published on 05/16/2024 at 08:39 from ELIOR (EPA:ELIOR)

Inside Information / News release on accounts, results

Elior delivers an outstanding first-half performance

With EBITA up by 144% and a faster pace of deleveraging

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(in € millions)		H1 2023-24	H1 2022-23			Changes in Organic Currency scope of growth effect consolidation			Total year-onyear change
Contract Catering	2,293			2,169	5.9%		+0.6%	-0.8% +5.7%
Multiservices	823			302	6.0%		+166.9%	0.0% +172.9%
Sub-total	3,116			2,471	5.9%		+20.9%	-0.7% +26.1%
Corporate & Other	7			7	1.9%		NM	NM +1.9%

NM: not material

NM: not material

Pro forma 2022-23	H1			H2			12 months
(in € millions)	Adjusted Adjusted EBITA EBITA margin			Adjusted Adjusted EBITA EBITA margin			Adjusted Adjusted EBITA EBITA margin
Contract Catering		49	2.3%		(2)	-0.1%		47	1.1%
Multiservices		9	1.2%		29	3.5%		38	2.3%
Sub-total		58	2.0%		27	1.0%		85	1.5%
Corporate & Other		(9)	NM		(8)	NM		(17)	NM

NM: not material

	Six months ended March 31
(in € millions)	2024	2023
EBITDA	189	107
Purchases of and proceeds from sale of property, plant and equipment and intangible assets	(43)	(32)
Change in operating working capital	83	(45)
Share of profit of equity-accounted investees	-	-
Non-recurring income and expenses impacting cash	(13)	(15)
Other non-cash movements	(1)	2
Repayments of lease liabilities (IFRS 16)	(41)	(33)
Operating free cash flow	174	(16)
Tax recovered (paid)	(5)	1

		Six months ended March 31
(in € millions)		2024		2023
Revenue		3,123		2,478
Purchase of raw materials and consumables		(907)		(845)
Personnel costs		(1,675)		(1,255)
Share-based compensation expense		1		(3)
Other operating expenses		(293)		(223)
Taxes other than on income		(60)		(46)
Depreciation, amortization and provisions for recurring operating items		(88)		(68)
Net amortization of intangible assets recognized on consolidation		(13)		(8)
Recurring operating profit from continuing operations		88		30
Share of profit of equity-accounted investees		-		-
Recurring operating profit from continuing operations including share of profit of equity-accounted investees		88		30
Non-recurring income and expenses, net		(15)		(17)
Operating profit from continuing operations including share of profit of equityaccounted investees		73		13
Financial expenses		(61)		(39)
Financial income		9		4
Profit/(loss) from continuing operations before income tax		21		(22)
Income tax		(20)		(3)
Net profit/(loss) for the period from continuing operations		1		(25)
Net profit for the period from discontinued operations		-		-
	Net profit/(loss) for the period	1	(25)
	Attributable to:
	Owners of the parent	1	(23)
	Non-controlling interests	-	(2)

		Six months ended March 31,
(in €)		2024 2023
Earnings/(loss) per share
Earnings/(loss) per share – continuing operations
Basic	-		(0.14)
Diluted	-		(0.14)
Earnings per share – discontinued operations
Basic	-		-
Diluted	-		-
Total earnings/(loss) per share
Basic	-		(0.14)
Diluted	-		(0.14)

(in € millions)		At March 31, 2024		At September 30, 2023
Goodwill		1,670		1,680
	Intangible assets		247		257
	Property, plant and equipment		256		258
	Right-of-use assets		196		216
	Non-current financial assets		129		127
	Fair value of derivative financial instruments (*)		2		5
	Deferred tax assets		82		84
	Total non-current assets		2,582		2,627
	Inventories		101		107
	Trade and other receivables		953		975
	Current income tax assets		13		12
	Other current assets		75		67
	Cash and cash equivalents (*)		81		45
	Assets classified as held for sale		-		-
	Total current assets		1,223		1,206

(in € millions)		At September 30, At March 31, 2024 2023
	Share capital		3	3
	Reserves and retained earnings⁽¹⁾		822	833
	Translation reserve		2	11
	Equity attributable to owners of the parent		827	847
	Non-controlling interests		-	(1)
	Total equity		827	846
	Long-term debt (*)		1,023	1,074
	Long-term lease liabilities (*)		137	155
	Fair value of derivative financial instruments (*)		6	-
	Provisions for pension and other post-employment benefit obligations		80	74
	Other long-term provisions		28	28
	Other non-current liabilities		6	6
	Total non-current liabilities		1,280	1,337
	Trade and other payables		687	646
	Due to suppliers of non-current assets		12	14
	Accrued taxes and payroll costs		667	639
	Current income tax liabilities		17	8
	Short-term debt (*)		103	135
	Short-term lease liabilities (*)		68	67
	Short-term provisions		54	56
	Contract liabilities		51	53
	Other current liabilities		39	32
	Liabilities classified as held for sale		-	-
	Total current liabilities		1,698	1,650
	Total liabilities		2,978	2,987

Total equity and liabilities	3,805	3,833


Net debt	1,254	1,381
Net debt excluding fair value of derivative financial instruments and debt issuance costs	1,256	1,393

		Six months ended March 31
(in € millions)		2024		2023
Recurring operating profit including share of profit of equity-accounted investees		88		30
Amortization and depreciation⁽¹⁾		90		76
Provisions		11		1
EBITDA		189		107
Share of profit of equity-accounted investees		-		-
Change in operating working capital		83		(45)
Non-recurring income and expenses impacting cash		(13)		(15)
Interest and other financial expenses paid		(48)		(32)
Tax recovered (paid)		(5)		1
Other non-cash movements		(1)		2
Net cash from operating activities – continuing operations		205		18
Purchases of property, plant and equipment and intangible assets		(46)		(35)
Proceeds from sale of property, plant and equipment and intangible assets		3		3
Purchases of financial assets		(2)		(3)
Proceeds from sale of financial assets		1		-
Acquisitions of shares in consolidated companies, net of cash acquired		(2)		-
Other cash flows from investing activities		(1)		(1)
Net cash from/(used in) investing activities – continuing operations		(47)		(36)
Proceeds from borrowings		14		51
Repayments of borrowings		(86)		(73)
Repayments of lease liabilities		(37)		(30)
Net cash from/(used in) financing activities – continuing operations		(109)		(52)
Effect of exchange rate changes		3		(4)
	Increase/(decrease) in net cash and cash equivalents – continuing operations	52	(74)
	Increase/(decrease) in net cash and cash equivalents – discontinued operations	(1)	-

	Net cash and cash equivalents at beginning of period	(2)	59
	Net cash and cash equivalents at end of period	49	(15)

Financial Results Deleveraging EBITA Elior First-half Performance

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