Fourth-Quarter Sales & Full-Year 2022 Results
Record results in FY 2022 and lowest-ever indebtedness ratio
Delivering on our Power Up 2025 strategic plan
Entering 2023 with positive momentum
→ FY22: Record results – Delivering on our Power Up 2025 strategic journey
→ FY 22 sales of €18,701.6m, up +14.1% on a same day basis, driven by both volume and prices. Sales growth boosted by accelerating electrification trends in Europe.
Q4 22 sales of €4,802.3m, up +12.3% on a constant and same-day basis
→ FY adj. EBITA of €1,368.5m, up +35.7% and adjusted EBITA margin at 7.3% (up +118 bps) from robust activity coupled with our more efficient organization. Adj. EBITA margin includes 66 bps of positive one-off effects from inventory price inflation on non-cable products, net of higher performance-linked bonuses
→ Recurring net income up +58.6% in FY 2022 to €911.8m, reaching a new all-time high, leading to a record dividend of €1.20 per share.
→ Record positive Free Cash Flow before interest and tax of €873.3m in FY 2022 (€680.6m in 2021). Lowest-ever full-year indebtedness ratio at 0.96x. Rating upgraded in 2022 by both S&P and Moody’s.
→ Active portfolio management with 5 acquisitions and 4 disposals, including the operations announced in January 2023, fully in line with our strategy. The combined net effect is positive on sales, profitability and ROCE
→ 2023 outlook: Same-day sales growth of between 2% and 6%, adjusted EBITA margin between 6.3% and 6.7% and conversion of free cash flow before interest and tax above 60%
→ Power up 2025: Well on track to deliver our 2022-2025 ambitions
“Rexel had another excellent year in 2022, performing above the upgraded guidance it provided in Q3 and confirming that Rexel can consistently deliver in terms of profitability, agility and resilience. The Group’s record results enable it to pay an all-time high dividend to shareholders. The indebtedness ratio, below 1 time for the first time ever, leaves ample room for value-creating acquisitions and further share buybacks. 2022 was also the year that saw a step change in electrification trends worldwide. We are entering 2023 with a solid platform to drive further growth, continuing to harness powerful and sustainable electrification trends, deploy our digitalization strategy and heighten our focus on ESG, as illustrated by our inclusion in the CAC 40 ESG Index. We are also unveiling today our purpose statement, which points to our key role in electrification and to our focus on sustainability. Building on Rexel’s achievements, as well as on its engaged and highly-performing teams, we are well on track to achieve our Power Up 2025 objectives presented last June.”
Guillaume TEXIER, Chief Executive Officer of Rexel