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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 (Paris:ERF):
Financial highlights
Eurofins delivered a strong set of results in H1 2024:
Strategic highlights
Eurofins companies continue to advance on their long-term growth, digitalisation and innovation initiatives:
2024 to 2027 Objectives
€m
FY 2024
FY 2027
Revenues
€7.075bn – €7.175bn
Approaching €10bn
Adjusted1 EBITDA3
€1.525bn – €1.575bn
Margin: 24%
FCFF before investment in owned sites16
€800m - €840m
Approaching €1.5bn
Comments from the CEO, Dr Gilles Martin:
“Though the first six months of 2024 remained clouded by geopolitical and macroeconomic uncertainties, Eurofins companies continued to deliver outstanding results in the areas that matter most to our stakeholders: operational excellence, speed and quality of service and innovation for our clients, financial performance and sustainability for our shareholders, and continued investments to create a great place to work for our leaders and staff in a decentral entrepreneurial, fair and inclusive meritocratic environment.
“In terms of financial performance and operational excellence, in what historically has been the seasonally weakest semester of the year, Eurofins achieved solid organic growth, setting a new revenues record for a first half year and, even more impressively, achieved a reported EBITDA3 margin of 20.9%, equivalent to a year-on-year improvement of 260bps. This increase builds upon the previously recorded year-on-year improvement achieved in H2 2023 vs H2 2022 of 90bps of reported EBITDA3 margin. The first positive impacts of Eurofins’ investment in building the best-in-class and most digital laboratory network in its field are starting to be felt now in the second year of its most recent 5-year investment programme. In H1 2024, despite being at the peak investment intensity of its digitalisation initiatives in 2024 and 2025, Eurofins was able to reduce its financial leverage (net debt11 to last 12 months adjusted1 pro-forma EBITDA3) and simultaneously make large investments in M&A, laboratories buildings, capex, start-ups, R&D and share buy-backs.
“We are further encouraged by progress in our digitalisation initiatives. Development of a unique suite of IT solutions is proving successful with deployment of the newest tools in several pilot sites of our Life area of activity, with planned completion of the remaining applications by the end of 2025 for most business lines. This opens the path for groupwide deployment of these IT solutions by the end of our 5-year investment programme in 2027, though substantial benefits should already begin to be felt by 2026. Similarly, the building of a fully new state-of-the-art, more decentral, secure, and resilient IT infrastructure will have made large progress by the end of 2024 and should complete next year. Beyond their large impact on capex, these two initiatives represent very significant investments in operating expenses that should significantly decline by 2026. The conclusion of these initiatives, combined with the benefit of more modern, lean, streamlined and effective digital tools, should further contribute to improving the quality and speed of service to clients, reduce costs, and pave the way for more systematic use of automation and AI solutions across our network.
"Eurofins companies remain as committed as ever to continue to deliver innovative, high-quality services and operational excellence to our clients and financial performance to our investors. Given this latest set of results and our ongoing initiatives to further improve on the productivity and digitalisation of our operations, I remain very confident in the capabilities and motivation of Eurofins teams, not only to finish this year strongly and achieve our FY 2024 profitability objectives, but to sustain that momentum as we progress toward achieving our FY 2027 objectives.”
Conference Call
Eurofins will hold a conference call with analysts and investors today at 15:00 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 >> From any device, click the link above to join the conference call.
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 2024. The Half Year Report 2024 can be found on Eurofins’ website at the following link: https://www.eurofins.com/investors/reports-and-presentations/
Table 1: Half Year 2024 Results Summary
H1 2024
H1 2023
+/- %
Adjusted
results
+/- %
Reported
results
In €m except otherwise stated
Adjusted1
results
Separately
disclosed
items2
Reported
results
Adjusted1
results
Separately
disclosed
items2
Reported
results
Revenues
3,419
-
3,419
3,209
-
3,209
+6.5%
+6.5%
EBITDA3
757
-43
714
640
-51
589
+18%
+21%
EBITDA3 margin (%)
22.1%
-
20.9%
19.9%
-
18.3%
+220 bp
+260 bp
EBITAS4
497
-65
432
397
-69
327
+25%
+32%
Net profit7
320
-100
220
261
-110
151
+23%
+46%
Basic EPS8 (€)
1.55
-0.54
1.01
1.23
-0.59
0.65
+26%
+57%
Net cash provided by operating activities
530
333
+59%
Net capex9
252
259
-3%
Net operating capex
190
208
Net capex for purchase and development of owned sites
62
51
Free Cash Flow to the Firm before investment in owned sites16
341
125
+171%
M&A spend
246
83
+195%
Net debt11
2,863
2,588
+11%
Leverage ratio (net debt11/pro-forma adjusted1 EBITDA3)
1.9x
2.0x (end FY 2023)
-0.1x
Note: Definitions of the alternative performance measures used can be found at the end of this press release
Revenues of €3,419m increased year-on-year in H1 2024 by 6.5%, supported by solid organic growth13 in the Core Business of 5.6% as well as a strong pace of acquisitions, as Eurofins closed 15 business combinations with FY 2023 pro-forma revenues of €132m. These effects more than compensated for the complete disappearance of COVID-19 clinical testing and reagent revenues, which was small but in the order of €20m in H1 2023.
Table 2: Organic Growth13 Calculation and Revenue Reconciliation
In €m except
otherwise stated
H1 2023 reported revenues
3,209
+ H1 2023 acquisitions - revenue part not consolidated in H1 2023 at H1 2023 FX rates
45
- H1 2023 revenues of discontinued activities / disposals15
-18**
= H1 2023 pro-forma revenues (at H1 2023 FX rates)
3,237
+ H1 2024 FX impact on H1 2023 pro-forma revenues
-15
= H1 2023 pro-forma revenues (at H1 2024 FX rates) (a)
3,222
H1 2024 organic scope* revenues (at H1 2024 FX rates) (b)
3,383
H1 2024 organic growth13 rate (b/a-1)
5.0%***
H1 2024 acquisitions - revenue part consolidated in H1 2024 at H1 2024 FX rates
36
H1 2024 revenues of discontinued activities / disposals15
0
H1 2024 reported revenues
3,419
* Organic scope consists of all companies that were part of the Group as at 01/01/2024. This corresponds to the 2023 pro-forma scope ** Q1 2024 impacted by discontinuation15 of the OmniGraf dual-biomarker rejection panel following revised billing guidance by MolDX in the U.S. effective 1 April 2023 *** Not corrected for the decline in COVID-19 related clinical testing and reagent revenues and not adjusted for public working days
Table 3: Breakdown of Revenue by Operating Segment
€m
H1 2024
As % of
total
H1 2023
As % of
total
Y-o-Y
variation
%
Organic
growth13 in the
Core Business*
Europe
1,748
51%
1,622
51%
7.7%
5.6%
North America
1,311
38%
1,243
39%
5.5%
4.9%
Rest of the World
360
11%
344
11%
4.5%
7.9%
Total
3,419
100%
3,209
100%
6.5%
5.6%
* Excluding COVID-19 related clinical testing and reagent revenues
Europe
North America
Rest of the World
Table 4: Breakdown of Revenue by Area of Activity
€m
H1 2024
As % of
total
H1 2023
As % of
total
Y-o-Y
variation %
Organic growth13
in the Core
Business*
Life
1,379
40%
1,257
39%
9.8%
7.9%
BioPharma
1,000
29%
976
30%
2.5%
2.6%
Diagnostic Services & Products
690
20%
652
20%
5.9%
4.5%
Consumer & Technology Products Testing
349
10%
325
10%
7.3%
7.5%
Total
3,419
100%
3,209
100%
6.5%
5.6%
* Excluding COVID-19 related clinical testing and reagent revenues
Life (consisting of Food and Feed Testing, Agro Testing and Environment Testing)
Biopharma (consisting of BioPharma Services, Agrosciences, Genomics and Forensic Services)
Diagnostic Services & Products (consisting of Clinical Diagnostics Testing and In Vitro Diagnostics (IVD) Solutions)
Consumer & Technology Products Testing (consisting of Consumer Product Testing and Advanced Material Sciences)
Infrastructure Programme
As part of its strategy to lease less and own more of its strategic sites, Eurofins has added, in the first six months of 2024, a total of 37,000 m² of laboratory, office, and storage space through the delivery of building projects as well as building purchases, while decreasing its leased surfaces by 12,000 m². Through acquisitions in the M&A scope, Eurofins has added an additional surface of 20,000 m². Overall, this has resulted in a net surface increase of 45,000 m² leading to a total net floor area of 1,779,000 m². In terms of ownership, the proportion of net floor area owned by Eurofins as at 30 June 2024 reached 33.1%, a substantial increase compared to the 31.7% owned by Eurofins at the end of 2023. This growth has been supported by the following projects, among others.
To support the long-term development of BioPharma Services businesses in Asia, Eurofins Advinus began utilising a portion of its new 20,000 m² facility in Bangalore, India. The infrastructure fitout of the entire facility is set to be completed by the end of 2024, with state-of-the-art bioanalytical laboratories to be completed in 2025. The facility will enable Eurofins Advinus to offer end-to-end drug development services and solutions to its clients. The facility effectively utilises natural lighting, ventilation, spacious building circulation and attractive landscaping to provide an outstanding work environment.
In Louisville, a new two-storey 6,500 m² facility has been successfully completed for Eurofins Genomics. The site is located on 3.63 acres of land adjacent to an existing Eurofins laboratory site. The new strategic Eurofins site will employ approximately 100 personnel and will support the expansion of production capacity for oligonucleotides, in alignment with the global strategy of Eurofins Genomics. The laboratory boasts state-of-the-art lean design and accommodates specific market requirements, such as ensuring separation between research use only (RUO) and good manufacturing practice (GMP) production from start to finish. This mitigates the risk of cross contamination between sequences, which is critical for molecular diagnostics and clinical companies developing commercial assays.
In response to increasing demand for PFAS testing in drinking water, a new 650m² space dedicated to PFAS testing was opened in South Bend, Indiana. The laboratory is located within Eurofins’ existing water testing facility at the location and supports an increase in PFAS testing capacity for drinking water for Eurofins Environment Testing USA clients.
In Moss, Norway, Eurofins Food and Feed Testing Norway AS has consolidated its operations into a newly renovated 600 m² state-of-the-art microbiology laboratory employing lean design principles.
In Tamworth, UK, a large 5,000 m² laboratory and office facility has just been completed following a 2-year long renovation. The facility will house Eurofins Forensic Services’ operations, which were previously located on a smaller, leased site. The Tamworth laboratory will be capable of state-of-the-art DNA recovery, drug analysis and elemental analysis to complement projects performed by other Eurofins Forensic Services teams in Warrington and Feltham. In addition, the facility provides office space for teams of expert reporters and commercial functions for Workplace Drug Testing. The strategic site also contains conferencing facilities and warehouse space and provides ample space for potential future expansion.
For the remainder of 2024 and for 2025, Eurofins is planning to add 99,000 m² of laboratory and operational space through building projects, acquisitions, new leases and consolidation of sites, as well as completing the renovation of 21,000 m² of its current sites to bring them to the highest standard.
Financial Review
Reported EBITDA3 improved by 21% year-on-year to €714m in H1 2024. In terms of Reported EBITDA3 as a proportion of revenues, the margin improved year-on-year by 260bps from 18.3% to 20.9%.
Table 5: Breakdown of Reported EBITDA3 by Operating Segment
€m
H1 2024
Rep. EBITDA3
margin %
H1 2023
Rep. EBITDA3
margin %
Y-o-Y
variation %
Europe
292
16.7%
217
13.4%
+34%
North America
356
27.1%
313
25.2%
+14%
Rest of the World
84
23.4%
66
19.3%
+27%
Other*
-18
-8
Total
714
20.9%
589
18.3%
+21%
*Other corresponds to Group service functions
In Europe, reported EBITDA3 margins improved substantially by 330bps vs H1 2023 to 16.7% of revenues mainly due to pricing attainment, volume growth and cost management actions which together enabled a year-on-year decrease in personnel expenses by ca. 150bps, while costs of purchased materials and services decreased by ca. 180bps year-on-year, especially in the categories of consumables and building costs. Margin improvement was particularly strong in the DACH region, but also in France, which remains slightly accretive to European margins. Margins also expanded year-on-year in North America by 190bps, reaching 27.1% of its revenues in the period, driven by volume growth and productivity measures which resulted in year-on-year decreases in personnel expenses by ca. 130bps and purchased materials and services (comprised especially of consumables) by ca. 60bps. The greatest increase in margins occurred in Rest of the World, which saw H1 2024 reported EBITDA3 margins step up by 410bps vs the prior-year period to 23.4% of revenues, thanks to equal contributions from volume growth, price increases and productivity measures.
Adjusted1 EBITDA3 was €757m in H1 2024, representing an adjusted1 EBITDA3 margin of 22.1% and a margin improvement of 220bps vs H1 2023. The substantial improvement was achieved in part from the readjustment of the Eurofins organisation to the post-pandemic situation initiated in 2023 as well as through pricing adaptations and cost efficiency initiatives, in particular related to personnel expenses, consumables and building costs.
Table 6: Separately Disclosed Items2
In €m except otherwise stated
H1 2024
H1 2023
One-off costs from integrations, reorganisations and discontinued operations, and other non-recurring income and costs
-18
-12
Temporary losses and other costs related to network expansion, start-ups and new acquisitions in significant restructuring
-25
-39
EBITDA3 impact
-43
-51
Separately Disclosed Items2 (SDI) at the EBITDA3 level decreased year-on-year to €43m (equivalent to 6% of reported EBITDA3) and comprised:
Depreciation and amortisation (D&A), including expenses related to IFRS 16, increased by 8% year-on-year to €282m. As a percentage of revenues, D&A stood at 8.2% of Group revenues in H1 2024, the same ratio as in H1 2023.
Net finance costs amounted to €69m in H1 2024, a sizable increase compared to €42m in H1 2023. On the one hand, financial income increased to €14.9m in H1 2024 vs €5.5m in H1 2023 thanks to higher average excess cash (€740m in H1 2024 vs €517m in H1 2023) bearing higher average interest rates, progress in cash centralisation through cash pooling and a shift to banking partners offering better remuneration of positive balances. On the other hand, the increase in finance costs was driven by higher interest expenses for bonds, in particular from the €600m of senior unsecured Eurobonds issued in August 2023 and due in September 2030 that bears an annual fixed rate coupon of 4.75%, but also a net foreign exchange loss of €7.1m related to the appreciation of USD, partially offset by the depreciation of JPY vs EUR (H1 2023: net foreign exchange gain of €11.4m). Overall, Eurofins’ average interest rate on its financial borrowings in H1 2024 was approximately 3.5%.
The income tax expense increased from €69m in H1 2023 to €81m in H1 2024, a year-on-year increase of 18%. However, this increase was below the 37% increase in profit before income taxes (€220m in H1 2023 vs €301m in H1 2024) due to the decrease in the tax rate from 31.4% in H1 2023 to 27.0% in H1 2024.
Reported net profit7 stood at €220m (6.4% of revenues and 46% higher than €151m in H1 2023), resulting in a total reported basic EPS8 of €1.01. Adjusted1 net profit7 stood at €320m compared to €261m in H1 2023, resulting in total adjusted1 basic EPS8 of €1.55 in H1 2024.
Cash Flow & Financing
Table 7: Cash Flows Reconciliation
€m
H1 2024
reported
H1 2023
reported
Y-o-Y
variation
Y-o-Y
variation %
Net cash provided by operating activities
530
333
+197
+59%
Net capex9 (i)
-252
-259
+7
+3%
Net operating capex (includes LHI)
-190
-208
+18
+9%
Net capex for purchase and development of owned sites
-62
-51
-11
-22%
Free Cash Flow to the Firm before investment in owned sites16
341
125
+215
+171%
Free Cash Flow to the Firm10
279
74
+205
+276%
Acquisitions spend and other investments (ii)
-246
-83
-163
Proceeds from disposals of subsidiaries, net (iii)
0
8
-8
Other (iv)
14
5
+8
Net cash provided by investing activities (i) + (ii) + (iii) + (iv)
-484
-329
-155
-47%
Net cash provided by financing activities
-588
205
-793
Net increase / (decrease) in Cash and cash equivalents and bank overdrafts
-540
198
-739
Cash and cash equivalents at end of period and bank overdrafts
681
682
-1
0%
Net cash provided by operating activities increased in H1 2024 to €530m vs €333m in H1 2023. Net working capital12 stood at 6.3% of the Group’s revenues at the end of June 2024, a decrease of 50bps vs 6.8% at the end of June 2023 (calculated as a percentage of last quarter revenues times four). The year-on-year improvement resulted from a decrease in Days of Sales Outstanding (59 in H1 2024 vs 60 in H1 2023) and an increase in Days of Payables Outstanding (58 in H1 2024 vs 56 in H1 2023).
Cash generation more than adequately financed net capex9 of €252m in H1 2024 vs €259m in H1 2023. After considering these investments, Free Cash Flow to the Firm10 (FCFF) was €279m in H1 2024 vs €74m in H1 2023. Cash conversion (FCFF10 / Reported EBITDA3) improved strongly from 13% in H1 2023 to 39% in H1 2024.
Net capex9 included investments as part of Eurofins’ programmes to own its laboratory sites, which totalled €62m in H1 2024 vs €51m in H1 2023. Excluding these investments, FCFF before investment in owned sites16 was €341m in the reporting period, a substantial improvement vs €125m in the prior year period.
During the first six months of 2024, the Group completed 15 business combinations including 9 acquisitions of legal entities and 6 acquisitions of assets. Net cash outflow on acquisitions completed during the period and in previous years (in case of payment of deferred considerations) amounted to €246m.
As part of its share buy-back programme, Eurofins allocated €47.7m to repurchase 910,000 of its own shares in H1 2024 at an average price of €52.40, representing 0.47% of its share capital. Note that the cash flow impact in H1 2024 of €30m also includes inflows received from the exercise of stock options and outflows related to the liquidity contract but excludes the settlement of share repurchases performed in the final days of June 2024.
The combination of FCFF10 as well as the aforementioned acquisitions and share buy-backs resulted in a net debt11 figure of €2,863m at the end of June 2024. The corresponding leverage (net debt11/last 12 months proforma adjusted1 EBITDA3) was 1.9x, an improvement of 0.1x vs the end of December 2023, and within Eurofins’ 1.5x-2.5x target range. Furthermore, having carried out an early redemption of a €448m Eurobond on 19 June 2024, one month ahead of its maturity date on 25 July 2024, Eurofins has no major financing requirements for the remainder of 2024. The next maturities are Schuldschein loans totalling €234m maturing in July and October 2025 respectively, and €400m in hybrid capital with a first call date of 13 November 2025. Eurofins also possesses a solid overall liquidity position, which includes a cash position of €681m as at 30 June 2024 as well as access to over €1bn of committed, undrawn mid-term (3-5 years) bilateral bank credit lines.
Start-up Programme
In the first half of 2024, the Group opened 18 new start-up laboratories and 9 new start-up blood collection points (BCPs). In total, the 319 start-ups and 76 BCPs launched since 2000 have made material contributions to the overall organic growth of the Group, accounting for 0.9% out of the 5.6% organic growth achieved in the Core Business in H1 2024. The adjusted1 EBITDA3 margin of start-ups initiated between 2000-2018 are almost in line with the Group’s margin, while the total margin of start-ups initiated since 2019 remains dilutive to the Group’s margin.
Of the 319 start-ups and 76 BCPs the Group has launched since 2000, 58% are located in Europe, 15% in North America and 28% in the Rest of the World, with a significant number in high growth regions in Asia. By area of activity, 36% are in Life (consisting of Food and Feed Testing, Agro Testing and Environment Testing), 18% are in BioPharma (consisting of BioPharma Services, Agrosciences, Genomics and Forensic Services), 37% in Clinical Diagnostics Services and Products (consisting of Clinical Diagnostics Testing and In Vitro Diagnostics (IVD) Solutions) and 8% in Consumer & Technology Products Testing (consisting of Consumer Product Testing and Advanced Material Sciences).
Acquisitions
During the first six months of 2024, the Group completed 15 business combinations, made up of 9 acquisitions of legal entities and 6 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 2023, these entities generated revenues of about €132m.
Post-Closing Events
Since 1 July 2024, Eurofins has completed 4 small business combinations, one in Europe, one in North America and two in Rest of the World. The total annual revenues of these acquisitions amounted to over €14m in 2023 for an aggregate acquisition price of ca. €22m. These acquisitions employ more than 200 employees.
On 16 July 2024, a new stock option plan (1,530,729 options) and a new Restricted Stock Unit (RSU) plan (106,962 RSUs) were granted, representing ca. 0.85% of the number of shares issued as of 30 June 2024.
Summary financial statements:
Table 8: Summarised Income Statement
H1 2024
H1 2023
In €m except otherwise stated
Reported
Results
Reported
Results
Revenues
3,419
3,209
Operating costs, net
-2,705
-2,621
EBITDA3
714
589
EBITDA3 Margin
20.9%
18.3%
Depreciation and amortisation
-282
-262
EBITAS4
432
327
Share-based payment charge and acquisition-related expenses, net5
-63
-66
Gain/(loss) on disposal
-
-
EBIT6
369
262
Finance income
15
17
Finance costs
-84
-59
Share of profit of associates
1
0
Profit before income taxes
301
220
Income tax expense
-81
-69
Net profit7 for the period
220
151
Attributable to:
Owners of the Company and hybrid capital investors
221
152
Non-controlling interests
-1
-1
Earnings per share (basic) in EUR
- Total
1.14
0.79
- Attributable to owners of the Company8
1.01
0.65
- Attributable to hybrid capital investors
0.13
0.14
Earnings per share (diluted) in EUR
- Total
1.13
0.76
- Attributable to owners of the Company
1.00
0.63
- Attributable to hybrid capital investors
0.13
0.14
Basic weighted average shares outstanding - in millions
193.0
192.9
Diluted weighted average shares outstanding - in millions
195.2
198.2
Table 9: Summarised Balance Sheet
30 June
2024
31 December
2023
In €m except otherwise stated
Reported
Results
Reported
Results
Property, plant and equipment
2,440
2,297
Goodwill
4,718
4,551
Other intangible assets
832
796
Investments in associates
5
5
Non-current financial assets
80
78
Deferred tax assets
108
94
Total non-current assets
8,184
7,822
Inventories
142
139
Trade receivables
1,084
1,073
Contract assets
333
308
Prepaid expenses and other current assets
252
203
Current income tax assets
117
118
Derivative financial instruments assets
4
4
Cash and cash equivalents
681
1,221
Total current assets
2,613
3,066
Total assets
10,797
10,889
Share capital
2
2
Treasury shares
-86
-55
Hybrid capital
1,000
1,000
Other reserves
1,601
1,601
Retained earnings
2,498
2,394
Currency translation reserve
228
136
Total attributable to owners of the Company
5,243
5,078
Non-controlling interests
54
60
Total shareholders' equity
5,297
5,137
Borrowings
3,373
3,326
Deferred tax liabilities
117
110
Amounts due for business acquisitions
82
107
Employee benefit obligations
65
66
Provisions
21
21
Total non-current liabilities
3,658
3,630
Borrowings
171
601
Interest due on borrowings and earnings due on hybrid capital
112
59
Trade accounts payable
589
600
Contract liabilities
175
193
Current income tax liabilities
22
27
Amounts due for business acquisitions
62
36
Provisions
26
21
Other current liabilities
685
585
Total current liabilities
1,842
2,122
Total liabilities and shareholders' equity
10,797
10,889
Table 10: Summarised Cash Flow Statement
H1 2024
H1 2023
In €m except otherwise stated
Reported
Reported
Cash flows from operating activities
Profit before income taxes
301
220
Depreciation and amortisation
282
262
Share-based payment charge and acquisition-related expenses, net
63
66
Gain/(loss) on disposal of subsidiaries, net
-
-
Finance income and costs, net
68
43
Share of profit from associates
-1
0
Transactions costs and income related to acquisitions
-4
-3
Changes in provisions and employee benefit obligations
-1
-11
Other non-cash effects
-1
1
Change in net working capital12
-78
-154
Cash generated from operations
629
422
Income taxes paid
-98
-88
Net cash provided by operating activities
530
333
Cash flows from investing activities
Purchase of property, plant and equipment
-218
-228
Purchase, capitalisation of intangible assets
-36
-35
Proceeds from sale of property, plant and equipment
2
4
Net capex9
-252
-259
Free cash Flow to the Firm10
279
74
Acquisitions of subsidiaries, net
-246
-83
Proceeds from disposals of subsidiaries, net
0
8
Acquisitions of investments, financial assets and derivative financial instruments, net
-1
0
Interest received
15
5
Net cash used in investing activities
-484
-329
Cash flows from financing activities
Proceeds from issuance of share capital
-
8
Purchase of treasury shares, net of gains
-30
-37
Proceeds from issuance of hybrid capital
-
594
Repayment of hybrid capital
-
-183
Proceeds from borrowings
30
17
Repayment of borrowings
-464
-81
Repayment of lease liabilities
-93
-85
Dividends paid to shareholders and non-controlling interests
-1
-1
Earnings paid to hybrid capital investors
-
-9
Interests and premium paid
-31
-19
Net cash provided by financing activities
-588
205
Net effect of currency translation on cash and cash equivalents and bank overdrafts
1
-11
Net increase in cash and cash equivalents and bank overdrafts
-540
198
Cash and cash equivalents and bank overdrafts at beginning of period
1,221
483
Cash and cash equivalents and bank overdrafts at end of period
681
682
1
Adjusted results – reflect the ongoing performance of the mature14 and recurring activities excluding “separately disclosed items”2.
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 charge5, impairment of goodwill, amortisation of acquired intangible assets and negative goodwill, gains/losses on disposal of businesses and transaction costs related to acquisitions as well as income from reversal of such costs and from unused amounts due for business acquisitions, 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 and acquisition-related expenses, net5 and gain and loss on disposal of subsidiaries, net.
4
EBITAS – EBITDA less depreciation and amortisation.
5
Share-based payment charge and acquisition-related expenses, net – Share-based payment charge, impairment of goodwill, amortisation 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, net5 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.
9
Net capex – Purchase, capitalisation of intangible assets, property, plant and equipment less capex trade payables change of the period and proceeds from disposals of such assets.
10
Free Cash Flow to the Firm – Net cash provided by operating activities, less Net capex9.
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 2023 and to Note 2.3 and Note 2.6 of the Interim Condensed Consolidated Financial Statements for the period ended 30 June 2024.
16
FCFF before investment in owned sites: FCFF10 less Net capex9 spent on purchase of land, buildings and investments to purchase, build or modernise owned sites/buildings (excludes laboratory equipment and IT).
Notes to Editors:
About Eurofins – the global leader in bio-analysis
Eurofins is Testing for Life. The Eurofins Scientific S.E. network of independent companies believes that it is a 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 ca. 62,000 staff across a decentralised and entrepreneurial network of more than 900 laboratories in over 1,000 companies in 62 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.
The Eurofins network 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, its companies draw on the latest developments in the field of biotechnology and analytical chemistry to offer their clients unique analytical solutions.
Shares in Eurofins Scientific S.E. 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/20240723918507/en/
For more information, please visit www.eurofins.com or contact:
Investor Relations Eurofins Scientific SE Phone: +32 2 766 1620 E-mail: ir@sc.eurofinseu.com
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