- Sustained organic sales growth: up
6.1% to €680 million
- Rebound in underlying operating
profit: up 52% to €14.9 million
- Strong operating cash flow: €13.6
million after investments
- Reduction in net financial debt to
€55 million, or 0.8x EBITDA
Regulatory News:
ID Logistics, (Paris:IDL) (ISIN: FR0010929125, Ticker: IDL) one
of the European leaders in contract logistics, announces 2018 first
half results with revenue of €680.4 million, an increase of 3.4%,
or 6.1% at constant exchange rates, current operating income up 52%
to €14.9 million, and net income rising sharply to €7.4
million.
Commenting on these figures, Eric Hémar, Chairman and CEO of
ID Logistics, said: “The good results for the 1st half of 2018
validate our business model, and the investment, particularly in
human resources, made in 2017 to support our growth, deliver
expected results. Business remains brisk especially with e-commerce
players.”
Main financial indicators
€ million H1 2018 H1 2017
Revenues 680.4 658.3 Current
operating income 14.9 9.8 % of
revenue 2.2% 1.5%
Consolidated net income
7.4 0.7 % of revenue 1.1%
0.1%
30/06/2018 31/12/2017
Net debt 54.8 63.4
Shareholders' equity 169.1 162.3
SUSTAINED SALES GROWTH
Over the 1st half, ID Logistics generated revenue of €680.4
million, an increase of 3.4%, or 6.1% at constant exchange rates,
with a marked acceleration in the second quarter, with growth of
5.0%, or 8.3% at constant exchange rates.
This strong performance was spread across all markets:
- In France, revenue was 6.8%
higher at €330.6 million.
- In International markets there
was strong progress, with revenue of €349.8 million, an increase of
5.4% at constant exchange rates, with a negative impact of
unfavourable currency movements notably in Argentina and
Brazil.
CURRENT OPERATING INCOME BOUNCES BACK
The Group pursued the improvement in operating profitability
that began at the end of 2017: current operating income was €14.9
million, compared to €9.8 million in H1 2017, giving an operating
margin 70 basis points higher at 2.2%.
- In France, current operating
income rose from €7.0 million in H1 2017 to €11.8 million.
Productivity improvements at sites opened in 2016 and 2017 back the
sharp increase in operating margin from 2.3% in H1 2017 to
3.6%.
- In international markets the
improvement in current operating income continued, with an increase
from €2.8 million in H1 2017 to €3.1 million, despite the
unfavourable impact of currency movements for Brazil and
Argentina.
Investment in 2017 to strengthen operations and support teams,
particularly in France, helped support growth and contain costs of
recently opened projects (3 in France and 4 in international
markets in H1 2018).
STRONG GROWTH IN NET INCOME
Net income for the first half rose sharply, to €7.4 million,
from €0.7 million in H1 2017. In addition to stronger operating
income, this reflected the reduction to €-2.3 million of net
financial result, the absence of exceptional items and a €2.0
million increase in the tax charge, to €4.7 million, in line with
the improvement in results.
STRONG CASH FLOW AND A SOLID FINANCIAL STRUCTURE
Stronger income, combined with tight management of working
capital requirements, more than offset the small sum of €2.0
million in operational capital expenditure: in H1 2018, ID
Logistics businesses generated €13.6 million in cash, compared to a
cash consumption of €3.8 million in H1 2017.
At end-June 2018, after taking into account non-current
investments, notably the new ID Logistics HQ, the Group’s net
financial debt was reduced to €54.8 million, €8.6 million lower
than at the end of 2017. With financial leverage reduced to 0.8
times EBITDA, ID Logistics has strong investment capacity.
OUTLOOK
Historically, ID Logistics results have benefited from a
favorable seasonality in H2. Growth at Group level continue to be
particularly driven by important developments in e-commerce, thanks
to the relevance of its commercial position.
Additional note:
A limited review of the interim consolidated financial
statements has been carried out; the report on this review will be
issued after finalisation of the procedures required for the
publication of the interim financial report.
DEFINITIONS
- EBITDA Current operating income
before net amortisation of tangible and intangible assets
- Net debt Gross debt plus bank
overdrafts less cash and cash equivalents
NEXT REPORT
3rd quarter revenues 2018: 23 October 2018, after market
close
ABOUT ID LOGISTICS
ID Logistics is an international contract logistics group, with
revenue of €1,329 million in 2017. ID Logistics has close to 300
sites across 17 countries, representing 5.5 million square meters
of warehousing facilities in Europe, Latin America, Asia and
Africa, and 19,000 employees. With a client portfolio balanced
between retail, industry, detail picking, healthcare and e-commerce
sectors, ID Logistics delivers high-tech solutions and is firmly
committed to sustainable development.
ID Logistics is listed on Compartment B of NYSE Euronext’s
regulated market in Paris (ISIN Code: FR0010929125).
APPENDIX
- Simplified income statement
€ million H1 2018 H1 2017 France
330.6 309.6 International 349.8 348.7
Revenues 680.4 658.3 France
11.8 7.0 International 3.1 2.8
Current operating income 14.9
9.8 Amortisation of customer relationships (0.6)
(0.6) Non-recurring costs - (3.2)
Operating
income 14.3 6.0 Financial
income/(expense) (2.3) (2.7) Tax (4.7)
(2.7) Affiliated companies 0.1 0.1
Consolidated
net income 7.4 0.6
of which Net income attributable toequity
holders of the parent
6.0 (0.1)
- Simplified cash flow
statement
€ million H1 2018 H1 2017
Consolidated net income 7.4 0.6 Depreciation and
amortisation 12.6 13.6 Change in WCR and other items
10.4 (3.5) Net operating investment (16.8)
(14.8)
Cash generated (consumed)
byoperations
13.6 (3.8) Non-operational capital
expenditures* (6.4) - Other changes 1.4
(2.2)
Non-operating changes (5.0)
(2.2) Reduction/(increase) in net debt
8.6 (6.0)
* Mainly new HQ
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version on businesswire.com: https://www.businesswire.com/news/home/20180829005551/en/
ID LogisticsYann Perot, Tel.: + 33 (0)4 42 11 06
00CFOyperot@id-logistics.comorNewCapEmmanuel Huynh / Marc Willaume,
Tel.: +33 (0)1 44 71 94 94Investor Relations & Financial
Communicationsidlogistics@newcap.eu
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