REPORTYEAR
(3) The Group'sHALForderbook is is not yet accounted for as associates.
(4) The reconciliation between consolidated according to the
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TABLE OF
CONTENTS
04
HIGHLIGHTS
Financial & non-financial key figures Financial key figures by segment Group performance
Executive summary
Outlook
Financial figures
Operating segments
ESG progress
Environmental
Social
Governance
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HALF YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statement of Income
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Condensed Consolidated Statement of Cash Flows
Consolidated Statement of Changes in Equity
Segment Reporting
Description of operating segments
Financial information of operating segments
Shareholder Structure and Share Capital Corporate Information Earnings and Dividend per Share
General Policies and Changes in the current reporting period
Basis of preparation
Seasonal nature of the business
Judgments and estimates
Risks and uncertainties
Changes in the consolidation scope
Foreign currencies
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One time recognition of deferred income for the operational offshore wind farms resulting from the implementation of new legislation in Belgium Gain on the sale of 'Groenewind' amounts to 12 million euro
HIGHLIGHTS | 3 |
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PRELIMINARY REMARK
This Half Year Report includes the interim condensed consolidated financial statements for DEME Group NV and its subsidiaries (together the DEME Group) that are prepared in accordance with the International Financial Reporting Standards (IFRS) as of 30 June 2023 and for the six-month period then ended.
These interim financial statements have been prepared in accordance with IAS 34 interim financial reporting and should be read in conjunction with the Group's Annual Report as of 31 December 2022.
The Half Year Report includes the 'Consolidated Statement of Financial Position and (Comprehensive) Income', 'Condensed Consolidated Statement of Cash Flows', 'Consolidated Statement of Changes in Equity', 'Segment Reporting' and a selection of explanatory notes.
Both the Group's Half Year Report 2023 and the Annual Report 2022 are available in
English and in Dutch and can be downloaded from the website www.deme-group.com.
Explanatory Notes to the Consolidated Financial Statements
Note (1) | Turnover and orderbook |
Note (2) | Other operating income and expenses |
Note (3) | Current taxes and deferred taxes |
Note (4) | Intangible assets |
Note (5) | Goodwill |
Note (6) | Property, plant and equipment |
Note (7) | Right-of-use assets |
Note (8) | Inventories |
Note (9) | Trade and other operating receivables |
Note (10) | Assets held for sale |
Note (11) | Interest-bearing debt and net financial debt |
Note (12) | Financial risk management and financial derivatives |
Note (13) | Contingent assets and liabilities |
Note (14) | Rights and commitments not reflected in the balance sheet |
Note (15) | Related party disclosures |
Note (16) | Events after the reporting period |
Management Declaration
Independent Auditor's Report
Glossary and definition of alternative performance measures
- The Group's orderbook is the contract value of assignments acquired as of 30 June (Half Year reporting), and 31 December (Full Year reporting) but that is not yet accounted for as turnover because of non-completion. The orderbook also includes the Group's share in the orderbook of joint ventures, but not of associates.
- The reconciliation between the segment turnover and the turnover as per financial statements refers to the turnover of joint ventures. They are consolidated according to the proportionate method in the segment reporting but according to the equity consolidation method in the financial statements.
4HIGHLIGHTS
HIGHLIGHTS
FINANCIAL & NON-FINANCIAL KEY FIGURES
(Full Year (FY) and Half Year (1H) figures)
1H23 | 1H22 | FY22 | ||
FINANCIAL KEY FIGURES (in millions of euro) | ||||
Turnover | 1,475.4 | 1,291.7 | 2,654.7 | |
EBITDA | 221.9 | 191.3 | 473.9 | |
Depreciation and Impairment | 164.8 | 151.2 | 318.7 | |
EBIT | 57.1 | 40.1 | 155.2 | |
Net result from joint ventures and associates | 2.7 | 7.1 | 15.8 | |
Net result share of the Group | 30.2 | 39.5 | 112.7 | |
Orderbook | 7,654.0 | 5,620.0 | 6,190.0 | |
Shareholders' equity (excl. non-controlling interests) | 1,805.6 | 1,639.9 | 1,753.9 | |
Net financial debt | -715.2 | -573.7 | -520.5 | |
Total cash | 309.4 | 675.2 | 522.3 | |
Operating working capital | -411.0 | -399.0 | -506.2 | |
Balance sheet total | 4,614.0 | 4,581.9 | 4,509.8 | |
Investments | 216.0 | 226.3 | 483.9 | |
Earnings per share (in euro) | 1.19 | 1.56 | 4.45 | |
Dividend for the year per share (in euro) | N/A | N/A | 1.5 | |
NON-FINANCIAL KEY FIGURES (in weeks) | ||||
Fleet utilisation rate of Trailing Suction Hopper Dredgers | 18.6 | 19.6 | 38.3 | |
Fleet utilisation rate of Cutter Suction Dredgers | 6.4 | 16.5 | 29.3 | |
Fleet utilisation rate of Offshore equipment | 17.1 | 18.1 | 33.6 | |
All definitions for alternative performance measures (APMs) or acronyms used in this report are available in the Glossary.
DEME HALF YEAR REPORT 2023 | 5 | |
FINANCIAL KEY FIGURES BY SEGMENT
(in millions of euro)
(Full Year (FY) and Half Year (1H) figures)
1H23 | 1H22 | FY22 | |
Turnover | 1,475.4 | 1,291.7 | 2,654.7 |
Offshore Energy | 657.8 | 471.5 | 957.8 |
Dredging & Infra | 716.2 | 746.5 | 1,524.3 |
Environmental | 143.3 | 90.7 | 206.3 |
Concessions | 2.6 | 0.2 | 2.2 |
Reconciliation | -44.5 | -17.2 | -35.9 |
EBITDA | 221.9 | 191.3 | 473.9 |
Offshore Energy | 79.1 | 100.3 | 221.9 |
Dredging & Infra | 102.1 | 94.6 | 254.9 |
Environmental | 32.5 | 12.2 | 25.0 |
Concessions | -6.8 | -6.9 | -12.7 |
Reconciliation | 15.0 | -8.9 | -15.2 |
EBIT | 57.1 | 40.1 | 155.2 |
Offshore Energy | 20.0 | 52.8 | 117.1 |
Dredging & Infra | -1.2 | -7.5 | 44.9 |
Environmental | 27.6 | 8.2 | 16.5 |
Concessions | -6.8 | -7.0 | -12.7 |
Reconciliation | 17.5 | -6.4 | -10.6 |
Net result from joint ventures and associates | 2.7 | 7.1 | 15.8 |
Offshore Energy | 0.0 | 0.0 | 0.0 |
Dredging & Infra | 0.2 | 0.0 | 0.1 |
Environmental | 0.4 | 0.4 | 0.5 |
Concessions | 18.3 | 3.2 | 9.3 |
Reconciliation | -16.2 | 3.5 | 5.9 |
Orderbook | 7,654.0 | 5,620.0 | 6,190.0 |
Offshore Energy | 3,892.4 | 2,608.1 | 3,260.9 |
Dredging & Infra | 3,436.0 | 2,702.6 | 2,615.7 |
Environmental | 325.6 | 309.3 | 313.4 |
Concessions | - | - | - |
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Disclaimer
DEME Group NV published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2023 05:49:00 UTC.