Monday , June 14 2021

FOURTH FOURTH AND FULL YEAR 2018 Paris Stock Exchange: RXL






  • Sales amounted to 13.37 billion euros, which is 3.5% more than the same day
  • Adjusted EBITA from € 608.3m, 6.1%
  • The debt ratio is 2.67x, improving by 17bps

SALES OF € 3.497bn In Q4

  • On constant and same day, sales were 1.9%, of which:
    • Europe: -0.8%, or + 1.2%, excluding the closure of branches in Germany and Spain
    • North America: + 6.9%, led by the United States
    • Asia-Pacific region: -0.1% or up + 2.9%, recalculated for the impact of discarding in Australia
  • Real organic growth of 3.0%, including + 1.1% of the calendar and -0.3% of copper
  • Reported sales growth of 2.7%, including currency effects (+ 0.3%) and coverage (-0.5%)



Key Figures1 Q4 2018 YoY change3 2018 YoY change3
commercial € 3,496.9m € 13,365.7m
On a reported basis + 2.7% + 0.5%
On a permanent and real basis + 3.0% + 3.8%
On the same day + 1.9% + 3.5%
Corrected EBITA2 € 173.3m + 8.9% € 608.3 meters + 6.1%
As a percentage of sales 5.0% 4.6%
Change in bg as% of sales2 + 27bps + 10bps
EBITA reported € 172.0 meters + 6.0% € 600.4m + 1.1%
Operating income € 56.9m Na € 409.8 meters + 27.2%
Net income – € 25.9m + 56.2% € 152.3m + 45.6%
Periodic net revenue € 90.5m + 9.7% € 328.1m + 12.8%
FCF before Interest and Taxes € 300.4m – € 64.3m € 357.0 meters – € 27.0m
Net liabilities at the end of the period € 2,030.4m 0.5% reduction

1 See the definition in the "Glossary" section of this document 2 With a comparable scope of consolidation and exchange rates, and with the exception of (i) depreciation of the PPAs and (ii) the recurrent effect of changes in copper price 3 Q4 & FY 2017 recalculated for IFRS 9 and 15

Patrick Beard, Chief Executive Officer, said:

"After two intensive years, I'm glad to announce that we successfully accomplished our key goals. We have nine consecutive quarters of sales growth. We've won "More Clients and More SKUs," continued to reduce debt, and completed our original asset disposal program with the recent sale of our Chinese non-industrial business. We have significantly improved our operations in the US and Europe, especially in Germany and Spain, and our significant digital investments are seen in the growing number of active multi-channel customers. With a more stable business model, Rexel is now in a much better position for market navigation fluctuations and value creation.

Our initiatives must continue to deliver in 2019 and contribute to further profitable growth. In line with our medium-term ambition and we do not accept significant changes in the macroeconomic environment, we are targeting the sales growth of the same day from 2% to 4% (excluding 1% unfavorable branch closure in Germany and Spain), 5% to 7% increase of the adjusted EBITA and the further reduction of indebtedness in 2019 . "


  • The financial statements as at 31 December 2018 were approved for issue by the Board of Directors on February 12, 2019. They were audited by statutory auditors.
  • The financial statements as at 31 December 2017 were restated for changes in accounting policies after the adoption of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers; this recalculation has a negative impact on operating revenue of € 0.2 million (operating revenue for the financial year 2017 amounted to € 322.3 million as reported on 31 December 2017 and amounted to € 322.1 million after recalculation).
  • The following terms: EBITA, adjusted EBITA, EBITDA, recurring net profit, free cash flow and net debt are defined in the glossary section of this document.
  • Unless otherwise stated, all comments are on a permanent and adjusted basis, and for sales – on the same number of business days.


In the fourth quarter, sales increased by 2.7% on a year earlier (based on the impact of IFRS 9 and 15) and increased by 1.9% on a constant and same day, reflecting US sales.

In the fourth quarter, Rexel achieved sales of 3,496.9 million Euros, increased by 2.7% on the basis of reports, including:

  • A positive monetary effect of EUR 10.5 million (ie + 0.3% of sales for the fourth quarter of 2017), mainly due to the USD appreciation, partly offset by the depreciation of the Swedish krona, the Australian and Canadian dollars and the Chinese renminbi against the euro,
  • A negative net effect of € 17.8 million (ie -0.5% of sales for the fourth quarter of 2017) as a result of sales in Southeast Asia,
  • Positive calendar effect of 1.1 percentage points.

On a steady and same day sales increased by 1.9%, including the negative effect of the copper price (-0.3% in the fourth quarter and 1.6% in Q4 17).

In 2018, Rexel achieved sales of EUR 13,365.7 million, up 0.5% on a reported basis. On a constant and same day sales increased by 3.5%, including a positive impact of 0.4% on the change in the prices of copper-based cables.

The increase of sales by 0.5% on a reporting basis included:

  • Negative currency effect of € 327.8 million (ie -2.5% of sales in 2017), mainly due to the depreciation of the US, Australian and Canadian dollars and the Swedish krona against the euro,
  • A negative net effect of EUR 98.6 million (ie -0.7% of sales in 2017) stemming from sales in Southeast Asia.

Europe (54% of sales in the group): -0.8% in Q4 and + 1.7% in BG on a constant and same day

In the fourth quartersales in Europe fell by 0.5% on a reporting basis, including a negative currency effect of € 6.2 million (mainly due to depreciation of the Swedish krona against the euro). On a constant and same day, sales fell by 0.8% (or 1.2%, excluding the closure of branches in Germany and Spain).

  • Sales in France (38% of sales in the region) declined by 1.3%, a challenging base effect, a lower export project, and a temporary impact of lower activity in December. The business was supported by good demand for residential and industrial markets;
  • Sales in Scandinavia (14% of sales in the region) grew by 5.2%, with a positive boost in Sweden, 5.4% thanks to public spending and C & I's big business more than offsetting the negative impulse in the housing sector. Norway grew by 8.7% and Finland by 0.3%;
  • in United Kingdom (10% of sales in the region), sales dropped by 6.4%, mainly due to lower business with 6 major C & I accounts (-2.0% impact) and 33 branch closures (-1.4% impact). Political uncertainty remains high;
  • Benelux (+ 10% of sales in the region) recorded strong growth + 13.0%, with good momentum in Belgium, + 14.6%, mainly due to photovoltaic sales (+ 2.7%) and acquisition of a branch in Courtrai %) and the Netherlands – by 11.4%;
  • Sales in Germany (9% of sales in the region) are 15.9%, due to the transformation of the country's business to redeploy to profitable activities (industrial segment at national level and C & I in the southern part of the country). Excluding the closure of 17 branches, sales on the same day were broadly equal, with a positive push in the metalworking industry;
  • Sales in Switzerland (6% of sales in the region) grew by 6.9% (a large contract contributes 2.9%) in a project environment that remains competitive.

North America (37% of group sales): + 6.9% in Q4 and + 6.1% in FY on a constant and same day

In the fourth quarterSales in North America increased by 10.9% on a baseline basis including a positive currency effect of € 24.9 million (mainly due to the appreciation of the US dollar against the euro). On a constant and same day, sales grew by 6.9%, driven by the US and Canada.

  • in United States (79% of sales in the region), sales increased by 8.5% on the same day. Sales growth was dictated by all markets, with a two-digit industry and residential / commercial high-digit figures:
    • Initiatives are paid with a 2.4% contribution to sales growth from Branch / Counter Branches (+48 for 2017/18), in line with our goals, and c. 3 600 new customers
    • Good business impact from our new regional organization, with strong double-digit growth in Denver, California, Texas and Florida, offsetting lower growth in the eastern part of the country.
  • in Canada (21% of sales in the region), sales increased by 1.3% on the same day, mainly due to the strong demand for potash for extraction (+ 1.7% impact).

Asia Pacific region (9% of sales in the group): -0.1% in Q4 and 5.2% in FY on a constant and same day

In the fourth quartersales in the Asia Pacific region decreased by 6.7% on the basis of reports, including a negative effect of EUR 17.8 million after the sale of our Southeast Asian business and a negative EUR 8.2 million foreign currency effect mainly due to the devaluation of the Australian dollar and the Chinese yuan against the euro. On a constant and same day, sales declined by 0.1% (or + 2.9%, excluding the distribution effect of part of our industrial business in Australia).

  • In the Pacific Ocean (48% of sales in the region), sales declined by 6.4% on a constant and same day:
    • in Australia (81% of the Pacific Region), sales fell by 8.5%, or 1.8% in the fourth quarter due to the impact of the sale of our automation business in Rockwell (-6.6% impact) difficult base effect and lower projects in public areas;
    • in New Zealand (19% of the Pacific), sales increased by 3.5%.
  • In Asia (52% of sales in the region), sales increased by 6.4%:
    • in China (81% from Asia), sales increased by 9.3% against a challenging base effect (+ 12.0% in the fourth quarter of 2017). Basic search reflects the good performance of industrial automation products and solutions. Retail and trade contributed negatively during the quarter and in 2018. An agreement to deal with these businesses was signed (EUR 48.9 million of annual sales for 2018)
    • The Middle East and India (19% from Asia). India has had a strong performance with high double figures driven by strong automation, offsetting the negative contribution of a major project in the Middle East, which has boosted our performance for the fourth quarter of 2017 (-0.9% contribution to growth in APAC).


The revised EBITA margin is 5.0% in the fourth quarter, with 27bps

In the fourth quarterGross profit was stable on an annual basis, 24.7% of sales, thanks to North America (49bps to 23.2%) and Asia Pacific (60bps to 18.5%), offsetting Europe (30bps to 26.8%). Opex (including amortization) amounted to 19.8% of sales, an improvement of 27 basis points compared to the previous year. As a result, the adjusted EBITA amounted to EUR 173.3 million, a growth of 8.9% to 5.0%, a growth of 27 basis points.

In Q4 18, reported EBITA amounted to EUR 172.0 million (including a negative one-off copper effect of EUR 1.3 million), which is 6.0% more than in the previous year.

In 2018, gross profits amounted to 24.7% of sales, down 3bps, and OPEX (including amortization) amounted to 20.1% of sales, an improvement of 13 basis points over the previous year. Positive contributions to volume and good cost control offset IT and digital investment and people as well as cost and wage inflation in some markets.

  • in EuropeGross profit totaled 26.8% of sales, down 24 basis points. compared to the previous year, as a result of the countries in transition (Germany and Spain) and the competitive environment in Norway. Throughout the year, distribution and administration costs (including depreciation) improved by 5 basis points. to 21.1% of sales, largely due to the positive effect of volume and cost control, which also offset cost inflation (around 1.6% in the quarter), lower absorption of sales, general and administrative costs in the United kingdom;
  • in North AmericaGross profits accounted for 23.1% of sales. This is an improvement of 41 basis points compared to the previous year, largely due to price initiatives and supplier concentration. Opex (including depreciation) is stable (-1bp per year) at 18.9% of sales, as the volume effect more than offsets higher wage and cargo costs as well as investment in people and opening of branches;
  • in Asia-Pacific regionGross profit amounted to 18.1% of sales, a deterioration of 2 basis points compared to the previous year, and an improvement in the operation (including amortization) by 65 basis points. The positive contribution to China and the positive impact due to the Middle East project phases offset the effect of the discarding of our Rockwell automation business in Australia;
  • At the corporate holding level, OPEC amounted to € 31.4 million, compared to € 32.9 million a year ago, with investments in digital technology and a further reduction in headquarters costs.

As a result, adjusted EBITA amounted to EUR 608.3 million, which is 6.1% more than 2018.

Corrected margin of EBITA grew by 10 basis points. to 4.6% of sales, reflecting:

  • a lower EBITA adjusted margin in Europe with 5.6% of sales, 19bps;
  • improved EBITA adjusted margin in North America to 4.2% of sales, up to 40bps, and
  • improved EBITA adjusted margin in the Asia-Pacific region at 2.0% of sales, up to 64 basis points.

All year, the reported EBITA amounted to EUR 600.4 million (including a negative one-off copper effect of EUR 7.9 million), 1.1% more than the previous year. While for 2017, EBITA reports the benefit of a positive effect of 13.9 million Euros from the recurring copper effect, a negative impact of 7.9 million euros is reported in 2018.


Net profit of € 152.3 million in 2018, up 45.6%

Recurring net revenue increased by 12.8% to € 328.1 million in 2018

Operating income throughout the year amounted to EUR 409.8 million, compared to EUR 322.1 million for the financial year 2017.

  • Depreciation of intangible assets resulting from the distribution of purchase prices amounted to EUR 15.7 million (compared to EUR 19.0 million for the financial year 2017);
  • Other income and expenses amounted to a net fee of EUR 174.9 million (net of EUR 253.0 million for the financial year 2017). These include € 82.5 million restructuring costs (compared to € 35.4 million in 2017 at a comparable range) mainly in Germany and Spain. They include a charge of EUR 61.9 million from impairment of goodwill in Norway, Finland and Spain, as well as a depreciation of assets of EUR 25.4 million related to the sale of our retail and almost all of our business activity in China (classified in assets held for sale in the balance sheet).

Net financial expenses throughout the year amounted to EUR 100.6 million (compared with EUR 145.6 million in 2017). Both periods include fees related to refinancing operations:

  • All 2018 includes a net fee of € 1.1 million related to the renegotiation of our credit agreement in January 2018;
  • 2017 includes a net fee of EUR 18.8 million related to the early redemption of (i) remaining unpaid USD330 million from the senior notes issued in April 2013, and (ii) EUR 500 million from Senior notes issued in May 2015 2017 are also affected by non-recurring costs of EUR 10.9 million related to discounting letters of credit owed by foreign financial institutions;

Recalculated for these net fees and the impact of IFRS 15 in 2017 (+ € 0.3 million), net financial expenses decreased from € 115.9 million across 2017 to € 99.5 million throughout the year 2018 years. the average annual effective interest rate due to the different refinancing operations in 2017. The average effective interest rate on gross debt decreases by 37 basis points annually throughout 2018 to 2.81% (at 3.18% for the whole year). 2017).

Income tax throughout the year represents a fee of EUR 157.0 million (compared to EUR 71.9 million for the financial year 2017 for IFRS 15), an increase in the tax rate (50.8% vs. 40.7% in 2017). In 2017, our income tax benefits from a one-off profit from the US tax reform. In 2018, our tax rate is sharply above our 33% statutory level due to the impossibility of deducting amortization of goodwill, asset impairment and restructuring costs in Germany and Spain where deferred tax assets can not be recognized.

Net profit throughout the year increased by 45.6% to € 152.3 million (compared to € 104.6 million in the prior year).

Recurring net revenue over the year amounted to EUR 328.1 million, which is 12.8% more than FY 2017 (see Annex 2).


Положителен свободен паричен поток преди лихви и данъци в размер на 357,0 млн. Евро за цялата 2018 година

Коефициент на задлъжнялост от 2.67x към 31 декемвриv, 2018

През цялата година, свободните парични потоци преди лихви и данъцие приток от 357,0 млн. евро (при приток от 384,0 млн. евро за цялата 2017 г.). Този нетен приток включваше:

  • По-ниски капиталови разходи (93.8 млн. Евро в сравнение с 110.3 млн. Евро за цялата 2017 г.), включително разпореждане с активи в Австралия. Брутните капиталови разходи възлизат на 122,1 милиона евро през цялата 2018 година;
  • Изходящ поток от 161.8 млн. Евро от промяна в оборотния капитал на отчетна база (при изходящ поток от 118.5 млн. Евро за цялата година 2017), по-високи запаси в Северна Америка за подобряване на растежа на услугите и подкрепата, както и фазирането на данъка върху продажбите ,

Към 31 декември 2018 г. нетният дълг възлиза на 2,030.4 млн. евро, което е с 0.5% по-малко спрямо предходната година (при 2041.2 млн. евро към 31.12.2017 г.).

Той взе предвид:

  • 85,3 млн. Евро от нетните лихви, изплатени през цялата 2018 г. (при 101,6 млн. Евро, платени през 2017 г.),
  • 80,7 млн. Евро от данъка върху дохода, платен през цялата 2018 г. (при 102,5 млн. Евро, платени през 2017 г.). Този по-нисък данък върху доходите се дължи основно на надплащане на данъка върху доходите във Франция за 22 млн. Евро и връщане на 3% данък върху дивидентите за 8 млн. Евро.
  • 22.4 млн. Евро отрицателен валутен ефект през 2018 г. (при положителен ефект от 111.0 млн. Евро през 2017 г.).

Към 31 декември 2018 г. коефициентът на задлъжнялост (Нетна финансова задлъжнялост / EBITDA), както е изчислено съгласно условията на Старши кредитен договор, възлиза на 2.67x срещу 2.84x към 31 декември 2017 година.


Rexel ще предложи на акционерите дивидент от 0,44 евро на акция, което е с 2 цента повече в сравнение с миналата година и представлява 41% от текущите нетни приходи на Групата. Това е в съответствие с политиката на Rexel за изплащане на поне 40% от текущите нетни приходи.

Този дивидент, платим в брой в началото на юли 2019 г., ще подлежи на одобрение на годишното събрание на акционерите, което ще се проведе в Париж на 23 май 2019 г.


С продажбата на нашите дребно и почти цялата ни търговска дейност в Китай, сключена през четвъртото тримесечие, и съкращаването на бизнеса ни във Великобритания, Rexel завърши плана си за обезвреждане. Постигнахме нашата цел за положителен принос от 25 б.т. към консолидирания коригиран Ebita марж на Групата (в сравнение с ФГ 2016) с намаление на продажбите с около 650 млн. Евро.


От 2019 г. и в съответствие с френската пазарна практика, Rexel ще премине към полугодишни резултати и резултати за цялата година и ще докладва само за продажбите през Q1 и Q3. Тази промяна ще позволи на Rexel да подобри оперативната ефективност.

През 2019 г. Rexel ще приложи и счетоводните стандарти по МСФО 16, които са в сила в нашето издание H1 2019, със съпоставими числа от H1 2018. Тази промяна има следното прогнозно въздействие върху номерата ни за 2018 г. (подлежи на промяна в окончателния преглед на проформата и одитора):

  • Увеличение на нетния дълг от 0,9 млрд. Евро, което ще бъде оповестено в "Лизингови пасиви" в баланса
  • Увеличение на EBITDA маржа от 150bps
  • Увеличение на EBITA марж от 30bps
  • Няма въздействие / прекласификация на паричния поток
  • Това развитие няма да повлияе на финансовата гъвкавост на Rexel, тъй като изчисляването на коефициента на задлъжнялост, според RCFA, няма да вземе под внимание стандарта IFRS 16.


Rexel успешно реализира първата фаза от своята стратегическа пътна карта, консолидирайки своя географски отпечатък, обновявайки своя оперативен модел, увеличавайки цифровото си проникване и укрепвайки финансовата си структура, което я прави по-стабилна компания.

Rexel вече започна втората фаза – път на трансформация към компания за услуги, базирана на данни, с повече софтуер и свързани решения в бързо променящия се свят на електроразпределение.

В съответствие с нашата средносрочна амбиция и не допускаме съществени промени в макроикономическата среда, ние се насочваме към 2019 г., при съпоставим обхват на консолидация и обменни курсове:
· Ръст на продажбите за същия ден от 2% до 4%, с изключение на очакваното неблагоприятно въздействие от 1% от закриването на клонове в Германия и Испания;
· 5% до 7% увеличение на коригираната EBITA1;

· По-нататъшно подобряване на съотношението на задлъжнялост (нетен дълг към EBITDA 2).

1 с изключение на (i) амортизацията на PPA и (ii) нееднократния ефект, свързан с промените в цените на кабелите на базата на мед. При сравними обхват и 2018 средни валутни условия, ние оценяваме въздействие от + 1 милион евро на нашата коригирана EBITA за 2019 година

2 както е изчислено съгласно условията на Старшия договор за кредит

Забележка: Очакваните въздействия за тримесечие от (i) ефектите от географското разпределение на календара, (ii) промените в обхвата на консолидацията и (iii) валутните колебания (въз основа на предположения за средни проценти през останалата част от годината за основните валути на Групата) са подробно в приложение 5.


30 април 2019 г. продажби за първото тримесечие на 2019 година

23 май 2019 г. Годишно събрание на акционерите


Финансовият отчет за периода, приключващ на 31 декември 2018 г., е достъпен на уебсайта на Групата (, в раздел "Регулирана информация" и е подаден до Autorité des Marchés Financiers,

Слайдшоу за резултатите от четвъртото тримесечие и за цялата 2018 година също са достъпни на уебсайта на групата.


Rexel, световен експерт в многоканалното професионално разпространение на продукти и услуги за енергийния свят. Групата подкрепя своите жилищни, търговски и промишлени клиенти чрез предоставяне на съобразена и мащабируема гама от продукти и услуги в областта на енергийното управление за строителство, обновяване, производство и поддръжка.

Rexel работи чрез мрежа от близо 2000 клона в 26 държави, с почти 27 000 служители. Продажбите на Групата са били 13,37 милиарда евро през 2018 година.

Rexel е регистриран на пазара на Eurolist на Euronext Paris (отделение А, тикери RXL, ISIN код FR0010451203). Той е включен в следните индекси: SBF 120, CAC Mid 100, CAC AllTrade, CAC AllShares, FTSE EuroMid, STOXX600. Rexel също е част от следните индекси за SRI: FTSE4Good, STOXX® Global ESG лидери, Индекс за устойчивост на етибела Европа, Euronext Vigeo Eiris Eurozone 120 и Dow Jones Sustainability Index Европа, в знак на признание за корпоративната социална отговорност (CSR).

За повече информация посетете уеб сайта на Rexel на адрес





ОТЧЕТНА EBITA (Печалба преди лихви, данъци и амортизация) се определя като оперативен приход преди амортизация на нематериални активи, признати при разпределение на покупната цена и преди други приходи и други разходи.

Регулира EBITA се дефинира като EBITA, с изключение на очакваното непериодично нетно въздействие от промените в цените на кабелите на базата на мед.

EBITDA (Печалба преди лихви, данъци, амортизация) се дефинира като оперативен доход преди амортизация и преди други приходи и други разходи.

ВЪЗСТАНОВЯВАНЕ НА НЕТЕН ДОХОД се определя като нетен доход, коригиран за еднократен меден ефект, други разходи и приходи, еднократни финансови разходи, без данъчен ефект, свързан с горепосочените позиции.

СВОБОДЕН ПАРИЧЕН ПОТОК се дефинира като парични средства от оперативни дейности минус нетни капиталови разходи.

НЕТЕН ДЪЛГ се дефинира като финансов дълг минус парични средства и парични еквиваленти. Нетният дълг включва деривати за хеджиране на дългове.


За приложения, моля, отворете PDF файла, като кликнете върху връзката в края на прессъобщението

  • REXEL Q4 & FY 2018 RESULTS.pdf

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