Q1 2021 trading update and NAV
On April 28, 2021, Wendel published its Q1 trading update results.
Q1 2021 consolidated net sales: €1,913 million, up 2.0% overall and up 6.5% organically year-on-year
Q1 2021 consolidated sales
|
(in millions of euros) |
Q1 2019 | Q1 2020 | Δ | Organic Δ |
|---|---|---|---|---|
|
Bureau Veritas |
1 ,139.5 |
1,154.7 |
+ 1.3% |
+ 6.6% |
|
Constantia Flexibles |
383.9 |
366.7 |
- 4.5% |
- 0.8% |
| Cromology | 135.5 | 166.0 | + 22.6% | + 22.6% |
|
Stahl |
201.0 |
210.1 |
+ 4.6% |
+ 9.6% |
|
Crisis Prevention Institute(1) |
15.2 |
15.3 |
+ 0.6% |
+ 2.7% |
| Consolidated net sales |
1,875.1 |
1,912.8 |
+ 2.0% |
+ 6.5% |
- Q1 2020 Sales included a PPA restatement impact of -0,9M$, included in perimeter effect.
IHS results will be approved by its board next week and IHS Towers will thus report its Q1 2021 consolidated sales in May.
2020 Full-Year Results
Wendel published its 2020 Full-Year Results on March 18, 2021.
Sales over the first nine months 2020
Wendel published its Q3 trading update on November 3, 2020.
Nine-months 2020 consolidated sales
|
(in millions of euros) |
9 months 2019 | 9 months 2020 | Δ | Organique Δ |
|---|---|---|---|---|
|
Bureau Veritas |
3,747.3 |
3,348.8 |
-10.6% |
-7.4% |
|
Constantia Flexibles |
1,146.9 |
1,143.0 |
-0.3% |
+0.5% |
|
Cromology |
520.3 |
470.8 |
-9.5% |
-9.8% |
|
Stahl |
611.5 |
474.6 |
-22.4% |
-20.1% |
|
CPI (1) |
n/a |
40.4 |
n/a |
-27.3% |
|
Consolidated sales (2) |
6,026.0 |
5,477.6 |
-9.1% |
-7.4% |
Nine-month 2020 sales of equity-accounted companies
|
(in millions of euros) |
9 months 2019 | 9 months 2020 | Δ | Organique Δ |
|---|---|---|---|---|
|
IHS |
813.5 |
919.3 |
+13.0% |
+15.2% |
2020 Half-Year Results
André François-Poncet, David Darmon and Jérôme Michiels presented the 2020 H1 results on July, 30th.
Q1 2020 trading update and NAV
On April 30, André François-Poncet, David Darmon and Jérôme Michiels presented the Q1 2020 Trading update.
Q1 2020 consolidated net sales: €1,875.1 million, down 2.5% overall and down 2.9% organically year-on-year
Q1 2020 consolidated sales(1)
|
(in millions of euros) |
Q1 2019 | Q1 2020 | Δ | Organic Δ |
|---|---|---|---|---|
|
Bureau Veritas |
1 ,175.1 |
1 ,139.5 |
- 3.0% |
- 1.6% |
|
Constantia Flexibles |
381.4 |
383.9 |
+0.7% |
- 0.6% |
| Cromology | 161.3 | 135.5 | - 16.0% | - 16.5% |
|
Stahl |
205.8 |
201.0 |
- 2.4% |
- 3.0% |
|
Crisis Prevention Institute(2) |
n.a. |
15.2 |
n.a. |
-4.7% |
| Consolidated net sales(1) |
1,923.6 |
1,875.1 |
- 2.5% |
- 2.9% |
- Comparable sales for Q1 2019 represent 1 923,6M€ vs 2019 published sales of 2 053,3M€. Difference of 129,7M€ corresponds to sales of TSEBO Group, classified as asset held for sale. In accordance with IFRS 5, the contribution of this portfolio company has been reclassified in "Net income from discontinued operations and operations held for sale”.
- CPI accounts have been consolidated since the 31st of December 2019. Sales include a PPA restatement impact of -0,9M$. Indicative organic growth is calculated on three months activity.
Q1 2020 sales of equity-accounted companies
|
(in millions of euros) |
Q1 2019 | Q1 2020 | Δ | Organic Δ |
|---|---|---|---|---|
| IHS Towers(1) | 267.3 | 297.6 | + 11.3% | +10.4% |
- 2020 excluding CSS acquisition (Latam)
2019 Full-Year Results
Wendel published its 2019 Full-Year Results on March 18, 2020.
Sales over the first nine months 2019
Wendel published its Q3 trading update on November 7, 2019.
Nine-months 2019 consolidated sales
|
(in millions of euros) |
9 months 2018 | 9 months 2019 | Δ | Organic Δ |
|---|---|---|---|---|
|
Bureau Veritas |
3,535.0 |
3,747.3 |
+6.0% |
+4.0% |
|
Constantia Flexibles |
1,146.0 |
1,146.9 |
+0.1% |
-2.2% |
|
Cromology |
509.4 |
520.3 |
+2.1% |
+2.2% |
|
Stahl |
662.0 |
611.5 |
-7.6% |
-8.5% |
|
Tsebo |
386.4 |
390.6 |
+1.1% |
-3.5% |
| Consolidated sales | 6,238.9 |
6,416.6 |
+2.8% |
+0.9% |
Nine-month 2019 sales of equity-accounted companies
|
(in millions of euros) |
9 months 2018 | 9 months 2019 | Δ | Organic Δ |
|---|---|---|---|---|
|
Allied Universal |
3,459.4 |
4,888.4 |
+41.3% |
+5.7%* |
|
IHS |
714.2 |
813.5 |
+13.9% |
+9.9% |
2019 First-Half Results
Wendel published its 2019 Half-Year Trading Update on July 30, 2019 and its 2019 Half-Year Consolidated Financial Statement on September 6, 2019.
Q1 consolidated net sales of €2,053.3 million, up 4.1% overall and 1.2% organically
Q1 2019 consolidated sales
|
(in millions of euros) |
Q1 2018 | Q1 2019 | Δ | Organic Δ |
|---|---|---|---|---|
|
Bureau Veritas |
1,100.3 |
1 ,175.1 |
+6.8% |
+4.0% |
|
Constantia Flexibles |
368.0 |
381.4 |
+3.6% |
-2.1% |
| Cromology | 153.2 | 161.3 | +5.3% | +6.4% |
|
Stahl |
221.2 |
205.8 |
-6.9% |
-7.4% |
|
Tsebo |
129.8 |
129.7 |
-0.1% |
-4.4% |
| Consolidated net sales (1) |
1,972.4 |
2,053.3 |
+4.1% |
+1.2% |
(1) Comparable sales for Q1 2018 represent 1 972,4M€ vs 2018 published sales of 2 033,7M€. Difference of 61,2M€ corresponds to sales of companies sold in 2018: CSP Technologies (27,7M€), Mecatherm (21,2M€), and Nippon Oil Pump (12,3M€), sold in 2018. In accordance with IFRS 5, the contribution of these three portfolio companies has been reclassified in "Net income from discontinued operations and operations held for sale.
Q1 2019 sales of equity-accounted companies
|
(in millions of euros) |
Q1 2018 | Q1 2019 | Δ | Organic Δ |
|---|---|---|---|---|
|
Allied Universal |
1,098.5 |
1,558.7 |
+41.9% |
+4.3% |
| IHS | 217.9 | 267.3 | +22.7% | +16.7% |
2018 Full-Year Results
Wendel publishes its 2018 full-year results on Thursday, March 21, 2019.
André François-Poncet, Bernard Gautier and Jérôme Michiels will present the results at 11:30 a.m.
Nine-months 2018 consolidated sales
|
(in millions of euros) |
9 months 2017 | 9 months 2018 | Δ | Organic Δ |
|---|---|---|---|---|
|
Bureau Veritas |
3,492.8 |
3,535.0 |
+1.2% |
+3.9% |
|
Constantia Flexibles (1) |
1,110.7 |
1,146.0 |
+3.2% |
+2.3% |
|
Cromology (2) |
546.2 |
509.4 |
-6.7% |
-4.6% |
|
Stahl |
526.7 |
662.0 |
+25.7% |
+2.9% |
|
Tsebo (3) |
333.3 |
386.4 |
15.9% |
+8.4% (4) |
| Consolidated sales (5) | 6,009.6 |
6,238.9 |
+3.8% |
+3.1% |
Nine-month 2018 sales of equity-accounted companies
|
(in millions of euros) |
9 months 2017 | 9 months 2018 | Δ | Organic Δ |
|---|---|---|---|---|
|
Allied Universal |
3,547.3 |
3,459.4 |
-2.5% |
+3.3% |
|
IHS |
743.2 |
714.2 |
-3.9% |
+16.7% |
| PlaYce | 5.3 | 6.1 | +15.8% | n.a. |
First quarter consolidated net sales of €2,033.7 million, up 2.2% overall and 2.4% organically
Sales of consolidated companies in Q1 2018
|
(in millions of euros) |
Q1 2017 | Q1 2018 | Δ | Organic Δ |
|---|---|---|---|---|
|
Bureau Veritas |
1,138.0 |
1,100.3 |
-3.3% |
+2.6% |
|
Constantia Flexibles (1) |
370.3 |
368.0 |
-0.6% |
+2.1% |
| Cromology (2) | 167.0 | 153.2 | -8.3% | -6.5% |
|
Stahl |
175.0 |
221.2 |
+26.4% |
+2.8% |
|
Oranje-Nassau Développement |
140.3 |
191.0 |
+36.2% |
+12.0% |
| CSP Technologies | 29.1 | 27.7 | -4.8% | +5.9% |
| Mecatherm | 19.4 | 21.2 | -+9.4% | +9.4% |
| Nippon Oil Pump | 11.5 | 12.3 | +6.6% | +18.0% |
| Tsebo (3) | 80.3 | 129.8 | +61.7% | +10.4% |
| Consolidated net sales |
1,990.5 |
2,033.7 |
+2.2% |
+2.4% |
The Group has adopted IFRS 15 "Revenue from contracts with customers". The initial application date is January 1, 2018. The information presented for 2017 has not been restated, as this standard is not considered to have a material impact.
(1) Following the sale of the Labels division, and in accordance with IFRS 5, the 2017 contributions of this division have been reclassified in “Net income from discontinued operations and operations held for sale” in the financial statements of Constantia Flexibles. After restatement for the impact of IFRS 15 "Revenue from contracts with customers", the change in net sales is +0.3%.
(2) Following the sale of Colorin, and in accordance with IFRS 5, the 2017 contributions of this division have been reclassified in “Net income from discontinued operations and operations held for sale” in the financial statements of Cromology. After restatement for the impact of IFRS 15 "Revenue from contracts with customers", the change in net sales is -6.6%.
(3) Company consolidated since February 2017. Three-month organic growth was calculated in the reporting currency (USD).
Sales of companies accounted for by the equity method in Q1 2018
|
(in millions of euros) |
Q1 2017 | Q1 2018 | Δ | Organic Δ |
|---|---|---|---|---|
|
Allied Universal |
1,201.3 |
1,098.5 |
-8.5% |
+4.1% |
| IHS | 255.2 | 217.9 | -14.6% | +11% |
| Orange-Nassau Développement | ||||
| PlaYce | 1.5 | 2.0 | +33.6% | n.a. |
Nine-months 2017 consolidated sales
|
(in millions of euros) |
9 months 2016 | 9 months 2017 | Δ | Organic Δ |
|---|---|---|---|---|
|
Bureau Veritas |
3,357.7 |
3,492.8 |
+4.0% |
+1.6% |
|
Constantia Flexibles (1) |
1,092.3 |
1,110.7 |
+1.7% |
+1.5% |
|
Cromology |
564.8 |
568.9 |
+0.7% |
-0.1% |
|
Stahl |
492.1 |
526.7 |
+7.0% |
+3.9% |
|
Oranje-Nassau Développement |
210.7 |
520.8 |
+147.2% |
-13.2% |
| CSP Technologies | 82.8 | 89.9 | +8.6% | +1.8% |
| Mecatherm | 93.8 | 61.4 | -34.6% | -34.6% |
| Nippon Oil Pump | 34.0 | 36.2 | +6.5% | +9.4% |
| Tsebo (2) | n.a. | 333.3 | n.a. | +6.6% |
| Consolidated sales | 5,717.6 |
6,219.8 |
+8.8% |
+1.1% |
Nine-month 2017 sales of equity-accounted companies
|
(in millions of euros) |
9 months 2016 | 9 months 2017 | Δ | Organic Δ |
|---|---|---|---|---|
|
Allied Universal (3) |
708.1 |
3,547.3 |
n.a. (4) |
+2.3% (4) |
|
IHS |
615.4 |
743.2 |
+20.8% |
n.a. |
| Orange-Nassau Développement | ||||
| SGI Africa (5) | 0.8 | 5.3 | n.a. | n.a. |
First quarter consolidated net sales of €2,146.8 million, up 10.1% overall and 1.6% organically
Sales of consolidated companies in Q1 2017
|
(in millions of euros) |
Q1 2016 | Q1 2017 | Δ | Organic Δ |
|---|---|---|---|---|
|
Bureau Veritas |
1,059.4 |
1,138.0 |
+7.4% |
+1.9% |
|
Constantia Flexibles |
498.7 |
518.3 |
+3.9% |
+1.9% |
| Cromology | 168.6 | 175.2 | +3.9% | +2.1% |
|
Stahl |
158.5 |
175.0 |
+10.4% |
+5.2% |
|
Oranje-Nassau Développement |
64.6 |
140.3 |
+117.2% |
-15.1% |
| CSP Technologies | 25.7 | 29.1 | +13.1% | -5.1% |
| Mecatherm | 28.6 | 19.4 | -32.0% | -32.0% |
| Nippon Oil Pump | 10.3 | 11.5 | +11.7% | +6.8% |
| Tsebo (1) | n.a. | 80.3 | n.a. | 6.2% (2) |
| Consolidated net sales |
1,949.7 |
2,146.8 |
+10.1% |
+1.6% |
(1) Company consolidated from February 2017.
(2) Organic growth over 3 months, calculated on the basis of financial information reported in USD by Tsebo.
Sales of companies accounted for by the equity method in Q1 2017
|
(in millions of euros) |
Q1 2016 | Q1 2017 | Δ | Organic Δ |
|---|---|---|---|---|
|
Saint-Gobain |
9,136 |
9,937 |
+8.8% |
+7.6% |
|
Allied Universal (1) |
n.a. |
1 201.3 |
n.a. |
+1.0% (2) |
| IHS | 210.0 | 255.2 | +21.5% | n.a. |
| Orange-Nassau Développement | ||||
| exceet (3) | 31.5 | 35.4 | +12.4% | +11.5% |
| SGI Africa (4) | n.a. | 1.5 | n.a. | n.a. |
(1) Since August 1, 2016, the date the merger between AlliedBarton and Universal Services of America was finalized, Allied Universal has been consolidated by the equity method. In accordance with IFRS 5, AlliedBarton’s activities in the first three months of 2016, until the merger with Universal Services of America, are presented in the income statement under “Net income from discontinued operations and operations held for sale”.
(2) Pro forma sales growth over three months was up 10.4 % (1.0 % organic growth), based on financial information reported by Allied Universal in USD.
(3) In accordance with IFRS 5, the results of the IDMS division for 2016 have been included in “Net income from discontinued operations and operations held for sale” in exceet’s financial statements, following the sale of this division.
(4) Company accounted for by the equity method since August 2016.
Nine-months 2016 consolidated sales
|
(in millions of euros) |
9 months 2015 | 9 months 2016 | Δ | Organic Δ |
|---|---|---|---|---|
|
Bureau Veritas |
3,461.7 |
3,357.7 |
-3.0% |
-0.8% |
|
Constantia Flexibles (1) |
969.1 |
1,542.2 |
n.a. |
+2.3% (2) |
|
Cromology |
577.0 |
564.8 |
-2.1% |
0.0% |
|
Stahl |
469.0 |
492.1 |
+4.9% |
+6.8% |
|
Oranje-Nassau Développement (3) |
158.0 |
210.7 |
+33.3% |
+21.1% |
| Mecatherm | 65.5 | 93.8 | +43.1% | +43.1% |
| CSP Technologies(4) | 62.6 | 82.8 | n.a. | +6.3% |
| Nippon Oil Pump | 29.8 | 34.0 | +14.1% | +3.3% |
| Consolidated sales | 5,634.7 |
6,167.5 |
+9.5% |
+0.9% (5) |
(1) From April 1, 2015.
(2) Organic growth over 9 months.
(3) Excludes Parcours group, presented in “Net income from discontinued operations and operations held for sale” in 2015 and 2016, in accordance with IFRS 5.
(4) From February 2015.
(5) Excluding organic growth of Constantia Flexibles in Q1 and CSP Technologies in January.
Nine-month 2016 sales of equity-accounted companies
|
(in millions of euros) |
9 months 2015 | 9 months 2016 | Δ | Organic Δ |
|---|---|---|---|---|
|
Saint-Gobain (1) |
29,826 |
29,306 |
-1.7% |
+2.6% |
|
IHS |
455.6 |
615.4 |
+35.1% |
n.a. |
| Allied Universal (2) | - | 708.1 | n.a. | n.a. |
| Orange-Nassau Développement | 102.2 | 100.6 | n.a. | n.a. |
| exceet (3) | 102.2 | 99.8 | -2.3% | -1.4% |
| SGI Africa (4) | - | 0.8 | n.a. | n.a. |
(1) Following the agreement with Apollo, the Packaging business is presented under “Net income from discontinued operations and operations held for sale” for 2015, in accordance with IFRS 5.
(2) In accordance with IFRS 5, AlliedBarton’s activities in the first seven months of the year, until the merger with Universal Services of America, are presented in the income statement under “Net income from operations to be accounted for by the equity method”.) The new company, Allied Universal, has been recognized using the equity method, since August 2016. The information presented consists of estimates.
(3) In accordance with IFRS 5, the results of the IDMS division for 2015 and 2016 have been included in “Net income from discontinued operations and operations held for sale” in exceet’s financial statements, following the sale of this division.
(4) Company accounted for by the equity method since August 2016.
Q1 consolidated net sales of €2,480.3 million, up 68.4%, of which 1.2% was organic growth
Sales of consolidated companies in Q1 2016
|
(in millions of euros) |
Q1 2015 | Q1 2016 | Δ | Organic Δ |
|---|---|---|---|---|
|
Bureau Veritas |
1,106.4 |
1,059.4 |
-4.2% |
-0.6% |
|
Constantia Flexibles (1) |
- |
498.7 |
n.a. |
+4.2% (2) |
| AlliedBarton (3) | - | 530.6 | n.a. | +6.5% (2) |
|
Cromology |
170.4 |
168.6 |
-1.1% |
+1.7% |
|
Stahl |
151.8 |
158.5 |
+4.4% |
+ 5.9% |
|
Oranje-Nassau Développement (4) |
44.6 |
64.6 |
+44.7% |
+26.4% |
| Mecatherm | 18.7 | 28.6 | + 53.1% | + 53.1% |
| Nippon Oil Pump | 10.3 | 10.3 | + 0.4% | - 4.6% |
| CSP Technologies (5) | 15.7 | 25.7 | n.a. | + 14.5% (2) (6) |
| Consolidated sales |
1,473.2 |
2,480.3 |
+ 68.4% |
+ 1.2% (7) |
(1) Company consolidated from April 2015.
(2) Organic growth over 3 months.
(3) Company consolidated from December 2015.
(4) Excludes Parcours group, presented in “Net income from discontinued operations and operations held for sale” in 2015 and 2016, in accordance with IFRS 5.
(5) Company consolidated from February 2015.
(6) Organic growth over 2 months (February + March) +14.7%
(7) Excluding organic growth of Constantia Flexibles and AlliedBarton Security Services. Excluding organic growth of CSP Technologies in January.
Sales of companies accounted for by the equity method in Q1 2016
|
(in millions of euros) |
Q1 2015 | Q1 2016 | Δ | Organic Δ |
|---|---|---|---|---|
|
Saint-Gobain (1) |
9,309 |
9,136 |
-1.9% |
+ 1.8% |
|
exceet (2) |
35.6 |
31.5 |
-11.5% |
-11.0% |
| IHS | 134.3 | 210.0 | + 56.4% | n.a. |
(1) Following the sale of Verallia (Packaging business) and in accordance with IFRS 5, this asset was reclassified in the 2015 income statement to “Net income from discontinued operations and operations held for sale”.
(2) Included in Oranje-Nassau Développement. In accordance with IFRS 5, the 2015 and 2016 results of the IDMS division are included in “Net income from discontinued operations and operations held for sale", because a procedure to sell this division has been launched.