2013 FINANCIAL RESULTS 25 MARCH 2014

Transcription

1 2013 FINANCIAL RESULTS 25 MARCH 2014

2 AGENDA Key Investment Highlights 3 Construction Market Overview 6 Business Overview Financial Results Roadmap 28 2

3 KEY INVESTMENTHIGHLIGHTS

4 2013 HIGHLIGHTS Financial performance in line with expectations Revenue down 2.8% (Q4: +2.8%). Adjusted EBITDA of 245m Gross Capexof 202m Net financial debt of 833m Network management Completion of Generalist network reorganization Opening of 13 new branches Closure of 11 branches Network of 611 branches Acquisition of Dansklift : 6 branches in Denmark, 4 in Norway, 1 in Sweden Operational excellence Rollout of ERP Rentalman in International Division Renewal of ISO & 9001 certifications 4

5 REVENUE IN LINE WITH MACRO TREND Revenue Evolution EBITDA and EBITDA Margin Evolution Adj. EBITDA (a) and Adj. EBITDA margin evolution (a) Adjusted EBITDA excludes in 2011 the fees paid in connection with the refinancing loan and the Locarest loan ( 10.2m), and excludes in 2012 and 2013 the costs of high yield ( respectivelly 7.2m and 5,2m) 5

6 CONSTRUCTION MARKET OVERVIEW

7 TWO CONSECUTIVE YEARS OF DECREASE 2013 and 2012 construction industry growth by country 2,8% 2,8% 2,6% 2,6% 0,5% 0,5% 0,3% 0,3% 0,3% 0,3% 2,4% 2,4% -1,3% -1,3% -2,8% -2,8% -1,2% -1,2% -1,3% -1,3% -1,1% -1,1% -5,0% -5,0% -7,2% -7,2% -7,8% -7,8% -3,5% -3,5% -3,0% -3,0% -4,4% -4,4% Avg. Avg. Europe Europe -16,8% -16,8% -23,0% -23,0% -31,8% -31,8% SWI SWI BEL BEL FRA FRA GER GER DAN DAN NL NL UK UK IRL IRL SPA SPA Estimates 2013 Estimates Source : Euroconstruct December 2013

8 RECOVERY IN NORTHERN EUROPE IN and 2013 by country European construction markets in 2014 NOR 3.7% 3.6% SWI 2.8% 3.6% DAN 2.4% 3.3% GER SWE -0.4% 0.3% 2.7% 1.6% +3,6 +1,6 +0,5 UK -1.1% 2.4% +3,3 BEL FRA IRL NL -1.3% -2.8% -1.5% -3.5% -5.0% 1.2% 0.4% 9.8% +9,8 +2,4 +0,4 +1,2 +2,7-1,5 +3,6 +1,2 +3,5-4,2-0,8 +7,6 SPA -23,0% -6.7% Avg. Europe -3.0% 0.8% -3,0-6,7-0, Estimates 2014 Forecast Source : Euroconstruct December 2013 Market size; +/-% increase/decrease in

9 LOWER DECREASE OF FRENCH CONSTRUCTION MARKET IN estimated range 2014 trends Residential & Nonresidential Civil Engineering Total Construction Residential & Nonresidential Civil Engineering Total Construction -1,1% -0,4% -0,7% -0,5% -2,6% -2,3% -1,8% -2,3% -3,4% -3,0% -3,3% -4,0% Sources: Euroconstruct, FNTP, FFB 9

10 BUSINESS OVERVIEW OF LOXAM

11 REVENUE GROWTH IN THE SECOND HALF OF

12 Q1 EBITDA WEIGHED ON YEARLY PERFORMANCE Quarterly Adj. EBITDA margin Generalist France Specialist France International 40% 35% 30% 25% 20% 15% 10% 5% 0% 38% 37% 33% 33% 32% 27% 28% 22% Q1 Q2 Q3 Q % 35% 30% 25% 20% 15% 10% 5% 0% 37% 38% 36% 35% 37% 33% 31% 33% Q1 Q2 Q3 Q % 35% 30% 25% 20% 15% 10% 5% 0% 35% 32% 28% 29% 29% 27% 24% 16% Q1 Q2 Q3 Q Note : Adj. EBITDA excludes non-recurring costs. 12

13 GENERALIST FRANCE: ONE NETWORK FOR ONE BRAND Key figures Generalist division Contribution to 2013 revenue Brief description KPIs Key financial figures (FY 13) 68% Equipment for all construction, industrial, landscaping and local authorities activities Number of BUs: 1 Number of branches: 450 Headcount: 3,190 FTE Number of equipment:133,000 Total revenue: 547m (-4.3% vs 2012) Adj. EBITDA: 165m (30% of revenue) Equipment replacement value: 1,100m Merger of the brands into Loxam Rental 8 openings and 10 consolidations of branches Staff decreased by 61 employees Business Units 13

14 SPECIALIST FRANCE : STABILITY DESPITE ENVIRONMENT Key figures Specialist division Contribution to 2013 revenue Brief description KPIs Key financial figures (FY 13) Business Units 17% Specialist equipment, such as aerial work platforms, generators, portable accommodation, heavy equipment for compaction Number of BUs: 7 Number of branches: 62 Headcount: 544 FTE Number of equipment: 20,000 Total revenue: 138m (0% vs 2012) EBITDA: 47m (34% of revenue) Equipment Replacement Value: 327m LOXAM Power LOXAM Module LOXAM Access LOXAM LAHO TEC LOXAM LEV LOXAM TP LOXAM Event 4 branch openings Staff increased by 32 employees Further development of Loxam Laho TEC 14

15 INTERNATIONAL : YEAR OF GROWTH Key figures International division Contribution to 2013 revenue Brief description KPIs Key financial figures (FY 13) Business Units Generalist or specialist branches in 12 countries: Denmark, Belgium, Netherlands, Germany, Spain, UK, Ireland, Morocco, Switzerland, Luxembourg, Norway, Sweden. Number of BUs: 13 Number of branches: 99 Headcount: 677 FTE Number of equipment :29,000 LOXAM Switzerland LOXAM Belgium LOXAM Germany LOXAM Access UK LOXAM Ireland 15% Total revenue: 120m (+0.8% vs 2012) EBITDA: 31m (26% of revenue) Equipment Replacement Value: 328m DANSLIFT Danemark SAFELIFT Norway SAFELIFT Sweden LOXAM Spain LOXAM Netherlands LOXAM Denmark LOXAM Morocco LOXAM Luxembourg Growth of revenue Stability of network Staff increased by 26 employees Acquisition of Danskliftgroup, with 3 businesses operating a total of 11 branches : 15

16 ACQUISITION OF DANSKLIFT Powered access equipment rental specialist in Denmark 6 branches in Denmark, 4 in Norway and 1 in Sweden Key data: 2013 revenues 18+ millions Fleet of 1,600+ machines 80 employees Bergen Stavanger Trondheim Oslo Leader in Denmark Diversification towards Access in Denmark Adds Norway to International division Herning Fredericia Aalborg Aarhus Copenhagen Malmö Kalundborg 16

17 BACK TO STANDARD LEVEL OF CAPEX Historical fleet investments and disposals ( m) FY13 Fleet Capex split by type of equipment BUILDING OTHERS 20% EARTH MOVING 29% ENERGY 4% MODULAR 5% COMPACTION 8% HANDLING 9% AERIAL WORK PLATFORM 25% Gross book value of disposed fleet equipment Fleet investments 17

18 A DYNAMIC, CONSTANTLY INNOVATING GROUP Services innovation New products Quality and Sustainability New technologies ISO 9001: demonstrating Loxam sability to provide quality products CSR ISO 14001: proving Loxam scommitment to the environment Commitment to Corporate Social Responsibility Loxforce CRM E-invoicing RentalMan 18

19 2013 FINANCIAL RESULTS

20 INCREASING PROFITABILITY IN Q4 ( m) Q Q Var. FY 12 FY 13 Var. Revenue ,8% ,8% Adj. EBITDA (a) ,3% ,6% Margin 28% 29% 33% 30% Adj. EBIT (a) ,9% ,9% Margin 10% 13% 14% 14% Net income ,4% ,9% Margin 2% 5% 6% 5% (a) Adjusted EBITDA and Adjusted EBIT exclude non-recurring costs. These adjustments amounted to 4.2m in Q4 2012, 0 in Q4 2013, 7.2m in FY 12 and 5.2m in FY

21 EBITDA AFFECTED BY LOWER REVENUE IN EBITDA BRIDGE m Adj. EBITDA 2012 Gross margin Staff costs Other operating costs Adj. EBITDA

22 WORKING CAPITAL REQUIREMENT AT NORMAL LEVEL m QUARTERLY WORKING CAPITAL REQUIREMENT % 90 9% 80 8% % 6% 5% % % 20 2% 10 1% 0 March 11 June 11 Sept. 11 Dec. 11 March 12 June 12 Sept. 12 Dec. 12 March 13 June 13 Sept. 13 déc-13 0% WORKING CAPITAL REQUIREMENTS WCR in % of turnover rolling 12 months basis (right hand scale) 22

23 LOWER RECEIVABLES DRIVE Q4 WCR DOWN m QUARTERLY WORKING CAPITAL REQUIREMENT (16) (25) (23) (21) (17) (31) (21) (29) (8) (30) (37) (32) (8) (6) (8) (12) (5) (42) (4) (7) Mar.11 June 11 Sept.11 Dec.11 Mar.12 June 12 Sept.12 Dec.12 Mar.13 June 13 Sept.13 Dec.13 WCR relating to business operations WCR relating to fixed assets WCR relating to income tax 23

24 14 M FREE CASH FLOW GENERATION IN Q4 100 Quarterly Cash-flow Generation Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Cash-flow from operations Free Cash Flow Cash-flow fromoperations= EBITDA WCR change financialexpenses incometax net gains on fleetdisposals Free Cash Flow = EBITDA WCR change financialexpenses incometax net gains on fleetdisposals net capex 24

25 INCREASING CAPEX WEIGHED ON FREE CASH FLOW ( m) FY 2012 FY 2013 EBITDA before capital gains on fleet disposal Proceeds from disposals of fixed assets Gross capital expenditure (139) (202) Financial income and expense (30) (44) Income tax (34) (25) Change in working capital requirement (1) 16 (23) Free cash flow (1) 86 (50) (1) Adjusted with cash advance to Dansklift on December 31,

26 NET DEBT/EBITDA LEVERAGE AT 3.4x m 3,6x ,8x 3,5x 3,0x 2,8x 3,4x (a) Net Debt Leverage (a) In 2013, net debtexcludesa cash advanceof 9.2m to Dansklift 26

27 GROSS DEBT AT 983M, CASH AT 150M Maturity profile of debt as at 31/12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/2020 Syndicated facilities HY Notes Bilaterals Finance leases Cash & equivalents RCF (not drawn) 27

28 2014 ROADMAP

29 2014 ROADMAP Recovery in European construction markets from 2014 (In France, recovery expected from 2015) Steady capex level, leading to renewal and diversification of fleet Growth sustained by organic growth and acquisitions Sound financial performance Streamlining of networks Upgrading of installations 29