PARIS, April 30, 2014 (GLOBE NEWSWIRE) --
RETURN TO ORGANIC SALES
GROWTH
RESILIENT PROFITABILITY
FULL-YEAR 2014 TARGETS
CONFIRMED
RETURN TO ORGANIC SALES GROWTH: +0.4% ON
A CONSTANT AND SAME-DAY BASIS (including negative copper effect of
1.0 percentage point)
- Return to growth in Europe (+1.6%), driven by Northern
and Central countries; French operations remained resilient
(-0.4%)
- Asia-Pacific up 3.8%, driven by China, and Latin
America up 3.0%
- North America (-2.7%) impacted by weather
conditions
RESILIENT PROFITABILITY WITH ADJUSTED
EBITA MARGIN OF 4.5%
- Down 10bps year-on-year, mainly impacted by weather
conditions in North America
- Supported by ongoing cost control
FULL-YEAR 2014 TARGETS
CONFIRMED
Q1 2014 key figures1 |
|
YoY change |
Sales |
€3,067.3m |
|
On a reported basis |
|
-2.7% |
On a constant and actual-day basis |
|
+0.4% |
On a constant and same-day basis |
|
+0.4% |
Adjusted EBITA |
€136.9m |
-2.4% |
As a percentage of sales |
4.5% |
|
Change in bps as a % of sales |
-10bps |
|
Reported EBITA |
€134.2m |
-6.2% |
Operating income |
€111.3m |
-13.2% |
Net income |
€43.2m |
+9.3% |
Free cash flow before interest and tax |
€(82.7)m |
vs. €(4.2)m |
Net debt at end of period |
€2,405.3m |
-12.0% |
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 organic sales
growth returned to positive territory, mainly driven by a number of
countries in Europe, which more than offset the adverse effect of
unfavorable weather conditions in North America. As a result of
this negative impact and gross margin pressure in some key markets,
Rexel's overall profitability decreased slightly in the quarter but
remains resilient thanks to tight cost control and disciplined
execution. Considering our first-quarter performance, we confirm
our targets for the year as well as our medium-term ambitions.
We remain committed to our operational action
plans and our strategy focusing on high-growth initiatives and
value-added customer propositions."
FINANCIAL REVIEW FOR THE PERIOD ENDED MARCH 31,
2014
- Financial statements as of March 31, 2014 were authorized for
issue by the Management Board on April 23, 2014 and reviewed by the
Supervisory Board meeting held on April 29, 2014.
- Financial statements as of March 31, 2013 have been restated
for changes in accounting policies, following the adoption of IFRIC
Interpretation 21 "levies"; this restatement represented a €5.7
million negative impact on operating income (Q1 2013 operating
income stood at €133.9 million as reported on May 2, 2013 and
stands at €128.3 million after restatement). This impact results
from the timing difference in the liability recognition of certain
levies and reverses over the three following quarters to fade over
the full fiscal year.
- The following terms: EBITA, Adjusted EBITA, EBITDA, Free Cash
Flow and Net Debt are defined in the Glossary section of this
document.
- Unless otherwise stated, all comments are on a constant and
adjusted basis and, for sales, at same number of working days.
SALES
In Q1 2014, Rexel posted organic sales
growth of 0.4%, thanks to a return to growth in Europe combined
with a strong performance in China and despite a significant
negative impact from weather conditions in North
America.
In Q1 2014, Rexel posted sales of €3,067.3
million, up 0.4% on a constant and same-day basis and down 2.7% on
a reported basis.
Excluding the 1.0% negative impact due to the
change in copper-based cable prices, sales were up 1.4% on a
constant and same-day basis, a further sequential improvement after
declines of 3.1%, 2.3%, 2.0% and 0.1% respectively in each of the
quarters of 2013.
The 2.7% drop in sales on a reported basis
reflected:
- A negative currency effect of €112.3 million (mainly due to the
depreciation of the US, Canadian and Australian dollars against the
euro),
- A positive effect of €12.6 million from last year's
acquisitions (Lenn International in Singapore and Quality Trading
in Thailand).
Europe (57% of Group sales): +1.6% on a
constant and same-day basis
In the first quarter, sales in Europe increased
by 1.6% both on a reported and on a constant and same-day
basis.
- In France, sales remained very resilient and continued to
outperform the market. They were down only 0.4% year-on-year. This
solid performance in the quarter was driven by large projects and
lighting sales that helped to mitigate the difficult market
conditions.
- In the UK, sales returned to growth, posting an 0.8% increase
on a constant and same-day basis (after a 1.9% drop in Q4), mainly
driven by photovoltaic sales. Excluding the impact of branch
restructuring, constant and same-day sales increased by 3.2%
year-on-year.
- In Germany, sales returned to growth with an increase of 1.2%,
(after a 3.9% drop in Q4), reflecting early signs of
improvement.
- In Scandinavia, sales grew by 6.7%, reflecting solid growth in
the three countries, with Sweden up 7.8% and Norway and Finland up
5.8%.
- In Belgium, sales returned to growth, posting a 7.5% increase
(after a 6.2% drop in Q4), mainly driven by cable sales.
- In the Netherlands, sales were broadly stable (-0.2%),
confirming the first signs of stabilization.
- Both Switzerland (+3.6%) and Austria (+3.0%) posted growth in
sales and improved performance vs. Q4 (+0.9% and -1.3%
respectively).
- Southern European countries (-5.5%) continued to be impacted by
tough market conditions in Spain and Italy, where sales dropped
respectively by 9.9% and 4.8%. The Spanish performance reflected
challenging comparables as Q1 2013 (+8.5%) included an
opportunistic boost from export activity.
North America (32% of Group sales):
-2.7% on a constant and same-day basis
In the first quarter, sales in North America
were down 9.1% on a reported basis including a significant negative
currency effect of €62.7m (from the American and the Canadian
dollars against the euro) and down 2.7% on a constant and same-day
basis. Both the US and Canada were impacted by extremely severe
weather conditions.
- In the US (c. 75% of the region's sales), sales decreased by
1.9% but increased by 1.7% excluding the impact of weather
conditions, reflecting sustained activity in the residential and
industrial end-markets.
- In Canada (c. 25% of the region's sales), sales were down 5.1%
and down 0.4% excluding the impact of weather conditions,
reflecting lower project activity.
Asia-Pacific (9% of Group sales): +3.8%
on a constant and same-day basis
In the first quarter, sales in Asia-Pacific were
down 2.1% on a reported basis, including a significant negative
effect of €30.0m from currencies (primarily the Australian dollar
against the euro) and a positive effect of €12.6m from the
acquisition of Lenn International in Singapore and Quality Trading
in Thailand. On a constant and same-day basis, sales were up
3.8%.
- In China (c. 30% of the region's sales), sales were up 25.9%,
driven by strong activity in the industrial automation segment, the
launch of a significant lighting project and a favorable comparison
basis (Q1 2013 was -5.9%).
- In South-East Asia (c. 10% of the region's sales), sales
dropped slightly by 2.8%.
- In Australia (c. 50% of the region's sales), sales were down
7.3%, reflecting persistently challenging macroeconomic conditions.
Excluding the impact of branch closures, sales were down 5.6%, a
sequential improvement over Q4 2013 (-7.2%).
- In New Zealand (c. 10% of the region's sales), sales were down
3.3%, also representing a sequential improvement over Q4 2013
(-4.8%).
Latin America (2% of Group sales): +3.0%
on a constant and same-day basis
In the first quarter, sales in Latin America
were down 14.6% on a reported basis, including a negative currency
effect of €13.1m (mainly attributable to the depreciation of the
Brazilian real and Chilean peso against the euro). On a constant
and same-day basis, sales increased by 3.0%, reflecting contrasted
performances:
- In Brazil (c. 60% of the region's sales), sales were down 2.7%,
confirming the slowdown in the market but improving throughout the
quarter.
- In Chile (c. 30% of the region's sales), sales were up 14.7% in
the quarter. This compares to declines of 20.3% in Q1 2013, which
were strongly impacted by the slowdown in sales to the mining
industry.
- In Peru (c. 10% of the region's sales), sales increased by
2.7%.
PROFITABILITY
Resilient profitability thanks to strict
cost control
In the quarter, adjusted EBITA margin stood at
4.5%, down 10 basis points year-on-year (vs. 4.6 % in Q1 2013).
This resilient margin was achieved despite a 20 basis point decline
in gross margin and thanks to continued strict cost control, as
distribution and administrative expenses grew by only 0.2% in the
quarter, while sales grew by 0.4% on a constant and actual-day
basis.
- In Europe, adjusted EBITA margin improved by 20 basis points.
This is the net result of a decline in gross margin, mainly due to
unfavorable project mix and increased competitive pressure, which
was more than offset by a significant reduction in distribution and
administrative expenses, reflecting strict cost control and
benefits from last year's restructuring measures.
- In North America, adjusted EBITA margin dropped by 100 basis
points, mostly impacted by bad weather conditions. Excluding this
impact, the drop was contained to 40 basis points. It reflected a
rise in gross margin, more than offset by increased distribution
and administrative expenses, largely related to unfavorable channel
mix (warehouse vs. direct sales) and impact of the network
optimization process currently underway.
- In Asia-Pacific, adjusted EBITA margin dropped by 20 basis
points as the decline in gross margin, mainly due to unfavorable
geographic mix, was not fully offset by a reduction in distribution
and administrative expenses.
- In Latin America, adjusted EBITA margin was negative in the
quarter, impacted by a strong decline in gross margin, mainly
attributable to a negative base effect as Q1 2013 benefited from a
one-off tax refund, while distribution and administrative expenses
were reduced year-on-year.
Weather conditions in North America weighed for
€7.0 million on adjusted EBITA in the quarter (net impact of lower
sales and increased operating expenses). Excluding this impact, the
adjusted EBITA margin would have been 4.6%, stable
year-on-year.
Reported EBITA stood at €134.2 million, down
6.2% year-on-year.
NET INCOME
Reported net income up 9.3% to
€43.2m
Operating income stood at €111.3 million, down
13.2% year-on-year.
- Amortization of intangibles resulting from purchase price
allocation amounted to €4.1 million (vs. €4.7 million in Q1
2013).
- Other income and expenses amounted to a net charge of €18.7
million (vs. a net charge of €10.2 million in Q1 2013). They
included €13.7 million of restructuring costs (vs. €9.4 million in
Q1 2013).
Net financial expenses amounted to €46.3 million
in the quarter (vs. €68.9 million in Q1 2013 that included a
one-off cost of €23.5 million relating to refinancing operations).
The average effective interest rate was reduced year-on-year: it
stood at 5.1% on gross debt (vs. 6.0% in Q1 2013) and at 6.3% on
net debt (vs. 6.4% in Q1 2013).
Income tax represented a charge of €21.9
million. The effective tax rate was 33.7% (vs. 32.2% in Q1 2013).
This expected rise mainly reflects increased tax pressure in
France.
Net income was up 9.3%, at €43.2 million (vs.
€39.5 million in Q1 2013).
Recurring net income amounted to €58.6 million,
down 7.0% year-on-year, mainly reflecting the drop in EBITA (see
appendix 2).
NET DEBT
Net debt of €2.4bn, down 12.0%
year-on-year
In the quarter, free cash flow before interest
and taxwas an outflow of €82.7 million (vs. an outflow of €4.2
million in Q1 2013, which included the disposal of the Runcorn
warehouse in the UK). This net outflow included:
- Gross capital expenditure of €18.2 million (vs. €20.0 million
in Q1 2013),
- An outflow of €192.6 million from change in working capital
(vs. an outflow of €144.5 million in Q1 2013), mainly impacted by
receivables.
At March 31, 2014, net debt stood at €2,405.3
million, down 12% year-on-year (vs. 2,734.3 million at March 31,
2013).
It took into account:
- €38.0 million of net interest paid,
- €27.6 million of income tax paid,
- €5.1 million of favorable currency effect.
ACQUISITION
Rexel strengthens its position in Peru with the acquisition
of AMP Ingenieros
At the end of March, Rexel acquired the Peruvian
company, AMP Ingenieros, based in Arequipa, the second-largest and
most industrialized city in Peru. Founded in 1991, this company
distributes international branded electrical supplies, panel
building and engineering services with a strong presence in the
industrial end-market and a solid expertise in serving mining
companies through specialized contractors. This acquisition
strengthens Rexel's presence in the fast-growing Peruvian market,
where Rexel generated sales of €24 million in 2013 (through the
acquisitions of V&F Tecnologia and Dirome in 2012), and expands
its footprint in the South of the country. It will also increase
Rexel's penetration of the industrial end-market and mining
segment.
OUTLOOK
Rexel confirms that it aims at delivering in
2014:
- Sales in a range of around 1% below to around 2% above 2013
sales, on a constant and same-day basis,
- Adjusted EBITA margin in a range of around 10bps below to
around 20bps above the 2013 margin, consistent with targeted annual
operating efficiency ratio of a change of around 10bps in adjusted
EBITA margin for each percentage point change in sales,
- Solid free cash-flow, consistent with targeted conversion rate
of at least 75% of EBITDA, before interest and tax, and of around
40% of EBITDA, after interest and tax.
CALENDAR
May 22,
2014
Shareholders' Meeting in Paris July 30,
2014
Second-quarter and Half-year results October 29,
2014
Third-quarter and 9-month results
FINANCIAL INFORMATION
The financial report for the period ended March
31, 2014 is available on the Group's website (www.rexel.com), in
the "Regulated information" section, and has been filed with the
French Autorité des Marchés Financiers.
A slideshow of the first-quarter 2014 results is
also available on the Group's website.
ABOUT REXEL GROUP
Rexel, a global leader in the professional distribution of
products and services for the energy world, addresses three main
markets - industrial, commercial and residential. The Group
supports customers around the globe, wherever they are, to create
value and run their businesses better. With a network of some 2,300
branches in 38 countries, and c. 30,000 employees, Rexel's sales
were €13 billion in 2013. Rexel is listed on the Eurolist market of
Euronext Paris (compartment A, ticker RXL, ISIN code FR0010451203).
It is included in the following indices: SBF 120, CAC Mid 100, CAC
AllTrade, CAC AllShares, FTSE EuroMid, STOXX600. Rexel is also part
of the following SRI indices: DJSI Europe, FTSE4Good Europe &
Global, EURO STOXX Sustainability, Euronext Vigeo Europe 120 and
ESI Excellence Europe. Finally, Rexel is included on the Ethibel
EXCELLENCE Investment Registers in recognition of its performance
in corporate social responsibility (CSR). For more information,
visit Rexel's web site at www.rexel.com
CONTACTS
FINANCIAL ANALYSTS / INVESTORS
Marc MAILLET |
+33 1 42 85 76 12 |
marc.maillet@rexel.com |
Florence MEILHAC |
+33 1 42 85 57 61 |
florence.meilhac@rexel.com |
PRESS
Pénélope LINAGE |
+33 1 42 85 76 28 |
penelope.linage@rexel.com |
Brunswick: Thomas
KAMM |
+33 1 53 96 83 92 |
tkamm@brunswickgroup.com |
GLOSSARY
REPORTED EBITA (Earnings Before
Interest, Taxes and Amortization) is defined as operating income
before amortization of intangible assets recognized upon purchase
price allocation and before other income and other expenses.
ADJUSTED EBITA is defined as
EBITA excluding the estimated non-recurring net impact from changes
in copper-based cable prices.
EBITDA (Earnings Before
Interest, Taxes, Depreciation and Amortization) is defined as
operating income before depreciation and amortization and before
other income and other expenses.
RECURRING NET INCOME is defined
as net income adjusted for non-recurring copper effect, other
expenses and income, non-recurring financial expenses, net of tax
effect associated with the above items.
FREE CASH FLOW is defined as
cash from operating activities minus net capital expenditure.
NET DEBT is defined as financial debt less cash
and cash equivalents.
APPENDICES
Appendix 1: Segment reporting - Constant
and adjusted basis*
* Constant and adjusted = at comparable scope of consolidation
and exchange rates, excluding the non-recurring effect related to
changes in copper-based cables price and before amortization of
purchase price allocation; the non-recurring effect related to
changes in copper-based cables price was, at the EBITA level a loss
of €1.1 million in Q1 2013 and a loss of €2.7 million in Q1
2014.
GROUP |
|
|
|
|
|
|
|
|
|
Constant and adjusted basis (€m) |
Q1 2013 |
Q1 2014 |
Change |
Sales |
|
3,053.6 |
3,067.3 |
+0.4% |
|
on a
constant basis and same days |
|
|
+0.4% |
Gross profit |
768.9 |
766.8 |
-0.3% |
|
as a % of
sales |
25.2% |
25.0% |
-20bps |
Distribution & adm. expenses (incl.
depreciation) |
(628.7) |
(630.0) |
+0.2% |
EBITA |
|
140.2 |
136.9 |
-2.4% |
|
as a % of
sales |
4.6% |
4.5% |
-10bps |
Headcount (end of period) |
30,561 |
29,883 |
-2.2% |
EUROPE |
|
|
|
|
|
|
|
|
|
Constant and adjusted basis (€m) |
Q1 2013 |
Q1 2014 |
Change |
Sales |
|
1,724.6 |
1,759.4 |
+2.0% |
|
on a constant basis and
same days |
|
|
+1.6% |
o/w |
France |
613.5 |
611.3 |
-0.4% |
|
on a constant basis and same days |
|
|
-0.4% |
|
United Kingdom |
245.3 |
251.2 |
+2.4% |
|
on a constant basis and same days |
|
|
+0.8% |
|
Germany |
193.8 |
197.7 |
+2.0% |
|
on a constant basis and same days |
|
|
+1.2% |
|
Scandinavia |
197.9 |
213.5 |
+7.9% |
|
on a constant basis and same days |
|
|
+6.7% |
Gross |
profit |
479.1 |
483.6 |
+0.9% |
|
as a % of sales |
27.8% |
27.5% |
-30bps |
Distribution & adm. expenses (incl.
depreciation) |
(380.0) |
(379.9) |
-0.0% |
EBITA |
|
99.0 |
103.6 |
+4.6% |
|
as a % of sales |
5.7% |
5.9% |
+20bps |
Headcount (end of period) |
17,054 |
16,694 |
-2.1% |
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
Constant and adjusted basis (€m) |
Q1 2013 |
Q1 2014 |
Change |
Sales |
|
1,006.9 |
972.0 |
-3.5% |
|
on a constant basis and same days |
|
|
-2.7% |
o/w |
United States |
745.9 |
720.4 |
-3.4% |
|
on a constant basis and same days |
|
|
-1.9% |
|
Canada |
261.0 |
251.6 |
-3.6% |
|
on a constant basis and same days |
|
|
-5.1% |
Gross |
profit |
221.9 |
215.4 |
-2.9% |
as a % of sales |
22.0% |
22.2% |
+20bps |
Distribution & adm. expenses (incl.
depreciation) |
(177.7) |
(181.9) |
+2.3% |
EBITA |
|
44.1 |
33.5 |
-24.2% |
|
as a % of sales |
4.4% |
3.4% |
-100bps |
Headcount (end of period) |
8,584 |
8,527 |
-0.7% |
ASIA-PACIFIC |
|
|
|
|
|
|
|
|
|
Constant and adjusted basis (€m) |
Q1 2013 |
Q1 2014 |
Change |
Sales |
|
261.5 |
272.9 |
+4.4% |
|
on a constant basis and
same days |
|
|
+3.8% |
o/w |
China |
69.1 |
85.6 |
+23.9% |
|
on a constant basis and same days |
|
|
+25.9% |
|
Australia |
130.9 |
123.4 |
-5.7% |
|
on a constant basis and same days |
|
|
-7.3% |
|
New Zealand |
28.4 |
27.9 |
-1.7% |
|
on a constant basis and same days |
|
|
-3.3% |
Gross |
profit |
53.0 |
53.9 |
+1.7% |
|
as a % of sales |
20.3% |
19.7% |
-60bps |
Distribution & adm. expenses (incl.
depreciation) |
(45.8) |
(46.8) |
+2.4% |
EBITA |
|
7.2 |
7.0 |
-2.3% |
|
as a % of sales |
2.8% |
2.6% |
-20bps |
Headcount (end of period) |
2,931 |
2,864 |
-2.3% |
LATIN AMERICA |
|
|
|
|
|
|
|
|
|
Constant and adjusted basis (€m) |
Q1 2013 |
Q1 2014 |
Change |
Sales |
|
60.6 |
62.9 |
+3.8% |
|
on a constant basis and same days |
|
|
+3.0% |
o/w |
Brazil |
37.3 |
36.3 |
-2.7% |
|
on a constant basis and same days |
|
|
-2.7% |
|
Chile |
18.0 |
21.0 |
+16.6% |
|
on a constant basis and same days |
|
|
+14.7% |
|
Peru |
5.3 |
5.6 |
+6.0% |
|
on a constant basis and same days |
|
|
+2.7% |
Gross |
profit |
15.0 |
13.9 |
-6.9% |
|
as a % of sales |
24.7% |
22.1% |
-260bps |
Distribution & adm. expenses (incl.
depreciation) |
(14.8) |
(14.4) |
-3.0% |
EBITA |
|
0.2 |
(0.4) |
n.a. |
|
as a % of sales |
0.3% |
-0.7% |
-100bps |
Headcount (end of period) |
1,776 |
1,564 |
-11.9% |
Appendix 2: Extract of Financial
Statements
Consolidated Income Statement
|
Reported basis (€m) |
Q1 2013 |
Q1 2014 |
Change |
Sales |
3,153.9 |
3,067.3 |
-2.7% |
Gross profit |
787.1 |
764.1 |
-2.9% |
|
as a % of sales |
25.0% |
24.9% |
|
Distribution & adm. expenses (excl.
depreciation) |
(624.4) |
(610.1) |
-2.3% |
EBITDA |
162.6 |
154.0 |
-5.3% |
|
as a % of sales |
5.2% |
5.0% |
|
Depreciation |
(19.5) |
(19.8) |
|
EBITA |
143.1 |
134.2 |
-6.2% |
|
as a % of sales |
4.5% |
4.4% |
|
Amort. of intang. resulting from purchase price
allocation |
(4.7) |
(4.1) |
|
Operating income bef. other inc. and
exp. |
138.5 |
130.1 |
-6.0% |
|
as a % of sales |
4.4% |
4.2% |
|
Other income and expenses |
(10.2) |
(18.7) |
|
Operating income |
128.3 |
111.3 |
-13.2% |
Financial expenses (net) |
(68.9) |
(46.3) |
|
Share of profit (loss) in associates |
(0.7) |
0.0 |
|
Net income (loss) before income
tax |
58.6 |
65.1 |
+11.0% |
Income tax |
(19.1) |
(21.9) |
|
Net income (loss) |
39.5 |
43.2 |
+9.3% |
Net income (loss) attr. to non-controlling
interests |
(0.2) |
0.1 |
|
Net income (loss) attr. to equity holders of the
parent |
39.7 |
43.1 |
+8.6% |
Bridge Between Operating Income Before Other Income And
Other Expenses And Adjusted EBITA
in €m |
Q1 2013 |
Q1 2014 |
Operating income before other income and other
expenses |
144.1 |
130.1 |
Adoption of IFRIC 21 |
-5.7 |
|
Change in scope effects |
0.4 |
|
Foreign exchange effects |
-4.4 |
|
Non-recurring effect related to copper |
1.1 |
2.7 |
Amortization of intangibles resulting from PPA |
4.7 |
4.1 |
Adjusted EBITA on a constant basis |
140.2 |
136.9 |
Recurring Net Income
In millions of euros |
Q1 2013 |
Q1 2014 |
Change |
Reported net income |
39.5 |
43.2 |
+9.3% |
Non-recurring copper effect |
1.2 |
2.7 |
|
Other expense & income |
10.2 |
18.7 |
|
Financial expense |
21.3 |
0.0 |
|
Tax expense |
-9.2 |
-5.9 |
|
Recurring net income |
63.0 |
58.6 |
-7.0% |
Sales And Profitability By Segment
|
Reported basis (€m) |
Q1 2013 |
Q1 2014 |
Change |
Sales |
3,153.9 |
3,067.3 |
-2.7% |
|
Europe |
1,731.8 |
1,759.4 |
+1.6% |
|
North America |
1,069.6 |
972.0 |
-9.1% |
|
Asia-Pacific |
278.8 |
272.9 |
-2.1% |
|
Latin
America |
73.7 |
62.9 |
-14.6% |
Gross profit |
787.1 |
764.1 |
-2.9% |
|
Europe |
476.2 |
480.9 |
+1.0% |
|
North America |
234.4 |
215.2 |
-8.2% |
|
Asia-Pacific |
58.3 |
53.9 |
-7.6% |
|
Latin
America |
18.2 |
14.0 |
-23.0% |
EBITA |
143.1 |
134.2 |
-6.2% |
|
Europe |
98.4 |
101.0 |
+2.6% |
|
North America |
47.1 |
33.4 |
-29.0% |
|
Asia-Pacific |
7.9 |
7.0 |
-10.7% |
|
Latin
America |
0.1 |
(0.4) |
n.a. |
Consolidated Balance Sheet
Assets (€m) |
December 31, 2013 |
March 31, 2014 |
Goodwill |
4,111.2 |
4,123.3 |
Intangible assets |
1,038.3 |
1,037.6 |
Property, plant & equipment |
278.1 |
277.9 |
Long-term investments(1) |
51.7 |
37.6 |
Deferred tax assets |
161.6 |
153.8 |
Total non-current assets |
5,640.9 |
5,630.2 |
Inventories |
1,389.5 |
1,417.0 |
Trade receivables |
2,062.8 |
2,173.9 |
Other receivables |
486.1 |
462.2 |
Assets classified as held for sale |
3.4 |
3.4 |
Cash and cash equivalents |
957.8 |
655.5 |
Total current assets |
4,899.6 |
4,712.0 |
Total assets |
10,540.5 |
10,342.2 |
|
|
|
Liabilities (€m) |
December 31, 2013 |
March 31, 2014 |
Total equity |
4,227.1 |
4,266.1 |
Long-term debt |
2,908.2 |
2,782.1 |
Deferred tax liabilities |
172.1 |
166.5 |
Other non-current liabilities |
351.4 |
341.4 |
Total non-current liabilities |
3,431.7 |
3,290.1 |
Interest bearing debt & accrued interests |
216.8 |
279.0 |
Trade payables |
2,009.9 |
1,903.0 |
Other payables |
655.1 |
604.0 |
Total current liabilities |
2,881.7 |
2,786.1 |
Total liabilities |
6,313.4 |
6,076.1 |
Total equity & liabilities |
10,540.5 |
10,342.2 |
1 Includes Debt hedge derivatives for €25.1m at December 31,
2013 and €5.0m at March 31, 2014
Change in Net Debt
€m |
Q1 2013 |
Q1 2014 |
EBITDA |
162.6 |
154.0 |
Other operating revenues & costs(1) |
(17.1) |
(20.1) |
Operating cash flow |
145.5 |
133.9 |
Change in working capital(2) |
(144.5) |
(192.6) |
Net capital expenditure, of which: |
(5.2) |
(24.1) |
Gross capital expenditure |
(20.0) |
(18.2) |
Disposal of fixed assets & other |
14.8 |
(5.9) |
Free cash flow before interest and tax |
(4.2) |
(82.7) |
Net interest paid / received(3) |
(42.8) |
(38.0) |
Income tax paid |
(22.1) |
(27.6) |
Free cash flow after interest and tax |
(69.1) |
(148.3) |
Net financial investment |
(4.7) |
(6.8) |
Dividends paid |
0.0 |
0.0 |
Other |
(30.6) |
(63.3) |
Currency exchange variation |
(30.7) |
5.1 |
Decrease (increase) in net debt |
(135.1) |
(213.3) |
Net debt at the beginning of the period |
2,599.2 |
2,192.0 |
Net debt at the end of the period |
2,734.3 |
2,405.3 |
1 Includes restructuring outflows of €10.5m in Q1 2013 and
€12.1m in Q1 2014 2 Working Capital adjustment to reflect suppliers
payments scheduled on Dec. 31, 2013 and executed only on Jan. 2nd,
2014 for €51.9m 3 Excluding settlement of fair value hedge
derivatives
Appendix 3: Working Capital
Analysis
Constant basis |
March 31, 2013 |
March 31, 2014 |
Net inventories |
|
|
as a % of sales 12 rolling months |
10.8% |
11.1% |
as a number of days |
53.3 |
53.7 |
Net trade receivables |
|
|
as a % of sales 12 rolling months |
16.6% |
17.4% |
as a number of days |
56.0 |
56.4 |
Net trade payables |
|
|
as a % of sales 12 rolling months |
13.9% |
14.8% |
as a number of days |
60.1 |
62.2 |
Trade working capital |
|
|
as a % of sales 12 rolling months |
13.5% |
13.7% |
Total working capital |
|
|
as a % of sales 12 rolling months |
12.3% |
12.8% |
Appendix 4: Headcount and branches by
geography
FTEs at end of period |
31/03/2013 |
31/12/2013 |
31/03/2014 |
Year-on-Year Change |
comparable |
Europe |
17,054 |
16,750 |
16,694 |
-2.1% |
USA |
6,190 |
6,234 |
6,165 |
-0.4% |
Canada |
2,394 |
2,379 |
2,362 |
-1.3% |
North America |
8,584 |
8,613 |
8,527 |
-0.7% |
Asia-Pacific |
2,931 |
2,883 |
2,864 |
-2.3% |
Latin America |
1,776 |
1,552 |
1,564 |
-11.9% |
Other |
217 |
232 |
235 |
8.3% |
Group |
30,561 |
30,029 |
29,883 |
-2.2% |
|
|
|
|
|
Branches |
31/03/2013 |
31/12/2013 |
31/03/2014 |
Year-on-Year Change |
comparable |
Europe |
1,347 |
1,306 |
1,306 |
-3.0% |
USA |
398 |
401 |
396 |
-0.5% |
Canada |
216 |
216 |
214 |
-0.9% |
North America |
614 |
617 |
610 |
-0.7% |
Asia-Pacific |
270 |
265 |
266 |
-1.5% |
Latin America |
94 |
90 |
88 |
-6.4% |
Group |
2,325 |
2,278 |
2,270 |
-2.4% |
Appendix 5: Calendar, scope and change
effects on sales
To be comparable to 2014 sales, 2013 sales must
take into account the following impacts:
|
Q1 actual |
Q2e |
Q3e |
Q4e |
FYe |
Calendar effect |
0.0% |
-0.6% |
-0.3% |
+1.1% |
0.0% |
Scope effect (1) |
€12.6m |
c. €10m |
c. €10m |
c. €10m |
c. €43m |
Change effect (2) |
-3.6% |
-3.8% |
-2.2% |
-0.9% |
-2.6% |
(1) Based on acquisitions made in 2013 (mainly Lenn in Singapore
and Quality Trading in Thailand) (2) Based on following main
assumptions:
- 1 USD = €1.38
- 1 CAD = €1.52
- 1 AUD = €1.49
- 1 GBP = €0.83
Appendix 6: Changes due to the
enforcement of IFRIC 21 as from January 1, 2014
IFRIC Interpretation 21 "Levies" clarifies that
the obligating event that gives rise to a liability to pay a levy
is the activity described in the relevant legislation that triggers
the payment of the levy. IFRIC Interpretation 21 applies for
accounting period starting from January 1, 2014 with retrospective
application as of January 1, 2013. In 2013, the Group reviewed the
impact of applying IFRIC Interpretation 21 and estimated the
adjustment to be an increase in shareholders' equity of € 2.6
million after tax (€3.9 million before tax) as of January 1, 2013
as a result of a timing difference in the liability recognition. In
addition, IFRIC Interpretation 21 prohibits the progressive
recognition of a liability for tax levies over the fiscal year and
rather requires the one-time recognition of the liability when the
obligating event for the payment of the levy is met. As a result of
this guidance, the Group expects that 2014 interim financial
statements will be impacted by timing differences in the
recognition of tax levies due to the adoption of IFRIC
Interpretation 21.
€m |
Q1 |
Q2 |
Q3 |
Q4 |
FY |
2013 EBITA as reported on Feb. 13, 2014 |
148.8 |
172.4 |
175.9 |
189.7 |
686.9 |
IFRIC 21 restatement |
(5.7) |
c. 2 |
c. 2 |
c. 2 |
c. 0 |
2013 EBITA as proforma for 2014 accounts |
143.1 |
c. 174 |
c. 178 |
c. 192 |
c. 687 |
DISCLAIMER
The Group is exposed to fluctuations in copper
prices in connection with its distribution of cable products.
Cables accounted for approximately 15% of the Group's sales, and
copper accounts for approximately 60% of the composition of cables.
This exposure is indirect since cable prices also reflect copper
suppliers' commercial policies and the competitive environment in
the Group's markets. Changes in copper prices have an estimated
so-called "recurring" effect and an estimated so called
"non-recurring" effect on the Group's performance, assessed as part
of the monthly internal reporting process of the Rexel Group:
i) the recurring effect related to the change in copper-based
cable prices corresponds to the change in value of the copper part
included in the sales price of cables from one period to another.
This effect mainly relates to the Group's sales; ii) the
non-recurring effect related to the change in copper-based cables
prices corresponds to the effect of copper price variations on the
sales price of cables between the time they are purchased and the
time they are sold, until all such inventory has been sold (direct
effect on gross profit). Practically, the non-recurring effect on
gross profit is determined by comparing the historical purchase
price for copper-based cable and the supplier price effective at
the date of the sale of the cables by the Rexel Group.
Additionally, the non-recurring effect on EBITA corresponds to the
non-recurring effect on gross profit, which may be offset, when
appropriate, by the non-recurring portion of changes in the
distribution and administrative expenses.
The impact of these two effects is assessed for
as much of the Group's total cable sales as possible, over each
period. Group procedures require that entities that do not have the
information systems capable of such exhaustive calculations to
estimate these effects based on a sample representing at least 70%
of the sales in the period. The results are then extrapolated to
all cables sold during the period for that entity. Considering the
sales covered, the Rexel Group considers such estimates of the
impact of the two effects to be reasonable.
This document may contain statements of future
expectations and other forward-looking statements. By their nature,
they are subject to numerous risks and uncertainties, including
those described in the Document de Référence registered with the
French Autorité des Marchés Financiers (AMF) on March 21, 2014
under number D.14-0181. These forward-looking statements are not
guarantees of Rexel's future performance. Rexel's actual results of
operations, financial condition and liquidity as well as
development of the industry in which Rexel operates may differ
materially from those made in or suggested by the forward-looking
statements contained in this release. The forward-looking
statements contained in this communication speak only as of the
date of this communication and Rexel does not undertake, unless
required by law or regulation, to update any of the forward-looking
statements after this date to conform such statements to actual
results, to reflect the occurrence of anticipated results or
otherwise.
The market and industry data and forecasts
included in this document were obtained from internal surveys,
estimates, experts and studies, where appropriate, as well as
external market research, publicly available information and
industry publications. Rexel, its affiliates, directors, officers,
advisors and employees have not independently verified the accuracy
of any such market and industry data and forecasts and make no
representations or warranties in relation thereto. Such data and
forecasts are included herein for information purposes only.
This document includes only summary information
and must be read in conjunction with Rexel's Document de Référence
registered with the AMF March 21, 2014 under number D.14-0181, as
well as the consolidated financial statements and activity report
for the 2013 fiscal year, which may be obtained from Rexel's
website (www.rexel.com).
Q1 2014 RESULTS (unaudited)
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