DERICHEBOURG The Board of directors' meeting on December 5, 2014, chaired by Mr. Daniel Derichebourg, approved the annual financial statements and consolidated financial statements for the fiscal year ended September 30, 2014.
Recurring EBITDA up
Despite the slight decline in revenue (down 2.5% to €2,561 billion), the Group's recurring EBITDA rose by €8.6 million, an increase of 8%, to €115.3 million. This hike stems primarily from growth in profitability in Environmental Services in the second half of the year. Volumes were up year-on-year for both ferrous metals (up 1.1%) and non-ferrous metals (up 12.9%) processed in Europe. Profitability improved in the Americas, although the volume processed in this region was down 21% compared with the prior year, largely due to strategic decisions.
Growth was 4.5% for Multiservices, across all businesses and on a like-for-like basis, while recurring EBITDA was stable at €23.4 million.
The upswing in recurring operating profit was 44% to €43.7 million. Pre-tax profit/(loss)
was negative at €(8.6) million.
Non-recurring expenses in the fiscal year amounted to €26 million (including €22 million in the first half) and were mainly due to various unfavorable court rulings, which the Group challenged in appeal. Most of these rulings did not have any short-term effects on cash outflow. Stripping out these non-recurring expenses, the Group would have made a profit for the year.
At €283.4 million, the Group more than halved its net financial debt from last year's total, notably through the disposal of Servisair. Debt was reduced by €46 million versus March
31, 2014. Derichebourg complies with its financial covenants and will enjoy improved financial conditions for fiscal 2014-2015.
The Group is confident in the underlying trends in each of the sectors in which it operates:
‐ Need for ferrous metals to meet steel production demand, against a backdrop of scarce supply of scrap metal;
‐ Interest in recycled metals to protect the environment;
‐ Demand for recycling and the importance of the circular economy in developed countries;
‐ Consistent trend towards outsourcing by contractors in Multiservices reflecting increasing concentration on their core business;
‐ The presence of the Multiservices business in high-growth sectors, particularly in the
Aerospace and Nuclear industries.
In the fiscal year ahead, the Environmental Services division will press ahead with evaluating its production plant and equipment relative to the available supply of waste, and take appropriate measures where needed. The Group is determined to improve its EBITDA margin, even though the economic environment remains difficult.
The boost to investment currently being discussed by the Member States of the European Union should have an impact on demand for secondary commodities, which would be a promising development for advancing the Group's performance.
We expect continued growth in revenue for Multiservices in fiscal year 2014-2015.
In view of its improved financial structure, the Group will pay close attention to potential consolidation opportunities in its businesses.
(in millions of euros) | 09/30/2014 | 09/30/2013 | Variation (%) |
REVENUE | 2,561.1 | 2,627.1 | (3%) |
of which Environmental Services of which Business Services | 1,915.1 645.2 | 2,008.5 617.4 | (5%) 4% |
Recurring EBITDA | 115.3 | 106.7 | 8% |
of which Environmental Services of which Business Services | 93.8 23.4 | 89.3 23.4 | 5% 0% |
Recurring operating profit | 43.7 | 30.3 | 44% |
of which Environmental Services of which Business Services | 31.5 16.3 | 20.9 16.8 | 51% (3%) |
Operating profit | 30.7 | 21.0 | 46% |
Net financial expenses Foreign exchange and other gains and losses Impairment of Rotamfer advance paid | (28.2) 1.7 (12.8) | (35.2) (0.9) | |
Pre‐tax profit (loss) | (8.6) | (15.0) | NA |
Other (corporate income tax, etc.) Income net of tax from discontinued activities | (0.2) | 3.8 (20.8) | |
Net profit (loss), Group share | (8.4) | (32.1) | NA |
ISIN code: FR 0000053381 - DBG
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