L’ISLE-D’ABEAU,
▼ Organic sales growth: +4.8%
▼ Reported EBITDA up +12.3%
▼ Strong increase in
▼ Dynamic performance in emerging markets
▼ 2024 EBITDA expected to grow by +3% to +8%
(€ million) |
H1 2024 |
H1 2023 |
Change
|
Change
|
Consolidated sales |
1,937 |
1,912 |
+1.3% |
+4.8% |
EBITDA |
353 |
314 |
+12.3% |
+15.6% |
Margin (%) |
18.2% |
16.4% |
+1.8 pts |
|
Recurring EBIT |
188 |
166 |
+13.0% |
+16.9% |
Margin (%) |
9.7% |
8.7% |
+1.0 pts |
|
Consolidated net income |
115 |
109 |
+4.8% |
+7.1% |
Margin (%) |
5.9% |
5.7% |
+0.2 pts |
|
Net income, Group share |
104 |
94 |
+10.1% |
+10.2% |
*like-for-like, i.e. at constant scope and exchange rates |
||||
“Performance in the second quarter was in line with the first-quarter trend, with organic growth of close to 5% powered by market dynamics in
The Group’s three priorities are unchanged:
- restoring margins to above their 2021 levels;
- bringing down net debt in line with our 2025 deleveraging target. As a result, year-end 2024 debt should be below its year-end 2023 level;
- executing our climate roadmap and promoting our decarbonised range of cement and concrete.
Achieving these targets will provide us with greater flexibility, enabling us to continue the development of the increasingly decarbonised Group. I’d like to thank our employees for their unwavering commitment.”
The consolidated financial statements for the first half of 2024 were approved by the Board of Directors on
The Group’s consolidated sales rose +1.3% on a reported basis to €1,937 million in the first half. Organic growth in sales came to +4.8% at constant scope and exchange rates. This performance was achieved as a result of:
-
+1.0% growth in Cement volumes to 14.1 million tonnes, with trends varying from one Group market to another, including:
-
a slowdown in European markets, especially in
France , attributable to weakness in the residential sector; -
the increase in
the United States with the industrial and commercial ramp-up in the Ragland plant and the volume rebound inCalifornia ; -
dynamic performance in emerging markets with a rise in both
India andKazakhstan inAsia and also in the Mediterranean region;
-
a slowdown in European markets, especially in
- a still resilient pricing environment in most markets.
The Group’s sales were impacted by an unfavourable currency effect of –€59 million (–3.0%) chiefly arising from depreciation in the Turkish lira and Egyptian pound against the euro.
In addition, the Group recorded a negative change in the scope of consolidation of –€7 million or –0.4% over the period.
The Group’s EBITDA rose by +12.3% in the first half as a result of the growth in volumes at the Ragland plant in
At constant scope and exchange rates, the EBITDA increase reflected:
-
The performance improvement in
the United States , especially with the Ragland plant reaching its nominal capacity at year-end 2023 and the strong rise in its operational efficiency during 2024; -
The improvement in cost-price differentials across almost all the Group’s markets:
- Energy costs fell –17.6% to €272 million in the first half. Even so, they remained well above the 2021 levels (€197 million);
- Underlying inflation (staff and maintenance costs) again ran at close to +10.1%, with costs totalling €439 million.
- The improved production performance of the Cement business, with greater use of alternatives to fossil fuels, with the percentage of alternatives at 36.5%, up 4.5 points from its year-end 2023 level
Recurring EBIT recorded an increase of +13.0%, with margins up +100 basis points.
Net financial income/(expense) was +€3 million above its H1 2023 level. This reflected a –€5 million increase in the net cost of debt offset by an +€8 million increase in other financial income and expenses, owing to the improvement in currency gains and dividends received from minority shareholdings.
Tax expense was –€17 million higher than in 2023. The effective tax rate was 21.7%, significantly higher than the H1 2023 level of 12.4%.
This change in tax expense reflected:
-
a +€12 million reduction in current tax expense arising chiefly from the recognition and use of a €8 million tax loss carry forward in
Egypt . -
a –€29 million rise in deferred tax expense linked to a non-recurring deferred tax benefit of +€25 million in the first half of 2023 following a merger between subsidiaries in
Brazil .
Consolidated net income totalled €115 million, up +7.1% at constant scope and exchange rates and up +4.8% on a reported basis. The net margin was 5.9%.
Net income, Group share rose +10.2% at constant scope and exchange rates and +10.1% on a reported basis to €104 million in the first half of 2024.
1. RESULTS BY GEOGRAPHICAL REGION
1.1.
(€ million) |
H1 2024 |
H1 2023 |
Change reported |
Change
|
Consolidated sales |
594 |
630 |
–5.8% |
–5.8% |
EBITDA |
99 |
106 |
–6.8% |
–6.8% |
Recurring EBIT |
45 |
58 |
–22.6% |
–22.6% |
*like-for-like, i.e. at constant scope and exchange rates |
|
|
|
|
In the first half, activity in
The Cement business was affected by a further volume decline in the second quarter and by an unfavourable base of comparison. This arose from the fact that business trends in May and
The slowdown in Concrete & Aggregates continued during the first half, even though the Aggregates business benefited from the contribution made by the TELT (Euralpin tunnel) project in the second quarter, including reception of the excavated material. Overall, Concrete & Aggregates operational sales fell –7.5% in line with EBITDA, which declined by –10.4% in the first half.
Other Products & Services operational sales and EBITDA were stable.
1.2
(€ million) |
H1 2024 |
H1 2023 |
Change
|
Change
|
Consolidated sales |
197 |
195 |
+0.8% |
+2.2% |
EBITDA |
46 |
46 |
–0.2% |
+2.7% |
Recurring EBIT |
29 |
29 |
–0.3% |
+4.6% |
*like-for-like, i.e. at constant scope and exchange rates |
|
|
|
|
In
The Cement business in
The operational sales recorded by the Concrete & Aggregates business rose +3.6% at constant scope and exchange rates. EBITDA fell –4.4% during the period.
Other Products & Services operational sales moved up +7.9% at constant scope and exchange rates as a result of the strong performance by the precast business (
In
1.3
(€ million) |
H1 2024 |
H1 2023 |
Change
|
Change
|
Consolidated sales |
494 |
450 |
+9.6% |
+9.7% |
EBITDA |
106 |
84 |
+26.9% |
+27.0% |
Recurring EBIT |
63 |
45 |
+40.7% |
+40.8% |
*like-for-like, i.e. at constant scope and exchange rates |
|
|
|
|
Sales in the
The Cement business in the
Concrete sales rose in
In
The Concrete & Aggregates business again showed resilience, with aggregates and concrete volumes dropping slightly, but selling prices moving higher. Concrete & Aggregates operational sales rose +5.4% in
1.4
(€ million) |
H1 2024 |
H1 2023 |
Change
|
Change
|
Consolidated sales |
242 |
233 |
+4.0% |
+5.1% |
EBITDA |
46 |
32 |
+43.4% |
+45.0% |
Recurring EBIT |
30 |
15 |
+96.7% |
+99.2% |
*like-for-like, i.e. at constant scope and exchange rates |
|
|
|
|
The Group’s business in
Activity levels rose in
Business in
1
2 Inflation Reduction Act
1.5 Mediterranean (
(€ million) |
H1 2024 |
H1 2023 |
Change
|
Change
|
Consolidated sales |
214 |
196 |
+9.3% |
+39.1% |
EBITDA |
25 |
21 |
+19.8% |
+57.6% |
Recurring EBIT |
12 |
12 |
+3.0% |
+41.2% |
*like-for-like, i.e. at constant scope and exchange rates |
|
|
|
|
The Group’s activity levels in the Mediterranean region moved higher, with more moderate volume growth in
After a dynamic first-quarter performance, the Cement business in
The Concrete & Aggregates business in
The Cement business in
1.6
(€ million) |
H1 2024 |
H1 2023 |
Change
|
Change
|
Consolidated sales |
196 |
208 |
–5.4% |
–4.4% |
EBITDA |
32 |
26 |
+20.9% |
+23.5% |
Recurring EBIT |
9 |
7 |
+18.1% |
+21.9% |
*like-for-like, i.e. at constant scope and exchange rates |
|
|
|
|
In the first half, the Group’s activity levels in
The Group’s Cement business in
Aggregates operational sales in
Cement sales in
Cement operational sales rose +4.6% in
2. FINANCIAL POSITION AT
(€ million) |
|
|
|
Gross financial debt |
2,088 |
1,915 |
2,055 |
Cash |
(523) |
(493) |
(463) |
Net financial debt (excluding option) |
1,565 |
1,422 |
1,592 |
EBITDA (12-month rolling) |
779 |
740 |
616 |
Leverage ratio (x) |
2.01x |
1.92x |
2.59x |
|
|
|
|
At
Medium- to long-term borrowings are subject to special clauses (covenants) requiring certain financial ratios to be met. Given the level of Group’s net debt and balance sheet liquidity, the bank covenants do not pose a risk for the Group’s financial position.
The Group can call on confirmed credit lines, which have not been drawn down or assigned to hedging the liquidity risk on negotiable European commercial paper (NEU CP) amounting to €399 million at
3. CAPITAL EXPENDITURE AND FREE CASH FLOW
Capital expenditure disbursed (net of disposals) totalled €186 million in the first six months of 2024, up from €143 million in the equivalent period of 2023. Outlays linked to the Group’s strategic investments, including the new kiln in
Free cash flow amounted to –€23 million, versus €61 million in the first half of 2023. This deterioration in free cash flow derived from seasonal fluctuations in the working capital requirement and in capital expenditure. The change in the working capital requirement is expected to make a positive contribution in the second half.
4. CLIMATE PERFORMANCE
|
H1 2024 |
FY 2023 |
Change |
Objectives
|
Direct specific emissions
|
575 |
588 |
–2.2% |
497 |
Direct specific emissions in |
501 |
501 |
- |
430 |
Alternative fuel rate (%) |
36.5% |
32.0% |
+4.5 pts |
50.0% |
Clinker rate (%) |
76.4% |
76.8% |
–0.4 pts |
69.0% |
|
|
|
|
|
The Group’s climate performance in H1 2024 showed progress across all the indicators and most of the Group’s regions. In
Thanks to the extensive range of DECA low-carbon cement geared to the decarbonisation needs of our customers, sales of low-carbon solutions have more than doubled over the past 12 months in
5. OUTLOOK FOR 2024
In 2024, the Group expects limited growth inits sales, supported by an increase in
The Group has adjusted its full-year EBITDA target based on performance in the first half of the year and is now targeting:
Increase in 2024 EBITDA of between +3% and +8% |
This objective takes into account further operational savings at the Ragland plant, an easing in energy cost inflation over the period and a less favourable base of comparison in the second half of the year across most of the Group’s regions.
In 2024, the Group’s capital expenditure disbursed (net of disposals) is likely to total around €325 million.
The increase in EBITDA, tight grip on the working capital requirement and disciplined investment approach will pave the way for a further decrease in the Group’s net debt.
As a result, the Group has set a target of lowering its leverage ratio to below 1.7x by year-end 2024 and has confirmed its medium-term objective of below 1.3x by 2025.
Outlook by country:
In
In
In the
In
In
In
In
In
In
PRESENTATION MEETING AND CONFERENCE CALL
To accompany this publication, the
To take part in the conference call live, dial in on one of the following numbers:
The conference call will also be livestreamed from the
The presentation supporting the event will be available from
NEXT EVENT
Third-quarter 2024 sales after the close on
ABOUT THE VICAT GROUP
For 170 years,
DISCLAIMER
- In this press release, and unless indicated otherwise, all changes are stated on a year-on-year basis (2024/2023), and at constant scope and exchange rates.
- The alternative performance measures (APMs), such as “at constant scope and exchange rates”, “operational sales”, “EBITDA”, “recurring EBIT”, “net debt” and “leverage” are defined in the appendix to this press release.
- This press release may contain forward-looking statements. Such forward-looking statements do not constitute forecasts regarding results or any other performance indicator, but rather trends or targets. These statements are by their nature subject to risks and uncertainties as described in the Company’s Universal Registration Document on its website (www.vicat.fr). These statements do not reflect the future performance of the Company, which may differ significantly. The Company does not undertake to provide updates of these statements.
More comprehensive information about
DEFINITION OF ALTERNATIVE PERFORMANCE MEASURES (APMS):
- Performance at constant scope and exchange rates is used to determine the organic growth trend in P&L items between two periods and to compare them by eliminating the impact of exchange rate fluctuations and changes in the scope of consolidation. It is calculated by applying exchange rates and the scope of consolidation from the prior period to figures for the current period.
- A geographical (or a business) segment’s operational sales are the sales posted by the geographical (or business) segment in question less intra-region (or intra-segment) sales.
- EBITDA (earnings before interest, tax, depreciation and amortisation): sales less purchases used, staff costs and taxes adjusted for other income and expenses on ongoing business.
- Recurring EBIT: (earnings before interest and tax): EBITDA less net depreciation, amortisation, additions to provisions and impairment losses on ongoing business.
- Free cash flow: net operating cash flow after deducting capital expenditure net of disposals and financial investments and before the dividend payment.
- Net debt represents gross debt (consisting of the outstanding amount of borrowings from investors and credit institutions, residual financial liabilities under finance leases, any other borrowings and financial liabilities excluding options to sell and bank overdrafts), net of cash and cash equivalents, including remeasured hedging derivatives and debt.
- Leverage is a ratio based on a company’s profitability, calculated as net debt/consolidated EBITDA.
INTERIM 2024 INCOME STATEMENT BY BUSINESS
Cement
(€ million) |
H1 2024 |
H1 2023 |
Change
|
Change
|
Volume (thousands of tonnes) |
14,100 |
13,967 |
+1.0% |
|
Operational sales |
1,232 |
1,236 |
–0.3% |
+3.6% |
Consolidated sales |
1,050 |
1,058 |
–0.7% |
+3.3% |
EBITDA |
263 |
224 |
+17.1% |
+20.6% |
Recurring EBIT |
154 |
130 |
+19.0% |
+22.8% |
*like-for-like, i.e. at constant scope and exchange rates |
|
|
|
|
Concrete & Aggregates
(€ million) |
H1 2024 |
H1 2023 |
Change
|
Change
|
Concrete volumes (thousands of m3) |
4,576 |
4,695 |
–2.5% |
|
Aggregates volumes (thousands of tonnes) |
10,702 |
11,810 |
–9.4% |
|
Operational sales |
745 |
708 |
+5.2% |
+9.0% |
Consolidated sales |
717 |
691 |
+3.7% |
+7.2% |
EBITDA |
75 |
74 |
+1.2% |
+4.8% |
Recurring EBIT |
27 |
28 |
–5.1% |
–1.1% |
*like-for-like, i.e. at constant scope and exchange rates |
|
|
|
|
Other Products & Services
(€ million) |
H1 2024 |
H1 2023 |
Change
|
Change
|
Operational sales |
239 |
232 |
+3.1% |
+4.2% |
Consolidated sales |
170 |
163 |
+4.2% |
+3.8% |
EBITDA |
16 |
16 |
–3.6% |
–3.7% |
Recurring EBIT |
7 |
8 |
–19.6% |
–21.0% |
*like-for-like, i.e. at constant scope and exchange rates |
|
|
|
|
FINANCIAL STATEMENTS FOR THE FIRST HALF OF 2024
The full set of consolidated financial statements for the first six months of 2024, together with the notes, are now available on the Company’s website at: www.vicat.fr.
Consolidated Income Statement
(in thousands of euros) |
|
Notes |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
4 |
|
1,937,290 |
|
1,912,294 |
Raw materials and consumables used |
|
|
|
(1,267,078) |
|
(1,296,329) |
Employees expenses |
|
5 |
|
(301,808) |
|
(279,802) |
Taxes |
|
|
|
(37,485) |
|
(34,621) |
Other operating income (expenses) |
|
6 |
|
22,240 |
|
12,926 |
EBITDA |
|
|
|
353,159 |
|
314,469 |
Net charges to operating depreciation, amortization and provisions |
6 |
|
(165,387) |
|
(148,227) |
|
Recurring EBIT |
|
|
|
187,773 |
|
166,243 |
Non-operating income (expenses) |
|
7 |
|
7,496 |
|
(4,842) |
Net charges to non-operating depreciation, amortization and provisions |
7 |
|
(9,987) |
|
(352) |
|
Operating profit (loss) |
|
|
|
185,282 |
|
161,049 |
Cost of net financial debt |
|
|
|
(29,959) |
|
(24,523) |
Other financial income |
|
|
|
23,489 |
|
20,916 |
Other financial expenses |
|
|
|
(32,683) |
|
(38,055) |
Financial income (expenses) |
|
8 |
|
(39,153) |
|
(41,662) |
Share of profit (loss) of associates |
|
|
|
198 |
|
4,706 |
Profit (loss) before tax |
|
|
|
146,327 |
|
124,093 |
Income tax |
|
9 |
|
(31,772) |
|
(14,771) |
Consolidated net income |
|
|
|
114,556 |
|
109,322 |
Portion attributable to minority interests |
|
|
|
11,017 |
|
15,274 |
Portion attributable to the Group |
|
|
|
103,539 |
|
94,048 |
|
|
|
|
|
|
|
Basic and diluted earnings per share (in euros) |
|
|
|
2.31 |
|
2.09 |
Comprehensive income
(in thousands of euros) |
|
|
|
|
Consolidated net income |
|
114,556 |
|
109,322 |
|
|
|
|
|
Other items not recycled to profit and loss: |
|
|
|
|
Remeasurement of defined benefit |
|
7,243 |
|
(2,690) |
Tax on non-recycled items |
|
(1,866) |
|
665 |
|
|
|
|
|
Other items recycled to profit and loss: |
|
|
|
|
Changes in currency translation adjustments |
|
(32,801) |
|
(65,128) |
Cash flow hedge instruments |
|
(266) |
|
9,551 |
Tax on recycled items |
|
(3,431) |
|
1,208 |
|
|
|
|
|
Other comprehensive income (after tax) |
|
(31,274) |
|
(56,394) |
|
|
|
|
|
TOTAL COMPREHENSIVE INCOME |
|
83,282 |
|
52,928 |
Portion attributable to minority interests |
|
7,076 |
|
10,107 |
Portion attributable to the Group |
|
76,206 |
|
42,821 |
Consolidated statement of financial position
ASSETS |
|
|
|
|
|
|
(in thousands of euros) |
|
Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
10.1 |
|
1,172,142 |
|
1,185,026 |
Other intangible assets |
|
10.2 |
|
163,417 |
|
174,173 |
Property, plant and equipment |
|
10.3 |
|
2,661,441 |
|
2,582,394 |
Right of use related to leases |
|
10.4 |
|
184,688 |
|
185,416 |
Investment properties |
|
|
|
29,156 |
|
30,706 |
Investments in associated companies |
|
|
|
97,593 |
|
84,861 |
Deferred tax assets |
|
|
|
120,164 |
|
112,229 |
Receivables and other non-current financial assets |
|
11 |
|
243,111 |
|
241,811 |
Total non-current assets |
|
|
|
4,671,714 |
|
4,596,617 |
Inventories and work-in-progress |
|
12.1 |
|
566,400 |
|
568,705 |
Trade and other receivables |
|
12.2 |
|
584,512 |
|
491,986 |
Income tax receivables |
|
|
|
9,142 |
|
3,092 |
Other current assets |
|
|
|
186,757 |
|
193,487 |
Assets held for sale |
|
|
|
11,218 |
|
16,910 |
Cash and cash equivalents |
|
13 |
|
522,931 |
|
493,547 |
Total current assets |
|
|
|
1,880,959 |
|
1,767,728 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
|
6,552,672 |
|
6,364,344 |
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands of euros) |
|
Notes |
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
|
|
179,600 |
|
179,600 |
Additional paid-in capital |
|
|
|
11,207 |
|
11,207 |
|
|
|
|
(33,460) |
|
(41,891) |
Consolidated reserves |
|
|
|
3,288,056 |
|
3,230,128 |
Translation reserves |
|
|
|
(679,243) |
|
(646,331) |
Shareholders’ equity, Group share |
|
|
|
2,766,159 |
|
2,732,713 |
Minority interests |
|
|
|
289,889 |
|
285,157 |
Total shareholders’ equity |
|
14 |
|
3,056,049 |
|
3,017,870 |
Provisions for pensions and other post-employment benefits |
15.1 |
|
84,425 |
|
88,045 |
|
Other provisions more than one year |
|
15.2 |
|
139,495 |
|
134,286 |
Financial debts and put options more than one year |
|
16.1 |
|
1,692,046 |
|
1,416,572 |
Lease liabilities more than one year |
|
16.1 |
|
156,316 |
|
155,718 |
Deferred tax liabilities |
|
9 |
|
286,218 |
|
273,349 |
Other non-current liabilities |
|
|
|
17,334 |
|
18,696 |
Total non-current liabilities |
|
|
|
2,375,835 |
|
2,086,665 |
Other provisions less than one year |
|
15.2 |
|
17,054 |
|
21,943 |
Financial debts and put options at less than one year |
|
16.1 |
|
229,147 |
|
335,956 |
Lease liabilities at less than one year |
|
16.1 |
|
44,992 |
|
45,153 |
Trade and other accounts payable |
|
17 |
|
499,323 |
|
503,490 |
Income tax payables |
|
|
|
18,784 |
|
18,522 |
Other liabilities |
|
|
|
311,487 |
|
334,745 |
Total current liabilities |
|
|
|
1,120,788 |
|
1,259,810 |
Total liabilities |
|
|
|
3,496,623 |
|
3,346,474 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
6,552,672 |
|
6,364,344 |
Consolidated statement of cash flow
(in thousands of euros) |
|
Notes |
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income |
|
|
|
114,556 |
|
109,322 |
|
|
|
|
|
|
|
Share of profit (loss) of associates |
|
|
|
(5,777) |
|
(4,706) |
Dividends received from associated companies |
|
|
|
3,456 |
|
2,465 |
Elimination of non-monetary items: |
|
|
|
|
|
|
- depreciation, amortization and provisions |
|
|
|
172,476 |
|
154,010 |
- deferred taxes |
|
|
|
1,773 |
|
(27,316) |
- net gain (loss) on disposal of assets |
|
|
|
(2,147) |
|
(2,559) |
- unrealized fair value gains (losses) |
|
|
|
1,473 |
|
1,976 |
- other non-monetary items |
|
|
|
6,895 |
|
5,578 |
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
292,704 |
|
238,766 |
|
|
|
|
|
|
|
Changes in working capital |
|
|
|
(116,112) |
|
(24,086) |
|
|
|
|
|
|
|
Net cash flows from operating activities (1) |
|
18.1 |
|
176,592 |
|
214,680 |
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash-out related to acquisitions of non-current assets: |
|
|
|
|
|
|
- tangible and intangible assets |
|
|
|
(193,505) |
|
(147,159) |
- financial investments |
|
|
|
(12,051) |
|
(9,480) |
|
|
|
|
|
|
|
Cash-in related to disposals of non-current assets: |
|
|
|
|
|
|
- tangible and intangible assets |
|
|
|
7,640 |
|
3,329 |
- financial investments |
|
|
|
1,719 |
|
0 |
|
|
|
|
|
|
|
Changes in consolidation scope |
|
|
|
(3,758) |
|
(346) |
|
|
|
|
|
|
|
Net cash flows from investing activities |
|
18.2 |
|
(199,955) |
|
(153,656) |
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid |
|
|
|
(97,060) |
|
(86,250) |
Increases/decreases in share capital |
|
|
|
|
|
|
Proceeds from borrowings |
|
16 |
|
370,880 |
|
182,725 |
Repayments of borrowings |
|
16 |
|
(177,816) |
|
(158,931) |
Repayment of lease liabilities |
|
16 |
|
(26,566) |
|
(24,987) |
Purchase of treasury shares |
|
|
|
(9,293) |
|
(7,274) |
Disposals on treasury shares |
|
|
|
12,133 |
|
9,943 |
|
|
|
|
|
|
|
Net cash flows from financing activities |
|
|
|
72,277 |
|
(84,773) |
Currency translation effect on net cash and cash equivalents |
|
6,628 |
|
(11,622) |
||
Change in cash position |
|
|
|
55,542 |
|
(35,372) |
Net cash and cash equivalents - opening balance |
|
13.2 |
|
439,232 |
|
471,347 |
Net cash and cash equivalents - closing balance |
|
13.2 |
|
494,774 |
|
435,977 |
|
|
|
|
|
|
|
(1) - Including cash flows from income taxes: € (32.5) million as of |
|
|
||||
- Cash flows from interests paid and received: € (30.2) million as of |
||||||
Statement of changes in consolidated shareholder’s equity
(in thousands of euros) |
|
Share
|
Additional
|
|
Consolidated
|
Translation
|
|
Shareholders'
|
|
Minority
|
|
Total
|
|
At |
|
179,600 |
11,207 |
(47,097) |
3,003,393 |
(558,838) |
|
2,588,265 |
|
274,529 |
|
2,862,794 |
|
Half year net income |
|
|
|
|
94,048 |
|
|
94,048 |
|
15,274 |
|
109,322 |
|
Other comprehensive income (1) |
|
|
|
|
(6,805) |
(44,422) |
|
(51,227) |
|
(5,167) |
|
(56,394) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income |
|
|
|
|
87,243 |
(44,422) |
|
42,821 |
|
10,107 |
|
52,928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid |
|
|
|
|
(73,233) |
|
|
(73,233) |
|
(15,033) |
|
(88,266) |
|
Net change in treasury shares |
|
|
|
5,443 |
(2,832) |
|
|
2,611 |
|
|
|
2,611 |
|
Change in consolidation scope and additional acquisitions |
|
|
|
(306) |
|
|
(306) |
|
81 |
|
(225) |
||
Application of IAS29 |
|
|
|
|
20,251 |
|
|
20,251 |
|
2,454 |
|
22,705 |
|
Other changes |
|
|
|
|
777 |
|
|
777 |
|
(36) |
|
741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At |
|
179,600 |
11,207 |
(41,654) |
3,035,293 |
(603,260) |
|
2,581,186 |
|
272,102 |
|
2,853,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At |
|
179,600 |
11,207 |
(41,891) |
3,230,128 |
(646,331) |
|
2,732,713 |
|
285,157 |
|
3,017,870 |
|
Net income |
|
|
|
|
103,539 |
|
|
103,539 |
|
11,017 |
|
114,556 |
|
Other comprehensive income (1) |
|
|
|
|
5,579 |
(32,912) |
|
(27,333) |
|
(3,941) |
|
(31,274) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income |
|
|
|
|
109,118 |
(32,912) |
|
76,206 |
|
7,076 |
|
83,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid |
|
|
|
|
(88,976) |
|
|
(88,976) |
|
(8,350) |
|
(97,326) |
|
Net change in treasury shares |
|
|
|
8,431 |
(4,700) |
|
|
3,731 |
|
|
|
3,731 |
|
Changes in scope of consolidation and additional acquisitions |
|
|
|
(1,175) |
|
|
(1,175) |
|
351 |
|
(824) |
||
Application of IAS29 |
|
|
|
|
43,109 |
|
|
43,109 |
|
5,653 |
|
48,762 |
|
Other changes |
|
|
|
|
552 |
|
|
552 |
|
2 |
|
554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At |
|
179,600 |
11,207 |
(33,460) |
3,288,056 |
(679,243) |
|
2,766,159 |
|
289,889 |
|
3,056,049 |
|
(1) Breakdown by nature of other comprehensive income: Other comprehensive income includes mainly cumulative translation adjustments from end 2003. To recap, applying the option offered by IFRS 1, the conversion differences accumulated before the transition date to IFRS were reclassified by allocating them to retained earnings as at that date. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725502058/en/
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