Jacquet Metals Sa · EURONEXT:JCQ
Jacquet Metals Sa — H1 2019 Earnings Presentation
23 slides from Jacquet Metals Sa's earnings presentation, Sep 19, 2019
Slide 1: 2019 half-year financial results
2019 half-year financial results Paris – September 19, 2019 A leader in the distribution of specialty steels A leader in the distribution of specialty steels
Slide 2: Agenda
AGENDA 1. A leader in the distribution of special steels 2. 2019 half-year financial results A leader in the distribution of specialty steels
Slide 3: Group overview (excluding Abraservice)
GROUP OVERVIEW (excluding ABRASERVICE) H1 2019 sales €884 m Sales breakdown Staff 3 060 Outside Europe 2% Germany Distribution centers 101 38% Other Europe Countries 25 24% North America 5% Spain 7% Worldwide footprint Netherlands France 7% Italy 9% 8% 1. A leader in the distribution of special stee
Slide 4: 3 divisions
3 DIVISIONS Stainless steel Stainless steel Engineering steels plates bars Sales* Outside Europe Outside Europe Germany Outside Europe 6% USA-Canada 2% 1% 26% 41% Other Other Europe Germany Europe 19% 22% €179 m Germany Other €254 m Spain €460 m 46% Europe 12% 46% 10% Spain France 6% 11% France Ital
Slide 5: Future main development areas
FUTURE MAIN DEVELOPMENT AREAS United States of America Germany Italy United-Kingdom Products Aluminium Aeronautics 1. A leader in the distribution of special steels 5
Slide 6: Key events
KEY EVENTS > Divestment of ABRASERVICE to SSAB • Closing forecasted for Q4 • Abraservice key figures: — 10 distribution centers in 11 countries — 2018 sales: €78 m > Uneven market conditions • Until May: sales in line with 2018 • Since June: overall low demand > Key figures for the first half of 201
Slide 7: Agenda: 2019 half-year financial results
AGENDA 1. A leader in the distribution of special steels 2. 2019 half-year financial results A leader in the distribution of specialty steels
Slide 8: Sales
SALES Variation H1 2019 vs H1 2018 -3.8% In €m Volume effect Price effect +2.9% +3.3% -1.7% +1.3% 2. 2019 half-year financial results 8
Slide 9: Sales by division
SALES by division Var H1 2019 vs. H1 2018 +5.2% +0.4% - 9.0% 2. 2019 half-year financial results 9
Slide 10: Gross margin
GROSS MARGIN €204 m (23.1% of sales) In €m 228 Divisions 119 204 100 55 In €m 54 54 50 In % of sales 31.7% 30.2% 21.9% 19.8% 23.5% 21.8% H1 18 H1 19 H1 18 H1 19 H1 18 H1 19 Proforma Proforma In % of sales 24.8% 23.1% H1 18 H1 19 Proforma Quarterly gross margin (proforma) In % of sales 2. 2019 half-y
Slide 11: Current operating expenses
CURRENT OPERATING EXPENSES 172 m€ (19.5% of sales) -1.2% In €m 2. 2019 half-year financial results 11
Slide 12: Operating income
OPERATING INCOME EBITDA: 47.2 m€ (5.3% of sales) ROC: 32.1 m€ (3.6% of sales) In €m 62 In €m 54 47 32 In % of sales 6.7% 5.3% In % of sales 5.8% 3.6% H1 18 H1 19 H1 18 H1 19 proforma proforma by division (excluding IFRS 16) 27 14 In €m 11 10 12 9 In % of sales 6.6% 5.1% 5.6% 4.0% 5.3% 2.6% H1 18 H1
Slide 13: Income statement
INCOME STATEMENT (in €m) H1 2018 H1 2019 proforma Sales 919.8 884.4 Adjusted operating income 53.7 32.1 Operating income 57.8 31.5 Net financial expense (4.7) (5.8) of which IFRS 16 effect - (1.1) Corporate income tax (13.8) (8.3) Tax rate 25.9% 32.3% Net income from discontinued operations 2.9 2.1
Slide 14: Cash flow / Bilan
CASH FLOW / BILAN Operating cash flow: +€51 m Gearing: 41.9% (56.9% as of Dec. 31, 2018) Operating cash flow: In €m +€51 m Non-current assets (including goodwill) 198 In €m 376 Shareholders' equity Net operating WCR (of which stocks: €446 m) 421 158 Net debt Provisions, 88 pensions & others Right of
Slide 15: Borrowings as of June 30th, 2019
BORROWINGS AS OF JUNE 30th, 2019 Borrowings • New syndicated revolving loan in June 2019: €125 m / maturity June 2022 • €627 m of financing lines used, 53% of which were used Authorized at Used at Syndicated revolving loan €m % used 30.06.2019 30.06.2019 • Amount: €125 m (used: 0) Jacquet Metal Serv
Slide 16: Appendices
AGENDA APPENDICES A leader in the distribution of specialty steels
Slide 17: Positioning
POSITIONING Commodities steel market 95% Specialty steel market 5% Typology: Typology: Large volume Targeted applications “Volumes” strategy “Margin” strategy Players: 1.8 Bn Players: tons Aperam, Amari Metal, ThyssenKrupp Materials, Ta Chen International, Kloeckner Jacquet Metal Service Appendices
Slide 18: Added value
ADDED VALUE Suppliers Jacquet Metal Service Customers ▪ Purchasing prices ▪ 60,000 customers, average ▪ 20 suppliers for 45% of ▪ Storage of specialty steels invoice < € 3,000€ purchases ▪ Managing price fluctuations ▪ Finishing services ▪ Delivery time +/- 1 week ▪ Delivery time from 1 to 12 months
Slide 19: Sectors
SECTORS Stainless steel Stainless steel Engineering steels plates bars Sectors > Chemistry > Chimistry > General mechanics > Agri-food industry > Agri-food industry > Transport > Gas treatment and storage > Gas treatment and storage > Public works vehicles > Energy > Energy > Farm equipment > Enviro
Slide 20: Income statement
INCOME STATEMENT €k H1 2019 H1 2018 PF1 Sales 884,447 919,771 Gross margin 204,262 228,045 % of sales 23.1% 24.8% Operating expenses (159,164) (166,858) Net depreciation and amortization (16,947) (9,053) Net provisions 3,243 1,603 Gain/(losses) on disposals of non-current assets 93 4,046 Operating i
Slide 21: Balance sheet
BALANCE SHEET €m 30.06.19 31.12.18 Goodwill 66 68 Net non-current assets 132 156 Right-of-use assets 1 91 - Net inventory 446 493 Net trade receivables 206 182 Other assets 90 100 Cash 173 119 Assets held for sale 42 - Total Assets 1,246 1,119 Shareholders’ equity 376 377 Provisions (including provi
Slide 22: Stock information
STOCK INFORMATION Stock information Shareholder structure (% voting rights) * H1 2019 2018 Number of shares at end of period Number of shares 24,028,438 24,028,438 Market capitalization at end of period €k 432,512 372,921 Eric Jacquet / JSA High € 18.46 32.90 40.32% ( 57.28%) Low € 14.76 13.56 Price
Slide 23: Euronext Paris ISIN FR0000033904
Euronext Paris ISIN : FR0000033904 A leader in the distribution of specialty steels A leader in the distribution of special steels