Fourth-Quarter & Full-Year 2018 Results
FULL-YEAR 2018 TARGETS ACHIEVED
ADJUSTED EBITA UP +6.1% IN FY 2018 AND RECURRING NET INCOME UP IN DOUBLE DIGITS
INCREASE IN PROPOSED DIVIDEND TO €0.44 PER SHARE
→ FULL YEAR 2018 TARGETS ACHIEVED
- Sales of €13.37bn, up 3.5% on a constant and same day basis
- Adjusted EBITA of €608.3m, up 6.1%
- Indebtedness ratio of 2.67x, improving by 17bps
→ SALES OF €3.497bn IN Q4
- On a constant and same-day basis, sales up 1.9%, of which:
- Europe: -0.8%, or up +1.2% excluding branch closures in Germany and Spain
- North America: +6.9%, driven by the US
- Asia-Pacific: -0.1% or up +2.9% restated for the impact of the disposal in Australia
- Organic actual-day growth of 3.0%, including +1.1% from calendar and -0.3% from copper
- Reported sales growth of 2.7%, including currency (+0.3%) and scope (-0.5%) effects
→ NET INCOME UP 45.6% IN FY 2018 AND RECURRING NET INCOME UP 12.8%.
→ INCREASE IN PROPOSED DIVIDEND TO €0.44 PER SHARE, PAYABLE IN CASH
“After two intense years, I am pleased to report that we have successfully delivered on our key objectives. We have posted nine consecutive quarters of sales growth. We have gained “More Customers & More SKUs,” continued deleveraging and completed our initial asset disposal program with the recent sale of our Chinese non-industrial business. We have significantly improved our operations in the US and in Europe, notably Germany and Spain, and our sizeable digital investments are visible in the growing number of active multichannel customers. With a more robust business model, Rexel is now in a much better position to navigate market fluctuations and create value.
Our initiatives should continue to bear fruit in 2019 and contribute to further profitable growth. Consistent with our medium-term ambition and assuming no material changes in the macroeconomic environment, we target same-day sales growth of 2% to 4% (excluding a 1% unfavorable impact from branch closures in Germany and Spain), a 5% to 7% increase in adjusted EBITA and further deleveraging in 2019.”
Patrick Berard, Chief Executive Officer