Improvement in all financial indicators in 2020:
- Revenues: +7.1% to €1,642.8 million
- Underlying operating income: +12.0% to €60.5
million
- Cash flow from operations: +27% to €154.2 million after
operating investments
- Financial debt: down to 0.7x EBITDA
Regulatory News:
ID Logistics (Paris:IDL) (ISIN: FR0010929125, Mnémo: IDL) one of
the European leaders in contract logistics, announces its 2020
results with revenues up +7.1% to €1,642.8 million and underlying
operating income of €60.5 million, up +12.0%.
Eric Hémar, Chairman and CEO of ID Logistics, commented:
« We have achieved the three targets we had set at the beginning of
the health crisis: we have been able to protect our teams and none
of our 340 ID Logistics sites has been closed for health reasons;
we have been able to support our customers and deploy e-commerce
solutions in record time; and finally, thanks to strict financial
management, we have emerged from this crisis stronger than ever and
we can continue our ambitious development strategy. I would like to
thank once again all our teams for their unfailing commitment and
our customers for their trust and loyalty ».
In €m
2020
2019
Change
Revenues
1,642.8
1 534.2
+7.1%
Underlying operating income
60.5
54.0
+12.0%
As a % of revenues
3.7%
3.5%
+20 bps
Consolidated net income
28.2
16.9
+66.9%
As a % of revenues
1.7%
1.1%
+60 bps
Cash flow from operations after operating
investments
154.2
121.3
+27.1%
Net financial debt*
61.0
89.2
-28.2
*See definitions in appendix
A NEW YEAR OF SUSTAINED REVENUE GROWTH AT +7.1%
ID Logistics' 2020 revenues amounted to €1,642.8 million, up
+7.1% and +4.9% on a like-for-like basis:
- In France, sales came to €721.0 million, up +0.9%. The
temporary decline in the second quarter (-5.9%) in a context of
strict lockdown, was offset by the good recovery in activity in the
second half (+3.1%).
- International revenues reached €921.8 million, up
sharply by +12.5%. This performance includes a currency effect that
remains unfavorable overall, particularly in Latin America, and
changes in the scope of consolidation (end of activities in South
Africa in August 2019 and in China in June 2020, consolidation of
Jagged Peak's activities in the United States since December 2019).
Restated for these items, revenue growth was +8.7% for the year
2020.
In 2020, e-commerce was once again the most buoyant business
sector for the Group. ID Logistics confirms its expertise in this
segment, which now represents 25% of its revenues.
UNDERLYING OPERATING INCOME UP 12.0% TO €60.5M
Despite the Covid crisis and the cost of starting up the 18 new
sites in 2020, the Group's operating profitability continued to
improve, with underlying operating income up +12.0% to €60.5m from
€54.0m in 2019 and the Group's recurring operating margin up 20
basis points to 3.7%:
- In France, 2020 underlying operating income was down to €26.6
million, or 3.7% of revenues, compared with €29.0 million and 4.1%
in 2019. The increased productivity of recently started projects
partially offset the additional direct and indirect costs related
to the Covid-19 health crisis (masks, hydroalcoholic gel, social
distancing, loss of productivity).
- Outside France, underlying operating income for 2020 rose
sharply to €33.9 million, representing a margin of 3.7%, compared
with €25.0 million and 3.1% in 2019. This improvement in
profitability is the result of good control over the many site
start-ups and specific actions taken on the least profitable
operations. These initiatives largely offset the unfavorable
effects of the Covid-19 crisis, which weighed on all the Group's
countries.
NET INCOME UP 67% TO €28.2M
Consolidated net income is up 67% to €28.2 million in 2020
compared to €16.9 million in 2019. It includes in particular
non-recurring expenses of €3.4 million in 2020 (mainly costs for
the closure of activities in China and covid-related restructuring
in Spain), compared with €7.3 million in 2019 (costs for the
closure of South Africa and the acquisition of Jagged Peak in the
USA).
GOOD CASH GENERATION AND CONTINUED STRONG INVESTMENT
CAPACITY
In 2020, ID Logistics demonstrated good working capital
management, while maintaining a sustained pace of operational
investments to support its customers' development. Cash flow from
operations thus came to €154.2 million after taking into account
operating investments, up +27% compared to 2019.
Net financial debt excluding IFRS 16 amounted to €61.0 million
at the end of 2020, compared to €89.2 million at the end of 2019.
It represents 0.7x EBITDA excluding IFRS 16 (2.0x including IFRS
16), confirming ID Logistics' strong investment capacity.
OUTLOOK
Thanks to its good performance in 2020 and to the strengthening
of its positioning in e-commerce, ID Logistics intends to continue
its profitable development, while remaining cautious about the
evolution of the Covid-19 crisis. The pandemic has already
highlighted the decisive impact of customers' logistics
organizations, when they are organized, flexible and global. ID
Logistics plays an active role in these changes which will now be
deployed on a larger scale.
At the same time, ID Logistics is pursuing an ambitious CSR
(Corporate Social Responsibility) approach in order to meet the
challenges of its customers and in the social area for the
Group.
Finally, ID Logistics remains attentive to external growth
opportunities, particularly in Northern Europe and the United
States.
Additional note: 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 annual
financial report.
NEXT REPORT
Q1 2021 revenues: April 26, 2021, after market close.
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)
2020
2019
France
721.0
714.7
International
921.8
819.5
Revenues
1,642.8
1,534.2
France
26.6
29.0
International
33.9
25.0
Underlying operating income
60.5
54.0
Amortization of customer relationships
(1.3)
(1.3)
Non-recurring expenses
(3.4)
(7.3)
Financial result
(12.7)
(15.9)
Income tax
(15.8)
(13.1)
Share in income of associates
0.8
0.5
Consolidated net income
28.2
16.9
o/w attributable to ID Logistics’
shareholders
25.2
14.8
- Simplified statement of cash flows
(€m)
2020
2019
EBITDA
223.8
205.1
Change in working capital and others
6.6
(1.4)
Other changes
(18.4)
(21.6)
Net investments
(57.8)
(60.8)
Net cash generated/(used) by operating
activities
154.2
121.3
Acquisition of subsidiary
-
(17.2)
Net financing costs
(4.9)
(4.7)
Net debt repayments
(91.9)
(113.6)
Other changes
(3.9)
(1.0)
Increase (decrease) in cash and cash
equivalents
53.5
(15.2)
Cash and cash equivalent – beginning of
period
90.5
105.7
Cash and cash equivalent – end of
period
144.0
90.5
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/20210317005676/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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