Robust Q1 results despite first impacts from Covid-19 crisis.
A resilient group with a strong financial position.
Cergy, April 29th, 2020
Robust Q1 results
- Q1 total revenue growth: +2.7% (+2.3% at constant currency)
- -0.2% on an organic basis, demonstrating good resilience
- Positive organic growth in all geographies except France and Belgium
- EBITA up +2.6%, with stable EBITA margin at 3.7%
First impacts from Covid-19 crisis: contrasted across countries, limited at Group level
- Covid-19 impact mainly located in France, strongly affected by containment since mid-March
- No meaningful impact in Germany and the Netherlands
- Significant mitigating actions implemented
- Stronger impact anticipated in Q2 in those countries under lockdown
Significant liquidity headroom to face current challenges
- €1.4 bn liquidity at the beginning of 2020
- No debt maturity before 2023
- Track record of rigorous cash management
 Includes the impact of IFRS 16. Excluding the impact of IFRS 16, Q1 2019 EBITA was €57.7 million, and EBITA margin was 3.7%.
Gauthier Louette, Chairman & CEO, commented: “In this unprecedented crisis, I would like to thank all 47,200 SPIE employees for showing the utmost commitment to health and safety, while working very hard to continue to serve our customers as best we can. I am impressed with the engagement of all. SPIE delivered robust Q1 results, with a good start confirming the secular trends that drive our business. The first financial impacts from the Covid-19 crisis in the second part of March were limited at Group level and mainly located in France, where we anticipate a stronger impact in the second quarter. We have rapidly implemented efficient cost saving measures and we are already preparing, together with our customers, the recovery phase in countries still under lockdown. The mission-critical nature of SPIE’s services, our balanced geographical footprint and activity portfolio, as well as the Group’s strong financial position, constitute major strengths in the current context. As a group focused on the energy transition and the digital transformation of our customers, we are well-positioned to benefit, post-crisis, from an acceleration in such secular trends driven by upcoming stimulus plans.”