Sales: €445m (+7.8% vs Q1 2020) EBITDA: €35m
(7.8% of sales) Net income (Group share): €16m
Regulatory News:
JACQUET METALS (Paris:JCQ):
Solid performance
The Group’s business and profitability benefited from both a
positively oriented demand with sold volumes increased by
+6,6 % compared to Q1 2020 and the increase in raw materials
prices.
Compared to Q1 2020, sales increased by +7.8% (to €445
million), and the gross margin by 24% (to €116 million
representing 26% of sales).
In this context, EBITDA amounted to €35 million (7.8% of
sales versus 3.9% of sales in Q1 2020) and Net income (Group share)
amounted to €16 million.
Having generated €23 million of operating cash flow in Q1
2021, the Group strengthened its financial structure, posting a net
debt to equity ratio (gearing) of 24% compared to 28% at 2020
year-end.
In Q2 2021, market conditions should be mostly
equivalent.
Dividend
The Board of Directors will propose a dividend of €0.40
per share to the General Meeting of shareholders on June 25,
2021.
On May 5, 2021 the Board of Directors, chaired by Éric Jacquet,
approved the consolidated financial statements for the period ended
March 31, 2021.
€m
Q1 2021
Q1 2020
Sales
445
413
Gross margin
% of sales
116
26.1%
94
22.8%
EBITDA 1
% of sales
35
7.8%
16
3.9%
Adjusted operating income
1
% of sales
28
6.2%
7
1.7%
Operating income
27
6
Net income (Group
share)
16
0.2
1 Adjusted for non-recurring items.The activity report includes
a definition of non-IFRS financial indicators and explains the
methods used to calculate them. The report is available at
jacquetmetals.com.
Q1 2021 Results
Sales amounted to €445 million, up +7.8% versus Q1 2020
including the following effects:
- volumes: +6.6%; - prices: +1.2% (+7.8% compared to Q4
2020).
Gross margin amounted to €116 million and represented
26.1% of sales compared to €94 million (22.8% of sales) in Q1
2020.
After taking into account savings of €2 million, current
operating expenses* amounted to €80 million com- pared to €78
million in Q1 2020. This increase is mainly due to the growth in
volumes sold and profitability.
* Excluding depreciation of €(9) m
EBITDA amounted to €35 million and represented 7.8% of
sales compared to €16 million in Q1 2020 (3.9% of sales).
Adjusted operating income amounted to €28 million (6.2%
of sales).
In this context, net income (Group share) amounted to €16
million compared to €0.2 million in Q1 2020.
Financial position
As of March 31, 2021, the Group generated positive operating
cash flow of €23 million.
Operating working capital amounted to to €360 million
(25.8% of sales) compared to €332 million at 2020 year-end (24.3%
of sales), mainly due to the increase in activity and the
implementation of accelerated supplier payments against discount in
Germany (skonto).
Capital expenditure amounted to €5 million, taking into
account notably the construction of a site in Italy for the JACQUET
division.
Group net debt stood at €96 million compared to €106
million at 2020 year-end. The net debt to equity ratio (gearing)
amounted to 24% (28% at 2020 year-end).
As of March 31, 2021, cash amounted to €327 million while lines
of credit totaled €732 million (of which €309 million is
unused).
Q1 2021 earnings by division excluding IFRS 16
impacts
JACQUET
Stainless steel
quarto plates
STAPPERT
Stainless steel
long products
IMS group
Engineering steels
€m
Q1 2021
Q1 2021
Q1 2021
Sales
95
144
210
Change vs. 2020
+8.9%
+9.7%
+6.2%
Price effect
-2.5%
+3.1%
+1.6%
Volume effect
+11.4%
+6.7%
+4.6%
EBITDA 1 2
11
9
10
% of sales
11.3%
6.1%
5.0%
Adjusted operating income 2
9
8
11
% of sales
9.1%
5.7%
5.1%
1 Non-division operations and the application of IFRS 16 -
Leases contributed €0.2 million and €4 million to EBITDA
respectively. 2 Adjusted for non-recurring items.The activity
report includes a definition of non-IFRS financial indicators and
explains the methods used to calculate them. The report is
available at jacquetmetals.com.
JACQUET
The division specializes in the distribution of stainless
steel quarto plates. It generates 69% of its business in
Europe and 25% in North America.
Sales amounted to €95 million, up +8.9% from €87 million in Q1
2020:
- volumes: +11.4%; - prices: -2.5% (+6.5% compared to Q4
2020).
Gross margin amounted to €32 million, representing 33.9% of
sales, compared to €26 million in Q1 2020 (29.9% of sales).
EBITDA amounted to €11 million, representing 11.3% of sales,
compared to €5 million in Q1 2020 (5.6% of sales).
STAPPERT
The division specializes in the distribution of stainless
steel long products mainly in Europe. It generates 42% of
its sales in Germany, the largest European market.
Sales amounted to €144 million, up +9.7% from €132 million in Q1
2020:
- volumes: +6.7%; - prices: +3.1% (+12% compared to Q4
2020).
Gross margin amounted to €30 million, representing 20.9% of
sales, compared to €25 million in Q1 2020 (19.2% of sales).
EBITDA amounted to €9 million, representing 6.1% of sales,
compared to €6 million in Q1 2020 (4.2% of sales).
IMS group
The division specializes in the distribution of engineering
steels, mostly in the form of long products. It generates 46% of its sales in
Germany, the
largest European market.
Sales amounted to €210 million, up +6.2% from €198 million in Q1
2020:
- volumes: +4.6%; - prices: +1.6% (+5.9% compared to Q4
2020).
Gross margin amounted to €54 million, representing 25.8% of
sales, compared to €43 million in Q1 2020 (21.6% of sales).
EBITDA amounted to €10 million, representing 5.0% of sales,
compared to €1 million in Q1 2020 (0.4% of sales).
Key financial informations
Income statement
€m
Q1 2021
Q1 2020
Sales
445
413
Gross margin
116
94
% of sales
26.1%
22.8%
EBITDA 1
35
16
% of sales
7.8%
3.9%
Adjusted operating income
1
28
7
% of sales
6.2%
1.7%
Operating income
27
6
Net financial expense
(4)
(4)
Corporate income tax
(5)
(2)
Minority interests
(1)
(1)
Net income (Group
share)
16
0.2
1 Adjusted for non-recurring items.The activity report includes
a definition of non-IFRS financial indicators and explains the
methods used to calculate them. The report is available at
jacquetmetals.com.
Cash flow
€m
Q1 2021
Q1 2020
Operating cash flow before change
in working capital
Change in working capital
32
(9)
10
59
Cash flow from operating
activities
23
69
Capital expenditure
(5)
(14)
Asset disposals
0
0
Dividends paid to shareholders of
JACQUET METALS SA
-
-
Interest paid
(3)
(3)
Other movements
(5)
(10)
Change in net debt
10
43
Net debt brought
forward
106
175
Net debt carried
forward
96
132
Balance sheet
€m
31.03.21
31.12.20
Goodwill
66
66
Net non-current assets
155
154
Right-of-use assets
67
70
Net inventory
372
368
Net trade receivables
210
135
Other assets
92
91
Cash & cash equivalents
327
333
Total assets
1,289
1,217
Shareholders’ equity
394
373
Provisions (including provisions
for employee benefit obligations)
95
96
Trade payables
221
171
Borrowings
423
439
Other liabilities
85
64
Lease liabilities
71
73
Total equity and
liabilities
1,289
1,217
Q1 2021 Activity report: jacquetmetals.com
H1 2021 results: September 8, 2021 6.00 pm
JACQUET METALS is a European leader in the
distribution of specialty steels. The Group develops and operates a
portfolio of three brands:
JACQUET stainless steel quarto plates -
STAPPERT stainless steel long products - IMS group
engineering steels
With a headcount of 2,857 employees, JACQUET
METALS has a network of 106 distribution centers in 25 countries in
Europe, Asia and North America.
Compartment B - ISIN : FR0000033904 - Reuters :
JCQ.PA - Bloomberg : JCQ FP
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210505005863/en/
JACQUET METALS: Thierry Philippe - Chief Financial
Officer - comfi@jacquetmetals.com NEWCAP: Emmanuel Huynh - T
+33 1 44 71 94 94 - jacquetmetals@newcap.eu
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