BUSINESS WIRE: Séché Environnement: 2009 Annual Re...

BUSINESS WIRE: Séché Environnement: 2009 Annual Results





MITTEILUNG UEBERMITTELT VON BUSINESS WIRE. FUER DEN INHALT IST ALLEIN DAS
BERICHTENDE UNTERNEHMEN VERANTWORTLICH.
------------------------------------------------------------------------

High, and improving, operating profitability: COI at 17.3% of revenue (vs.
17.0% in 2008)

Net income from consolidated companies up 19% to EUR 47.8 million, i.e.
13.1% of revenue (vs. 10.5% of revenue in 2008)

CHANGÉ, France --(BUSINESS WIRE)--15.03.2010--

Solid operating and financial performance

* Full impact of cost-cutting measures: EBITDA maintained at 26.4% of
revenue * Positive financial income: cost of debt reduced, contribution
from Hime

Financial flexibility confirmed in 2009

* Controlled investments and strong cash flow generation * Net debt
reduced and additional improvement in balance sheet ratios

Hime/Saur: EBITDA climbs another 6% to EUR 176 million (11.6% of revenue)

* Adjustment and transformation plan stepped up: impact of non-recurring
management decisions totalling EUR 20 million * Group share of Hime's
net income (consolidated under the equity method): EUR -22.7 million

Proposed dividend: EUR 1.30 per share (same as 2008)

At the Board of Directors' meeting held on March 9, 2010 to close the 2009
accounts, Joël Séché expressed his satisfaction with the 2009 consolidated
results:

"Over the course of 2009, Séché Environnementproved its ability to adapt to
market conditions and demonstrated the robustness of its profitable
development model.

Its exclusive positioning on the relatively non-cyclical waste treatment
and recovery markets testified to the endurance of its businesses in a
trying economic environment. What's more, the Group and all of its
employees successfully generated productivity gains that fully offset the
negative effects of the crisis on its operating income, which was
maintained at a high level close to that of last year.

At the same time, the Group was able to reduce its debt and sustain its
financial flexibility thanks to the quality of its balance sheet
management.

In 2009, Hime continued the implementation of its transformation plan and
significantly improved its EBITDA. In addition to delivering this laudable
performance, Hime accelerated its twofold strategy to transform and adapt
its business to the new market conditions, resulting in the booking of
substantial non-recurring expenses over the financial year.

The Waste and Water divisions delivered another robust operating
performance, while Séché Environnement's enhanced financial resources have
paved the way for the timely pursuit of its industry goal (with respect to
value creation for Séché Environnement’s shareholders): namely the creation
of a global environmental services player in France. "

Séché Environnement's (Paris: SCHP) consolidated results as at December 31,
2009 reflected the solid resilience of operating margins, which were
maintained at high levels, and confirmed the robustness of its development
and profitability model.

Over the course of the challenging 2009 financial year, Séché Environnement
posted current operating income close to that of last year, i.e.
EUR 63.4 million vs. EUR 65.1 million in 2008, representing 17.3% of
revenue vs. 17.0% in 2008.

This solid operating performance came with a considerable improvement in
financial income, boosted by the positive impacts of lower interest rates
and the growth of financial income from the investment in Hime.

Overall, net income from consolidated companies soared 19% on 2008, to
13.1% of revenue (vs. 10.5% last year), illustrating the very strong
profitability of the businesses under operational management.

For sub-group Hime, 2009 saw a major increase in operating profitability,
with EBITDA lifted to 11.6% of revenue (vs. 10.8% in 2008).

Meanwhile, Hime also continued and stepped up its plan to transform the
company and adapt to the new market conditions. The impacts of the
non-recurring management decisions taken to implement this plan, combined
with the negative effects of the interest rate decline on financial income,
handicapped the development of Hime's consolidated net income in 2009.

The total contribution generated by Hime (consolidated under the equity
method) to Séché Environnement's consolidated net income amounted to
EUR -22.7 million.

The solidity of Séché Environnement's 2009 financial and operating income,
coupled with controlled investments, resulted in a significantly positive
cash position, thus shoring up its balance sheet structure and furthering
its deleveraging efforts.

Audited consolidated figures in EURm (under IFRS)

2009/2008 As at
December 31   2008   2009  
change

Revenue 383.2 365.7 -4.6% EBITDA
101.0 96.5 -4.4% Current operating
income 65.1 63.4 -2.7% Financial income
(5.1) 2.5 - Net income from consolidated companies 40.2
47.8 +18.9% Share of affiliates (8.5) (22.9)
-168.2% Group net income 31.7 24.9 -21.5%

The Board of Directors convened on March 9, 2010 to close Séché
Environnement's 2009 accounts, which will be submitted for the approval of
the Shareholders' Meeting on May 6, 2010. At the date of this Press
Release, the financial statements had been audited and certified by the
Statutory Auditors.

Operating margins maintained at a high level

Over the course of the difficult 2009 financial year, which saw a slight
dip in consolidated revenue (-4.6%), Séché Environnement nonetheless
maintained its operating margins at a high level, particularly in France
(99% of consolidated COI).

EBITDA thus evolved in line with revenue, shedding 4.4% on 2008 to EUR 96.5
million, resulting in the same EBITDA-to-revenue ratio as last year
(26.4%).

This can be primarily attributed to the automatic contraction of activity
(EUR -4.6 million), while the cost-cutting measures implemented throughout
the year (EUR 13.6 million) more than offset the deterioration of the waste
mix observed in the Hazardous Waste treatment businesses.

Current Operating Income (COI) stayed close to last year's level at
EUR 63.4 million (vs. EUR 65.1 million in 2008), i.e. 17.3% of revenue,
buoyed by the decline in amortisation relating to the reduction of volumes
of stored waste and the optimisation of landfill cells, as well as the
completion of part of the depreciation of the Salaise 3 incinerator.

It should be noted that the International division's operating
profitability was also protected, with an EBITDA margin of 10.8% of revenue
in 2009 (vs. 11.4% of revenue in 2008) and COI of 4.1% of revenue (vs. 4.0%
last year), although the Group was hit especially hard by certain
activities in Spain (solvent regeneration and chemical purification
businesses).

Major rise in net income from consolidated companies: +18.9% to EUR 47.8
million

The financial result surged to a positive EUR 2.5 million versus a negative
EUR 5.1 million last year.

This financial performance is attributable to the reduction in the cost of
net debt caused by the drop in interest rates and the quality of the hedges
in place. It also includes the increased contribution of the investment in
Hime (rise in income from the capitalisation of interest on convertible
bonds).

Note that Hime paid part of the capitalised interest from convertibles to
Séché Environnement in 2009, resulting in additional accretion revenues of
EUR 1.3 million under financial income.

The nominal corporation tax rate was 27.6%. The reduction of the tax
expense was linked to the unwinding of residual restructuring operations in
the Americas which led to the consumption of non-activated tax losses.

Drawing on a twofold operating and financial performance, income generated
by consolidated companies improved by an outstanding 18.9% to EUR 47.8
million (vs. EUR 40.2 million in 2008).

Consolidation of Hime's contribution and change in consolidated net income

The contribution provided by Hime (consolidated under the equity method)
amounted to EUR -22.7 million vs. EUR -8.8 million in 2008, bringing
consolidated net income (Group share) to EUR 24.9 million in 2009 compared
to EUR 31.8 million in 2008.

Financial flexibility confirmed and deleveraging initiated

Séché Environnement posted a sharp increase in current operating cash flow
over 2009 (+26% excluding development investments) on the back of resilient
EBITDA, a moderate change in WCR and controlled investments.

Investments booked over 2009 were lowered to EUR 20.7 million from
EUR 51.4 million in 2008, owing to the end of the renewable energy
investment programme linked to the storage businesses, and the strict
control of industrial investments (limited to maintenance investments).

Consequently, net debt as at December 31, 2009 was decreased to EUR 245.3
million (vs. EUR 270.0 million last year), bringing the Group's net
debt-to-equity ratio to 0.68 (vs. 0.76 at end-2008) and its leverage ratio
(net debt/EBITDA) to 2.53 vs. 2.70 at end-2008.

2010 outlook: continuing to adjust to an uncertain economic environment

Séché Environnement enjoys an exclusive positioning on the solid,
relatively non-cyclical waste treatment and recovery markets.

In 2010, these markets will be driven by the application of more
restrictive regulations and tax incentives that will, in the medium term,
help strengthen barriers to entry and consolidate waste volumes at the rare
treatment sites subject to high environmental standards and practising
energy recovery.

With a total of 42 certifications for 20 industrial sites, in addition to
its energy recovery facilities, Séché Environnement boasts solid
competitive advantages.

Nevertheless, the economic environment will remain uncertain in 2010, on
both the industrial and household waste markets.

Séché Environnement has proven that it is capable of adapting to changing
economic contexts and will continue to do so in 2010 by expanding its cost
management efforts, while paving the way for the future by canvassing new
markets.

The Group's guidance thus calls for stable revenue and current operating
income (in value terms) for the financial year in progress.

At EUR 35 million, 2010 investments should further reduce Séché
Environnement's debt, helping to reach a net debt target of about 2-2.5x
EBITDA by the end of 2011.

At the Shareholders' Meeting on May 6, 2010, the Board of Directors will
propose a dividend of EUR 1.30 per share (i.e. the same amount as last
year) for the 2009 financial year.

Hime-Saur’s consolidated results as at December 31, 2009

In 2009, Hime continued its commercial redeployment strategy and reinforced
its plan to transform the company and adapt to the new market conditions.

The highlights of Hime's consolidated results at December 31, 2009 include:

* the respectable improvement of EBITDA (+5.5%) to EUR 175.8 million (vs.
EUR 166.7 million in 2008), with productivity gains (EUR 18 million)
more than offsetting the negative impacts of the contraction in
activity (EUR -9.6 million); * the decline in COI (-17.6% to EUR 57.7
million) due to the impact of non-recurring management decisions
amounting to about EUR 20 million (EUR 10 million in one-off expenses
related to the adjustment plan and an increase of about EUR 10 million
in provisions for risks and expenses in the International division);
* the negative effects of the decline in interest rates on cash flow
income, shaving almost EUR 10 million off financial income; * the EUR
12 million reduction in tax income, in accordance with accounting
standards.

Overall, the Group share of Hime's consolidated net income totalled
EUR -69.0 million in 2009 vs. EUR -26.7 million in 2008.

At December 31, 2009, net financial debt (excluding convertible bonds)
stood at EUR 1,606 million, bringing Hime's gearing ratio (determined using
the loan agreement method) to 8.66, i.e. a significant improvement on last
year's ratio (9.05).

2010 will be another transitional year in which Hime will actively continue
its commercial redeployment, particularly in the Water businesses, as well
as the transformation and adaptation of its structures to the new market
conditions.

Audited and certified consolidated figures in EURm (under IFRS)

2009/2008 As at December
31   2008   2009   change

Revenue 1536.9 1516.9 -1.3% EBITDA
166.7 175.8 +5.5% Current operating income 70.0
57.7 -17.6% Financial income (expense) (120.5) (137.5) -14.1%
Tax income 20.9 9.2 -56.0% Consolidated net
income (26.7) (69.0) -

The Powerpoint presentation of the 2009 results is also available at:

http://www.groupe-seche.com/majic/pageServer/1e0101000m/en/
Presentations-SFAF.html

Calendar:

Release of consolidated revenue figures as at March 31, 2010 on April 28,
2010 (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 specialized 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.
Since May 2008, Séché Environnement has held an option to purchase an 18%
stake in Hime, the parent holding company of Saur Group, allowing Séché
Environnement to assume ownership of Saur Group by May 2012.

Séché Environnement has been listed on Eurolist by Euronext since
November 27, 1997

(Eurolist - Compartment B – ISIN: FR 0000039139 – Bloomberg: SCHP.FP –
Reuters: CCHE.PA)

Important notice

This press release may contain information of a provisional nature. This
information represents either trends or targets at the date of the press
release's publication and may not be considered as results forecasts or as
any other type of performance indicators. This information is by nature
subject to 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 notably include those described in the Company's Registration
Document, which is available on 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 items. The Company makes no commitment
on the updating of this information. More comprehensive information on the
Company can be obtained on its website (www.groupe-seche.com), in the
Regulated Information section. This press release constitutes neither an
offer of securities nor a solicitation for the purpose of making an offer
of securities in any country, including the United States. Distribution of
this press release may be subject to the laws and regulations in force in
France or abroad. Persons in possession of this press release must be aware
of these restrictions and observe them.

Compte de résultat

    REEL 31/12/07   REEL 31/12/08   REEL
31/12/09 chiffres d'affaires 373     383    
365     668 192
666
  Production immob, et 2 846 0,8% 4 838 1,3% 2 103
0,6% subventions d'exploitation Transfert de charges 1 633
0,4% 3 477 0,9% 2 721 0,7%
  Charges d’exploitation Achats
consommés (42 11,4% (54 14,2% (47 13,0%
744) 338) 628) Charges
externes (126 33,9% (126 33,1% (113 31,1%
797) 710) 801) Impôts
et taxes (27 7,4% (28 7,4% (30 8,4%
694) 386) 621) Charges
au titre des avantages (76 20,4% (81 21,2% (81 22,4% au
personnel 180) 092) 914)  
            EBE
104 28,0% 100 26,4% 96 26,4%
732 981 525
  Autres
produits opérationnels 60 0,0% 194 0,1% 69 0,0%
Autres charges opérationnelles (4 1,1% (2 0,5% (650)
0,2% 158) 074) Dotations
nettes aux provisions 760 0,2% 3 140 0,8% (568) 0,2%
Dotations nettes aux (36 9,7% (37 9,7% (31
8,7% amortissements 172) 101) 970)
             
RESULTAT OPERATIONNEL COURANT 65 17,5% 65 17,0% 63
17,3% (ROC) 223 139 406
 
Réévaluation des 0 0,0% 0 0,0% 0
0,0% immobilisations Résultat sur cession (4 1,1% 1
057 0,3% 312 0,1% d'immobilisations 174)
dépréciation des actifs (9) 0,0% (796) 0,2% (246)
0,1%            
  RESULTAT OPERATIONNEL (RO) 61 16,3% 65 17,1% 63
17,4% 039 400
472
  Produits de trésorerie et 8 131 2,2% 11 3,0% 13
3,7% équivalents de trésorerie 670
495 co?t de l'endettement financier (12 3,4% (15 4,0% (10
3,0% brut 656) 295)
953)            
  COUT DE L'ENDETTEMENT FINANCIER (4 1,2% (3 0,9% 2
542 0,7% NET 526) 625)  
            Autres
produits et charges (1 0,3% (1 0,4% (42) 0,0%
financi?res 273) 487)  
            RESULTAT FINANCIER
(5 1,6% (5 1,3% 2 500 0,7%
799) 112)
  Impôts 19
5,2% 20 5,2% 18 5,0%
403 109 210    
          RESULTAT DES ENTREPRISES 35
9,6% 40 10,5% 47 13,1% INTEGREES
837 179 762
  Quote-part dans les Rsts des (12
3,3% (8 2,3% (22 6,3% entreprises associées
221) 742) 902)    
          RESULTAT NET Avt résultat des 23
6,3% 31 8,2% 24 6,8% activités abandonnées
616 437 859
  Abandon d'activités 0
0,0% 0 0,0% 0 0,0%    
          RESULTAT NET DE L'ENSEMBLE 23
6,3% 31 8,2% 24 6,8% CONSOLIDE
616 437 859
  intér?ts des minoritaires 126
0,0% (271) 0,1% 8 0,0%    
          RESULTAT NET (Part du Groupe) 23
6,3% 31 8,3% 24 6,8%
490 708 851
 
TABLEAU DE
FLUX DE
TRESORERIE

 
     
31/12 31/12
/08 /09
RESULTAT DES SOCIETES INTEGREES 40 47
179
762
 
  Elim. des produits et charges sans incidences sur la trésorerie et/ou non
liés ? l'activité

 
Amortissements et provisions 32 24
754
114 Plus et moins values de cession -376
7 337 Subventions virées au résultat 0
0 Impôts différés 1
576 2 978 Autres produits et charges calculées
2 585 -277  
    MARGE BRUTE D'AUTOFINANCEMENT LIEE A L'ACTIVITE
76 81
719 915
  Charge d'impôts
18 15
532 232
  Co?t de l'endettement financier net des placements long terme
2 597 -2
576  
    MARGE BRUTE D'AUTOFINANCEMENT avant impôt et frais financiers
97 94
848 570  
    VARIATION DU BESOIN EN FONDS DE ROULEMENT LIE A L'ACTIVITE
-7 -4
785 423
  Impôts décaissés
-19 -18
601 051  
    FLUX NETS DE TRESORERIE GENERES PAR LES ACTIVITES
70 72 OPERATIONNELLES
462 096
  Décaisst / acquisition immobilsations
-48 -30
388 757 Encaisst / cession d'immobilisations
568 5 560 Subventions d'investissement encaissés
0 0 Tréso.nette /acquisitions & cessions de filiales
2 507 96  
    FLUX NETS DE TRESORERIE LIES AUX OPERATIONS
D'INVESTISSEMENTS -45 -25
313 100
  Augmentation de capital ou apports
0 0 Dividendes versés aux actionnaires de la
m?re -11 -11
150 130 Dividendes versés aux minoritaires
-1 -1 Variation des autres fonds propres
-744 1 Encaissements provenant d'emprunts
3 399 15
169 Remboursement d'emprunts
-18 -19
716 753 Intér?ts décaissés
-14 -10
000 726  
    FLUX NETS DE TRESORERIE LIES AUX
OPERATIONS DE FINANCEMENT -41 -26
212 440  
    VARIATION DE TRESORERIE
-16 20
064 556  
    Incidences des variations de
taux de change -140 -102 TRESORERIE A L'OUVERTURE
14 -1
371 832 TRESORERIE A LA CLOTURE
-1 18
832 622

Bilan

ACTIF (KEUR)   PASSIF (KEUR)
31/ 31/ 31/  
  31/12/2009   12/   12/   12/
2008 2009 2008

  BRUT   AMORT   NET NET    
  /PROV Ecart 238 25 212
212 Capital 1 1 d'acquisition 768 894 874
874 727 727 Autres 11 5
5 299 299 immobilisations 873 6 701
173 489 Prime d'émission 079 079 incorporelles Immobilisations
565 410 154 167 Réserves 33 19 corporelles
847 853 994 219 (sociales et 069 876
consolidées) Autres actifs 149
11 137 129 Résultat (Part du 24 31 financiers non 227
337 891 906 Groupe) 851 708 courants
Participations 61 61 89 Capitaux propres 358
352 dans les entr. 119 119 491 (Part du Groupe) 725
390 associées Instruments de Intér?ts
couverture actifs 0 0
minoritaires 960 953 non cts Impôts différés 19 0
19 22       actif 877
877 575 Autres actifs non 159 159 0 1 CAPITAUX PROPRES
359 353 courants 462
685 342 1 454 591 629 Dettes
233 251 ACTIF NON COURANT 046 943 928 016
financi?res long 151 254 871
terme (> 1 an) 8 7 6
Instruments de 3 4 Stocks 265 496 769 483
couverture 561 617
passifs non cts Clients et autre 109 3 294 106 120
Avantages du 135 99 débiteurs 612 319 642
personnel Créances d'impôt 3 0 3 578 Impôt différé
28 57 551 551 passif
Actifs financiers Autres provisions 3
3 courants 124 0 124 94 non courantes (> 549
623 1an) Instruments de
Autres passifs couverture actifs
0 0 0 149 non courants (> 1 238 256 cts
an) Autres actifs 20 1 891 18
16 PASSIF NON 240 259 courants 534
642 673 COURANT 661 906 Trésorerie et 19
19 8 Dettes 31 27 équiv. de 108 0
108 731 financi?res court 195 394 trésorerie
terme (< 1 an) 161 155
153 instruments de 1 ACTIF COURANT 194 5 681 513
350 couverture 690 341
passifs cts
Provisions 13 13          
courantes (< 1 524 601
an) Actifs destinés ?         Impôt exigible
596 447 ?tre revendus
Autres passifs 100 127
courants (< 1 an) 090 335
PASSIF COURANT 147 169
095 117      
          1 460
747 782 747 782 TOTAL ACTIF 208 624
441 365 TOTAL PASSIF 441 365 065

Registered office: Les H?tres – BP 20 – 53811 Changé Cedex

[CT]

Kontakt: Séché Environnement Manuel Andersen Head of Investor Relations
+33(0)1 53 21 53 60 m.andersen@groupe-seche.com

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