Sales: €445m (+7.8% vs Q1 2020) EBITDA: €35m (7.8% of sales) Net income (Group share): €16m

Regulatory News:

JACQUET METALS (Paris:JCQ):

Solid performance

The Group’s business and profitability benefited from both a positively oriented demand with sold volumes increased by +6,6 % compared to Q1 2020 and the increase in raw materials prices.

Compared to Q1 2020, sales increased by +7.8% (to €445 million), and the gross margin by 24% (to €116 million representing 26% of sales).

In this context, EBITDA amounted to €35 million (7.8% of sales versus 3.9% of sales in Q1 2020) and Net income (Group share) amounted to €16 million.

Having generated €23 million of operating cash flow in Q1 2021, the Group strengthened its financial structure, posting a net debt to equity ratio (gearing) of 24% compared to 28% at 2020 year-end.

In Q2 2021, market conditions should be mostly equivalent.

Dividend

The Board of Directors will propose a dividend of €0.40 per share to the General Meeting of shareholders on June 25, 2021.

On May 5, 2021 the Board of Directors, chaired by Éric Jacquet, approved the consolidated financial statements for the period ended March 31, 2021.

€m

Q1 2021

Q1 2020

Sales

445

413

Gross margin

% of sales

116

26.1%

94

22.8%

EBITDA 1

% of sales

35

7.8%

16

3.9%

Adjusted operating income 1

% of sales

28

6.2%

7

1.7%

Operating income

27

6

Net income (Group share)

16

0.2

1 Adjusted for non-recurring items.The activity report includes a definition of non-IFRS financial indicators and explains the methods used to calculate them. The report is available at jacquetmetals.com.

Q1 2021 Results

Sales amounted to €445 million, up +7.8% versus Q1 2020 including the following effects:

- volumes: +6.6%; - prices: +1.2% (+7.8% compared to Q4 2020).

Gross margin amounted to €116 million and represented 26.1% of sales compared to €94 million (22.8% of sales) in Q1 2020.

After taking into account savings of €2 million, current operating expenses* amounted to €80 million com- pared to €78 million in Q1 2020. This increase is mainly due to the growth in volumes sold and profitability.

* Excluding depreciation of €(9) m

EBITDA amounted to €35 million and represented 7.8% of sales compared to €16 million in Q1 2020 (3.9% of sales).

Adjusted operating income amounted to €28 million (6.2% of sales).

In this context, net income (Group share) amounted to €16 million compared to €0.2 million in Q1 2020.

Financial position

As of March 31, 2021, the Group generated positive operating cash flow of €23 million.

Operating working capital amounted to to €360 million (25.8% of sales) compared to €332 million at 2020 year-end (24.3% of sales), mainly due to the increase in activity and the implementation of accelerated supplier payments against discount in Germany (skonto).

Capital expenditure amounted to €5 million, taking into account notably the construction of a site in Italy for the JACQUET division.

Group net debt stood at €96 million compared to €106 million at 2020 year-end. The net debt to equity ratio (gearing) amounted to 24% (28% at 2020 year-end).

As of March 31, 2021, cash amounted to €327 million while lines of credit totaled €732 million (of which €309 million is unused).

Q1 2021 earnings by division excluding IFRS 16 impacts

 

JACQUET

Stainless steel

quarto plates

STAPPERT

Stainless steel

long products

 

IMS group

Engineering steels

€m

Q1 2021

Q1 2021

Q1 2021

Sales

95

144

210

Change vs. 2020

+8.9%

+9.7%

+6.2%

Price effect

-2.5%

+3.1%

+1.6%

Volume effect

+11.4%

+6.7%

+4.6%

EBITDA 1 2

11

9

10

% of sales

11.3%

6.1%

5.0%

Adjusted operating income 2

9

8

11

% of sales

9.1%

5.7%

5.1%

1 Non-division operations and the application of IFRS 16 - Leases contributed €0.2 million and €4 million to EBITDA respectively. 2 Adjusted for non-recurring items.The activity report includes a definition of non-IFRS financial indicators and explains the methods used to calculate them. The report is available at jacquetmetals.com.

JACQUET

The division specializes in the distribution of stainless steel quarto plates. It generates 69% of its business in Europe and 25% in North America.

Sales amounted to €95 million, up +8.9% from €87 million in Q1 2020:

- volumes: +11.4%; - prices: -2.5% (+6.5% compared to Q4 2020).

Gross margin amounted to €32 million, representing 33.9% of sales, compared to €26 million in Q1 2020 (29.9% of sales).

EBITDA amounted to €11 million, representing 11.3% of sales, compared to €5 million in Q1 2020 (5.6% of sales).

STAPPERT

The division specializes in the distribution of stainless steel long products mainly in Europe. It generates 42% of its sales in Germany, the largest European market.

Sales amounted to €144 million, up +9.7% from €132 million in Q1 2020:

- volumes: +6.7%; - prices: +3.1% (+12% compared to Q4 2020).

Gross margin amounted to €30 million, representing 20.9% of sales, compared to €25 million in Q1 2020 (19.2% of sales).

EBITDA amounted to €9 million, representing 6.1% of sales, compared to €6 million in Q1 2020 (4.2% of sales).

IMS group

The division specializes in the distribution of engineering steels, mostly in the form of long products. It generates 46% of its sales in Germany, the largest European market.

Sales amounted to €210 million, up +6.2% from €198 million in Q1 2020:

- volumes: +4.6%; - prices: +1.6% (+5.9% compared to Q4 2020).

Gross margin amounted to €54 million, representing 25.8% of sales, compared to €43 million in Q1 2020 (21.6% of sales).

EBITDA amounted to €10 million, representing 5.0% of sales, compared to €1 million in Q1 2020 (0.4% of sales).

Key financial informations

Income statement

€m

Q1 2021

Q1 2020

Sales

445

413

Gross margin

116

94

% of sales

26.1%

22.8%

EBITDA 1

35

16

% of sales

7.8%

3.9%

Adjusted operating income 1

28

7

% of sales

6.2%

1.7%

Operating income

27

6

Net financial expense

(4)

(4)

Corporate income tax

(5)

(2)

Minority interests

(1)

(1)

Net income (Group share)

16

0.2

1 Adjusted for non-recurring items.The activity report includes a definition of non-IFRS financial indicators and explains the methods used to calculate them. The report is available at jacquetmetals.com.

Cash flow

€m

Q1 2021

Q1 2020

Operating cash flow before change in working capital

Change in working capital

32

(9)

10

59

Cash flow from operating activities

23

69

Capital expenditure

(5)

(14)

Asset disposals

0

0

Dividends paid to shareholders of JACQUET METALS SA

-

-

Interest paid

(3)

(3)

Other movements

(5)

(10)

Change in net debt

10

43

 

 

 

Net debt brought forward

106

175

Net debt carried forward

96

132

Balance sheet

€m

31.03.21

31.12.20

Goodwill

66

66

Net non-current assets

155

154

Right-of-use assets

67

70

Net inventory

372

368

Net trade receivables

210

135

Other assets

92

91

Cash & cash equivalents

327

333

Total assets

1,289

1,217

Shareholders’ equity

394

373

Provisions (including provisions for employee benefit obligations)

95

96

Trade payables

221

171

Borrowings

423

439

Other liabilities

85

64

Lease liabilities

71

73

Total equity and liabilities

1,289

1,217

Q1 2021 Activity report: jacquetmetals.com H1 2021 results: September 8, 2021 6.00 pm

JACQUET METALS is a European leader in the distribution of specialty steels. The Group develops and operates a portfolio of three brands:

JACQUET stainless steel quarto plates - STAPPERT stainless steel long products - IMS group engineering steels

With a headcount of 2,857 employees, JACQUET METALS has a network of 106 distribution centers in 25 countries in Europe, Asia and North America.

Compartment B - ISIN : FR0000033904 - Reuters : JCQ.PA - Bloomberg : JCQ FP

JACQUET METALS: Thierry Philippe - Chief Financial Officer - comfi@jacquetmetals.com NEWCAP: Emmanuel Huynh - T +33 1 44 71 94 94 - jacquetmetals@newcap.eu

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