Third-quarter & 9-month results (unaudited)
CONTINUED RESILIENT PERFORMANCE IN THE THIRD QUARTER
FULL-YEAR OUTLOOK CONFIRMED
REPORTED SALES OF €3.3BN IN THE THIRD QUARTER
• Sequential improvement in sales evolution on a constant and same-day basis: -2.7% in the quarter, after -3.7% in Q1 and -3.3% in Q2
• Continued growth in the US (+1.5%), China (+15.2%) and Brazil (+2.4%)
RESILIENT PROFITABILITY WITH ADJUSTED EBITA MARGIN OF 5.5%
• Slightly down year-on-year (vs. 5.6% in Q3 2012) and sequentially stable (vs. 5.5% in Q2 2013)
• Solid operational efficiency through strict cost control
CONFIRMATION OF FULL-YEAR OUTLOOK
• Organic sales 2% to 3% below last year’s level
• Adj. EBITA margin of between 5.5% and 5.6%
• Free cash-flow before interest and tax above €600m, corresponding to around €300m after interest and tax
Rudy PROVOOST, Chairman of the Management Board and CEO, said:
“Our performance in Q3 remained very resilient, despite a persistently tough environment in both Europe and the Pacific region. Continued growth in the US and emerging markets supported a sequential improvement in sales trends quarter after quarter. Thanks to our solid operational efficiency and ongoing cost discipline, we succeeded in containing the impact of lower sales on our profitability and generated a robust operating margin. As market conditions continue to be challenging, our focus remains on strict cost control and cash generation. Moreover, we are confident that the inherent strength of Rexel’s business model and the positive impact of our Energy in Motion company plan provide a solid platform for future value creation when the market recovers.”