DJ GEVELOT S.A.: PRESS RELEASE CLOSING OF 2024 ACCOUNTS
GEVELOT S.A.
GEVELOT S.A.: PRESS RELEASE CLOSING OF 2024 ACCOUNTS
10-Apr-2025 / 17:41 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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The Board of Directors met on April 10, 2025 to approve the Company's financial statements in accordance with French
accounting rules and principles and the consolidated accounts for 2024 prepared in accordance with International
Accounting Standards, after obtaining confirmation by the Auditors that the audit procedures had been carried out and
that certification reports were being issued.
Consolidated Accounts
FY 2024 FY 2023
(in millions of euros)
Turnover 138.1 151.2
Current operating income 2.7 14.7
Operating income 2.3 12.8
Financial Income (Loss) 3.0 4.0
Pre - tax Income of Consolidated Companies 5.3 16.8
Taxes -1.5 -3.2
Share of income from equity-method companies -0.1 0.1
Net Consolidated Income 3.8 13.7
Income attributable to non-controlling interests 0.5 0.4
Income attributable to Consolidating Company 3.3 13.3
Consolidated turnover for 2024 mainly comes from the Pumps Sector. The other sector covers the real estate activity of the Holding company, amounting to EUR138.1 million against EUR151.2 million in 2023, decrease of 8.7%. At constant exchange rates, the decrease is 6% mainly due to unfavorable movements of North American currencies.
The Group's activity was impacted by a more challenging commercial environment in the Middle East and Asia-Pacific regions. These effects were partially offset by improved performances in Europe and North America.
Additionally, the revenue decrease is partly explained by a shift in the product mix, with a higher share of orders related to equipment or projects with longer delivery cycles. This delay in execution translates into a stable order book in 2024, while recognized revenue decreases accordingly.
The Group's consolidated operating income in 2024 was positive at EUR2.7 million against EUR14.7 million in 2023, i.e. a decrease of EUR12.0 million.
A significant portion of this decline stems from the drop in revenue, combined with the difficulty of rapidly adjusting the fixed cost structure.
The Group also faced an unfavorable product mix and under-utilization of certain production capacities, notably in Canada. This led to operational inefficiencies and the need to set up exceptional provisions on certain inventories.
It is also important to note that, unlike the previous year, the Group only received EUR2.6 million in royalties from a licensing agreement which ended in June 2024, against EUR5.4 million in 2023.
It is primarily the Pumps sector, whose contribution declined significantly yet remained positive at EUR4.1 million against EUR16.0 million in 2023, that explains most of the Group's weaker performance.
Operating income was positive at EUR2.3 million against EUR12.8 million in 2023, decrease of EUR10.5 million.
The financial result was positive EUR3.0 million against EUR4.0 million in 2023. In 2024, we had a reversal of impairment on bond funds for EUR0.7 million, in addition to the EUR1.1 million recorded in 2023. The Group also incurred a foreign exchange loss of EUR1.5 million. Excess cash management generated an additional EUR1.0 million. Altogether, these items explain the change compared to 2023.
In 2024, net charges of consolidated tax totalled EUR1.5 million against EUR3.3 million in 2023.
The share in the results of companies accounted by the equity method was slightly negative, whereas it had been slightly positive in 2023.
Consolidated net income for 2024 activities amounted to EUR3.8 million against EUR13.7 million in 2023.
Ultimately, the net profit attributable to Gévelot, the consolidating company, for 2024 amounted to a EUR3.3 million in profit against a profit of EUR13.3 million in 2023.
The cash flow from operations, remains positive: EUR9.9 million against EUR21.4 million in 2023.
The consolidated net financial structure is positive and amounted to EUR109.2 million, a decrease of EUR10 million compared to 2023. This drop mainly reflects the decline in results from the Pumps division, an increase in working capital requirements (WCR), and higher investments. In addition, financial debt increased by EUR3 million, of which EUR1 million came from new bank loans and EUR2 million from new lease agreements.
Regarding Gévelot SA, the Group's Holding company, turnover for 2024 consisting of rents and services, remained stable at EUR1.0 million.
Gévelot SA operating income remained negative: EUR1.3 million against a similar deficit of EUR1.4 million in 2023.
The financial result rose sharply to EUR18.8 million, up from EUR5.8 million in 2023. It was mainly composed in 2024 of a EUR15.0 million dividend from PCM SA (versus EUR2.3 million in 2023), supplemented by EUR3.8 million in net financial income (versus EUR3.6 million in 2023).
Extraordinary income was positive at EUR0.9 million against a loss of EUR1.6 million in 2023, mainly due to an increase in capital gains and reversals of provisions and cost transfers.
After accounting for corporate income tax of EUR617k, Gévelot SA's net income in 2024 stood at EUR17.8 million against EUR3.5 million in 2023.
The recent volatility in financial markets, combined with geopolitical tensions and the prospect of high tariffs contemplated by the United States, could significantly impact the global economy and therefore pose an economic risk for the Group.
Despite this uncertain context, our Group maintains its ambitious commercial and industrial development strategy, which relies on significant investments that promise growth and profitability in the medium and long term.
Thanks to a solid financial structure, Gévelot is well-positioned to calmly continue executing its strategy for the years ahead, with a vision of sustainable and controlled growth.
The Annual General Meeting of Shareholders, which will meet on Thursday, June 12, 2025, will be proposed the distribution of a dividend of 5 euros per share.
Information available on our website: www.gevelot-sa.fr
Website: www.gevelot-sa.fr
Listing on Euronext Growth: ALGEV - ISIN: FR0000033888
Contact Next press release:
contact@gevelot-sa.fr Annual General Meeting of June 6, 2024
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Regulatory filing PDF file File: GEVELOT SA PRESS RELEASE CLOSING OF 2024 ACCOUNTS
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Language: English
Company: GEVELOT S.A.
6 Boulevard Bineau
92300 LEVALLOIS-PERRET
France
Phone: +33 1 77 68 31 03
Fax: +33 1 77 68 31 05
E-mail: contact@gevelot-sa.fr
Internet: www.gevelot.fr
ISIN: FR0000033888
Euronext Ticker: ALGEV
AMF Category: Inside information / News release on accounts, results
EQS News ID: 2115608
End of Announcement EQS News Service
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2115608 10-Apr-2025 CET/CEST
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April 10, 2025 11:42 ET (15:42 GMT)
