DERICHEBOURG PRESS RELEASE
Paris, 2/12/2015
Financial results of the first quarter of the 2014-2015 fiscal year
(From October 1, 2014 to December 31, 2014, unaudited) Recurring EBITDA up 39.5% despite revenue being down 4.8%
Derichebourg Group revenue for the first quarter of the current fiscal year amounted to
€581 million, a drop of 4.8% compared with the same period in the previous fiscal year
(-6.1% on a like-for-like basis and at comparable exchange rates). This decrease reflects the fall seen at the end of the quarter in both unit prices and volume of ferrous metals.
Nevertheless, the Multiservices division continued to grow its revenue (+3.5%).
(€ millions) | 1st1st quarter quarter 2015 2014(1) | On a like- for-like basis and at constant exchange Change rates |
Environmental Services(1) Business Services(1) Holding Companies | 415.4 450.3 165.1 159.5 0.5 0.5 | -7.7% -9.1% 3.5% 2.3% 5.8% 5.8% |
Total revenue | 581.0 610.3 | -4.8% -6.1% |
(1)adjusted pursuant to IFRS 10 Consolidated Financial
Statements and IFRS 11 Joint Arrangements
Group EBITDA for the 1stquarter was €24.6 million, an increase of 39.5% compared with the same period last year. Both divisions, Environmental Services and Business Services, increased at a similar rate.
Environment
Following a good start to the quarter, the volume of ferrous metals processed suffered a sharp fall late in the period, linked in particular to the early closing of user plants for the
end of year holidays. The decrease in the volume of ferrous metals processed (-9.3%) is more pronounced in Trading (-19%), where there is little value added. The drop in ferrous
metal prices came amidst a global economic environment of falling raw materials prices and notably, iron ore prices which, in our opinion, have bottomed out.
The Group continued to increase the volume of non-ferrous metals sold.
(thousands of metric tons) | 1st1st quarter quarter 2015 2014(1) | On a like- for-like Change basis |
Environmental Services Ferrous metals Non-ferrous metals Total volumes | 794.0 875.8 116.3 103.9 | -9.3% -9.3% 11.9% 11.9% |
Environmental Services Ferrous metals Non-ferrous metals Total volumes | 910.3 979.7 | -7.1% -7.1% |
(€ millions) | 1st1st quarter quarter 2015 2014(1) | On a like- for-like basis and at constant exchange Change rates |
Environmental Services Ferrous metals Non-ferrous metals Services Total revenue | 198.6 239.9 154.7 142.9 62.1 67.5 | -17.2% -18.1% 8.2% 7.7% -7.9% -12.2% |
Environmental Services Ferrous metals Non-ferrous metals Services Total revenue | 415.4 450.3 | -7.7% -9.1% |
(1)adjusted pursuant to IFRS 10 Consolidated
Financial Statements and IFRS 11 Joint
Arrangements
Recurring EBITDA for the Environment division amounted to €19.2 million for the first quarter of the fiscal year, up 35.8% compared with the previous fiscal year. In a difficult environment, this improvement was due to the special attention paid to margins, cost control and enhanced profitability in the Collection businesses.
Multiservices
Multiservices revenue totaled €165.1 million, up 3.5% compared to last year. The Cleaning business gained ground in France, as did all other sectors outside Cleaning (Aeronautics,
Temporary aeronautics staffing, General temporary staffing and Energy). In addition, the
quarter just ended saw the start of an outsourcing contract with Exterion Media in the billboards sector.
Recurring EBITDA in the first quarter amounted to €6.9 million, up 33% compared to the
previous year.
Outlook
The downward trend observed in the prices of materials processed by the Group hit the
Group's revenue, however not its results, thanks to a policy of limiting stock, rapid reaction to market changes and close monitoring of costs. This enabled the Group to grow
profitability in the period, despite volumes being lower than expected. Improved climatic
conditions and, more structurally, a more favorable economic outlook, would help to boost volumes.
Nevertheless, the growth in both revenue and profitability of the Multiservices business are
expected to continue.
ISIN code: FR 0000053381 - DBG
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