Fourth-Quarter Sales & Full-Year 2021 Results: Record Performance
Same-day sales growth of +12.2% in Q4 21, with positive momentum vs 2019 in all geographies
Adjusted EBITA margin at 6.2% in 2021
Robust Free Cash Flow generation and lowest-ever indebtedness ratio – Record dividend at €0.75
→ Sales of €4,077.3m in Q4 2021, up +12.2% on a constant and same day basis vs Q4 2020; sequential acceleration vs Q3 2021, both in price and volume. Agility to serve strong demand in an environment still marked by labor and supply chain tensions.
→ Record sales and growth rate in 2021: €14.7bn, up +15.6% on a constant and same-day basis.
→ FY 2021 adjusted EBITA margin up +196 bps at 6.2% vs 2020 (also above FY 19 margin of 5.0%) from FY 2021 same-day sales growth of +15.6% as well as further deployment of our digital initiatives, strong focus on price increase and operational excellence. Adjusted. EBITA includes 40 bps of positive one-off effects from non-cable products inventory price inflation, net of higher performance-linked bonuses.
→ Recurring net income of €575.0m, up +107.0% in FY 2021, from all-time high performance.
→ Positive Free Cash Flow before interest and tax of €680.6m in FY 2021 (€461.6m in FY 2019), with Free Cash Flow conversion of 65.7%, significantly above guidance. Lowest-ever indebtedness ratio at 1.37x.
→ Proposal to distribute a record dividend of €0.75 per share, payable in cash.
→ Mayer acquisition: A faster-than-expected integration process should translate into higher synergies, now expected at 1.5% of sales in year 1 and above 2.5% in year 3.
→ 2022 outlook: Same-day sales growth of between 4% and 6%, adjusted EBITA margin above 6% and Free Cash Flow conversion above 60%.
→ An updated strategic roadmap will be presented at a Capital Market Day in Zurich on June 16, 2022.
“Rexel’s record results in 2021 attest to the success of our recent transformation. Our investments in people, digital and logistics allowed us to fully capture the market recovery and to optimize our operations in an environment marked by increasing inflation and continued tensions in the supply chain. Our 5 acquisitions of 2021, most notably Mayer and a utility distribution business in Canada, representing more than €1bn of sales in a full year, are also contributing more than anticipated. These results are testament to the exceptional commitment of our teams. Having reached our financial objectives ahead of plan and supported by strong underlying market trends towards more electrification and sustainability, we are ready to accelerate and will update our strategic roadmap in June, aiming to create even more value in a buoyant industry.”
Guillaume Texier, Chief Executive Officer of Rexel