Spie Sa · EURONEXT:SPIE
Spie Sa — 9M 2022 Earnings Presentation
35 slides from Spie Sa's earnings presentation, Nov 4, 2022
Slide 1: Quarterly information as of September 30th, 2022
Quarterly information as of September 30th, 2022 November 4th, 2022 SPIE, sharing a vision for the future SPIE, sharing a vision for the future
Slide 2: Disclaimer
Disclaimer Certain information included in this document 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 strategi
Slide 3: Energy performance contract for the Flagey Building in Belgium
Enabling energy savings through a 15-year energy performance contract for the Flagey Building in Belgium • Technical installations and HVAC systems replacements contributing to high energy performance in this 25,000 sqm building • The purpose of this contract is to achieve energy savings: 15% on gas
Slide 4: Installing energy supply systems of Pyrum's recycling facility in Germany
Installing the energy supply systems of Pyrum’s new recycling facility in Germany • Planning and installing 2 transformer stations, 2 medium-voltage switch-gear systems, 4 additional transformers and 3 low-voltage main distribution boards and all the component cabling for the new recycling facilitie
Slide 5: Installing a high-voltage line to transport wind energy in Germany
Installing a high-voltage line in order to transport wind energy in Germany • SPIE is implementing a high-voltage overhead power line in the Upper Palatinate for TenneT that extends around 15 km: it includes the installation of 41 380 kV overhead line pylons • The line is set to transport wind energ
Slide 6: Supplying a Belgian public transport company with electrical bus chargers
Supplying a Belgian public transport company with more than 250 electrical chargers for buses • In partnership with Ekoenergetyka (Polish supplier specialized in electrical charging infrastructure) SPIE is in charge of delivering, installing and maintaining 252 electrical chargers for buses in Deste
Slide 7: 9m 2022 Highlights
9m 2022 Highlights Gauthier Louette Chairman & CEO 7 SPIE, sharing a vision for the future
Slide 8: 9m 2022 Highlights: Strong performance
9m 2022 Highlights : Strong performance Organic growth acceleration at +5.6% over the 9m 2022, +8.5% in Q3 2022 Solid EBITA margin increase +20bps over the 9m 2022 Disposal of 100% of our operations in the UK Closing of our Sustainability-linked refinancing 2022 organic growth outlook revised upward
Slide 9: Organic growth acceleration and EBITA margin +20bps
9m 2022: Organic growth acceleration and EBITA margin +20bps 9m 2022 9m 2022 +14.7% +5.6% +20bps Revenue Total growth organic EBITA 5.6% vs. 9m 2021R1 margin Q3 2022 Q3 2022 +16.4% +8.5% EBITA 6.6% +20bps Revenue Total growth organic vs. Q3 2021R1 margin Note: 1 Restated to include the contribution
Slide 10: 9m 2022 revenue: Good momentum and ability to pass on cost increases
9m 2022 revenue: Good momentum on our markets and ability to pass on cost increases 9m 2022 revenue growth vs 9m 2021R1: % of 9m 2022 revenue At constant FX France 36% +5.5% +2.7% +8.2% Germany & Central Europe 35% +4.7% +5.2% +9.9% o/w Germany: +4.6% North-Western Europe 23% +4.7% +30.7% +35.5% Oil
Slide 11: Q3 2022 revenue: Strong organic growth acceleration at +8.5%
Q3 2022 revenue: Strong organic growth acceleration at +8.5% Q3 2022 revenue growth vs Q3 2021R1: % of Q3 2022 revenue At constant FX France 36% +7.8% +2.5% +10.3% Germany & Central Europe 35% +5.5% +2.5% +8.0% o/w Germany: +3.7% North-Western Europe 22% +14.6% +32.0% +46.5% Oil & Gas and Nuclear 7%
Slide 12: 9m 2022 EBITA margin +20bps compared to 9m 2021
9m 2022 EBITA margin +20bps compared to 9m 2021 Group EBITA (€m) and EBITA margin (% of revenue) +20 bps 6.6% 6.4% 6.1% 5.6% 5.9% 5.4% 3.9% 3.7% Q1 2021R1 Q1 2022 Q2 2021R1 Q2 2022 Q3 2021R1 Q3 2022 9m 2021R1 9m 2022 Note: 1 Restated to include the contribution of the unsold part of former SAG Gas &
Slide 13: SPIE confirms its ability to protect and increase EBITA margin
SPIE confirms its ability to protect and increase EBITA margin 9m 2022 EBITA margin up +20bps in line with FY22 guidance ✓ Procurement basis and pricing tools ✓ Indexation clauses daily update PROTECT ✓ Shorter validity of our offers ✓ Short-term cycles of our activities Enhanced pricing power Opera
Slide 14: Targeted bolt-on acquisition strategy in 9m 2022
SPIE continued its targeted bolt-on acquisition strategy in 9m 2022 Signed in €67m June 2022 FY 2021 revenue Leading player for installation services in 4 mechanical and electrical building technology in Poland and Czech Republic Acquisitions Closing expected in Q3 2022 in 9m 2022 Strengthening SPIE
Slide 15: 9m 2022 Business Review
9m 2022 Business Review Gauthier Louette Chairman & CEO 15 SPIE, sharing a vision for the future
Slide 16: France: Good dynamic across all our markets
France: Good dynamic across all our markets 9m revenue change Highlights of 9m 2022 36% ◼ Tech FM and Commercial Installation driven by Group revenue growing customer needs in energy performance contracts and energy renovation requirements +8.2% Total Growth ◼ Good performance in City Networks espec
Slide 17: Germany & Central Europe: Good momentum overall
Germany & Central Europe: Good momentum overall 9m revenue change Highlights of 9m 2022 Germany & 35% ◼ Germany Group revenue Central Europe Germany ▪ Strong dynamic and well-oriented activity in Tech FM and City Networks & Grids +10.1% +7.6% Total Growth ▪ Phasing effects in High Voltage weighting
Slide 18: North-Western Europe: Good performance in the Netherlands
North-Western Europe: Good performance in the Netherlands 9m revenue change Highlights of 9m 2022 ◼ The Netherlands 23% Group revenue ▪ Very dynamic market trends in T&D, Industry +36.0% Total Growth Services and Tech FM ▪ Growth in optic fibre roll-out and data centres ▪ Worksphere acquisition: ✓ I
Slide 19: Oil & Gas and Nuclear: Well-oriented markets with good visibility
Oil & Gas and Nuclear: Well-oriented markets with good visibility 9m revenue change Highlights of 9m 2022 6% Group revenue ◼ Oil & Gas Services +16.7% Total Growth • Strong dynamic in Opex spend • High backlog including multi-year contracts providing with a good mid-term visibility +13.8% Organic ◼
Slide 20: 9m 2022 Financial Results
9m 2022 Financial Results Jérôme Vanhove Group CFO 20 SPIE, sharing a vision for the future
Slide 21: Income statement highlights
Income statement highlights €m 9m 2022 9m 2021R1 Change 9m 2021 Revenue 5,772.9 5,032.2 +14.7% 5,031.4 9m 2022 EBITA 323.2 270.3 +19.6% 269.9 EBITA Margin 5.6% 5.4% +20bps 5.4% €m Q3 2022 Q3 2021R1 Change Q3 2021 Revenue 2,018.4 1,734.6 +16.4% 1,734.8 Q3 2022 EBITA 133.7 110.5 +21.0% 110.3 EBITA Mar
Slide 22: First nine months revenue bridge
First nine months revenue bridge €m: +14.7% +0.4% 5,772.9 +8.9% -0.2% +5.6% 5,032.2 +14.3% ex FX 9m 2021R Organic Acquisitions Disposals1 FX 9m 2022 2021 & 2022 2 Note: 1 Disposal of ATMN Industrie by SPIE Nucléaire in January 2022 and disposal of Kabel-en Leidingtechniek B.V. by SPIE Nederland B.V.
Slide 23: Successful refinancing of our €1.2bn syndicated loan
Sound financial structure Successful refinancing of our €1.2bn syndicated loan A well-diversified debt structure with extended maturities & stable attractive spread conditions Gross debt excluding IFRS 16 and securitization Interest rate swap implemented Drawn Group’s debt 600 85% 15% At fixed rate
Slide 24: Disposal of our UK operations
Disposal of our UK operations Focus even more on our growth in continental Europe DISPOSAL OF 100% OF SPIE UK EXPECTED ACCOUNTING IMPACTS For FY 2022: • Successful strategic review completed : • Estimated exceptional negative impact of ➢ No possible replication of SPIE model in a c. € 80m on FY22 Gr
Slide 25: Outlook 2022
Outlook 2022 Gauthier Louette Chairman & CEO 25 SPIE, sharing a vision for the future
Slide 26: Success of SPIE's employee shareholding plan
Share for you 2022 Outstanding success of SPIE’s employee shareholding plan 11,000 >2,500 Employees participating Employees participating for in 13 countries the 1st time Stable vs. 2021 c. €20m1 Up to 1.3m1 Estimated total investment New shares to be issued in from SPIE employees Dec. 2022 (estimat
Slide 27: SPIE is part of the solution more than ever
SPIE is part of the solution more than ever 65% of what we do contributes to energy transition To address the accelerating SHIFT ENERGY energy transition trends IN ENERGY MOBILITY TOTAL due to the current context EFFICIENCY MIX 2021 EU Taxonomy-aligned 18% 22% 2% 42% Revenue • Increasing costs of en
Slide 28: 2022 outlook: Organic growth revised upwards
2022 outlook Organic growth revised upwards In 2022, SPIE expects: Organic growth: at least +5% Previously: “At least 4.0%“ EBITA margin: 6.3% of revenue – Guidance unchanged Bolt-on M&A: total full-year revenue to be acquired in 2022 in the order of €150 m (excluding Worksphere) Previously: “In the
Slide 29: Q&A
Q&A 29
Slide 30: Appendix
Appendix 30
Slide 31: 9m 2022 revenue growth by segment
9m 2022 revenue growth by segment o/w o/w organic o/w external o/w foreign In millions of euros 9m 2022 9m 2021R1 Change growth growth disposals2 exchange 9m 2021 France 2,087.1 1,929.6 +8.2% +5.5% +2.7% - - 1,929.6 Germany & CE 1,994.9 1,811.5 +10.1% +4.7% +5.2% - +0.2% 1,810.7 o/w Germany 1,626.0
Slide 32: Q3 2022 revenue growth by segment
Q3 2022 revenue growth by segment o/w o/w organic o/w external o/w foreign In millions of euros Q3 2022 Q3 2021R1 Change growth growth disposals2 exchange Q3 2021 France 721.4 654.3 +10.3% +7.8% +2.5% - - 654.3 Germany & CE 710.7 656.8 +8.2% +5.5% +2.5% - +0.2% 657.0 - - o/w Germany 574.6 547.1 +5.0
Slide 33: Quarterly organic growth by segment
Quarterly organic growth by segment Q1 2022 Q2 2022 H1 2022 Q3 2022 9m 2022 France +3.7% +5.0% +4.3% +7.8% +5.5% Germany & CE +6.5% +2.4% +4.3% +5.5% +4.7% o/w Germany +8.5% +2.0% +5.0% +3.7% +4.6% North-Western Europe -3.2% +3.9% +0.2% +14.6% +4.7% Oil & Gas and Nuclear +4.5% +24.6% +13.9% +13.6% +
Slide 34: Income statement bridges
Income statement bridges Revenue to Revenue under IFRS EBITA to Operating income €m (unaudited) 9m 2022 9m 2021R1 €m (unaudited) 9m 2022 9m 2021R1 Revenue as per management accounts 5,772.9 5,032.2 EBITA 323.2 270.3 Holdings activities 18.8 17.0 Amortization of allocated goodwill (54.6) (41.6) Other
Slide 35: Financial schedule
IR contact: Financial schedule Audrey Bourgeois +33 (0)1 34 41 80 72 audrey.bourgeois@spie.com investors@spie.com 10 March 2023: 2022 Full-year results SPIE 2022 Investor Day Focus on MT perspectives 28 April 2023: Quarterly information at March 31st, 2023 Replay available here 10 May 2023: Annual S