> Sales: €1,039 million (-17.5%
vs. September 30, 2019)
> EBITDA: €32 million (3.1% of sales)
> Operating cash flow: +€83
million
Regulatory News:
Jacquet Metals (Paris:JCQ):
On November 18, 2020 the Board of Directors chaired by Éric
Jacquet approved the consolidated financial statements for the
period ended September 30, 2020.
€m
Q3 2020
Q3 2019
30.09.20
9 months
30.09.19
9 months
Sales
312
375
1,039
1,259
Gross margin
73
83
235
288
% of sales
23.4%
22.2%
22.6%
22.8%
EBITDA 1
13
15
32
63
% of sales
4.2%
4.1%
3.1%
5%
Adjusted operating
income/(loss) 1
0.1
7
(3)
39
% of sales
0.0%
1.9%
-0.3%
3.1%
Operating
income/(loss)
0.2
7
(7)
39
Net income/(loss) (Group
share)
(4)
2
(19)
20
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
corporate.jacquetmetals.com.
General comments
Group sales for the period ended September 30, 2020 amounted to
€1,039 million, down -17.5% compared to Septem- ber 30, 2019 (Q3:
-16.7%), while EBITDA amounted to +€32 million (Q3: +€13 million)
and operating cash flow equalled +€83 million (Q3: +€3
million).
As such, the Group has improved its financial structure compared
to 2019 year-end and ended the period with a net debt to equity
ratio (gearing) of 43%.
After a first half marked by interruptions of activity resulting
from the pandemic, market conditions in the third quarter were
characterized, for all divisions and regions, by low demand and
sales prices under pressure.
IMS group, the division specializing in the distribution of
engineering steels, suffered both from the slowdown in
manufacturing since 2019, particularly in Germany, a market
representing 46% of the division’s sales, and from its strong
foothold in Southern European markets particularily impacted by the
health crisis (this region accounts for 34% of IMS group sales
compared to 25% for JACQUET and 6% for STAPPERT).
Accordingly, IMS group sales were down -24.8% compared to
September 30, 2019 (Q3: -21.3% including a -4.1% price effect).
The activity of the JACQUET and STAPPERT divisions, which
specialize in the distribution of stainless steels, held up better,
with sales down -10.8% (Q3: -14.9% including a -4.9% price effect)
and -9.4% (Q3: -9.7% including a -4.6% price effect), respectively,
compared to 2019.
In a still uncertain health and macroeconomic environment,
market conditions are still challenging and the Group does not
expect to see a significant improvement over the coming months.
Moreover, with recent directives aimed at reducing the risk of
contamination particularly in Europe, the utilization rate of
distribution centers should be pretty low during the fourth
quarter.
All measures and initiatives required in order to limit the
impacts of the crisis on operating income and cash have been
implemented, however without jeopardizing the Group’s
development.
Savings plans have also been implemented in all divisions with
the goal of achieving global annual savings of €8 million.
Sales and earnings for the period
ended September 30, 2020
Consolidated sales amounted to €1,039 million, down -17.5%
compared to September 30, 2019 (Q3: -16.7%), including the
following effects:
> volumes sold: -15.5% (Q1: -9.8%; Q2: -24.4%; Q3: -12.4%);
> prices: -2.0% (Q1: -0.5%; Q2: -1.7%; Q3: -4.3%). Q3 2020
prices were down -3.1% compared to Q2 2020.
Gross margin amounted to €235 million, representing 22.6% of
sales (Q3: 23.4%), compared to 22.8% as of September 30, 2019.
Current operating expenses (excluding depreciation and
provisions) amounted to €202 million, down €23 million (-10%)
compared to September 30, 2019.
This reduction is mainly due to the adjustment of variable
expenses and the implementation of flexible staff working
arrangements. The latter resulted in a €7 million reduction in
personnel expenses.
EBITDA amounted to €32 million (3.1% of sales), compared to €63
million (5% of sales) as of September 30, 2019.
Lastly, the Group recorded depreciation expenses totaling €27
million and provision charges of €15 million, mostly related to
savings plans.
After recognition of these depreciation expenses and provisions,
the Group posted an operating loss of -€7.2 million (Q3: +€0.2
million) and a net loss (Group share) of -€19 million (Q3: -€4
million).
Financial position
As of September 30, 2020, the Group generated operating cash
flow of +€83 million.
Operating working capital amounted to €367 million compared to
€417 million at 2019 year-end. This decrease is mainly due to the
adaptation of inventory levels to market conditions (inventories
down -€73 million to €369 million).
Capital expenditure amounted to €22 million, including the
acquisition of the main IMS group distribution center in Italy for
€7.5 million.
After taking into account the dividend (€5 million paid in July)
and share buyback program (€6 million purchased between February
and September), net debt amounted to €147 million compared to €175
million as of December 31, 2019.
With a net debt to equity ratio (gearing) of 43% (46% at 2019
year-end), €326 million of cash and substantial lines of credit
(€735 million, €262 million of which is undrawn), the Group is in a
solid financial position to weather the present situation and its
potential developments.
Earnings by division as of September 30, 2020 excluding
impacts of IFRS 16
JACQUET
Stainless steel quarto plates
STAPPERT
Stainless steel long products
IMS group
Engineering steels
€m
Q3 2020
30.09.20
9 months
Q3 2020
30.09.20
9 months
Q3 2020
30.09.20
9 months
Sales
72
235
99
329
144
484
Change vs. 2019
-14.9%
-10.8%
-9.7%
-9.4%
-21.3%
-24.8%
Price effect
-4.9%
-1.7%
-4.6%
-1.4%
-4.1%
-2.6%
Volume effect
-10.0%
-9.1%
-5.1%
-8.0%
-17.2%
-22.3%
EBITDA 1 2
2.5
7.6
3.8
12.2
0.5
(4.7)
% of sales
3.5%
3.2%
3.8%
3.7%
0.3%
-1.0%
Adjusted operating
income/(loss) 2
0.6
0.8
3.0
9.6
(3.6)
(12.8)
% of sales
0.8%
0.3%
3.0%
2.9%
-2.5%
-2.7%
1 As of September 30, 2020, non-division operations and
the application of IFRS 16 – Leases contributed €4 million and €13
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
corporate.jacquetmetals.com.
JACQUET specializes in the distribution of stainless steel
quarto plates. The division generates 68% of its business in Europe
and 25% in North America.
Sales amounted to €235 million, down -10.8% from €263 million as
of September 30, 2019:
> volumes: -9.1% (Q3: -10.0%); > prices: -1.7% (Q3: -4.9%
vs. Q3.19 and -3.2% vs. Q2.20).
Gross margin amounted to €64 mil- lion and represented 27.4% of
sales (Q3: 27.3%) compared to €79 million (30.2% of sales) as of
September 30, 2019.
EBITDA amounted to €7.6 million (Q3: €2.5 million) representing
3.2% of sales, compared to €19 million (7.2% of sales) as of
September 30, 2019.
STAPPERT specializes in the distribution of stainless steel long
products. The division generates 41% of its sales in Germany, the
largest European market.
Sales amounted to €329 million, down -9.4% from €364 million as
of September 30, 2019:
> volumes: -8.0% (Q3: -5.1%); > prices: -1.4% (Q3: -4.6%
vs. Q3 2019 and -4.7% vs. Q2 2020).
Gross margin amounted to €66 mil- lion and represented 20.0% of
sales (Q3: 20.7%) compared to €70 million (19.1% of sales) as of
September 30, 2019.
EBITDA amounted to €12.2 million (Q3: €3.8 million),
representing 3.7% of sales, compared to €12.4 million (3.4% of
sales) as of September 30, 2019.
IMS group specializes in the distribution of engineering steels,
mostly in the form of long products. The division generates 46% of
its sales in Germany, the largest European market.
Sales amounted to €484 million, down -24.8% from €644 million as
of Sep- tember 30, 2019:
> volumes: -22.3% (Q3: -17.2%); > prices: -2.6% (Q3: -4.1%
vs. Q3 2019 and -2.2% vs. Q2 2020).
Gross margin amounted to €105 million and represented 21.6% of
sales (Q3: 22.8%) compared to €139 million (21.6% of sales) as of
September 30, 2019.
EBITDA amounted to -€4.7 million (Q3: €0.5 million),
representing -1.0% of sales, compared to €15.3 million (2.4% of
sales) as of September 30, 2019.
Key financial informations
Income statement
30.09.20
30.09.19
€m
Q3 2020
Q3 2019
9 months
9 months
Sales
312
375
1,039
1,259
Gross margin
73
83
235
288
% of sales
23.4%
22.2%
22.6%
22.8%
EBITDA 1
13
15
32
63
% of sales
4.2%
4.1%
3.1%
5%
Adjusted operating
income/(loss) 1
0.1
7
(3)
39
% of sales
0.0%
1.9%
-0.3%
3.1%
Operating
income/(loss)
0.2
7
(7)
39
Net financial expense
(3)
(3)
(9)
(9)
Corporate income tax
(1)
(2)
(1)
(10)
Net income from discontinued
operations
—
1
—
3
Minority interests
(1)
(1)
(1)
(3)
Net income/(loss) (Group
share)
(4)
2
(19)
20
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
corporate.jacquetmetals.com.
Cash flow
€m
30.09.20
9 months
30.09.19
9 months
Operating cash flow before change
in working capital
22
50
Change in working capital
61
(10)
Cash flow from operating
activities
83
40
Capital expenditure
(22)
(20)
Asset disposals
1
0
Dividends paid to shareholders of
Jacquet Metals SA
(5)
(17)
Interest paid
(10)
(9)
Other movements
(20)
21
Change in net debt
28
15
Net debt brought
forward
175
215
Net debt carried
forward
147
199
Balance sheet
€m
30.09.20
31.12.19
Goodwill
66
66
Net non-current assets
150
143
Right-of-use assets
74
85
Net inventory
369
442
Net trade receivables
150
152
Other assets
89
91
Cash & cash equivalents
326
206
Total assets
1,226
1,186
Shareholders’ equity
345
379
Provisions (including provisions
for employee benefit obligations)
111
99
Trade payables
153
178
Borrowings
474
381
Other liabilities
68
63
Lease liabilities
75
86
Total equity and
liabilities
1,226
1,186
Activity Report available:
corporate.jacquetmetals.com — 2020 Results : March 9, 2021
after close of trading Jacquet Metals is a European leader in the
distribution of specialty steels. The Group operates and develops a
portfolio which currently consists of three brands: JACQUET
stainless steel quarto plates - STAPPERT stainless steel
long products - IMS group engineering steels. With a
headcount of 3,006 employees, Jacquet Metals has a network of 103
distribution centers in 25 countries in Europe, China and North
America.
Compartment B ISIN : FR0000033904 Reuters :
JCQ.PA Bloomberg : JCQ FP
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201118005895/en/
Jacquet Metals Thierry Philippe - Chief Financial Officer
comfi@jacquetmetals.com
NewCap - Investor Relations Emmanuel Huynh Tel. : +33 1 44 71 94
94 jacquetmetals@newcap.eu
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