REXEL ANNUAL RESULTS 2017
- SALES OF €3.405bn IN Q4, UP IN EVERY GEOGRAPHY
On a constant and same-day basis, sales up 5.4% of which:
Europe: +5.5%, benefiting from accelerating sales across most European countries
North America: +3.2%, supported by Canada and proximity business in the US
Asia-Pacific: +12.7%, mainly driven by China and Australia
Organic actual-day growth of 2.7% including -2.7% from calendar and +1.6% from copper
Reported growth down 1.5%, including unfavorable currency (-3.6%) and scope (-0.5%) effects
- ADJUSTED EBITA UP 8.7% IN Q4, WITH A MARGIN OF 4.7% DESPITE AN UNFAVORABLE CALENDAR EFFECT
Solid gross margin, up 39 bps at 24.5%, driven by Europe and North America
Adj. EBITA margin up 26 bps, while accelerating investments in the US
- STRONG INCREASE IN RECURRING NET INCOME OF +32.2% IN Q4
- INCREASE IN PROPOSED DIVIDEND TO €0.42 PER SHARE, PAYABLE IN CASH
|Key figures1||Q4 2017||YoY change||FY 2017||YoY change|
|On a reported basis||-1.5%||+1.1%|
|On a constant and actual-day basis||+2.7%||+2.9%|
|On a constant and same-day basis||+5.4%||+3.5%|
|As a percentage of sales||4.7%||4.4%|
|Change in bps as a % of sales||+26bps||+13bps|
|Recurring net income||€83.0m||+32.2%||€291.2m||+16.4%|
|FCF before interest and tax||€364.8m||vs. €414.7m||€384.3m||vs. €439.1m|
|Net debt at end of period||€2,041.2m||6.0% reduction|
1 See definition in the Glossary section of this document 2 At comparable scope of consolidation and exchange rates and excluding (i) amortization of PPA and (ii) the non-recurring effect related to changes in copper-based cables price
Financial statements as of December 31, 2017 were authorized for issue by the Board of Directors on January 13, 2018. They have been audited by statutory auditors.
The following terms: Reported EBITA, Adjusted EBITA, EBITDA, Recurring net income, 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.
In Q4, sales were down 1.5% year-on-year on a reported basis and up 5.4% on a constant and same-day basis, reflecting improvement in sales trends in all three geographies.
In FY, sales were up 1.1% year-on-year on a reported basis and up 3.5% on a constant and same-day basis.
In the fourth quarter, Rexel posted sales of €3,405.4 million, down 1.5% on a reported basis. On a constant and same-day basis, sales were up 5.4%, including a 1.6% positive effect due to the change in copper-based cable prices.
The 1.5% decrease in sales on a reported basis included:
A negative currency effect of €123.7 million (i.e. -3.6% of Q4 2016 sales), mainly due to the depreciation of the US dollar and the British pound against the euro,
A negative net scope effect of €18.3 million (i.e. -0.5% of Q4 2016 sales), resulting from the recent divestments in South East Asia,
A negative calendar effect of 2.7 percentage points.
In FY 17, Rexel posted sales of €13,310.1 million, up 1.1% on a reported basis. On a constant and same-day basis, sales were up 3.5%, including a 1.4% positive impact due to the change in copper-based cable prices.
The 1.1% increase in sales on a reported basis included: