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2013 Results February 26th, 2014
Table of Contents
2
1. Introduction p.3
2. Transport Business p. 8
3. Logistics Business p. 17
4. Freight Forwarding Business p. 28
5. Group Financials p. 36
6. Outlook p. 50
7. Appendices p. 54
Disclaimer This document was prepared by Norbert Dentressangle for the sole purpose of presenting its 2013 annual results on the 26th February 2014. This document may not be reproduced or distributed, in whole or in part, without the prior agreement of the Company. Norbert Dentressangle may not be held liable due to the use of this document by any person not belonging to the Company. This document does not contain any quantified forecast of results. The Company makes no commitment or guarantee that it will meet its objectives or any goal that it may state in its business plans. While the Company believes that its objectives are reasonable, readers are reminded that said targets are subject to risks and uncertainties, notably as described in the "Risk factors" section of the annual "Document de Référence" registration document.
1. Introduction
4
2013 : Norbert Dentressangle remains on track
• Sluggish European economic climate with regional differences – Economic up turn in the UK – Encouraging signals in Iberia – Down trading of the industry in France
• +3.9% growth in revenue and EBITA remains stable
– Solid performance in Logistics offsets Transport difficulties due to tough market conditions in full truck load activity
• Successful strategic initiatives for a more international profile
– Integration of acquisitions is completed Fiege’s logistics activities in Italy, Spain and Portugal Daher’s Freight forwarding business in France and Russia
– Launch and ramp up of the JV for chilled logistics with Danone in Russia – Dual listing on Nyse Euronext London
• Strict financial controls – Significant debt reduction – Good cash management – Improved financial ratios
In €m
31/12/13 31/12/12 Restated
with IAS 19R
Overall %
change
31/12/12 reported
Organic growth
Revenue 4,032 3,880 +3.9% 3,880 +2.4%
Underlying operating profit 139.9 137.8 +1% 138.5
As % of turnover 3.5% 3.6%
Operating profit before goodwill (EBITA)
141.7 141.6 0% 142.2
EBITA Margin 3.5% 3.7% 3.7%
Net income 70.1 69.7 +1% 74.7
5
Growth in revenue Stable EBITA
Our ambition: to become a top-tier player in supply chain management
6
• Supporting our clients wherever they operate and moving with them whenever they need us
• Increasing our credibility to become the go-to “supply chain management expert” of choice
• Always striving to increase our critical mass in our chosen markets
• Combining organic & external growth to acquire and expand our areas of expertise
• Developing and expanding our range of services & solutions
Expanding geographic presence
Increasing scale
Widening service offering
2013: a further step forward in our growth ambitions
7
Expanding geographic presence
Increasing scale
Widening service offering
• Russia with Daher Acquisition & JV launch with Danone
• KSA with Danone
• Morocco in Transport
• +4% global growth • N°4 in Italy in
Logistics with Fiege acquisition
• Freight forwarding in France with Daher acquisition
• New sectors expertise in Freight forwarding with Daher acquisition
• Custom engineering with Daher acquisition
• Leading e-com Logistics provider in the UK
2. Transport Business
Transport business Market conditions and our response
9
• A highly fragmented market
• Important room for growth in Europe
• Network scale is key for sales development and competitiveness
• Expectations for eco-friendly transport solutions
• Develop value-added transport service offerings
• Grow in Europe
• Expand network to remain competitive
• Commit to reducing carbon footprint and road accidents through continuous improvement and innovation
Transport at a glance at 31/12/2013
10
A major European player with robust and mature operations in France, United Kingdom and Spain, and with an improved network coverage and increased presence in Central and Eastern Europe
• €2,014m revenue
• €53m EBITA
• 13,400 employees
• 182 sites in 13 countries
• #1 vehicle fleet in Europe with 8,000 tractor units
• Europe's cleanest vehicle fleet
• 94% EURO V & VI
• 54,000 TCO2 less since 2010
• Each driver runs an average 620,000km without causing accidents
€ 685m
€ 527m
€ 313m
€ 434m
Development of value-added B2B service offerings
11 * FY 2013 / To be added: €53m of warehouse storage associated with transport services
CO2 emissions declaration
Domestic/International FTL & Cross-Channel
Dedicated fleet
KeyPL & Transport Organisation
Domestic/International Pallet Network
Transport Business: a resilient and profitable profile over the past 15 years
12
EBITA In €M
Turnover In €M
% of turnover
Long term revenues and operating income (EBITA)
5,9%
3,8% 4,5%
5,3% 4,4% 4,4% 4,9%
2,9%
5,0% 3,9%
1,7% 1,9% 2,7% 2,4% 3,0% 2,6%
0,0%
2,0%
4,0%
6,0%
8,0%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
EBITA %age Transport
485 544 590 693 705 745 807 898 1 008 1 109
1 744 1 486
1 636
1 966 2 038 2 014
28 20 26 37 31 33 39 26
50 43 30 28
44 47 60 53
0
50
100
150
200
250
0
500
1 000
1 500
2 000
2 500
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Turnover Transport EBITA Transport
In €m
Transport at
31/12/13
Transport at
31/12/12
Overall % change
Organic growth
Revenue* 2,014 2,038 -1.2% -0.6%
Underlying operating profit 56.6 58.0 -2.4%
As % of turnover 2.9% 3.0%
Operating profit before goodwill (EBITA)
53.0 60.4 -12%
EBITA Margin 2.7% 3.1%
13
2013 Transport turnover and operating profit
* Before elimination of “inter-division” revenue
14
Transport: contrasted situations
• Full truck load business (33% of activity) has to deal with the down-trading by major industrial customers
– Decrease in operating profit due to lower revenue, lower operations efficiency and significant one-off costs
– Action plans quickly introduced to adapt the business profile and improve flexibility and competitiveness
• Pallet network (26% of activity) maintains a good level of
performance, growth and profitability – +2.3% in “Red Europe” offer
• Dedicated fleet (16% of activity) is well placed and
gains market share – Contracted business – +4.5% growth in “Red Inside” offer
• Transport organisation (25% of activity)
– Contracted business – TDG’s acquisition has strengthened our expertise in this market segment – Key renewals end of 2013 and significant wins beginning of 2014
Order Consolidation
Transport Plan Optimisation
Choice of Best Carrier
Administrative Support KPIs & B.I. Execution
Track&Trace
Choice of best transport solution Road, Train, Boat
Focus on our bespoke transport organisation offer
Tracking by on-board tool or mobile
Upload status and docs by mobile
Automatic report generation
Pre-invoicing customer or hauliers
Quality events management
Dynamic allocation
Haulier’s sourcing, regional tender, …
E-Market place (reverse auction, fixed price…)
• Customers expectations – Value added proposal instead of transactional approach – Need for monitoring (control tower) and visibility of all flows
• Our answer
– Proven experience of flow management – Real control tower capability enhanced by TDG acquisition
KeyPL ® operating organisation
Customer location KEY PL hub 2014
UK
FR
SK
3. Logistics Business
Logistics business Market conditions and our response
18
• Few European players
• Business is 100% contracted
• Retail and FMCG sectors are key commercial targets
• Profitability and international expansion make the difference
• Export logistics expertise beyond Europe
• Raise international profile
• Accompany blue-chip customers in their global development
• Strengthen expertise in Retail and FMCG sectors
• Ensure efficiency of the operations
Logistics at a glance at 31/12/2013
19
• €1,950m revenue (of which €492m Temperature controlled)
• €87.4m EBITA
• Contracted business (4 years average length)
• 23,600 employees
• 281 sites in 16 countries
• Total warehouse surface area of 7.8m m²
• Temperature Controlled volume of 3.6m m3
One of the few European players with an increasing international profile (the UK represents 41% of the total sales of logistics business)
€ 541m
€ 740m
€ 198m
€ 471m
Logistics: mastery of key logistics skills
20
Storage 28%
Handling 38%
Value added services 10%
Downstream transport management 24%
A consistently growing business with major positive scale effects since 2008
21
EBITA In €M
Turnover In €M
% of turnover
Long term revenues and operating income (EBITA)
162 199 249 279 348 477 497 502 600 648
1 364 1 233 1 239
1 589 1 783
1 950
6 8 11 14 18 18 25 25 33 37 49 52
63 81 78
87
0
25
50
75
100
125
150
175
200
0 250 500 750
1 000 1 250 1 500 1 750 2 000 2 250
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Turnover Logistics EBITA Logistics
3,9% 4,0% 4,5% 5,1% 5,1%
3,8% 5,1% 5,0% 5,5% 5,7%
3,6% 4,2%
5,1% 5,1% 4,4% 4,5%
0,0%
2,0%
4,0%
6,0%
8,0%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
EBITA %age Logistics
In €m
Logistics at 31/12/13
Logistics at 31/12/12
Overall %
change Organic growth
Revenue* 1,950 1,783 +9.4% +6.7%
Underlying operating profit 83.5 76.8 +8.7%
As % of turnover 4.3% 4.3%
Operating profit before goodwill (EBITA)
87.4 77.9 +12%
EBITA Margin 4.5% 4.4%
22
Logistics turnover and operating profit
* Before elimination of “inter-division” revenue
23
Sustained growth trend Robust business model
• European countries provide a solid platform to enable high-potential developments outside Europe
– Good growth trend and profitability level in all our main countries: UK, France, the Netherlands, Italy and Spain
– Nova Natie in Antwerp still under going turnaround
• Fiege’s logistics activities in Italy and Iberia acquired end of H1 are now fully integrated and contribute to profitability
– Norbert Dentressangle is the 4th largest logistics player in Italy – Strengthened Iberian Peninsula position with positive impact on sales
• Expansion outside Europe – New 50/50 JV with Danone in Russia for chilled logistics and transport is up and running
Primary transport between factories and warehouses St Petersburg platform
• Focus on key vertical in Europe and beyond – Recognized expertise and credential – Ability to accompany blue chip customers in various countries
Logistics vertical industry sectors
€765m
€187m €577m
€230m
€191m Durable goods manufacturers
Industrial
Retail
Ecom
FMCG manufacturers
Focus on e-commerce: a constantly evolving sector
10 years experience
Annual turnover from e-fulfilment & returns customers
€187m 185 m
direct to consumer items processed
per year
26 Major e-fulfilment
& returns customers
E-commerce activity by Norbert Dentressangle
Credential at European scale Considerable retail experience Agility & flexibility
Our strengths
ASOS
£150m+ three-year contract • Implemented Aug 2013 • 1,200+ colleagues
- 600 FT jobs created since Aug 2013 • 1.1million sq ft fulfilment centre in Barnsley,
Yorkshire - 25% extension to site ASOS • £796.4m 2013 revenue (↑ 39% from 2012) • 7.1 million active customers • Ship to 237 countries and territories • 50 million items dispatched per year • International growth 44% in 2013
27
4. Freight forwarding Business
Freight Forwarding business Market conditions and our response
29
• Few large players and many small ones
• Integrated global network / niche players
• Expand international freight forwarding network
• Gain critical mass on key trade lanes
• We walk the talk
• Scalable business
• Break-even position
Freight forwarding by Norbert Dentressangle
• Launched from scratch in 2010
• €145m revenue
• €1.3m EBITA
• 720 employees
• 57 offices in 14 countries
• 24,000 Tons Air freight
• 60,000 TU’s Sea freight
• Strong position in the Russian market
• Member of the WACO global network
For each sector: bespoke customs engineering & air or sea freight solutions
PROJECTS / INDUSTRIAL TRANSFERS
CHEMICALS EURTEAM member
AERONAUTICS / AOG CAPABILITIES
ALN member
LUXURY GOODS FMCG FOOD PERISHABLES
HIGH TECH
Freight Forwarding: revenues and operating income (EBITA)
32
12
86
143 145
-1
0
1 1
-2
-1
0
1
2
3
4
-100
-50
0
50
100
150
200
2010 2011 2012 2013
Turnover Overseas EBITA Overseas
-6,7%
0,3% 0,7% 0,9%
-8%
-4%
0%
4%
2010 2011 2012 2013
EBITA %age Overseas
In €m
Freight Forwarding at 31/12/13
Freight Forwarding at 31/12/12
Overall % change
Revenue* 145 143 +1.3%
Operating Profit before goodwill (EBITA)
1.3 1.0 +31%
33 * Before elimination of “inter-division” revenue
Freight Forwarding: revenues and operating income (EBITA)
34
Successful integration of Daher activities
• Acquisition completed on 1st October 2013
• Freight Forwarding network in France is now consistent – Access to significant tenders – Expertise in growth potential sectors: Aviation – Luxury goods – Sales synergies with Transport and Logistics
• Strong position on the Russian market
– Recognized expertise in customs engineering – “Customs broker of the year 2013” in Russia – Potential sales synergies with the transport and logistics activities
developed by the JV with Danone
35
A first stage of consolidation for the Freight Forwarding business
• Expected annual combined turnover of nearly €220m
• Scale and expertise to address a different value proposal to the market
– Deploying new trade lanes to Russia
– Developing added value IT standards thanks to our newcomer position
5. Group Financials
Consolidated income statement and contribution by division
+3.9%
0%
+1%
* Breakdown by Division is net of intercompany revenue Revenue in 2012 includes €5m generated at the Dagenham site disposed of in October 2012 (€2.9m at direct operating margin level) **: Of which €11.7m CICE in 2013
In €m Transport Logistics Freight
Fwding Conso
31/12/13
Conso 31/12/12
IAS 19R
Conso 31/12/12 released
Total revenue Consolidated revenue *
2,014 1,947
1,950 1,943
145 142
4,032
3,880
3,880
EBITDA 251.5 244.8 244.8
Operating profit before goodwill (EBITA)**
53.0 2.7%
87.4 4.5%
1.3 0.9%
141.7 3.5%
141.6 3.7%
142.3 3.7%
EBIT 135.1 3.4%
129.5 3.3%
130.1 3.4%
Net financial expenses Corporate income tax CVAE Associates Minority interests
(26.7) (23.7) (13.0)
(1.5) (0.3)
(32.2) (13.6) (13.2)
(0.1) (0.8)
(26.3) (15.1) (13.2)
(0.1) (0.8)
Net income 70.1
1.7% 69.7
1.8% 74.7
1.9%
37
In €m
Conso 31/12/13
Conso 31/12/12
IAS19R
Underlying Operating profit 139.9 137.8
Restructuring costs
(13.8)
(2.7)
Other operational income / expenses and provisions
3.7 4.3
Non-operating capital gain (losses) on disposals
11.9 2.2
Operating profit before goodwill (EBITA) 141.7 141.6
38
Breakdown of non-recurring income and expenses
Net financial expense
39
In €m
Conso 31/12/13
Conso 31/12/12 IAS 19R
Conso 31/12/12 Reported
Total financial expense (26.7) (32.2) (26.3)
Net financial charges as % of revenue -0.7% -0.8%
Including :
Forex gain (losses) (1.1)
Actuarial (losses) and income (IDR and pensions) (7.6)
Others (0.7)
Net financial charges (17.3)
In €m
31/12/13 31/12/12 Restated
31/12/12 Reported
Profit before tax Goodwill amortization CVAE (tax deductible)
108.5 -
(13.0)
103.8 5.5
(13.2)
103.8 5.5
(13.2)
Taxable Profit 95.5 96 96
Theoretical tax at French rate (36.3) (34.7) (34.7)
Temporary differences: CICE “Arrêt Papillon” TDG restructuration impact Other temporary differences Tax rate differences / other countries Miscellaneous Differed Taxes on Pensions (IAS 19R)
4.4
- 5.2
(5.2) 8.6
(1.2) 0.8
1.9 14.3
(1.9) 4.2 0.5 1.5
1.9 14.3
(1.9) 4.8 0.5
Corporate income tax (23.7) (13.6) (15.1)
Average effective income tax rate 24.8% 14.2% 15.7%
Corporate income tax
40
In €m
Conso 31/12/13
Conso 31/12/12 IAS 19R
Cash flow Change in operating WCR UK pension fund financing
196 (36) (10)
217 42
(11)
Net cash flow from operations 150 247
CAPEX (net of disposals) Sales of warehouses and sites Acquisitions less acquired cash
(54) 43
(54)
(93) 23
(3)
Net cash flow from investment activities (66) (73)
Net free cash flow excluding acquisitions 138 178
Dividends Financing operations Own shares
(15) 81
(7)
(12) (70)
(3)
Net cash from financing transactions 59 (85)
Forex impact - 1
Change in cash 142 90
Cash available at period end 389 247
Cash-flow Statement
41
In €m 31/12/13 Cash flow for the period
Forex and other non-cash flows
31/12/12
WCR (18) 21 (3) (37)
Of which:
- Operating WCR 225 38 10 177
- Non-operating WCR (219) (3) (12) (205)
- Fixed asset WCR (25) (14) (1) (9)
DSO (number of days-FIFO) 47.9 days 47.2 days
Change in Working Capital Requirement
42
In €m
Conso 31/12/13
Conso 31/12/12 IAS 19R
Conso 31/12/12 reported
Goodwill 600 549 549 Intangible fixed assets (incl. customer relationship management) 133 111 111 Tangible fixed assets 533 584 584 Other fixed and non-current assets 89 81 86 Total non-current and financial assets 1,355 1,325 1,330
WCR (18) (37) (37)
TOTAL ASSETS (NET) 1,337 1,288 1,293
Equity 570 521 575 Provisions and deferred tax liabilities 284 241 192
Other financial liabilities * 27 37 37 Net debt 456 489 489
TOTAL LIABILITIES (NET) 1,337 1,288 1,293
Consolidated balance sheet
43 * Including fair market value of hedging instruments
Breakdown of tangible fixed assets
44
En M€
Land and buildings
Transport vehicles
Material and equipment Other & IT TOTAL
31/12/2011 150 379 74 42 644
30/06/2012 148 372 73 47 640
31/12/2012 127 348 64 44 584
31/12/2013 90 324 63 56
533
45
Consolidated net financial debt
In €m Group
31-Dec-13 Group
30-Jun-13 Group
31-Dec-12
Acquisition debt Revolving facility (€400m available) Euro Private Placements Asset financing
- 168 310 367
230 95 75
366
242 95
- 398
GROSS FINANCIAL DEBT 845 766 736
CASH & CASH EQUIVALENTS 389 201 247
NET FINANCIAL DEBT 456 565 489
46
Impacts of global refinancing in December 2013
0
200
400
600
800
1000
1200
30-Jun-13 31-Dec-13
Undrawn credit facilities
Drawn credit facilities
Euro Private Placement
Asset financing
• Average maturity: 2.03 years
• Undrawn facilities: €125m
• Cash & equivalents: €201m
• Non-bank debt: 10%
• Average maturity: 4.24 years
• Undrawn facilities: €232m
• Cash & equivalents: €389m
• Non-bank debt: 37%
The €235m Euro PP is combined with a new credit facility for €400m, 5 years.
The Group will benefit from a significant financial flexibility.
€367m
€75m, 2019
€325m, 2015
€125m, 2015
€369m
€160m, 2020 €150m, 2019
€168m, 2018
€232m, 2018
47
Financial debt maturity and repayment schedule at 31 December 2013
103 105 89 49
168
150
160
389
232
2014 2015 2016 2017 2018 2019
Asset financing Credit facilities EuroPP
Undrawn Credit
Facilities
Cash & Cash
Equivalents
Gross Debt Repayment Scheme
103 105 89 49 338 163
Liquidity
31/12/13 31/12/12 Restated 31/12/11
Bank covenants ratios at
31/12/13
Gearing (Net Debt/Equity)
84% 94% 123% < 200%
Leverage (Net Debt/ EBITDA)
1.8 x 2.0 x 2.5 x < 3.5 x
Interest cover (EBITA / Net Interest Expense) 6.2 x 5.9 x 5.3 x N.A.
ROCE (EBITA/Average capital employed)
13% 12% 13%
Key Financial Ratios
48
• Dividend to be proposed for approval at the Shareholders’ Meeting of 21 May 2014:
– €1.60/share compared with €1.50/share for 2012 fiscal year 19% of Net Free Cash Flow 22% pay-out ratio
49
Dividend
6. Outlook
50
To remain a top-tier player in global supply chain management
51
TRANSPORT
LOGISTICS
FREIGHT FORWARDING
• Consolidating our market position in Europe (especially in pallet network)
• Raising our European 4PL profile
• Being scalable in our key European countries
• Going global
• Non European targeted countries / Accompanying key customers into new markets/geographies
• Consolidating our market position after 3 years of targeted acquisitions
• Focus on skills, added value to customers, process and bottom line
• Developing current trade lanes (Focus Russia)
There is room to double the size of the company
52
2014: maintaining ambitious development outlook within Europe and beyond
• Strong financial resources
• Powerful brand
• Unique commitment of the “People in Red”
• Flexible and streamlined business organisation
Thank you for your attention
7. Appendices
54
• Expansion of Norbert Dentressangle global logistics network in line with its development strategy
• Further strengthening the market leading positions in South Europe, key area for Norbert Dentressangle
• Significantly increasing the size of its logistics business with profitable and strong operations, broadened skills, expertise and customer portfolio, and strong synergies with its transport pallet network in Spain
• Size and scale to gain access to larger business opportunities
Acquisition of Fiege’s logistics operations in Italy, Spain & Portugal
55
• Scale of the acquisition 510 people €95m turnover in 2012 11 sites 264,000 m² warehousing area
• New Italian operations profile 220m€ annual turnover 1,200 people 35 sites 630,000 m² warehousing area
• Scale of the acquisition 342 people €34m turnover in 2012 5 multi-client platforms (69,000 m²) 4 specialist dedicated warehouses (67,000 m²) 20 cross docking platforms
• New Iberian operations profile 450m€ annual turnover 1,700 people 1,800 vehicles & 458,000 m² warehousing area
A key partnership with Danone in Russia
The partners • Danone, global leader in dairy products • Norbert Dentressangle, key player in
temperature-controlled logistics and transport
The partnership structure • Joint Venture • Annual turnover of €60m • 300 employees initially
The Joint-Venture • responsible for the distribution of Danone’s
dairy products within Russia • aims to improve productivity and service
levels • offers full range of logistics services to
manufacturers and distributors right across Russia
• allows Norbert Dentressangle to extend its temperature-controlled logistics activities into a new growth market
• solid foundation for the future development of Norbert Dentressangle’s Russian logistics and transport activities
57
Strategic acquisition of Daher’s Freight Forwarding operations in France and Russia
Acquisition scope : 887 employees and 11 agencies (8 agencies in France and 3 in Russia)
This strategic acquisition will:
• expand Norbert Dentressangle’s global Freight forwarding network in line with its development strategy
• enable the French operations, at the heart of the Group network, to reach critical mass in the market
• acquire a profitable business and recognized expertise of an international team in the following sectors: chemicals, aviation, automotive and luxury goods
• further strengthen Norbert Dentressangle’s presence in Russia and facilitate access to Central and Eastern European markets
58
Norbert Dentressangle’s trading on NYSE Euronext London
This new listing will enable the group to • Diversify our shareholder base
• Access NYSE Euronext’s deep pool of London-based Institutional investors
• Raise its profile with this important group of investors.
• Position itself as a leading international transport, Logistics and freight forwarding company
• Reflect the strong contribution of its UK based businesses to the Group’s growth story, as the group plans the next phase of its European and international expansion
Norbert Dentressangle on the NYSE Euronext: • Listed on the Paris Stock Exchange since 1994 • 5000 shares exchanged on average per day Norbert Dentressangle Market cap (as of 7 july 2013): €713,52m
Norbert Dentressangle, a major supply chain management player in 2014…
8,000 vehicles
37,700 employees
7,800,000 m2 warehousing 520 sites
€ 4 billion turnover
26 countries
3 continents
TRANSPORT
FREIGHT FORWARDING
• €1,947m revenue (48%)
LOGISTICS
• €1,943m revenue (48%)
• €145m revenue (4%)
UK 30%
Spain 10%
Italy 5%
NL 3,5%
* including 3% outside Europe Others *
11,5%
France 40%
Headcount in France and UK
Logistics 4721
Pallet network
3400
Full truck load 4500
Freight Forwarding
217 Corporate
44
Logistics 11895
Transport 2740
Freight forwarding
39 Corporate
14
FRANCE UK
35 years of geographic and business transformation
1998 Integration of a second area of expertise: Logistics
2010 Launch of a third area of expertise: Freight Forwarding
2013 Revenue: €4 billion Operations in 26 countries 37,500 employees worldwide
2007 Norbert Dentressangle doubles in size with the acquisition of British company Christian Salvesen
Turnover breakdown by expertise TRANSPORT LOGISTICS FREIGHT FORWARDING
Turnover breakdown by geographic area FRANCE OUTSIDE FRANCE
TDG (UK) Turnover : £700m
Transport, Logistics & Freight Fwding
Fiege Italy & Spain Turnover : 130m€
Logistics
Daher France/Russia Turnover : 80m€ Freight Fwding
35 years of growth
62
1979: Opening of the first company to support international Transport between Europe and the UK
1994: A family group listed on the Paris stock exchange
Organic growth
9,0% 8,6% 10,4% 7,0% 4,8% 5,7% 5,8% 5,3% 5,5% 8,1% 4,3% 3,4% 5,6% 0,0% 2,4% 647 744 838
972 1 053 1 222 1 303 1 399
1 608 1 804
3 107
2 719 2 839
3 576 3 880
4 032
0%
3%
5%
8%
10%
13%
15%
18%
20%
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Organic growth Turnover
28 acquisitions Transport & Logistics
Mainly in France
Turnover In €M
Christian Salvesen (UK)
Turnover : €1.3bn Transport & Logistics
APC (China) Turnover : €50m Freight Fwding
Schneider Log. (USA) Turnover :$30m Freight Fwding
2013
63
• Highly sustainable profitability ratios
• EBITA %age comprised in a 3% to 5% range since 15 years
• EBITA %age maintained to 3% in 2009 despite the strong economic downturn
A responsible and long term vision of our development
EBITA In €M
% of turnover
35 years of profitability
5,4% 4,1% 3,9% 5,2% 4,6% 4,1% 4,9% 3,7% 5,2% 4,4% 3,2% 3,0% 3,7% 3,6% 3,7% 3,5%
35 31 33 51 49 51
64 51
83 80
98
80
106
130 142 142
0%
1%
2%
3%
4%
5%
6%
7%
8%
0
20
40
60
80
100
120
140
160
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
EBITA %age EBITA
64
A strong and diversified customer base • Very well balanced client portfolio
• Top customer below 4% of turnover and Top 10 below 20% of turnover
• Very low exposure to specific customer or sector or end-market risks
• Key customers are both leading and innovative players in their own markets
Customer Top 10
Recent Gains
Retail; 30%
Food; 14%
Chemical; 10% Automotive; 9%
Textile; 5%
Special Retail; 5%
Household; 4%
Construction; 4%
FMCG; 4% Metal; 4%
eCommerce; 3% Hi-Tech; 2%
Industry; 2% Other; 4%
Top 100 customers portfolio
65
Transport cost structure 2003-2012
A rigorous cost structure
Logistics cost structure 2003-2012
Strict cost controls
% of turnover
% of turnover
34% 34% 33% 31% 32% 33% 31% 29% 29% 29%
26% 26% 25% 26% 24% 21% 24% 22% 22% 20%
26% 28% 32% 32% 32% 34% 37% 40% 41% 43%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
100%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Operating profit
Other (overheads, etc.)
Subcontracting & disbursements
Vehicle costs, including fuel
Personnel expenses
44% 45% 45% 46% 50% 51% 52% 50% 52% 53%
28% 28% 29% 30% 21% 23% 24% 22% 22% 20%
18% 17% 16% 15% 18% 16% 16% 17% 18% 18%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
100%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Operating profit
Other (overheads, etc.)
Subcontracting & transport
Rental costs
Personnel expenses
A robust governance
66
• The benefits from a family owned company and a managerial organisation
• A supervisory board:
• 10 Directors of which 6 are independent Directors
• An audit committee
• A European Executive Board
EXECUTIVE BOARD
From left to right:
Malcolm Wilson Logistics Division MD
Hervé Montjotin CEO
Patrick Bataillard CFO
Luis Angel Gomez Transport Division MD
• 30% PUBLIC
• 68% DENTRESSANGLE INITIATIVES + FAMILY
DISTRIBUTION OF CAPITAL
67
People engagement: developing the Norbert Dentressangle way
• A decentralised and flat organisation to maintain our entrepreneurial spirit and business agility
• A specific commitment towards people: “you
grow, we grow” – Priority to internal promotion: 60% of managers are
promoted internally
• Expertise in integrating businesses and staff
– Local HR expertise – Accumulated experience through acquisitions
68
Consolidated balance sheet BILAN CONSOLIDE (en M€) 31/12/2013 31/12/2012
Ajusté 31/12/2012 31/12/2011
Ajusté 31/12/2011
ECARTS D'ACQUISITION 600,0 549,4 549,4 551,9 551,9 AUTRES IMMOBILISATIONS INCORPORELLES 133,1 110,8 110,8 114,6 114,6 IMMOBILISATIONS CORPORELLES 532,8 583,7 583,7 644,0 644,0 IMMOBILISATIONS FINANCIERES 36,0 32,9 50,3 48,9 48,9 IMPOTS DIFFERES ACTIFS 53,3 47,8 35,5 59,3 46,4 TOTAL ACTIF IMMOBILISE 1 355,3 1 324,7 1 329,8 1 418,6 1 405,8 Stocks 14,0 14,7 14,7 15,8 15,8 Clients et comptes rattachés 775,9 622,4 622,4 653,8 653,8 Autres créances et autres actifs courants 159,4 141,2 141,2 168,0 168,0 Disponibilités et Valeurs Mobilières de Placement 396,6 255,9 255,9 245,3 245,3 TOTAL ACTIF CIRCULANT 1 345,9 1 034,2 1 034,2 1 083,0 1083,0 Actifs non courants detenus en vue de la vente TOTAL DE L’ACTIF 2 701 2 359 2 364 2 502 2 489
Capital social 19,7 19,7 19,7 19,7 19,7 Primes et Réserves 475,3 446,3 495,2 417,1 451,6 Ecarts de Conversion -22,5 -18,1 -18,1 -25,2 -25,2 Résultat de l’exercice 70,1 69,7 74,7 60,4 63,3 CAPITAUX PROPRES PART DU GROUPE 542,6 517,5 571,5 472,0 509,5 Intérêts Minoritaires 27,6 3,3 3,3 2,9 2,9 CAPITAUX PROPRES 570,2 520,8 574,7 474,8 512,3 PROVISIONS POUR RISQUES ET CHARGES (+ 1an / -1 an) 211,2 169,5 117,5 194,8 144,5
IMPOTS DIFFERES PASSIFS 72,8 71,7 74,9 82,4 82,4 EMPRUNTS A LONG TERME 742,9 581,1 581,1 640,2 640,2 Dettes financières Court Terme 102,5 154,5 154,5 141,5 141,5 Fournisseurs et effets à payer 601,5 503,0 503,0 523,6 523,6 Autres dettes à court terme 366,1 312,1 312,1 335,2 335,2 Autres passifs financiers (instruments de couvertures) 26,8 37,2 37,2 21,1 21,1 Découverts Bancaires 7,2 8,8 8,8 87,9 87,9 DETTES A COURT TERME 1 104,1 1 015,7 1 015,7 1 109,4 1 109,4 TOTAL DU PASSIF 2 701 2 359 2 364 2 502 2 489
69
P&L
COMPTE DE RESULTAT CONSOLIDE (en M€) 31/12/2013 31/12/2012 Ajusté
31/12/2012 31/12/2011 Ajusté
31/12/2011
CHIFFRE D’AFFAIRES 4 031,9 3 880,3 3 880,3 3 576,2 3 576,2 Achats et charges externes -2 496,3 -2 375,8 -2 375,8 -2 173,9 -2 173,9 Charges de personnel -1 237,5 -1 202,2 -1 202,2 -1 102,6 -1 102,6 Impôts, Taxes et versements assimilés -43,7 -46,1 -46,1 -42,5 -42,5 Dotation / reprise aux amortissements et provisions -117,0 -121,3 -121,3 -120,7 -120,7 Autres produits et charges opérationnelles 2,8 4,4 5,0 -3,2 -3,2 Résultat sur cession d'actifs d'exploitation 3,5 3,0 3,0 2,9 2,9 Coûts de restructuration -13,8 -2,7 -2,7 -9,1 -9,1 Plus et moins-values immobilières 11,9 2,2 2,2 3,1 3,1 _________ _________ _________ _________ _________ RESULTAT OPERATIONNEL avant écarts d'acquisition (EBITA) 141,7 141,6 142,3 130,3 130,4
Dépréciation Goodwill 0,0 -5,5 -5,5 0,0 0,0 Amortissements de la Relation Client acquise -6,5 -6,7 -6,7 -5,8 -5,8 Badwill _________ _________ _________ _________ _________ E.B.I.T. 135,1 129,5 130,1 124,5 124,6 Résultat Financier -26,7 -32,2 -26,3 -29,4 -25,4 Cessation d'Activités _________ _________ _________ _________ _________ RESULTAT AVANT I/MPOT 108,5 97,2 103,8 95,2 99,1 Impôt sur les sociétés -23,7 -13,6 -15,1 -21,2 -22,2 Impôt sur les résultats : CVAE / IRAP -13,0 -13,2 -13,2 -13,2 -13,2 Quote-part des résultats des sociétés mises en équivalence -1,5 0,0 0,0 0,2 0,2 _________ _________ _________ _________ _________ RESULTAT NET 70,4 70,4 75,5 61,0 64,0 Part des intérêts minoritaires 0,3 0,8 0,8 0,6 0,6 BENEFICE NET REVENANT AU GROUPE NORBERT DENTRESSANGLE
70,1 69,7 74,7 60,4 63,3
70
Net profit
ETAT DU RESULTAT GLOBAL (en M€) 31/12/2013 31/12/2012 Ajusté
31/12/2012 31/12/2011 Ajusté
31/12/2011
RESULTAT NET 70,4 70,5 75,5 61,0 64,0 Ecart de conversion -4,5 7,1 7,1 1,1 1,1 Gains et pertes liés aux réévaluations des instruments financiers 10,0 -1,7 -1,7 -7,9 -7,9 Effet d'impôt sur instruments financiers et écarts de conversion -3,8 0,9 0,9 4,6 4,6 Divers 0,0 -0,1 -0,1 -0,3 -0,3 sous-total éléments recyclables en résultat 1,8 6,2 6,2 -2,6 -2,6 Gains et (pertes) actuariels des avantages au personnel -50,2 -12,6 0,0 -2,6 0,0 Effet d'impôt 8,0 1,2 0,0 -0,1 0,0 Divers 0,0 0,0 0,0 0,1 0,1 sous-total éléments non recyclables en résultat -42,1 -11,4 0,0 -2,6 0,1 AUTRES ÉLÉMENTS DU RÉSULTAT GLOBAL -40,4 -5,2 6,2 -5,2 -2,5 _________ _________ _________ _________ _________ TOTAL DU RESULTAT GLOBAL 30,0 65,3 81,7 55,9 61,5 _________ _________ _________ _________ _________ Intérêts minoritaires dans le résultat global total 0,1 0,8 0,8 0,4 0,4 Part du Groupe dans le résultat global 29,8 64,5 80,9 55,5 61,1
71
Cash flow statement TABLEAU DES FLUX DE TRESORERIE (en M€) 31/12/2013 31/12/2012
Ajusté 31/12/2012 31/12/2011
Ajusté 31/12/2011
BENEFICE NET PART DU GROUPE 70,1 69,7 74,7 60,4 63,3 Elimination des charges et produits sans incidence sur la trésorerie
141,1 152,2 147,2 168,2 165,3
Plus ou moins values sur cessions d'actifs immobilisés -15,5 -5,2 -5,2 -5,2 -5,2 MARGE BRUTE D'AUTOFINANCEMENT 195,7 216,7 216,7 223,4 223,4 Variation des actifs et passifs d’exploitation hors acquis. et immob.
-35,7 41,7 41,7 -28,6 -28,6
Variation Pension Fund U.K. -10,4 -11,2 -11,2 -12,9 -12,9 _______ _______ _______ _______ _______ FLUX DE TRESORERIE D’EXPLOITATION 149,7 247,2 247,2 181,8 181,8 Acquisitions - cessions d'immobilisations corporelles et financières
-11,5 -70,4 -70,4 -92,0 -91,8
Acquisitions et cessions de sociétés nettes de la trésorerie acquise
-54,1 -3,1 -3,1 -288,4 -288,5
_______ _______ _______ _______ _______ FLUX DE TRESORERIE D’INVESTISSEMENT -65,6 -73,5 -73,5 -380,4 -380,4 Nouveaux emprunts - remboursement d'emprunts existants 85,8 -41,4 -41,4 198,2 198,2 Dividendes versés aux actionnaires de la société mère -14,6 -12,1 -12,1 -10,7 -10,7 Achat de titres en autocontrole / variation stock actions propres 6,9 -3,2 -3,2 0,1 0,1 Augmentation de capital 4,4 0,0 0,0 0,4 0,4 Charges financières nettes liées au opérations de financement -23,9 -28,4 -28,4 -28,4 -28,4 _______ _______ _______ _______ _______ FLUX DE TRESORERIE DE FINANCEMENT 58,7 -85,0 -85,0 159,6 159,6 Effets de change sur la trésorerie -0,4 0,9 0,9 -0,1 -0,1 _______ _______ _______ _______ _______ VARIATION DE LA TRESORERIE AU COURS DE L’EXERCICE
142,4 89,6 89,6 -39,0 -39,0
Trésorerie en fin d’exercice 389,4 247,0 247,0 157,4 157,4
2013 Results February 26th, 2014