COLAS 
By 08/28/2013
• Revenue is nearly stable, despite unfavorable weather conditions in France, Europe and North America • Net profit: -€32 M (-€19 M for 1st half 2012) • High level of work-on-hand: €7.6 Bn
The Board of Directors of Colas, chaired by Mr. Hervé Le Bouc, met on August 23, 2013 to assess the position for the first half-year ended June 30, 2013, and the outlook for the full year.
Consolidated key figuresIn millions of euros | 1st half year | Change | Reminder fiscal 2012 | ||||
2013 | 2012 | ||||||
Consolidated Revenue | 5,560 | 5,594 | -1% | 13,036 | |||
of which France | 3,399 | 3,367 | +1% | 7,363 | |||
of which International | 2,161 | 2,227 | -3% | 5,673 | |||
Operating profit | (76) | (34) | -€42 M | 406 | |||
Consolidated net profit | (32) | (19) | -€13 M | 302 | |||
Net cash (Net debt)[1] | (1,142) | (1,074) | -€68 M | (170) | |||
Reminder: seasonal nature of business at Colas
Given the highly seasonal nature of the majority of Colas' businesses, it is important to underline the fact that the Group's half year results are not representative of its full year figures.
Revenue for the first half of the year remained nearly stable, despite unfavorable weather conditions
Revenue for the first half of 2013 totaled 5.6 billion euros, down a very slight 1% (+1% in France, -3% in the international units), with no significant changes in the scope of business or exchange rates.
Roads:
During the first half-year, the Road business was negatively impacted by unfavorable weather in Mainland France (revenue down 2%), in Europe (-7%), notably in the north (Belgium and Ireland), as well as in North America (-10%), particularly in Canada.
In the Rest of the World, revenue is up 2% from the first half of 2012. Growth in French Overseas Departments and in Asia/Australia helped offset drops in Africa and the Indian Ocean.
Specialized Activities:
During the first half of 2013, revenue rose 11%, an increase that comprises differences amongst the businesses: strong growth in the Railways sector (+32%), increased revenue for the Sales of refined products sector (+16%) linked to the end on January 1, 2013 of a processing contract with Total (by which Total commercialized 40% of SRD's production), nearly unchanged business compared to the first half of 2012 for the Waterproofing and Pipelines sectors, and a drop in business for Road Safety and Signaling (-7%).
Profitability
As of June 30, 2013, the Group's operating profit amounted to -76 million euros, against -34 million euros on June 30, 2012.
Operating profit is down 42 million euros, a trend that mainly reflects unfavorable weather conditions in France, Europe and North America compared to the first half of 2012.
Net profit attributable to the Group was -32 million euros during the first half of 2013, down 13 million euros from the first half of 2012.
Net debt
As of June 30, 2013, net debt amounted to 1,142 million euros. The change from December 31, 2012 (net debt at 170 million euros) reflects the typically seasonal nature of Colas' business. These figures are to be compared to net debt as of June 30, 2012 at 1,074 million euros. The change over one year is primarily explained by additional working capital requirements in the refining activity in France, which has been operated at 100% since January 1, 2013.
Work-on-hand
Work-on-hand at the end of June 2013 remained high at 7.6 billion euros (-4% from the end of June 2012, +5% from the end of June 2011). Mainland France accounts for
4 billion euros (-2%), and the International units and French Overseas Departments account for 3.6 billion euros (-5%). These figures do not yet include the Tangiers-Kenitra high speed railway contract (124 million euros for Colas Rail).
The Group's work-on-hand provides good visibility into the second half year 2013.
Outlook
The delays in business encountered in France and in North America will be partially or totally overcome if the weather is favorable, notably towards the end of the year.
In Europe and in the Rest of the World, total revenue should not change significantly, as continued growth in Asia/Australia will offset the drop in Africa/Indian Ocean.
- The Specialized Activities will see growth thanks to continued progress in the Railways sector which is enjoying a high level of work-on-hand.
On the basis of currently available information, the revenue target for 2013, set in February and confirmed in May, remains unchanged at 13.2 billion euros (+1% compared to 2012).
[1] End of period
Consolidated income statement for second quarter 2013
in millions of euros | 2nd quarter | Change 2013/2012 | |
2013 | 2012 | ||
Revenue | 3,451 | 3,385 | +2% |
Operating profit | 127 | 152 | -16% |
Net profit attributable to the Group | 99 | 108 | -8% |
First half year 2013 revenue by operating sector
in millions of euros | 1st half year | Change 2013/2012 |
Change | |
2013 | 2012 | |||
Roads Mainland France | 2,320 | 2,369 | -2% | -2% |
Roads Europe | 578 | 619 | -7% | -4% |
Roads North America | 727 | 806 | -10% | -9% |
Roads Rest of the World | 727 | 714 | +2% | +1% |
Total Roads | 4,352 | 4,508 | -3% | -3% |
Specialized Activities | 1,197 | 1,074 | +11% | +10% |
Holding company | 11 | 12 | ns | ns |
TOTAL | 5,560 | 5,594 | -1% | -1% |
First half year 2013 revenue by geographic zone
in millions of euros | 1st half year | Change 2013/2012 | |
2013 | 2012 | ||
Mainland France | 3,179 | 3,170 | = |
French Overseas Depts. | 220 | 197 | +12% |
France | 3,399 | 3,367 | +1% |
North America | 730 | 812 | -10% |
Europe (excl. France) | 863 | 858 | +1% |
Rest of the World[1] | 568 | 557 | +2% |
International | 2,161 | 2,227 | -3% |
TOTAL | 5,560 | 5,594 | -1% |
Delphine Lombard / Stéphanie Beauvais
01 47 61 76 17 - delphine.lombard@colas.com
|
distributed by
|
