SECHE ENVIRONNEMENT (EPA:SCHP) Revenues at September, 30th 2010
Transparency directive : regulatory news
28/10/2010 17:40
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Press release
Changé, October 28, 2010
Continued sustained activity over 9 months: revenue up +10%
New upward revision of growth targets for 2010
New significant commercial success: EUR 30 million contract for outsourced
industrial waste management
Strong growth confirmed in Q3: revenue up +13.4%
- Hazardous Waste +9.5%: activity of all the businesses more buoyant in a more
positive economic environment
- Non-Hazardous Waste +20,9%: positive effects of the regulations and effective
start of the Strasbourg contract
Growth targets raised for 2010: 2010 revenue of close to EUR 400 million (1)
Consolidation in outsourcing: EUR 30 million 6-year contract (starting in April
2011) for the treatment and recovery of the acid effluents produced by a
leading international chemical group in Thann (68)
Hime/Saur: activity in line with a 9-month revenue up +2.4%
- Water revenue: +1.7% - Growth sustained by the International market
- Waste revenue: +5.6% - Strong resilience of secondary raw material prices
Séché Environnement's consolidated revenue at September 30, 2010
amounted to EUR 297.2 million, an increase of 10.1% compared to the first
9 months of 2009.
This strong performance is a result of the strong activity growth that
continued throughout the period, and particularly in the 3rd quarter, during
which the Group reported revenue of EUR 104.2 million, up 13.4% compared to the
3rd quarter of 2009.
(1) vs. "close to EUR 390 million" - press release of August 30, 2010.
Press release of October 28, 2010
This buoyancy reflects Séché's fortunate positioning in growth markets and the
high barriers to entry in the waste treatment and recovery sector.
For instance, over the period, the Hazardous Waste division enjoyed a strong
performance in all of its businesses within a more positive industrial
environment.
The Non-Hazardous Waste division also benefited from the lasting effects of the
restrictive regulations that favour high energy efficiency-certified sites and
the start of the Strasbourg contract in July.
Given its sound fundamentals, Séché Environnement once more raised its growth
targets for the current financial year, with revenue that should rise to close
to EUR 400 million in 2010 (versus EUR 365.7 million in 2009).
Consolidated figures in EUR m under IFRS
At September 30 2009 2010 Change
2010/2009
Hazardous Waste 184.3 200.2 +8.6%
Non-Hazardous Waste 85.7 97.0 +13.2%
Net consolidated revenue 270.1 297.2 +10.1%
Sharp rise in activity in the 3rd quarter of 2010
In the 3rd quarter of 2010, Séché Environnement confirmed its strong growth in
buoyant markets and the revenue over the period reached EUR 104.2 million,
marking a significant rise compared to the same period last year: +13.4%.
The quarter mainly benefited from a positive market environment, notably
characterised by growth in industrial production in France and the positive
effects of the regulations resulting from the Grenelle de l'Environnement
(environmental forum). The period also included the start of the Strasbourg
contract.
- The Hazardous division (67% of consolidated revenue) grew 9.5% compared to
the same period last year, with revenue of EUR 66.1 million reported for
the quarter.
This strong growth should be compared against the depressed 3rd quarter of
2009, particularly abroad, but also reflects the effects of a better
economic environment:
* In France, the Group profited from the continued growth in the industrial
markets, which drove up the performance of all of its businesses and
particularly incineration. Activity thus grew 8.6% compared to the same
period last year;
* International operations (5.3% of the consolidated revenue) also
returned to a better level of activity with revenue of EUR 5.1 million
(2), equal to +18.9% growth compared to a weak 3rd quarter in 2009.
(2) At constant exchange rates, the revenue of the International subsidiaries
would have been EUR 5.1 million.
- The Non-Hazardous division (33% of the consolidated revenue) reported revenue
of EUR 38.2 million over the 3rd quarter, and achieved very growth strong in
its activity: +20.9 % compared to the same period in 2009.
The quarter included the start, on July 6, of the public services outsourcing
contract for the Strasbourg incinerator, which contributed EUR 3.9 million to
the revenue for the period.
Without the contribution of the Strasbourg contract, the division's growth
would have been +8.6% over the period, mainly reflecting the growth in the
volumes handled, linked to the positive changes initiated by the Grenelle de
l'Environnement that favour the most efficient treatment and recovery sites
in environmental and energy terms.
Finally, the division's growth over the period was increased, by around
EUR 2 million, by the early implementation of contracts expected to start in
Q4.
Note that electricity sales from the recovery of biogas totalled
EUR 1.7 million over the quarter, i.e. an amount equal to that for the
3rd quarter of 2009.
A reinforced positive outlook and the upward revision of targets for 2010 New
major outsourcing contract
As a specialist in the treatment of hazardous industrial waste, Séché
Environnement has robust positions in high added value growth niches. In the
coming months, the industrial environment should remain positive and continue
to support its level of activity for all of its businesses within the Hazardous
Waste division.
In the Non-Hazardous Waste division, the Group's performance is still being
bolstered by regulatory changes and tax incentives (TGAP -general tax on
polluting activities-) that are helping to concentrate the flow of waste towards
certified sites that practice energy recovery and have large treatment
capacities.
Given its confidence in these positive prospects for the end of the
year, Séché Environnement is once more raising its revenue growth targets for
2010, which should now be around EUR 400 million (compared to EUR 365.7 million
in 2009).
The Group is also continuing with its fast development in waste
management outsourcing markets, which offer significant growth opportunities in
the industrial waste treatment businesses.
For example, it has concluded a major contract with a world's leading titanium
chemical company for the treatment and recovery of acid effluents from its site
in Thann (Alsace).
Under this contract, Séché Environnement will be responsible for managing the
effluent neutralization unit of this titanium dioxide production site and, after
treatment, for recovering the by-products and managing the final waste on-site.
This contract, which is worth EUR 30 million over 6 years and will
take effect from April 2011, illustrates the technical and environmental added
value of the outsourcing solutions provided by Séché Environnement to its
biggest manufacturers for the treatment and recovery of their hazardous
industrial waste.
Hime-Saur's consolidated revenue at September 30, 2010
Hime's consolidated revenue at September 30, 2010 amounted to EUR 1,169.5
million, an increase of +2.4% compared to the first 9 months of 2009.
This growth is the result of:
- the strong resilience of the Water businesses: International business grew
strongly (+15.6%) whereas activities in France remained stable (+0.4%);
- the rise in secondary raw material prices, which is bolstering the sorting
and recycling business lines within the Waste management businesses.
Consolidated figures in EUR m under IFRS
At September 30 2009 2010 Change
2010/2009
Water 913.0 928.2 +1.7%
Waste 228.6 241.4 +5.4%
Consolidated revenue 1,141.6 1,169.5 +2.4%
A conference call will be held in French at 6.00 pm precisely
(Paris time)
at: +33 172 001 365
where you will be welcomed by a hostess.
The presentation of the results is also available at:
http://www.groupe-seche.com/majic/pageServer/1b0100000m/fr/
Presentations-SFAF.html
Calendar:
Release of consolidated revenue as at December 31, 2010:
January 27, 2011 (after market)
About Séché Environnement
Séché Environnement is one of the leading players in the treatment and storage
of all types of non-radioactive industrial and household waste in France. 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 specialised services:
> treatment (by incineration, physical-chemical treatment and solvent
regeneration) and processing for energy recovery of hazardous and
non-hazardous industrial waste (HIW and NHIW);
> storage of final residue comprised of hazardous or non-hazardous
industrial waste (HIW and NHIW).
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 quoted on Eurolist by Euronext since November
27, 1997.
Eurolist - Compartment B - ISIN: FR 0000039139 - Bloomberg: SCHP.FP - Reuters:
CCHE.PA)
Contacts
Séché Environnement
Manuel Andersen
Head of Investor Relations
+33 (0)1 53 21 53 60
m.andersen@groupe-seche.com
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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 also include
those described in the Company's Registration Document, available from its
website (www.groupe-seche.com). This information therefore does not reflect the
Company's future performances, which may vary significantly, and no guarantees
may be given as to the achievement of any forward-looking information. The
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