H Semestrial results Investor presentation

Transcription

1 H Semestrial results Investor presentation September 4, 2014 H SEMESTRIAL RESULTS SEPTEMBER

2 Agenda 1 A leader in the distribution of specialty steels 2 H results 3 Development H SEMESTRIAL RESULTS SEPTEMBER

3 H Overview Sales (6 months) : 578 m Staff : Countries : 22 Distribution centers: 83 Sales repartition Un acteur global H SEMESTRIAL RESULTS SEPTEMBER

4 Positionnement Worldwide steel production 1,5 billion tons Commodities Market Specialty steels market Typology Large volume / Tonnage strategy Targeted applications / Margin strategy Players Inoxum, Kloeckner, Aperam,... Amari Metal, Jacquet Metal Service, Source: Jacquet Metal Service, SMR H SEMESTRIAL RESULTS SEPTEMBER

5 4 brands for 4 markets Stainless PMP & Nickel alloys Stainless steel long products Wear resistant & HSS Engineering steels & tool steels Chemical Agro foods Gases teatment & storage Environment Energy Public-works equipment Steel works Mines & quaries Cement works Farming machinery Lifting General engineering Transport Public-works equipement Machines centers Farming machinery Energy H SEMESTRIAL RESULTS SEPTEMBER

6 Value-added Suppliers 20 suppliers represent more than 50% of purchases Delivery time between 1 and 12 months Purchasing price Store specialties Manage change in prices Cutting services Customers customers Average invoice< 3K Delivery ±1 week H SEMESTRIAL RESULTS SEPTEMBER

7 H main facts Volumes +14,9% vs. S including +4,0% scope effect Price lower than H but increase during end of semester Gross margin +1,8 pt to 24,7% (+ 18,8 m vs.h1.2013) EBITDA 30 m (+89% vs. H1 2013) Inventory + 39 m Dévelopment JACQUET Deutschland (new service center) JACQUET Portugal (new service center) Abraservice Portugal IMS Nederland Stappert UK (opening during Q3 14) H SEMESTRIAL RESULTS SEPTEMBER

8 Agenda 1 A leader in the distribution of specialty steels 2 H results 3 Development H SEMESTRIAL RESULTS SEPTEMBER

9 H Financial results Activité Volumes Sales +14,9%* +6,8% H2 H2 Q2 268 m Q2 286 m H1 H1 Q1 273m Q1 292 m * including +4,0% scope effect H SEMESTRIAL RESULTS SEPTEMBER

10 H Financial results Gross margin +1,8 points / + 18,8 m 142,8 24,7% m % of sales 124,0 22,9% H1 S H1 S H SEMESTRIAL RESULTS SEPTEMBER

11 H Financial results Gross margin by brand +0,6 pt +2,6 pts 27,5% 28,1% 18,6% +2,7 pts 21,3% 29,7% 32,3% 23,6% +1,1 pt 24,7% H H H H H H H H H SEMESTRIAL RESULTS SEPTEMBER

12 H Financial results Operating expenses + 8 m + 5,2 m scope effect(finkenholl) + 3 m relative to the activity m 112, ,9 S1 H H1 S H SEMESTRIAL RESULTS SEPTEMBER

13 H Financial results EBITDA by brands EBITDA ajusté H (% of sales, m) EBITDA 5,4% 4,7% EBITDA H (% of sales, m) 2,9% 3,8% 3,1% 1,4% 1,7% 1,8% 2,9 m 4,2 m 7,1 m 12,6 m 0,5 m 0,6 m 3,2 m 9,6 m Non-brand activities (including Jacquet Metal Service SA) contributed 2.5 million to operating income. H SEMESTRIAL RESULTS SEPTEMBER

14 H Financial results Income statement EBITDA: + 30 m Net income (group share): + 11,2 m 0 H H Sales EBITDA % of sales 5.2% 2.9% 2.9% Operating income % of sales 3.8% 2.1% 1.8% Net income (Group share) Earnings per share issued ( ) H SEMESTRIAL RESULTS SEPTEMBER

15 H Financial results Operating Working Capital Increase in inventory to follonw the activity Operating Working capital: + 45 m including + 39 m of inventory + 45 m 252 m m 207 m % of sales 20,0% 23,5% Dec 31, 2013 June 30, 2014 H SEMESTRIAL RESULTS SEPTEMBER

16 H Financial results Cash flow / Net debt The increase of the net debt related to the inventory rise 78,3 40,3 4,7 4,4 101,1 En m 26,5 Net debt - December 31, 2013 Operating cash flow WCR variation CAPEX net Others Net debt - June 30, 2014 H SEMESTRIAL RESULTS SEPTEMBER

17 H Financial results Financial structure Gearing : 40,6% Fixed assets Equity WCR Net debt 24 Provisions H SEMESTRIAL RESULTS SEPTEMBER

18 Agenda 1 A leader in the distribution of specialty steels 2 H results 3 Development H SEMESTRIAL RESULTS SEPTEMBER

19 Development Development Firsts markets United States 21% France 13% Netherlands 12% Germany North America Germany 42% Austria. CZ rep. Slovakia. Hungary 23% France.Switzerland.Benelux 16% UK North America France 28% Germany 15% Spain 10% United States China South America France 25% Italy 24% Spain 24% Germany Netherlands H SEMESTRIAL RESULTS SEPTEMBER

20 Agenda Appendix H SEMESTRIAL RESULTS SEPTEMBER

21 Stock informations JCQ : +18% in 2014 vs STOXX Europe TMI Industrial Metals : +3% Market capitalization at September 3, 2014: 370 m Shareholding 2014 Share price Volumes Volumes JCQ STOXX Europe TMI Industrial Metals (indexed on JCQ at january) Share price 18,00 16, , ,00 0 Jan Feb Mar April May June 10,00 H SEMESTRIAL RESULTS SEPTEMBER

22 Income statement 0 Q Q H H Sales 285, , , ,987 Gross margin 71,842 61, ,82 124,001 % of sales 25.1% 23.1% 24.7% 22.9% Operating expenses -55,674-53, , ,126 EBITDA 16,168 8,143 30,007 15,875 % of sales 5.7% 3.0% 5.2% 2.9% Net depreciation and amortization -3,435-3,486-6,853-6,931 Net provisions -1, ,216 2,08 Gains (losses) on disposals of non-current assets Operating income 11,684 4,944 22,156 11,224 % of sales 4.1% 1.8% 3.8% 2.1% Net financial income (expense) -2,164-1,069-4,182-2,924 Income before tax 9,52 3,875 17,974 8,3 Corporate income tax -3,039-2,597-5,829-5 Consolidated net income 6,481 1,278 12,145 3,3 Net income (Group share) 5,999 1,075 11,235 2,697 Earnings per share issued ( ) H SEMESTRIAL RESULTS SEPTEMBER

23 Balance sheet ( millions) June 30, 2014 Dec 31, 2013 Goodwill 66,13 66,142 Net non-current assets 95,603 96,778 Net inventory 272, ,29 Net trade receivables 169, ,776 Other assets 52,897 51,047 Cash 71,057 61,439 Total assets 727, ,472 Shareholders equity 249, ,344 Provisions (including provisions for employee benefit obligations) 49,838 46,057 Trade payables 190, ,047 Borrowings 172, ,704 Other liabilities 66,378 43,32 Total liabilities 727, ,472 H SEMESTRIAL RESULTS SEPTEMBER

24 Liquidity - financing ( millions) June 30, 2014 Dec 31, 2013 Borrowings 172, ,704 Cash 71,057 61,439 Net debt 101,136 78,265 Debt to equity ratio 40.6% 30.9% ( millions) Authorized at Used at % June 30, 2014 June 30, 2014 used Jacquet Metal Service S.A. financing % of which syndicated term loan* % of which credit facilities / term loan % Subsidiaries' financing % of which credit facilities % of which factoring % of which term loan % of which leasing % Total % H SEMESTRIAL RESULTS SEPTEMBER

25 Euronext ISIN : FR H SEMESTRIAL RESULTS SEPTEMBER