Fourth-Quarter & Full-Year 2009 results
Resilient performance in a very challenging environment
Continued improvement in profitability and deleveraging in Q4
EBITA1 margin of 4.9% (after 3.6% in Q2 and 4.4% in Q3)
Net debt reduced by €183m over the quarter
Full-year performance in line with targets
Sales of €11.3bn (organic same-day: -17.2%)
Operating expenses1 reduced by €285m (-11% vs. 2008)
EBITA1 margin of 4.0%
Net debt reduced by €531m at €2,401m (Indebtedness Ratio at 4.32x)
Debt maturity and financial flexibility increased through bond issue and new Senior Credit Agreement
3 key priorities for 2010:
Consolidate market leadership
Improve profitability
Generate robust free cash flow
Jean-Charles Pauze, Chairman of the Management Board and CEO, said:
“In a very challenging 2009, Rexel demonstrated the resilience and adaptability of its business model and delivered on its objectives. Sales came in within our targets, and Rexel’s ongoing efforts to adjust its cost base allowed us to limit the impact of the economic slowdown on our margins. Rexel also continued to deleverage its balance-sheet and increased its financial flexibility through the recent bond issuance and rearrangement of Senior Credit Agreement. In 2010, Rexel will build on these dynamics to reinforce its leadership and improve its profitability by capturing new market opportunities, upgrading its business model, continuing to enforce cost discipline and generating solid free cash flow.”