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Majorel Group Luxembourg S.A. : Majorel reports strong results for H1 & positive outlook for 2022

·25-min read

Majorel Group Luxembourg S.A. / Key word(s): Half Year Results/Half Year Results
Majorel Group Luxembourg S.A. : Majorel reports strong results for H1 & positive outlook for 2022

26-Aug-2022 / 19:45 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014.

Press release

Majorel reports strong results for H1 & positive outlook for 2022

Net revenue growth +16% (like-for-like +17%) | Operating EBITDA growth +14%

Luxembourg, August 26, 2022: Majorel Group Luxembourg S.A. (Euronext Amsterdam: MAJ) (“Majorel” or the ‘’Company”), a leading global provider of next-generation end-to-end customer experience (CX) solutions for digital-native and vertical leading brands, today reports on its reviewed results and publishes its Half-Year Financial Report.

FINANCIAL HIGHLIGHTS

  • Strong topline growth of +16% YOY, resulting in net revenue[1] of €976 million (H1 2021: €842 million). Adjusted for M&A[2] and COVID-19 related business[3], like-for-like[4] growth was +17% YOY.

  • Continuing momentum across business Segments: GEMS (Global English, Middle East and South East Asia) at +35%; CEA (China and East Asia) at +26%; and EASA (Europe, Africa and South America) at +10%, net revenue growth.

  • Strong profitability, with Operating EBITDA[5] in H1 2022 of €175 million (17.9%), compared to €153 million[6] (18.2%) in H1 2021.

  • Group profit amounted to €102 million in H1 2022 compared to €85 million in H1 2021. Earnings per share (EPS)[7] was €1.01.

BUSINESS HIGHLIGHTS

  • Continued successful strategy execution: geographical expansion (nine new countries); expansion with existing and new clients - net revenue retention[8] (NRR) of 114% including the reduction of COVID-19 related services (excluding this, NRR is 117%) and more than 30 new client logos won; expanded partnership with Booking.com completed; M&A (Mayen and Alembo completed; IST announced) and progress in all strategic KPIs.

  • Potential merger: on June 20, 2022 Majorel announced it had agreed on key terms for a potential merger with Sitel Group® (“Sitel”), transforming two high-profile CX groups into a global industry leader.  Since the announcement, good progress has been made on the reciprocal due diligence and the validation of synergies between the two companies.

  • Corporate responsibility (CR): in addition to its comprehensive global CR program, Majorel launched two ‘’lighthouse’’ projects for 2022 – the expansion of the Majorel Women’s Leadership Program and the Majorel Global Impact Standard - and published its annual Corporate Responsibility Report for 2021.

  • Industry recognition: Frost & Sullivan rated Majorel as one of the top three CX providers in the European market; Everest Group named Majorel as a Global Leader in Content Services, Trust & Safety, for the second consecutive year; and Majorel was selected as a “Euronext Tech Leader”.

Commenting on the strong results, Thomas Mackenbrock, CEO of Majorel Group said: "Majorel’s performance in the first half of 2022 was strong, and we have increased our guidance for the full year. Through our relentless focus on executing our proven strategy, we have entered nine new countries, and expanded our workforce to more than 78,000 team members. In addition, we have announced our agreement on key terms for a potential merger with Sitel, transforming two high-profile CX groups into a global industry leader. We will continue to build on our success to deliver positive outcomes for our clients, our team members, our shareholders and the local communities where we operate.”

FINANCIAL OVERVIEW, BUSINESS OVERVIEW, AND OUTLOOK

CONTINUING MOMENTUM IN ALL BUSINESS SEGMENTS

The Company reported net revenue of €976 million for H1 2022, representing YOY growth of +16% with continued momentum across its business Segments. This was driven by the strong growth in net revenue generated with existing clients, mainly in the target vertical of Global Internet, and an increase of offshore delivery.

The first-time consolidation of the Turkish Mayen business, which became part of Majorel on January 1, 2022, and Alembo (June 1, 2022) contributed approximately 2 percentage points to the overall net revenue growth for H1 2022. Net revenue from non-recurring COVID-19 related business contributed €37 million (H1 2021: €59 million). Therefore, adjusted for M&A and COVID-19 related business, like-for-like growth was +17%.

Net revenue and net revenue by business Segment

 

H1 2022

H1 2021

YOY change

Net revenue

€976m

€842m

+16%

EASA Segment

€702m

€637m

+10%

GEMS Segment

€221m

€163m

+35%

CEA Segment

€52m

€42m

+26%

EASA Segment: Europe, Africa and South America

The EASA Segment has delivered YOY growth in net revenue for H1 2022 of +10%. The main driver for this was the continuing strong development of the Company’s near- and offshore locations in Africa, Eastern Europe, and Latin America. As outlined above, EASA also includes the COVID-19 related business and the first-time consolidation of the Turkish Mayen and Alembo businesses. Adjusted for these effects, the like-for-like growth H1 2022 in EASA was +11%.

GEMS Segment: Global English, Middle East and South East Asia

The GEMS Segment has delivered YOY growth in net revenue for H1 2022 of +35%. This strong increase continues to be driven by the Company’s expansion with its Global Internet clients, particularly in the Philippines, Canada, the US, Malaysia, Egypt, and Kenya.

CEA Segment: China and East Asia

The CEA Segment has delivered YOY growth in net revenue for H1 2022 of +26%, a contribution of 5% of Group net revenue, in line with management expectations, supported by the continuing growth of digital consumer engagement services, as well as a focus on consumer products, automotive, and digital-native clients.

CONTINUING STRONG PROFITABILITY IN ALL BUSINESS SEGMENTS

Operating EBITDA of €175 million in H1 2022 grew by +14% compared to H1 2021 (€153 million). The main reasons for this development were: overall business growth; operational excellence; geographic expansion; more complex, value-added services; client portfolio management; improved global delivery mix; COVID-19 related services; continued work from home (WFH)[9]; and the first-time consolidation of Mayen and Alembo. Majorel's Operating EBITDA margin was 17.9% (H1 2021: 18.2%).

EBIT (earnings before interest and taxes) amounted to €138 million for H1 2022, corresponding to an increase of 21% compared to the H1 2021 results of €114 million. Group Profit amounted to €102 million in the first half of 2022, representing a year-over-year increase versus €85 million generated in H1 2021. EPS was €1.01. Free cash flow[10] was €36 million (H1 2021: €85 million) and, adjusted for non-recurring items[11], the amount is €80 million.

The net cash position at the end of H1 2022 was €122 million (H1 2021: €128 million).

Operating EBITDA and Operating EBITDA by business Segment

 

H1 2022

H1 2021

YOY change

Operating EBITDA

€175m

€153m

+16%

% margin

17.9%

18.2%

-0.3pp[12]

EASA Segment

€122m

€115m

+6%

% margin

17.4%

18.1%

-0.7pp

GEMS Segment

€49m

€32m

+53%

% margin

22.2%

19.6%

+2.6pp

CEA Segment

€4m

€7m

-43%

% margin

7.6%

16.8%

-9.2pp

EASA Segment: Europe, Africa and South America

Operating EBITDA for the EASA Segment amounted to €122 million for H1 2022, an increase of +6% compared to €115 million in H1 2021. The Operating EBITDA margin decreased slightly from 18.1% in H1 2021, to 17.4% in H1 2022. Also in EASA, the profitability developments can be explained by: overall business growth; geographic expansion; continued operational excellence; more complex, value-added services; reduced COVID-19 related services; client portfolio management; decreasing WFH rates; and an increasing share of offshore delivery.

GEMS Segment: Global English, Middle East and South East Asia

Operating EBITDA for the GEMS Segment amounted to €49 million in H1 2022, increasing by 53% year-over-year from €32 million in H1 2021. The operating EBITDA margin increased from 19.6% in H1 2021 to 22.2% in H1 2022. Margin improvement in GEMS can be similarly explained by Majorel's main profitability developments.

CEA Segment: China and East Asia

Operating EBITDA for the CEA Segment amounted to €4 million in H1 2022, compared to €7 million in H1 2021. The Operating EBITDA margin decreased from 16.8% in H1 2021 to 7.6% in H1 2022. Despite the growth in net revenue, the CEA segment experienced some challenges in H1 2022 due to COVID-19 restrictions and the lock-down in China which affected margins, and is the main reason for the decrease of profitability.

CONTINUED SUCCESSFUL STRATEGY EXECUTION

Geographical expansion

Majorel further extended its near and offshore capabilities and entered nine new countries in H1 2022. Three of these were through organic growth – Ghana, Greece and North Macedonia; two through acquisition – Suriname and Turkey; and four through the expanded strategic partnership with Booking.com – Japan, Lithuania, South Korea, and Thailand. This enables the Company to offer even more flexible delivery options to its clients, and means that Majorel is now present in 41 countries East-to-West on five continents (exceeding our mid-term target of more than 40 countries), supporting more than 60 languages from 160+ locations - including 23 multilingual-hubs.

Growth with clients

Our current client portfolio comprises more than 400 clients worldwide from a wide range of industries, with a particular focus on fast-growing Global Internet and vertical leaders across various industries. Retaining and growing their business is the bedrock of our success and remains a focus area for growth. The Company added more than 30 new client logos in H1 2022 – a solid foundation for building future long-term client relationships.

Across all our verticals, we continue to work and grow with our clients in true partnership, and with deep roots built on mutual trust. In H1 2022, this resulted in net revenue retention (NNR) of 114% including the reduction of COVID-19 related services. Excluding this, NRR is 117% (H1 2021: 118%).

Majorel completed its expanded strategic partnership with Booking.com in June, fulfilling the Company’s strategic goal of expanding into new countries and further consolidating its existing presence in other markets too.

Growth through M&A

On January 1, 2022, Mayen, one of Turkey’s leading nearshore CX providers, became a member of the Majorel family. In addition, the Company announced that it had signed a contract to acquire IST Networks, a leading full-service CX Technology Services provider – completion is now expected in Q3 2022. In June, Majorel completed the acquisition of Alembo, a CX and BPO company based in Suriname.

Progress in all strategic KPIs

In H1 2022, 49% of net revenue was from Global Internet clients (FY 2021: 45%), progressing towards our mid-term target of >50% and including 23% of net revenue from Majorel’s Content Services, Trust & Safety line of business (FY 2021: 21%), in line with our mid-term target of 20-25%. Tech & Expert Services represented 9% of net revenue (FY 2021: 9%), compared to our mid-term target of 10-15% and, in line with our previous guidance, the net revenue share from the Telco sector continues to decrease, equating to 10% of group net revenues in H1 2022 (FY 2021: 12%) compared to our mid-term target of ~10%. Offshore delivery represented 42% of net revenue (FY 2021: 39%), compared to our mid-term target of 45-50%.

Potential merger with Sitel

On June 20, 2022, Majorel announced it had agreed on key terms for a potential merger with Sitel. In the past weeks, good progress has been made on the reciprocal due diligence and the validation of synergies between the two companies.

OUTLOOK

Majorel increases its guidance for the full fiscal year 2022. The outlook is based on the Company’s current assessment on the development of the business in H1 2022 and the general CX market, combined with economic and labor market conditions in its geographic footprint, including expected effects from inflation.

Against this background and Majorel’s strong performance in H1 2022, the Company expects net revenue for the full year 2022 to grow to €1,900-2,000 million (previously €1,850-1,950 million). In addition, Majorel expects that Operating EBITDA for the full year 2022 will be in the upper half of the margin guidance of 16.0-17.0%, resulting in a correspondingly higher absolute Operating EBITDA outlook for the full year 2022.

Naturally, Majorel will continue to keep a careful watch on the saddening events in Ukraine, the ongoing COVID-19 situation, and increased macro-economic volatility. This includes monitoring any economic consequences around the world, particularly inflation, and their potential impact on Majorel’s business.

Please find below in the Appendix, the primary Condensed Consolidated Interim Financial Statements: Profit and Loss; Comprehensive Income; Financial Position; Cash Flow; and Changes in Equity.

INVESTOR AND ANALYST CONFERENCE CALL

A webcasted conference call for investors and analysts will be hosted on Tuesday, August 30, 2022 at 14:00hrs CEST.

If you would like to participate in the conference call, please pre-register by clicking here and you will then receive the dial-in details.

To follow the presentation, participants of the conference call can use the following link (only slides, no audio): https://www.webcast-eqs.com/majorel20220830/no-audio

If you’d like to follow the presentation without participating in the conference call, you can follow the webcast via livestream and you will receive the audio via your Internet browser. No dial-in to the conference call is required. https://www.webcast-eqs.com/majorel20220830

The presentation of the H1 2022 results is currently available on the Investor Relations section of Majorel's website (ir.majorel.com).

FINANCIAL CALENDAR (INDICATIVE)

Q3 2022 Trading Update - November 3, 2022

ABOUT MAJOREL

We design, build and deliver next-generation end-to-end CX solutions for many of the world’s most respected digital-native and vertical leading brands. Our comprehensive east-to-west global footprint in 41 countries across five continents, with more than 78,000 team members and 60 languages, allows us to deliver flexible solutions that leverage our expertise in cultural nuance, which we believe to be essential for true excellence in CX. We have deep domain expertise in tech-augmented front to-back-office CX. Additionally, we offer Digital Consumer Engagement, CX Consulting, and an innovative suite of Proprietary Digital Solutions for industry verticals. We are a global leader in Content Services, Trust & Safety. We believe the ‘Majorel difference’ to be our culture of entrepreneurship.

CONTACT

Investor Relations
Michèle Negen
SVP, Investor Relations
ir@majorel.com

Media Relations
Andrew Slater
SVP, Global Marketing & Communications
media@majorel.com

NOTES

[1] Net revenue for the Group corresponds to revenues as reported in our management reporting less certain direct, order-related external costs which are part of external expenses and costs of materials and consist mainly of cost of services purchased (subcontracted or outsourced services). Net revenue for each Segment corresponds to the according Segment revenues less certain direct, order-related inter-Segment and external costs. Management reporting data excludes revenues from minor activities (primarily the Sonopress Business) outside Majorel Group’s core business which are reported in the Condensed Consolidated Interim Financial Statements (the “Sonopress Business” is defined as certain non-core business activities historically carried out by Arvato de Mexico, S.A. de C.V., which was wound down in 2021).
[2] First time consolidation of Turkish Mayen business January 1, 2022 and Alembo June 1, 2022.
[3] Adjusted for non-recurring COVID-19 related business in H1 2021 and H1 2022.
[4] Like-for-like net revenue corresponds to net revenue growth year over year, adjusted for certain specific, probably non-recurring items. For H1 2022 to H1 2021 like-for-like net revenue comparison, the contribution of the first-time consolidation of the acquisition of Mayen (Turkey) and Alembo (Suriname) and COVID-related business were adjusted.
[5] As of January 2022, the definition of Operating EBITDA has been updated: Operating EBITDA is defined as EBIT (earnings before interest and taxes) adjusted for amortization and depreciation, impairment and reversal on intangible assets, property, plant and equipment and right-of-use assets, adjusted for (i) impairment on goodwill and other intangible assets with indefinite useful life as well as gains from business combinations, (ii) impairment on carrying amounts on assets held for sale, (iii) impairment/reversals on other financial assets at amortized cost, (iv)impairment/reversals on investments accounted for using the equity method, (v) results from disposals of investments, (vi) fair value measurement of investments, (vii) results from disposals of intangible assets and property, plant and equipment, (viii) operating realized and unrealized forex gains and losses including on derivatives (ix) expenses on long-term incentive programs and (x) further adjustments such as restructuring, acquisition-related and integration expenses, and other special items.
[6] H1 2021 Operating EBITDA has been restated to comply with the updated EBITDA definition. Reported in 2021 € 154 million, restated for operating foreign exchange gains/losses and on derivatives: € 153 million.
[7] Basic earnings per share (EPS) is calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Group and held as treasury shares and the shares held under the liquidity program, if any. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. There is currently no category of dilutive potential ordinary shares.
[8] Net revenue retention H1 2022 is defined as net revenue generated by clients in H1 2022 divided by net revenue generated by the same cohort of clients in H1 2021 (excluding M&A in 2022). Net revenue retention H1 2021 is defined as net revenue generated by clients in H1 2021 divided by net revenue generated by the same cohort of clients in H1 2020 (excluding the China Business in 2021).
[9] 53% work from home (WFH) rate at June 30, 2022.
[10] Free cash flow is defined as Operating EBITDA less adjustments minus increase/plus decrease in net working capital after net cash out from pensions, payments from leases and net investments in property, plant and equipment and intangible assets excluding net payments from acquisitions and disposals of financial assets.
[11] IPO-related bonus payments in H1 2022.
[12] Percentage point – pp.

DISCLAIMER

This announcement is released by Majorel Group Luxembourg S.A. (the “Company” or “Majorel”) and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR).

The Company’s financial information presented in this announcement has been derived from the management accounts of the Company and are not presented in accordance with IFRS. Such financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing Majorel’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to loss for the period or other measures of profitability, liquidity or performance under IFRS. You should be aware that the presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently.

This financial information is subject to updating, revision, amendment, verification, correction, completion and change without notice. It does not purport to contain all information required to evaluate the Company or the Majorel group and/or its financial position. The information does not constitute a recommendation regarding any loans or securities of the Company.

In providing access to this announcement, neither the Company nor any other person undertakes any obligation to provide you with access to any additional information or to update the information as part of this announcement or to correct any inaccuracies in any such information. No representation, warranty or undertaking, express or implied, is made by the Company or any other person as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained therein or any other statement made or purported to be made in connection with the Company or any of the Company’s respective affiliates, for any purpose whatsoever, including but not limited to any investment considerations. In addition, no duty of care or otherwise is owed by the Company or any of the Company’s respective affiliates to recipients of the information within this announcement or any other person in relation to the information.

This announcement include(s) forward looking statements. All statements other than statements of historical or current facts contained in this announcement, including statements regarding the Company’s future results of operations and financial position, industry dynamics, business strategy and plans and its objectives for future operations, are forward-looking statements. These statements represent management’s opinions, expectations, assumptions, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. Forward looking statements are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "target" "will," "would" and/or the negative of these terms or other similar expressions that are intended to identify forward-looking statements. The forward-looking statements included in this announcement are based largely on Majorel’s current expectations and projections about future events and financial trends that Majorel believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements involve known and unknown risks, uncertainties and assumptions that are difficult to predict or are beyond Majorel’s control, and actual results may differ materially from those expected or implied as forward looking statements. For a detailed description of these factors and uncertainties, please refer to the “Risk Factors” section of Majorel’s Prospectus, available at https://www.bourse.lu/issuer/MajorelGroupSA/105258. Majorel undertakes no obligation to publicly update or revise any of these forward looking statements.

Moreover, new risks emerge from time to time. It is not possible for the Company’s management to predict all risks, nor can it assess the impact of all factors on Majorel’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statements. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this announcement may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Majorel cautions you therefore against relying on these forward-looking statements, and Majorel qualifies all of its forward-looking statements by these cautionary statements.

The forward-looking statements included in this announcement are made only as of the date hereof. Although Majorel believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Neither Majorel nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Moreover, neither Majorel nor any other person undertakes any obligation to update any forward-looking statement to reflect events or circumstances after the date of this announcement or otherwise. You should read this announcement with the understanding that Majorel’s actual future results, levels of activity, performance and events and circumstances may materially differ from what Majorel expects.

This announcement does not constitute an offer of securities for sale or a solicitation of an offer to purchase the securities described in this announcement in the United States. In particular, any securities referred to in this announcement have not been and will not be registered under the US Securities Act of 1933 (the Securities Act), or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offering of securities in the United States.

APPENDIX

Condensed Consolidated Interim Financial Statements

Condensed Consolidated Interim Statement of Profit and Loss

For the six months ended 30 June

In € millions

2022

2021

Revenues

992

877

Other operating income

30

18

External expenses and costs of materials

(196)

(212)

Personnel costs

(640)

(529)

Amortization/depreciation, impairment and reversals on intangible assets, property, plant and equipment and right-of-use assets

(48)

(40)

EBIT (earnings before interest and taxes)

138

114

 

 

 

Interest expenses

(2)

(1)

Other financial income

1

2

Other financial expenses

(4)

(3)

Financial result

(5)

(2)

 

 

 

Earnings before taxes

133

112

Income tax expense

(31)

(27)

 

 

 

Group profit or loss

102

85

 

 

 

attributable to:

 

 

Majorel shareholders

101

85

Non-controlling interests

1

-

 

 

 

Earnings per share (in €)

 

 

– Basic

1.01

0.85

– Diluted

1.01

0.85


Condensed Consolidated Interim Statement of Comprehensive Income

For the six months ended 30 June 

In € millions

2022

2021

Group profit or loss

102

85

 

 

 

Items that will not be reclassified subsequently to profit or loss

 

 

Remeasurement component of defined benefit plans

11

5

 

 

 

Items that will be reclassified subsequently to profit or loss when specific conditions are met

 

 

Exchange differences

 

 

– changes recognized in other comprehensive income

3

5

 

 

 

Other comprehensive income net of tax

14

10

 

 

 

Group total comprehensive income

116

95

 

 

 

attributable to:

 

 

– Majorel shareholders

115

95

– Non-controlling interests

1

-


Condensed Consolidated Interim Statement of Financial Position

In € millions

June 30, 2022

December 31, 2021

Assets

 

 

Non-current assets

 

 

Goodwill

150

94

Other intangible assets

35

20

Property, plant and equipment and right-of-use assets

283

245

Investments accounted for using the equity method

4

3

Trade and other receivables

1

1

Deferred tax assets

36

38

 

509

401

Current assets

 

 

Trade and other receivables

489

467

Other financial assets

6

11

Other non-financial assets

72

68

Current income tax receivables

15

18

Cash and cash equivalents

330

238

 

912

802

 

1,421

1,203

Equity and liabilities

 

 

Equity

 

 

Subscribed capital

1

1

Capital reserve

231

255

Retained earnings

245

138

Majorel shareholders' equity

477

394

Non-controlling interests

9

5

 

486

399

Non-current liabilities

 

 

Provisions for pensions and similar obligations

32

43

Other provisions

12

8

Deferred tax liabilities

5

2

Financial debt

121

70

Lease liabilities

79

80

Trade and other payables

8

-

Other non-financial liabilities

13

-

 

270

203

Current liabilities

 

 

Other provisions

43

30

Financial debt

87

89

Lease liabilities

63

45

Trade and other payables

217

156

Other non-financial liabilities

229

261

Current income tax payables

26

20

 

665

601

 

1,421

1,203


Condensed Consolidated Interim Statement of Cash Flow

For the six months ended 30 June 

In € millions

2022

2021

Earnings before interest and taxes

138

114

Amortization, depreciation and write-ups of non-current assets

48

40

Gains from business combinations

(3)

-

Change in provisions for pensions and similar obligations

(1)

-

Change in other provisions

(4)

9

Change in net working capital

(75)

(24)

Taxes paid

(21)

(15)

Other effects

(3)

(1)

Cash flow from operating activities

79

123

Investments in:

 

 

– intangible assets

(1)

(4)

– property, plant and equipment

(37)

(26)

– purchase prices for consolidated investments (net of acquired cash)

25

(56)

– other investments and financial assets

-

(5)

Disposals of other fixed assets

6

1

Cash flow from investing activities

(7)

(90)

Proceeds from/redemption of other financial debt

49

34

Redemption of lease liabilities

(24)

(23)

Interest paid

(4)

(3)

Dividends to Majorel shareholders

-

(19)

Dividends to non-controlling interests

(2)

-

Other effects

3

(3)

Cash flow from financing activities

22

(14)

Change in cash and cash equivalents

94

19

Exchange rate effects and other changes in cash and cash equivalents

(2)

2

Cash and cash equivalents as of January 1

238

195

Cash and cash equivalents as of June 30

330

216


Condensed Consolidated Interim Statement of Changes in Equity

For the six months ended 30 June 

In € millions

Subscribed capitala)

Capital reserve

Retained earnings

Majorel shareholders' equity

Non-controlling interests

Total

Balance as of January 1, 2021

-

275

37

312

5

317

Group profit or loss

-

-

85

85

-

85

Other comprehensive income

-

-

10

10

-

10

Group total comprehensive income

-

-

95

95

-

95

Dividend distributions

-

(19)

-

(19)

-

(19)

Equity transactions with shareholders

-

(19)

-

(19)

-

(19)

Balance as of June 30, 2021

-

256

132

388

5

393

 

 

 

 

 

 

 

Balance as of January 1, 2022

1

255

138

394

5

399

Group profit or loss

-

-

101

101

1

102

Other comprehensive income

-

-

14

14

-

14

Group total comprehensive income

-

-

115

115

1

116

Dividend distributions

-

(24)

(8)

(32)

(2)

(34)

Acquisition of subsidiary with non-controlling interests

-

-

-

-

5

5

Equity transactions with shareholders

-

(24)

(8)

(32)

3

(29)

Balance as of June 30, 2022

1

231

245

477

9

486

a)  As of June 30, 2022 and December 31, 2021, the subscribed capital amounts to €1 million. As of June 30, 2021 and December 31,2020, the subscribed capital amounted to €404 000.

 

 

 

26-Aug-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Majorel Group Luxembourg S.A.

18, boulevard de Kockelscheuer

L-1821 Luxembourg

Luxemburg

Phone:

+352 42 142 56 11

E-mail:

michele.negen@majorel.com

Internet:

www.majorel.com

ISIN:

LU2382956378

WKN:

A3C3EP

Listed:

Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Munich, Stuttgart; Amsterdam

EQS News ID:

1429555


 

End of Announcement

DGAP News Service

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