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13.05.2014 17:45:00
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Jacquet Metal Service : First Quarter 2014
Regulatory News :
JACQUET METAL SERVICE (Paris:JCQ) :
On May 6, 2014, the Board of Directors, chaired by Eric Jacquet, reviewed the unaudited consolidated financial statements for the period ended March 31, 2014.
| € million | Q1 2014 | Q4 2013 | Q1 2013 | Change vs. Q4 2013 | Change vs. Q1 2013 | |||||
| Sales | 291.6 | 244.8 | 273.2 | 19.1% | 6.7% | |||||
| Gross margin | 71.0 | 61.5 | 62.3 | |||||||
| % of sales | 24.3% | 25.1% | 22.8% | |||||||
| EBITDA | 13.8 | 6.9 | 7.7 | |||||||
| % of sales | 4.7% | 2.8% | 2.8% | |||||||
| Operating income | 10.5 | 4.4 | 6.3 | |||||||
| % of sales | 3.6% | 1.8% | 2.3% | |||||||
| Net income (Group share) | 5.2 | 0.8 | 1.6 |
Business in the first quarter of 2014
Sales amounted to €291.6 million, up 6.7% as compared to the first quarter 2013 (volume effect +17.4% -of which scope effect +4%- price effect -10.7%) and up 19.1% as compared to the fourth quarter 2013 (volume effect +19.2%, price effect -0.1%).
On March 31, 2014, gross margin came to 24.3% of sales, amounting to €71 million as compared to €62.3 million one year previously.
As a result, EBITDA amounted to €13.8 million (4.7% of sales), operating income to €10.5 million, and net income (Group share) to €5.2 million.
Across the first quarter, all brands recorded growth in sales volumes and made a positive contribution to the Group’s results:
|
JACQUET |
STAPPERT |
ABRASERVICE |
IMS |
|||||
|
Q1 2014 €million |
Stainless steel quarto plates |
Long stainless steel products |
Wear resistant Quarto plates |
Engineering steels |
||||
| Sales | 56.5 | 118.2 | 17.2 | 103,1 | ||||
| Change Q1 14 vs. Q1 13 | +9.2% | -1.2% | -2.6% | +16,2% | ||||
| of which volume effect | +29.2% | +7.6% | +6.1% | +9.5% | ||||
| of which price effect | -20.0% | -8.8% | -8.7% | -4.2% | ||||
| of which scope effect | 0.0% | 0.0% | 0.0% | +10,9% | ||||
| EBITDA | 1.9 | 5.8 | 0.4 | 4.6 | ||||
| % of sales | 3.4% | 4.9% | 2.1% | 4.4% | ||||
| Operating income (1) | 0.8 | 5.1 | 0.2 | 3.6 | ||||
| % of sales | 1.4% | 4.3% | 1.2% | 3.5% | ||||
| (1) Non-brand activities (including Jacquet Metal Service SA) contributed €0.8 million to operating income. | ||||||||
Financial position
At March 31, 2014, operating working capital represented 21.1% of sales and net debt amounted to €82.2 million against shareholders’ equity of €258.6 million, resulting in a net debt-to-equity ratio of 31.8%.
The Board of Directors will propose a dividend distribution of €0.59 per share at the General Meeting of Shareholders on June 26, 2014.
2014 half-year results: September 3, 2014 after market closing
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