Jacquet Metals SA · EURONEXT:JCQ
Jacquet Metals SA — Forum ODDO BHF January 2020
21 slides from Jacquet Metals SA's conference presentation, January 2020
Slide 1: Forum ODDO BHF, January 2020
Forum ODDO BHF January 2020 Contact: Thierry PHILIPPE, Group CFO Email: t.philippe@jacquetmetals.com Phone: +33 4 37 42 79 14 website: www.jacquetmetalservice.com 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 specialty steels 2. September 30, 2019 financial results Forum ODDO BHF, January 2020
Slide 3: 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 1. A leader
Slide 4: Activity / Value Added
ACTIVITY / VALUE ADDED Suppliers Jacquet Metal Service Customers ▪ 20 suppliers for 45% of purchases ▪ Purchasing prices ▪ 60,000 customers, average invoice < € 3,000 ▪ Delivery time from 1 to 12 months ▪ Storage of specialty steels ▪ Managing price fluctuations ▪ Delivery time +/- 1 week ▪ Finishin
Slide 5: Specialty Steels
SPECIALTY STEELS 1. A leader in the distribution of specialty steels
Slide 6: 3 Divisions (Products)
3 DIVISIONS (PRODUCTS) Stainless steel and Stainless steel Engineering quarto plates long products steels long products Applications: • Chemical • Chemical • General engineering • Agro foods • Agro foods • Transport • Gas treatment & storage • Gas treatment & storage • Public works equipment • Envir
Slide 7: 3 Divisions (Footprint)
3 DIVISIONS (FOOTPRINT) Sales* Outside Europe Outside Europe Outside Europe 7% 2% 1% USA-Canada 27% Germany Other 42% Europe 19% Other Germany Europe Other 48% 22% €340m Germany €470m Spain €860m Europe 12% 10% 45% Spain France 6% 10% France Spain Italy Italy 10% 1% France Netherlands 12% 7% Netherl
Slide 8: History
HISTORY Key events Sales evolution 2019 Disposal of Abraservice (sales €78 m – 10 distribution centers in 11 countries) 2018 Disposal of non-core assets: Calibracier (France), TecPro (Germany) (totalling sales of €50 m) € 1.7 Bn* 2015/2017 Acquisition and integration of S+B Distribution (sales € 650
Slide 9: Group Overview
GROUP OVERVIEW Group key figures Sales breakdown* Sales* € 1.7 Bn Outside Europe 2% Staff 3,060 Germany Distribution centers 101 Other Europe 38% 23% Countries 25 North America * LTM Proforma figure as of Sep. 2019 / breakdown by geographical area as of Sep. 2019 (9 months) 6% Spain A european leade
Slide 10: 2019 (9 months) Key Facts
2019 (9 months) KEY FACTS > Sale of ABRASERVICE to SSAB • Closing on October 31, 2019 • Abraservice key figures: — 10 distribution centers in 11 countries — 2018 sales: €78 m > Market conditions: less favorable than in 2018 > Key figures as at September 30, 2019 • EBITDA: €63 m / 5% of sales • Cash-
Slide 11: Future Main Development Areas
FUTURE MAIN DEVELOPMENT AREAS United States of America Germany Italy United-Kingdom Products (for illustrative purposes only) Aluminium Aeronautics 1. A leader in the distribution of specialty steels
Slide 12: Agenda
AGENDA 1. A leader in the distribution of specialty steels 2. September 30, 2019 financial results Forum ODDO BHF, January 2020
Slide 13: Sales
SALES €1,259 -91 m -6.5% In €m -7.1% 0.6% Volume effect Price effect 3.5% 3.5% +2.9% +3.3% +2.9% -1.7% +1.3% +0.1% 2.1% 2.1% 11.9% 11.9% -1.9% -1.9% 7.3% 7.3% 5.9% 5.9% -4.5% -4.5% -5.0% 4.6% 4.6% -5.0% 3.4% 3.4% -6.8% -6.8% 0.7% 0.7% -9.9% -9.9% -2.2% -2.2% Q1Q1 1818 Q2Q2 1818 Q3Q3 1818 Q4Q4 1818 Q
Slide 14: Sales by Division
SALES by division +3.9% -4.2% - 11.3% -11.6% 0.3% -3,2% -1,0% -0.2% 4.1% 2. September 30, 2019 financial results
Slide 15: Gross Margin
GROSS MARGIN €288 m (22.8 % of sales) 327 288 In €m 24.3% 22.8% % of sales YTD 18 YTD 19 Proforma YTD 19 vs YTD 18 PF 166 139 81 79 81 70 32.0% 30.2% 21.4% 19.1% 22.9% 21.6% 2. September 30, 2019 financial results
Slide 16: Operating Expenses
OPERATING EXPENSES €248m -2.1% In €m 254 248 YTD 18 YTD 19 proforma 2. September 30, 2019 financial results
Slide 17: Operating Result
OPERATING RESULT EBITDA : €63m Adj. operating income : €39m In €m 87 74 63 39 6.5% 5.0% 5.5% 3.1% In % sales YTD 18 YTD 19 YTD 18 YTD 19 proforma proforma Adj. operating income by division * YTD 19 vs YTD 18 PF 33 18 20 14 12 12 7.2% 5.1% 5.2% 3.2% 4.6% 1.9% * excluding IFRS 16 impacts 2. September
Slide 18: Income Statement
INCOME STATEMENT (in €m) Q3 2019 Q3 2018 PF 30.09.2019 30.09.2018 PF 3 months 3 months 9 months 9 months Sales 375 426 1,259 1,346 EBITDA 15,3 24,9 62,5 86,9 % of sales 4.1% 5.8% 5% 6.5% Adjusted operating income 7.1 19.9 39.2 73.7 % of sales 1.9% 4.7% 3.1% 5.5% Operating income 7.3 19.5 38.8 77.3 N
Slide 19: Cash Flow
CASH FLOW Cash flow from operating activites: +€40m Balance sheet In €m Gearing: 52.5% (vs. 56.9% as of Dec. 31, 2018) Non-current assets 202 379 Equity Cash flow from operating activities +40m€ Operating Working Capital Including inventories for €451m 437 -50 199 20 -10 17 -2 Net debt 215 10 199 In
Slide 20: Borrowings at September 30, 2019
BORROWINGS AT 30 SEPTEMBER 2019 Borrowings • Utilization rate: 54% • Covenants in compliance Syndicated revolving loan Authorized as of Used as of €m % used 30.09.2019 30.09.2019 • Amount: €125m (utilization : 0) Jacquet Metal Service SA 449.9 237.9 53% • Maturity: June 2022 Syndicated revolving loa
Slide 21: Euronext Paris
Euronext Paris ISIN : FR0000033904 A leader in the distribution of specialty steels A leader in the distribution of specialty steels