Spie Sa · EURONEXT:SPIE
Spie Sa — 9M 2023 Earnings Presentation
34 slides from Spie Sa's earnings presentation, Nov 3, 2023
Slide 1: Quarterly information as of September 30th, 2023
Quarterly information as of September 30th, 2023 November 3rd, 2023 SPIE, sharing a vision for the future
Slide 2: Disclaimer
Disclaimer Certain information included in this presentation are not historical facts but are forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business stra
Slide 3: 9M & Q3 2023 Highlights
9M & Q3 2023 Highlights SPIE
Slide 4: 10-year energy performance contract for Departmental Council of Yonne
Enabling energy savings through a 10-year energy performance contract for the Departmental Council of Yonne in France • SPIE contributes to improve energy performance of the 147 buildings on 52 sites (169,000 sq m.) of the Departmental Council including secondary & high school, museums, libraries •
Slide 5: Maintenance contract with EDF Renewables on Saint-Nazaire offshore wind farm
Two-year maintenance contract with EDF Renewables on France's first offshore wind farm in Saint-Nazaire • SPIE Industrie will provide offshore maintenance support for the electrical systems of the substation and the foundations of 80 wind turbines • The maintenance includes inspections, thermographi
Slide 6: Remote management contract for Wallonia's tunnels in Belgium
SPIE wins a remote management contract for Wallonia's tunnels in Belgium • SPIE Belgium modernises the monitoring of 11 kilometres of Wallonia's tunnels and hoppers (previously managed manually) by implementing innovative technological solutions • Optimisation of tunnel management and safety road tr
Slide 7: Transformer station for renewable energy facilities in Germany
SPIE installs a transformer station for renewable energy facilities in Germany • The regional distribution network operator WEMAG Netz decided to pool all the power generated by various renewable energy facilities in the region at one transformer station • SPIE High Voltage is designing, planning an
Slide 8: 9M 2023 Highlights
9M 2023 Highlights Very high level of organic growth and significant EBITA margin increase Strong delivery on our M&A strategy with 2 additional acquisitions in Q3 2023 in France and Germany ESG performance: EcoVadis and Sustainalytics upgraded SPIE’s ratings 2023 organic growth outlook revised upwa
Slide 9: 9M 2023 key figures
9M 2023 key figures Very high level of organic growth and significant EBITA margin increase Revenue EBITA M&A 9m 2023 9m 2023 € 6,259m € 372m YTD +8.4% +9.5% +15.0% +30bps Total revenue Organic growth vs. 9m 2022 EBITA margin 1 growth vs. 9m 2022 vs. 9m 2022 vs. 9m 2022 c. € 230m Q3 2023 Q3 2023 5 B
Slide 10: Very high level of organic growth
Very high level of organic growth Proven pricing power and good momentum in our markets Q3 & 9m 2023 Organic growth +22.6% +18.3% +14.9% +15.9% +9.5% +9.0% +8.6% +8.8% +6.1% +0.7% France Germany & North-Western Oil & Gas Group Central Europe Europe and Nuclear Q3 2023 organic growth 9m 2023 organic
Slide 11: France
France Solid organic growth in the first nine months 35% of 9m 2023 revenue Revenue (€m) Highlights 2,212.6 ◼ Solid organic growth in the first nine months: 2,087.1 • Building Solutions remained well-oriented and with a very limited exposure to new construction • Technical FM continued to be driven
Slide 12: Germany & Central Europe
Germany & Central Europe Further organic growth acceleration in Germany in Q3 37% of 9m 2023 revenue Revenue (€m) Highlights 2,290.1 ◼ Germany: strong +5.7% organic growth in 9m23 with an acceleration in Q3 at 1,994.9 +7.9% • Ramp up of High Voltage activities continued in Q3 2023 ; a record backlog
Slide 13: North-Western Europe
North-Western Europe Double-digit organic growth in the Netherlands 21% of 9m 2023 revenue Revenue (€m) Highlights 1,318.1 ◼ The Netherlands: all segments posted an exceptional level of organic growth 1,299.2 • Industry Services benefitted from investments in electrification • Technical FM and Build
Slide 14: Oil & Gas and Nuclear
Oil & Gas and Nuclear Good dynamics and visibility on our markets in Oil & Gas Services 7% of 9m 2023 revenue Revenue (€m) Highlights 438.4 391.6 ◼ Oil & Gas Services • Highly dynamic activity again in Q3 with double-digit organic growth • Ramp-up of pluriannual contracts, providing with a good visi
Slide 15: EBITA margin increase confirmed
EBITA margin increase confirmed Proven pricing power and unabated focus on operational excellence In €m, % of revenue +30 bps 152 134 372 135 323 85 119 70 5.9% 5.6% 7.1% 6.6% 4.2% 6.1% 6.4% 3.9% Q1 2022 Q1 2023 Q2 2022 Q2 2023 Q3 2022 Q3 2023 9m 2022 9m 2023 15
Slide 16: Strong delivery on our M&A strategy
Strong delivery on our M&A strategy To further deploy the SPIE model Information & Communication € 140m Services Revenue 2023E1 Closed in September 2023 5 € 22m Revenue 20221 Information & Communication Services Acquisitions Closed in August 2023 year-to-date € 6m Building Solutions Revenue 20221 Cl
Slide 17: EcoVadis and Sustainalytics upgraded SPIE's rating in Q3
EcoVadis and Sustainalytics upgraded SPIE’s rating in Q3 SPIE among the best performers SPIE in the top 3% of companies in Business SPIE in the top 5% of companies rated in its Support Services sector (ranked 5/175) Top 7% in 2022 SPIE in the top 9% of companies in Commercial Services (ranked 36/450
Slide 18: Outstanding success of SPIE's employee shareholding plan
Share for you 2023 Outstanding success of SPIE’s employee shareholding plan Employee shareholding estimated at c.7.5% of SPIE’s capital (post SFY 2023) 17,000 >5,000 c. €34m1 Employees participating from Employees participating for Estimated total subscription 14 countries the 1st time from SPIE emp
Slide 19: 9m 2023 Financial Results
9m 2023 Financial Results SPIE
Slide 20: Income statement highlights
Income statement highlights 23/22 In millions of euros 9m 2023 9m 2022 Change Revenue 6,259.2 5,772.9 +8.4% Organic growth +9.5% +5.6% - EBITA (incl. IFRS16) 371.8 323.2 +15.0% EBITA margin 5.9% 5.6% +30bps 23/22 In millions of euros Q3 2023 Q3 2022 Change Revenue 2,145.1 2,018.4 +6.3% Organic growt
Slide 21: 9m 2023 revenue bridge
9m 2023 revenue bridge €m +8.4% +2.4% -3.2% +9.5% -0.2% 6,259.2 5,772.9 +8.7% ex FX 1 Note: 1. Of which the disposal of (I) UK operations (II) ATMN Industrie (France) (III) Kabel- en Leidingtechniek B.V. (the Netherlands) 21
Slide 22: Key factors of success at SPIE [1/2]
Key factors of success at SPIE [1/2] How SPIE managed to offset inflation-related cost increases in the last 18 months Indexation clauses in all our contracts The quality of execution Very short cycles of our activities and The mission critical nature of our shorter validity of our offers services P
Slide 23: Key factors of success at SPIE [2/2]
Key factors of success at SPIE [2/2] High financial discipline to maintain best in class level of cash conversion Organic M&A Total EBITA margin Cash Free Cash Flow revenue growth increase conversion generation Working capital daily management at operational level to ensure cash conversion objective
Slide 24: 2023 outlook
2023 outlook SPIE
Slide 25: SPIE is a key enabler for Energy Transition
SPIE is a key enabler for Energy Transition With a unique positioning and a well-balanced business profile 7%* 36% 22% SHIFT Pan-European coverage of FY22 IN ENERGY revenue MIX 35% * Oil & Gas and Nuclear ENERGY EFFICIENCY 23% 28% 13% ICS1 Tech. FM1 36% Industry… Smart city Well balanced activity po
Slide 26: Outlook 2023 revised upwards
Outlook 2023 revised upwards In 2023, SPIE targets: Organic growth : above +7% EBITA margin: c.+30 bps Previously: “at least 6%” Unchanged Proposed dividend High focus on bolt-on M&A at c.40% of Adjusted net income1 remaining at the core of SPIE’s business model attributable to the Group Unchanged U
Slide 27: Notes
Notes SPIE
Slide 28: Appendix
Appendix SPIE
Slide 29: SPIE's strong ESG focus
SPIE’s strong ESG focus Recognised by external ratings #2 of Industrial Top 3% Top 16% Top 5% Top 6% Not disclosed Goods & Services by MSCI Negligible Risk Updated in A- October 2023 Updated in September 2023 Updated in Vs. 72 May 2023 Low Risk in 2022 Vs. 68 in 2022 58 Vs. Medium 54 54 in 2022 C ri
Slide 30: Quarterly organic growth by segment
Quarterly organic growth by segment Q1 2023 Q2 2023 H1 2023 Q3 2023 9m 2023 France +10.4% +7.5% +8.9% +0.7% +6.1% Germany & CE +8.6% +8.2% +8.4% +9.0% +8.6% o/w Germany +3.5% +5.3% +4.4% +7.9% +5.7% North-Western Europe +14.6% +11.9% +13.2% +18.3% +14.9% Oil & Gas and Nuclear +14.4% +9.9% +12.0% +22
Slide 31: 9m 2023 revenue growth by segment
9m 2023 revenue growth by segment o/w organic o/w external o/w o/w foreign In millions of euros 9m 2023 9m 2022 Change growth growth disposals1 exchange France 2,212.6 2,087.1 +6.0% +6.1% - -0.1% - Germany & CE 2,290.1 1,994.9 +14.8% +8.6% +5.7% - +0.5% +7.8% +5.7% +2.1% - - o/w Germany 1,752.8 1,62
Slide 32: Q3 2023 revenue growth by segment
Q3 2023 revenue growth by segment o/w organic o/w external o/w o/w foreign In millions of euros Q3 2023 Q3 2022 Change growth growth disposals1 exchange France 724.9 721.4 +0.5% +0.7% - -0.2% - Germany & CE 818.7 710.7 +15.2% +9.0% +5.4% - +0.8% - o/w Germany 632.1 574.6 +10.0% +7.9% +2.1% - North-W
Slide 33: Income statement bridges
Income statement bridges Revenue to Revenue under IFRS EBITA to Operating income €m (unaudited) 9m 2023 9m 2022 €m (unaudited) 9m 2023 9m 2022 Revenue as per management accounts 6,259.2 5,772.9 EBITA 371.8 323.2 Holdings activities 20.2 18.8 Amortisation of allocated goodwill (54.4) (54.6) Others (1
Slide 34: Financial schedule and IR contact
IR IRcontact: contact details Financial schedule Audrey AudreyBourgeois Bourgeois March 7th, 2024: 2023 full-year results +33 +33 (0)134 (0)1 3441 4180 8072 72 audrey.bourgeois@spie.com audrey.bourgeois@spie.com April 25th, 2024: Quarterly information at March 31st, 2024 investors@spie.com SPIE 2022