DERICHEBOURG PRESS RELEASE
Paris, May 22, 2015
Half-year consolidated financial statements
The Derichebourg Group returned to profit in the first half of the year
Positive outlook for the rest of the fiscal year
The Board of Directors' meeting of May 22, 2015, chaired by Mr. Daniel Derichebourg, approved the half-year financial statements at March 31, 2015. During this meeting, the Chairman and Chief Executive Officer praised the initial effects of the restructuring operations completed, which resulted in a net improvement in recurring EBITDA (+34%) and positive net profit (+€13.7 million), meaning that the distribution of dividends will be possible once again. The Board also applauded the continued reduction in debt (net debt stood at €258.1 million at March 31, 2015) and the leverage ratio which is now less than 2.
34% increase in recurring EBITDA
The Group significantly improved its profitability measured in terms of recurring EBITDA (+34% to €57.4 million). Both the Environmental Services and Multiservices divisions contributed to this improvement, which is the result of several joint actions:
Environmental Services Division:
- Preference for unit margins on flows treated rather than volumes
- Rationalization of industrial capacities, while ensuring that the tools (particularly the shredders) have a high use rate, facilitating the stoppage of certain assets (2 shredders were stopped over the past 18 months)
- Logistics flow study to reduce transport costs
- Reduction of volumes sent to landfill by recovering products other than metallics, particularly plastics, in which the Group has become a significant player
- Development of "niche" activities with greater contributive capacity
Multiservices Division:
- Commercial actions aimed at new customers, leading to the signature of new contracts
- Research into innovative and differentiating services
Outlook for the remainder of the fiscal year
With regard to Environmental Services, the positive internal catalysts observed in the first half should continue in the second half of the year, in an environment where the traditional Ferrous scrap metal business is faced with insufficient volumes for all players.
Revenue for the Multiservices business should continue to grow. In terms of profitability, the second half should be better than the first.
The Group is now in a good position to study acquisitions.
The share buyback program implemented over this half of the year (4.66% treasury shares at March 31, 2015) will continue.
Group: Half-year consolidated results at March 31, 2015
(in millions of euros) | 03/31/2015 | 03/31/2014 (1) | Change (%) |
(in millions of euros) | |||
Revenue | 1195.9 | 1261.9 | (5.2%) |
of which Environmental Services of which Business Services | 868.0 327.6 | 947.4 313.9 | (8.4%) 4.4% |
Recurring EBITDA | 57.4 | 42.9 | 33.8% |
of which Environmental Services of which Business Services of which Holding Companies | 48.5 11.8 (2.8) | 36.5 9.3 (2.9) | 32.9% 26.9% (3.4%) |
Recurring operating profit | 21.5 | 7.1 | 202.8% |
of which Environmental Services of which Business Services of which Holding Companies | 17.3 8.2 (4) | 5.3 6.1 (4.2) | 226.4% 34.4% (4.8%) |
Operating Profit (loss) | 20.0 | (2.1) | n.a. |
net financial expenses other financial items Corporate income tax | (9.7) 2.1 1.2 | (15.7) (12.9) (1.3) | n.a. n.a. n.a. |
Net profit (loss) | 13.7 | (32.1) | n.a. |
(1): retrospective application of standards IFRS 10, 11, 12 and IFRIC 21
ISIN code: FR 0000053381 - DBG
|
distributed by
|
