Groupe Crit Sa · EURONEXT:CEN
Groupe Crit Sa — H1 2016 Earnings Presentation
30 slides from Groupe Crit Sa's earnings presentation, September 2016
Slide 1: Half-Year Results 2016
Be HALF-YEAR P RESULTS 2016 | ~~ e GROUPE » crit
Slide 2: Profil: 2 business divisions
PROFIL 2 BUSINESS DIVISIONS data 2015 19th world’s largest staffing firm (1) N.1 french independant AIPORT SERVICES 511 branches MULTI-SERVICES TEMPORARY STAFFING N.1 in France & RECRUITMENT 30 000 clients € 313m Concessions 220 000 Temp. workers € 1.64B revenue 130 revenue airlines Over 1 million 3
Slide 3: Continued international success
PROFIL CONTINUED INTERNATIONAL SUCCESS +12% data 2015 vs 2014 Europe 1 601M€ France Spain Germany Switzerland United-Kingdom Ireland +28% vs 2014 America 286M€ United-States Dominican Republic +12% 14 countries vs 2014 Africa 53M€ International revenue Morocco x3 in 4 years Temporary Staffing Tunisi
Slide 4: An excellent first-half
AN EXCELLENT FIRST-HALF OVER 1 BILLION EUROS REVENUE IN H1 • Group revenue of 1.024.5M€ up 11.5% • Double digit organic growth: +11.4% • French Staffing division : organic growth up 15.1% • Current Operating Income up 6.2% at 45.4M€ • Net profit group share of 29.4 M€ • 388 M€ in equity 4 – Half-yea
Slide 5: Activity
ACTIVITY TEMP. STAFFING France : continued outperformance & RECRUITMENT International growth MULTI- SERVICES Growth driven by Airport services 5
Slide 6: Group revenue up 11.5%
GROUP REVENUE UP 11.5% OVER 1 BILLION EUROS IN H1 2016 CHANGE IN H1 REVENUE BREAKDOWN BY DIVISION in million euros in % of total revenue Multi-services + 11.5% 14.7% (H1 2015 : 15.5%) + 16.0% 1 024.5 918.6 791.7 + 11.4% (1) + 11.8% (1) Temp. staffing & recruitment 85.3% (H1 2015 : 84.5%) (1) ORGANIC
Slide 7: France: double digit organic growth; International: continued growth
FRANCE : DOUBLE DIGIT ORGANIC GROWTH INTERNATIONAL : CONTINUED GROWTH FRANCE HALF-YEAR REVENUE INTERNATIONAL HALF-YEAR REVENUE In million euros In million euros + 13.7% + 12.1% + 4.8% 790.8 695.4 + 30.1% 233.7 620.2 223.1 171.5 7 – Half-year results 2016 7
Slide 8: Temp. staffing & recruitment
Temp. staffing & Travaillons ensemble recruitment Continued outperformance International growth 8
Slide 9: Staffing growth up +12.6%
STAFFING GROWTH UP +12.6% Travaillons ensemble DOUBLE DIGIT ORGANIC GROWTH CHANGE IN HALF-YEAR REVENUE BREAKDOWN FRANCE / INTERNATIONAL in million euros in % International + 12.6% 24.3% (H1 2015 : 26%) 874.2 + 17.4% 776.6 +12.4% (1) 661.7 +12.4% (1) France 75.7% (H1 2015 : 74%) TEMP. STAFFING & RECR
Slide 10: France staffing: excellent organic growth
FRANCE STAFFING: Travaillons ensemble EXCELLENT ORGANIC GROWTH CHANGE IN H1 REVENUE IN FRANCE in million euros + 15.1% 661.6 + 12.5% DOUBLE DIGIT organic growth 574.8 Two successful quarters 511.0 > Q1 2016 : + 17.3% > Q2 2016 : + 13.4% TEMP. STAFFING & RECRUITMENT 10 – Half-year results 2016 10
Slide 11: France: significant market outperformance
FRANCE : SIGNIFICANT MARKET OUTPERFORMANCE Travaillons ensemble … QUARTERLY GROWTH in % 20 17.3 15 13.4 14.1 10 8.9 7.3 10.1 14.5 9.2 8 14 6.4 5.4 quarters of 3.7 3.2 7.5 5 2.7 6 continued 4.5 0 outperformance -4.3 1.5 1 0.8 0.7 1.5 -5 -10.4 -4 -3.5 CRIT -10 Market -9.5 -15 -12.5 Q1 13 Q2 13 Q3 13 Q
Slide 12: ... and vs main actors
Travaillons ensemble … AND VS MAIN ACTORS France Change in 2013 Change in 2014 Change in 2015 Change in H1 2016 Adecco - 9.0% - 2.0% + 2.0% +5.0% Manpower - 5.8% + 1.2% + 4.3% + 3.7% Randstad - 8.0% - 4.0% + 4.0% +7.9% CRIT ORGANIC - 0.5% + 5.4% + 12.0% + 15.1% TEMP. STAFFING & RECRUITMENT Source :
Slide 13: France: growth driven by industry and services
FRANCE : GROWTH DRIVEN BY INDUSTRY AND Travaillons ensemble SERVICES BREAKDOWN OF H1 2016 REVENUE BREAKDOWN H1 REVENUE BY CUSTOMER PROFIL France France (in % of divisional revenue) Key accounts(1) Variation /H1 % of total 52% 2015 revenue (H1 2015 : 45%) Industry + 24% 52% Building + 2% 15% Services
Slide 14: France: growth in all sectors
Travaillons ensemble FRANCE : GROWTH IN ALL SECTORS CONTRIBUTION TO GROWTH BY MAIN SECTORS in full-time equivalent + 15% France CRIT Market 8.8% + 6.2% 2.4% 3.0% 1.6% 1.2% 1.1% 1.1% 1.6% 0.6% 0.3% 0.9% 0% France CRIT Market (1) TEMP. FTE growth excl. automotive + 6.2% + 4.6% STAFFING & RECRUITMENT (
Slide 15: International growth
Travaillons ensemble INTERNATIONAL GROWTH CHANGE IN H1 INTERNATIONAL REVENUE in million euros + 5.4% 212.6 Growth in H1: +5.4% 201.7 + 33.9% Strong momentum in Spain 150.7 + 4.6% (1) Stability in the United-States + 12.0% (1) TEMP. STAFFING & RECRUITMENT (1) ORGANIC 15 – Half-year results 2016 15
Slide 16: Strong momentum in Spain, stability in the United States
STRONG MOMENTUM IN SPAIN Travaillons ensemble STABILITY IN THE UNITED-STATES CHANGE IN H1 REVENUE BY COUNTRY BREAKDOWN BY GEOGRAPHY In million euros In % + 2.3% (1) 139.8 + 37.8% 136.6 United-States Spain 99.2 65.7% 23.7% + 17.5% +32.9% + 1.2% 50.4 42.9 + 15.6% 32.3 ROW 22.2 22.5 19.2 (Morocco, Tuni
Slide 17: Multi-services
Multi-services Six months of growth 17
Slide 18: Six months of growth
SIX MONTHS OF GROWTH CHANGE IN H1 MULTI-SERVICES REVENUE BREAKDOWN OF DIVISION’S H1 REVENUE BY ACTIVITY in million euros in % + 5.8% 159.3 + 8.1% Airport Services 72.7% 150.6 139.3 (H1 2105 : 74.2%) + 12.3% 43.5 + 7.2% 38.8 36.2 + 3.6% Engineering 115,8 + 8.4% & maintenance 111,8 103,1 27.3% (H1 201
Slide 19: French leadership confirmed
FRENCH LEADERSHIP CONFIRMED BREAKDOWN OF H1 AIRPORT SERVICES REVENUE France En % > H1 Revenue up 4.7% at 94.7M€ • 9 contracts signed since the beginning of the year France … of which 5 new contracts (Air Caraïbes. Rossiya 81.8% (H1 2015 : 80.9%) (Orly). Norwegian. Small Planet (CDG3). Wizz Air (Nice
Slide 20: Results
RESULTS 20
Slide 21: Change in H1 revenue
ACTIVITY CHANGE IN H1 REVENUE in million euros Change H1 2015 H1 2016 H1 2015/H1 2016 Temp. Staffing & recruitment 776.6 874.2 + 12.6% Airport services 111.8 115.8 + 3.6% Other services 38.8 43.5 + 12.3% Inter-segment elimination (8.6) (9.0) TOTAL GROUP 918.6 1 024.5 + 11.5% 21 – Half-year results 2
Slide 22: Current operating income by division
CURRENT OPERATING INCOME BY DIVISION H1 2015 H1 2016 € million % € million % Temp.staffing&recruitment 37.1 4.8% 40.2 4.6% - France 27.5 4.8% 31.1 4.7% - International 9.6 4.8% 9.1 4.3% Multi- services 5.6 3.7% 5.2 3.3% - Airport services 4.3 3.8% 4.3 3.7% - Other 1.3 3.4% 0.9 2.1% TOTAL GROUP 42.7
Slide 23: Profit & loss
PROFIT & LOSS (€ million) H1 2015 H1 2016 REVENUE 918.6 1 024.5 Operating expenses (867.3) (969.9) Depreciation and provisions (8.6) (9.2) CURRENT OPERATING INCOME 42.7 45.4 COI/revenue 4.7% 4.4% Other expenses 0.1 (3.2) OPERATING INCOME 42.8 42.2 Share of profit in associates 1.2 (0.2) Financial re
Slide 24: Balance sheet
BALANCED SHEET (€ million) 06/30/2015 06/30/2016 12/31/2015 Fixed assets 383.1 436.2 415.8 Current assets 431.4 470.3 394.9 Treasury 73.4 84.8 159.7 ASSETS 887.9 991.3 970.4 Shareholder’s quity 324.1 388.0 367.2 Provisions 29.3 37.7 31.7 Financial debts 145.4 142.6 177.1 Current liabilities 389.1 42
Slide 25: Net financial debt
NET FINANCIAL DEBT (€ million) 06/30/2015 06/30/2016 12/31/2015 Borrowings, non current portion 75.5 84.8 85.4 Borrowings, current portion 49.6 33.2 48.9 Gross financial debt 125.1 118.0 134.3 Cash and cash equivalents (73.4) 84.8 (159.7) Overdrafts 20.3 24.6 42.8 Net cash (53.1) (60.2) (116.9) NET
Slide 26: Cash flow statement
CASH FLOW STATEMENT (€ million) H1 2015 H1 2016 Net result including minority interests 34.5 29.6 Restatement of non cash item (19.7) (6.3) Cost of financial debt 1.5 0.4 Income tax 15.4 12.3 CASH FLOW BEFORE COST OF NET DEBT AND INCOME TAX 31.7 36.0 Change in working capital (15.6) (38.3) Taxes pai
Slide 27: Outlook
OUTLOOK TEMP.STAFFING & France : improving market. continued outperformance RECRUITMENT International : pursuing the development’s strategy MULTI- SERVICES Airport services : consolidation of operational performance 27
Slide 28: Heading towards €2 billion revenue in 2016
Travaillons ensemble HEADING TOWARDS € 2 BILLION REVENUE IN 2016 France : improving market . continued outperformance > Market Temp. employees July 2016 : + 4.6% (source Prism’emploi/Credoc) > CRIT Temp. employees July 2016 : + 12.2% Spain : sustained growth Objective 2016: > H2 to be sustained by s
Slide 29: Airport services: a year dedicated to operational performances
AIRPORT SERVICES : A YEAR DEDICATED TO OPERATIONAL PERFORMANCES Consolidation of operating performances Growth driven by Airport services in France July 2016 : limited impact of strikes and terrorist attacks Objective 2016: > Roissy and Orly : stability in airlines traffic (-0.4% in aircrafts moveme
Slide 30: Share characteristics
SHARE CHARACTERISTICS CHANGE IN MARKET PRICE OVER 1 YEAR DISTRIBUTION OF CAPITAL at 02/29/2016 Own shares 1.3% Family-held 74.7% Public Code ISIN FR0000036675 24% Market segment Euronext B Number of shares 11 250 000 Average number of shares per day 5 767 since January 1st 2016 Share price at 09/09/