Jacquet Metals Sa · EURONEXT:JCQ
Jacquet Metals Sa — FY2017 Earnings Presentation
22 slides from Jacquet Metals Sa's earnings presentation, Mar 8, 2018
Slide 1: 2017 annual financial results
2017 annual financial results P a r i s - M a r c h 8 th, 2 0 1 8 A leader leader in in the thedistribution distributionofofspecial specialty steels steels
Slide 2: Agenda
AGENDA 1. A leader in the distribution of specialty steels 2. 2017 annual financial results
Slide 3: Positioning
POSITIONING Commodities steel market 95% Specialty steel market 5% Typology: Typology: Large volume Targeted applications “Volumes” strategy “Margin” strategy Players: 1,7bn Players: tons Aperam, Amari Metal, ThyssenKrupp Materials, Ta Chen International, Kloeckner Jacquet Metal Service 1. A leader
Slide 4: Activity / Value Added
ACTIVITY / VALUE ADDED Suppliers Jacquet Metal Service Customers 20 suppliers for 45% of purchases Purchasing prices 60,000 customers, Delivery time from 1 to 12 months Storage of specialty steels average invoice < € 3,000 Managing price fluctuations Average delivery time: Finishing services -/+ 1 w
Slide 5: 3 Divisions
3 DIVISIONS Sales €378m (22%) Sales €457m (26%) Sales €901m (52%) Outside Outside Outside Europe Europe Europe 4% Germany 2% 1% 13% Other Other France Germany Europe Germany Europe 15% Other 41% 29% 48% 38% Europe 46% Italy France 8% 10% France China North The Netherlands 5% Italy 4% America 6% 12%
Slide 6: Group Overview
GROUP OVERVIEW Senior Management Group key figures Eric JACQUET (FR) David FARIAS (ARG) Marc STEFFEN (DE) Chairman & CEO COO JACQUET – COO STAPPERT € 1.7 Bn Sales Abraservice (since 2007) (since 2015) 3,329 Staff Distribution centers 110 Philippe GOCZOL (BE) Thierry PHILIPPE (FR) José BERTHELIER (FR
Slide 7: 2017 Key Events
2017 KEY EVENTS Group Sales € 1 741 m (+ 9.6%) > Volume effect: +4,1% (excluding S+B Distribution) > Price effect: +8.6 % EBITDA € 106 m (€ 55 m in 2016) Net income € 46 m (€ 16 m in 2016) (Group share) Ex-S+B Distribution > Integration completed end of 2017 > € 7 m savings on a full-year basis > EB
Slide 8: Future Main Development Areas
FUTURE MAIN DEVELOPMENT AREAS Aggregating volumes to benefit from better purchasing conditions United States of America Germany Italy United-Kingdom 1. A leader in the distribution of specialty steels 8
Slide 9: Agenda
AGENDA 1. A leader in the distribution of specialty steels 2. 2017 annual financial results
Slide 10: Sales
SALES +4.1% excluding S+B Distribution Variation 2017 vs 2016 + 9.6 % +8.6% +1% 1 741 1 588 In €m 2016 Volume Price 2017 effect effect Volume effect Price effect Sales variation 12.1% 7.4% 7.3% 8.5% 6.9% .3.6% 5.8% 0.5% 1.5% 1.9% Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 16 Q2 16 Q3 16 Q4 1
Slide 11: Sales by division
SALES by division + 17% + 9.8% + 6.4% In €m + 6.9 % 900,6 846,6 - 0,5 % + 12.1 % + 8.9% + 8.1% 456,6 415,8 - 2.2 % 378,4 323,5 2016 Volume Price 2017 2016 Volume Price 2017 2016 Volume Price 2017 effect effect effect effect effect effect IMS group Historical perimeter +7.2% S+B Distribution -6.7% 2.
Slide 12: Gross Margin
GROSS MARGIN Gross Margin: €443 m, 25.4% of sales + 1.1 pt December 31, 2017 var. y.o.y. 115.1 m€ + 15.5 m€ (30.4%) (- 0.4 pt) In €m 103.7 m€ + 13.5 m€ (22.7%) (+ 1 pt) In % of sales 24.3% 25.4% 217.5 m€ + 26.7 m€ (24.1%) (+ 1.6 pt) 26.2% 25.6% 24.1% 25.8% Q1 17 Q2 17 Q3 17 Q4 17 2. 2017 annual fina
Slide 13: Operating Expenses Excluding Non-Recurring Items
OPERATING EXPENSES EXCLUDING NON-RECURRING ITEMS Variation 2017 vs. 2016 : + € 6.4 m / + 1.8% + 1.8% Increase in variable operating expenses mainly due to the improvment in Group sales and profit margins. In €m 2. 2017 annual financial results 13
Slide 14: Operating Result
OPERATING RESULT > EBITDA: €106 m (+ 95%) > Adjusted operating income: €84 m (x 2.5) 106.4 84.2 In €m 54.7 33.5 In % of sales 3.4% 6.1% 2.1% 4.8% 2016 2017 2016 2017 (12-months) (12-months) (12-months) (12-months) Sales EBITDA 44.2 28.2 22.6 18.3 16.3 10.8 6.7% 6.6% 5.4% 5.7% 3.3% 6% 3.9% 6.2% 2.2%
Slide 15: Income Statement
INCOME STATEMENT > Net income (Group share) : €46 m (x2.9) (in €m) Q4 2017 Q4 2016 2017 2016 Sales 417.9 369.5 1 741.1 1 588.3 EBITDA 23.6 14.5 106.4 54.7 % of sales 5.7% 3.9% 6.1% 3.4% Adjusted operating income 17.5 7.8 84.2 33.5 % of sales 4.2% 2.1% 4.8% 2.1% * * Operating income 14.8 14.2 80.8 40
Slide 16: Cash Flow / Balance Sheet
CASH FLOW / BALANCE SHEET Cash flow: +85% vs December 31, 2016 Balance Sheet Gearing: 55% In €m In €m Non-current assets 225 332 Equity Operating Working Capital 183 Net debt 383 Including inventory (€418 m) Provisions, 93 pensions & others 2. 2017 annual financial results 16
Slide 17: Borrowings at December 31, 2017
BORROWINGS AT DECEMBER 31, 2017 Utilization rate: 47% Syndicated revolving loan (negotiated in June 2017): € 125m / Maturity 2020 New SSD (settled in February 2018): € 150m / Maturity 2023 Syndicated revolving loan Authorized at Used at In €m % used 31.12.2017 31.12.2017 • Amount: € 125 m (utilizati
Slide 18: Appendices
AGENDA Appendices
Slide 19: Income Statements
INCOME STATEMENTS (€000) 2017 2016 Sales 1,741,149 1,588,281 Gross margin 443,039 385,945 % of sales 25.4% 24.3% Operating expenses -338,267 -336,592 Net depreciation and amortization -21,416 -21,177 Net provisions -2,671 6,121 Gains on disposals of non-current assets 158 115 Non-recurring income an
Slide 20: Balance Sheets
BALANCE SHEETS (€000) 31.12.2017 31.12.2016 Goodwill 68,345 68,489 Net non-current assets 156,154 147,598 Net inventory 418,012 376,243 Net trade receivables 189,296 171,315 Other assets 93,913 91,707 Cash 102,145 72,951 Total assets 1,027,865 928,303 Shareholders' equity 331,849 296,522 Provisions
Slide 21: Stock Market
STOCK MARKET Stock market information Share capital (voting rights) * 2 0 17 Number of shares at end of period number of shares 24 028 438 Ma rke t c a pita liza tion a t e nd of pe riod €0 0 0 660 782 High € 30 Eric Jacquet / JSA Low € 19 40.32% (57.2%) P ric e a t e nd of pe riod € 28 Average dail
Slide 22: Euronext Paris ISIN: FR0000033904
Euronext Paris ISIN : FR0000033904 A leader in the distribution of special steels