{"id":102492,"date":"2024-10-31T02:57:00","date_gmt":"2024-10-31T05:57:00","guid":{"rendered":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/releases\/releases-geral\/pluxee-fiscal-2024-results\/"},"modified":"2024-10-31T02:57:00","modified_gmt":"2024-10-31T05:57:00","slug":"pluxee-fiscal-2024-results","status":"publish","type":"post","link":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/releases\/releases-geral\/pluxee-fiscal-2024-results\/","title":{"rendered":"Pluxee Fiscal 2024 Results"},"content":{"rendered":"Pluxee N.V.<\/b><\/p>\n
Fiscal\u00a02024 Results <\/strong><\/p>\nIssy-les-Moulineaux, France October 31st, 2024<\/p>\n
Pluxee achieved outstanding performance in Fiscal 2024 exceeding all business and financial objectives<\/strong><\/p>\nFiscal 2025 and 2026 objectives upgraded<\/strong><\/p>\nHighlights<\/strong><\/p>\n\n- All business targets achieved<\/strong> – Strong commercial development fueled by continuous investment in Pluxee’s full range of innovative solutions, powerful commercial engine and best-in-class tech capabilities<\/li>\n
- 1,210m Total revenues, <\/strong>representing +18.6% Organic revenue growth<\/strong>, well above low double-digit target<\/li>\n
- 430m Recurring EBITDA<\/strong>, growing +24.8% organically, with a Recurring EBITDA margin at 35.6% reported,\u00a0i.e. 36.4% on an organic basis implying a +183bps increase<\/strong>, compared to initial objective of stable margin<\/li>\n
- 379m Recurring free cash flow<\/strong>, i.e. 88% cash conversion rate<\/strong> significantly above 70% target and increased Net financial cash position of 1,054m<\/li>\n
- Enhanced shareholder distribution policy <\/strong>with 0.35 proposed dividend per share, corresponding to a 25% payout based on an expanded basis of Adjusted net profit1<\/sup> at 203m<\/li>\n
- Fiscal 2025 and 2026 financial objectives revised upward <\/strong>reflecting the Group’s confidence in structural market growth trends, its proven business model and ability to deliver successfully on its strategic plan:\n
\n- low double-digit Organic revenue growth each year <\/strong>confirmed on a higher Fiscal 2024 base;<\/li>\n
- +75bps Recurring EBITDA margin expansion expected in each of Fiscal 2025 and 2026<\/strong>2<\/strong><\/sup>, leading to delivery of the initial 3-year target of +250bps organic increase one year ahead of plan<\/strong><\/li>\n
- ab<\/strong>ove 75% Recurring cash conversion rate on average over Fiscal 2024-2026<\/strong> vs. above 70% previously\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
Fiscal\u00a02024 key figures<\/strong><\/p>\n\n\n| (in million euros) <\/td>\n | Fiscal\u00a02024<\/strong> <\/td>\n Fiscal\u00a02023<\/strong> <\/td>\n Organic growth<\/strong> <\/td>\n Total Growth<\/strong> <\/td>\n<\/tr>\n\n Total Revenues<\/strong> <\/td>\n 1,210<\/strong> <\/td>\n| 1,052 <\/td>\n | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018.6%<\/strong> <\/td>\n| \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015.0% <\/td>\n<\/tr>\n | \n Recurring EBITDA<\/strong> <\/td>\n 430<\/strong> <\/td>\n| 363 <\/td>\n | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a024.8%<\/strong> <\/td>\n| \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018.5% <\/td>\n<\/tr>\n | \n Recurring EBITDA margin<\/em> <\/td>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a035.6%<\/em> <\/td>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a034.5%<\/em> <\/td>\n +183bps<\/em> <\/td>\n +105bps<\/em> <\/td>\n<\/tr>\n\n Net profit for the year\u00b3<\/strong> <\/td>\n 133<\/strong> <\/td>\n| 81 <\/td>\n | \u00a0 <\/td>\n | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a064.2% <\/td>\n<\/tr>\n | \n Recurring free cash flow<\/strong> <\/td>\n 379<\/strong> <\/td>\n| 289 <\/td>\n | \u00a0 <\/td>\n | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a031.1% <\/td>\n<\/tr>\n | \n Recurring cash conversion (%)<\/em> <\/td>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a088%<\/em> <\/td>\n 80%<\/em><\/em><\/em><\/em> <\/td>\n| \u00a0 <\/td>\n | \u00a0 <\/td>\n<\/tr>\n | \n Net Financial (Debt) \/ Cash<\/strong> <\/td>\n 1,054<\/strong> <\/td>\n| 859 <\/td>\n | \u00a0 <\/td>\n | \u00a0 <\/td>\n<\/tr>\n<\/table>\n Aur\u00e9lien Sonet, Chief Executive Officer of Pluxee, commented:<\/strong><\/p>\n“As we conclude our first fiscal year, I am proud to announce that we have exceeded all our business and financial objectives. Fiscal 2024 was marked by the significant transformation of the Group as a standalone and listed company and by the delivery of outstanding Organic revenue growth, strong Recurring EBITDA margin expansion and robust cash conversion. Demonstrating our commitment to a clear capital allocation framework, we have made significant strides on our M&A roadmap with the deployment of our partnership with Santander in Brazil and the successful acquisition of Cobee in Spain while pursuing our investments in growth and enhancing our shareholder distribution policy. <\/em><\/p>\nThese achievements reflect the remarkable efforts and unwavering commitment of all our employees and I would like to thank them for their contribution to this success. As we transition to Fiscal 2025, I am confident that Pluxee is well-positioned to deliver on its objectives going forward, continuing to generate sustainable low double-digit organic growth combined with steady margin expansion and strong cash flow generation. This is underpinned by the disciplined execution of our strategic roadmap, driven by product innovation, a powerful commercial engine, best-in-class tech capabilities and a targeted M&A strategy, creating value for all our shareholders, clients, consumers and merchant partners.”<\/em><\/p>\n1<\/sup>\u00a0Adjusted net profit is defined in the section Alternative performance measures (APM) in the appendix.
2<\/sup>\u00a0At Fiscal 2024 constant rates
3<\/sup>\u00a0Attributable to the equity holders of the parent
4<\/sup> Excluding a positive impact from the evolution in regulation in Brazil (191m)<\/p>\n<\/p>\n Fiscal\u00a02024 results<\/strong><\/p>\nThe Board of Directors of Pluxee N.V. prepared the financial statements for the full year Fiscal\u00a02024. The Group’s statutory auditor completed the audit of the full year consolidated financial statements.<\/p>\n Fiscal 2024 Income statement<\/strong><\/strong><\/p>\n\n\n| (in million euros) <\/td>\n | Fiscal\u00a02024<\/strong> <\/td>\n Fiscal\u00a02023<\/strong> <\/td>\n Total Growth<\/strong> <\/td>\n<\/tr>\n\n Total Revenues<\/strong> <\/td>\n 1,210<\/strong> <\/td>\n| 1,052 <\/td>\n | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015.0% <\/td>\n<\/tr>\n | \n| Operating expenses <\/td>\n | (780) <\/td>\n | (689) <\/td>\n | \u00a0 <\/td>\n<\/tr>\n | \n Recurring EBITDA<\/strong> <\/td>\n 430<\/strong> <\/td>\n| 363 <\/td>\n | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018.5% <\/td>\n<\/tr>\n | \n Recurring EBITDA margin<\/em> <\/td>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a035.6%<\/em> <\/td>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a034.5%<\/em> <\/td>\n +105bps<\/em> <\/td>\n<\/tr>\n\n| Depreciation, amortization and impairment <\/td>\n | (89) <\/td>\n | (78) <\/td>\n | \u00a0 <\/td>\n<\/tr>\n | \n Recurring operating profit (Recurring EBIT)<\/strong> <\/td>\n 341<\/strong> <\/td>\n| 285 <\/td>\n | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a019.8% <\/td>\n<\/tr>\n | \n Recurring operating profit margin<\/em> <\/td>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a028.2%<\/em> <\/td>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a027.1%<\/em> <\/td>\n +113bps<\/em> <\/td>\n<\/tr>\n\n| Other operating income and expenses <\/td>\n | (92) <\/td>\n | (150) <\/td>\n | \u00a0 <\/td>\n<\/tr>\n | \n Operating profit (EBIT)<\/strong> <\/td>\n 250<\/strong> <\/td>\n| 135 <\/td>\n | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a085.1% <\/td>\n<\/tr>\n | \n| Financial income and expenses <\/td>\n | (20) <\/td>\n | 28 <\/td>\n | \u00a0 <\/td>\n<\/tr>\n | \n Profit before tax for the year<\/strong> <\/td>\n 230<\/strong> <\/td>\n| 163 <\/td>\n | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a041.1% <\/td>\n<\/tr>\n | \n| Income tax expense <\/td>\n | (91) <\/td>\n | (80) <\/td>\n | \u00a0 <\/td>\n<\/tr>\n | \n| Share of net profit of companies accounted for using the equity method <\/td>\n | (0) <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n Net profit for the year<\/strong> <\/td>\n 139<\/strong> <\/td>\n| 83 <\/td>\n | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a067.3% <\/td>\n<\/tr>\n | \n Of which:<\/em> <\/td>\n| \u00a0 <\/td>\n | \u00a0 <\/td>\n | \u00a0 <\/td>\n<\/tr>\n | \n Attributable to the equity holders of the parent<\/strong> <\/td>\n 133<\/strong> <\/td>\n| 81 <\/td>\n | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a064.2% <\/td>\n<\/tr>\n | \n| Attributable to non-controlling interests <\/td>\n | 6 <\/td>\n | 2 <\/td>\n | \u00a0 <\/td>\n<\/tr>\n<\/table>\n The consolidated financial statements were prepared in thousands of euros and are presented in million euros, after rounding to the nearest million (unless otherwise specified). As a result, there may be rounding differences between the amounts reported in the various statements.<\/p>\n<\/em><\/p>\n Strong business momentum in Fiscal\u00a02024 <\/strong><\/p>\nTotal<\/strong> Business volumes issued<\/strong> reached 24.0\u00a0billion euros in Fiscal\u00a02024. Employee Benefits business volumes stood at 18.1\u00a0billion euros of which 4.4\u00a0billion euros in the fourth quarter, representing sustained organic growth of +11.5% over the fiscal year, including +11.1% in the fourth quarter.<\/p>\nThe strong commercial dynamics across regions were driven by significant new client wins and strong net retention including a further significant increase in average face value and a growing portfolio contribution driven by cross-selling. <\/p>\n This robust performance was supported by the continuous enrichment of the Group’s offering through further product innovation and complementary technological and data capabilities to continue improving the client and consumer experience. The Group has also consistently leveraged its powerful commercial engine and segmented sales and digital marketing strategy, along with its dedicated approach to the small and medium-sized enterprise (SME) segment.<\/p>\n +18.6% Organic revenue growth in Fiscal\u00a02024<\/strong><\/p>\nTotal Revenues<\/strong> reached 1,210\u00a0million euros in Fiscal\u00a02024, a +15.0% increase compared to Fiscal\u00a02023. This amount includes a currency translation effect of -3.9% mainly due to operations in T\u00fcrkiye and Brazil, particularly in Q4, and a positive scope effect of +0.4%, related to the integration of Santander Brazil’s Employee Benefits activity following the closing of the strategic partnership in June 2024. <\/p>\nOrganic growth was +18.6% in Fiscal\u00a02024, significantly above the low double-digit Organic revenue growth objective communicated during the Capital Markets Day. This outstanding performance was primarily driven by positive business momentum in Employee Benefits and high float revenue.<\/p>\n In the fourth quarter, Total Revenues grew organically +10.6%, i.e. +5.7% total growth including a -6.1% currency impact.<\/p>\n Total Revenues by nature<\/strong><\/p>\n\n\n| (in million euros) <\/td>\n | Fiscal\u00a02024<\/strong> <\/td>\n Fiscal\u00a02023<\/strong> <\/td>\n Organic Growth (%)<\/strong> <\/td>\n Total Growth (%)<\/strong> <\/td>\n<\/tr>\n\n| Operating revenue <\/td>\n | 1,055 <\/td>\n | 953 <\/td>\n | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013.3<\/em>%<\/em> <\/td>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010.7<\/em>%<\/em> <\/td>\n<\/tr>\n\n| Float revenue <\/td>\n | 155 <\/td>\n | 99 <\/td>\n | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a069.0<\/em>%<\/em> <\/td>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a056.4<\/em>%<\/em> <\/td>\n<\/tr>\n\n Total Revenues<\/strong> <\/td>\n 1,210<\/strong> <\/td>\n| 1,052 <\/td>\n | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018.6<\/em>%<\/em><\/strong> <\/td>\n| \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015.0<\/em>%<\/em> <\/td>\n<\/tr>\n<\/table>\n <\/p>\n \n\n| (in million euros) <\/td>\n | Fiscal Q4 2024<\/strong> <\/td>\n Fiscal Q4 2023<\/strong> <\/td>\n Organic Growth (%)<\/strong> <\/td>\n Total Growth (%)<\/strong> <\/td>\n<\/tr>\n\n| Operating revenue <\/td>\n | 281 <\/td>\n | 270 <\/td>\n | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.1%<\/em> <\/td>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03.8%<\/em> <\/td>\n<\/tr>\n\n| Float revenue <\/td>\n | 40 <\/td>\n | 33 <\/td>\n | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030.3%<\/em> <\/td>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020.6%<\/em> <\/td>\n<\/tr>\n\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |