First-Quarter 2011 results
STRONG GROWTH IN SALES
• Sales in the quarter of €3.0bn, up 11.4% on a reported basis
• Sales up 7.3% on a constant and same-day basis, a sequential improvement over the previous quarter (+5.2% in Q4 2010)
IMPROVED EARNINGS AND PROFITABILITY
• EBITA up 46% to €160m
• EBITA1 margin up 110bps to 4.9%
• Net income almost tripled at €86.5m
ONGOING EXPANSION THROUGH 2 NEW ACQUISITIONS
• Bolt-on acquisitions in China and in Germany
FULL-YEAR EBITA MARGIN TARGET REVISED UPWARDS
• Improvement of EBITA1 margin by at least 50 basis points (vs. “around 50bps” previously)
• Free cash flow before interest and tax above €500m (confirmed)
Jean-Charles Pauze, Chairman of the Management Board and CEO, said:
“In the first quarter, Rexel delivered a solid performance with strong growth in sales and profits and further improved its profitability through strict operating discipline. We also made two new acquisitions and businesses acquired in the last six months, mainly in fast-growing markets, will contribute some 250 million euros in annualized sales. In the coming quarters, we will accelerate expansion and continue to boost organic growth by developing value-added services and energy efficiency solutions. Positive sales trends since the beginning of the year, combined with our operating leverage, lead us to revise upwards our profitability objective for the full-year: we now expect to improve our EBITA1 margin by at least 50 basis points in 2011.”