Third-quarter & 9-month 2011 results
Strong sales growth in Q3, further improvement in profitability and deleveraging, full-year target confirmed
SALES UP 7.5% IN Q3 ON A CONSTANT AND SAME-DAY BASIS
• Europe: continued growth (+6.5%)
• North America: strong growth in both the US (+9.2%) and Canada (+11.2%)
• Asia-Pacific: up 7.3%, mainly driven by strong growth in China (+33%)
CONTINUED PROFIT GROWTH
• EBITA1 margin at 6.0% in Q3 and up 75bps in the nine months to 5.5%
• Operating income up 32% to €474m in the nine months
• Net income up 54% at €259m in the nine months
STRENGTHENED FINANCIAL STRUCTURE
• Free cash flow before interest and tax of €159m in Q3 and €237m in the nine months
• Further deleveraging: indebtedness ratio at 2.8x EBITDA at September 30, 2011
FULL-YEAR TARGETS CONFIRMED
• Improvement of EBITA1 margin by at least 50bps
• Free cash flow before interest and tax above €500m
Jean-Charles Pauze, Chairman of the Management Board and CEO, said:
“In the third quarter, Rexel continued to perform strongly: sales volumes improved over Q2, profitability further increased and, thanks to solid cash flow generation, we continued deleveraging the company.
The robust performance recorded since the beginning of the year makes us fully confident that we will reach our 2011 full-year objectives.
In the current context marked by heightened economic uncertainty, Rexel is in a strong position to deliver on its key priorities: providing its broad customer base with an enriched offer of value-added services and energy-efficient solutions, pursuing its selective acquisition policy, mainly in fast-growing markets, enhancing the profitability of its business model and strengthening its financial structure.”