- Revenues: +15.0% to €893.1m
- Underlying operating income: +38% to €27.7m (+50
bps)
- Net income: more than doubled to €14.8 m
- Financial debt: limited to 0.7x EBITDA
Regulatory News:
ID Logistics, (ISIN: FR0010929125, Mnémo: IDL) (Paris:IDL) one
of the European leaders in contract logistics, announces its
results for the first half of 2021 with revenues up 15.0% to €893.1
million and underlying operating income up 38% to €27.7 million,
representing a margin gain of 50 bps.
Eric Hémar, Chairman and CEO of ID Logistics, commented:
« The growth of the first half of 2021 has accelerated with a
+17.7% increase on a like-for-like basis compared to the first half
of 2020, which had itself proven the strong resilience of ID
Logistics' model (+4.3% compared to 2019 despite the pandemic). The
Group's operating profitability is growing faster than its
activity: underlying operating income is up +38% due to the
increased productivity of the sites started up in the last two
years and the good control of start-up costs for new projects. The
Group continues to strengthen its position in e-commerce, which now
accounts for 27% of activity in the first half of the year, and
continues to manage its cash flow and investments carefully ».
In €m
H1 2021
H1 2020
Change
Revenues
893.1
776.6
+15.0%
EBITDA
117.9
97.5
+20.9%
As a % of revenues
13.2%
12.6%
+60 bps
Underlying operating income
27.7
20.1
+37.8%
As a % of revenues
3.1%
2.6%
+50 bps
Consolidated net income
14.8
6.5
x2.3
As a % of revenues
1.7%
0.8%
+90 bps
SUSTAINED ACTIVITY IN THE FIRST HALF OF 2021 WITH REVENUES
GROWTH OF +15.0%
ID Logistics' revenues stood at €893.1 million at June 30, 2021,
up +15.0% and +17.7% on a like-for-like basis compared to the first
half of 2020, which itself recorded growth of +4.3%:
- In France, revenues in the first half of
2021 amounted to €376.7 million, up +9.5% compared with the first
half of 2020. - Outside France, revenues for the first half of 2021
reached €516.4 million, up 19.4% compared with the first half of
2020. This performance includes a generally unfavorable exchange
rate effect, particularly in Latin America, and a scope effect
linked to the end of activities in China in 2020. Excluding these
items, revenues rose by 24.6% in the first half of the year.
UNDERLYING OPERATING INCOME UP 38% TO €27.7 MILLION
ID Logistics continues to improve its underlying operating
income, up 38% to €27.7 million for the first half of 2021 compared
to €20.1 million in 2020, and its underlying operating margin (up
50 basis points to 3.1%):
- In France, underlying operating income has
bounced back to €13.5 million at June 30, 2021, or 3.6% of
revenues, compared with €9.7 million and 2.8% in 2020. The first
half of 2020 was impacted by direct and indirect additional costs
related to the Covid-19 health crisis (masks, hydroalcoholic gel,
social distancing, loss of productivity), which are now more
limited and better managed. The increased productivity of the sites
started up in 2019 and 2020 and the good control of start-up costs
for new contracts since the beginning of the year have also
contributed to the improved results. - Outside France, underlying
operating income continued to rise to €14.2 million at June 30,
2021, representing a margin of 2.7%, compared with €10.4 million
and 2.4% in 2020. As in France, the Covid crisis effects on the
results of the first half of 2020, particularly in Spain, did not
reproduced to the same extent in the first half of 2021. Beyond
this specific effect, recent contracts are improving their overall
productivity compared to 2020 and offsetting the cost of start-ups
in early 2021.
NET INCOME DOUBLED TO €14.8M
In the first half of 2021, the Group did not recognize any
non-current expenses, which amounted to €1.5m in the first half of
2020, in relation to the closure of operations in China. At the
same time, the financial result improved and the tax charge
benefited from the reduction in the CVAE contribution rate, which
generated a saving of €1.2 million over the first 6 months of 2021.
Consolidated net profit thus amounted to €14.8 million at June 30,
2021, up 127% compared to H1 2020 (€6.5m).
GOOD CASH MANAGEMENT AND CONTINUED STRONG INVESTMENT
CAPACITY
Cash flow from operations after taking into account operating
investments amounted to €72.0 million in H1 2021 compared to €97.5
million in H1 2020:
- It benefited from the improvement in
results and in particular Ebitda, which rose by €20.4m over the
period. - The Group did not use the government measures authorizing
the deferral of payment of certain social security contributions
that it had activated as a precaution in the first half of 2020 for
an amount of €20.5 million, fully repaid in the second half of
2020. - The strict management of working capital, which during the
health crisis reduced the average customer collection time by 4
days in the first half of 2020, generating €18.7 million in current
cash, has continued and has enabled the working capital requirement
to remain stable since the beginning of the year 2021. - Since the
beginning of 2021, operating investments stood at €41.0 million and
consist mainly of new e-commerce projects currently being launched
( IT equipment, mechanized solutions, …) whereas during the first
half of 2020, ID Logistics and its customers have been selective
and gradual in investments, which were limited to €26.9
million.
At the beginning of 2020, ID Logistics had finalized the
refinancing of the remaining acquisition debts by a new 5-year €100
million loan with its historical banking syndicate, benefiting from
better financial conditions compared to the refinanced loans and
very progressive repayments. This transaction resulted in a net
cash inflow of €30.4 million in the first half of 2020. At the same
time, the Group had also concluded a 5-year €50 million revolving
credit facility, which has not been drawn down to date.
Taking into account these elements, and after payment of rental
debts (IFRS 16) and other changes, the Group had a net current cash
position of €139.6 million at June 30, 2021, and net financial debt
was limited to €66.9 million, or 0.7x EBITDA excluding IFRS 16.
OUTLOOK
In line with its roadmap, ID Logistics intends to rely on its
good performance in 2020 and early 2021 and its strong positioning
in e-commerce to continue its profitable development, while
remaining cautious of developments in the Covid-19 crisis. The
Group recalls that its results traditionally benefit from a more
favorable seasonality in the second half of the year. The company
remains attentive to external growth opportunities, particularly in
Northern Europe and the United States.
Additional note: Board of Directors have validated half-year
results on August, 25th and audit procedures on the consolidated
financial statements have been performed. The certification report
will be issued after completion of the procedures required for the
purpose of publishing the interim financial report.
Next Report Release of third-quarter 2021 revenues after
the market close on 25 October 2021.
ABOUT ID LOGISTICS
ID Logistics is an international contract logistics group, with
revenue of €1,643 million in 2020. ID Logistics has more than 340
sites across 17 countries, representing 6.0 million square meters
of warehousing facilities in Europe, America, Asia and Africa, with
21,500 employees. With a client portfolio balanced between retail,
industry, detail picking, healthcare and e-commerce sectors, ID
Logistics is characterized by offers involving a high level of
technology. Developing a social and environmental approach through
a number of original projects since its creation in 2001, the Group
is today resolutely committed to an ambitious CSR policy. ID
Logistics is listed on Compartment A of NYSE Euronext’s regulated
market in Paris (ISIN Code: FR0010929125, Ticker: IDL).
APPENDIX
- Simplified statement of income
(€m)
H1 2021
H1 2020
France
376.7
344.1
International
516.4
432.5
Revenues
893.1
776.6
France
13.5
9.7
International
14.2
10.4
Underlying operating income
27.7
20.1
Amortisation of customer relationships
(0.6)
(0.6)
Non-recurring expenses
-
(1.5)
Financial result
(5.8)
(6.9)
Income tax
(6.8)
(5.1)
Share in income of associates
0.3
0.5
Consolidated net income
14.8
6.5
o/w attributable to ID Logistics’
shareholders
12.9
5.3
- Simplified statement of cash flows
(€m)
H1 2021
H1 2020
EBITDA
117.9
97.5
Change in working capital
0.0
38.7
Other changes (non-recurring, tax,
etc.)
(4.9)
(11.8)
Net investments
(41.0)
(26.9)
Net cash generated/(used) by operating
activities
72.0
97.5
Net issuance (repayment) of debt
1.0
30.5
Reimbursement of lease liabilities (IFRS
16)
(75.0)
(65.9)
Others
(2.4)
(4.0)
Increase (decrease) in cash and cash
equivalents
(4.4)
58.1
Cash and cash equivalent – beginning of
period
144.0
90.5
Cash and cash equivalent – end of
period
139.6
148.6
Definitions
- Like-for-like change: change excluding the impact
of:
- acquisitions and disposals: the revenue
contribution of companies acquired during the period is excluded
from the same period, and the revenue contribution made by
companies sold during the previous period is also excluded from
that period - changes in the applicable accounting principles -
changes in exchange rates (revenues in the various periods
calculated based on identical exchange rates, so that the reported
figures for the previous period are translated using the exchange
rates for the current period).
- EBITDA: Underlying operating income before net
depreciation of property, plant and equipment and amortisation of
intangible assets
- Net financial debt: Gross debt plus bank overdrafts and
less cash and cash equivalents
- Net debt : Net financial debt plus rent liabilities
(IFRS 16)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210825005614/en/
ID Logistics Yann Perot CFO Tel.: + 33 (0)4 42 11 06 00
yperot@id-logistics.com
NewCap Emmanuel Huynh / Thomas Grojean Investor Relations &
Financial Communications Tel.: +33 (0)1 44 71 94 94
idlogistics@newcap.eu
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