Good start of the year across portfolio
Active portfolio management
Stable Net Asset Value (up +1.7% restated from dividend)
since
Net asset value as of
- Restated from the €3 dividend per share in
June 2022 , NAV is down 10.4% YTD (€188.1) and up 1.7% since end ofMarch 2022 . - Most of the change in the first half is due to the markets’ decline
Consolidated H1 2022 sales of €4,217.5 million, up +16.3% overall and +10.3% organically
- All portfolio companies delivered positive organic growth in the first half
H1 2022 net income Group share of €479.8 million, up +265% primarily due to the capital gain on the disposal of
- Net income from operations of €354.9 million up +2.3%, reflecting increased profitability of portfolio companies.
- Non-recurring income of €374.5 million, boosted by the capital gain (€589.9 million) from the disposal of
Cromology in Q1 2022 - H1 2022 consolidated net income of €672.6 million, as compared to €301.0 million in H1 2021, and net income Group share of €479.8 million
Significant portfolio rotation and capital deployment since the start of 2022
- Disposal of
Cromology closed onJanuary 21, 2022 , generating €896 million in proceeds forWendel - c.€3041 million equity invested to acquire ACAMS on
March 10, 2022 Wendel Lab : €49 million new commitments into funds in H1 2022 bringing the total to €164 million- €25 million of
Wendel shares bought back in H1 2022
Strong financial structure
- Successful issue of €300 million 12-year bond at 1,375% coupon on
January 16, 2022 - LTV ratio of 7.8% as of
June 30, 2022 , or 5.3% proforma of BVI dividend payment and sale of Wendel’s HQ building - Further optimization of the cost and maturity of Wendel’s debt: exercise on
April 19, 2022 , of the make-whole redemption of bonds maturing inOctober 2024 , resulting in an average maturity extended to 6.92 years and an average weighted cost lowered to 1.7% - Syndicated Credit Facility extended to
July 2027 - Total liquidity of €1.5 billion as of
June 30, 2022 , including €789 million of cash and €750 million available under the committed credit facility (fully undrawn)
Return to shareholders and 2021 Dividend
Wendel canceled 377,323 of its treasury shares (0.84% of the share capital) onApril 29, 2022 . Cancellation of these shares had a pro forma positive impact of +€0.7/share onMarch 31, 2022 , ’s NAV due to the current significant share discount to NAV.
·Ordinary dividend of €3.0 per share for 2021, up 3.4%, paid in
Our net asset value proved very resilient since the first quarter’s stock market turmoil. With the ACAMS acquisition which further enhances the growth profile of our portfolio, following the acquisition of CPI, we have continued our objective of capital redeployment according to our roadmap. As we look forward, our robust balance sheet with relatively little corporate and portfolio company leverage overall, combined with our long term vision, should allow us to continue to execute our roadmap by taking advantage of acquisition opportunities which will likely result in due course from current volatile circumstances which we first intend to better understand.” The search for a new CEO by the Supervisory Board is underway and should come to fruition in the second semester. |
Group consolidated companies Contribution to H1 2022 sales
H1 2022 consolidated sales(1)
(in millions of euros) | H1 2021 | H1 2022 | % | Organic % |
Bureau Veritas | 2,418.4 | 2,693.4 | +11.4% | +6.5% |
Constantia Flexibles | 752.1 | 985.2 | +31.0% | +22.6% |
Stahl | 419.8 | 470.9 | +12.2% | +9.1% |
CPI | 36.5 | 48.2 | +32.2% | +21.2% |
ACAMS (2) | n/a | 19.8 | n/a | n/a |
Consolidated net sales (1) | 3,626.8 | 4,217.5 | +16.3% | +10.3% |
(1) Comparable sales for H1 2021 represent €3,626.8 M vs. 2021 published sales of €3,997,4M. The difference of c.€370.4M corresponds to
(2) ACAMS accounts have been consolidated since
H1 2022 sales of equity-accounted companies
(in millions of euros) | H1 2021 | H1 2022 | % | Organic % |
Tarkett | n.a. | 1,564.0 | n/a | n/a |
H1 2022 consolidated results
(in millions of euros) | H1 2021 | H1 2022 |
Consolidated subsidiaries | 401.5 | 414.1 |
Financing, operating expenses and taxes | -54.5 | -59.3 |
Net income from operations (1) | 347.0 | 354.9 |
Net income from operations, (1) Group share | 152.9 | 127.9 |
Non-recurring net income | 3.1 | 533.5 |
Impairment | -2.6 | -154.1 |
Impact of goodwill allocation | -46.4 | -61.6 |
Total net income | 301.0 | 672.6 |
Net income, Group share | 131.1 | 479.8 |
(1) Net income before goodwill allocation entries and non-recurring items.
H1 2022 net income from operations
(in millions of euros) | H1 2021 | H1 2022 | Change |
Bureau Veritas | 231.5 | 262.0 | +13.2% |
Stahl | 71.9 | 77.2 | +7.4% |
Constantia Flexibles | 35.3 | 69.0 | +95.4% |
37.9 | 0.0 | n/a | |
CPI | 1.1 | 4.0 | +264.5% |
Tarkett (equity accounted) | n/a | 1.5 | n/a |
ACAMS | n/a | 0.5 | n/a |
IHS (1) | 23.8 | 0.0 | n/a |
Total contribution from Group companies | 401.5 | 414.1 | +3.1% |
of which Group share | 207.4 | 187.1 | -9.8% |
Total operating expenses | -34.0 | -40.6 | +19.3% |
Total financial expense | -20.5 | -18.7 | -8.7% |
Net income from operations | 347.0 | 354.9 | +2.3% |
of which Group share | 152.9 | 127.9 | -16.4% |
(1) Equity accounted as of end of H1 2021. Since the listing
The Supervisory Board met on
Wendel Group’s consolidated sales for the first half of 2022 reached €4,217.5 million, up +16.3% overall and up +10.3% organically.
The overall contribution of Group companies to net income from operations amounted to €414.1 million, up +3.1% from the first half of 2021. Financial expenses, operating expenses and taxes incurred by
Group companies’ results
Figures are after IFRS 16
Bureau Veritas: Solid H1 2022 operating and financial performance; 2022 Full Year outlook confirmed
(full consolidation)
Revenue in the first half of 2022 amounted to €2,693.4 million, up 11.4% in total and a 6.5% organic growth, of which 5.2% in the second quarter, benefiting from solid market trends across most businesses despite facing the external disruption from the
Two businesses delivered very strong organic growth, Industry, up 10.8%, and
The scope effect was a positive 0.4%, reflecting bolt-on acquisitions realized in the past few quarters.
Currency fluctuations had a positive impact of 4.5%, mainly due to the appreciation of the USD and pegged currencies against the euro, which was partly offset by the depreciation of some emerging countries’ currencies.
Adjusted operating profit increased by 8.7% to €410.9 million; the half-year 2022 adjusted operating margin declined 38 basis points to 15.3%. It was mainly attributed to the impact from the lockdowns occurred in
Impact of the Chinese lockdowns in the 2nd quarter
Following the Chinese government’s “zero covid policy”, Bureau Veritas has been facing selective lockdowns in several cities across the country since the end of
- in Consumer Products Services, which makes up half of the Chinese revenues, Bureau Veritas was proactive and adapted to the constraints. The impact in Q2 was thereby contained as the teams were able to divert samples from one location to another across the country or outside of
China to the Group’sSouth Asia testing capabilities (Vietnam ,Bangladesh ,India andSri Lanka ). All the Group’s labs reopened and were fully back to normal by the end ofJune 2022 . - in Buildings & Infrastructure (representing roughly 30% of China’s revenue, solely focused on infrastructure assets in the transportation field and energy), construction sites were shut down for a few weeks (up to eight weeks) in areas where mobility restrictions were imposed (
Shanghai andShenzhen notably). Once the mobility restrictions had been removed, Bureau Veritas operated in a stop & go situation with sites required to shut down as soon as the slightest suspicion of Covid arose. Since mid-June, the construction sites have gradually restarted, and Bureau Veritas expects to recover from Q3 2022 onwards.
Solid financial position
At the end of
At the end of the first half of 2022, Bureau Veritas had €1.4 billion in available cash and cash equivalents and €600 million in undrawn committed credit lines.
At
The average maturity of the Group’s financial debt was 3.8 years with a blended average cost of funds over the half year of 2.5% excluding IFRS 16 impact (compared with 2.4% in the first half of 2021 excluding the impact of IFRS 16).
2022 outlook confirmed
Based on a solid sales pipeline around Bureau Veritas’ diversified portfolio and the significant growth opportunities related to its sustainability range of services and solutions, and assuming there are no new Covid-19 lockdowns in its main countries of operation, Bureau Veritas still expects for the full year 2022 to:
- Achieve mid-single-digit organic revenue growth;
- Improve the adjusted operating margin;
- Generate sustained strong cash flow, with a cash conversion above 90%
In
For more information: group.bureauveritas.com
Stahl—Total sales growth of +12.2%, EBITDA margin at 22.2%.
(Full consolidation)
Stahl, the world leader in coating layers and surface treatments for flexible materials, posted total sales of €470.9 million in H1 2022, representing an increase of +12.2% versus H1 2021. Organic growth stood at +9.1% while FX contributed positively (+3.1%), mostly through USD and CNY strengthening.
Activity over the first half of the year was above expectations at group level, with a strong growth in Coatings and Leather in both quarters. Growth was largely led by price/mix effects as volumes declined, notably due to (i) Chinese lockdowns, (ii) continued supply chain disruptions in automotive and (iii) significant price increases implemented over the period curbing demand.
Across all segments, price increases were implemented since the beginning of the year to mitigate the strong impact of rising input costs. The company has taken and is ready to take additional measures to protect its margin where needed. Stahl’s management continues to closely monitor the inflationary environment, as well as the supply chain and potential energy disruptions.
The orderbook reduced following the strong commercial activity in Q2 2022 and a reduction in overdue orders, but remains at high levels compared to historical standards.
EBITDA3 for the half-year totaled €104.5 million, translating into an EBITDA margin of 22.2%, in line with Stahl’s historical standards.
Net debt as of
Stahl announced on
Stahl’s SBTi submission includes a specific commitment regarding the company’s Scope 3 upstream emissions, which Stahl aims to reduce by at least 25% over the next 10 years, compared with the base year (2021). Stahl’s Scope 3 emissions currently represent over 90% of its carbon footprint. This reduction would primarily be achieved by Stahl replacing its fossil-based raw materials with lower-carbon alternatives. The target is a major step towards the objective of limiting global warming temperature increase to 1.5 °C above pre-industrial levels by 2050, as agreed at the 2015 Paris Climate Accords.
Stahl’s extended commitment builds on the company’s existing targets to reduce its emission for Scopes 1 and 2, which were set shortly after the Paris Agreement in 2015. Stahl has since reduced its Scope 1 and 2 (direct) GHG emissions by more than 30%, thanks to operational efficiency gains and by decarbonizing its energy supply.
Constantia Flexibles—Total growth of 31%, with record organic growth of 22.6% partly driven by price increases but also through volume growth and mix improvement. EBITDA margin up 40 bps at 13.5% resulting from strong topline performance as well as the integration of
(full consolidation)
H1 2022 sales totaled €985.2 million, up +22.6% on an organic basis with strong performances across both markets (+23.3% in Consumer and +20.4% in Pharma). Sales are up +31.0% in total over the period, driven mostly by price increases necessary to compensate for the inflationary input costs’ pressure. Despite raw material shortages, Constantia has experienced an encouraging return to organic volume growth, thereby confirming the good momentum instilled by the new management team’s commercial initiatives. The market in
H1 2022 activity also benefited from the acquisition of
EBITDA stood at €133.2 million6, up +34.8%, i.e., a 13.5% margin, up 40 bps above last year. This is the result of (i) Constantia’s efforts towards profitability measures to mitigate the impact of raw material cost increases (ii) a continuous cost reduction program (iii) a positive volume and mix effect, and (iv)
Constantia is carefully managing the inflationary cost environment as well as the availability of energy supply and raw materials. Today, the two Russian plants of Constantia operate independently and do not require any cash injection from the rest of the group. The Company is focusing its efforts on preserving the profitability working both on the passthrough of input costs as well as pursuing its cost control program. Constantia is also actively working on its supply base and energy supply sources in the context of a potential shortage of gas in
Leverage ratio has been improved to 1.6x EBITDA compared to 1.8x at the beginning of the year and stays well below its covenant of 4.0x (this threshold could be temporarily raised to 4.5x in the event of acquisitions). Net debt stood at €392.2 million7 at the end of June (€400.3 million on
On the sustainability front, Constantia is actively developing and promoting its Ecolutions portfolio in line with the industry transformation towards recyclable packaging. Constantia is committed to being able to answer to 100% of customers’ needs with a recyclable solution by 2025.
(full consolidation)
- The success of the new program launches, including specialty topics such as Trauma, Autism, and Advanced Physical Skills, is confirmed. They now represent more than 20% of Initial Certifications for the first half.
- The international expansion strategy outside of
North America bears fruits, notably in English-speaking countries with a growth rate above 20%. - CPI continues to enjoy a mix shift toward digital solutions for both new CIs and renewals, with programs retaining the required in-person components. Virtual Learner Materials continued to represent a strong share of delivery representing 42% of Learner Materials sales.
- Early 2022, CPI has managed well through the Omicron COVID surge with a minimal number of onsite programs being pushed out to Q2 resulting in a neutral impact over the first half of 2022.
Further, CPI generated EBITDA of $26.2 million8, representing an overall increase of +27.8% year on year. This result corresponds to a strong margin of 49.7% over the period (+312 basis points versus H1 2021). H1 EBITDA benefitted primarily from the flow-through of higher sales to earnings, as well as effective cost management. It benefitted to a lesser extent from temporary timing differences related to marketing spend and delayed new hires. H2 EBITDA margins are projected to return to budgeted levels.
As of
ACAMS – Strong start to the year for ACAMS, with year-to-date organic revenue growth of +21.1%. Carve-out process on track with H1 EBITDA margin of 18.4%10
(full consolidation since
ACAMS, the global leader in training and certifications for anti-financial crime prevention professionals, generated total revenue of
The double-digit revenue growth was driven, in part, by conference recovery and greater sales of Certifications, Memberships and Training to a few large customers. Conferences generated the highest growth of any segment as a result of a return to in-person events with growing attendance and sponsorship. ACAMS grew across each of its three geographic regions—Americas, EMEA, and APAC—although APAC continues to be negatively impacted by COVID-related lockdowns. Revenue growth should ease and come back to more normative levels in the second half of the year.
The carve-out process is ongoing and all senior positions have been now filled. A full transition to standalone operations is expected around year end.
As of end of
As of
Tarkett - Strong sales growth of +24.0% and continued increases in selling prices in H1 2022. Neutralisation of inflation in purchasing costs and increase in adjusted Ebitda of +12,0%
(Accounted for by the equity method since 07.07.2021)
Net revenue in H1 2022 was €1,564 million, up by 24.0% compared to the first half of 2021. Organic growth reached 13.8%, or 17.4% including selling price increases in the CIS countries implemented to offset the inflation in purchasing costs (selling price adjustments in the CIS countries are historically intended to offset currency movements and are therefore excluded from the organic growth calculation). The total effect of the selling price increases implemented across all segments is +12.7% on average compared to H1 2021. Over the period, growth in volumes was 4.6% driven by strong activity in the Sports segment, offsetting the drop in the CIS countries and in residential segments in EMEA and
Adjusted EBITDA amounted to €126.2 million, i.e., 8.1% of revenue, compared to €112.7 million in H1 2021, i.e. 8.9% of revenue.
Growth in volumes sold contributed positively to EBITDA in an amount of €10 million. Inflation in raw materials, energy and transportation was unprecedented at €161 million, against a backdrop of rising oil and other energy prices and ongoing tension on procurements of certain raw materials.
Tarkett continued to successfully roll out selling price increases throughout the first half of the year: +€161 million in H1 compared to 2021. This fully offset the inflation in purchasing costs as of the first half of the year, in line with the objective initially announced for the full year 2022.
Tarkett’s net financial debt amounts to €778 million at the end of
The geopolitical and macroeconomic context continues to bring a high level of uncertainty regarding the demand. Difficulties with raw materials procurements have not been completely resolved and the uncertainties surrounding the supply of gas and electricity in
Structural cost reduction actions are being pursued. Against a backdrop of less sustained volumes and ongoing recruitment difficulties in several factories, the Group is now expecting to generate between approximately €15 and €20 million in annual structural savings in 2022 (versus the initial goal of €30 million). The Group is also getting prepared to take one‐time cost reduction measures to adapt to a lower level of demand in the second half.
Inflation in purchasing costs is continuing to rise in a context of considerable increases in energy costs and ongoing supply chain disruptions. Current trends indicate that the negative impact of this rise in purchasing costs could be around €280 million more than 2021 (
In response to this unprecedented continuing inflation, Tarkett has already implemented further selling price increases and will continue to do so if necessary, to offset the effect of the rise in purchasing costs over the year.
For more information, refer to Tarkett’s press release published on
The purpose of the
Since the start of 2022, an additional €49m has been committed to technology-focused funds managed by top-tier firms including
NAV of €165.6 per share as of
Net asset value was €7,349 million, or €165.6 per share, as of
In the first quarter,
- Listed assets: the decline in the share price of Bureau Veritas was almost entirely offset by the increase in the average price of IHS as of
June 30 compared withMarch 31, 2022 - Unlisted assets: upward revisions of the outlook for some portfolio companies and currency fluctuations offset the decline in multiples which continued during the quarter
The Net Asset Value as of
Strong financial structure: Ample liquidity and improved debt profile
- Loan-to-value (LTV) ratio at 7.8% as of
June 30, 2022 - Total liquidity of €1.54 billion14 as of
June 30, 2022 , including €789 million cash and €750 million committed credit facility (fully undrawn) - Syndicated Credit Facility extended to
July 2027 - Average debt maturity extended to 6.9 years and average weighted cost lowered to 1.7% following the successful placement of a €300 million 12-year bond at 1,375% interest on
January 13, 2022 , and exercise onApril 19, 2022 , of the make-whole redemption of bonds maturing inOctober 2024 . - Investment grade corporate ratings: Moody’s Baa2 with stable outlook/S&P BBB with stable outlook
Significant events since the beginning of 2022
Implementation of the succession plan for the Chairman of the Executive Board of
Announced on
ACAMS is the global leader in training and certifications for anti-money laundering (“AML”) and financial crime prevention professionals. ACAMS has a large, global membership base with more than 90,000 members in 175 jurisdictions, including over 50,000 professionals who have obtained their CAMS certification-an industry-recognized AML qualification—that promotes ongoing education through participation in conferences, webinars, and other training opportunities.
The Company has approximately 275 employees primarily located in the
Sale of
After obtaining the necessary authorizations,
This transaction is a milestone in Wendel’s 2021-24 roadmap, and its target to accelerate the redeployment of its capital toward growth companies.
Return to shareholders and Dividend
An ordinary dividend of €3.0 per share for 2021, up 3.4%, was paid on
Wendel’s portfolio direct exposure to current uncertain environment
Industrial companies in our portfolio use a variety of energy, including gas and electricity and use their derivatives as raw materials. The impact on profitability in coming months will depend on availability, passthrough to customers, the ability to realize process efficiencies both at suppliers and within our companies. It is too early to assess such an impact, which would be tempered at portfolio level by Wendel’s diversification in Business Services and a broad range of geographies.
Appendix 1: NAV as of
(in millions of euros) | ||||||
Listed equity investments | Number of shares | Share price (1) | 4,850 | 5,559 | ||
Bureau Veritas | 160.8/160.8 m | €25.4/€28.7 | 4,078 | 4,616 | ||
IHS | 63.0/63.0m | 666 | 748 | |||
Tarkett | €13.0/€18.6 | 105 | 195 | |||
Investment in unlisted assets (2) | 2,968 | 3,732 | ||||
Other assets and liabilities of | 151 | 97 | ||||
Net cash position & financial assets (4) | 789 | 650 | ||||
Gross asset value | 8,757 | 10,038 | ||||
-1,408 | -1,619 | |||||
Net Asset Value | 7,349 | 8,419 | ||||
Of which net debt | -619 | -969 | ||||
Number of shares | 44,370,620 | 44,747,943 | ||||
Net Asset Value per share | €165.6 | €188.1 | ||||
Wendel’s 20 days share price average | €83.5 | €102.3 | ||||
Premium (discount) on NAV | -49.6% | -45.6% |
- Last 20 trading days average as of
December 31, 2021 , andJune 30, 2022 - Investments in non-publicly traded companies (
Cromology (as ofDecember 31, 2021 ), Stahl, Constantia Flexibles,Crisis Prevention Institute , ACAMS (as ofJune 30, 2022 ),Wendel Lab ). Aggregates retained for the calculation exclude the impact of IFRS 16. As perWendel methodology, ACAMS valuation is weighted at 83.3% on acquisition multiple and 16.7% on listed peer group multiples. - Of which 1,116,456 treasury shares as of
December 31, 2021 , and 1,001,745 treasury shares as ofJune 30, 2022 - Cash position and financial assets of
Wendel & holdings. As ofJune 30, 2022 , this comprises €0.5 bn of cash and cash equivalents and €0.3 bn short term financial investment.
Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.
If co-investment and managements LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 374 of the 2021 Universal Registration Document.
Appendix 3: Conversion from accounting presentation to economic presentation
H1 2022 | Equity-method investments | ||||||||||||
(in millions of euros) | Bureau Veritas | Constantia Flexibles | Stahl | CPI | ACAMS | Tarkett | |||||||
Net income from operations | |||||||||||||
Net sales | 2,693.4 | 985.2 | 470.9 | 48.2 | 19.8 | 4,217.5 | |||||||
EBITDA (1) | N/A | 133.2 | 104.5 | 24.0 | 6.1 | ||||||||
Adjusted operating income (1) | 410.9 | 82.1 | 90.1 | 20.7 | 4.6 | 608.4 | |||||||
Other recurring operating items | - | 1.0 | 0.8 | 0.2 | - | ||||||||
Operating income | 410.9 | 83.1 | 90.8 | 20.9 | 4.6 | -40.2 | 570.2 | ||||||
Finance costs, net | -37.3 | -6.2 | -7.5 | -10.9 | -3.1 | -18.2 | -83.2 | ||||||
Other financial income and expense | 7.8 | 1.1 | 18.3 | -0.2 | -0.8 | -0.5 | 25.8 | ||||||
Tax expense | -119.6 | -9.1 | -24.5 | -5.8 | -0.3 | -0.3 | -159.5 | ||||||
Share in net income of equity-method investments | 0.1 | - | - | - | - | 1.5 | - | 1.6 | |||||
Net income from discontinued operations and operations held for sale | - | - | - | - | - | - | - | ||||||
Recurring net income from operations | 262.0 | 69.0 | 77.2 | 4.0 | 0.5 | 1.5 | -59.3 | 354.9 | |||||
Recurring net income from operations – non-controlling interests | 173.6 | 28.5 | 24.7 | 0.1 | - | - | 227.0 | ||||||
Recurring net income from operations – Group share | 88.4 | 40.4 | 52.5 | 3.9 | 0.5 | 1.5 | -59.3 | 127.9 | |||||
Non-recurring net income | - | ||||||||||||
Operating income | -35.8 | -13.3 | -11.2 | -10.4 | -35.1 | 7.0 | -98.7 | ||||||
Net financial income (expense) | - | 1.0 | -33.3(2) | - | -0.7 | -13.4(3) | -46.4 | ||||||
Tax expense | 8.5 | 4.3 | 11.2 | 3.4 | 5.9 | - | 33.3 | ||||||
Share in net income of equity-method investments | - | - | - | - | - | -1.4 | -158.9(4) | -160.3 | |||||
Net income from discontinued operations and operations held for sale | - | - | - | - | - | 589.9(5) | 589.8 | ||||||
Non-recurring net income | -27.3 | -8.0 | -33.3 | -6.9 | -29.9 | -1.4 | 424.6 | 317.8 | |||||
of which: | |||||||||||||
- Non-recurring items | -7.8 | -0.8 | -26.0 | - | -16.9(6) | 1.5 | 583.5 | 533.5 | |||||
– Impact of goodwill allocation | -16.7 | -16.3 | -7.3 | -6.9 | -13.0 | -1.4 | - | -61.6 | |||||
- Asset impairment | -2.8 | 9.1 | - | - | - | -1.5 | -158.9 | -154.1 | |||||
Non-recurring net income – non-controlling interests | -19.0 | -3.1 | -10.7 | -0.3 | -0.6 | - | -0.5 | -34.1 | |||||
Non-recurring net income – Group share | -8.3 | -4.9 | -22.6 | -6.7 | -29.3 | -1.4 | 584.0 | 510.8 | |||||
Consolidated net income | 234.7 | 61.0 | 43.9 | -2.9 | -29.4 | - | 365.3 | 672.6 | |||||
Consolidated net income – non-controlling interests | 154.6 | 25.4 | 14.1 | -0.1 | -0.6 | - | -0.5 | 192.8 | |||||
Consolidated net income – Group share | 80.1 | 35.6 | 29.8 | -2.8 | -28.8 | - | 365.8 | 479.8 | |||||
(1) Before the impact of goodwill allocation, non-recurring items and management fees.
- This item includes the foreign exchange impact for the period.
- This item includes the impact of the positive change in fair value of
Wendel Lab's financial assets net of tax for €21 million. It also includes the early redemption premium of the 2024 bond for -€34.4 million. - This item corresponds to the depreciation of Tarkett Participation shares.
- This item corresponds to the gain on disposal of
Cromology . - This item includes the acquisition costs of the ACAMS shares for an amount of €10.8 million and the costs for setting up the new structure for an amount of €7 million.
1 c.
2 As of
3 EBITDA including the impact of IFRS 16. EBITDA excluding the impact of IFRS 16 was €102.9m.
4 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was €168.3m.
5 Computed as per financing documentation definition.
6 EBITDA including the impact of IFRS 16. EBITDA excluding the impact of IFRS 16 was €128.2m.
7 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was €351.2m.
8 EBITDA including the impact of IFRS 16. EBITDA excluding the impact of IFRS 16 was
9 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was
10 EBITDA is calculated on pro forma basis that reflects the current expectation of the cost structure required to operate on a standalone basis upon completion of the carve out. EBITDA is before non-recurring items and goodwill allocation entries.
11 Revenue is shown excluding the purchase price allocation entry related to deferred revenue.
12 Net debt post and before IFRS 16. There is no IFRS 16 impact on ACAMS.
13 Valuation of funds and funds of funds are mostly as of
14 After dividend payment of € 130.3 million from
15 Enterprise value exposure of Group companies, according to the breakdown of 2021 revenues. Enterprise values are based on NAV calculations as of
Attachment
- PR_Wendel_H12022
© OMX, source