- Global Pharma News & Resources

Séché Environnement: Activity and Results for the Half-year to June 30, 2022

Continuation of a dynamic acquisition policy

Acceleration of organic growth partly due to exceptionally large contracts

Continued increase in operating profitability

Financial robustness confirmed

Upward revision of 2022 targets

CHANGÉ, France--(BUSINESS WIRE)--Regulatory News:

Séché Environnement (Paris:SCHP):

Active external growth policy enriching the commercial offer in the Circular Economy and Services sectors

  • Consolidation of Séché Assainissement (formerly Sarp-Osis IDF) completed by the acquisition of Assainissement 34
  • Acquisition of All'Chem, a specialist in fine chemicals in France
  • Planned acquisition of a portfolio of “Industrial Water” activities

Sustained growth and strong increase in earnings

Sales performance: Contributed revenue: €429 m,
+21% vs. 6/30/2021

Operational performance: EBITDA: €100 m or 23% of Revenues
+23% vs. 6/30/2021
COI: €48 m or 11% of Revenues
+45% vs. 6/30/2021

Earnings performance: Net income (Group share): €25 m or 6% of Revenues
+87% vs. 6/30/2021

Financial performance: Recurring operational cash flow: €89 m
+41% vs. 6/30/2021
Financial leverage: 2.7x
unchanged from 6/30/2021

Upward revision of growth and profitability targets for 20221

Contributed revenue up by between 5% and 10% organically
EBITDA of between 23% and 24% of contributed revenue (at constant scope)
Financial leverage maintained at 2.7x (excluding acquisitions)

At the Board of Directors meeting held on September 9, 2022 to approve the financial statements for the half-year to June 30, 2022, the Chairman, Joël Séché, stated: “The commercial, operational, financial and extra-financial achievements of Séché Environnement during the first half of 2022 confirm the pertinence of its profitable growth strategy in the circular economy market and the market for decarbonization of economic activities, both in France and internationally.

During a period significantly disrupted by geopolitical, energy and monetary crises, Séché Environnement once again demonstrated its ability to maintain an active incremental acquisition strategy while successfully integrating new subsidiaries, and to significantly accelerate its organic growth while continuing to improve its operational and financial performance.

This virtuous trajectory will continue in the future.

Séché Environnement is a major producer of low-carbon energy and, more broadly, a promoter of innovative environmental solutions favoring the ecological transition of economic players, and now more than ever, as a preferred partner of its clients to transform their challenges in the fight against global warming and access to resources, energy and raw materials, into new opportunities for sustainable and profitable growth.

The results of this first half-year, in particular the significant contribution of certain exceptional contracts, lead us to revise our growth and operating profitability forecasts for 2022 upwards. They bode well for the achievement of our 2025 targets.”

Selected financial data

Consolidated data in €m

At June 30









Contributed revenue


















% of revenue









Current operating income









% of revenue









Net financial income









Net income (Group share)









% of revenue


















Earnings per share (Group share)


















Recurring operating cash flow2









Net industrial CAPEX disbursed









Free operating cash flow3


















Net financial debt under IFRS


















Financial leverage ratio









Summary of activity and income in the six months to June 30, 2022 and of the financial situation at that date

Highlights of the period

Consolidation of Séché Assainissement

The scope of activities of the eight Sarp-Osis-IDF branches, the 100% acquisition of which had been announced in the third quarter of 2021, was consolidated on January 1, 2022, under the name Séché Assainissement.

With this acquisition, Séché Environnement rounded out its range of environmental services with new promising business activities on its target markets (industrial and public sector customers), while extending its geographical coverage to the Ile-de-France region.

The acquired activities generated revenue of approximately €27 million in 2021, for EBITDA of around €4 million and current operating income of a similar amount.

This acquisition was the subject, in the first half of 2022, of a disbursement of approximately €29 million, financed from the Group's available cash resources.

Acquisition of All’Chem, a specialist in fine chemicals

On June 9, 2022, Séché Environnement acquired All'Chem, a French specialist in fine chemical products for the pharmaceutical, agrochemical and veterinary industries.

With some sixty employees, the company operates at a versatile production site in Montluçon (Allier) and produces around fifty products for top-tier customers including BASF, Boehringer Ingelheim and Sanofi.

Its know-how and production capacities complement Speichim Processing’s expertise and production facilities on the promising fine chemicals markets.

This acquisition reinforces Speichim Processing’s positioning in the manufacture of active ingredients and fine chemicals – niche activities with high added value and high technological content – and it bolsters its Regeneration-Purification division by increasing its capacity to propose solutions incorporating pre- and post-distillation reactions. It also strengthens its capacity to implement dedicated circular economy solutions for chemicals with the possibility of transforming the products for subsequent recovery through distillation.

All’Chem is expected to generate revenue of approximately €18 million in 2022 for EBITDA of around €1.9 million. At the acquisition date, All’Chem’s net debt totaled around €6.6 million.

This acquisition was carried out on the basis of a multiple of around 6x EBITDA and will be financed from the Group's available cash.

Speichim took exclusive control of this company on June 10, 2022: this transaction therefore had no significant impact on the results of the first half of 2022.

Planned acquisition of a portfolio of Industrial Water activities4

Veolia and Séché Environnement have entered into a unilateral purchase agreement under which Séché Environnement has committed to acquiring Veolia's activities in industrial water treatment services in France.

Through this acquisition, Séché Environnement strengthens its expertise in the industrial water cycle and thus expands its range of services to industry, fully complementing its industrial effluent management businesses. These services enhance Séché Environnement’s outsourcing offer as part of its comprehensive services for leading industrial clients and rank it as a major player on a recurrent, high-potential market.

Finalization of this transaction is subject to consultations with Veolia’s employee representative organizations and obtaining the necessary regulatory authorizations. It is expected to take place at the end of 2022 for consolidation by Séché Environnement at the start of 2023.

Sustained organic growth

Significant improvement in operational and financial performance

The first half of 2022 confirmed Séché Environnement's profitable growth momentum in all of its scopes and activities. It also benefited from spot transactions which boosted organic growth, particularly in the decontamination and environmental emergency businesses.

The good commercial, operational and financial performance in the first half of 2022 underpins the Group's expectations for the full year and beyond.

Dynamic markets in France and abroad

Sales momentum and contribution of major spot contracts

Séché Environnement is positioned on the buoyant markets of the circular economy, the decarbonization of the economy, and hazard management. These markets are sustainably supported by the societal challenges of sustainable development, which are reflected in binding regulations aimed at speeding up the ecological transition and the fight against climate change, and in the Group’s industrial and public customers’ growing needs in terms of industrial and regional ecology.

The Group's activities focused on waste recovery and environmental services anticipate the expectations of its customers in terms of outsourcing their ecological transition issues or meet societal expectations in terms of reducing ecological liabilities and addressing environmental accident remediation.

In France, in its contracts with manufacturers, the Group benefited from markets supported by high levels of industrial production, favoring the positive trend in volumes and prices. The local authority markets remained solid, while volume pressure on available capacity also led to favorable price trends, particularly in hazard management activities.

This bullish environment was bolstered by market opportunities, and major contracts in the decontamination and environmental emergency business lines (spot contracts), which boosted organic growth over the period.

The International division confirmed its return to a very positive growth dynamic, with all geographical regions reflecting a high level of activity, particularly in Latin America and the Rest of the World (Solarca), which posted a sharp rebound in their activities in 2022 after several half-years affected by the consequences of the pandemic.

The International scope also includes the contribution of major spot contracts in the decontamination and environmental emergency businesses, particularly in Peru (Kanay) and South Africa (Spill Tech), which amplified the organic growth of this scope.

Acceleration in organic growth and scope effect

Séché Environnement posted contributed revenues5 of €429.2 million for the six months to June 30, 2022, representing a sharp increase of 21.0% relative to the first half of 2021 (+20.1% at constant exchange rates). This revenue includes a scope effect of €21.5 million, reflecting Spill Tech's contribution over two months (it was consolidated at March 1, 2021) and that of Séché Assainissement for six months (consolidated at January 1, 2022).

At constant scope, contributed revenue came to €407.7 million, showing an appreciable increase of 14.9% compared with the same period of 2021 (€354.7 million) and of 14.2% at constant exchange rates.

In the first half of 2022, Séché Environnement confirmed the appreciable organic growth of its activities in France and internationally:

  • In France, business recorded strong organic growth (+9.6% to €286.4 million), with the Group benefiting from strong volumes and buoyant prices in all of its circular economy and hazard management markets, while the Services activities confirmed their momentum, recording significant contracts - spot transactions for about €10 million.
  • Internationally, revenue at constant scope (€121.3 million) was up sharply, by +29.7% at current exchange rates and +26.0% at constant exchange rates.

    All regions posted a high level of activity, particularly Latin America and Solarca (Europe and Rest of the World), which confirmed their return to growth and recorded a sharp recovery in their activities after two years marked by the consequences of the pandemic. In Latin America and South Africa, significant "spot" transactions on the decontamination and environmental emergency markets accelerated the growth momentum over the period. (for an amount of about €15 million)

Strong growth in operational performance indicators, particularly internationally

Operating results, and profitability indicators, were significantly higher than in the first half of 2021:

  • EBITDA totaled €99.9 million, up by +23.2% on H1 2021, equal to 23.3% of contributed revenue (vs. 22.9% of contributed revenue in the same period of the previous year).

    It includes a scope effect related to the consolidation of Spill Tech and Séché Assainissement for €4.1 million.

    At constant scope, EBITDA reached €95.8 million, up by 18.3% compared with H1 2021, or 23.5% of contributed revenue (compared with 22.6% in H1 2021).

    The improvement in gross operating income on the historical scope was due to the combined effects of:

    • Sales momentum, in particular positive price effects in France and favorable volume effects internationally;

    • The industrial efficiency policy, which optimizes the availability of tools, increases their utilization rate and promotes the improvement of the waste mix.

  • Current operating income (COI) came to €47.7 million, or 11.1% of contributed revenue.

    It was up by 45.0% compared with the half-year to June 30, 2021. This sharp increase partly reflects the contribution of the newly consolidated companies, amounting to €2.6 million.

    At constant scope, COI amounted to €45.1 million, an increase of 37.1% compared with the six months to June 30, 2021 and 11.1% of contributed revenue (vs. 9.2% for H1 2021).

    This major improvement mainly reflects the favorable trend in gross operating profitability in a context of controlled depreciation expenses in line with the selective investment policy;

  • Operating income came to €45.6 million, or 10.6% of contributed revenue (vs. 8.7% for the half-year to June 30, 2021): it increased by 48.1% compared with H1 2021, mainly reflecting the increase in COI. This balance mainly reflects the impact of business combinations in the amount of (€2.1 million) (impact of the consolidation of Séché Assainissement in particular).

Net financial income

Net financial income came to (€8.8) million, compared with (€9.4) million in H1 2021, due to the decrease in the cost of gross debt (2.56% vs. 2.78% for H1 2021) and a better balance of financial income and expenses, with, in particular, a positive result of €0.2 million for foreign exchange as against a negative €0.6 million in H1 2021.

Profit for the period attributable to the Group

After recognition of:

  • Income tax of €9.8 million versus €7.2 million in H1 2021,
  • The share of income of associates in the amount of (€0.2) million - vs. (€0.5) million,
  • and non-controlling interests for (€1.6) million, vs. (€0.4) million,

net income attributable to the Group increased by 86.7% to €25.2 million, or 5.9% of contributed revenue, versus €13.5 million for the half-year to June 30, 2021 (3.8% of contributed revenue).

Net earnings per share amounted to €3.23 vs. €1.72 for the half-year ending June 30, 2021.

Financial robustness confirmed

Industrial investments recognized (excluding IFRIC 12) remained under control, at €41.0 million (vs. €38.8 million in H1 2021) or 9.6% of contributed revenue (10.9% in the half-year to June 30, 2021).

Recurring operating cash flow reached €88.5 million, an increase of 41.1% compared with H1 2021, mainly reflecting the increase in EBITDA.

Available operating cash flow amounted to €25.5 million (compared with €44.0 million in the six months to June 30, 2021): this contraction was mainly due to the one-off increase in WCR in connection with the high level of activity of the decontamination and environmental emergency business lines in Q2 and the corresponding increase in trade receivables.

Available cash came to €121.4 million (compared with €134.3 million one year earlier, contributing to a liquidity position of €341.4 (compared with €304,3 million at June 30, 2021.)

IFRS net financial debt was under control at €531.0 million (versus €474.8 million at December 31, 2021), mainly reflecting the effects of external growth (disbursements and scope effects).

Financial leverage was unchanged from June 30, 2021, at 2.7x EBITDA.

Recent events and outlook

Acquisition of Assainissement 34

On July 6, 2022, Séché Environnement acquired Assainissement 34, a regional player in sanitation, property hygiene and network maintenance.

This acquisition reinforces Séché Environnement’s strategy in sanitation businesses, which took shape at the beginning of the year with the creation of Séché Assainissement, incorporating the eight Sarp-Osis-IDF branches. This acquisition strengthens Séché Environnement’s footprint in the region, where it is already present in Villeneuve-lès-Béziers through Triadis Services, a specialist in hazardous waste sorting and consolidation.

With an annual turnover of around €4 million, this new scope will be integrated with effect from July 1, 2022.

Upward revision of growth and operating profitability targets for 2022

The good commercial, operational and financial performances achieved in H1 2022 underpin the Group's expectations in terms of organic growth, operating profitability and financial flexibility for 2022, with the Group assuming a stable economic and geopolitical environment in H2 2022 compared to the period elapsed.

Consolidated organic growth in H2 2022 should therefore return to a long-term rate, i.e. organic growth comparable to that of H1 2022 in France and Internationally, excluding the contribution of non-recurring exceptional contracts.

Taking into account the results of growth and operating income in H1, Séché Environnement is re-evaluating its targets for the current year, with organic revenue growth of between 5% and 10% compared to 2021 and EBITDA of between 23% and 24% of contributed revenue6.

Séché Environnement confirms its financial leverage ratio target of around 2.7x EBITDA at year-end 2022, unchanged from 2021, excluding acquisitions.

The Group is also confident of attaining the objectives set out in its roadmap through to 20257.

Results presentation webcast: September 13, 2022 at 8:30 am

Connection via the home page of Séché Environnement's website

In French:
In English:

Next press release

Third-quarter 2022 revenue: October 25, 2022, after market close

About Séché Environnement

Séché Environnement is the leader in the treatment and recovery of all types of waste, including the most complex and hazardous waste, and decontamination, protecting the environment and health. Séché Environnement is a family-owned French industrial group that has supported industrial and regional ecology for over 35 years with innovative technology developed by its R&D team. It delivers its unique expertise on the ground in local regions, with more than 100 sites around the world, including around 40 industrial sites in France. With 4,600 employees, including 2,000 in France, Séché Environnement generated nearly €750 million in revenue in 2021, of which 28% from its international operations, and is expanding both through organic growth and through numerous acquisitions. Thanks to its expertise in creating circular economy loops, the treatment of pollutants and greenhouse gases, and hazard containment, the Group directly contributes to the protection of the living world and biodiversity – an area it has actively supported since its creation.

Séché Environnement has been listed on the Euronext Eurolist (Compartment B) since November 27, 1997. Its shares are eligible for equity savings funds dedicated to investing in SMEs and are included in the CAC Mid&Small, EnterNext Tech 40 and EnterNext PEA-PME 150 indexes. ISIN: FR 0000039139 – Bloomberg: SCHP.FP – Reuters: CCHE.PA

1 See press release of March 7, 2022
2 Earnings before interest, tax, depreciation and amortization plus dividends received from non-controlling interests and the balance of other operating income and expenses and cash, less site maintenance and restoration expenses and major maintenance expenses under concession arrangements
3 Free cash flow before non-recurring industrial investments, financial investments, dividends, and debt repayment
4 See press release of May 24, 2022
5 See appendix 4
6 See press release of March 7, 2022
7 See press release of March 7, 2022.

(Excerpts from the Management Report)

Commentary on business in the first half of 2022

Séché Environnement reports consolidated revenue of €463.9 million for the half-year to June 30, 2022, vs. €382.5 million for the same period of 2021.

Reported consolidated revenue includes non-contributed revenue of €34.7 million (vs. €27.8 million for H1 2021), broken down as follows:

In millions of euros





IFRIC 12 investments





General tax on polluting activities (TGAP)





Non-contributed revenue





Net of non-contributed revenue, contributed revenue totaled €429.2 million for the half-year to June 30, 2022, up by 21.0% relative to the same period of 2021.

It includes the contribution of Spill Tech, consolidated from March 1, 2021, as well as that of Séché Assainissement, consolidated on January 1, 2022, for a cumulative amount of €21.5 million.

At constant scope, contributed revenue came to €407.7 million (vs. €354.7 million for H1 2021), marking a sharp increase of 14.9% at current exchange rates and 14.2% at constant exchange rates.

Breakdown of revenue by geographic region

In millions of euros






Gross change



In €m


As a %


In €m


As a %


As a %

Subsidiaries in France




73.6 %







o/w scope effect











International subsidiaries




26.4 %







o/w scope effect











Total contributed revenue











Consolidated data at current exchange rates. At constant exchange rates, contributed revenue for the half-year
to June 30, 2021 came to €357.5 million, reflecting a foreign exchange gain of €2.8 million.

The first half of 2022 confirmed a high level of activity in France and abroad in the main geographical regions:

  • In France, contributed revenue rose sharply (+14.6%) to €299.4 million, vs. €261.2 million in the half-year to June 30, 2021.

    This increase includes a scope effect of €13.0 million linked to the consolidation of Séché Assainissement at January 1, 2022.

    At constant scope, growth came to 9.6% for the period.

    Séché Environnement benefited from strong industrial markets underpinned by the high level of industrial output, while local authority markets were boosted by the implementation of regulations on the circular economy.

    These robust market trends and strong sales momentum enabled the Group to benefit from favorable volume and price effects.

    All activities contributed to growth, in particular the environmental services activities (decontamination and environmental emergency), which recorded significant spot contracts for a cumulative amount of around €10 million.

    Revenue generated in France accounted for 69.8% of contributed revenue in the six months to June 30, 2022 (vs. 73.6% for the same period of 2021);

  • International revenue totaled €129.8 million for H1 2022 vs. €93.5 million for H1 2021, an increase of 38.9% (reported data).

    International revenue was boosted by a scope effect of +€8.5 million linked to the contribution of Spill Tech over two additional months in 2022.

    It recorded a positive exchange rate effect of €2.8 million, mainly linked to the South African currency, vs. (€1.0) million in H1 2021.

    At constant scope and exchange rates, the increase in international revenue was 26.0% over the period, illustrating the return to strong organic growth in all geographical areas as well as the contribution of significant spot contracts in the decontamination and environmental emer



Relations with Analysts/Investors
Head of Investor Relations
+33 (0)1 53 21 53 60

Press and Media
Constance DESCOTES
Head of Communications
+33 (0)1 53 21 53 53

Read full story here

Editor Details

  • Company:
    • Businesswire
Last Updated: 12-Sep-2022