Results of the first half of 2020-2021

Derichebourg on the frontlines of the recovery, exceptional performance in the first half:

Half-year recurring EBITDA up 88.8% at €172.6 million

Net profit up 229% at €73.6 million

The Board meeting of May 20, 2021, chaired by Mr. Daniel Derichebourg , approved the half-year financial statements at March 31, 2021. During the meeting, the Chairman and CEO expressed his satisfaction with the results of the Group’s various business lines, and more particularly those of the Environmental Services division, which benefited from the early effects of the recovery in global economic activity and the successful integration of the businesses acquired last year in Spain.

Revenue: €1.65 billion in the first half

Revenue amounted to €1.65 billion, up 26.7% year on year. The increase was attributable chiefly to Environmental Services (up 42%), dampened by the slight decline in Multiservices revenue (down 3%) compared with the first half of last year.

(in thousand tons)3/31/20213/31/2020Change
Ferrous metals1,998.31,654.820.8%
Non-ferrous metals322.1297.78.2%
Total volumes2,320.41,952.518.8%
(in millions of euros)3/31/20213/31/2020Change
Ferrous metals578.7361.060.3%
Non-ferrous metals505.6368.737.1%
Environmental Services revenue1,220.3857.642.3%
Multiservices revenue429.2444.4(3.4%)
Holding company revenue0.50.427.0%
Total half-year revenue, Derichebourg Group1,649.91,302.326.7%

Environmental Services

The volume of ferrous scrap metals sold increased by 20.8% (up 14% at constant scope) due to:

  • a favorable comparison base, deliveries having been low in the first quarter of fiscal 2019-2020
  • sustained and growing demand for ferrous metals, including from blast furnaces, as they help reduce their CO2 emissions
  • robust demand from Turkish steel mills throughout the past half-year, keeping volumes and selling prices up
  • the late resumption of activity at some of the blast furnaces shut down during the first wave of the health crisis last year, which created shortages of certain products, and, for those where this is possible, prompted a shift in demand toward steel from electrical mills.

The volume of non-ferrous metals sold increased by 8.2% (at constant scope, down 10%, due to a marked decline in the American subsidiary).

Prices of ferrous and non-ferrous metals were significantly higher than in the first half of last year, resulting in a 42% increase in Environmental Services revenue.


The increase in revenue in the waste management business lines (18% in France,16% in Spain-Portugal) was not sufficient to fully offset the decline in jobs related to aeronautics (declines of 39% in outsourced services and 61% in specialized temporary work), meaning that revenue for the half-year was down 3%.

Recurring EBITDA1

The Group’s main business lines saw their recurring EBITDA improve year on year. Thanks to improved margins in the Environmental Services division, the Group’s recurring EBITDA rose by 88.8% (or €81.2 million) to €172.6 million. It represents 10.5% of revenue.

The recurring EBITDA of the Environmental Services division was €153.3 million, up 116.7% (or €82.5 million) compared with last year. It represents 12.6% of revenue. The factors behind the improvement are an increase in ferrous metal volumes, higher prices for ferrous and non-ferrous metals, tight control of the various expense items and improved results in household waste collection activities in Canada.

The recurring EBITDA of the Multiservices division increased by 7.7% to €24 million thanks to the improvement in the profitability of the waste management businesses and the resilience of outsourced aeronautical services despite the challenging economic climate.

The Group’s recurring EBITDA over 12 rolling months amounted to €262 million, with no adjustment for the impact of the period from April to May 2020, which was heavily impacted by the first period of lockdown.

Recurring operating profit (loss)2

After taking into account €60.4 million in depreciation and amortization over the half-year, recurring operating profit amounted to €112.3 million, up 236.6% compared with the first half of last year.

Operating Profit (loss)

There were few non-recurring items in the first half other than a gain of €2.9 million following a reversal of a provision for litigation at Derichebourg Multiservices and Derichebourg Propreté that had become irrelevant.

Operating profit amounted to €115.5 million, up 175.9% compared with the same period last year.

Net profit (loss) attributable to the shareholders of the consolidating entity

The net profit attributable to shareholders was €73.6 million, up 229% compared with the first half of last year.


The Group expects the favorable conditions for the recycling business that prevailed in the first half to continue in the second, with a high price environment for raw materials.

Demand for steel is strong in China: on May 1, 2021, China abolished import duties on steel and ferrous metals.

The Group plans to continue its investment policy and at the end of the half-year or the beginning of fiscal 2021-2022 is to:

  • Increase its WEEE (waste electrical and electronic equipment) processing capacity in France
  • Increase its lead ingot production capacity

The pre-notification file relating to the prospective acquisition of Ecore is currently being reviewed by the competent antitrust authorities.

Growth in revenue from services activities (utilities and multiservices) is also expected.


(in millions of euros)3/31/20213/31/2020Change
of which Environmental Services1,220.3857.642.3%
of which Multiservices429.2444.4(3.4%)
Recurring EBITDA172.691.588.8%
of which Environmental Services153.370.7116.7%
of which Multiservices24.022.37.7%
Recurring operating profit (loss)112.333.4236.6%
of which Environmental Services107.126.6302.4%
of which Multiservices11.69.719.1%
Non-current items, net3.28.5(62.4%)
Operating Profit (loss)115.541.9175.9%
Net financial expenses(7.2)(5.7)26.0%
Other financial items0.6(0.3)(292.7%)
Profit (loss) before tax108.935.9203.7%
Income tax(33.4)(13.1)156.0%
Share of profit (loss) of associates and joint ventures(0.8)0.2(413.4%)
Net profit (loss) attributable to non-controlling interests(1.1)(0.7)66.6%
Net profit (loss) attributable to shareholders73.622.4228.8%


(in millions of euros)3/31/20219/30/2020Change (%)
Intangible assets6.77.5 
Property, plant and equipment496.9497.7 
Right-of-use assets202.8190.2 
Financial assets10.310.0 
Equity interests in associates and joint ventures11.812.6 
Deferred taxes32.431.1 
Total non-current assets1,022.01,010.11.2%
Trade receivables 399.6309.9 
Tax receivables4.64.1 
Other assets90.468.3 
Financial assets 20.015.4 
Cash and cash equivalents403.7361.9 
Financial instruments 1.40.0 
Total current assets1,056.4865.022.1%
Total non-current assets and groups of assets0.00.0 
Total assets2,078.31,875.110.8%

(in millions of euros)3/31/20219/30/2020Change (%)
Group shareholders’ equity596.3521.6 
Non-controlling interests3.42.6 
Total shareholders’ equity599.7524.214.4%
Loans and financial debts541.5572.2 
Provision for pensions and similar benefits52.050.8 
Other provisions32.833.4 
Deferred taxes22.623.2 
Other liabilities 4.53.2 
Total non-current liabilities653.4682.6(4.3%)
Loans and financial debts182.9130.9 
Trade payables 346.0254.5 
Tax payables27.14.7 
Other liabilities 264.8271.2 
Financial instruments1.92.3 
Total current liabilities825.3668.2 
Total liabilities related to a group of assets held for sale0.00.023.5%
Total liabilities2,078.31,875.110.8%


Net financial debt at September 30, 2020341.1
Recurring EBITDA(172.6)
Net financial expenses7.2
Corporate income taxes12.9
Change in working capital requirement52.8
New IFRS 16 right-of-use assets17.4
Net financial debt at March 31, 2021320.7

1 Recurring EBITDA = Recurring operating profit (loss) + net depreciation and amortization on tangible and intangible assets, and right-of-use assets

2 Recurring operating profit (loss) = Operating profit (loss) +/- non-recurring items