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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Enerplus Corporation | NYSE:ERF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 20.09 | 0 | 01:00:00 |
Regulatory News:
Eurofins Scientific SE (Paris:ERF):
Financial highlights
Eurofins continued to demonstrate robust Core Business organic growth in H1 2023:
Strategic highlights
Eurofins companies continue to advance on a large number of long-term growth and innovation initiatives:
Revenue by activity
Following requests by investors for information supplementing already published disclosures on its three reportable segments (Europe, North America and Rest of the World), Eurofins is providing its revenues by activity.
€m
H1 2023
As % of total
Life
€1,257m
39.2%
BioPharma
€976m
30.4%
Diagnostic Services & Products
€652m
20.3%
Consumer & Technology Products Testing
€325m
10.1%
Activities are defined as follows:
2023 to 2027 Objectives
€m
FY 2023 (updated)
FY 2027
Revenues
€6.45bn – €6.55bn
Approaching €10bn
Adjusted EBITDA
€1.32bn – €1.37bn
Margin: 24%
FCFF before investment in owned sites16
€670m - €720m
Approaching €1.5bn
Comments from the CEO, Dr Gilles Martin:
“Though the global economic outlook remains uncertain due to lingering inflationary pressures, higher interest rates and the ongoing war in Ukraine, Eurofins continued to demonstrate robust organic growth above its objective in its Core Business activities in the first half of 2023. Growth was particularly strong in North America, where demand trends in our Food Testing, Environment Testing and BioPharma Product Testing activities more than compensated for the substantial year-on-year decline in revenues from COVID-19 testing and reagents in the region. Europe and Rest of the World also demonstrated healthy growth despite challenges in the current economic climate. Pricing initiatives in all regions are starting to be a driver of these results. Overall, we continue to execute well on our long-term value creation strategy while maintaining a sound capital structure.
“In the second quarter of 2023, Eurofins has almost fully compensated the temporary revenues from COVID-19 testing and reagents it achieved between 2020 and 2022 and expects to fully do so on a full year basis as soon as 2024.
“Supported by higher volumes, contributions from start-ups and market share gains, and further pricing adaptations, we anticipate sustaining our strong organic growth momentum through the second half of 2023. We will also keep accelerating our efforts in technological innovation, in particular the roll-out of automation systems and further digitalisation of processes in the coming quarters, so we can further improve on our industry-leading service quality to clients. Increasing automation also complements other cost efficiency efforts that are underway to improve our competitiveness.
“Despite the current challenges, I remain very confident in the entrepreneurial and innovative spirit of Eurofins teams to continue delivering outstanding, high-quality service to clients, above-market growth and value creation as we progress towards our FY 2023 and FY 2027 objectives.”
Conference Call
Eurofins will hold a conference call with analysts and investors today at 14:00 CEST to discuss the results and the performance of Eurofins, as well as its outlook, and will be followed by a questions and answers (Q&A) session.
Click here to Join Call >> No need to dial in. From any device, click the link above to join the conference call. Alternatively, you may dial-in to the conference call via telephone using one of the numbers below:
UK: + 44 330 165 4027 US: + 1 323 794 2551 FR: + 33 176 772 274 BE: + 32 240 406 59 DE: + 49 6966 102 480
Confirmation Code: 1715178
Business Review
The following figures are extracts from the Condensed Interim Consolidated Financial Statements and should be read in conjunction with the Condensed Interim Consolidated Financial Statements and Notes for the period ended 30 June 2023. The Half Year Report 2023 can be found on Eurofins’ website at the following link: https://www.eurofins.com/investors/reports-and-presentations/
Table 1: Half Year 2023 Results Summary
H1 2023
H1 2022
+/- % Adjusted results
+/- % Reported results
In €m except otherwise stated
Adjusted1 results
Separately disclosed items2
Reported results
Adjusted1 results
Separately disclosed items2
Reported results
Revenues
3,209
-
3,209
3,412
-
3,412
-5.9%
-5.9%
EBITDA3
640
-51
589
829
-29
800
-23%
-26%
EBITDA margin (%)
19.9%
-
18.3%
24.3%
-
23.4%
-440 bp
-510 bp
EBITAS4
397
-69
327
602
-42
560
-34%
-42%
Net profit7
261
-110
151
396
-88
308
-34%
-51%
Basic EPS8 (€)
1.36
-0.57
0.79
2.07
-0.46
1.61
-34%
-51%
Net cash provided by operating activities
333
498
-33%
Net capex9
259
278
-7%
Net operating capex
208
192
+8%
Net capex for purchase and development of owned sites
51
86
-41%
Free Cash Flow to the Firm before investment in owned sites16
125
306
-59%
M&A spend
83
197
-58%
Net debt11
2,588
2,627
-1%
Leverage ratio (net debt/pro-forma adjusted EBITDA)
1.9x
1.5x
+0.4x
Note: Definitions of the alternative performance measures used can be found at the end of this press release
Revenues of €3,209m declined year-on-year by 5.9%, restrained by the sharp year-on-year decrease in revenues from COVID-19 testing and reagents (less than €20m in H1 2023 vs over €470m in H1 2022) and FX headwinds (-0.5%). The decline was partially compensated by strong organic growth in the Core Business (excluding COVID-19 related clinical testing and reagents revenues) of 7.0%.
Table 2: Organic Growth Calculation and Revenue Reconciliation
In €m except otherwise stated
H1 2022 reported revenues
3,412
+ H1 2022 acquisitions - revenue part not consolidated in H1 2022 at H1 2022 FX rates
93
- H1 2022 revenues of discontinued activities / disposals15
-45
= H1 2022 pro-forma revenues (at H1 2022 FX rates)
3,460
+ H1 2023 FX impact on H1 2022 pro-forma revenues
-16
= H1 2022 pro-forma revenues (at H1 2023 FX rates) (a)
3,444
H1 2023 organic scope* revenues (at H1 2023 FX rates) (b)
3,192
H1 2023 organic growth rate (b/a-1)
-7.3%
H1 2023 acquisitions - revenue part consolidated in H1 2023 at H1 2023 FX rates
16
H1 2023 revenues of discontinued activities / disposals15
2
H1 2023 reported revenues
3,209
* Organic scope consists of all companies that were part of the Group as at 01/01/2023. This corresponds to 2022 pro-forma scope.
Table 3: Breakdown of Revenue by Operating Segment
€m
H1 2023
As % of total
H1 2022
As % of total
Y-o-Y variation %
Organic growth in the Core Business**
Europe
1,622
51%
1,855
54%
-12.5%*
+5.4%
North America
1,243
39%
1,206
35%
+3.1%
+9.6%
Rest of the World
344
11%
351
10%
-1.9%*
+5.8%
Total
3,209
100%
3,412
100%
-5.9%
+7.0%
* Segments most impacted by the sharp decline in revenues from COVID-19 testing and reagents
** Excluding COVID-19 related clinical testing and reagent revenues
Europe
North America
Rest of the World
Infrastructure Programme
As part of its strategy to lease less and own more of its sites, Eurofins has added, in the first six months of 2023, a total of 22,000 m² of laboratory, office, and storage space through the delivery of building projects as well as building purchases, while decreasing its leased surfaces by 22,000 m². Through acquisitions in the M&A scope, Eurofins has added an additional surface of 31,000 m². Overall, this has resulted in a net surface increase of 31,000 m² leading to a total net floor area of 1,689,000 m².
In the first half of 2023, Eurofins maintained its focus on expanding its presence in Asia. Significant developments included the completion of a new 3,000 m² facility in Hamamatsu, Japan. With this expansion, Eurofins aims to tap into the rapidly growing asbestos testing market in Japan by materially increasing its capacity. This will enable the Company to improve its market position and contribute to the growth of the industry.
Eurofins also completed the internal fitout of its new facility in Shenzhen, China, which is part of the expansion plan for Cosmetics clinical testing in South China. Additionally, Eurofins is nearing completion of the internal fitout of a new, 2,500 m² facility in Xiamen, China, which will cater to the local food industry's needs for microbiology, chemistry and residue testing. In Phnom Penh, Cambodia, the internal fitout of a new facility for Eurofins MTS Consumer Product Testing is expected to be completed later this year.
In Spain, Eurofins Environment Testing successfully completed the construction of a 5,000 m² laboratory campus in Castellon de la Plana. This facility houses the reference laboratory for drinking water in Spain, a Competence Centre for PFAS and a new laboratory focussed on analysing contaminated soils and associated waters. The laboratory employs state-of-the-art lean design and accommodates the use of robots to transport samples and replenish deliverables. Additionally, the facility is equipped with almost 1,000 m² of solar panels, as well as air recirculation and thermal insulation systems to minimise carbon footprint. The site also includes vacant land for potential future expansion.
In Lentilly, France, Eurofins completed construction of a new 2,000 m² facility. This facility serves as the third differentiated Biopharma Product Testing campus in France, specialising in biopharmaceutical large molecule testing such as biochemistry, biology, microbiology, and virology. The site allows for potential future expansion.
Eurofins Hydrologie Centre Est (EHCE) and Eurofins Laboratoire de Microbiologie Rhône-Alpes (ELMRA) are set to consolidate their operations in Lyon, France. A 1,300 m² building was purchased at the end of June 2022, and the outfitting of the new location is expected to be completed in the current year.
For the remainder of 2023 and for 2024, Eurofins is planning to add 90,000 m² of laboratory and operational space through building projects, acquisitions, new leases and consolidation of sites, as well as completing the renovation of 25,000 m² of its current sites to bring them to the highest standard.
Financial Review
Adjusted EBITDA was €640m in H1 2023, representing an adjusted EBITDA margin of 19.9%, a decrease of €190m vs H1 2022 due primarily to the sizable decrease in revenues from COVID-19 testing and reagents. Inflationary headwinds for personnel expenses, energy, logistics and consumables also impacted profitability, though they began to be partially compensated through pricing adaptations and cost efficiency initiatives.
Table 4: Separately Disclosed Items2
In €m except otherwise stated
H1 2023
H1 2022
One-off costs from integrations, reorganisations and discontinued operations, and other non-recurring income and costs
-12
-6
Temporary losses and other costs related to network expansion, start-ups and new acquisitions in significant restructuring
-39
-23
EBITDA impact
-51
-29
Separately Disclosed Items (SDI) at the EBITDA level increased year-on-year to €51m and comprised:
Reported EBITDA decreased 26% year-on-year to €589m in H1 2023, due to the strong decrease of COVID-19 related revenues in H1 2023 vs H1 2022 as well as inflationary headwinds and higher temporary losses incurred by the strong increase in start-up launches. Reported EBITDA as a proportion of revenues was 18.3%.
Table 5: Breakdown of Reported EBITDA by Operating Segment
€m
H1 2023
Rep. EBITDA margin %
H1 2022
Rep. EBITDA margin %
Y-o-Y variation %
Europe
217
13.4%
432
23.3%
-50%
North America
313
25.2%
320
26.5%
-2%
Rest of the World
66
19.3%
79
22.4%
-16%
Other*
-8
-30
Total
589
18.3%
800
23.4%
-26%
*Other corresponds to Group Service Centres
In Europe, EBITDA declined by €215m vs H1 2022 mainly due to lower testing volumes for COVID-19. Inflation, in particular related to personnel costs, also weighed on profitability. In contrast, EBITDA in North America stayed resilient at €313m, equivalent to 25.2% of its revenues over the period. The Rest of the World posted an EBITDA of €66m, equivalent to 19.3% of its revenues.
Depreciation and amortisation (D&A), including expenses related to IFRS 16, increased by 9% year-on-year to €262m. As a percentage of revenues, D&A stood at 8.2% of Group revenues in H1 2023 vs 7.0% in H1 2022, an 120bps increase year-on-year. This increase is due to higher levels of strategic investments including the owning and modernising of strategic sites, opening of start-up laboratories and the deployment of bespoke IT solutions.
Net finance costs amounted to €42m in H1 2023, a decline compared to €71m in H1 2022. This improvement is primarily due to a non-cash net foreign exchange gain of €11m in H1 2023, while H1 2022 recorded a net foreign exchange loss of €29m.
The income tax expense decreased to €69m in H1 2023 vs €116m in H1 2022 (-41% year-on-year).
Reported net profit7 stood at €151m (5% of revenues and -51% compared to €308m in H1 2022), resulting in a total reported basic EPS of €0.79. Adjusted net profit stood at €262m compared to €397m in H1 2022, resulting in total adjusted basic EPS of €1.36 in H1 2023.
Cash Flow & Financing
Table 6: Cash Flows Reconciliation
€m
H1 2023 reported
H1 2022 reported
Y-o-Y variation
Y-o-Y variation %
Net Cash from Operations
333
498
-165
-33%
Net capex9 (i)
-259
-278
+19
-7%
Net operating capex (includes LHI)
-208
-192
-16
+8%
Net capex for purchase and development of owned sites
-51
-86
+35
-41%
Free Cash Flow to the Firm before investment in owned sites16
125
306
-181
-60%
Free Cash Flow to the Firm10
74
220
-146
-66%
Acquisitions spend and other investments (ii)
-83
-197
+114
-58%
Proceeds from disposals of subsidiaries, net (iii)
8
-
+8
Other (iv)
5
0
+5
Net Cash from Investing (i) + (ii) + (iii) + (iv)
-329
-475
+146
-31%
Net Cash from Financing
205
168
+37
+22%
Net increase / (decrease) in Cash and cash equivalents and bank overdrafts
198
201
-3
-1%
Cash and cash equivalents at end of period and bank overdrafts
682
716
-34
-5%
Net cash provided by operating activities declined in H1 2023 to €333m vs €498m in H1 2022. Net working capital stood at 6.8% of the Group’s revenues at the end of June 2023, an increase of 0.3% vs 6.5% at the end of June 2022 (calculated as a percentage of last quarter revenues times four). The increase in the net working capital percentage is mainly due to advanced customer receipts related to COVID-19 testing activities in H1 2022.
The cash generation more than adequately financed net capex for the period of €259m vs €278m in H1 2022. Net capex includes investments as part of Eurofins’ programmes to own its laboratory sites, which totalled €51m in H1 2023 vs €86m in H1 2022. Taking this into account, the Free Cash Flow to the Firm before investment in owned sites was €125m vs €306m in H1 2022.
During the first six months of 2023, the Group completed 18 business combinations including 9 acquisitions of entities and 9 acquisitions of assets. Net cash outflow on acquisitions completed during the first six months of 2023 and in previous years (in case of payment of deferred considerations) amounted to €83m.
During the period, Eurofins returned to its targeted capital structure that includes an adequate level of hybrid capital of €1bn. The first step towards this objective was made in January 2023, when Eurofins successfully raised €600m of hybrid capital. This new series of hybrid capital has no specified maturity and is accounted for as 100% equity according to international financial reporting standards (IFRS) and 50% equity with the rating agencies Moody’s and Fitch. It bears a fixed annual coupon of 6.75% for the first 5.5 years (until 24 July 2028), upon which date Eurofins can elect to repay. Later in the period, Eurofins repaid the outstanding €183m of hybrid capital callable on 29 April 2023.
The combination of free cash flow to the firm as well as the aforementioned acquisitions and refinancing resulted in a net debt figure of €2,588m at the end of June 2023. The corresponding leverage (net debt/last 12 months proforma adjusted EBITDA) was 1.9x, stable vs the end of December 2022, and within our 1.5x-2.5x target range.
Start-up Programme
Start-ups or green-field laboratory projects are generally undertaken in new markets and, in particular, in emerging markets, where there are often limited viable acquisition opportunities or in developed markets where Eurofins transfers technology developed by its R&D and Competence Centres abroad or expands geographically to complete its national hub and spoke laboratory network in an increasing number of countries.
In the first half of 2023, the Group opened 20 new start-up laboratories and 29 new start-up Blood Collection Points (BCPs). In total, the 271 start-ups and 47 BCPs launched since 2000 have made material contributions to the overall organic growth of the Group, accounting for 0.9% of organic growth in the Core Business. Their EBITDA margin continued to progress while remaining dilutive to the Group.
Of the 271 start-ups and 47 BCPs the Group has launched since 2000, 53% are located in Europe, 17% in North America and 30% in the Rest of the World with a significant number in high growth regions in Asia. By area of activity, 29% are in Food and Feed Testing, 18% are in BioPharma/Biotech/Agroscience services, 14% in Environment Testing, and 25% in Clinical Diagnostics (including BCPs).
Acquisitions
During the first six months of 2023, the Group completed 18 business combinations, made up of 9 acquisitions of legal entities and 9 acquisitions of assets. These companies/activities have been fully consolidated from the date the Group took control over these entities. For the year ended 31 December 2022, these entities generated revenues of about €64m.
Post-Closing Events
Since 1 July 2023, Eurofins has completed two small business combinations via the acquisitions of assets, one is in North America and one in Europe. The total annual revenues of these acquisitions amounted to over €1.5m in 2022 for an aggregate acquisition price of over €1m. These acquisitions employ more than 20 employees.
On 5 July 2023, a new stock option plan (764,576 options) and a new Restricted Stock Unit (RSU) plan (60,117 RSUs) were granted, representing ca. 0.4% of the number of shares issued as of 30 June 2023.
Summary financial statements:
Table 7: Summarised Income Statement
H1 2023
H1 2022
In €m except otherwise stated
Reported Results
Reported Results
Revenues
3,209
3,412
Operating costs, net
-2,621
-2,612
EBITDA
589
800
EBITDA Margin
18.3%
23.4%
Depreciation and amortisation
-262
-240
EBITAS
327
560
Share-based payment charge and acquisition-related expenses, net5
-66
-65
Gain/(loss) on disposal
-
-1
EBIT6
262
495
Finance income
17
1
Finance costs
-59
-72
Share of profit of associates
0
1
Profit before income taxes
220
424
Income tax expense
-69
-116
Net profit for the year
151
308
Attributable to:
Owners of the Company and hybrid capital investors
152
310
Non-controlling interests
-1
-2
Earnings per share (basic) in EUR
- Total
0.79
1.61
- Attributable to owners of the Company
0.65
1.52
- Attributable to hybrid capital investors
0.14
0.09
Earnings per share (diluted) in EUR
- Total
0.76
1.55
- Attributable to owners of the Company
0.63
1.46
- Attributable to hybrid capital investors
0.14
0.09
Basic weighted average shares outstanding - in millions
192.9
192.3
Diluted weighted average shares outstanding - in millions
198.2
200.0
Table 8: Summarised Balance Sheet
30 June 2023
31 December 2022
In €m except otherwise stated
Reported Results
Reported Results
Property, plant and equipment
2,207
2,168
Goodwill
4,520
4,524
Other intangible assets
853
919
Investments in associates
5
5
Non-current financial assets
75
78
Deferred tax assets
73
76
Total non-current assets
7,733
7,770
Inventories
150
146
Trade receivables
1,029
1,053
Contract assets
327
288
Prepaid expenses and other current assets
238
198
Current income tax assets
148
136
Derivative financial instruments assets
6
6
Cash and cash equivalents
686
487
Total current assets
2,585
2,313
Total assets
10,318
10,084
Share capital
2
2
Treasury shares
-48
-14
Hybrid capital
1,000
583
Other reserves
1,601
1,593
Retained earnings
2,260
2,333
Currency translation reserve
185
286
Total attributable to owners of the Company
5,000
4,782
Non-controlling interests
68
69
Total shareholders' equity
5,068
4,851
Borrowings
3,129
3,112
Deferred tax liabilities
129
134
Amounts due for business acquisitions
114
136
Employee benefit obligations
61
60
Provisions
15
19
Total non-current liabilities
3,448
3,460
Borrowings
146
214
Interest due on borrowings and earnings due on hybrid capital
78
38
Trade accounts payable
565
648
Contract liabilities
193
184
Current income tax liabilities
23
35
Amounts due for business acquisitions
37
48
Provisions
27
35
Other current liabilities
734
572
Total current liabilities
1,802
1,772
Total liabilities and shareholders' equity
10,318
10,084
Table 9: Summarised Cash Flow Statement
H1 2023
H1 2022
In €m except otherwise stated
Reported
Reported
Cash flows from operating activities
Profit before income taxes
220
424
Depreciation and amortisation
262
240
Share-based payment charge and acquisition-related expenses, net
66
65
Gain/(loss) on disposal of subsidiaries, net
-
1
Finance income and costs, net
43
72
Share of profit from associates
-
-1
Transactions costs and income related to acquisitions
-3
-10
Changes in provisions and employee benefit obligations
-11
-6
Other non-cash effects
1
-5
Change in net working capital
-154
-102
Cash generated from operations
422
678
Income taxes paid
-89
-179
Net cash provided by operating activities
333
498
Cash flows from investing activities
Purchase of property, plant and equipment
-228
-250
Purchase, capitalisation of intangible assets
-35
-41
Proceeds from sale of property, plant and equipment
4
13
Net capex
-259
-278
Free cash Flow to the Firm10
74
221
Acquisitions of subsidiaries, net
-83
-197
Proceeds from disposals of subsidiaries
8
-
Acquisitions of investments, financial assets and derivative financial instruments, net
0
-1
Interest received
5
1
Net cash used in investing activities
-329
-475
Cash flows from financing activities
Proceeds from issuance of share capital
8
8
Purchase of treasury shares, net of gains
-37
-8
Proceeds from issuance of hybrid capital
594
-
Repayment of hybrid capital
-183
-308
Proceeds from borrowings
17
605
Repayment of borrowings
-81
-16
Repayment of lease liabilities
-85
-78
Dividends paid to shareholders and non-controlling interests
-1
-
Earnings paid to hybrid capital investors
-9
-20
Interests and premium paid
-19
-15
Net cash provided by financing activities
205
168
Net effect of currency translation on cash and cash equivalents and bank overdrafts
-11
10
Net increase in cash and cash equivalents and bank overdrafts
198
201
Cash and cash equivalents and bank overdrafts at beginning of period
483
515
Cash and cash equivalents and bank overdrafts at end of period
682
716
1
Adjusted results – reflect the ongoing performance of the mature14 and recurring activities excluding “separately disclosed items”.
2
Separately disclosed items – include one-off costs from integration and reorganisation, discontinued operations, other non-recurring income and costs, temporary losses and other costs related to network expansion, start-ups and new acquisitions undergoing significant restructuring, share-based payment charge, acquisition-related expenses, net5, net finance costs related to borrowing and investing excess cash and one-off financial effects (net of finance income), net finance costs related to hybrid capital and the related tax effects.
3
EBITDA – Earnings before interest, taxes, depreciation and amortisation, share-based payment charge, acquisition-related expenses, net and gain and loss on disposal of subsidiaries, net.
4
EBITAS – EBITDA less depreciation and amortisation.
5
Acquisition-related expenses, net – Impairment of goodwill, amortisation/impairment of acquired intangible assets, negative goodwill, and transaction costs related to acquisitions as well as income from reversal of such costs and from unused amounts due for business acquisitions.
6
EBIT – EBITAS less Share-based payment charge, acquisition-related expenses, net and gain and loss on disposal of subsidiaries, net.
7
Net Profit – Net profit for owners of the Company and hybrid capital investors before non-controlling interests.
8
Basic EPS – basic earnings per share attributable to owners of the Company and hybrid capital investors.
9
Net capex – Purchase of intangible assets, property, plant and equipment, less proceeds from the disposal of such assets and less capex trade payables change of the period.
10
Free Cash Flow to the Firm – Net cash provided by operating activities, less Net capex.
11
Net debt – Current and non-current borrowings, less cash and cash equivalents.
12
Net working capital – Inventories, trade receivables and contract assets, prepaid expenses and other current assets less trade accounts payable, contract liabilities and other current liabilities excluding accrued interest receivable and payable.
13
Organic growth for a given period (Q1, Q2, Q3, Half Year, Nine Months or Full Year) – non-IFRS measure calculating the growth in revenues during that period between 2 successive years for the same scope of businesses using the same exchange rates (of year Y) but excluding discontinued operations.
For the purpose of organic growth calculation for year Y, the relevant scope used is the scope of businesses that have been consolidated in the Group's income statement of the previous financial year (Y-1). Revenue contribution from companies acquired in the course of Y-1 but not consolidated for the full year are adjusted as if they had been consolidated as of 1st January Y-1. All revenues from businesses acquired since 1st January Y are excluded from the calculation.
14
Mature scope: excludes start-ups and acquisitions in significant restructuring. A business will generally be considered mature when: i) The Group’s systems, structure and processes have been deployed; ii) It has been audited, accredited and qualified and used by the relevant regulatory bodies and the targeted client base; iii) It no longer requires above-average annual capital expenditures, exceptional restructuring or abnormally large costs with respect to current revenues for deploying new Group IT systems. The list of entities classified as mature is reviewed at the beginning of each year and is relevant for the whole year.
15
Discontinued activities / divestments: discontinued operations are a component of the Group’s Core Business or product lines that have been disposed of, or liquidated; or a specific business unit or a branch of a business unit that has been shut down or terminated, and is reported separately from continued operations. For more information, please refer to Note 2.26 of the Consolidated Financial Statements for the year ended 31 December 2022 and to Note 2.6 of the Interim Condensed Consolidated Financial Statements for the period ended 30 June 2023.
16
FCFF before investment in owned sites: FCFF less Net capex spent on purchase of land, buildings and investments to purchase, build or modernise owned sites/buildings (excludes laboratory equipment and IT).
For more information, please visit www.eurofins.com.
About Eurofins – the global leader in bio-analysis
Eurofins is Testing for Life. The Eurofins network of companies believes that it is the global leader in food, environment, pharmaceutical and cosmetic product testing and in discovery pharmacology, forensics, advanced material sciences and agroscience contract research services. It is also one of the market leaders in certain testing and laboratory services for genomics, and in the support of clinical studies, as well as in biopharma contract development and manufacturing. It also has a rapidly developing presence in highly specialised and molecular clinical diagnostic testing and in-vitro diagnostic products.
With over 62,000 staff across a decentralised and entrepreneurial network of ca. 900 laboratories in 61 countries, Eurofins offers a portfolio of over 200,000 analytical methods to evaluate the safety, identity, composition, authenticity, origin, traceability and purity of a wide range of products, as well as providing innovative clinical diagnostic testing services and in-vitro diagnostic products.
Eurofins companies’ broad range of services are important for the health and safety of people and our planet. The ongoing investment to become fully digital and maintain the best network of state-of-the-art laboratories and equipment supports our objective to provide our customers with high-quality services, innovative solutions and accurate results in the best possible turnaround time (TAT). Eurofins companies are well positioned to support clients’ increasingly stringent quality and safety standards and the increasing demands of regulatory authorities as well as the evolving requirements of healthcare practitioners around the world.
Eurofins has grown very strongly since its inception and its strategy is to continue expanding its technology portfolio and its geographic reach. Through R&D and acquisitions, the Group draws on the latest developments in the field of biotechnology and analytical chemistry to offer its clients unique analytical solutions.
Shares in Eurofins Scientific are listed on the Euronext Paris Stock Exchange (ISIN FR0014000MR3, Reuters EUFI.PA, Bloomberg ERF FP).
Until it has been lawfully made public widely by Eurofins through approved distribution channels, this document contains inside information for the purpose of Regulation (EU) 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, as amended.
Important disclaimer:
This press release contains forward-looking statements and estimates that involve risks and uncertainties. The forward-looking statements and estimates contained herein represent the judgment of Eurofins Scientific’s management as of the date of this release. These forward-looking statements are not guarantees for future performance, and the forward-looking events discussed in this release may not occur. Eurofins Scientific disclaims any intent or obligation to update any of these forward-looking statements and estimates. All statements and estimates are made based on the information available to the Company’s management as of the date of publication, but no guarantees can be made as to their completeness or validity.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230725621577/en/
Investor Relations Eurofins Scientific SE +32 2 766 1620 ir@eurofins.com
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