Q4 2015 Financial Results - V13 · 2016. 6. 3. · As from Q1-2016, quarterly data under IFRS IFRS...

FINANCIAL RESULTSFY & Q4 2015

Wednesday 23rd March 2016

FY & Q4 2015

HIGHLIGHTS

Gérard DEPREZ

FY & Q4 2015 Financial Results – 23rd March 2016

FY & Q4 2015 Financial Results – 23rd March 2016 - 3 -

HIGHLIGHTS

Good performance in FY 2015• Revenue of €838m, stable like-for-like

• EBITDA of €277m, 33.1% margin (up 1.5pts)

• Free Cash Flow: +€60m

• 4 acquisitions completed

Solid revenue and EBITDA in Q4 2015• Revenue up by 2.4% l-f-l

• EBITDA growth of 8% l-f-l

• Completion of HERC acquisition

• Positive feedback from CSR external appraisal

BUSINESS OVERVIEW

Stéphane HENON



FRANCE REVENUE GROWING AGAIN IN Q4

(a) “Like-for-like” means changes in revenues for the period indicated compared to the prior comparable period, excluding changes in the scope of consolidation, at constant exchange rates

2%

8%

-6%

-13%-12%

-9%

-2%

0%

3%4% 3% 3%

5%

2%

5%

2%

-2% -1%

7%

14%

-1% -2%

1%

5%

3% 2% 2%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15

Generalist France Specialist France International

Revenue Quarterly Change (Y to Y) Like-for-Like (a)


GROUPWIDE EBITDA GROWTH IN Q4

(a) “Like-for-like” means changes in revenues for the period indicated compared to the prior comparable period, excluding changes in the scope of consolidation, at current exchange rates

7%

21%

-5%

-1% 0%

19%

12%

-7%

7%7%

0%

3% 5%

-10%

9%

-3%-5%

11%

-1%

26%

-9%-6%

2%

-1%

9%

13% 12%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

Q4-13 Q1-14 Q2-14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15

Generalist France Specialist France International

Adj. EBITDA Quarterly Change (Y to Y) Like-for-like (a)


GENERALIST FRANCE: RESILIENT REVENUE AND CONTINUED EBITDA IMPROVEMENT

Q4-2015 revenue up by 3% like-for-like

Q4-2015 EBITDA: +7% like-for-like and margin up by 1.6 pts

Satisfactory progress of Hertz Equipment France integration

Key Figures

FY 2014 FY 2015

Revenue € 511m € 512m

Revenue evolution -6.5% +0.2%

EBITDA € 168m € 181m

EBITDA margin 32.8% 35.4%

Nb of branches (31 Dec) 416 454

Headcount (average) 3 150 3 115

Share of 2015 proforma(a) group revenue

(a) Proforma for Hertz France and Spain 2015 full revenue

63%


SPECIALIST FRANCE : ORGANIC GROWTH AND STABLE PROFITABILITY

Q4-2015 Revenue down by 1%

Q4-2015 EBITDA: +11% and margin up by 3.4pts

Negative effect of large construction projects ending

Key Figures

FY 2014 FY 2015


Revenue evolution +3.3% +0.9%




Headcount (average) 553 548


16%



INTERNATIONAL : CONTINUED REVENUE AND EBITDA GROWTH

Q4-2015 Revenue up by 1.7% like-for-like and at constant FX

Q4-2015 EBITDA: +12% like-for-like and margin up by 2pts

Integration of recent acquisitions well on track

Key Figures

FY 2014 FY 2015


Revenue evolution +32.1% +15.0%




Headcount (average) 842 996


21%



2015 CAPEX ADJUSTED TO MARKET CONDITIONS

Q4-2015 Gross fleet capex of €32m (vs. €38m in 2014)

Q4-2015 GBV of fleet disposals: €46m (vs. €54m)

Contribution of HERC younger fleet

2016 gross fleet capex guidance: €150-200m

98

190184

234

173

124

0

50

100

150

200

250

Gross book value ofdisposed fleet equipment

Fleet Capex

2013 2014 2015

m€

Gross Fleet Capex and Disposals (€m)


CSR POLICY REWARDED

Evaluation by ISO 26000 standards, "maturity" level of 3 out of 5 reached

Member of UN Global Compact

ISO 14001 extended to all countries

FINANCIAL RESULTS

Patrick BOURMAUD



ADOPTION OF IFRS

Adoption of IFRS for FY 2015– FY 2015 data under IFRS

– Restatement of FY 2013 & 2014 under IFRS

– 2015 (and preceding years) quarterly data under French GAAP

As from Q1-2016, quarterly data under IFRSIFRS vs. French GAAP: main impact on net debt and financial interests


REVENUE AND EBITDA UP IN Q4

(€m)

Q4 2014

(Fr GAAP)

Q4 2015

(Fr GAAP)

Q4-15 / Q4-14Var.

Q4 2015Like for like

(Fr GAAP)

Q4-15 Like for like / Q4-14

Var.

Revenue 212 228 7.6% 217 2.4%

Adj. EBITDA (a) 64 73 14.6% 69 8.4%

Margin 30% 32% 32%

Adj. EBIT (a) 19 23 19.9% 22 17.9%

Margin 9% 10% 10%

Net Financial Expense (26) (16) -37.2% (16) -40.1%

Net Income (6) 2 - 2 -

(a) Adjusted EBITDA and adjusted EBIT under French GAAP exclude non-recurring costs, which amounted to €1.0m in Q4 2014.


FY EBITDA MARGIN UP

(€m)

FY 2014

(IFRS)

FY 2015

(IFRS)

2015 / 2014Var.

FY 2015Proforma

(IFRS)

Revenue 812 838 3.2% 897

EBITDA 256 277 8.1% 293

Margin 32% 33% 33%

EBIT 90 90 0.5% 90

Margin 11% 11% 10%

Net Financial Expense (67) (67) -0.5% (71)

Net Income 12 8 -32.4% 5


EBITDA IMPROVEMENT DRIVEN BY LOWER OPERATING COSTS AND ACQUISITIONS

256

277

293

10 4

7

16

200

210

220

230

240

250

260

270

280

290

300

EBITDA 2014 Operating costs Net gains on fleetdisposals

Change inperimeter

EBITDA 2015 Pro formaadjustment

EBITDA 2015 PF

€m


TRADE WCR UP BECAUSE OF ACQUISITIONS

(a) Trade WCR = WCR relating to business and income tax (excluding WCR related to fixed assets)

7380 80 79 76 79

70 6677

9%10% 10% 10% 9% 10%

9%8%

9%

0%

2%

4%

6%

8%

10%

12%

14%

0

20

40

60

80

100

120

140

Dec.13 March 14 June 14 Sept. 14 Dec. 14 March 15 June 15 Sept. 15 Dec. 15

Trade WCR (a) Trade WCR in % of LTM Revenue (right hand scale)

QUARTERLY TRADE WORKING CAPITAL REQUIREMENT %€m

IFRS IFRSFr. GAAPFr. GAAPFr. GAAPFr. GAAPFr. GAAPFr. GAAPFr. GAAP


TOTAL WCR UP BY €4M

(21)

(56)(55)

(19) (24) (19)(24)

(11) (21)

73 80 80 79 76 79 70 6677

-80

-60

-40

-20

0

20

40

60

80

100

Dec. 13 March 14 June 14 Sept. 14 Dec. 14 March 15 June 15 Sept. 15 Dec. 15

WCR relating to fixed assets WCR relating to business and income tax

QUARTERLY WORKING CAPITAL REQUIREMENT€m

IFRS IFRSFr. GAAP Fr. GAAP Fr. GAAPFr. GAAP Fr. GAAP Fr. GAAP Fr. GAAP


POSITIVE FREE CASH FLOW FROM OPERATIONS

(€m) Q4 2014(a) Q4 2015(a) FY 2014(b)

FY 2015(b)

EBITDA before capital gains on fleet disposaland other items

54 62 213 229

Proceeds from disposals of fixed assets 13 15 51 59

Gross capital expenditure (43) (41) (253) (151)

Financial income and expense (17) (16) (51) (65)

Income tax 4 (3) (6) (18)

Change in trade WCR 2 (1) (4) 10

Change in WCR relating to fixed assets 5 9 3 (4)

Free cash flow 17 24 (47) 60

Acquisitions, dividends and FX effect (3) (112) (86) (133)

Change in net debt 14 (88) (133) (73)

(a) French GAAP(b) IFRS


NET DEBT AT €1,025M, LEVERAGE RATIO BELOW 3.5X

(a) Net debt / proforma EBITDA, excluding derivatives instruments

811 857 778 833952 1 025

3.46x

3.03x2.84x

3.41x3.68x

3.49x

2010 2011 2012 2013 2014 2015 (a)

Net Debt Leverage

Leverage (Net Debt / Adj. EBITDA )

French GAAP IFRS

(a)


INCREASE OF BILATERALS AND FINANCIAL LEASES

62 55 48 33 23 2 2 1

250

300410

2016 2017 2018 2019 2020 2021 2022 >= 2023

410 €m Senior Secured Notes

300 €m Senior Subordinated Notes

250 €m Senior Subordinated Notes

227 €m Bilaterals and financial leases

Debt maturity profile (in €m)

158 €m Cash and Cash Equivalents

50 €m RCF (undrawn)

MARKET UPDATE

Gérard DEPREZ



CONSTRUCTION MARKETS: CONFIRMATION OF EXPECTED RECOVERY

Construction markets – 2015-17 growth

Source: Euroconstruct –December 2015

Denmark

1.3% 2.3% 2.7%

Spain

2.4%4.4% 4.0%

Netherlands

6.0%4.1% 4.7%

UK

3.7% 3.7% 4.4%

Belgium

0.3% 0.1% 1.2%

Germany

0.4%2.0% 1.1%

Switzerland

-0.1%

0.9% 0.1%

Ireland

10.6% 9.3%8.1%

Norway

2.4%3.9%

2.1%

2015E 2016F 2017F

France

-1.3%

2.8%3.9%


FRENCH CONSTRUCTION: RETURN TO GROWTH EXPECTED IN 2016

-0.9%

-3.0%

-8.0%

-4.1%

+5.2%

+0.9%-0.6%

-3.0%

+3.9%

0.0%

Sources: Euroconstruct, FNTP, FFB

2015 Estimate 2016 Forecast

Res & Non Res Civil Engineering Total Construction Res & Non Res Civil Engineering Total Construction

-2.8%-1.3%

2016 ROADMAP

Gérard DEPREZ



2016 ROADMAP

Favorable construction market prospects

Continued repositioning of French network

Focus on external growth in Europe

Q&A


APPENDIX



2015 FRENCH GAAP TO IFRS ADJUSTMENTS

In €m French GAAP

Adjustments IFRS

Revenue 838 n/a 838

EBIT 90 0 90

EBITDA 277 0 277

Net debt (31 Dec) 1 040 (15) 1 025

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