Full-Year 2014 Results
2014 PERFORMANCE IN LINE WITH TARGETS
SOUND FINANCIAL STRUCTURE
PROPOSED STABLE DIVIDEND AT €0.75 PER SHARE
→ 2014 PERFORMANCE IN LINE WITH TARGETS
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Sales of €13.081bn, up 1.1% on a constant and same-day basis (vs. target “broadly stable”)
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Adjusted EBITA1 margin of 5.0% (vs. target “at least 5.0%”)
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Solid free cash-flow at 77% of EBITDA before interest and tax (vs. target “at least 75%”) and 44% of EBITDA after interest and tax (vs. target “around 40%”)
→ SOUND FINANCIAL STRUCTURE
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Broadly stable net debt of €2.2bn at Dec. 31, 2014
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Broadly stable indebtedness ratio of 2.7x at Dec. 31, 2014
→ 2015 OUTLOOK
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Organic sales growth of between -2% and +2% (on a constant and same-day basis)
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Adjusted EBITA1 margin of between 4.8% and 5.2% (vs. 5.0% in 2014)
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Solid free cash-flow of at least 75% of EBITDA, before interest and tax, and of around 40% of EBITDA, after interest and tax
→ PROPOSED STABLE DIVIDEND AT €0.75 PER SHARE
Rudy PROVOOST, Chairman of the Management Board and CEO, said:
“Rexel’s 2014 results were in line with the targets we announced in July: we posted organic sales growth of 1%, our margin stood at 5% and we generated strong free cash flow.
With respect to the 2015 outlook, the current economic environment leads us to be cautious. In this context, we will relentlessly focus efforts and resources on our key drivers of profitable organic growth and operational efficiency, while completing our business transformation program and reinforcing our market positions. In that respect, targeted bolt-on acquisitions should continue to fuel our growth.
We are also taking measures to rationalize our business portfolio and are streamlining the European management structure to further increase our organizational effectiveness.
Reflecting our confidence in the soundness of our business model, we will propose to our shareholders to maintain the dividend to be paid in 2015 at last year’s level of 0.75 euros per share.”