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First-quarter 2021 consolidated revenue: up 6.1% like for like
Nuclear: very strong momentum in France and the United Kingdom (9.0% like-for-like growth)
ET&I: satisfactory performance in France
Paris-La Défense, 4 May 2021, 5.35 p.m. (CEST) – Assystem S.A. (ISIN: FR0000074148 – ASY), an international engineering group, today released its revenue figures for the three months ended 31 March 2021 (first-quarter 2021).
Since 1 January 2021, revenue generated by the Staffing division – which was previously presented separately in Assystem’s revenue releases – has been included in the revenue figures for Energy Transition & Infrastructures (ET&I). Staffing division revenue does not include, and historically has not included, any revenue from nuclear engineering activities.
Assystem’s consolidated revenue is therefore now split out between “Nuclear” and “ET&I”.
However, in order to facilitate comparisons with prior periods, revenue figures for the Staffing division will be referred to on an ancillary basis in Assystem’s revenue releases published during 2021.
In addition, the Group’s segment information (particularly relating to EBITA) will henceforth be separated out into information related to operational activities, presented in a segment called “Assystem Operations”, and information related to holding activities, presented in a segment called “Holding company”.
First-quarter 2021 consolidated revenue
and year-on-year changes (unaudited)
In € millions
Total year-on-year change
Like-for-like year-on-year change*
* Based on a comparable scope of consolidation and constant exchange rates.
** Including Staffing revenue amounting to €10.9 million in Q1 2020 and €9.7 million in Q1 2021.
*** The business corresponding to the “Other” segment has been deconsolidated since 1 July 2020.
Consolidated revenue totalled €127.9 million in the first quarter of 2021, up 4.1% year on year. Like-for-like growth came to 6.1%, changes in the scope of consolidation had a negative 0.4% impact (relating to the sale of Eurosyn, which was previously classified under “Other”, and the consolidation from 1 June 2020 of the UK-based company CRA), and the currency effect was a negative 1.6% (primarily due to the depreciation against the euro of the US dollar and currencies pegged to the US dollar).
Revenue from Nuclear activities rose 9.8% to €81.8 million (representing 64% of total consolidated revenue) from €74.5 million in the first quarter of 2020. Like-for-like growth was 9.0%, changes in the scope of consolidation had a 1.7% positive impact (corresponding to the consolidation from 1 June 2020 of CRA) and the currency effect was a negative 0.9%.
Business momentum was very robust in the United Kingdom and in France, where there was also a favourable basis of comparison due to the impact that the Covid-19 pandemic had on revenue as from mid-March 2020. In the Middle East, however, despite the upturn in revenue generated on the KA.CARE contract in Saudi Arabia, overall revenue contracted year on year as there was a steep decline in the revenue recorded in the United Arab Emirates under the ENEC contract, which is in its final stages.
ENERGY TRANSITION & INFRASTRUCTURES (ET&I)
ET&I revenue edged down 1.1% to €46.1 million in first-quarter 2021, with like-for-like growth of 1.7% and a 2.8% negative currency effect. This business is showing satisfactory revenue growth in France, particularly in the defence sector and for project management and systems integration clients. Staffing revenue was once again affected by border closures and unfavourable exchange rates.
PLANNED ACQUISITION OF STUP CONSULTANTS PRIVATE LIMITED
In early March 2021, Assystem signed an agreement to acquire 99% of the share capital of the Indian engineering company, STUP Consultants Private Limited(1), subject to the usual conditions precedent for this type of transaction being met. However, due to the current Covid-19 situation in India, the May 2021 target will probably not be met.
2021 FINANCIAL CALENDAR
27 May: Annual General Meeting
29 July: First-half 2021 revenue release
15 September: First-half 2021 results release- Presentation meeting on 16 September at 8.30 a.m. (CEST)
28 October : Third-quarter 2021 revenue release
Assystem is an international engineering group. As a key participant in the industry for over 50 years, the Group supports its clients in managing their capital expenditure throughout their asset life cycles. Assystem S.A. is listed on Euronext Paris.
For more information please visit www.assystem.com
Follow Assystem on Twitter: @Assystem
(1) See press release published on 8 March 2021.