Q1 2015 Results (unaudited)
Q1 2015 RESULTS (unaudited)
SALES UP 7.1% ON A REPORTED BASIS
AND BROADLY STABLE ON A CONSTANT AND SAME-DAY BASIS
RESILIENT GROSS MARGIN OF 24.7%
ADJUSTED EBITA MARGIN OF 4.0%
EARLY REDEMPTION OF THE 7% EUR SENIOR NOTES DUE DEC. 2018
DIVESTMENT OF OPERATIONS IN LATIN AMERICA
FULL-YEAR 2015 TARGETS CONFIRMED
→ SALES OF €3,286.2m
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Up 7.1% on a reported basis, boosted by a positive currency effect of 8.0%
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Broadly stable on a constant and same-day basis (-0.4% including negative copper effect; stable excluding negative copper effect)
→ RESILIENT GROSS MARGIN OF 24.7%
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Down 10bps year-on-year
→ ADJUSTED EBITA MARGIN OF 4.0%
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Down 45bps year-on-year: solid profitability in Europe while the results in North America continued to be impacted by the ongoing business transformation program in the US
→ EARLY REDEMPTION OF THE 7% EUR SENIOR NOTES DUE DEC. 2018
→ DIVESTMENT OF OPERATIONS IN LATIN AMERICA
→ FULL-YEAR 2015 TARGETS CONFIRMED
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Q1 2015 key figures1
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YoY change
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Sales
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€3,286.2m
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On a reported basis
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+7.1%
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On a constant and actual-day basis
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-1.0%
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On a constant and same-day basis
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-0.4%
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Adjusted EBITA
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€130.1m
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-11.2%
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As a percentage of sales
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4.0%
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Change in bps as a % of sales
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-45bps
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Reported EBITA
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€125.7m
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-6.3%
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Operating income
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€103.9m
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-6.7%
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Net income
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€20.7m
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-52.0%
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Recurring net income
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€50.0m
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-14.7 %
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Free cash flow before interest and tax
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€(148.7)m
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vs. €(82.7)m
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Net debt at end of period
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€2,652.5m
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+10.3%
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1 See definition in the Glossary section of this document
Rudy PROVOOST, Chairman of the Management Board and CEO, said:
“In the first quarter, Rexel’s sales grew by 7.1%, supported by a strong positive currency effect. On a constant and same-day basis, sales were broadly stable. In this context, Rexel posted solid profitability in Europe while the results in North America continued to be impacted by the ongoing business transformation program in the US.
Moreover, we further optimized our financing, leading to a reduction of our financial expenses through the early redemption of senior notes carrying a high coupon. Regarding the full year, we are confirming our 2015 financial targets, despite the challenging environment.
We are also announcing today the first step in our portfolio rationalization program, announced on February 12, with the decision to divest our businesses in Latin America and refocus on our three main geographies, Europe, North America and Asia-Pacific.”