Jacquet Metals Sa · EURONEXT:JCQ
Jacquet Metals Sa — Non-Deal Roadshow (November 2020)
21 slides from Jacquet Metals Sa's roadshow presentation, Nov 20, 2020
Slide 1: Results as of September 30, 2020 – Société Générale virtual roadshow
Results as of September 30, 2020 Société Générale virtual roadshow No v e mb e r 2 0 t h , 2 0 2 0 CONFIDENTIEL A leader in the distribution of specialty steels
Slide 2: Group Overview
GROUP OVERVIEW Sales breakdown YTD Sales (9 months) €1,039 m Outside Europe Staff 3,006 3% North America Germany 6% Distribution centers 37% 103 Other Europe Countries 25 25% Spain Worldwide footprint 6% France Netherlands Italy 9% 7% 7% CONFIDENTIEL
Slide 3: 3 Divisions
3 DIVISIONS Stainless steel Stainless steel long quarto plates products Engineering steels Sales and breakdown Outside Germany Outside Europe Germany Outside Europe 13% 41% Germany Europe 2% 1% 46% 6% Other France 11% Europe USA - Canada 31% 25% €235 m Other €329 m €484 m Europe 46% Other France Eur
Slide 4: Global Situation / Key Figures
GLOBAL SITUATION / KEY FIGURES • Market conditions: • 1st semester marked by interruptions of activity (sales -18% y.o.y.) • 3rd quarter (sales -17% y.o.y) characterized by low demand and sales prices under pressure • 4th quarter : no expected improvement • Results: ▪ EBITDA: +€32 m (Q3: +€13m) ▪ Ne
Slide 5: Future Main Development Areas
FUTURE MAIN DEVELOPMENT AREAS USA Germany Italy United Kingdom Products Aluminium Aeronautics CONFIDENTIEL
Slide 6: Sales
SALES Variation YTD 2020 vs 2019 -€221 m / -17.5% -15.5% In €m -2.0% Volume effect Price effect Séquential -3.2% -0.3% -3.1% 3.4% y.o.y. 0.7% 0.2% y.o.y. -5.0% -0.5% -6.8% -2.2% -1.7% -9.9% -9.8% -4.3% -11.1% -12.4% Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 -24.4% Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20
Slide 7: Sales by division
SALES by division -€34 m / -9.4% -€28 m / -10.8% -€160 m / -24.8% -22.3% -2.6% -8.0% -1.4% -9.1% -1.7% CONFIDENTIEL
Slide 8: Gross Margin
GROSS MARGIN €235 m (22.6% of sales) Divisions In €m -44 -€34 m -6 0 -3 139 139 139 -€15 m 105 105 -€4 m -€53 m Var. YTD 2020 vs 79 YTD 2019 79 79 70 66 70 66 70 66 64 64 64 In €m In % of sales 22.8% 22.6% In % of sales 30.2% 27.4% 19.1% 20.0% 30.2% 21.6% 27.4% 21.6% 19.1% 20.0% 30.2% 21.6% 27.4% 21
Slide 9: Current Operating Expenses
CURRENT OPERATING EXPENSES (excl. depreciation €27 m and provisions €13 m) €202 m -€23 m / -10.1 % In €m In % of sales 17.9% 19.5% CONFIDENTIEL
Slide 10: Operating Margin
OPERATING MARGIN EBITDA : €32 m (3.1 % of sales) EBITDA by division (excl. IFRS 16 impacts) -€31 m -€11 m 63 Var. YTD 2020 vs -€20 m 19.0 -€0,2 m YTD 2019 In €m 15.3 12.4 12.2 32 In % of sales 7.6 3.4% 3.7% 7.2% 3.2% 2.4% 5.0% 3.1% -1.0% YTD 19 YTD 20 -4.7 Non division operations : +€1 m CONFIDENTIE
Slide 11: Income Statement
INCOME STATEMENT In €m 30.09.2019 30.09.2020 9 months 9 months Sales 1,259 1,039 EBITDA 62.5 32.1 % of sales 5.0% 3.1% Net depreciation and provisions, non-recurring items (23.9) (39.4) Operating income / (loss) 38.8 (7.2) Financial result (9.2) (9.1) Coporate income tax (10.3) (1.3) Taxe rate 34.8%
Slide 12: Cash Flow / Balance Sheet at September 30, 2020
CASH FLOW / BALANCE SHEET AT SEPTEMBRE 30, 2020 Operating cash flow: +€83 m Gearing : 42.7% In €m Non-current assets (including goodwill) 216 Shareholders’ equity 345 Operating cash flow : +€83 m In €m Net operating WCR 175 -22 (of which inventories €367 m) -61 147 25 21 10 9 367 147 Net debt 90 Pro
Slide 13: Borrowings
BORROWINGS • €326 m of available cash • €735 m of lines of credit of which €262 m not used Maturity Authorized at Used at 2025 and In millions euros % used 2020 2021-2022 2023-2024 30.09.20 30.09.20 beyond Syndicated revolving loan 2023 125.0 15.0 12% - - 15.0 - Schuldsheindarlehen 2023 150.0 150.0
Slide 14: Appendices
AGENDA Appendices CONFIDENTIEL
Slide 15: Positioning
POSITIONING Commodities steel market 95% Specialty steel market 5% Typology: Typology: Large volume Targeted applications “Volumes” strategy “Margin” strategy Players: 1.9 Bn Players: tons Aperam, Amari Metal, ThyssenKrupp Materials, Ta Chen International, Kloeckner Jacquet Metals CONFIDENTIEL Appen
Slide 16: Added Value
ADDED VALUE Suppliers Jacquet Metals 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 2 to 12 months CONFIDEN
Slide 17: Sectors
SECTORS Stainless steel Stainless steel Engineering quarto plates long products steels > Chemistry > Chemistry > General mechanics Sectors > Agri-food industry > Agri-food industry > Transport > Gas treatment and storage > Gas treatment and storage > Public works vehicles > Energy > Energy > Farm eq
Slide 18: Income Statement
INCOME STATEMENT 30.09.19 30.09.20 €k 9 months 9 months Sales 1,259 1,039 Gross margin 288 235 % of sales 22.8 % 22.6 % Operating expenses (227) (202) Net depreciation and amortization (26) (27) Net provisions 4 (13) Gain/(losses) on disposals of non-current assets 0 0 Operating income 39 (7) Net fi
Slide 19: Balance Sheet
BALANCE SHEET €m 31.12.19 30.09.20 Goodwill 66 66 Net non-current assets 143 150 Right-of-use assets 85 74 Net inventory 442 369 Net trade receivables 152 150 Other assets 91 89 Cash 206 326 Total Assets 1,186 1,226 Shareholders’ equity 379 345 Provisions (including provisions for employee benefit o
Slide 20: Stock Market and Shareholder Structure
STOCK MARKET AND SHAREHOLDER STRUCTURE Stock information Shareholder structure (% voting rights) as of October 31,2020 30.09.20 31.12.19 Éric Jacquet and JSA (which is controlled by Éric Jacquet) held 41.30% Number of shares at end of period Shares 23,461,313 24,028,438 of the share capital and 58.2
Slide 21: Euronext Paris ISIN: FR0000033904
Euronext Paris ISIN : FR0000033904