First-Quarter 2013 Results
RESILIENT PERFORMANCE IN THE FIRST QUARTER
FULL-YEAR 2013 TARGETS CONFIRMED
SEQUENTIAL IMPROVEMENT IN SALES TRENDS ON A CONSTANT AND SAME-DAY BASIS, DRIVEN BY RETURN TO GROWTH IN THE US
• Q1 2013 sales of €3,154m, down 2.3% on a reported basis
• Strong negative calendar impact of 2.7 percentage points
• On a constant and same-day basis, trends improved sequentially (-3.7% vs.-4.7% in Q4 2012), driven by return to growth in the US (+2.8% on a constant and same-day basis)
RESILIENT PROFITABILITY EXCLUDING NEGATIVE CALENDAR IMPACT
• Gross margin up 15bps, to 25.0%
• Strict control of opex, down 3.4%
• Adjusted EBITA margin of 4.8%, down 50bps, of which 40bps due to calendar impact
FULL-YEAR 2013 TARGETS CONFIRMED
• Slightly positive organic sales growth for the year as a whole
• Adjusted EBITA margin of 5.7%
• Free cash-flow before interest and tax above €600m
Rudy PROVOOST, Chairman of the Management Board and CEO, said:
“Rexel’s first quarter performance proved resilient in a challenging environment, excluding a strong negative calendar impact. Organic sales grew sequentially in comparison with the last quarter of 2012, driven by increased revenue in the recovering US market, while gross margin further improved year-on-year and operating costs were strictly controlled.
We also further strengthened our balance-sheet by implementing a major refinancing of our debt, allowing us to extend its maturity and reduce its overall cost.
The trend in organic sales is likely to remain negative in the second quarter, with an expected return to growth in the second half, helped by improving indicators in North America and fast-growing countries. On this basis, we confirm our full-year 2013 financial targets.”