Jacquet Metals SA · EURONEXT:JCQ
Jacquet Metals SA — 9M 2023 Earnings Presentation
24 slides from Jacquet Metals SA's earnings presentation, Nov 7, 2023
Slide 1: A European leader in the distribution of special metals
A European leader in the distribution of special metals Results as of September 30, 2023 – November 7th, 2023
Slide 2: Annexes
Annexes 1. A European leader in the distribution of special metals
Slide 3: Group overview
Group overview Sales LTM: €2.3bn 3,393 employees* - 122 distribution centers* - 27 countries* Worldwide footprint* Sales breakdown Outside Europe 3% Germany 38% Other Europe 22% France 9% Italy 7% North America 7% The Netherlands 7% Spain 7% * Including companies acquired from Swiss Steel Group on O
Slide 4: 3 divisions
3 divisions Sales breakdown* JACQUET STAPPERT IMS group Asia and others 7% Germany 10% Germany 48% Outside Germany 44% Other Europe 2% Europe 23% France 9% France 12% €550m The €650m Netherlands €1,100m 8% Outside France 6% Europe 1% Spain 12% Italy 7% Other The Other Europe 43% Netherlands Europe 1
Slide 5: Environmental Responsibility
Environmental Responsibility Governance: operational CSR (Corporate Social Responsibility) committee Carbon footprint*: the energy consumption of the Group’s distribution centers accounts for 1.2% of the total emissions Inzersdorf, Austria (commissioned in 2023) Promotion of renewable energy / solar
Slide 6: 2023 Highlights
2023 Highlights Market conditions Volumes sold Prices Sequential -0.6% -4.4% -4.3% y.o.y. y.o.y. -10.6% -10.8% -10.9% Q1.23 Q2.23 Q3.23 Q1.23 Q2.23 Q3.23 Performance Strong cash flow generation Sales €1,764m / -16.7% vs €2,118m YTD.22 Operating cash flow €132m EBITDA €118m / 6.7% Gearing 34% vs 35%
Slide 7: Organic growth: ongoing projects 2024–2026
Organic growth Ongoing projects 2024 – 2026 Germany 2024 Canada (Toronto) 2026 Illustration United States (Chicago) 2026 Italy 2024 Illustration 7
Slide 8: External growth: 2023 acquisitions
External growth 2023 acquisitions 1st establishment in Italy Aluminum distribution Strengthening in Central early 2023 June 2023 and Eastern Europe Closing: October 31, 2023 S+B Distribution 2015 Acquisition 2023 IMS group 2010 Sites 2 distribution centers 1 distribution center 11 distribution cente
Slide 9: Results as of September 30, 2023
Annexes 2. Results as of September 30, 2023
Slide 10: Sales
Sales YTD.23 vs YTD.22 -€354m / -16.7% 0.6% -10.8% -6.5% In €m * * Acquisitions Fidelity PAC Metals May 2022 Delta Acciai early 2023 Cometal Metallhalbzeuge June 2023 Volume effect Price effect Sequential -0.6% -4.4% -4.3% y.o.y. y.o.y. -10.6% -10.8% -10.9% Q1.23 Q2.23 Q3.23 Q1.23 Q2.23 Q3.23 10
Slide 11: Sales by division
Sales by division 28% 49% 23% JACQUET STAPPERT IMS group -15% (Q3 -21.4%) In €m -20.8% (Q3 -24%) -14.6% (Q3 -23%) -10.6% -4.7% In €m 0,2% In €m -14.6% -6.8% 0.5% -6.4% -9.9% 1.7% * * * Q3.22 -8.9% -14.0% n.a. Q3.23 Q3.22 -14.0% -10.4% +0.4% Q3.23 Q3.22 -10.0% -12.1% +0.7% Q3.23 * Acquisition Fidelit
Slide 12: Gross margin
Gross margin €380m (21.5% of sales) Divisions JACQUET STAPPERT IMS group -€168m Change YTD.23 -€77m 548 vs YTD.22 In €m -€47m -€45m 380 In €m In % of sales In % of sales 25.9% 21.5% YTD.22 YTD.23 Q1 32.8% Q1 20.0% Q1 23.8% In % of sales Q2 25.8% Q2 14.5% Q2 18.5% Q3 25.2% Q3 15.0% Q3 18.5% 12
Slide 13: Current operating expenses
Current operating expenses excluding depreciation and amortization and provisions €262m / 14.8% of sales -€17m inflation impact +€7m In €m In % of sales 13.2% 14.8% 13
Slide 14: Operating margins
Operating margins EBITDA 6.7% of sales vs 12.7% YTD.22 EBITDA €118m (6.7% of sales) €-151m In €m 269 Adj. operating income by division JACQUET STAPPERT IMS group 118 Change YTD.23 -€61m vs YTD.22 -€44m 12.7% 6.7% In % of sales In €m -€35m YTD.22 YTD.23 Adj. operating income €91m (5.2% of sales) In %
Slide 15: Income statement
Income statement Net income (Group share) €49m 30.09.2022 30.09.2023 In €m 9 months 9 months Sales 2,118 1,764 EBITDA 269.2 118.3 in % of sales 12.7% 6.7% Adjusted operating income 233.7 91.4 in % of sales 11.0% 5.2% Non-recurring items and gains on disposals (4.2) 0.3 Operating income 229.6 91.7 Fi
Slide 16: Cash flow / Balance sheet as of September 30, 2023
Cash flow / Balance sheet as of September 30, 2023 Operating cash flow +€132m Gearing 34 % Operating cash flow: In €m +€132m Non-current assets (incl. goodwill €72m 281 and real estate €128m) In €m 686 Shareholders’ equity Net operating WCR (of which inventories: €701m) 698 232 Net debt Provisions,
Slide 17: Borrowings as of September 30, 2023
Borrowings as of September 30, 2023 The Group had €263m of cash and €914m in lines of credit, 54% of which had been used Maturity Authorized at Used at 2024- 2026- 2028 In €m % used 2023 30.09.2023 30.09.2023 2025 2027 and beyond Syndicated revolving loan 2026 160 - 0% - - - - Schuldscheindarlehen 2
Slide 18: Appendices
Appendices
Slide 19: Sectors
Sectors Stainless steel Engineering steel JACQUET STAPPERT IMS group Quarto plates Long products Chemistry Fabricated metal products Agri-food industry Machinery & equipment Gas treatment and storage Transportation Pharmaceutical industry Energy (wind turbines, etc.) Environment Energy 19
Slide 20: Added value
Added value Suppliers JACQUET METALS Customers 20 suppliers: ± 50% of purchases Purchase prices 60,000 customers Delivery time: 2 to 12 months Storage of special metals Average invoice < €3,000 Managing price fluctuations Delivery time ± 1 week Finishing services 20
Slide 21: Stock market information and shareholder structure
Stock market information and shareholder structure Stock market information Shareholder structure as of 30.09.2023 30.09.2023 9 months Number of shares at end of period shares 22,707,209 Éric Jacquet / JSA 42.67% (59.59%) Market capitalization at end of period €k 365,586 High € 20.05 Low € 15.28 Oth
Slide 22: Income statement
Income statement 30.09.2022 30.09.2023 In €m 9 months 9 months Sales 2,118 1,764 Gross margin 548 380 in % of sales 25.9% 21.5% Current operating expenses (279) (262) Net depreciation and amortization (29) (30) Net provisions (11) 3 Gains on disposals of non-current assets 0 0 Operating income 230 9
Slide 23: Balance sheet
Balance sheet In €m 31.12.22 30.09.2023 Goodwill 67 72 Net non-current assets 178 209 Right-of-use assets 75 73 Net inventory 780 701 Net trade receivables 218 216 Other assets 146 133 Cash & cash equivalents 254 263 Total assets 1,719 1,668 Shareholders’ equity 675 686 Provisions (incl. provisions
Slide 24: Euronext Paris ISIN: FR0000033904
Euronext Paris ISIN : FR0000033904