Temporary working capital

Very significant results in a context of the Paris Stock Exchange crisis: ODD

Paris, March 31, 2021, 5:45 p.m.

2020: VERY SIGNIFICANT RESULTS
IN A CONTEXT OF CRISIS

Turnover: 2,190.3 million euros
EBITDA: 112.7 million euros
Current operating income: 89.5 million euros
Net income: 41.3 million euros

SYNERGIE’s Management Board, chaired by Daniel AUGEREAU, met on March 29, 2021 and approved the accounts for the year ended December 31, 2020. The audit procedures for these accounts have been completed and the corresponding report is in progress. resignation.

Consolidated – in millions of euros 2020 2019 2nd semester 2020 1st semester 2020
Turnover 2 190.3 2642.3 1,189.7 1000.6
EBITDA 112.7 138.5 72.8 39.9
current operating income 89.5 121.7 59.5
30.0 Operating profit 77.6 114.0 53.1
24.5 bottom line (3.2) (1.4) (1.3)
(1.9) Profit before tax 74.4 112.6 51.8
22.6 Tax expenditures (33.2) (49.3) (20.5)
(12.6) Net profit 41.3 63.4 31.3
10.0 of which Group share 38.3 60.1 29.4

8.9

before amortization and depreciation of intangible assets

Turnover of € 2,190 million

SYNERGIE, the fifth-largest human resources management company in Europe, generated revenue of € 2,190 million in 2020 (down 17.1% at constant scope).

After a start to the year strongly impacted by the Covid-19 pandemic, the recovery is accelerating month by month, with a marked improvement in France in the second part of the year (984.5 million euros).

The international subsidiaries performed particularly well with sales of € 1,206 million and now represent 55% of consolidated sales.

This performance, in the context of the particularly strong impact of the health crisis on temporary work companies, was made possible thanks to the commitment and responsiveness of the teams and the diversification of SYNERGIE’s activities in the sectors environment, renewable energies, digital, medical, logistics and agrifood. to offset the sharp slowdown in the automotive industry (-41% over one year) and aeronautics (-53%), where the Group occupies leading positions.

EBITDA and current operating income

Our strong resilience and our significant activity in high value-added sectors, combined with the cost reductions implemented with the outbreak of the pandemic, have enabled us to generate a robust EBITDA of 112.7 million euros, or 5 , 1% of turnover.

Current operating income was also high at 89.5 million euros (46.6 million euros internationally and 42.9 million euros in France), confirming the relevance of the Group’s choices and investments in recent years. years in digital transformation, recruiting consultants and training permanent and temporary staff.

Operating profit

Operating income amounted to € 77.6 million before amortization and impairment of goodwill and other intangible assets for € 11.9 million, including € 5.7 million non-recurring.

bottom line

The financial expense of 3.2 million euros includes a cost of net financial debt of the same order as in 2019 and a foreign exchange loss of 0.9 million euros.

Net profit

After tax of 33.2 million euros (including 13 million euros in CVAE, contribution to added value for companies), the consolidated net income stood at 41.3 million euros (including 38.3 million euros, Group share), compared to 63.4 million euros in 2019. The leverage effect generated by the reduction in overheads and the 20% increase in turnover between the first and second half-year enabled the Group to post full-year net income four times higher than in the first half.

A strengthened financial structure

The Group thus strengthened its financial structure, with shareholders’ equity of € 583.5 million at December 31, 2020, a positive change in working capital requirement for the year of around € 50 million, for the second year in a row, and cash net of any debt of 200 million euros (including available CICE receivables of 87.3 million euros).

Outlook for 2021

More than ever and as evidenced by the first two months of 2021, SYNERGIE continues to benefit from the flexibility and agility of companies.

The Group is thus affirming its confidence in the future and, thanks to its extremely solid financial structure, continues to explore new acquisitions to boost its growth, with the objective in 2021 of generating sales in excess of 2.5 billion. euros and significantly increase its profitability.

The dividends

A dividend of € 0.80 will be proposed to the General Meeting on June 24, 2021, representing a total distribution of € 19.5 million.

  • Next event:

►Publication of first quarter 2021 sales on Wednesday April 28 after market close. COMFI-Communique-Mars2021-UK

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