Increased by 14.1% to €3,375 million
* Revenues for the first nine months of 2014 were €3,375 million, up 14.1% on
a reported basis, and 5.1% at constant consolidation scope and exchange
rates (like for like).
* Transport revenues were €1,618 million, up 6.8%, or 3.7% like for like,
thanks to a strong momentum in the pallet distribution business.
* Logistics revenues increased by 18.5%, or 6.7% like for like, to €1,670
million due to continued market share gains in Europe and Russia.
* The Air & Sea business generated revenues of €149 million over the period,
up 59.2%, or 0.8% like for like. The like-for-like growth rate accelerated
to 7.3% in the 3rd quarter.
* The integration of Jacobson from 1 September is going according to plan,
with strong growth prospects for 2015.
* Confirmation of an operating margin comparable to the levels recorded over
the past few years.
Commenting on business activity for the first 9 months of 2014, Hervé
Montjotin, Chairman of the Executive Board, said: "Norbert Dentressangle has
maintained a strong growth momentum in its business activities over the first
nine months of 2014, while reaping the benefits of its increasingly
international profile. The French market is still weak, due to the
unfavourableeconomic climateand the uncertainty surrounding the introduction of
the HGV tax, until it was dropped in mid-October. The integration of Jacobson
in the United States, consolidated since 1 September, is proceeding rapidly and
smoothly, and the roll-out of the Norbert Dentressangle brand is already
underway. Our sustained sales momentum in the United States should generate a
high organic growth rate for the end of thisyear and next. Tight control over
operating costs across all our businessesgives us confidence in our ability to
maintain an operating margin comparable to the levels recorded over the past
few years."
9 month revenues 9 months 9 months Change like-for-like
In € million 2014 2013
Transport 1,618 1,514 +6.8% +3.7%
Logistics 1,670 1,409 +18.5% +6.7%
Air & Sea 149 94 +59.2% +0.8%
Inter-division (62) (59) n.m. n.m.
Consolidated total 3,375 2,959 +14.1% +5.1%
3rd quarter Q3 2014 Q3 2013 Change like-for-like
revenues
In € million
Transport 551 504 +9.3% +3.2%
Logistics 601 513 +17.2% +4.0%
Air & Sea 54 30 +77.7% +7.3%
Inter-division (21) (21) n.m. n.m.
Consolidated total 1,185 1,027 +15.4% +3.9%
9 month revenues 9 months 9 months Change like-for-like
In € million 2014 2013
France 1,270 1,200 +5.8% +1.4%
UK 988 892 +10.8% +5.3%
USA 68* 14 +370.7% +4.7%
Spain 413 308 +34.3% +10.1%
Other countries 635 544 +16.7% +9.5%
Consolidated total 3,375 2,959 +14.1% +5.1%
* including one month's revenues from Jacobson Companies - USA
Norbert Dentressangle's consolidated revenues for the first nine months of 2014
amounted to €3,375 million, up 14.1% compared to 2013. Like-for-like growth, at
constant exchange rates and consolidation scope, amounted to 5.1% compared with
the first nine months of 2013. There was a positive foreign currency effect of
1.4% over the period.
62.4% of total revenues were generated outside France, while the annual trend
is 65%. The United Kingdom accounted for almost 30% of total revenue, and the
United States is now the Group's third largest market on an annualised basis.
The Group's business momentum in Spain remained strong despite the country's
current economic difficulties.
Performance by division over the first 9 months of 2014
The Transport business reported revenues of €1,618 million for the period, up
6.8% based on reported data and 3.7% on a like-for-like basis, compared with
the same period in 2013. This result shows the resilience of the full-load
businesses and the ongoing strong momentum of the pallet distribution business.
The Transport business, especially the full-load activities, were hit by the
slump in the French market.
The Logistics business posted revenues of €1,670 million, up 18.5% based on
reported data and 6.7% like for like. Like-for-like growth in the 3rd quarter
should be seen in the light of the start-up of major e-Commerce and Russian
contracts during the period. Business volumes remained stable, while the
division's commercial expansion continued its positive trend.
The Air & Sea businessgenerated revenues of €149 million over the first nine
months of 2014, up 59.2% compared with the same period in 2013 and up 0.8% like
for like. The 7.3% increase in 3rd quarter revenues marked a recovery in
like-for-like growth, reflecting the strong performance of the businesses
acquired from Daher in France and Russia, and the success of the reorganisation
in China over the past 12 months.
Integration of Jacobson Companies in the United States
The acquisition of Jacobson Companies, which was finalised on 29 August this
year, means that Norbert Dentressangle is now major supply chain operator in
the United States. Jacobson has been consolidated since 1 September 2014.
The integration of the company's operations is proceeding rapidly and according
to plan, alongside the roll-out of the Norbert Dentressangle brand, thereby
confirming the sharing of common entrepreneurial values and the growth and
profitability potential expected from this strategic move.
Outlook
The Norbert Dentressangle Group's strong business momentum and increasingly
international profile will enable it to achieve an operating margin comparable
with the levels recorded over the past few years. The Group's debt situation
reflects the impact of the Jacobson Companies acquisition, in accordance with
forecasts.
Upcoming dates
* 2014 annual revenues: 29 January 2015 after the Stock Market closes
* 2014 annual results: 26 February 2015 before the Stock Market opens