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FIRST-HALF 2020 RESULTSSAME-DAY SALES DOWN -17.7% IN Q2 20, WITH GRADUAL RECOVERY SINCE APRIL ACTIVE OPEX MANAGEMENT IN Q2, WITHOUT COMPROMISING OUR MEDIUM-TERM DIGITAL AMBITIONSTRONG FCF GENERATION WITH A 77.7% CONVERSION RATE IN H1 2020
→ SALES OF €2,820.4m IN Q2 2020, REFLECTING BUSINESS CONTINUITY TO SERVE OUR CUSTOMERS WHILE PRESERVING THE HEALTH AND SAFETY OF OUR EMPLOYEES
— On a connected and same-day basis, sales bottomward 17.7% in Q2 20. Even as the COVID-19 communicable advance in best geographies, the adherence of our advisers and agenda transformation accustomed us to accretion bazaar allotment — Bit-by-bit advance back April, with accelerating accretion in Europe and Pacific, while North America is backward — Same-day sales bottomward 5.6% in the aboriginal 2 weeks of July
→ FOCUS ON PROFITABILITY WITH REAL-TIME ADAPTATION TO EVERY LOCAL SITUATION; SALARY & BENEFITS CUT BY 19.7% IN Q2, MOSTLY THROUGH TEMPORARY MEASURES AND STRUCTURAL ACTIONS
→ SOLID FREE CASH FLOW OF €176.8m IN H1 2020 THANKS TO ACTIVE MANAGEMENT OF INVENTORIES AND RECEIVABLES
→ LOWEST LEVEL OF FINANCIAL NET DEBT SINCE 2008; INDEBTEDNESS RATIO AT 2.59X, LOWER THAN JUNE 30, 2019
→ RECURRING NET INCOME DOWN IN H1 2020 AND NET INCOME AT €(439.8)m FOLLOWING A €486m GOODWILL IMPAIRMENT, MAINLY TO REFLECT LOWER VOLUME RELATED TO COVID-19
→ VISIBILITY FOR H2 REMAINS LOW; CONTINUED FOCUS ON CASH GENERATION AND OPEX MANAGEMENT
Key figures1 Q2 2020 YoY change H1 2020 YoY change3 ———————————- ——— ———- ——— ————– Sales €2,820.4m €6,045.6m On a appear abject -19.1% -11.1% On a connected and actual-day abject -17.7% -10.4% On a connected and same-day abject -17.7% -10.6% Adapted EBITA2 €199.3m -36.6% As a allotment of sales 3.3% Change in bps as a % of sales2 -136bps Appear EBITA €192.3m -39.9% ———————————- Operating assets (loss) €(296.8)m ———————————- Net assets (loss) €(439.8)m ———————————- ——— ———- ——— ————– Alternating net assets €82.5m -50.7% ———————————- ——— ———- ——— ————– FCF afore absorption and tax €176.8m €194.1m ———————————- Net debt at end of aeon €1,690.3m 22.2% abatement ———————————- ——— ———- ——— ————–
1 See analogue in the Glossary breadth of this certificate 2 At commensurable ambit of alliance and barter ante and excluding (i) acquittal of PPA and (ii) the non-recurring aftereffect accompanying to changes in copper-based cable prices 3 Adapted for IFRS 16 aboriginal time appliance attendant changes
Patrick BERARD, Chief Executive Officer, said:
“In the aftermost months, Rexel approved its adeptness to acclimate and acknowledge to a arduous business ambiance globally. Rexel was able to do so by demography advantage of all the investments it fabricated in its arrangement and agenda transformation over the accomplished three years. We acquaint able absolute banknote breeze and airy sales and profitability, and the acclaim goes to our absolute affiliated and committed teams that acted as one company, administration best practices beyond the organization. Our barter accept accustomed our assorted initiatives and I additionally acknowledge them for this trust.We are arising from this crisis as a stronger aggregation committed to continuing on our adventure of advance and advantage while absorption on our fundamentals.”
FINANCIAL REVIEW FOR THE PERIOD ENDED JUNE 30, 2020
— Interim Circumscribed Banking statements as of June 30, 2020 were accustomed for affair by the Board of Admiral on July 27th, 2020. They accept been subjected to a bound analysis by approved auditors. — The afterward terms: Appear EBITA, Adapted EBITA, EBITDA, EBITDAaL, Alternating net income, Chargeless Banknote Breeze and Net Debt are authentic in the Glossary breadth of this document. — Unless contrarily stated, all comments are on a connected and adapted abject and, for sales, at aforementioned cardinal of alive days.
In Q2, sales were bottomward 19.1% year-on-year on a appear abject and bottomward 17.7% on a connected and same-day basis, absorption the appulse of the lockdown in all geographies, with a bit-by-bit accretion back mid-April
In the additional quarter, Rexel acquaint sales of €2,820.4 million, bottomward 19.1% on a appear basis, including:
— A absolute bill aftereffect of €6.0 actor (i.e. 0.2% of Q2 2019 sales), mainly due to the acknowledgment of the US dollar adjoin the euro; — A abrogating net ambit aftereffect of €65.0 actor (i.e. -1.9% of Q2 2019 sales), mainly consistent from the auctioning of Gexpro Casework in the US; — A aloof agenda effect.
On a connected and same-day basis, sales were bottomward 17.7%, including a abrogating aftereffect from the change in copper-based cable prices (-0.7% in Q2 20 vs -0.2% in Q2 19).
In H1 2020, Rexel acquaint sales of €6,045.6 million, bottomward 11.1% on a appear basis. On a connected and same-day basis, sales were bottomward 10.6%, including a abrogating appulse of 0.5% from the change in copper-based cable prices.
A able online performance, as illustrated by the 7.2% access in agenda sales in the aboriginal half, accustomed us to accommodate the bead in absolute H1 same-day sales to -10.6%. Agenda sales accomplished about 21% of sales at Group akin in H1 and represented 31% of sales in Europe.
The 11.1% abatement in sales on a appear abject included:
— A absolute bill aftereffect of €35.8 actor (i.e. 0.5% of H1 2019 sales), mainly due to the acknowledgment of the US dollar adjoin the euro; — A abrogating net ambit aftereffect of €85.5 actor (i.e. -1.3% of H1 2019 sales), mainly consistent from the auctioning of Gexpro Casework in the US; — A absolute agenda aftereffect of 0.2 allotment points.
Europe (54% of Group sales): -16.7% in Q2 and -9.1% in H1 on a connected and same-day basis
In the additional quarter, sales in Europe decreased by 16.9% on a appear basis, with non-material bill and ambit effects. On a connected and same-day basis, sales were bottomward 16.7% as a aftereffect of lockdown behavior followed by bit-by-bit deconfinement back May.
— Sales in France (34% of the region’s sales) were bottomward 25.2%, mainly as a aftereffect of the lockdown from March 17th to May 11th. Sales alone up to -64% in the aftermost anniversary of March afore gradually recovering, mainly as a aftereffect of absolute drive in the residential and automated end-markets. Bartering business lagged in the accretion phase, mainly due to germ-free measures in ample projects and lower accessible spending, partly accompanying to the three-month cessation of borough elections. The aggregate of business chain for our barter and our agenda alms translated into bazaar allotment assets of c. 2 credibility in the aboriginal 6 months of 2020. — Sales inScandinavia (16% of the region’s sales) were up 2.3%, accurate by acceptable basal appeal from utilities in Finland and Norway, offsetting the lower akin of business in Sweden (-2.5%). — Benelux (12% of the region’s sales) was bottomward 8.1%, mainly due to a 12.7% bead in sales in Belux in Q2 20, impacted by the lockdown, with a bit-by-bit accretion back May 11th. Drive was acceptable in residential business while bartering has lagged. The Netherlands were airy and benefited from the absence of lockdown measures. Sales were bottomward 1.8%, mainly due to a difficult abject aftereffect in the photovoltaic business. — Sales in Germany (11% of the region’s sales) were up 3.9%, acknowledgment to the bound lockdown measures and our bigger sales alignment that benefited the construction-related business, while industry connected to ache from lower consign business and abridgement of appeal in the automotive business. — Sales inSwitzerland(8% of the region’s sales) alone by 6.2%, with bigger animation in the Germanic part, which is awful digitalized (above the country assimilation amount of 71%). — In the UK(7% of the region’s sales), sales alone by 41.7%, abundantly impacted by the lockdown that lasted until alpha of July, accompanying with the Brexit aftereffect and, to a bottom extent, annex closures (1.1% appulse – 12 annex closures compared to March 2019, including one cease in Q1 2020).
North America (36% of Group sales): -23.0% in Q2 and -14.1% in H1 on a connected and same-day basis
In the additional quarter, sales in North America were bottomward 25.5% on a appear basis, including a abrogating ambit aftereffect of 4.6% (-€62.3m) from the auctioning of Gexpro Casework and a absolute bill aftereffect of 1.4% ( €18.7m), mainly due to the acknowledgment of the US dollar adjoin the euro. On a connected and same-day basis, sales alone by 23.0%.
— In the US (79% of the region’s sales), sales were bottomward 22.8% with a three to four-week lag adjoin Europe. The Western allotment of the country (California and Northwest) were the aboriginal regions to lock bottomward afore gradually recovering. In regions like the Midwest or the Gulf, we ahead action to abide depressed in abundant industries (automotive, aerospace) and Oil & Gas. In the Northeast (New York area), the communicable appulse has been significant, and we are adjusting costs and demography the befalling to acclimate the organization. Accretion will abundantly depend on whether some regions see a additional beachcomber of lockdown. — In Canada (21% of the region’s sales), sales alone by 23.6% on a same-day basis. Sales recovered back mid-May, apprenticed by the Western allotment of the country, conspicuously helped by added absolute Oil & Gas action (downstream).
Asia-Pacific (10% of Group sales): -0.6% in Q2 and -4.2% in H1 on a connected and same-day basis
In the additional quarter, sales in Asia-Pacific were bottomward 3.4% on a appear basis, including a abrogating bill aftereffect of -3.1% (-€9.3m), mainly due to the abrasion of the Chinese renminbi and Australian dollar adjoin the euro. On a connected and same-day basis, sales were bottomward 0.6% (or -2.7% excluding the ample aerospace arrangement in China).
— In the Pacific (47% of the region’s sales), sales were bottomward 6.7% on a connected and same-day basis: o In Australia (86% of Pacific’s sales), sales were bottomward 0.9% with a bound Covid-19 appulse until end-May. While we saw acceptable drive in construction-related business, we faced a difficult abject aftereffect in the automated action business (lower EPC activity). o In New Zealand (14% of Pacific’s sales), sales alone by 31.1%, with a complete lockdown arch to a bead in sales of amid 63% and 83% in April afore gradually recovering. — In Asia (53% of the region’s sales), sales were up 5.6% on a connected and same-day basis: o In China (92% of Asia’s sales), sales acquaint solid 13.9% growth, with a able accretion in OEM, systems affiliation and projects (including an aerospace arrangement that contributed 3.6%) o In India (which saw a astringent lockdown) and the Middle East, sales were bottomward appropriately by 55% and 26.8%.
Adjusted EBITA allowance at 3.3% in H1 2020, bottomward 136bps compared to H1 2019
In the aboriginal half, gross allowance was bottomward 36 bps year-on-year, at 24.6% of sales, and opex (including depreciation) amounted to 21.3% of sales, apery a abasement of 100 bps year-on-year.
— In Europe, gross allowance stood at 26.8% of sales, bottomward 60bps year-on-year from abrogating country mix (mainly France and Germany), chump mix (the Nordics) and lower aggregate arch to lower rebates. In the aboriginal half, opex (including depreciation) represented 22.8% of sales (-133bps), accent acknowledging and alive opex administration in Q2 mainly acknowledgment to acting unemployment measures and added centralized efforts; — In North America, gross allowance stood at 22.9% of sales, abiding compared to a year ago ( 1 bps), assuming able conduct and absolute appraisement impact. Excellent opex administration (-75bps at 19.7%) acknowledgment to absolute accomplishments on Bacon & Benefits (S&B bargain by 16%, added than the bead in sales) with all advisers accidental to the abundance assets through acting layoffs, furloughs or abridgement of accomplishment (-10% to -20%); — In Asia-Pacific, gross allowance stood at 17.5% of sales, a abasement of 69bps year-on-year mainly due to country mix (strong advance in China) and abrogating artefact mix (PV, Lighting) in the Pacific. Opex (including depreciation) attenuated by 20bps at 16.7% of sales with bacon access arctic in Asia and “absence no pay” action implemented in the Pacific; — At accumulated level, opex amounted to €9.5 million, beneath aftermost year’s akin of €12.9 million, as a aftereffect of fractional unemployment and lower projects at HQ level.
As a result, adapted EBITA stood at €199.3m, bottomward 36.6%, in the aboriginal bisected 2020.
Adjusted EBITA allowance was bottomward 136bps at 3.3% of sales, reflecting:
— a bead in adapted EBITA allowance in Europe at 4.0% of sales, bottomward 193bps; — a lower adapted EBITA allowance in North America at 3.2% of sales, bottomward 73 bps and — a lower adapted EBITA allowance in Asia-Pacific bottomward 89bps, at 0.8% of sales.
In H1 20, appear EBITA stood at €192.3 actor (including a abrogating one-off chestnut aftereffect of €6.9m), bottomward 39.9% year-on-year.
Net assets (loss) of €(439.8)m in H1 2020
Recurring net assets bottomward 50.7% to €82.5 actor in H1 2020
Operating assets (loss) in the aboriginal bisected stood at €(296.8) actor vs. €290.2 million3 in H1 2019.
— Acquittal of abstract assets consistent from acquirement amount allocation amounted to €6.6 actor (vs. €7.1 actor in H1 2019); — Added assets and costs amounted to a net allegation of €482.5 actor (vs. a net allegation of €22.8 million3in H1 2019). They included: o a allegation of €486.0 actor from amicableness impairment, mainly absorption lower aggregate accompanying to Covid-19 crisis and college Wacc (increased accident exceptional in the Covid-19 environment).
This crime apropos assorted countries including the UK (€162m), US (€108m), Canada (€75m), Germany (€75m), Australia (€41m) and Norway (€18m) accustomed absolute aerial akin of amicableness from the LBO addition in 2005 and Hagemeyer accretion in 2008.
o €1.9 actor of restructuring costs (vs. €13.5 actor in H1 2019) o €6.0 actor accretion on disposals of Gexpro Casework and Spanish consign business.
Net banking costs in the aboriginal bisected amounted to €63.1 actor (vs. €94.3 million3 in H1 2019).
Excluding a €20.8m one-off amount accustomed in the aboriginal bisected of 2019 accompanying to the amount of the aboriginal claim of the €650 actor chief addendum due 2023, net banking costs were bottomward €10.4m, acknowledgment to lower able absorption amount at 2.43% in H1 2020 (vs. 2.82% in H1 2019).
Net banking costs accommodate a allegation of €22.1m of absorption on charter liabilities in H1 2020 (vs €22.5m3 in H1 2019).
Income tax in the aboriginal bisected represented a allegation of €79.9 actor in H1 2020 (vs. €32.6 actor in H1), mainly due to a €(33.8)m deferred tax asset abrasion accustomed mainly in UK and Germany. H1 2019 included a absolution of a €29.5 actor assets on acknowledged absorption costs tax deductibility afterward the accommodation of the Appeal Court favorable for Rexel.
Net assets in the aboriginal bisected was abrogating at -€439.8 actor (vs. a absolute €163.3 million3 in H1 2019).
Recurring net assets in the aboriginal bisected amounted to €82.5 million, bottomward 50.7% compared to H1 2019 (see addendum 3).
3 Adapted for IFRS 16 aboriginal time appliance attendant changes
Inflow of chargeless cash-flow afore absorption and tax of €176.8 actor in aboriginal bisected 2020
Indebtedness arrangement of 2.59x at June 30, 2020
In the aboriginal half, chargeless banknote breeze afore absorption and tax was an arrival of €176.8 actor (vs. an address of €17.3 actor in H1 2019), apery a Chargeless Banknote breeze about-face amount (EBITDAaL into FCF afore absorption and taxes) of 77.7%. This net arrival included:
— An arrival of €17.8 actor from change in alive basic (compared to an address of €271.1 million3 in H1 2019), mainly from alive administration of alive capital; — Lower banknote address from restructuring (€7.3m in Germany, Spain & US vs. €28.7m in H1 2019) — A abiding akin of basic amount (€53.1 actor vs. €53.5 actor in H1 2019). Gross basic amount stood at €53.4 actor in H1 2020 compared to €55.9m in H1 2019, with a abridgement in capex in Q2 20 (-€9m) afterward a able alpha with Q1 20 up €6m.
At June 30, 2020, net debt stood at €1,690.3 million, bottomward 22.2% year-on-year (vs. €2,172.6 actor at June 30, 2019). This represents the everyman akin of banking net debt back 2008.
It took into account:
— €35.3 actor of net absorption paid in H1 2020 (vs €44.4 actor paid in H1 2019) — €24.9 actor of assets tax paid in the aboriginal bisected compared to €62.5 actor paid in H1 2019, mainly from lower taxable assets — €148.1 actor of gain from the auctioning of Gexpro Casework and the Spanish consign business — €4.9 actor of abrogating bill furnishings during the aboriginal bisected (vs a abrogating aftereffect of €8.4 actor in H1 2019).
At June 30, 2020, the acknowledgment arrangement (Net banking debt/ EBITDAaL), as affected beneath the Chief Acclaim Agreement terms, stood at 2.59x, lower than the June 30, 2019 akin of 2.86x.
PRIORITIES FOR THE COMING QUARTERS
All investments fabricated in the accomplished three years in people, inventories, annex openings, IT and agenda accept accurate their appliance and contributed to transform Rexel into a abundant added able-bodied company, able to cross the accepted agitation afterwards compromising its medium-term ambition.
The accepted ambiance charcoal airy and afterimage on H2 20 and 2021 is low, conspicuously because the accretion accident of a additional beachcomber of the Covid-19 communicable in several countries. The uncertainty, both on the appearance of the accretion and its timing, leads us to abide denial full-year guidance.
Rexel has approved its adeptness to acclimate its alignment to absolute altered situations from country to country, leveraging its investments over the accomplished three years. Rexel will accumulate absorption on its fundamentals in adjustment to bottle advantage and FCF generation.
In that context, while Rexel will administer its business with centralized KPIs and objectives on a six-month basis, the Group will reaccelerate its medium-term agenda transformation roadmap and advantage its agenda accoutrement to reinforce its multichannel access and chump service.
October 29th, 2020 Third-quarter 2020 sales
The banking address for the aeon concluded June 30, 2020 is accessible 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 second-quarter sales and half-year 2020 after-effects advertisement is additionally accessible on the Group’s website.
ABOUT REXEL GROUP
Rexel, common able in the multichannel able administration of articles and casework for the action world, addresses three basic markets – residential, bartering and industrial. The Group supports its residential, bartering and automated barter by accouterment a tailored and scalable ambit of articles and casework in action administration for construction, renovation, assembly and maintenance.Rexel operates through a arrangement of added than 1,900 branches in 26 countries, with added than 26,000 employees. The Group’s sales were €13.74 billion in 2019.Rexel is listed on the Eurolist bazaar of Euronext Paris (compartment A, ticker RXL, ISIN cipher FR0010451203). It is included in the afterward indices: SBF 120, CAC Mid 100, CAC AllTrade, CAC AllShares, FTSE EuroMid, STOXX600. Rexel is additionally allotment of the afterward SRI indices: FTSE4Good, Ethibel Sustainability Index Excellence Europe, Euronext VigeoEiris Europe 120 Index, Dow Jones Sustainability Index Europe and STOXX® Global Climate Change Leaders, in acceptance of its achievement in accumulated amusing albatross (CSR). Rexel is on the CDP “Climate A List”.For added information, appointment Rexel’s web armpit at www.rexel.com/en
FINANCIAL ANALYSTS / INVESTORS
Ludovic DEBAILLEUX 33 1 42 85 76 12 [email protected]
Brunswick: Thomas KAMM 33 1 53 96 83 92 [email protected]
REPORTED EBITA (Earnings Afore Interest, Taxes and Amortization) is authentic as operating assets afore acquittal of abstract assets accustomed aloft acquirement amount allocation and afore added assets and added expenses.
ADJUSTED EBITA is authentic as EBITA excluding the estimated non-recurring net appulse from changes in copper-based cable prices.
EBITDA (Earnings Afore Interest, Taxes, Abrasion and Amortization) is authentic as operating assets afore abrasion and acquittal and afore added assets and added expenses.
EBITDAaL is authentic as EBITDA afterwards answer of charter acquittal afterward the acceptance of IFRS16.
RECURRING NET INCOME is authentic as net assets restated for non-recurring chestnut effect, added costs and income, non-recurring banking expenses, net of tax aftereffect associated with the aloft items.
FREE CASH FLOW is authentic as banknote from operating activities bare net basic expenditure.
NET DEBT is authentic as banking debt beneath banknote and banknote equivalents. Net debt includes debt barrier derivatives.
For appendix, amuse accessible the PDF book by beat on the articulation at the end of the columnist release.
The Group is apparent to fluctuations in chestnut prices in affiliation with its administration of cable products. Cables accounted for about 15% of the Group’s sales and chestnut accounts for about 60% of the agreement of cables. This acknowledgment is aberrant back cable prices additionally reflect chestnut suppliers’ bartering behavior and the aggressive ambiance in the Group’s markets. Changes in chestnut prices accept an estimated alleged “recurring” aftereffect and an estimated so alleged “non-recurring” aftereffect on the Group’s achievement adjourned as allotment of the account centralized advertisement action of the Rexel Group: i) the alternating aftereffect accompanying to the change in copper-based cable prices corresponds to the change in amount of the chestnut allotment included in the sales amount of cables from one aeon to another. This aftereffect mainly relates to the Group’s sales; ii) the non-recurring aftereffect accompanying to the change in copper-based cable prices corresponds to the aftereffect of chestnut amount variations on the sales amount of cables amid the time they are purchased and the time they are sold, until all such account has been awash (direct aftereffect on gross profit). Practically, the non-recurring aftereffect on gross accumulation is bent by comparing the absolute acquirement amount for copper-based cable and the supplier amount able at the date of the auction of the cables by the Rexel Group. Additionally, the non-recurring aftereffect on EBITA corresponds to the non-recurring aftereffect on gross profit, which may be offset, back appropriate, by the non-recurring allocation of changes in the administration and authoritative expenses.
The appulse of these two furnishings is adjourned for as abundant of the Group’s absolute cable sales as possible, over anniversary period. Group procedures crave that entities that do not accept the advice systems able of such all-embracing calculations to appraisal these furnishings based on a sample apery at atomic 70% of the sales in the period. The after-effects are again extrapolated to all cables awash during the aeon for that entity. Because the sales covered. the Rexel Group considers such estimates of the appulse of the two furnishings to be reasonable.
This certificate may accommodate statements of approaching expectations and added advanced statements. By their nature, they are accountable to abundant risks and uncertainties, including those declared in the Universal Registration Certificate registered with the French Autorité des Marchés Financiers (AMF) on March 9, 2020 beneath cardinal D.20-0111, and its alteration filed with the AMF, on May 11, 2020 beneath cardinal D. 20-0111-A01. These advanced statements are not guarantees of Rexel’s approaching performance, Rexel’s absolute after-effects of operations, banking action and clamminess as able-bodied as development of the industry in which Rexel operates may alter materially from those fabricated in or adapted by the advanced statements independent in this release. The advanced statements independent in this advice allege alone as of the date of this advice and Rexel does not undertake, unless adapted by law or regulation, to amend any of the advanced statements afterwards this date to accommodate such statements to absolute after-effects to reflect the accident of advancing after-effects or otherwise.
The bazaar and industry abstracts and forecasts included in this certificate were acquired from centralized surveys, estimates, experts and studies, area appropriate, as able-bodied as alien bazaar research, about accessible advice and industry publications. Rexel, its affiliates, directors, officers, admiral and advisers accept not apart absolute the accurateness of any such bazaar and industry abstracts and forecasts and accomplish no representations or warranties in affiliation thereto. Such abstracts and forecasts are included herein for advice purposes only.
This certificate includes alone arbitrary advice and charge be apprehend in affiliation with Rexel’s Universal Registration Certificate registered with the AMF on March 9, 2020 beneath cardinal D.20-0111, its alteration filed with the AMF, on May 11, 2020 beneath cardinal D. 20-0111-A01, as able-bodied as the circumscribed banking statements and action address for the 2019 budgetary year which may be acquired from Rexel’s website (www.rexel.com).
— PR- Aboriginal Bisected 2020 results
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