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Press release
First Half 2016 Results

A resilient performance reflecting the robustness of SPIE’s business model.

H1 2016 highlights

- EBITA margin up 24 bps, with improvements in all segments
- EBITA: -1.4% year-on-year (+7.6% excluding Oil & Gas)
- Revenue: -5.5% year-on-year (stable excluding Oil & Gas)
- Continued encouraging signs in France 
- Strong negative working capital, €89 million year-on-year improvement
- 4 acquisitions in 2016 to date, adding annualised revenue of €84 million;
  full year target of €200 million confirmed

(1) Restated in accordance with IFRS 5 (refer to notes to 2016 interim consolidated financial statements for further details).
(2) The OCTG (Oil Countries Tubular Goods) activity has been consolidated under the equity method since January 1st, 2016. For comparison purposes, Group working capital as at June 30th, 2015 has been restated as if the OCTG activity had been equity accounted at that date. See Financing – Balance sheet section.

Gauthier Louette, Chairman & CEO, commented: ‘SPIE’s performance in the first half of 2016 reflects the robustness of its business model. Against somewhat contrasting economic conditions, the Group has concentrated on quality and ensured that profitability and cash generation remain the critical areas of focus. We were able once again to deliver good margin increases in all segments, thanks to strict contract selectivity and rigorous management of our highly flexible cost base. Encouraging signs continued to be observed in France in the second quarter and the momentum at SPIE GmbH is excellent. We are delivering on our M&A strategy, with 4 companies acquired in 2016 to date, totalling annualised revenue of €84 million and strengthening our ICT capabilities. We expect 2016 to be another year of EBITA growth, excellent cash conversion and strong M&A activity’.

H1 2016 financial headlines

Consolidated revenue was €2,431.7 million in H1 2016, down -5.5% year-on-year, including a -7.4% organic contraction and a -0.6% foreign exchange impact, while acquisitions accounted for +2.5% (net of disposals). The organic contraction was due to Oil & Gas activities decreasing significantly against a strong H1 2015. Excluding Oil & Gas, overall revenue was stable in H1 2016, reflecting strict contract selectivity across all our businesses.

EBITA amounted to €142.2 million, with EBITA margin at 5.8%, up 24 basis points relative to H1 2015. Once again, our four segments reported good margin improvement, demonstrating the soundness of the SPIE model, which prioritises profitability over volumes. Excluding Oil & Gas, EBITA was up 7.6% in H1 2016. 

Net income (group share) was €47.2 million, compared with a €(10.0) million net loss in H1 2015, benefitting from a marked decrease in finance costs.

Working capital at June 30th, 2016 was a negative €(110.4) million, representing (8) days of revenue. It improved significantly over 12 months on a comparable basis ((2) days at June 30th, 2015)1 reflecting our constant focus on quality execution, invoicing and cash collection. Net debt was €1,248 million, with leverage at 3.2x EBITDA2, down from 3.4x at June 30th, 2015.

(1) The OCTG  (Oil Countries Tubular Goods) activity has been consolidated under the equity method since January 1st, 2016. For comparison purposes, Group working capital as at June 30th, 2015 has been restated as if the OCTG activity had been equity accounted at that date. See Financing – Balance sheet section.
(2) Pro-forma EBITDA on a trailing twelve-month basis.

Comments by segment

(1) Restated in accordance with IFRS 5 (refer to notes to 2016 interim consolidated financial statements for further details).

In the France segment, while the economic environment remained challenging, encouraging signs continued into Q2 and strengthened our confidence in a gradual improvement going forward. The private sector proved resilient during H1 2016, with sound trends in sectors such as Pharmaceuticals, Aeronautics, Food, and Telecoms. We remained very selective in order intake, especially in the public sector, and benefitted from the impact of cost saving measures implemented last year. As a result, EBITA increased by 2.9% year-on-year, as margin improved by 30 basis points while revenue was down -2.3% organically in H1 2016 (vs. -4.1% for the full year of 2015). 
We are moving ahead with the creation of two nationwide divisions, SPIE Facilities and SPIE CityNetworks, which will regroup our Technical Facility Management and Infrastructure and Telecom services activities, respectively. Alongside SPIE ICS and our network of regional divisions, they will constitute a more focused organisation which will enable us to enhance our client offering, improve our processes and strengthen our innovation capability, particularly with respect to the digitalisation of our services.            

In the Germany & Central Europe segment, we recorded a 5.5% growth in EBITA year-on-year despite a -2.6% revenue decrease (-5.4% organically at constant currency), as EBITA margin grew by 23 basis points.
In Germany, the momentum remained excellent, with another strong margin increase, by 83 basis points year-on-year. Excluding the impact of exiting dilutive legacy contracts in 2015, which translated into organic contraction in H1 2016, like-for-like revenue improved, as well as the quality of the contract portfolio.
In Switzerland, the ongoing restructuring of our operations resulted in a decrease in both revenue and margin in H1 2016; we expect the benefits of these measures to start to be apparent in early 2017.

The North-Western Europe segment reported a solid 8.9% year-on-year EBITA increase, and revenue growth of 3.6%, underpinned by a good contribution from the acquisitions made in 2015 in the UK and in the Netherlands. Organic growth at constant currency was -3.4%. In the UK, the referendum vote to leave the European Union has led to delayed decision-making by some customers, offsetting dynamic business trends in Belgium and the Netherlands.
Segmental margin increased by 19 basis points, driven by continued improvement in the Netherlands and in Belgium, as we remain focused on high-quality business.

The Oil & Gas and Nuclear segment reported a 87 basis points EBITA margin increase in spite of a -30.8% fall in revenue (-29.2% at constant currency).
In Oil & Gas, customer activity has been significantly impacted by the drastic decline in oil prices at the beginning of the year, and remains subdued. In H1 2016, our service activities (excluding OCTG) recorded a -27% revenue decrease at constant currency, against a strong H1 2015, whereas margins were well protected thanks to our highly flexible cost base. Revenue decline should be less in H2 2016. Volumes in our OCTG activity decreased sharply in H1 2016, by -89% at constant currency.
Our Nuclear activity reported year-on-year growth in both revenue and margin, reflecting a strong position at the heart of the French nuclear industry.

Acquisitions and disposals

External growth, through targeted bolt-on acquisitions financed by our strong free cash flow, constitutes the pillar of SPIE’s growth model, increasing the Group’s network density, expanding the range of its services and broadening its customer portfolio. In 2016 to date we have made 4 acquisitions, totalling annualised revenue of €84 million, which will notably strengthen our ICT capabilities and our German footprint.

On February 16th, 2016, SPIE acquired GPE Technical Services in the Netherlands, a company specialising in steam and condensate systems, with annual revenue of around €1 million.

On April 28th, 2016, SPIE announced the signing of an agreement for the acquisition of the RDI group, a French specialist in managed services, IT infrastructure integration, application and cloud services, with 2015 revenue of €36 million. The transaction was completed in May 2016.    

On July 13th, 2016, SPIE signed an agreement to acquire several companies of the COMNET Group, a German provider of solutions and services in IT, telecommunications and security. With close to 160 highly qualified employees at 8 locations in Germany, the acquired companies generated revenue of around €30 million in 2015.

On July 26th, 2016 SPIE announced the signing of an agreement to acquire GfT Gesellschaft für Elektro- und Sicherheitstechnik mbH (“GfT”) in Germany, subject to the fulfilment of closing conditions. GfT provides services in the areas of safety engineering, fiber optics, data technology and electrical engineering. The company employs 60 people and generated revenue of around €17 million in 2015.

On July 6th, 2016, SPIE completed the disposal of its Portuguese subsidiary, Tecnospie SA, which was reported under IFRS 5 as a discontinued operation in the Group’s consolidated accounts.

Financing – Balance sheet

Working capital at June 30th, 2016 was a negative €(110.4) million and represented (8) days of revenue, compared with €(21.8) million or (2) days of revenue on a comparable basis at June 30th, 2015(1).This good performance reflects our constant focus on rigorous management, from high quality execution and invoicing to timely cash collection.
As a result, leverage improved to 3.2x EBITDA as at June 30th, 2016, from 3.4x EBITDA as at June 30th, 2015, and net debt amounted to €1,248 million at June 30th, 2016.

(1) The OCTG activity has been consolidated under the equity method since January 1st, 2016. For comparison purposes, Group working capital as at June 30th, 2015 has been restated as if the OCTG activity had been equity accounted at that date. The OCTG activity contributed by €(69.2) million to the €(91.0) million Group reported working capital as at June 30th, 2015.

2016 full year outlook

We expect 2016 to be another year of EBITA growth, excellent cash conversion and strong M&A activity.

In France, trends are improving slightly as expected. We are seeing continuing positive momentum in Germany, the Netherlands and Belgium. In the UK, we will ensure to adapt rapidly to the post-referendum environment, and in Switzerland, while we expect some improvement in the second half of the year, the full benefits of the ongoing restructuring process will not be felt until 2017.  

In our Oil & Gas business, market conditions remain challenging but we anticipate a moderation of the revenue decline in our service activities over the full year. OCTG volumes will remain very low.

With 4 acquisitions in 2016 to date, we have acquired €84 million of annualised revenue and anticipate reaching our target of acquiring approximately €200 million over the full year.

Including acquisitions, revenue should grow, for the whole of our non-Oil & Gas business, by c.3% instead of c.5% previously (largely as a result of adverse GBP/EUR FX movements).

In keeping with the strong performance recorded in H1 2016, we now anticipate Group EBITA margin for the full year to grow by 15 to 20 basis points, instead of 10 to 15 basis points previously.

Cash conversion should be 100%, consistent with our long term track record.

Consolidated financial statements

The consolidated financial statements of SPIE SA as of and for the six months ended June 30th, 2016 have been authorised for issue by the Board of Directors on July 28th, 2016.
Auditors’ review of the consolidated financial statements is complete and the statutory auditors’ report on the 2016 half year financial information has been issued.
The consolidated financial statements (full financial statements and notes) and the slide presentation of the 2016 half-year results are available on our website, in the “Finance/Regulated Information” section.

Analyst and investor conference call

Gauthier Louette, Chairman & CEO
Denis Chêne, CFO

Date: Friday, July 29th, 2016 - 9:00 am Paris time – 8:00 am London time


Certain information included in this press release are not historical facts but are forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business strategies and the environment in which SPIE operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements, or industry results or other events, to be materially different from those expressed or implied by these forward-looking statements.

Forward-looking statements speak only as of the date of this press release and SPIE expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements included in this press release to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Such forward- looking statements are for illustrative purposes only. Forward-looking information and statements are not guarantees of future performances and are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of SPIE. Actual results could differ materially from those expressed in, or implied or projected by, forward-looking information and statements. These risks and uncertainties include those discussed or identified under Chapter 4 “Facteurs de Risques” in the 2015 Registration Document, which received the AMF visa n° R. 16 - 0030 on April 28th, 2016, and is available on the website of the Company ( and of the AMF (



Thomas Guillois
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Agnès Catineau
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