par GROUPE SFPI (EPA:SFPI)
SFPI GROUP: publication of 2023 annual results
Sfpi Group presents its 2023 results
strong growth in sales and net cash flow
Paris, 18th April 2024
The Board of Directors of Sfpi Group, which specializes in the protection of people, property and the environment, met on April 18, 2024 and approved the consolidated financial statements for the year ended December 31 , 2023.
These consolidated financial statements for the period January 1, 2023 to December 31, 2023 have been audited by our statutory auditors, and their audit report is currently being issued.
in M€ | 31/12/2023 | in % of CA | 31/12/2022 (*) ofin CA% | Variation 2023/ 2022 (in %) | |
Sales | 688,8 |
| 629,1 | +9,5 % | |
of which Dom Security Division | 232,0 | 207,6 | +11,7 % | ||
of which MAC Division | 250,2 | 232,3 | +7,7 % | ||
of which NEU-JKF Division | 136,6 | 129,2 | +5,7% | ||
of which MMD Division | 70,3 | 60,2 | +16,9 % | ||
Gross margin | 393,2 | 57,1 % | 361,4 | 57,4 % | -0,3 pt |
of which Dom Security Division | 67,5 % | 69,0 % | |||
of which MAC Division | 51,3 % | 52,4 % | |||
of which NEU-JKF Division | 49,3 % | 49,4 % | |||
of which MMD Division | 58,2 % | 54,1 % | |||
Current operating income | 28,5 | 4,1 % | 35,9 | 5,7 % |
|
of which Dom Security Division | 16,4 | 17,2 | |||
of which MAC Division | -7,2 | 3,9 | |||
of which NEU-JKF Division | 7,6 | 8,0 | |||
of which MMD Division | 12,0 | 6,7 | |||
Operating income | 8,9 | 1,3 % | 32,0 | 5,1 % | |
Net income of consolidated companies | 0,9 | 0,1 % | 21,7 | 3,5 % | |
Group share | 1,2 | 21,9 | |||
Minority share | -0,3 | -0,2 | |||
Earnings per share of consolidated companies (in euros) | 0,01 | 0,24 | |||
(*) During the first half of 2023, the Group finalized, in accordance with IFRS 3, the evaluation of the purchase price, assets acquired and liabilities assumed of the Wo&Wo group acquired on 01/08/2022. As a result, the financial statements have been adjusted.
Consolidated sales at December 31, 2023 stood at €688.8m, up 9.5% on 2022. On a like-for-like basis, excluding acquisitions made in 2022 and 2023, sales grew organically by 4.0%.
In fiscal 2023, Sfpi Group acquired the Italian company Viro, a recognized player in locking solutions, as well as Viro Tronic, which owns the real estate complex housing this activity. These two companies are included in the DOM Security division.
In an inflationary environment, the Group's gross margin remained stable.
Operating income recurring came to €28.5 million , compared with €35.9 million in 2022. This decline is mainly due to a one-off setback in the MAC division (building market facing troubles, pressure on margins, exceptional costs linked to the operational transformation project).
The performance of the other 3 divisions will ensure good financial results: the combined operating income before non-recurring items of the DOM Security, Neu-JKF and MMD divisions in 2023 will reach €36 million, corresponding to the operating income before non-recurring items of the entire Group in 2022.
Operating income amounted to €8.9 m, including €18.9m of goodwill impairment on the Wo&Wo group. An arbitration procedure to review the acquisition price has been initiated, and will be announced in December 2023.
Net income from consolidated companies came to €0.9m, compared with €21.7m in 2022.
At December 31, 2023, shareholders' equity (Group share) stood at €248.6m, compared with €248.9m at December 31, 2022.
In M€ | 31/12/2023 | 31/12/2022 (*) |
Non-current assets | 200,4 | 210,0 |
Current assets | 257,9 | 269,2 |
Inventories | 127,8 | 139,4 |
Customers | 106,7 | 106,2 |
Other | 23,4 | 23,6 |
Cash and cash equivalents | 143,8 | 126,5 |
Total assets | 602,1 | 605,7 |
Shareholders' equity | 247,9 | 249,1 |
of which Group share | 248,6 | 248,9 |
Non-current liabilities | 146,1 | 143,8 |
Non-current borrowings | 68,1 | 66,6 |
Non-current lease liabilities | 13,6 | 15,4 |
Other liabilities (pensions, etc.) | 64,4 | 61,8 |
Current liabilities | 208,1 | 212,8 |
Current borrowings | 30,4 | 34,4 |
Current lease liabilities | 5,3 | 5,5 |
Trade payables | 61,0 | 67,6 |
Tax and social security liabilities | 51,1 | 48,3 |
Other | 60,3 | 57,0 |
Total liabilities | 602,1 | 605,2 |
(*) During thefirst half of 2023, the Group finalized, in accordance with IFRS 3, the valuation of the purchase price, assets acquired and liabilities assumed of the Wo&Wo group acquired on 01/08/2022. As a result, the financial statements have been adjusted.
After acquisitions, the financial structure remains solid. Sfpi Group has a net cash position of 137.2 M€ and a net financial debt surplus of 45.3 M€.
in M€ | 31/12/2023 | 31/12/2022 | Variation 2023/2022 |
Non-current borrowings (1) | (68,1) | (66,6) | (1,5) |
Current borrowings (1) | (23,8) | (30,9) | 7,1 |
Overdrafts and spot loans | (6,6) | (3,5) | (3,1) |
Cash and cash equivalents | 143,8 | 126,5 | 17,3 |
Net financial surplus | 45,3 | 25,5 | 19,8 |
(1) financial liabilities do not include IFRS 16 lease liabilities
The simplified cash flow statement is as follows:
in M€ | 31/12/2023 | 31/12/2022 | Variation 2023/2022 |
Cash flow from operating activities | 63,5 | 26,4 | +37,1 |
Cash flow from investing activities | (31,7) | (56,4) | +24,7 |
Financing cash flow | (17,9) | (1,4) | -16,5 |
Foreign exchange impact | 0,3 | (0,2) | 0,5 |
Variation in cash | 14,2 | (31,6) | +45,8 |
In 2023, cash flows from investing activities include the acquisition of Viro and Viro Tronic, for €7.2m and €6.9m respectively. Cash flows from financing activities include €4.7 million in dividends and €15.1 million in new borrowings from credit institutions.
Dividends 2023: the Board of Directors will propose a dividend of €0.03 per share, i.e. a total of €2.8 million, to the Annual General Meeting to be held on June 18, 2024.
Outlook: For fiscal year 2024, Sfpi Group expects annual sales of around €690 million.
For Henri Morel, CEO and founder of Sfpi Group: " 2023 was marked by a one-off setback in one division, but also by confirmation of the relevance of the Group's transformation strategy, which is delivering excellent financial performances in the other 3 divisions. On the eve of our 40th anniversary, a new period has begun for the Group, based on very solid fundamentals: the strengthening of the confidence of our historic shareholders, a net financial surplus up by almost 80%, a transformation plan that infuses all our activities and prepares us for CSRD, a formalized internal culture, and the constant ambition to become the European leader in industrial responsibility ".
Find the presentation of the 2023 results, as of April 19, 2024 onhttps://www.sfpi-group.com/global/fr/investisseurs
Next meeting: Annual General Meeting, June 18, 2024
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Ticker : SFPI
ISIN Code : FR0004155000
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Contact
Nicolas LOYAU
Tel. : +33 1 46 22 09 00
Email : nicolas.loyau@groupesfpi.com
SFPI Group (Safety for People and Industry) was created in France in 1985. Today, it constitutes a group of companies specialized in the safety industry for people, goods and environment. They’re united within 4 autonomous, innovative and digitalized operating divisions: DOM Security, MAC, MMD, NEU-JKF. SFPI Group generates a turnover of more than 690 million Euros, employs over 4000 collaborators and delivers solutions such as buildings security and convenience, airtreatment and energy saving, both for industrial and private markets. Industrial, responsible and European with global ambitions, SFPI Group is pursuing its international expansion.