20)

(3)

Net profit/(loss) for the period from continuing operations

1

(25)

Net profit for the period from discontinued operations

-

-

Net profit/(loss) for the period

1

(25)

Attributable to:

 

Owners of the parent

1

(23)

Non-controlling interests

-

(2)

Six months ended March 31,

(in €)

       2024          2023

Earnings/(loss) per share

 

 

Earnings/(loss) per share – continuing operations

Basic

-

(0.14)

Diluted

-

(0.14)

Earnings per share – discontinued operations

 

Basic

-

-

Diluted

-

-

Total earnings/(loss) per share

Basic

-

(0.14)

Diluted

-

(0.14)

 

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(in € millions)                                                                

At March 31, 2024

At September 30, 2023

Goodwill                                                                     

1,670

1,680

Intangible assets

247

257

Property, plant and equipment

256

258

Right-of-use assets

196

216

Non-current financial assets

129

127

Fair value of derivative financial instruments (*)

2

5

Deferred tax assets

82

84

Total non-current assets

2,582

2,627

Inventories

101

107

Trade and other receivables

953

975

Current income tax assets

13

12

Other current assets

75

67

Cash and cash equivalents (*)

81

45

Assets classified as held for sale

-

-

Total current assets

1,223

1,206

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      Total assets                                                                                           3,805                          3,833

     (*) Included in the calculation of net debt                                                                                             

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(in € millions)

At September 30,

  At March 31, 2024

2023

Share capital

3

3

Reserves and retained earnings(1)

822

833

Translation reserve

2

11

Equity attributable to owners of the parent

827

847

Non-controlling interests

-

(1)

Total equity

827

846

Long-term debt (*)

1,023

1,074

Long-term lease liabilities (*)

137

155

Fair value of derivative financial instruments (*)

6

-

Provisions for pension and other post-employment benefit obligations 

80

74

Other long-term provisions 

28

28

Other non-current liabilities

6

6

Total non-current liabilities

1,280

1,337

Trade and other payables

687

646

Due to suppliers of non-current assets

12

14

Accrued taxes and payroll costs

667

639

Current income tax liabilities

17

8

Short-term debt (*) 

103

135

Short-term lease liabilities (*)

68

67

Short-term provisions

54

56

Contract liabilities

51

53

Other current liabilities

39

32

Liabilities classified as held for sale

-

-

Total current liabilities

1,698

1,650

Total liabilities

2,978

2,987

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Total equity and liabilities

3,805

3,833

Net debt

 

1,254

1,381

Net debt excluding fair value of derivative financial instruments and debt issuance costs

 

1,256

1,393

(*) Included in the calculation of net debt

 

 

 

 

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Six months ended  March 31

(in € millions)

2024

2023

Recurring operating profit including share of profit of equity-accounted investees

88

30

Amortization and depreciation(1)

90

76

Provisions

11

1

EBITDA

189

107

Share of profit of equity-accounted investees 

-

-

Change in operating working capital

83

(45)

Non-recurring income and expenses impacting cash

(13)

(15)

Interest and other financial expenses paid

(48)

(32)

Tax recovered (paid)

(5)

1

Other non-cash movements 

(1)

2

Net cash from operating activities – continuing operations

205

18

Purchases of property, plant and equipment and intangible assets

(46)

(35)

Proceeds from sale of property, plant and equipment and intangible assets

3

3

Purchases of financial assets

(2)

(3)

Proceeds from sale of financial assets

1

-

Acquisitions of shares in consolidated companies, net of cash acquired

(2)

-

Other cash flows from investing activities

(1)

(1)

Net cash from/(used in) investing activities – continuing operations

(47)

(36)

Proceeds from borrowings

14

51

Repayments of borrowings

(86)

(73)

Repayments of lease liabilities

(37)

(30)

Net cash from/(used in) financing activities – continuing operations

(109)

(52)

Effect of exchange rate changes

3

(4)

Increase/(decrease) in net cash and cash equivalents – continuing operations

52

(74)

Increase/(decrease) in net cash and cash equivalents – discontinued operations

(1)

-

 

Net cash and cash equivalents at beginning of period

(2)

59

Net cash and cash equivalents at end of period

49

(15)

(1) Including amortization of advances on customer contracts corresponding to €1 million in the six months ended March 31, 2023 and a non-material amount in the six months ended March 31, 2024

 

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