ALTEN (EPA:ATE) - ALTEN: 2018 First half results

Transparency directive : regulatory news

20/09/2018 17:40

PRESS RELEASE

Paris, September 20th 2018
5:40 PM

                       BUSINESS IN FIRST HALF 2018
                      * STRONG ORGANIC GROWTH: 10%
         * SATISFACTORY OPERATING MARGIN ON ACTIVITY: 9.3% OF REVENUE
             * FIVE ACQUISITIONS OVERSEAS SINCE JANUARY 2018

EUR million                    June 2017   June 2017  June 2018  Y-o-y
                            As published   IFRS 15    IFRS 15    change

Revenue                         983.7       990.9     1,099.9    +11.0%
* of which France               459.4       464.9       503.8     +8.4%
* of which International        524.3       526.0       596.1   + 13.3%

Operating Profit on Activity     92.6        92.6       102.7    +10.9%
As % of Revenue                  9.4%        9.3%        9.3%

Operating Profit                 82.1        82,1       100.3    +22.2%
As % of Revenue                  8.3%        8.3%        9.1%
Net profit, Group share          73.3        73.3        75.0     +2.3%
As % of Revenue                  7.5%        7.4%        6.8%

Free cash flows                  18.6        18.6        10.2    -45.1%
As % of Revenue                  1.9%        1.9%        0.9%
Net Debt                          2.8         2.8       -47.7
Headcount                      26,200      26,200      30,000    +14.5%

BUSINESS HAS GROWN SHARPLY AT THE END OF JUNE 2018: +11%

Revenue reaches EUR1,099.9 M and is up by 11% as compared to June 2017. On a
like-for-like basis, business grows by 10% (8.4% in France and 11.4% outside
France) despite a negative calendar effect (-1 business day).

All business sectors (except Oil & Gas) are growing; more especially Aerospace,
Defence & Security, Life Sciences and Rail/Naval.

SATISFACTORY OPERATING PROFIT ON ACTIVITY: 9.3% OF REVENUE

Despite one less business day than 2017 and continued structuring efforts to
support growth, the level of operating margin remains stable (9.3% of Revenue).

OPERATING PROFIT: +22.2%

Operating profit reaches EUR100.3 M including EUR0.9 M of share-based payments
and EUR1.5 M of non-recurring costs mainly associated with fees and
restructuring cost on acquisition.

NET PROFIT, GROUP SHARE: EUR75 M OR 6.8% OF REVENUE

Financial result reaches EUR0.1 M. After taking into account tax expenses of
EUR28.9 M; profit from earnings from associates of EUR4.8 M; and minority
interests of 1.3 EURM, net income equals EUR75 M.

NET DEBT: -EUR47.7 M / GEARING: 5.4%

Cash flow reaches EUR110 M and is up by 16.5% as compared to June 2017. The
working capital requirements of -EUR70.4 M are penalised by both a seasonal
deterioration of DSO (+6 days) and self-financing of organic growth. After
taking into account tax paid (EUR20.7 M) and Capex (EUR8.6 M), free cash flow
reaches EUR10.2 M. Financial investments (EUR51.6 M) and dividends (EUR33.4 M)
were financed in part by debts. Therefore net debt is -EUR47.7 M at the end of
June 2018, leading to a gearing of 5.4%.

EXTERNAL GROWTH: 5 ACQUISITIONS SINCE JANUARY 2018

ALTEN is consolidating its position abroad by completing 5 acquisitions outside
France in 2018:
- Two companies in the Germany/Austria area (annual revenue: EUR15.5M, 175
  consultants);
- Two companies in Spain (annual revenue: EUR27.5M, 570 consultants);
- One company in China (annual revenue: EUR7M, 160 consultants).

OUTLOOK FOR 2018:

Provided similar economic conditions, ALTEN will achieve a satisfactory organic
growth in respect of first half 2018. ALTEN will also pursue its plan for
external growth and more specifically on an international level.

Next publication: October 24th after market closing: Q3 2018 Results

About ALTEN

For more information: www.alten.fr/ investisseurs / Contact: ESCAL Consulting
Tel: + 33 1 44 94 95 66
As a European Leader in Engineering and Technology Consulting (E TC), ALTEN
carries out design and research projects for Technic al and IT divisions of
major clients in industry, telecoms and services.
ALTEN's stock is listed in compartment A of the Euronext Par is market (ISIN
FR000001946); it is part of the SBF 120, the IT CAC 50 index and MIDCAP100, and
is eligible for the deferred Settlement Service (SRD).

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