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Press Relations
Thomas KAMM
tkamm@brunswickgroup.com
+33 (0)1 53 96 83 83

Investor Relations
Ludovic DEBAILLEUX
ir@rexel.com
+33 (0)1 42 85 76 50

Full-year 2015 Results


– 2015 performance in line with guidance

– Proposed dividend of €0.40 per share payable in cash

 

→ 2015 PERFORMANCE IN LINE WITH TARGETS

  • Sales of €13.5bn, up 5.6% on a reported basis and down 2.1% on a constant and same-day basis (in line with guidance of “between -2% and -3% on a constant and same-day basis”)
  • Adjusted EBITA margin of 4.4% (in line with guidance of “between 4.3% and 4.5%”)
  • Solid free cash-flow at 85% of EBITDA before interest and tax (in line with guidance of “at least 75%”) and 47% of EBITDA after interest and tax (in line with guidance of “around 40%”)
  • Indebtedness ratio at 2.99x at Dec. 31, 2015 (in line with guidance of “≤ 3 x EBITDA”)

→ NET INCOME IMPACTED BY ONE-OFF EFFECTS; RECURRING NET INCOME OF €269.4m, DOWN 7.1%

→ PROPOSED DIVIDEND OF €0.40 PER SHARE PAYABLE IN CASH

 

Rudy PROVOOST, Chairman of the Board of Directors and CEO, said:

“Despite a persistently challenging business environment, Rexel posted a solid full-year performance, in line with its most recent outlook. The 2015 results clearly confirm the resilience of Rexel’s business as well as its ability to generate strong cash flow throughout the cycle. With regards to Rexel’s strategic imperatives, 2015 was a year of operational progress. We improved our organizational effectiveness by implementing a streamlined regional structure, centered on Europe, North America and Asia-Pacific, and completed the business transformation program in the US. Furthermore, we actively managed our balance sheet to optimize our financial structure and to further reduce our financing costs. We also made significant progress in the execution of our disposal program aimed at reallocating our resources to our most valuable assets, while announcing a few targeted accretive acquisitions in line with our strategic priorities.

We will propose to our shareholders on May 25 to approve a dividend of €0.40 per share, to be paid fully in cash. This is in line with our minimum 40% of net recurring income pay-out policy and consistent with our cash allocation strategy.

Taking into account low copper and oil prices, the slowdown of the Chinese economy and the uncertainty around the North American industrial market, the start of 2016 leads us to be cautious in our guidance for the year, even if Europe could experience a slight gradual recovery throughout the year. More than ever, we will continue to relentlessly focus on margin discipline and cost control while implementing a genuinely customer-centric strategy for long-term value creation. In this respect, we will present the details of our 2020 ambition and roadmap at today’s Capital Markets Day in Paris.


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Press Relations
Thomas KAMM
tkamm@brunswickgroup.com
+33 (0)1 53 96 83 83

Investor Relations
Ludovic DEBAILLEUX
ir@rexel.com
+33 (0)1 42 85 76 50