2008 First semester Results
SOLID FIRST HALF 2008: ROBUST EBITA MARGIN AND STRONG CASH-FLOW GENERATION
– Organic sales growth on constant and same day basis: +2.3%*
– Adjusted EBITA: +5.9% to 335 million EUR or 5.6% of sales vs. 5.4% in H1 07
– Net income up 72.1% to 259 million EUR
– Strong cash flow generation of 358 million EUR before interest and tax
– Disposal of Hagemeyer non-retained assets to Sonepar and asset swap for an Enterprise Value of 1,686 million EUR
– Confirmation of Full Year 2008 objectives
Jean-Charles Pauze, Chairman of the Management Board and CEO, commented:
“Rexel recorded a solid performance in H1 and Q2 2008. In a challenging environment, Rexel achieved organic growth and improved its Adjusted EBITA margin. The Group also reduced its debt significantly through the combination of strong cash flow generation and the sale of the non-retained Hagemeyer activities ahead of schedule. The integration of Hagemeyer’s European activities in Q2 08 allowed Rexel to begin benefitting from initial cost synergies.With activity slowing down in the construction end-market in the US and several European countries, Rexel continues to focus on adjusting its cost base while accelerating gains from its enhanced European platform and allocating its resources to higher growth market segments. Against this backdrop and comforted by the actions we have taken, Rexel confirms its 2008 Full Year objectives.”