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03.05.2016 19:12:00
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Jacquet Metal Service : First Quarter 2016
Regulatory News:
JACQUET METAL SERVICE (Paris:JCQ) :
On May 3, 2016, the Board of Directors, chaired by Eric Jacquet, examined the unaudited consolidated financial statements for the three months ended March 31, 2016.
| €m | Q1 2016 | Q4 2015 | Q1 2015 | |||||||||||||||||
| Sales | 422.6 | 376.7 | 316.5 | |||||||||||||||||
| Gross margin | 94.1 | 83.2 | 76.0 | |||||||||||||||||
| % of sales | 22.3% | 22.1% | 24.0% | |||||||||||||||||
| Adjusted EBITDA (1) | 8.8 | 0.7 | 14.5 | |||||||||||||||||
| % of sales | 2.1% | 0.2% | 4.6% | |||||||||||||||||
| Operating income/(loss) before non-recurring items (1) | 4.1 | (2.7) | 11.3 | |||||||||||||||||
| % of sales | 1.0% | -0.7% | 3.6% | |||||||||||||||||
| Operating income/(loss) | 4.4 | (2.5) | 11.0 | |||||||||||||||||
| % of sales | 1.0% | -0.7% | 3.5% | |||||||||||||||||
| Net income/(loss) (Group share) | (1.1) | (9.1) | 6.3 | |||||||||||||||||
| (1) Adjusted for non-recurring items (non-IFRS financial indicators) | ||||||||||||||||||||
First quarter 2016 sales and earnings
First quarter sales amounted to €422.6 million, up 33.5% from the previous year and including:
- volumes up 3.6% from first quarter 2015 at constant consolidation and up 46.8% including the acquisition of Schmolz+Bickenbach Distribution in July 2015 (6 companies operating in Germany, Austria, the Netherlands and Belgium);
- average sale prices down from Q1 2015 (-13.3% price effect) with a knock-on effect on gross margin and EBITDA. The price effect compared to Q4 2015 was -5.4%.
At constant consolidation, i.e. excluding Schmolz+Bickenbach Distribution, gross margin represented 24.3% of sales compared to 24% in Q1 2015. Operating expenses before non-recurring items were down 1%.
First quarter adjusted EBITDA came to €8.8 million, compared to €14.5 million in the same period last year. This decrease is due to the reduction in absolute value of the gross margin caused by falling sale prices (at constant consolidation, gross margin amounted to €69.9 million compared to €76 million in Q1 2015) and the results of Schmolz+Bickenbach Distribution.
Operating income before non-recurring items came to €4.1 million and the Group posted a net loss (Group share) of €1.1 million.
Financial position
As of March 31, 2016, operating working capital represented to 25.5% of sales and Group net debt stood at €213 million compared to shareholders' equity of €294.5 million, resulting in a net debt to equity ratio of 72.3%, stable compared to December 31, 2015.
The Board of Directors will propose a dividend of €0.40 per share to the General Meeting of shareholders on June 30, 2016.
Earnings per division
|
JACQUET |
STAPPERT |
IMS |
||||||
| Stainless steel and | Long stainless | Engineering | ||||||
| wear-resistant quarto plates | steel products | steels | ||||||
| €m | Q1 2016 | Q1 2015 | Q1 2016 | Q1 2015 | Q1 2016 | Q1 2015 | ||
| Sales | 84.8 | 90.8 | 110.3 | 121.9 | 229.0 | 104.8 | ||
| Change vs. 2015 | -6.6% | - | -9.5% | - | +118.6% | - | ||
| Price effect | -18.1% | - | -13.9% | - | -7.8% | - | ||
| Volume effect | +11.6% | - | +4.4% | - | -4.2% | - | ||
| Change in consolidation | 0.0% | - | 0.0% | - | +130.5% | - | ||
| Adjusted EBITDA (1) (2) | 1.9 | 3.8 | 2.6 | 5.3 | 2.8 | 5.1 | ||
| % of sales | 2.3% | 4.2% | 2.4% | 4.3% | 1.2% | 4.8% | ||
| Operating income/(loss) before non-recurring items (2) | (0.1) | 1.9 | 2.3 | 5.0 | 1.0 | 4.0 | ||
| % of sales | -0.1% | 2.1% | 2.1% | 4.1% | 0.4% | 3.8% | ||
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(1) Non-division activities (including Jacquet Metal Service SA) contributed €1.5 million to Q1 2016 adjusted EBITDA. |
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| (2) Adjusted for non-recurring items (non-IFRS financial indicators) | ||||||||
- JACQUET - Abraservice
First quarter volumes were up 11.6% from Q1 2015. Sales however fell
6.6% to €84.8 million, impacted by falling prices (-18.1% price effect).
The
first quarter gross margin amounted to 28.7% of sales, compared to 28.8%
in 2015.
Adjusted EBITDA came to €1.9 million (2.3% of sales), down
from €3.8 million in first quarter 2015 mainly due to falling sale
prices.
- Stappert
First quarter volumes were up 4.4% from Q1 2015. Stappert’s sales were
also impacted by falling prices (-13.9%) and came to €110.3 million
(down 9.5% from Q1 2015).
The gross margin represented 19.5% of
sales compared to 19.6% in first quarter 2015.
Adjusted EBITDA came
to €2.6 million (2.4% of sales), down from €5.3 million in first quarter
2015 mainly due to falling sale prices.
- IMS group
The division posted sales of €229 million, up 118.6% from first quarter
2015 (-4.2% volume effect at constant consolidation; -7.8% price effect;
+130.5% consolidation change corresponding to Schmolz+Bickenbach
Distribution Q1 2016 sales of €136.8 million).
At constant
consolidation, the gross margin represented 24.7% of sales compared to
23.6% in first quarter 2015.
Adjusted EBITDA came to €2.8 million
(1.2% of sales) down from €5.1 million in first quarter 2015, impacted
by adverse market conditions and the results of Schmolz+Bickenbach
Distributions GmbH in Germany.
First quarter report available: www.jacquetmetalservice.com
2016
half-year results: Wednesday, September 7, 2016 after market closing
View source version on businesswire.com: http://www.businesswire.com/news/home/20160503006748/en/
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