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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| S CLUBE BRAGA | EU:SCB | Euronext | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 15.90 | 15.90 | 17.80 | 0.00 | 02:01:00 |
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Press Release
Changé, February 28, 2011
Consolidated results as at December 31, 2010
Revenue: +10% to 402.1 M
Group net income: +10% to 27.4 M
Robust business growth: Revenue up 10.0% to 402.1 million
- Solid waste treatment and recovery markets
- Sales momentum and penetration of new markets
Solid operating performance and results
- Good improvement in EBITDA: +5.0% to 1 01.4 M, i. e. 25.2% of revenues
- COI up 5.5% to 6 6.9 M, i.e. 16.6% of revenues
- Group net income up 10.0% to 2 7.4 M, i.e. 6.8% o f revenues (excl. IFRS 3 revised,
Group net income would have risen 23% to 3 0.5 M, i .e. 7.6% of revenue)
Fast deleveraging and reinforced balance sheet
- Improved FCF and strong cash generation
- Further develeraging: net debt/EBITDA of 1.91
- Dividend maintained at 1 .30 per share, i.e. a pa yout rate of 41% of EPS
Positive outlook for 2011
- Revenue up by about 7% 1
- COI of over 7 0 million
- CAPEX of about 5 0 million 1
Hime-Saur:
- Growth in all activities: Revenue up 2.6% to 1 ,5 57.0 M
- Another gain in EBITDA: +6.4% to 1 87.0 M
- Net loss reduced to ( 58.1) million vs. ( 69.2) m illion
Commenting on these results, Joël Séché expressed satisfaction with the sales and operating
performances achieved in 2010: "Séché Environnement boasted solid results in 2010,
showing a significant improvement on 2009, a year in which our business nevertheless proved
its resilience and our margins were driven to very high levels.
In 2010, all of our business lines returned to a strong growth track, posting extensive
commercial success which solidified our position as a highly innovative leader in
environmental management for local authorities and industrial clients. Boosted by its operating
performance, and despite sizeable one-off items, Séché Environnement's Group net income
once again rose sharply in 2010, in line with its activity.
In 2011, Séché Environnement will continue to expand by drawing on the solidity of its
regulated markets, the development of its recovery businesses and its commercial creativity to
offer local authorities and industrial clients more high value-added environmental and
sustainable development services."
1 Excluding investments related to the Strasbourg contract
Registered office: Les Hêtres BP 20 53811 Changé Cedex 1 / 7
Press Release of February 28, 2011
Robust operating performance, offsetting significant one-off expenses (7 .7 M)
With consolidated revenues up 10.0% to 4 02.1 milli on over the fiscal year, Séché
Environnement saw another rise in its operating income over 2010:
EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) totaled
1 01.4 million , reflecting a 5.0% increase on 2009, i.e. 25.2% of revenue. This
increase can mainly be attributed to the contribution of organic growth, offsetting the
persistently negative mix effects (particularly in Haz. Waste) and a one-off tax expense
of 1 .3 million;
COI (Current Operating Income) gained 5.5% to 6 6.9 million, reaching 16.6% of
revenue. COI posted a slightly stronger improvement than EBITDA, on the back of
good CAPEX control, and taking account of a one-off expense related to the full
provisioning of operating disputes for 1 .4 million .
Excluding these one-off expense items, which had a total negative impact of
2 .7 million, COI would have been 6 9.6 million and current opera ting profitability
17.3% of revenue, a high level identical to that achieved in 2009.
Operating income dipped slightly on 2009 to 6 0.4 million (versus 6 3.5 million in
2009), due primarily to the application of the IFRS 3 (revised), reducing it by 5 million
(non-cash impact).
Sharp increase in net income: +10.0%, in line with the rise in revenue
Financial income climbed by a substantial 6 .9 million versus an increase of 2 .5 million in
2009. This performance reflects both the decline in the cost of financial debt and the Group's
continued fast deleveraging efforts. In 2010, the Group received a positive impact of
1 .2 million from the capitalization of interest ac crued and not paid on Hime convertible bonds.
After corporate tax (2 1.2 million versus 1 8.2 mil lion in 2009, i.e. a nominal corporate tax rate
of 31.5%, vs. 27.6% in 2009), net income from consolidated companies came out at
4 6.1 million, i.e. 11.5% of revenue.
The share of affiliated companies (- 19.2 million) showed a slight improvement, thanks in
large part to the lowering of Hime's losses, bringing Group net income to 2 7.4 million, up
10.0% on 2009.
Excluding the application of IFRS 3 as revised, Group net income would have been
3 0.5 million, i.e. +23% compared to last year.
Fast deleveraging and reinforced balance sheet
Operating cash flow picked up 40% to 6 6.0 million, primarily thanks to improved cash flow
(1 01.5 million versus 94.6 million in 2009), a po sitive change in WCR, lower taxes paid and
solid management of net capex (booked at 3 4 millio n, i.e. 8.4% of revenue).
Consolidated net debt fell steeply to 1 95 million , i.e. 0.53x shareholders' equity and 1.91x
EBITDA (vs. 2 45 million in 2009, i.e. 0.68x shareholders ' equity and 2.53x EBITDA).
Registered office: Les Hêtres BP 20 53811 Changé Cedex 2 / 7
Press Release of February 28, 2011
Positive outlook for 2011
Séché Environnement is expanding on the high value-added regulated waste treatment and
recovery markets.
In 2011, these markets will continue to be driven by European and national regulations, aimed
at stepping up the obligations of waste producers in terms of treatment and recovery. They
will, however, enjoy a more normalized economic environment on the back of the recovery
which took place in 2010.
Growth in the Hazardous Waste division will draw on the solidity of the Group's niche markets.
Vis-à-vis its industrial client base, Séché Environnement will continue to build up its offer of
outsourced waste management and environmental management services.
In Non Hazardous Waste, the Group will focus on developing forward-looking businesses
associated with waste recovery and green energy generation (biogas recovery, production of
alternative fuels, solar energy, etc.).
Séché Environnement is confident that 2011 will be a strong year for growth.
The Group has set a business growth target of about 7%, raising consolidated revenue to
nearly 4 30 million.
The new contracts won in 2010 will go a long way towards reaching this target (Strasbourg
incinerator, decontamination of La Gabarre site in Guadeloupe, etc.).
This target does not take into account the investments made for the Strasbourg contract that
will be rebilled to the city in accordance with IFRIC 12.
This level of business should lead Current Operating Income (COI) to another improvement,
reaching over 7 0 million in 2011.
Séché Environnement will continue to focus the expansion of its businesses on its new
markets and has earmarked capex of about 5 0 millio n in 2011, part of which will go to
renewable energies.
The Groups should be able to consolidate its financial solidity thanks to the robustness of its
activity and operating income.
Key figures
Audited consolidated figures in m under IFRS
As at December 31 2009 2010 Change
2010/2009
Revenues 365.7 402.1 +10.0%
EBITDA 96.5 101.4 +5.0%
Current operating income 63.4 66.9 +5.5%
Net income from consolidated companies 47.8 46.1 -3.5%
Group net income 24.9 27.4 +10.0%
Financial statements prepared by the Board of Directors' meeting of February 18, 2011
Registered office: Les Hêtres BP 20 53811 Changé Cedex 3 / 7
Press Release of February 28, 2011
Hime/Saur
Further growth in operating profitability
EBITDA up 6.4% to 1 87 million (12.0% of revenues)
Hime's consolidated results for fiscal year 2010 are characterized by:
· Growth in activity, driven by International business: consolidated revenue rose by 2.6%
to 1 ,557.0 million (versus 1 ,516.7 million in 200 9).
· Another EBITDA improvement (+6.4%), to 1 87.0 mill ion, i.e. 12.0% of revenues (vs.
11.6% in 2009), thanks to the margin turnaround in the International division and the
rise in secondary commodities prices in Environmental Services.
· COI up 12.9% to 6 5.1 million, impacted by a provi sion of 1 5.3 million for a tax-
related dispute;
· Financial income reigned in at ( 135.2) million ve rsus ( 137.5) million in 2009, with the
reduced cost of net debt partially offsetting the higher income expense on the
convertibles;
At December 31, 2010, Hime's net income stood at ( 58.1) million versus a net loss of
( 69.2) million in 2009.
Key figures
Consolidated figures in m under IFRS
As at December 31 2009 2010 2010/2009
change
Revenues 1,516.9 1,557.0 +2.6%
EBITDA 175.8 187.0 +6.4%
Current operating income 57.7 65.1 +12.9%
Financial income (137.5) (135.2) -
Tax income 9.1 15.1 +65.9%
Group consolidated net income (69.2) (58.1) -
The results presentations will be available
on March 1, 2011 (11.30 a.m. Paris time) at:
http://www.groupe-seche.com/majic/pageServer/1b0100000m/fr/Presentations-SFAF.html
APPENDICES
Consolidated income statement as at December 31, 2010
Consolidated balance sheet as at December 31, 2010
Consolidated statement of cash flows at December 31, 2010
Registered office: Les Hêtres BP 20 53811 Changé Cedex 4 / 7
Press Release of February 28, 2011
Calendar:
Publication of consolidated revenues as at March 31, 2011 on April 26, 2011 (after market
close)
About Séché Environnement
Séché Environnement is one of the leading French players in the treatment and storage of all types of non-
radioactive industrial and household waste. Its facilities enable it to offer high-quality global solutions that
incorporate all environmental requirements.
It is the leading independent operator in the country with a unique positioning at the hub of the high value-added
waste recovery, treatment and storage markets.
The Group offers integrated specialized services:
treatment (by incineration, physical-chemical treatment and solvent regeneration) and processing for
energy recovery of hazardous and non-hazardous waste;
storage of final residue comprised of hazardous or non-hazardous waste.
In April 2007, Séché Environnement acquired a 33% stake in Saur Group, the No. 3 player in the Water and
Environmental Services sector in France.
Séché Environnement has been listed on Eurolist by Euronext since November 27, 1997.
Eurolist - Compartment B ISIN: FR 0000039139 Bloomberg: SCHP.FP Reuters: CCHE.PA)
Contact
Séché Environnement
Manuel Andersen
Head of Investor Relations
+33 (0)1 53 21 53 60
m.andersen@groupe-seche.com
Important notice
This press release may contain information of a provisional nature. This information represents either trends or
targets at the date of the press release's publication and may not be considered as results forecasts or as any other
type of performance indicators. This information is by nature subject to risks and uncertainties which are difficult to
foresee and are usually beyond the Company's control, which may imply that expected results and developments
differ significantly from announced trends and targets. These risks notably include those described in the
Company's Registration Document, available on its website (www.groupe-seche.com). This information therefore
does not reflect the Company's future performances, which may differ considerably, and no guarantee can be given
as to the achievement of these forward-looking figures. The Company makes no commitment on the updating of
this information. More detailed information on the Company can be obtained on its website (www.groupe-
seche.com), in the Regulated Information section. This press release represents does not constitute an offer of
shares nor a solicitation in view of an offer of shares in any country whatsoever, including the United States.
Distribution of this press release may be subject to the laws and regulations in force in France or abroad. Persons
in possession of this press release must be aware of these restrictions and observe them.
Registered office: Les Hêtres BP 20 53811 Changé Cedex 5 / 7
Press Release of February 28, 2011
APPENDICES
Consolidated income statement as at December 31, 2010
In EURO thousand Actual 12/31/09 Actual 12/31/10
Revenue 365 666 402 122
EBITDA 96 525 26,4% 101 397 25,2%
Current Operating Income (COI) 63 406 17,3% 66 887 16,6%
Operating Income 63 472 17,4% 60 431 15,0%
Financial Income 2 500 0,7% 6 892 1,7%
Corporate Tax 18 210 5,0% 21 226 5,3%
Net Income for Consolidated Companies 47 762 13,1% 46 097 11,5%
Share of Affiliated Companies (22 902) 6,3% (19 201) 4,8%
Minority Interests 8 0,0% (470) 0,1%
NET INCOME (share of the Group) 24 851 6,8% 27 366 6,8%
Consolidated balance sheet as at December 31, 2010
In EURO thousand 12/31/09 12/31/10
NON CURRENT ASSETS 591 928 575 268
CURRENT ASSETS (excluding cash and assimilated) 136 406 133 144
Cash and assimilated 19 108 43 431
TOTAL ASSETS 747 441 751 843
SHAREHOLDER'S EQUITY 359 685 369 268
FINANCIAL DEBT 264 346 238 363
HEDGING INSTRUMENTS 5 251 2 593
PROVISIONS 17 235 20 838
OTHER LIABILITIES 100 924 120 321
TOTAL LIABILITIES 747 441 751 843
Registered office: Les Hêtres BP 20 53811 Changé Cedex 6 / 7
Press Release of February 28, 2011
Consolidated statement of cash flows at December 31, 2010
In EURO thousand 12/31/09 12/31/10
CASH FLOW before corporate tax and financial expenses 94 583 101 536
CHANGE IN WCR -4 423 3 202
Paid taxes -18 051 -11 731
NET CASH from Operations 72 109 93 007
Capex paid -30 757 -30 298
Asset disposals 5 560 7 784
Net cash from acquisitions/disposals 96 -56
NET CASH from Investments -25 100 -22 571
Dividends -11 130 -11 151
Change in bank loans -4 585 -26 812
Interest expenses -10 726 -8 544
Other cash 0 230
NET CASH from Financings -26 441 -46 507
CHANGE IN CASH 20 568 23 930
Change in Forex -102 67
Initial Cash Position -1 832 18 622
Final Cash Position 18 622 42 849
Registered office: Les Hêtres BP 20 53811 Changé Cedex 7 / 7
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