Feb.26th, 2015
Norbert Dentressangle
2014 annual results
Norbert Dentressangle reaches a new milestone in terms of size and
globalisation
3.6% EBITA margin
* 2014 revenues up 15.8% to €4,669 million, with growth in all three business
lines: Logistics, Transport and Air & Sea
* Strong like-for-like growth in revenues and operating results across all
Group operations
* EBITA of €167.9 million, up 18.6% from 2013 in line with forecasts
* Strong balance sheet with net debt and balance sheet ratios under control
* The strategic acquisition of Jacobson makes Norbert Dentressangle the
fourth largest logistics operator in the fast-growing US supply chain
market
* Successful integration of the logistics and transport businesses acquired
in the United States, with revenue and profit levels in line with
expectations, confirming the benefits of the acquisition
Norbert Dentressangle's CEOHervé Montjotin commented on the results for 2014:
"In accordance with our strategy to becomea leading supply chain management
partner, in 2014 Norbert Dentressangle reached a new milestone in terms of size
by achieving 15.8% growth. As well as attaining a global dimension by becoming
the fourthlargest logistics operator in the US, we have also strengthened our
positioning on key markets such as e-Commerce. The growth in revenues across
all our business lines - Logistics, Transport and Air & Sea - was matched by an
increase in EBITA, giving us a consolidated EBITA margin of 3.6%. After four
months ofsuccessful integration of the Logistics and Transport businesses
acquired in the US, all performance indicators are in line with our
expectations in terms of growth rate and profitability. This confirms the
benefits of this acquisition.These results, our strong and well-managed
financial position and our staff fully focused on driving operational
performance,will enable Norbert Dentressangle to take advantage of growth
opportunities in 2015 across all of its business lines and operating regions".
€m 2014 2014 excl. 2013 Change
(Audited financial 4 months 2014 vs 2013
statements) Jacobson
Revenues 4,669 4,470 4,032 +15.8%
EBITDA* 288.1 269.6 251.5 +14.5%
EBITA (operating income 167.9 154.4 141.7 +18.6%
before goodwill
impairment)
EBITA margin (%) 3.6% 3.5% 3.5%
Net income Group share 75.9 - 70.1 +8%
* Operating income before depreciation, impairment and provision charges/
releases
Revenues: strong growth and global expansion of business
Norbert Dentressangle posted consolidated revenues of €4,669 million for 2014,
up 15.8% from 2013. Like-for-like growth amounted to 4.1%. A currency gain of
1.7% was recorded for the year.
Norbert Dentressangle's globalisation drive continued apace: 64% of Group
revenues are now generated outside France. Britain is the second largest
country contributor to Group revenue, accounting for 29% of total sales.
Following the Jacobson acquisition, the United States is now the thirs largest
contributor. Spain is fourth, with 12% of total revenues and growing fast.
* Logistics, now the Group's No. 1 division, maintained its growth rate and
posted revenues of €2,359 million, up 20.9% based on reported data and up
5.7% like for like. Norbert Dentressangle's Logistics division has acquired
truly global stature, with 78% of its revenues now generated outside
France.
* The Transport division posted 2014 revenues of €2,188 million, up 8.7%
based on reported data and up 2.6% like for like. These results were mainly
driven by strong momentum in the pallet distribution business. Fourth
quarter revenues were impacted by the sharp drop in oil prices, which
triggered a corresponding fall in transport service prices.
* Air & Sea posted 2014 revenues of €206 million, up 42.2% from 2013 based on
reported data and up 2.8% like for like.
EBITA growth in line with revenue growth
EBITA amounted to €167.9 million, up 18.6% from 2013, providing an EBITA margin
of 3.6% compared to 3.5% in the previous year. The Jacobson businesses in the
US have boosted the Group's operating margins: excluding this acquisition would
bring the EBITA margin back down to the previous year's 3.5%.
* The Logistics division posted EBITA of €105.2 million, up from €87.4
million in 2013. The division maintained a high EBITA margin of 4.5%, as in
2013. In the Logistics business, Norbert Dentressangle is taking full
advantage of its size in the European and US markets and capitalising on
its ability to roll out and coordinate a wide range of services
specifically geared towards buoyant markets such as e-Commerce, in which it
has become one of the leading European experts.
The Transport division posted EBITA of €59.1 million, up from €53 million in
2013. The EBITA margin was 2.7%, up from 2.6% in 2013. The Transport business,
and specifically the full load operations, is still very much exposed to the
sluggish economic situation in France, particularly with regard to industry and
the decline in foreign trade. On the other hand, the pallet distribution
business maintained strong momentum throughout the year. The fall in oil prices
has not impacted the Transport division's operating margins.
* The Air & Sea division reported EBITA of €3.5 million, up from €1.3 million
in 2013. In its fourth year of activity since its launch in 2010, this
division achieved an EBITA margin of 1.7%. These figures point to the
division's strong fundamentals, which will continue to drive future growth.
Group net income for 2014 came to €75.9 million, up 8% from €70.1 million in
2013.
A strong balance sheet
Group net debt at 31 December 2014 stood at €1,017 million, up from €456
million at the end of 2013 as a result of the strategic Jacobson acquisition
completed during the year. Norbert Dentressangle carried out a €95 million
(excluding sale of warehouses ) capital expenditure programme in 2014 in
preparation for the future, by renewing operational equipment for the transport
business and improving customer support in logistics.
Consolidated net assets (Group share) amounted to €691 million.
With a net debt/EBITDA* ratio of 3.0, the Group is in compliance with all of
its bank covenants.
* :including12 months ofJacobson
Strategic positioning in the US transport and logistics market
The acquisition of US-based Jacobson, effective on 1 September 2014, has made
Norbert Dentressangle the fourth largest logistics operator in this market. The
Group now has the scale and resources to take advantage of the considerable
growth opportunities offered by this fast-growing market. The new operations
were successfully integrated over the fourth quarter of 2014. The consolidated
results of the former Jacobson business are in line with expectations in terms
of revenues ($780 million) and margins (EBITA of $61 million), thus confirming
the merits of this acquisition.
Dividend
Given the Group's performance in 2014, the 21 May 2015 General Meeting will be
asked to approve a dividend payout of €1.80 per share. The dividend will be
paid on 2 June 2015.
Outlook
Bolstered by a strong, tightly controlled financial position and by staff fully
focused on driving the performance of its businesses - Logistics, Transport and
Air & Sea - Norbert Dentressangle enters 2015 in prime position to grasp
opportunities for growth across all of its business lines and operating
regions.
Next release: 1st quarter 2015 revenues: 23 April 2015 (after market close)
A propos de Norbert Dentressangle :
Norbert Dentressangle, est un acteur international du Transport, de la
Logistique et de l'Air & Sea avec au 31 décembre 2014, un chiffre d'affaires de
4,669 Mds € dont 64% produit hors de France, 42 500 collaborateurs et une
présence dans 25 pays. Norbert Dentressangle développe des solutions à forte
valeur ajoutée dans ses trois activités sur les continents européen, américain
et asiatique et intègre le développement durable au cœur de ses métiers.
Norbert Dentressangle, qui fait partie des indices CAC Small et CAC All
Tradable, est dirigé par Hervé Montjotin.
Euronext Paris (catégorie A) / Euronext London, Code GND - Isin FR0000052870
www.norbert-dentressangle.com
Contacts :
Norbert Dentressangle DGM Conseil
Directeur de la communication Relations Presse
Thierry LEDUC - Tel : +33 4 72 83 66 00 Olivier Labesse - Tel : +33 1 40 70 11 89
Email :
thierry.leduc@norbert-dentressangle.com Email : labesse@dgm-conseil.fr
Thomas de Climens - Tel : +33 1 40 70 11 89
Email : thomasdeclimens@dgm-conseil.fr
Hugues Schmitt - Tel : +33 1 40 70 11 89
Email : h.schmitt@dgm-conseil.fr
Thursday 26 February 2015