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4-Traders Homepage  >  Equities  >  Euronext Paris  >  Direct Energie    DIREN   FR0004191674

DIRECT ENERGIE (DIREN)
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Direct Energie : 2017 half year results

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09/27/2017 | 05:46pm CET

  Press release







                                                        Paris, 27 September 2017



                             Half-year 2017 RESULTS



                          Solid performance once again

                    Acceleration of the commercial momentum

                        437,000 customer sites acquired

                       Revenue: €1,006.1 million (+16.5%)

               Current operating income: €52.6 million (+20.1%)

               Acquisition of Quadran in progress and on schedule



Today  Direct  Energie's  Board  of  Directors approved the Group's consolidated
financial  statements for the first half of 2017. They were subject to a limited
review by the auditors.

The  first half of  financial year 2017 sees  a double-digit increase in revenue
and  current operating  income supported  by a  strong commercial momentum and a
solid  performance of the production assets which validates the effectiveness of
the  vertical integration strategy. These elements enable to confirm the targets
stated in the annual results.

Furthermore,  in June,  the Group  announced a  structuring acquisition project,
Quadran, whose completion is progressing according to schedule.


Continued sales dynamic

  € m                        H1 2017   H1 2016    Chg.
--------------------------------------------------------
  Revenue                    1,006.1    863.6    +16.5%
--------------------------------------------------------
  Gross margin                148.4     107.1    +38.6%
--------------------------------------------------------
  EBITDA*                     69.7      59.3     +17.5%
--------------------------------------------------------
  Current operating income    52.6      43.8     +20.1%
--------------------------------------------------------

*  EBITDA = Current operating income  restated for depreciation and amortisation
and   share-based  payments  (see  Note  25.3 to  the  half-yearly  consolidated
financial statements).
The  contribution by operating segments is  detailed in Section 3 of the Interim
Financial Report
In the first half of 2017, the Direct Energie Group reported revenue of €1,006.1
million,  up by 16.5% compared to  the first half of  2016. This increase is the
result  of  a  continuous  commercial  growth  across  all segments with a gross
acquisition  of 437,000 customer  sites in  France over  the period  compared to
376,000 in the first half of 2016.

At  end-June 2017, the Group's customer  portfolio in France reached 2.3 million
sites, up 27% compared to the first half of 2016, and breaks down as follows:

--------------------------------------------------------
 in thousands      30 June 2017   30 June 2016   Change
--------------------------------------------------------
 Residential          1,926          1,481       30.0%

 Non-residential       385            344        11.9%

 Total                2,311          1,825       26.6%





-----------------------------------------------------
 in thousands   30 June 2017   30 June 2016   Change
-----------------------------------------------------
 Electricity       1,789          1,433       24.8%

 Gas                522            392        33.2%

 Total             2,311          1,825       26.6%



The  ruling of the  French State Council,  considering illegal the regulated gas
tariffs, brings closer the prospects of their termination which could also apply
to  those in electricity. The  Group is in a  position to take advantage of this
decision and create a major growth driver.

Customer  acquisitions in the  first half of  the year generated  an increase in
volumes delivered in France, both for electricity (8.1 TWh, or +14%) and for gas
(3.8 TWh, or +30%).

The  gross margin came to €148.4 million, up by 38.6% compared to the first half
of  2016 benefiting from  the increased  energy volumes  sold and the ramp-up in
power  generation. This includes the first time contribution of Marcinelle plant
for €8.1 million.

Thanks  to  controlled  personnel  expenses,  EBITDA  amounts  to  €69.7 million
(+17.5%) and current operating income to €52.6 million (+20.1%).

After  taking into account the changes in fair value of the derivative financial
instruments,  mainly due to the physical  delivery of underlying energy volumes,
operating income came to €31.8 million, up 18%.

While the Group had a recognized a deferred tax income of €34.5 million over the
first  half  2016, a  €(5.5)  million  deferred  tax  charge was booked over the
period.  This charge  is mainly  due to  the utilization  of tax  losses carried
forward  recognized in  previous periods.   This change  between the  first half
2016 and  the first half 2017, with no  cash impact, alone explains the decrease
in the net result to €17.0 million (52.4 M€ over the first half 2016).


A solid balance sheet

Shareholders'  equity came to €203.1 million,  compared to €217.5 million at 31
December  2016, mainly due to the change in fair value of the derivative hedging
instruments   (-€17.8   million),   the   annual   dividend   payment,  and  the
implementation of the share buyback program.

                                     --------------   -------------
 € m                                   30/06/2017       31/12/2016
----------------------------------   --------------   -------------


 Gross financial debt                    193.3            196.2

 Margin calls received in cash            64.2            132.4

 Margin calls paid in cash               (5.5)            (3.2)

 Gross cash and cash equivalents        (194.9)          (368.9)


----------------------------------   --------------   -------------
 Net financial debt                       57.1            (43.6)
----------------------------------   --------------   -------------

The  net financial debt stood  at €57.2 million, compared  to €(43.6) million at
end-December 2016, mainly impacted by the seasonal and usual changes in WCR.

At  end-June 2017 the available  cash amounted to  €192.3 million, and the Group
had €245 million in undrawn financing lines.



Quadran, a structural acquisition that is being finalised

In June 2017, Direct Energie announced that it entered in exclusive negotiations
with the intent to acquire the French and French overseas activities of Quadran,
one  of France's  main renewable  energy producers.  This acquisition is part of
Direct  Energie's vertical  integration strategy,  which aims  at confirming its
position  as a global integrated energy player with a diversified generation mix
and a strategic position in energy supply.

The acquisition process is progressing as planned. The SPA, signed at the end of
July,  sets  an  acquisition  price  of  €303  million, with an earn out of €113
million, which will be partly recognised at closing given the commissioning pace
of  new projects. The closing  is scheduled during the  fourth quarter of 2017.
Thus,  the  contribution  of  Quadran  to  Direct Energie's 2017 results will be
minor, and should generate an EBITDA of more than €60 million in 2018 (*).

(*)  The estimated figures and targets regarding  the Quadran Group are based on
the  information provided to Direct Energie by the Quadran Group, as adjusted on
the  basis of  certain assumptions  and estimates  considered reliable by Direct
Energie.

Financing  for this acquisition is entirely  finalised. In addition to a capital
increase  of  €130 million  that  was  carried  out  in  July  through a private
placement, the Group secured a 5-year loan of €230 million in August. As part of
this  transaction, the  Group also  extended the  maturity of  a credit line and
renewed  other existing  financing facilities.  With contained  indebtedness and
appropriate financial flexibility, Direct Energie has the necessary resources to
finance its growth and development.



2017 objectives confirmed

Based  on the 2017 first half performance, and despite recent changes in tariffs
that  were lower than  expected, Direct Energie  confirms its annual targets for
financial year 2017, namely:

- A customer base of 2.5 million sites;

- Revenue of €2,000 million based on average seasonal temperatures;

-   Current   operating  income  of  €100  million  based  on  average  seasonal
temperatures.

"The  2017 first half results  allow us to  confirm our annual  targets. We will
continue  to build the energy operator of the 21st Century, customer orientated,
and relying on a balanced presence both upstream and downstream. The acquisition
(in  progress)  of  Quadran,  a  major  player  in  renewable energy, will fully
contribute  to this objective. All of  Direct Energie's employees are working to
meet  the new challenges for growth,  including the announced termination of the
regulated  tariffs for gas and electricity",  explained Xavier Caitucoli, CEO of
Direct Energie.



                               Next publication:

    Revenue for 2017 third quarter on 7 November 2017 after the market close

ISIN code: FR0004191674 / Ticker symbol: DIREN / Euronext Paris, Compartment A

Publications: The Interim Financial Report, the half-year consolidated financial
statements,  along with the  analyst meeting presentation,  are available on the
Group's website (www.direct-energie.com).



About Direct Energie

Third-largest  French  electricity  and  gas  provider, the Direct Energie Group
supplies,  in France and  Belgium (under the  Poweo brand) more than 2.3 million
residential  and non-residential customer sites.  As an integrated energy actor,
Direct  Energie produces power,  supplies gas and  electricity, and sells energy
services  to its  customers. Direct  Energie's success  has been underpinned for
more  than 14 years by its technical expertise, excellent customer relationships
and  innovation capacity. In 2016, the Group  generated consolidated revenues of
€1,692.4 million and delivered 19.8 TWh of energy.

For more information, visit our website www.direct-energie.com



Press contact:

Image Sept

Grégoire Lucas - [email protected]  - Tel + 33 (0)1
53 70 74 94

Marie Artzner - [email protected] - Tel + 33 (0)1 53 70 74 31 or + 33 (0)6
75 74 31 73



CM CIC Market Solutions

Stéphanie Stahr - [email protected] - Tel + 33 (0)1 53 48 80 57



Direct Energie

Mathieu Behar - [email protected] - Tel +33 (0)6 12 48 85 85



INCOME STATEMENT

                                                        ------------ -----------
In thousands of euros                                    30/06/2017   30/06/2016
------------------------------------------------------- ------------ -----------


Revenue excluding Energy Management                         970,174      859,008

Energy Management margin                                     35,885        4,557


------------------------------------------------------- ------------ -----------
Revenue from ordinary activities                          1,006,059      863,565
------------------------------------------------------- ------------ -----------


Cost of sales                                             (857,648)    (756,490)


------------------------------------------------------- ------------ -----------
Gross margin                                                148,412      107,075
------------------------------------------------------- ------------ -----------


Personnel expenses                                         (19,251)     (17,167)

Other operational income and expenses                      (60,861)     (31,506)

Depreciation and amortisation                              (15,681)     (14,575)


------------------------------------------------------- ------------ -----------
Current operating income                                     52,619       43,826
------------------------------------------------------- ------------ -----------


Changes in fair value of Energy financial derivative       (20,800)     (16,781)
instruments operational in nature

Disposals of non-current assets                                   2         (11)

Impairment of non-current assets                                  0        (112)

Income and expenses related to changes in scope of
consolidation                                                     -            -


------------------------------------------------------- ------------ -----------
Operating income                                             31,820       26,923
------------------------------------------------------- ------------ -----------


Cost of net debt                                            (6,207)      (5,237)

Other financial income and expenses                           (293)        (138)


------------------------------------------------------- ------------ -----------
Financial income/(loss)                                     (6,500)      (5,375)



Corporate income tax                                        (8,503)       30,533

Share of net income from companies accounted for by
the equity method                                               135          332


------------------------------------------------------- ------------ -----------
Net income from continuing operations                        16,953       52,414
------------------------------------------------------- ------------ -----------


Net income from discontinued operations                           -            -


------------------------------------------------------- ------------ -----------
Net income                                                   16,953       52,414
------------------------------------------------------- ------------ -----------


of which Net income, Group share                             16,953       52,414


------------------------------------------------------- ------------ -----------
Earnings per share (in euros)                                  0.41         1.28

Diluted earnings per share (in euros)                          0.39         1.21
------------------------------------------------------- ------------ -----------

Financial statements having undergone a limited review by the Statutory Auditors



BALANCE SHEET

                                                  --------------   -------------
 In thousands of euros                              30/06/2017       31/12/2016
-----------------------------------------------   --------------   -------------
 Intangible assets                                      59,241           50,170

 Property, plant and equipment                          82,363           76,217

 Investments in associates                               1,648            1,434

 Non-current derivative financial instruments           11,769           19,334

 Other non-current financial assets                      2,221            1,342

 Other non-current assets                                5,924            8,210

 Deferred tax assets                                    57,554           66,467
-----------------------------------------------   --------------   -------------
 Non-current assets                                    220,720          223,173



 Inventory                                              42,696           38,458

 Trade receivables                                     406,956          413,279

 Current derivative financial instruments               53,972          137,084

 Other current financial assets                         21,390           18,364

 Other current assets                                   37,492           30,263

 Cash and cash equivalents                             194,884          368,867
-----------------------------------------------   --------------   -------------
 Current assets                                        757,389        1,006,314


-----------------------------------------------   --------------   -------------
 TOTAL ASSETS                                          978,109        1,229,487
-----------------------------------------------   --------------   -------------




 Share capital and share premiums                       19,538           15,307

 Retained earnings and profit or loss                  196,706          188,769

 Treasury shares                                       (9,044)            (207)

 Other comprehensive income                            (4,134)           13,630
-----------------------------------------------   --------------   -------------
 Shareholders' equity - Group share                    203,066          217,499


-----------------------------------------------   --------------   -------------
 TOTAL SHAREHOLDERS' EQUITY                            203,066          217,499
-----------------------------------------------   --------------   -------------


 Non-current provisions                                 34,014           37,658

 Non-current derivative financial instruments           20,568           17,311

 Other non-current financial liabilities               183,736          182,843

 Other non-current liabilities                           5,349            4,759

 Deferred tax liabilities                                  367           13,065
-----------------------------------------------   --------------   -------------
 Non-current liabilities                               244,033          255,637



 Current provisions                                     14,944           14,169

 Trade payables                                        158,751          242,602

 Current derivative financial instruments               63,564          103,925

 Other current financial liabilities                    73,746          145,689

 Other current liabilities                             220,004          249,966
-----------------------------------------------   --------------   -------------
 Current liabilities                                   531,010          756,351


-----------------------------------------------   --------------   -------------
 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY            978,109        1,229,487
-----------------------------------------------   --------------   -------------

Financial statements having undergone a limited review by the Statutory Auditors



STATEMENT OF CHANGES IN EQUITY

                                                                Other
                                       Retained             comprehensive
                     Share   Share     earnings    Treasury     income       Shareholders'
                    capital premiums    and net     shares                      equity
                                     income/(loss)          Changes          - Group share
In thousands of                                             in fair  Other
euros                                                        value
----------------   -------------------------------------------------------- --------------
Shareholders'
equity                4,122    8,071       116,751     (52) (87,512)     0          41,380
at 30/06/2016
----------------   -------------------------------------------------------- --------------

----------------   -------------------------------------------------------- --------------
Shareholders'
equity                4,150   11,157       188,769    (207)  13,630      0         217,499
at 31/12/2016
----------------   -------------------------------------------------------- --------------


Net income                -        -        16,953        -    -         -          16,953

Other
comprehensive             -        -             -        - (17,764)     -        (17,764)
income


----------------   -------------------------------------------------------- --------------
Comprehensive             -        -        16,953        - (17,764)     -           (811)
income



Capital                   -        -             -        -    -         -               -
increase

Options                  42    4,189             -        -    -         -           4,232
exercised

Options                   -        -         1,359        -    -         -           1,359

Treasury share            -        -            33  (8,837)    -         -         (8,805)
purchases/sales

Dividends paid            -        -      (10,407)        -    -         -        (10,407)


----------------   -------------------------------------------------------- --------------
Shareholders'
equity                4,192   15,346       196,706  (9,044) (4,134)      0         203,066
at 30/06/2017
----------------   -------------------------------------------------------- --------------



Financial statements having undergone a limited review by the Statutory Auditors



STATEMENT OF CASH FLOWS

                                                        ------------ -----------
In thousands of euros                                    30/06/2017   30/06/2016
------------------------------------------------------- ------------ -----------


Consolidated net income                                      16,953       52,414

Tax expenses/income                                           8,503     (30,533)

Financial income/(loss)                                       6,500        5,375
------------------------------------------------------- ------------ -----------
Income before taxes and financial expenses                   31,955       27,255



Depreciation and amortisation                                15,681       14,575

Impairment                                                        -          112

Provisions and depreciations                                  4,731       31,446

Effect of changes in consolidation scope and other
gains and losses on disposals                                   (0)            0

Expenses related to share-based payments                      1,359          862

Change in fair value of financial instruments                26,482       16,781

Other financial items with no cash impact                     (294)           11

Share of income from affiliates                               (135)        (332)
------------------------------------------------------- ------------ -----------
Items with no cash impact                                    47,823       63,456



Income tax paid                                             (4,213)            -

Change in working capital requirement                     (122,509)      (4,248)


------------------------------------------------------- ------------ -----------
Net cash flow from operating activities                    (46,944)       86,463
------------------------------------------------------- ------------ -----------


Acquisition of fixed assets                                (30,519)     (16,502)

Disposals of fixed assets                                         2            -

Change in deposits and guarantees                          (68,734)       35,644

Net change in loans granted by the company                 (10,177)        3,356


------------------------------------------------------- ------------ -----------
Net cash flows from investing activities                  (109,430)       22,497
------------------------------------------------------- ------------ -----------


Sums received from shareholders during capital
increases                                                     4,232        3,190

Treasury shares                                             (8,805)           36

Proceeds from borrowings                                      2,159      117,494

Repayment of borrowings                                     (1,104)     (60,870)

Interest paid                                               (2,391)      (2,975)

Interest received                                               150          657

Dividends paid                                             (10,407)      (8,242)


------------------------------------------------------- ------------ -----------
Net cash flows used in financing activities                (16,166)       49,291
------------------------------------------------------- ------------ -----------

------------------------------------------------------- ------------ -----------
Net change in cash and cash equivalents                   (172,540)      158,250
------------------------------------------------------- ------------ -----------

------------------------------------------------------- ------------ -----------
Cash and cash equivalents at beginning of year              364,837       31,993

Cash and cash equivalents at end of year                    192,298      190,243
------------------------------------------------------- ------------ -----------

Financial statements having undergone a limited review by the Statutory Auditors


Direct Energie: 2017 half year results: 
http://hugin.info/143545/R/2137241/818058.pdf



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
    
Source: Direct Energie via GlobeNewswire

 
  

© InPublic, source European Press Releases

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