Fourth-quarter & full-year 2010 results
SOLID PERFORMANCE IN Q4
FULL-YEAR 2010 RESULTS ABOVE TARGETS
STRONG SALES AND PROFITABILITY IN Q4
• Further improvement in sales trends (up 9.3% on a reported basis and up 5.2% on a constant and same-day basis), driven by North America
• Continued rise in profitability: EBITA up 29.5% and EBITA1 margin up 90bps to 5.8%
FULL-YEAR 2010 RESULTS ABOVE TARGETS
• Sales close to €12bn (up 5.8% on a reported basis and up 1.3% on a constant and same-day basis)
• EBITA up 31.2% to €616m and EBITA1 margin up 100bps to 5.0%
• Free cash flow before interest and tax of €570m
• Net-debt-to-EBITDA ratio of 3.19x at 31/12/2010 (vs. 4.32x at 31/12/2009)
PRIORITIES FOR 2011
• Strengthen the Group’s market position through organic growth and acquisitions
• Enhance profitability to achieve medium-term target of EBITA1 margin close to 6.5%
• Generate solid free cash flow
PROPOSED DIVIDEND OF €0.40 PER SHARE
Jean-Charles Pauze, Chairman of the Management Board and CEO, said:
“Rexel continued to improve its performance in Q4, thanks notably to the recovery in sales in North America and further cost discipline. As a result, Rexel exceeded its targets for the full year, with sales close to 12 billion euros, EBITA above 600 million euros and a sharp reduction in debt leverage. After recently announcing a series of acquisitions, notably in fast-growing countries, Rexel will continue its external growth in the coming quarters while accelerating organic growth with a strong focus on value-added services and solutions and energy efficiency. We are confident that the combination of acquisitions and improved sales volumes in 2011 will allow us to further strengthen our market position, improve our profitability and generate robust cash flow, consistent with our medium-term targets.”