- Sales €911 million (+8.5% vs H1 2016)
- EBITDA€60.7 million (6.7% of sales)
- Net income (Group share)€27.7 million
Regulatory News:
Jacquet Metal Service (Paris:JCQ):
On September 6, 2017 the Board of Directors chaired by Éric Jacquet examined the consolidated financial statements for the period ended June 30, 2017, which were subject to a limited review by the Statutory Auditors.
€m | Q2 2017 | Q2 2016 | H1 2017 | H1 2016 | ||||
Sales | 445.7 | 417.0 | 910.7 | 839.5 | ||||
Gross margin | 114.2 | 101.5 | 236.0 | 195.6 | ||||
% of sales | 25.6% | 24.3% | 25.9% | 23.3% | ||||
EBITDA (1) | 29.5 | 15.4 | 60.7 | 24.2 | ||||
% of sales | 6.6% | 3.7% | 6.7% | 2.9% | ||||
Operating income before non-recurring items (1) | 23.2 | 10.0 | 50.1 | 14.1 | ||||
% of sales | 5.2% | 2.4% | 5.5% | 1.7% | ||||
Operating income | 22.1 | 10.1 | 49.2 | 14.5 | ||||
Net income (Group share) | 12.4 | 3.4 | 27.7 | 2.3 |
(1) Adjusted for non-recurring items. The activity report includes a definition of non-IFRS financial indicators and explains the methods used to calculate them.
First half 2017 sales and earnings
Group sales amounted to €911 million, +8.5% compared to first half 2016, including the following effects:
> Volumes sold: -1.8% (Q2: -5.2%);
> Price: +10.3% (Q2: +12.1%).
Gross margin amounted to €236 million or 25.9% of sales (Q2: 25.6%) versus 23.3% in H1 2016.
EBITDA came to €60.7 million (Q2: €29.5 million), amounting to 6.7% of sales versus 2.9% in H1 2016.
Operating income before non-recurring items amounted to €50.1 million (5.5% of sales) compared to €14.1 million (1.7% of sales) in H1 2016.
Net income (Group share) amounted to €27.7 million (3% of sales) versus €2.3 million (0.3% of sales) in H1 2016.
Financial position
The Group generated operating cash flow of €48 million during H1 2017. As of June 30, 2017, operating working capital amounted to €389 million, including inventories of €387 million, and represented 23.4% of sales, stable compared to year end of 2016.
As of June 30, 2017, Group net debt stood at €172 million, compared with shareholders' equity of €313 million, resulting in a net debt to equity ratio of 55% (69% as of December 31, 2016).
First half 2017 earnings by division
Jacquet Abraservice | Stappert | IMS | ||||||||||
Stainless steel and wear- | Long stainless | Engineering | ||||||||||
€m | Q2 2017 | H1 2017 | Q2 2017 | H1 2017 | Q2 2017 | H1 2017 | ||||||
Sales | 97.8 | 195.9 | 114.4 | 240.6 | 232.1 | 472.7 | ||||||
Change vs 2016 | 16.2% | 15.9% | 7.5% | 11.0% | 3.2% | 4.2% | ||||||
Price effect | 13.3% | 13.3% | 18.2% | 16.3% | 8.8% | 6.4% | ||||||
Volume effect | 2.8% | 2.6% | -10.7% | -5.3% | -5.6% | -2.3% | ||||||
EBITDA (1) (2) | 6.4 | 13.5 | 7.0 | 16.7 | 12.6 | 26.5 | ||||||
% of sales | 6.6% | 6.9% | 6.1% | 6.9% | 5.4% | 5.6% | ||||||
Operating income before non-recurring items (2) | 3.9 | 8.9 | 6.3 | 15.8 | 10.1 | 22.6 | ||||||
% of sales | 4.0% | 4.5% | 5.5% | 6.6% | 4.4% | 4.8% |
(1) Non-division operations contributed €3.4 million to Q2 2017 EBITDA and €4.0 million to H1 2017 EBITDA.
(2)Adjusted for non-recurring items. The activity report includes a definition of non-IFRS financial indicators and explains the methods used to calculate them.
Jacquet Abraservice
This division comprises the Jacquet and Abraservice brands, respectively specialized in the distribution of stainless steel and wear-resistant quarto plates. Jacquet and Abraservice have separate sales networks. The division generated 72% of its business in Europe and 18% in North America.
Sales amounted to €195.9 million, +15.9% from €169.1 million in H1 2016: volumes sold +2.6% (Q2: 2.8%), price +13.3% (Q2: 13.3%).
The gross margin rate rose 1.4 percentage points to 30.9% of sales, while gross margin came to €60.5 million compared to €49.9 million in H1 2016.
EBITDA amounted to €13.5 million (Q2: €6.4 million), representing 6.9% of sales, compared to €4.6 million (2.7% of sales) in H1 2016.
Stappert
This division specializes in the distribution of long stainless steel products in Europe. It generated 41% of its sales in Germany, the largest European market.
Sales amounted to €240.6 million, +11% from €216.7 million in H1 2016: volumes sold -5.3% (Q2: -10.7%), prices +16.3% (Q2: +18.2%).
The gross margin rate rose 3 percentage points to 23.3% of sales, while the gross margin came to €56.1 million versus €44.1 million in H1 2016.
EBITDA amounted to €16.7 million (Q2: €7 million), representing 6.9% of sales, compared to €6.7 million (3.1% of sales) in H1 2016.
IMS group
IMS group specializes in the distribution of engineering steels, mostly in the form of long products. The division generated 47% of its sales in Germany, the largest European market.
Sales amounted to €472.7 million, +4.2% from €453.8 million in H1 2016: volumes -2.3% (Q2: -5.6%), prices +6.4% (Q2: +8.8%).
The gross margin rate rose 2.8 percentage points to 24.7% of sales, while the gross margin came to €116.7 million versus €99.3 million in H1 2016.
EBITDA amounted to €26.5 million (Q2: €12.6 million), representing 5.6% of sales, compared to €9.4 million (2.1% of sales) in H1 2016. S+B Distribution contributed €10.2 million (3.8% of sales) to EBITDA, compared to €1 million in H1 2016.
Key financial information
Results
€m | H1 2017 | H1 2016 | ||
Sales | 910.7 | 839.5 | ||
Gross margin | 236.0 | 195.6 | ||
% of sales | 25.9% | 23.3% | ||
EBITDA (1) | 60.7 | 24.2 | ||
% of sales | 6.7% | 2.9% | ||
Operating income before non-recurring items (1) | 50.1 | 14.1 | ||
% of sales | 5.5% | 1.7% | ||
Operating income | 49.2 | 14.5 | ||
Net income (Group share) | 27.7 | 2.3 |
(1) Adjusted for non-recurring items. The activity report includes a definition of non-IFRS financial indicators and explains the methods used to calculate them.
Balance sheet
€m | June 30, 2017 | Dec. 31, 2016 | ||
Goodwill | 68.4 | 68.5 | ||
Net non-current assets | 144.8 | 147.6 | ||
Net inventory | 387.2 | 376.2 | ||
Net trade receivables | 230.6 | 171.3 | ||
Other assets | 92.4 | 91.7 | ||
Cash | 66.4 | 73.0 | ||
Total assets | 989.9 | 928.3 | ||
Shareholders' equity | 312.7 | 296.5 | ||
Provisions (including provisions for employee benefit obligations) | 105.6 | 112.3 | ||
Trade payables | 229.1 | 176.4 | ||
Borrowings | 242.2 | 281.2 | ||
Other liabilities | 100.3 | 61.8 | ||
Total equity and liabilities | 989.9 | 928.3 |
Cash flow
€m | H1 2017 | 2016 | ||
Operating cash flow before change in working capital | 49.2 | 45.3 | ||
Change in working capital | (1.5) | (2.2) | ||
Cash flow from operating activities | 47.7 | 43.1 | ||
Capital expenditure | (8.0) | (18.3) | ||
Asset disposals | 0.6 | 1.2 | ||
Dividends paid to shareholders of Jacquet Metal Service S.A. | (9.5) | |||
Interest paid | (5.4) | (9.6) | ||
Other movements | (2.2) | 1.3 | ||
Change in net debt | 32.8 | 8.3 | ||
Net debt brought forward | 205.3 | 213.5 | ||
Net debt carried forward | 172.5 | 205.3 |
The half-year report may be downloaded from: www.jacquetmetalservice.com.
Q3 2017 results: Wednesday, November 15, 2017 after close of trading
View source version on businesswire.com: http://www.businesswire.com/news/home/20170906006407/en/
Contacts:
Jacquet Metal Service