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Third-Quarter & 9-Month 2015 Results (unaudited)


 

THIRD-QUARTER & 9-MONTH 2015 RESULTS (unaudited)

Q3 SALES UP 3.7% ON A REPORTED BASIS, BOOSTED BY CURRENCY EFFECT,
DOWN 3.3% ORGANICALLY, REFLECTING DETERIORATING ENVIRONMENT

Q3 ADJUSTED EBITA MARGIN STABLE SEQUENTIALLY,
DESPITE SEQUENTIAL SLOWDOWN IN ORGANIC SALES

ACQUISITION OF SOFINTHER TO STRENGTHEN OFFER OF MULTI-ENERGY SOLUTIONS IN FRANCE

 

→ REPORTED SALES UP 3.7% IN Q3 AND UP 6.4% IN THE 9 MONTHS

– Strong positive currency effect of 6.4 percentage points in Q3 and 8.0 percentage points in the 9m

→ ORGANIC SALES DOWN 3.3% IN Q3 AND DOWN 1.8% IN THE 9 MONTHS

– Sales in Q3 reflected deteriorating environment vs. the 1.0% drop in organic sales in H1

→ ADJUSTED EBITA MARGIN OF 4.4% IN Q3 AND 4.3% IN THE 9 MONTHS

– Down 70bps year-on-year in Q3 and in the 9m;  sequentially stable in Q3 despite slowdown in organic sales, thanks to sequential improvement in North America

→ ACQUISITION OF SOFINTHER (to be finalized early 2016)

– Expanding Rexel’s current offer of multi-energy solutions in France

→ FULL-YEAR 2015 TARGETS (as adjusted on October 7)

– Sales down between 2% and 3% on a constant and same-day basis

– Adjusted EBITA margin of between 4.3% and 4.5%

– Solid free cash-flow generation of at least 75% of EBITDA before interest and tax and around 40% after interest and tax

 

Key figures1

Q3 2015

YoY

9m 2015

YoY

Sales

€3,382.6m

 

€10,027.8m

 

On a reported basis

 

+3.7%

 

+6.4%

On a constant and same-day basis

 

-3.3%

 

-1.8%

Adjusted EBITA

€148.2m

-16.4%

€428.7m

-15.4%

As a percentage of sales

4.4%

 

4.3%

 

Change in bps as a % of sales

-70bps

 

-70bps

 

Reported EBITA

€139.8m

-17.1%

€415.2m

-10.9%

Operating income

€119.6m

-20.3%

€327.2m

-19.4%

Net income from continuing op.

€47.5m

-37.9%

€90.7m

-51.8%

Recurring net income                  

€64.5m

-16.2%

€197.9m

-10.9%

FCF before interest & tax from continuing op.

€36.6m

+56.4%

€39.0m

-1.3%

Net debt at end of period

€2,622.6m

-1.2%

€2,622.6m

-1.2%

1 See definition in the Glossary section of this document; Latin American operations, recently divested, are presented as “Discontinued operations”

 

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

“In an environment that became increasingly challenging during the summer, our performance in the third quarter turned out to be resilient, with a sequentially stable adjusted EBITA margin, despite a slowdown in organic sales. In particular, profitability in the third quarter in North America was stable year-on-year, with a sequential improvement over the second quarter, notwithstanding a decrease in sales, largely due to further deterioration in the Oil & Gas market.

More than ever, we are stepping up our efforts to further rationalize our cost base and drive operational excellence and productivity in order to effectively address the current headwinds.

With regards to our broader strategic agenda, we are pleased to announce the recent acquisition of Sofinther in France, which will strengthen our fast-growing multi-energy business in France.”

 


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