par ELIOR (EPA:ELIOR)
Inside Information / Information on annual revenues
Strong upturn in operating profitability and continued
 |
deleveraging in fiscal 2023-2024
1 Assigned by S&P Global Ratings and Fitch Ratings
(in € millions) | 2023-24 | 2022-23 |
Revenue | 6 053 | 5 223 |
Contract Catering | 4 381 | 4 151 |
Multiservices | 1 655 | 1 056 |
Corporate & Other | 17 | 16 |
Reported revenue growth (%) | 15,9% | 17,3% |
Organic revenue growth (%) | 5,1% | 11,2% |
Adjusted EBITA | 167 | 59 |
Adjusted EBITA margin (%) | 2,8% | 1,1% |
Attributable net profit/(loss) | (41) | (93) |
Net margin (%) | -0,7% | -1,8% |
Adjusted attributable net profit/(loss) | 9 | (6) |
Adjusted attributable earnings/(loss) per share (in €) | 0,04 | (0,03) |
Net debt (1) | 1 269 | 1 393 |
Net debt/Adjusted EBITDA (1) | 3,8 | 5,4 |
(1) Based on the definition and covenants in the Senior Facilities Agreement, i.e., excluding unamortized issuance costs and the fair
value of derivative instruments
H1 revenue (Oct-March) | H1 | H1 | Organic | Changes in scope | Currency | Reported |
(in €m) | 2023-24 | 2022-23 | growth | of consolidation | effect | growth |
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% |
GROUP TOTAL | 3 123 | 2 478 | 5,9% | 20,8% | -0,7% | 26,0% |
H2 revenue (April-Sept) | H2 | H2 | Organic | Changes in scope | Currency | Reported |
(in €m) | 2023-24 | 2022-23 | growth | of consolidation | effect | growth |
Contract Catering | 2 088 | 1 982 | 4,6% | 0,5% | 0,2% | 5,3% |
Multiservices | 832 | 754 | 3,6% | 6,9% | 0,0% | 10,5% |
Sub-total | 2 920 | 2 736 | 4,3% | 2,3% | 0,2% | 6,8% |
Corporate & Other | 10 | 9 | 6,7% | nm | nm | 6,7% |
GROUP TOTAL | 2 930 | 2 745 | 4,3% | 2,3% | 0,2% | 6,8% |
Full-year revenue (Oct-Sept) | FY | FY | Organic | Changes in scope | Currency | Reported |
(in €m) | 2023-24 | 2022-23 | growth | of consolidation | effect | growth |
Contract Catering | 4 381 | 4 151 | 5,3% | 0,6% | -0,4% | 5,5% |
Multiservices | 1 655 | 1 056 | 4,3% | 52,6% | 0,0% | 56,9% |
Sub-total | 6 036 | 5 207 | 5,1% | 11,1% | -0,3% | 15,9% |
Corporate & Other | 17 | 16 | 4,5% | 0,0% | 0,0% | 4,5% |
GROUP TOTAL 6 053 5 223 5,1% 11,1% -0,3% 15,9%
H1 revenue (Oct-March) | H1 | H1 | Reported |
(in €m) | 2023-24 | 2022-23 | growth |
France | 1 607 | 1 112 | 44,5% |
Europe (including UK) | 841 | 719 | 17,0% |
Rest of World | 675 | 647 | 4,3% |
GROUP TOTAL | 3 123 | 2 478 | 26,0% |
H2 revenue (April-Sept) | H2 | H2 | Reported |
(in €m) | 2023-24 | 2022-23 | growth |
France | 1 529 | 1 428 | 7,1% |
Europe (including UK) | 755 | 704 | 7,2% |
Rest of World | 646 | 613 | 5,4% |
GROUP TOTAL | 2 930 | 2 745 | 6,7% |
Full-year revenue (Oct-Sept) | FY | FY | Reported |
(in €m) | 2023-24 | 2022-23 | growth |
France | 3 136 | 2 540 | 23,5% |
Europe (including UK) | 1 596 | 1 423 | 12,2% |
Rest of World | 1 321 | 1 260 | 4,8% |
GROUP TOTAL 6 053 5 223 15,9%
H1 (oct-march) | Adjusted EB 2023-24 | ITA (€m) 2022-23 | Change in Adjusted EBITA (€m) | Adjusted EBITA m 2023-24 | argin (%) 2022-23 | Change in Adjusted EBITA (€m) |
Contract Catering Multiservices | 91 16 | 49 (2) | 42 18 | 4,0% 1,9% | 2,3% -0,8% | 170 bps 270 bps |
Sub-total Corporate and Others | 107 (7) | 47 (6) | 60 (1) | 3,4% n.m | 1,9% n.m | 150 bps nm |
TOTAL GROUP | 100 | 41 | 59 | 3,2% | 1,7% | 150 bps |
H2 (april-sept) | Adjusted EB 2023-24 | ITA (€m) 2022-23 | Change in Adjusted EBITA (€m) | Adjusted EBITA m 2023-24 | argin (%) 2022-23 | Change in Adjusted EBITA (€m) |
Contract Catering Multiservices | 42 32 | (2) 26 | 44 6 | 2,0% 3,9% | -0,1% 3,5% | 210 bps 40 bps |
Sub-total Corporate and Others | 74 (7) | 24 (6) | 50 (1) | 2,5% n.m | 0,9% n.m | 160 bps nm |
TOTAL GROUP | 67 | 18 | 49 | 2,3% | 0,6% | 170 bps |
Full Year (oct-sept) | Adjusted EB 2023-24 | ITA (€m) 2022-23 | Change in Adjusted EBITA (€m) | Adjusted EBITA m 2023-24 | argin (%) 2022-23 | Variation (pts) Adjusted EBITA (€m) |
Contract Catering Multiservices | 133 48 | 47 24 | 86 24 | 3,0% 2,9% | 1,1% 2,3% | 190 bps 60 bps |
Sub-total Corporate and Others | 181 (14) | 71 (12) | 110 (2) | 3,0% n.m | 1,4% n.m | 160 bps n.m |
TOTAL GROUP 167 59 108 2,8% 1,1% 170 bps
(in € millions) | Year ended September 30, 2024 2023 | ||
Revenue Purchase of raw materials and consumables Personnel costs (excluding share-based compensation expense) Share-based compensation expense Other operating expenses Taxes other than on income Depreciation, amortization and provisions for recurring operating items Net amortization of intangible assets recognized on consolidation Recurring operating profit from continuing operations Share of profit of equity-accounted investees Recurring operating profit from continuing operations including share of profit of equity-accounted investees Non-recurring income and expenses, net Operating profit/(loss) from continuing operations including share of profit of equity-accounted investees Financial expenses Financial income Profit/(loss) from continuing operations before income tax Income tax Net profit/(loss) for the period from continuing operations Net profit for the period from discontinued operations | 6 053 (1,740) (3,282) - (587) (111) (166) (36) 131 - 131 (31) 100 (122) 17 (5) (36) (41) 0 | 5 223 (1 656) (2 773) (6) (491) (92) (152) (20) 33 - 33 (81) (48) (88) 10 (126) 29 (97) 0 | |
Net profit/(loss) for the period | (41) | (97) | |
Attributable to: Owners of parent Non-controlling interests | (41) 0 | (93) (4) | |
(in € per share) | Year ended September 3 2024 | 0, 2023 | |
Earnings/(loss) per share - continuing operations Basic | (0,16) | (0,45) | |
Diluted | (0,16) | (0,45) | |
Earnings/(loss) per share - discontinued operations Basic | - | - | |
Diluted | - | - | |
Total earnings/(loss) per share Basic | (0,16) | (0,45) | |
Diluted | (0,16) | (0,45) | |
(in € millions) | At September 30, 2024 | At September 30, 2023 | ||||
Goodwill | 1 676 | 1 680 | ||||
Intangible assets | 221 | 257 | ||||
Property, plant and equipment | 277 | 258 | ||||
Right-of-use assets | 187 | 216 | ||||
Other non-current assets | - | - | ||||
Non-current financial assets | 176 | 127 | ||||
Equity-accounted investees | - | - | ||||
Fair value of derivative financial instruments (*) | 1 | 5 | ||||
Deferred tax assets | 77 | 84 | ||||
Total non-current assets | 2 615 | 2 627 | ||||
Inventories | 99 | 107 | ||||
Trade and other receivables | 858 | 975 | ||||
Contract assets | - | - | ||||
Current income tax assets | 15 | 12 | ||||
Other current assets | 79 | 67 | ||||
Cash and cash equivalents (*) | 142 | 45 | ||||
Assets classified as held for sale | - | - | ||||
Total current assets | 1 193 | 1 206 | ||||
TOTAL ASSETS 3 808 3 833
(*) Included in the calculation of net debt
(in € millions) | At September, 30 2024 | At September, 30 2023 (1) | ||||
Share capital | 3 | 3 | ||||
Reserves and retained earnings | 783 | 833 | ||||
Translation reserve | (11) | 11 | ||||
Equity attributable to owners of the parent | 775 | 847 | ||||
Non-controlling interests | 1 | (1) | ||||
Total equity | 776 | 846 | ||||
Long-term debt (*) | 887 | 967 | ||||
Long-term lease liabilities (*) | 129 | 155 | ||||
Fair value of derivative financial instruments (*) | 8 | - | ||||
Deferred tax liabilities | 1 | - | ||||
Provision for pension and other post-employment benefit obligations | 74 | 74 | ||||
Other long-term provisions | 29 | 28 | ||||
Other non-current liabilities | 5 | 6 | ||||
Total non-current liabilities | 1 133 | 1 230 | ||||
Trade and other payables | 658 | 646 | ||||
Due to suppliers of non-current assets | 13 | 14 | ||||
Accrued taxes and payroll costs | 663 | 639 | ||||
Current income tax liabilities | 14 | 8 | ||||
Short-term debt (*) | 324 | 242 | ||||
Short-term lease liabilities (*) | 65 | 67 | ||||
Short-term provisions | 57 | 56 | ||||
Contract liabilities | 58 | 53 | ||||
Other current liabilities | 47 | 32 | ||||
Liabilities classified as held for sale | - | - | ||||
Total current liabilities | 1 899 | 1 757 | ||||
Total liabilities | 3 032 | 2 987 | ||||
TOTAL EQUITY AND LIABILITIES | 3 808 | 3 833 | ||||
Net debt | 1 270 | 1 381 | ||||
Net debt excluding fair value of derivative financial instruments and debt insurance costs | 1 269 | 1 393 | ||||
(*) Included in the calculation of net debt
1) In accordance with IAS 1, the financial liabilities related to the “On” sub-program of the securitization program have been reclassified to short-term debt.
(in € millions) At September, 30 2024 | At September, 30 2023 | |
Recurring operating profit including share of profit of equity-accounted investees | 131 | 33 |
Amortization and depreciation (1) Provisions | 192 10 | 170 3 |
EBITDA | 333 | 206 |
Dividends received from equity-accounted investees Share of profit of equity-accounted investees Change in operating working capital Non-recurring income and expenses impacting cash Interest and other financial expenses paid Tax paid Other non-cash movements | - - 107 (26) (99) (18) 2 | - - (66) (40) (73) (9) 5 |
Net cash from operating activities – continuing operations | 299 | 23 |
Purchases of property, plant and equipment and intangible assets Proceeds from sale of property, plant and equipment and intangible assets Purchase of financial assets Proceeds from sale of financial assets Acquisition of shares in consolidated companies, net of cash acquired Other cash flows from investing activities | (104) 6 (6) 1 (20) (2) | (83) 6 (3) - 20 - |
Net cash from/(used in) investing activities – continuing operations | (125) | (59) |
Proceeds from borrowings Repayments of borrowings Repayments of lease liabilities | 164 (131) (77) | 87 (32) (70) |
Net cash from/(used in) financing activities – continuing operations | (44) | (15) |
Effect of exchange rate changes | 5 | (8) |
INCREASE/(DECREASE) IN NET CASH AND EQUIVALENTS – CONTINUING OPERATIONS INCREASE/(DECREASE) IN NET CASH AND EQUIVALENTS – DISCONTINUED OPERATIONS | 135 (1) | (60) (1) |
Net cash and equivalents at beginning of period (2) Net cash and equivalents at end of period 132 Including amortization of advances on customer contracts corresponding to €1 million for the year ended September 30,2023.
| 59 (2) | |
(en millions d'euros) At September, 30 | At September, 30 | |
2024 | 2023 | |
EBITDA 333 | 206 | |
Net capital expenditure (98) | (77) | |
Change in operating working capital 107 | (66) | |
Share of profit of equity-accounted investees - | - | |
Non-recurring income and expenses impacting cash (26) | (40) | |
Other non-cash movements 2 | 5 | |
Repayments of lease liabilities (IFRS16) (85) | (77) | |
OPERATING FREE CASH FLOW 233 | (49) | |
Tax paid (18) | (9) | |
(1)
FREE CASH FLOW 215 (58)
