Slide 1: 2020 annual results – March 10th, 2021
A leader on the distribution of specialty steels 2020 annual results – March 10th, 2021
Slide 2: A leader on the distribution of specialty steels
Annexes 1. A leader on the distribution of specialty steels
Slide 3: Group overview
Group overview Sales: €1,365m 2,857 employees - 106 distribution centres - 25 countries Worldwide footprint Sales breakdown Outside Europe 2% Germany 37% Other Europe 25% France 9% North America 5% Netherlands 8% Italy 7% Spain 7% 3
Slide 4: 3 divisions
3 divisions Sales breakdown JACQUET STAPPERT IMS group Outside Europe 7% Germany 13% Germany 45% Outside Germany 41% Other Europe 2% Europe 23% France 11% Italy 11% €305m €427m €645m Netherlands 8% Outside Netherlands 6% Europe 1% France 11% Italy 7% Other Other France 5% Europe 12% Europe 46% North
Slide 5: Global situation
Global situation Solid 2020 performance Sales €1,365m / -15.5 % vs 2019 Inventories €368m -€75m y.o.y. EBITDA €62m / 4.6 % vs 4.5 % in 2019 CAPEX €27m Operating cash-flow +€140m Gearing 28% vs 46% at 2019 year-end Start of 2021 • Without returning to pre-crisis levels, business at the start of 2021
Slide 6: Future main development areas
Future main development areas USA Germany Italy United Kingdom Products (for example) Aluminium 6
Slide 7: JACQUET Midatlantic (USA) - 2020
JACQUET Midatlantic (USA) - 2020 7
Slide 8: JACQUET Korea – 2020 / JACQUET Tianjin (China) - Q4 2020
JACQUET Korea – 2020 JACQUET Tianjin (China) - Q4 2020 8
Slide 9: JACQUET Magyarorszag (Hungary) – H1 2021 / JACQUET Italy – H2 2021
JACQUET Magyarorszag (Hungary) – H1 2021 JACQUET Italy – H2 2021 9
Slide 10: Annexes: 2020 annual results
Annexes 2. 2020 annual results
Slide 11: Sales
Sales 2020 vs 2019 -15.5% -12.4% In €m -3.1% Volume effect Price effect Sequential y.o.y. -3.2% -0.3% -3.1% -1.6% -1.6% -5.0% -6.8% y.o.y. -9.9% -9.8% 3.4% -11.1% -12.4% T1 19 0.7% T2 19 T3 19 T4 19 0.2% T1 20 T2 20 T3 20 T4 20 -0.5% -1.7% -2.2% -4.3% -24.4% -6.6% Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20
Slide 12: Sales by division
Sales by division 31% 47% 22% JACQUET STAPPERT IMS group -8.7% In €m -21.2% -11.2% -17.8% -3.3% In €m In €m -5.5% -3.2% -8.4% -2.7% 12
Slide 13: Gross margin
Gross margin 24% vs 23.2% in 2019 -€46m In €m 374 328 In % of sales 23.2% 24.0% 2019 2020 Impairment 1,400 rate, June 30th, 2020: 22.0% Divisions COVID crisis effect 1,200 20.0% 17.8% JACQUET STAPPERT IMS group 1,000 Inventory 18.0% impairment rate 15.6% 15.4% Change vs. 2019 177 800 16.0% In €m 151
Slide 14: Current operating expenses
Current operating expenses (excluding amortization and net provisions) -11.5 % vs 2019 €266m (19.5% of sales) In €m Personnel costs –€17m In % of sales 18.6% 19.5% 14
Slide 15: Operating margins
Operating margins EBITDA 4.6% of sales vs 4.5% in 2019 EBITDA: €62m (4.6% of sales) -€11m In €m 73 62 EBITDA by division* JACQUET STAPPERT IMS group In % of sales 4.5% 4.6% 2019 2020 23 In €m Adj. operating income: 17 €24m (1.8% of sales) 13 14 14 In % of sales 8 -€18m 6.8% 4.4% 1.8% In €m 3.0% 4.0%
Slide 16: Income statement
Income statement Net income (Group share) €11.2m In €m 2020 2019 Sales 1,365 1,615 Adjusted operating income 24.3 42.8 In % of sales 1.8% 2.7% Non-recurring items and gains on disposals 3.9 (3.2) Operating income 28.2 39.6 Financial income (11.3) (10.8) Corporate income tax (3.7) (13.2) Income tax r
Slide 17: Cash flow / Balance sheet as of December 31st, 2020
Cash flow / Balance sheet as of December 31st, 2020 Solid financial position Operating cash flow: +€140m Gearing : 28% In €m Operating cash flow Non-current assets (incl. goodwill €66m 220 In €m and real estate €99m) 175 -52 373 Shareholders’ equity -88 21 106 13 11 26 Net operating WCR (of which in
Slide 18: Borrowings
Borrowings Solid financial position Group hold €333m of cash and €728m of lines of credit, 60% of which were used Covenants were in compliance as of December 31st, 2020 Authorized at Used au In €m % Used 31.12.2020 31.12.2020 Syndicated revolving loan 2023 125.0 20.0 16% Schuldscheindarlehen 2023 15
Slide 19: Appendices
Appendices
Slide 20: Positioning
Positioning Commodities steel market 94% Specialty steel market 6% Typology: Typology: Large volume Targeted application “Volumes” strategy “Margin” strategy Players: Players: 1.8 Bn Aperam Amari Metal tons ThyssenKrupp Materials Ta Chen International Kloeckner JACQUET METALS 20
Slide 21: Added value
Added value Suppliers JACQUET METALS Clients 20 suppliers for 50% of purchases Purchasing prices 60 000 customers Storage of specialty steels Delivery time from 2 to 12 months Average invoice < €3,000 Managing price fluctuations Delivery time ± 1 week Finishing services 21
Slide 22: Sectors
Sectors JACQUET STAPPERT IMS group Stainless steel quarto plates Stainless steel long products Engineering steels - Chemistry - Chemistry - General mechanics - Agri-food industry - Agri-food industry - Transport - Gas treatment and storage - Gas treatment and storage - Public works vehicles - Energy
Slide 23: Income statement
Income statement €k 2020 2019 Sales 1,365 1,615 Gross margin 328 374 In % of sales 24.0% 23.2% Operating expenses (266) (303) Net depreciation and amortization (35) (34) Net provisions 1 2 Gain on disposals of non-current assets 0 0 Operating income 28 40 Net financial expense (11) (11) Income befor
Slide 24: Balance sheet
Balance sheet €m 2020 2019 Goodwill 66 66 Net non-current assets 154 143 Right-of-use assets 70 85 Net inventory 368 442 Net trade receivables 135 152 Other assets 91 91 Cash 333 206 Total assets 1,217 1,186 Shareholders’ equity 373 379 Provisions (incl. provisions for employee benefit obligations)
Slide 25: Stock market and shareholder structure
Stock market and shareholder structure Stock market information Shareholder structure % capital (% voting rights) 31.12.2019 31.12.2020 Éric Jacquet and JSA (which is controlled by Éric Jacquet) held 41.30% of the share capital and 58.26% of the voting rights in the Company as of December 31, 2020.
Slide 26: Euronext Paris ISIN : FR0000033904
Euronext Paris ISIN : FR0000033904