Sustained momentum in the strategic Aerospace and Nuclear segments
Deteriorating situation in the French auto industry
Quarterly business review - (Paris - 29 April 2013, 5:35 pm) - Assystem S.A. (ISIN: FR0000074148 - ASY), a leading Innovation and Engineering Consultancy, today announced its consolidated revenue for the first quarter of 2013, which ended 31 March.
First-quarter 2013 consolidated revenue and % year-on-year change (unaudited)
| €m | Q1 2012 | Q1 2013 | Reported change | Organic change* | |
| Consolidated revenue | 217.1 | 217.5 | +0.2% | -1.1% | |
| France | 135.7 | 130.7 | -3.7% | -2.7% | |
| International | 81.4 | 86.8 | +6.6% | +1.5% |
NB: First-quarter 2013 figures reflect the changes in scope of consolidation resulting from the disposal of Anafi in late May 2012 and the consolidation since 1 February 2012 of international operations managed from Dubai.
* Excluding the currency effect.
Assystem's consolidated revenue for the first three months of 2013 was stable at €217.5 million (up 0.2%), reflecting very mixed performances by business and by region.
Excluding the currency effect and the unfavourable impact of two fewer business days during the period, organic growth came to 2.5%.
Healthy momentum in the United Kingdom, Germany and North America was tempered by declines in France and the Middle East-Africa region.
Revenue from Complex Infrastructure Engineering rose by a reported 1.1% in the first quarter, but was down 2% on an organic basis. Led by its traditional markets, the Nuclear business delivered further strong organic growth of 12%, even though the new programmes have not yet been launched. Revenue was also impacted by the winding down of a number of major projects and the 14% drop in demand for on-site technical assistance services in the Oil & Gas and Defence segments.
WORKFORCE AND INVOICING RATE
Assystem had 10,827 employees at 31 March 2013, representing a net increase of 82 people since the beginning of the year. The operational invoicing rate came to 91.3% for the period.
OTHER FIRST-QUARTER HIGHLIGHT
On 8 April, Assystem announced that it had agreed to acquire nearly two-thirds of the stake held in the Company by France's sovereign wealth fund, Fonds Stratégique d'Investissement (FSI). The transaction would be carried out within the three months following the 22 May Annual Meeting, which must authorise a new share buyback programme.
The buyback would lower FSI's interest to 5.58% of the capital (from a current 13.73%) and to 5.73% of the voting rights (from 22.75%).
Financing the transaction would in no way hinder the Group's ability to pursue its expansion.
OUTLOOK
In light of the contrasted, increasingly difficult manufacturing environment in France and the unfavourable calendar effect, Assystem is targeting organic revenue growth of 2% to 5% for the full year. In this environment, Assystem's priority is to invest heavily in the segments and markets which management believes offer the Company very good potential for sustainable growth.
INVESTOR CALENDAR
15 May: Business Day, with presentation of the Aerospace & Embedded Systems businesses
22 May: Annual General Meeting
30 July, after close of trading: Second-quarter 2013 revenue
9 September: Results for the six months ended 30 June 2013 (presentation on 10 September)
Assystem is an international Engineering and Innovation Consultancy. As a key participant in the industry for more than 45 years, Assystem supports its customers in developing their products and managing their capital expenditure throughout the product life cycle. Assystem employs nearly 11,000 people worldwide and reported €855 million in revenue in 2012. The Company is listed on NYSE Euronext Paris.
For more information, please visit www.assystem.com - Follow Assystem on Twitter: @anewpath2growth
CONTACTS
| Gilbert Vidal Chief Financial Officer Phone: +33 (0)1 55 65 03 10 | Nicolas Castex - Agnès Villeret - Lucie Larguier Citigate Dewe Rogerson Phone: +33 (0)1 53 32 78 95 - +33 (0)1 53 32 84 75 agnes.villeret@citigate.fr / / lucie.larguier@citigate.fr |
| Pauline Bucaille Vice President, Corporate Communications and Investor Relations Phone: +33 (0)1 55 65 03 08 - pbucaille@assystem.com |
APPENDICES
Revenue by business unit, three months ended 31 March 2013
| €m | Q1 2012 | Q1 2013 | Reported change | Organic change* |
| Infrastructure Engineering & Operations | 88.6 | 89.5 | +1.1% | -2.0% |
| Aerospace Engineering | 58.9 | 63.6 | +8.0% | +8.0% |
| Technology & Product Engineering | 69.6 | 64.4 | -7.5% | -7.5% |
[1] The Outsourced R&D segment comprises the Aerospace Engineering and Technology & Product Engineering business units.
