Regulatory News:
Legrand (Paris:LR):
Consolidated statement of income
2
Consolidated statement of comprehensive income
2
Consolidated balance sheet
3
Consolidated statement of cash flows
5
Notes to the consolidated financial statements
6
Consolidated statement of
income
3 months ended
(in € millions)
March 31, 2024
March 31, 2023
Net sales
2,028.2
2 149,6
Operating expenses
Cost of sales
(952.0)
(1 010,1)
Administrative and selling expenses
(559.3)
(549.8)
Research and development costs
(97.2)
(92.1)
Other operating income (expenses)
(32.2)
(47.2)
Operating profit
387.5
450.4
Financial expenses
(34.4)
(26.2)
Financial income
29.0
22.2
Exchange gains (losses)
(9.0)
(0.2)
Financial profit (loss)
(14.4)
(4.2)
Profit before tax
373.1
446.2
Income tax expense
(97.0)
(115.8)
Share of profits (losses) of
equity-accounted entities
0.0
0.0
Profit for the period
276.1
330.4
Of which:
- Net profit attributable to the
Group
275.9
330.5
- Minority interests
0.2
(0.1)
Basic earnings per share (euros)
1.053
1.240
Diluted earnings per share (euros)
1.046
1.232
Consolidated statement of comprehensive
income
3 months ended
(in € millions)
March 31, 2024
March 31, 2023
Profit for the period
276.1
330.4
Items that may be reclassified
subsequently to profit or loss
Translation reserves
90.1
(77.6)
Other
(3.2)
(3.6)
Income tax relating to components of other
comprehensive income
1.9
(1.1)
Items that will not be reclassified to
profit or loss
Actuarial gains and losses after deferred
taxes
0.1
(1.8)
Other
0.0
0.0
Comprehensive income for the
period
365.0
246.3
Of which:
- Comprehensive income attributable to
the Group
368.1
246.4
- Minority interests
0.1
(0.1)
Consolidated balance sheet
(in € millions)
March 31, 2024
December 31, 2023
Non-current assets
Intangible assets
2,428.9
2,436.9
Goodwill
5,838.3
5,476.2
Property, plant and equipment
841.5
848.3
Right-of-use assets
267.6
260.8
Other investments
29.6
27.7
Other non-current assets
147.6
145.5
Deferred tax assets
145.4
141.0
TOTAL NON CURRENT ASSETS
9,698.9
9,336.4
Current assets
Inventories (Note 4)
1,288.1
1,222.3
Trade receivables (Note 5)
1,125.2
969.9
Income tax receivables
187.8
192.7
Other current assets
297.7
302.9
Other current financial assets
2.6
1.8
Cash and cash equivalents
2,709.3
2,815.4
TOTAL CURRENT ASSETS
5,610.7
5,505.0
TOTAL ASSETS
15,309.6
14,841.4
(in € millions)
March 31, 2024
December 31, 2023
Equity
Share capital (Note 6)
1,049.0
1,056.1
Retained earnings
6,343.8
6,126.5
Translation reserves
(369.8)
(459.9)
Equity attributable to equity holders of
Legrand
7,023.0
6,722.7
Minority interests
10.2
12.0
TOTAL EQUITY
7,033.2
6,734.7
Non-current liabilities
Long-term provisions
181.2
176.8
Provisions for post-employment
benefits
133.1
136.2
Long-term borrowings (Note 7)
3,974.6
4,089.0
Deferred tax liabilities
939.0
930.3
TOTAL NON-CURRENT LIABILITIES
5,227.9
5,332.3
Current liabilities
Trade payables
921.9
936.5
Income tax payables
107.3
61.9
Short-term provisions
155.1
153.9
Other current liabilities
856.7
888.1
Short-term borrowings (Note 7)
1,005.0
732.3
Other current financial liabilities
2.5
1.7
TOTAL CURRENT LIABILITIES
3,048.5
2,774.4
TOTAL EQUITY AND LIABILITIES
15,309.6
14,841.4
Consolidated statement of cash
flows
3 months ended
(in € millions)
March 31, 2024
March 31, 2023
Profit for the period
276.1
330.4
Adjustments for non-cash movements in
assets and liabilities:
– Depreciation and impairment of tangible
assets
32.0
30.2
– Amortization and impairment of
intangible assets
26.9
27.6
– Amortization and impairment of
capitalized development costs
5.0
6.4
– Amortization and impairment of
right-of-use assets
19.7
18.0
– Amortization of financial expenses
1.1
0.8
– Impairment of goodwill
0.0
0.0
– Changes in long-term deferred taxes
1.5
13.1
– Changes in other non-current assets and
liabilities
9.8
6.4
– Unrealized exchange (gains)/losses
2.9
3.2
– Share of (profits) losses of
equity-accounted entities
0.0
0.0
– Other adjustments
6.4
(1.3)
– Net (gains)/losses on sales of
activities and assets
2.4
(0.2)
Changes in working capital
requirement:
– Inventories (Note 4)
(63.4)
(4.5)
– Trade receivables (Note 5)
(147.6)
(159.2)
– Trade payables
(21.3)
42.0
– Other operating assets and
liabilities
27.3
50.2
Net cash from operating
activities
178.8
363.1
– Net proceeds from sales of fixed and
financial assets
0.2
0.2
– Capital expenditure
(25.5)
(24.5)
– Capitalized development costs
(7.4)
(7.3)
– Changes in non-current financial assets
and liabilities
(1.1)
(60.3)
– Acquisitions and disposals of
subsidiaries, net of cash
(299.5)
(54.3)
Net cash from investing
activities
(333.3)
(146.2)
– Proceeds from issues of share capital
and premium (Note 6)
0.0
0.0
– Net sales (buybacks) of treasury shares
and transactions under the liquidity contract (Note 6)
(71.6)
(44.6)
– Dividends paid to equity holders of
Legrand
0.0
0.0
– Dividends paid by Legrand
subsidiaries
0.0
0.0
– Proceeds from long-term financing
201.5
0.0
– Repayment of long-term financing* (Note
7)
(19.6)
(18.9)
– Debt issuance costs
(10.4)
0.0
– Increase (reduction) in short-term
financing
(48.7)
6.7
– Acquisitions of ownership interests with
no gain of control
(3.7)
0.0
Net cash from financing
activities
47.5
(56.8)
Translation net change in cash and cash
equivalents
0.9
(8.3)
Increase (decrease) in cash and cash
equivalents
(106.1)
151.8
Cash and cash equivalents at the beginning
of the period
2,815.4
2,346.8
Cash and cash equivalents at the end of
the period
2,709.3
2,498.6
Items included in cash flows:
– Interest paid during the period**
18.0
16.4
– Income taxes paid during the period
38.6
45.5
* Of which €18.7 million corresponding to lease financial
liabilities repayment for the 3 months ended March 31, 2024 (€17.8
million for the 3 months ended March 31,
2023).
** Interest paid is included in the net
cash from operating activities; of which €2.7 million interests on
lease financial liabilities for the 3 months ended March 31, 2024
(€2.1 million for the 3 months ended March 31, 2023).
Notes to the consolidated financial
statements KEY FIGURES
7
NOTE 1 - INTRODUCTION
8
NOTE 2 - SIGNIFICANT TRANSACTIONS AND EVENTS FOR THE
PERIOD
8
NOTE 3 - CHANGES IN THE SCOPE OF CONSOLIDATION
8
NOTE 4 - INVENTORIES
9
NOTE 5 - TRADE RECEIVABLES
9
NOTE 6 - SHARE CAPITAL
10
NOTE 7 - LONG-TERM AND SHORT-TERM BORROWINGS
11
NOTE 8 - SEGMENT INFORMATION
12
NOTE 9 - SUBSEQUENT EVENTS
14
KEY FIGURES
(in € millions)
1st quarter 2024
1st quarter 2023
Net sales
2,028.2
2,149.6
Adjusted operating profit
415.9
477.2
As % of net sales
20.5%
22.2%
20.6 % before acquisitions
⁽¹⁾
Operating profit
387.5
450.4
As % of net sales
19.1%
21.0%
Net profit attributable to the Group
275.9
330.5
As % of net sales
13.6%
15.4%
Normalized free cash flow
362.6
389.3
As % of net sales
17.9%
18.1%
Free cash flow
146.1
331.5
As % of net sales
7.2%
15.4%
Net financial debt at March 31
2,270.3
2,305.0
(1) At 2023 scope of consolidation.
Adjusted operating profit is defined as operating profit
adjusted for: i/ amortization and depreciation of revaluation of
assets at the time of acquisitions and for other P&L impacts
relating to acquisitions, ii/ impacts related to disengagement from
Russia (impairment of assets and effective disposal) and, iii/
where applicable, impairment of goodwill.
Normalized free cash flow is defined as the sum of net cash from
operating activities - based on a working capital requirement
representing 10% of the last 12 months’ sales and whose change at
constant scope of consolidation and exchange rates is adjusted for
the period considered - and net proceeds of sales from fixed and
financial assets, less capital expenditure and capitalized
development costs.
Free cash flow is defined as the sum of net cash from operating
activities and net proceeds from sales of fixed and financial
assets, less capital expenditure and capitalized development
costs.
Net financial debt is defined as the sum of short-term
borrowings and long-term borrowings, less cash and cash equivalents
and marketable securities.
The reconciliation of consolidated key figures with the
financial statements is available in the appendices to the first
three months 2024 results press release.
NOTE 1 - INTRODUCTION
This unaudited consolidated financial information is presented
for the three months ended March 31, 2024. It does not include all
the information required by International Financial Reporting
Standards (IFRS) and it should be read in conjunction with
consolidated financial statements for the year ended December 31,
2023 such as established in the Universal Registration Document
deposited under visa no D.24-0270 with the French Financial Markets
Authority (AMF) on April 10, 2024.
All the amounts are presented in millions
of euros unless otherwise indicated. Some totals may include
rounding differences.
The unaudited consolidated financial statements have been
prepared in accordance with the International Financial Reporting
Standards (IFRS) and International Financial Reporting
Interpretations Committee (IFRIC) interpretations adopted by the
European Union and applicable or authorized for early adoption from
January 1, 2024.
None of the IFRS standards issued by the
International Accounting Standards Board (IASB) that have not been
adopted for use in the European Union are applicable to the
Group.
NOTE 2 - SIGNIFICANT TRANSACTIONS AND
EVENTS FOR THE PERIOD
No significant transactions or events are to be reported over
the period.
NOTE 3 - CHANGES IN THE SCOPE OF
CONSOLIDATION
The contributions to the Group’s consolidated financial
statements of companies acquired since the end of 2022 were as
follows:
2023
March 31
June 30
September 30
December 31
Full consolidation method
Voltadis
Balance sheet only
6 months' profit
9 months' profit
12 months' profit
A. & H. Meyer
Balance sheet only
6 months' profit
9 months' profit
12 months' profit
Power Control
Balance sheet only
Balance sheet only
9 months' profit
12 months' profit
Encelium
Balance sheet only
6 months' profit
9 months' profit
12 months' profit
Clamper
Balance sheet only
Balance sheet only
Balance sheet only
11 months' profit
Teknica
Balance sheet only
4 months' profit
MSS
Balance sheet only
2024
March 31
Full consolidation method
Voltadis
3 months' profit
A. & H. Meyer
3 months' profit
Power Control
3 months' profit
Encelium
3 months' profit
Clamper
3 months' profit
Teknica
3 months' profit
MSS
Balance sheet only
ZPE Systems
Balance sheet only
During the first three months of 2024, the Group acquired ZPE
Systems, Inc. in the United States. ZPE Systems is a leading
American specialist in serial console servers that enable remote
access and management of network IT equipment in datacenters. Based
in Fremont, California, ZPE Systems employs over 140 people,
reporting annual sales of more than $80 million.
NOTE 4 - INVENTORIES
Inventories are as follows:
(in € millions)
March 31, 2024
December 31, 2023
Purchased raw materials and components
614.8
589.5
Sub-assemblies, work in progress
143.6
134.9
Finished products
773.6
736.9
Gross value at the end of the
period
1,532.0
1,461.3
Impairment
(243.9)
(239.0)
NET VALUE AT THE END OF THE
PERIOD
1,288.1
1,222.3
NOTE 5 - TRADE
RECEIVABLES
Trade receivables are as follows:
(in € millions)
March 31, 2024
December 31, 2023
Trade receivables
1,221.1
1,065.8
Impairment
(95.9)
(95.9)
NET VALUE AT THE END OF THE
PERIOD
1,125.2
969.9
NOTE 6 - SHARE CAPITAL
Share capital as of March 31, 2024 amounted to €1,048,982,932
represented by 262,245,733 ordinary shares with a par value of €4
each, for 262,245,733 theoretical voting rights and 261,416,870
exercisable voting rights (after subtracting shares held in
treasury by the Group as of this date).
Changes in share capital in the first three months of 2024 were
as follows:
Number of shares
Par value
Share capital (euros)
Premiums (euros)
As of December 31, 2023
264,031,292
4
1,056,125,168
263,208,950
Cancellation of shares
(1,785,559)
4
(7,142,236)
(152,857,701)
As of March 31, 2024
262,245,733
4
1,048,982,932
110,351,249
As of March 31, 2024, the Group held 828, 863 shares in
treasury, versus 1,863, 478 shares as of December 31, 2023, i.e.
1,034, 615 fewer shares corresponding to:
- the net acquisition of 750,000 shares outside of the liquidity
contract at a cost of €71.6 million mainly for performance share
plans and for employee share plans;
- the cancellation of 1,785,559 shares;
- the net purchase of 944 shares under the liquidity
contract.
Number of shares
of which number of shares held
by the Group
As of December 31, 2023
264,031,292
1,863,478
Transfer to employees
0
Share buybacks
750,000
Transactions under the liquidity
contract
944
Shares cancellation
(1,785,559)
(1,785,559)
As of March 31, 2024
262,245,733
828,863
of which for transfer to employees
801,113
of which liquidity contract
27,750
of which for shares cancellation
0
NOTE 7 - LONG-TERM AND SHORT-TERM
BORROWINGS
7.1 LONG-TERM BORROWINGS
Long-term borrowings can be analyzed as follows:
(in € millions)
March 31, 2024
December 31, 2023
Negotiable commercial paper
71.5
50.0
Bonds
3,630.0
3,500.0
Yankee bonds
0.0
262.7
Lease financial liabilities
221.0
216.3
Other borrowings
76.7
75.3
Long-term borrowings excluding debt
issuance costs
3,999.2
4,104.3
Debt issuance costs
(24.6)
(15.3)
TOTAL
3,974.6
4,089.0
7.2 SHORT-TERM BORROWINGS
Short-term borrowings can be analyzed as follows:
(in € millions)
March 31, 2024
December 31, 2023
Negotiable commercial paper
115.0
115.0
Bonds
500.0
500.0
Yankee bonds
268.9
0.0
Lease financial liabilities
71.6
68.3
Other borrowings
49.5
49.0
TOTAL
1,005.0
732.3
7.3 CHANGES IN LONG-TERM AND SHORT-TERM BORROWINGS
Changes in long-term and short-term borrowings can be analyzed
as follows:
Variations not impacting cash
flows
(in € millions)
March 31, 2024
Cash flows
Acquisitions
Reclassifications
Translation
adjustments
Other
December 31, 2023
Long-term borrowings
3,974.6
191.1
0.0
(332.4)
1.3
25.6
4,089.0
Short-term borrowings
1,005.0
(68.3)
0.0
332.4
5.7
2.9
732.3
Gross financial debt
4,979.6
122.8
0.0
0.0
7.0
28.5
4,821.3
NOTE 8 - SEGMENT INFORMATION
In accordance with IFRS 8, operating segments are determined
based on the reporting made available to the chief operating
decision maker of the Group and to the Group's management.
Given that Legrand activities are carried out locally, the Group
is organized for management purposes by countries or groups of
countries which have been allocated for internal reporting purposes
into three operating segments:
- Europe, including France, Italy and Rest of Europe (mainly
including Benelux, Germany, Iberia (including Portugal and Spain),
Poland, the United Kingdom and Turkey);
- North and Central America, including Canada, Mexico, the United
States, and Central American countries; and
- Rest of the world, mainly including Australia, China, India and
South America (of which particularly Brazil, Chile and
Colombia).
These three operating segments are under the responsibility of
three segment managers who are directly accountable to the chief
operating decision maker of the Group.
The economic models of subsidiaries within
these segments are quite similar. Indeed, their sales are made up
of electrical and digital building infrastructure products in
particular to electrical installers, sold mainly through
third-party distributors.
3 months ended March 31, 2024
(in € millions)
Europe
North and Central
America
Rest of the world
Total
Net sales to third parties
918.9
⁽¹⁾
767.5
⁽²⁾
341.8
2,028.2
Cost of sales
(411.2)
(357.3)
(183.5)
(952.0)
Administrative and selling expenses,
R&D costs
(286.3)
(276.9)
(93.3)
(656.5)
Other operating income (expenses)
(15.5)
(11.9)
(4.8)
(32.2)
Operating profit
205.9
121.4
60.2
387.5
- of which i/ acquisition-related
amortization,
expenses and income and ii/ impacts related to disengagement
from Russia (impairment of assets and effective disposal)
· accounted
for in administrative and
selling expenses, R&D costs
(5.4)
(18.8)
(2.0)
(26.2)
· accounted
for in other operating income
(expenses)
(2.2)
(2.2)
- of which goodwill impairment
0.0
Adjusted operating profit
213.5
140.2
62.2
415.9
- of which depreciation and impairment of
tangible assets
(18.9)
(6.5)
(6.6)
(32.0)
- of which amortization and impairment of
intangible assets
(2.6)
(0.5)
(0.4)
(3.5)
- of which amortization and impairment of
development costs
(4.5)
0.0
(0.5)
(5.0)
- of which amortization and impairment of
right-of-use assets
(7.6)
(7.0)
(5.1)
(19.7)
- of which restructuring costs
(1.6)
(5.9)
(3.0)
(10.5)
Capital expenditure
(16.0)
(5.2)
(4.3)
(25.5)
Capitalized development costs
(7.1)
0.0
(0.3)
(7.4)
Net tangible assets
530.0
164.6
146.9
841.5
Total current assets
3,715.0
1,040.5
855.2
5,610.7
Total current liabilities
2,053.3
523.8
471.4
3,048.5
(1) Of which France: €292.7 million.
(2) Of which United States: €709.3
million.
3 months ended March 31, 2023
(in € millions)
Europe
North and Central
America
Rest of the world
Total
Net sales to third parties
978.2
⁽¹⁾
829.2
⁽²⁾
342.2
2,149.6
Cost of sales
(436.6)
(389.6)
(183.9)
(1,010.1)
Administrative and selling expenses,
R&D costs
(287.7)
(271.3)
(82.9)
(641.9)
Other operating income (expenses)
(16.6)
(27.8)
(2.8)
(47.2)
Operating profit
237.3
140.5
72.6
450.4
- of which i/ acquisition-related
amortization,
expenses and income and ii/ impacts
related to disengagement from Russia (impairment of assets and
effective disposal)
· accounted
for in administrative and
selling expenses, R&D costs
(6.3)
(19.2)
(1.3)
(26.8)
· accounted
for in other operating income
(expenses)
0.0
- of which goodwill impairment
0.0
Adjusted operating profit
243.6
159.7
73.9
477.2
- of which depreciation and impairment of
tangible assets
(17.9)
(6.3)
(5.9)
(30.1)
- of which amortization and impairment of
intangible assets
(2.3)
(0.6)
(0.3)
(3.2)
- of which amortization and impairment of
development costs
(6.1)
0.0
(0.3)
(6.4)
- of which amortization and impairment of
right-of-use assets
(6.4)
(6.6)
(5.0)
(18.0)
- of which restructuring costs
(5.0)
(4.7)
(3.6)
(13.3)
Capital expenditure
(16.5)
(4.8)
(3.2)
(24.5)
Capitalized development costs
(7.1)
0.0
(0.3)
(7.4)
Net tangible assets
451.8
155.2
128.0
735.0
Total current assets
3,321.5
1,217.9
891.0
5,430.4
Total current liabilities
1,825.3
512.9
439.7
2,777.9
(1) Of which France: €325.0 million.
(2) Of which United States: €763.0
million.
NOTE 9 - SUBSEQUENT
EVENTS
The Group announced on April 23, 2024 the acquisitions as
follows :
- Enovation1, the Dutch leader in healthcare software in the
market for connected health and assisted living. Enovation is based
in Rotterdam, employs over 350 people and has annual sales of over
€60 million and;
- Netrack, an Indian specialist in server and network rack
manufacturing, notably for datacenters. Based in Bangalore and
employing over 250 people, Netrack reports annual revenue of around
€10 million.
_________________________________ 1 Subject to standard conditions
precedent.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240502918507/en/
Legrand
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