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Pizzorno Environnement Group: Solid performance in the first half of 2021

Pizzorno Environnement Group: Solid performance in the first half of 2021
Pizzorno Environnement Group: Solid performance in the first half of 2021
  • Activity up 6.5%
  • MIDWIFE[1] multiplied by 2 to € 16.8 million, i.e. 16.7% of turnover
  • Commercial momentum in terms of contract renewal and re-conquest of the Champs-Élysées cleaning contract
  • Backlog[2] as of June 30, 2021: € 626m

The half-year consolidated accounts were approved by the Board of Directors of PIZZORNO Environnement, which met on October 13, 2021. The half-year consolidated accounts were subject to a limited review by the Statutory Auditors.

Consolidated data in € m S1 2020 S1 2021
Turnover 94,46 100,54
Gross operating surplus1 8,30 16,75
A% of CA. 8,8% 16,7%
Endowment to prov. and amort. net of recoveries (12,12) (12,11)
current operating income (3,82) 4,64
A% of CA. 4,6%
Other operating income and expenses (0,35) 0,09
Operating income (3,82) 4,64
A% of CA. 4,6%
Cost of net financial debt (0,20) (0,17)
Other financial income and expenses 0,24 2,3
I.S. 1,22 (1,42)
Share of net income of associates
Net income of the consolidated group (2,54) 5,37
Net income, Group share (2,61) 5,27
Net cash flow from investing operations (15,56) (1,33)
Self-financing capacity after cost of net financial debt and tax 10,93 15,85

Business growth of 6.5% in the first half of 2021

Over the whole of the first half of 2021, PIZZORNO Environnement recorded growth in its activities of 6.5% to reach a turnover of 100.5 M € compared to 94.4 M € in the first half of 2020. The Environmental Services business up 3.8% over the period, benefiting from the start of new contracts won at the start of the year, which compensated for the voluntary termination of contracts in Morocco as well as the loss of the operating market for the Grenoble sorting center. The Processing and Recovery activity, for its part, reported a turnover of € 19.7 million, up sharply by 19.2%, driven, among other things, by the commissioning of the new locker at the Pierrefeu-du storage center. -Var and the partial resumption of operation of the Aboncourt site.

Strong improvement in operational performance

Thanks to controlled operating costs in a context of growing activity, Gross Operating Surplus stood at € 16.8 million, a significant increase of 101.7%, representing a margin rate of 16, 7% of turnover, an improvement of 7.9 points compared to June 30, 2020. Thus, the operating result is clearly profitable at 4.6 M € over the first half of 2021 against a loss of
€ 3.8 million a year earlier. These good performances demonstrate the relevance of the development strategy oriented towards the most profitable activities and services of the Group.

The cost of net financial debt at June 30, 2021, an improvement compared to 2020, stands at – € 0.2 million.

After taking into account other financial income and expenses (+ € 2.3m) and a tax charge (- € 1.4m), net profit Group share amounts to € 5.3m against a loss of € 2.5 million in the first half of 2020.

A controlled financial structure

Self-Financing capacity (after cost of net financial debt and tax) amounted to € 15.8 million compared to € 10.9 million a year earlier. The cash flow generated by the activity is positive at € 14.6 million compared to € 8.7 million as of June 30, 2020.

At the end of June 2021, the PIZZORNO Environnement Group benefited from a high level of net cash in the amount of € 33.9 million. Net financial debt amounted to € 52.9 million and Group equity to € 67.5 million, representing a gearing ratio of 78.3% at the end of June 2021, compared to 106% at the end of December 2020.

Commercial momentum in terms of contract renewal and re-conquest of the Champs-Élysées cleaning contract

As an illustration of the trust placed in it by its customers, several contracts have recently been renewed:

  • The Sainte-Maxime coastline cleaning contract, renewed for a period of 4 years and a turnover of € 1.9 million, illustrating the recognition of the Group’s expertise in tourist areas;
  • The contract for cleaning, collection and maintenance of sites in the domain of the municipality of Marseille (5 lots), representing a total turnover of 10.4 M € over 4 years;
  • The collection of household and recyclable waste from 15th arrondissement of Paris over 6 years and a turnover of 49.2 M €.

Finally, PIZZORNO Environnement has again been selected to ensure the cleanliness of the most beautiful avenue in the world – the Champs-Elysées – for a period of 4 years and an overall turnover of 2.8 M € (starting on 20 / 11/21).


On the strength of its good results, PIZZORNO Environnement’s ambition is to maintain a solid level of profitable growth. The Group thus confirms its expectations of reaching 2021 sales of between € 200m and € 205m associated with an improvement in operational performance, making it possible to generate EBITDA between € 30m and € 35m with investments from the ‘range of € 28m to € 30m.

The Pizzorno-Devalle and Petithuguenin families enter into a long-term strategic partnership

As part of the strategic discussions initiated for the PIZZORNO Group, the Group’s managers and its main shareholder have announced their association with the Paprec group. Thus, the Petithuguenin family, via the Paprec group, signed an agreement to acquire 20% of the capital of the company PIZZORNO Environnement from the majority family shareholders. This partnership project is accompanied by the establishment of a shareholders’ agreement.

Following this transaction, which should take place, subject to obtaining a prior decision from the Autorité des marchés financiers, in the coming weeks, the family shareholders will retain a majority stake in PIZZORNO Environnement.

Availability of the half-year financial report as of June 30, 2021

PIZZORNO Environnement announces that it has made its 2021 half-year financial report available to the public and filed with the Autorité des marchés financiers (AMF) as of June 30, 2021. This document can be viewed on the company’s website at www in the “Finance” section as well as on the site

About PIZZORNO Environnement

A major player in the circular economy, PIZZORNO Environnement is a family business that supports the ecological transition of regions. The Group employs 2,200 people.

PIZZORNO Environnement supports its customers in all waste businesses: collection, cleaning, sorting center, incineration, landfill.

The recovery of waste, whether material or energy, is the challenge of the 21st century, PIZZORNO Environnement is committed to it in a proactive manner.

Euronext Paris – Compartiment C – ISIN : FR0010214064 – Mnémonique : GPE – Bloomberg : GPE.FP – Reuters : GPE.PA

PIZZORNO Environment
Financial director
[email protected]
Tel. : 04 94 50 50 50
Analyst / Investor Relations
ACTUS finance & communication
[email protected]
Tel. 01 53 67 36 77
Press relations
ACTUS finance & communication
Anne-Catherine HELLO
[email protected]
Tel. 01 53 67 36 93

[1] Gross operating surplus: operating profit + depreciation and amortization charges

[2] Including € 126 million for Zephire, 51% owned by the Group, with no impact on the Group’s consolidated sales and integrated using the equity method

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