Second-quarter & half-year 2012 results (unaudited)
REPORTED SALES UP 5.8% IN Q2
IMPROVED PROFITABILITY AND SOLID CASH-FLOW
FULL-YEAR TARGETS CONFIRMED
IMPROVED PROFITABILITY IN THE SECOND QUARTER
• Sales: €3.341bn, up 5.8% reported; broadly stable on a constant and same-day basis
• Adjusted EBITA1 margin up 10bps to 5.7%
• Free cash-flow before interest & tax of €62m
SOLID PERFORMANCE IN THE HALF-YEAR
• Sales: €6.568bn, up 6.6% reported; up 0.8% on a constant and same-day basis
• Adjusted EBITA1 margin up 30bps, to 5.6%
• Indebtedness ratio of 2.77x EBITDA at June 30, 2012 (vs. 3.03x at June 30, 2011)
• Strategic acquisition of Platt in the US, to be consolidated as from July 1
FULL-YEAR TARGETS CONFIRMED
• Organic growth (excl. copper impact) above weighted average GDP growth
• Adjusted EBITA1 margin of at least 5.7%
• Free cash-flow before interest & tax of around €600m
Rudy PROVOOST, Chairman of the Management Board and CEO, said:
“Rexel’s performance remained solid in the second quarter, despite a sequential slowdown in organic growth.
Reported sales grew by 5.8% in the quarter, supported by currencies and acquisitions, whose contribution will be further boosted in the coming quarters by the consolidation of Platt. On a constant and same-day basis, sales were flat, as sustained growth in China and the Americas was offset by a slight drop in Europe and the Pacific.
In this challenging context, Rexel continued to improve its profitability, thanks to gross margin enhancement and tight cost control, while our cash generation, supported by strict working capital management, allowed us to maintain a sound financial structure.
In the current uncertain macroeconomic environment, our solid first-half performance and our resilient business model, combining organic and external growth, make us confident we are on track to achieve our full-year targets.”