Revenue stable in 2014
(Paris - 10 February 2015, 5:35 p.m.) - Assystem S.A. (ISIN: FR0000074148 - ASY), a leading Innovation and Engineering Consultancy, today announced its consolidated revenue for the year ended 31 December 2014.
2014 consolidated revenue
and % change versus restated 2013 (unaudited)
| 2013 | 2013 | 2014 | % change at current exchange rates | |||||
| In € millions | (Reported) | Restated (1) | Reported (1) | |||||
| Group (1) | 871.4 | 864.7 | 866.6 | +0.2% | ||||
| France | 523.3 | 521.3 | 534.1 | +2.4% | ||||
| International | 348.1 | 343.5 | 332.5 | -3.2% | ||||
| Energy & Infrastructure | 365.9 | 359.2 | 354.9 | -1.2% | ||||
| Global Product Solutions | 505.5 | 505.5 | 511.7 | +1.2% |
(1) 2014 figures reflect the first-time adoption of IFRS 11 - Joint Arrangements. MPH Yemen, Engage and n.triple.a are now accounted for by the equity method. 2013 figures have been restated on the same basis to permit meaningful year-on-year comparisons.
Assystem's consolidated revenue for the year ended 31 December 2014 totaled €866.6 million, reflecting organic growth of 0.2%.
Organic growth in revenue from operations in France was a healthy 2.4%. The increase was led by the Nuclear and Aerospace businesses and the strong 17% recovery in the Automotive business, while revenues in the conventional energy segment were significantly lower.
The 3.2% organic decline in revenue from international operations was the net result of mixed situations, with revenues up in the United Kingdom, Belgium, Canada and the United States, but down 6% over the year in Germany. Revenues from MPH Global Services' staffing business contracted by 6% due to the geographic refocusing currently underway.
ENERGY & INFRASTRUCTURE
The 2% increase in revenue from the Nuclear business had a positive impact on the Energy & Infrastructure revenue for 2014 whereas it was adversely affected by declines at MPH Global Services and in the conventional energy segment.
GLOBAL PRODUCT SOLUTIONS
Aerospace revenue was stable over the year, despite a significant drop in Germany. Overall, increases in revenues from manufacturing process-related business offset the decline in revenues from programme design-related business.
Automotive revenue was significantly higher, thanks to strong business momentum in France and Romania. Although revenue from operations in Germany was down over the year, the second half saw an improvement compared with the first six months.
Workforce and invoicing rate
Assystem had 10,792 employees at 31 December 2014, representing a net decrease of 57 people since year-end 2013 on a comparable scope of consolidation basis. The operational invoicing rate for 2014 was 90.7%.
FOURTH-QUARTER 2014 REVENUE AND 2015 OUTLOOK
The 2% organic decline in revenue in the fourth quarter of 2014 was entirely due to the impact of MPH Global Services' geographic refocusing. This refocusing plan is also expected to result in a small organic decrease in revenue in the early part of 2015.
Over the full year, Assystem expects to report significant revenue growth, led by strong gains in the Automotive segment and a firm performance in the Aerospace segment. The Nuclear business should enjoy sustained growth momentum, despite a small decline at the start of the year. Consolidated revenue will also be boosted by the consolidation, as from January 1st, of Saudi Arabian company Radicon and by robust organic growth in engineering revenues in the Middle East.
INVESTOR CALENDAR
- 10 March 2015: 2014 results (after the close of trading)
Presentation meeting on 11 March 2015 at 8:30 am.
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 €866.6 million in revenue in 2014. The Company is listed on NYSE Euronext Paris.
For more information, please visit www.assystem.com - Follow Assystem on Twitter @anewpath2growth
CONTACTS
| Philippe Chevallier 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 VP, Corporate Communications & Investor Relations Phone: +33 (0)1 55 65 03 08 - pbucaille@assystem.com |
APPENDIX
· 2014 revenue by quarter
| 2014 | 2014 | ||||||
| €m | Q1 | Q2 | Q3 | Q4 | Reported (1) | ||
| Consolidated revenue | 221.6 | 217.1 | 207.4 | 220.5 | 866.6 | ||
| % change* | +2.6% | -0.1% | +0.4% | -2.0% | +0.2% | ||
| France | 136.6 | 134.7 | 124.0 | 138.7 | 534.1 | ||
| % change* | +4.9% | +3.2% | +1.6% | +0.1% | +2.4% | ||
| International | 85.0 | 82.4 | 83.3 | 81.8 | 332.5 | ||
| % change* | -1.0% | -5.0% | -1.5% | -5.3% | -3.2% | ||
| Energy & Infrastructure | 91.9 | 90.2 | 83.2 | 89.6 | 354.9 | ||
| % change* | +4.4% | -0.9% | -3.9% | -4.2% | -1.2% | ||
| Global Product Solutions | 129.7 | 126.9 | 124.2 | 130.9 | 511.7 | ||
| % change* | +1.3% | +0.4% | +3.4% | -0.3% | +1.2% | ||
2014 figures reflect the first-time adoption of IFRS 11 - Joint Arrangements. MPH Yemen, Engage and n.triple.a are now accounted for by the equity method.
2013 variations are reported including the currency effect and at constant perimeter, on the basis of IFRS11 impact restated figures.
