FOURTH QUARTER SALES & FY 2022 RESULTS: Record results in FY 2022 and lowest-ever indebtedness ratio Delivering on our Power Up 2025 strategic plan Entering 2023 with positive momentum |
→ FY22: Record results - Delivering on our Power Up 2025 strategic journey
→ FY 22 sales of €18,701.6m, up +14.1% on a same day basis, driven by both volume and prices. Sales growth boosted by accelerating electrification trends in
- Q4 22 sales of €4,802.3m, up +12.3% on a constant and same-day basis
→ FY adj. EBITA of €1,368.5m, up +35.7% and adjusted EBITA margin at 7.3% (up +118 bps) from robust activity coupled with our more efficient organization. Adj. EBITA margin includes 66 bps of positive one-off effects from inventory price inflation on non-cable products, net of higher performance-linked bonuses
→ Recurring net income up +58.6% in FY 2022 to €911.8m, reaching a new all-time high, leading to a record dividend of €1.20 per share.
→ Record positive Free Cash Flow before interest and tax of €873.3m in FY 2022 (€680.6m in 2021). Lowest-ever full-year indebtedness ratio at 0.96x. Rating upgraded in 2022 by both S&P and Moody's.
→ Active portfolio management with 5 acquisitions and 4 disposals, including the operations announced in
→ 2023 outlook: Same-day sales growth of between 2% and 6%, adjusted EBITA margin between 6.3% and 6.7% and conversion of free cash flow before interest and tax above 60%
→ Power up 2025 : Well on track to deliver our 2022-2025 ambitions
Key figures1 (€m) - Actual | FY 2022 | YoY change |
Sales on a reported basis | 18,701.6 | +27.3% |
On a constant and actual-day basis | +13.8% | |
On a constant and same-day basis | +14.1% | |
Gross margin2,3 | 4,892.2 | +16.1% |
As a percentage of sales | 26.2% | 53 bps |
Adjusted EBITA2 | 1,368.5 | +35.7% |
As a percentage of sales | 7.3% | 118 bps |
Reported EBITA | 1,344.8 | +39.5% |
Operating income | 1,343.0 | +47.3% |
Net income | 922.3 | +54.3% |
Recurring net income | 911.8 | +58.6% |
FCF before interest and tax | 873.3 | +28.3% |
Net debt at end of period | 1,458.4 | €93m decrease |
1 See definition in the Glossary section of this document 2 Change at comparable scope of consolidation 3 Adjusted for non-recurring copper effect
Guillaume TEXIER, Chief Executive Officer, said: “Rexel had another excellent year in 2022, performing above the upgraded guidance it provided in Q3 and confirming that Rexel can consistently deliver in terms of profitability, agility and resilience. The Group’s record results enable it to pay an all-time high dividend to shareholders. The indebtedness ratio, below 1 time for the first time ever, leaves ample room for value-creating acquisitions and further share buybacks. 2022 was also the year that saw a step change in electrification trends worldwide. We are entering 2023 with a solid platform to drive further growth, continuing to harness powerful and sustainable electrification trends, deploy our digitalization strategy and heighten our focus on ESG, as illustrated by our inclusion in the CAC 40 ESG Index. We are also unveiling today our purpose statement, which points to our key role in electrification and to our focus on sustainability. Building on Rexel’s achievements, as well as on its engaged and highly-performing teams, we are well on track to achieve our Power Up 2025 objectives presented last June.” |
FINANCIAL REVIEW FOR THE PERIOD ENDED |
- 2022 consolidated financial statements were authorized for issue by the Board of Directors on
February 15, 2023 . They have been audited by statutory auditors. - The following terms: Reported EBITA, Adjusted EBITA, EBITDA, EBITDAaL, Recurring net income, Free Cash Flow and Net Debt are defined in the Glossary section of this document.
- Unless otherwise stated, all comments are on a constant and adjusted basis and, for sales, at same number of working days.
SALES
In Q4, sales were up +17.8% year-on-year on a reported basis and up +12.3% on a constant and same-day basis.
In the fourth-quarter, Rexel posted sales of €4,802.3 million, up +17.8% on a reported basis, including:
- A positive currency effect of €152.7 million (i.e. 3.7% of Q4 2021 sales), mainly due to the appreciation of the US and Canadian dollars;
- A positive net scope effect of €164.9 million (i.e. 4.0% of Q4 2021 sales), mainly resulting from the acquisitions of Mayer and Horizon Solutions in the US and
Trilec inBelgium ; - A negative calendar effect of (3.0)%.
Key figures (€m) | Q4 2022 | YoY change | FY 2022 | YoY change |
Sales on a reported basis | 4,802.3 | +17.8% | 18,701.6 | +27.3% |
On a constant and actual-day basis | +9.3% | +13.8% | ||
On a constant and same-day basis | +12.3% | +14.1% |
In Q4 2022, sales were up +12.3% on a constant and same-day basis (or +9.3% on a constant and actual-day basis), with growth well balanced between volumes and selling price increases on non-cable products in all geographies.
- The same-day sales growth of +12.3% in the quarter resulted from a +6.0% rise in volumes, an increase of +7.2% in the selling price of non-cable products and a decrease of (0.8)% on copper-based cable prices.
- While volumes were robust in the quarter both in
Europe , growing by +7.2%, and inNorth America up +6.4%, they were down (3.3)% inAsia-Pacific , notably due toNew Zealand and the pandemic situation inChina in December. - Same-day sales growth benefited from the boost in electrification in four product categories (Solar, Electric Vehicle charging infrastructure, HVAC and Industrial Automation), which grew by +30% in Q4 and represented 20% of sales at Group level. This is fully in line with the Power Up 2025 ambition to grow those businesses at twice the pace of the ED business.
- We posted further growth in digitalization in all three geographies, with digital sales now representing 26.7% of sales, up +308bps compared to Q4 2021. Trends were positive in
Europe (37.2% of sales, an increase of +169 bps),Asia-Pacific (up +16bps, to 5.5% of sales) andNorth America (17.4% of sales, an increase of +390 bps) with the strong progression in the US fueled by the company's transformation journey.
In addition, we have also further implemented our digital strategy and more specifically:
- Accelerated the development of our User Interface, User experience and customer experience by improving content, visibility, navigation, page flow…;
- Scaled up AI solutions deployment to fuel growth and performance, extending Next Best Offer and the Pricing module, to two additional countries.
In FY 2022, Rexel posted sales of €18,701.6 million, up +27.3% on a reported basis. On a constant and same-day basis, sales were up +14.1%, including positive impacts from volume of +4.3%, non-cable copper prices of +8.6% and change in copper-based cable prices (+1.2% vs. a positive impact of +5.2% in 2021).
The +27.3% increase in sales on a reported basis included:
- A positive currency effect of €668.8 million (i.e. +4.6% of FY 2021 sales), mainly due to the appreciation of the US and Canadian dollars;
- A positive net scope effect of €1,081.1 million (i.e. +7.4% of FY 2021 sales), mainly resulting from the acquisition of Mayer and Horizon Solutions in the US and
Trilec inBelgium , offsetting the disposals of businesses includingRexel Spain andPortugal ; - A broadly neutral calendar effect of (0.3)%.
In the fourth-quarter, sales in
- A negative currency effect of (0.4)%, or €(8.7) million, mainly due to the depreciation of the Swedish Krona and the British pound against the euro;
- A negative scope effect of (0.8)%, or €(16.8) million, from the net effects between the acquisition of
Trilec inBelgium and the disposals ofRexel Spain &Portugal ; - A negative calendar effect of (1.4)%.
On a constant and same-day basis, sales were up +16.0%, including a positive volume contribution +7.2% and a price effect of +8.9%.
Key figures (€m) | Q4 2022 | YoY change | FY 2022 | YoY change |
2,460.6 | +16.0% | 9,408.1 | +13.9% | |
933.0 | +15.1% | 3,503.8 | +10.8% | |
Scandinavia | 324.9 | +13.5% | 1,203.7 | +13.9% |
Benelux | 306.6 | +23.8% | 1,098.6 | +20.9% |
253.0 | +22.6% | 979.6 | +20.2% | |
195.7 | +10.2% | 809.6 | +11.7% | |
166.7 | +6.9% | 618.4 | +5.6% |
In
- Sales in
France (38% of the region’s sales) posted solid +15.1% growth, outperforming the market in Q4 and FY. The quarter was driven by growth acceleration in all end-markets. - Sales in Scandinavia (13% of the region’s sales) were up +13.5%, notably driven by industrial activity and strong demand in solar products.
- Benelux (12% of the region’s sales) was up +23.8%, with market outperformance in
the Netherlands thanks to the very strong growth in Solar, EV and HVAC (36% of sales). - Sales in
Germany (10% of the region’s sales) were up +22.6%, with further market share gains. Demand is accelerating very strongly in solar (c. 60% of the country's growth) as a result of efforts to increase the country's energy independence. - In the
UK (8% of the region’s sales), sales were up +10.2%, despite lower contribution (-330bps in Q4 22) from projects with theDepartment of Education (school air filtration and CO2 equipment).
In the fourth-quarter, sales in
- A positive currency effect of +10.1%, or €158.8 million, due to the appreciation of the US and Canadian dollars against the euro;
- A positive scope effect of +11.6%, or €181.7 million, from the acquisition of Mayer and Horizon Solutions in the US;
- A negative calendar effect of (5.3)%.
On a constant and same-day basis, sales were up +10.2%, including +6.4% from volume growth and +3.8% from price effect.
Key figures (€m) | Q4 2022 | YoY change | FY 2022 | YoY change |
2,000.5 | +10.2% | 7,893.5 | +16.3% | |
1,637.3 | +9.4% | 6,425.4 | +16.8% | |
Mountain Plains | +31.4% | +34.5% | ||
Gulf Central | +24.3% | +33.8% | ||
+23.1% | +20.6% | |||
Midwest | +20.0% | +20.5% | ||
+12.3% | +18.9% | |||
Northeast | +9.3% | +7.3% | ||
Northwest | +5.9% | +16.2% | ||
Southeast | (0.5) % | +8.9% | ||
Canada | 363.2 | +14.0% | 1,468.0 | +14.2% |
In
- In the US (82% of the region’s sales), sales were up +9.4% in Q4 22, driven by robust demand in the Commercial and Industrial end-markets, offsetting the declining trend in residential activity. The backlog remains very high, up +4% vs. Q3 2022 (or up c. 95% vs Q4 21), representing c. three months of sales.
- In Canada (18% of the region’s sales), sales grew by +14.0% on a same-day basis. The strong performance was notably supported by the Proximity end-market and Industrial activities (O&G and mining contributing for 240bps and 190bps respectively).
In the fourth-quarter, sales in
- A positive currency effect of +0.8%, or €2.6 million, due to the appreciation of the Australian dollar and, to a lesser extent, the Chinese renminbi;
- A negative calendar effect of (0.7)%.
On a constant and same-day basis, sales were up +0.7%, including (3.3)% volume growth and +4.0% price effect.
Key figures (€m) | Q4 2022 | YoY change | FY 2022 | YoY change |
341.2 | +0.7% | 1,400.1 | +3.9% | |
153.0 | +6.0% | 598.5 | +7.0% | |
135.8 | (2.6)% | 589.2 | +0.7% |
- In the Pacific (54% of the region’s sales), sales were up +4.9% on a constant and same-day basis:
- In
Australia (83% of Pacific’s sales), sales were up +6.0%, thanks to the Industrial and Commercial end-markets. The performance was consistent with H1 22 growth after a very strong Q3 22 that benefited from a favorable comparable base (lockdown in Q3 21).
- In
- In
Asia (46% of the region’s sales), sales were down (3.8)% on a constant and same-day basis:- In
China (87% of Asia’s sales), sales were down (2.6)%, impacted by Covid in December.
- In
PROFITABILITY
Adjusted EBITA margin at 7.3% in FY 2022, up 118 bps compared to FY 2021
FY 2022 (€m) | Holding | Group | ||||||||
Sales & AD growth | 9,408 | 13.6% | 7,893 | 16.1% | 1,400 | 3.4% | 18,702 | 13.8% | ||
Constant & SD basis | 13.9% | 16.3% | 3.9% | 14.1% | ||||||
Gross margin | 2,606 | 2,019 | 267 | 4,892 | ||||||
% of sales | 27.7% | 17 bps | 25.6% | 70 bps | 19.1% | 132 bps | 26.2% | 53 bps | ||
Adj. EBITA | 725 | 649 | 26 | -31 | 1,369 | |||||
% of sales | 7.7% | 55 bps | 8.2% | 190 bps | 1.9% | -50 bps | 7.3% | 118 bps | ||
Group contribution | 34 bps | 81 bps | -5bps | 8 bps | 118 bps |
The +13.8% actual sales growth in FY 22 translated into gross margin improvement of +53 bps year-on-year, at 26.2% of sales, and an adjusted EBITA margin of 7.3%. The graph below details the +118 bps improvement in Adjusted EBITA margin:
For the graph, please open the pdf file by clicking on the link at the end of the press release.
The progression notably includes:
- A positive operating leverage impact of +156 bps, largely from our capacity to pass through price increases.
- A net positive non-recurring effect of circa +66bps as a result of:
- A positive one-off Gross Margin gain on non-cable inventory price inflation for +95bps
- A negative -29bps one-off effect from higher performance-linked bonuses, in a context of better-than-anticipated activity compared to our initial budget
- An opex inflation impact of -70 bps due to overall inflation of +4.1% including +3.7% in salary and +6.1% from other opex notably from increased Energy and fuel prices.
Restated for non-recurring items in both 2021 and 2022, adjusted EBITA margin was up circa 91 bps, supported by robust activity coupled with our more efficient organization. Those tailwinds more than offset overall opex inflation.
By geography:
Europe :- Gross margin was up + 17 bps vs. FY 2021 at 27.7% of sales.
- Adjusted EBITA margin was up +55 bps in 2022, at 7.7% of sales, benefiting from robust sales growth, offsetting investment in people, higher inflation in opex and negative country mix. The 7.7% adjusted Ebita margin 2022 includes c.75 bps of non-recurring impact from inventory price inflation on non-cable products, net of higher performance-linked bonuses.
North America :- Gross margin was up +70 bps vs. FY 2021 at 25.6% of sales.
- Adjusted EBITA margin was up +190 bps at 8.2% of sales, thanks to sales growth, pricing power and Mayer synergies.
North America became the most profitable geography. The 8.2% adjusted Ebita margin 2022 includes c.60 bps of non-recurring impact from inventory price inflation on non-cable products, net of higher performance-linked bonuses.
Asia-Pacific :- Gross margin was up +132 bps year-on-year at 19.1% of sales.
- Adjusted EBITA margin was down -50 bps, at 1.9% of sales, due to lower activity and bad debt in
China in a Covid context (-140bps impact on APAC's adjusted EBITA margin). The 1.9% adjusted Ebita margin 2022 includes c. 40 bps of non-recurring impact from inventory price inflation on non-cable products, net of higher performance-linked bonuses.
- At corporate level, adjusted EBITA amounted to €(31.5) million, in line with the normative level.
As a result, adjusted EBITA stood at €1,368.5 million, up +35.7%, in FY 2022 and reported EBITA stood at €1,344.8 million (including a negative one-off copper effect of €(23.7) million), up +39.5% year-on-year.
Focusing on the bridge from EBITDA to Reported EBITA:
- EBITDA margin was up +38 bps at 9.0%
- Depreciation of Right of Use stands at €(220.5) million, up versus last year, notably explained by the active acquisitions strategy
- Other depreciation and Amortization stood at €(115.4) million, implying 0.6% of sales, slightly lower than the 0.7% in 2021.
Key figures (€m) | FY 2021 | FY 2022 | YoY change |
EBITDA | 1,264.4 | 1,680.8 | 32.9 % |
% EBITDA margin | 8.6 % | 9.0 % | |
Depreciation Right of Use (IFRS 16) | (192.0) | (220.5) | |
Other depreciation and amortization | (108.7) | (115.4) | |
Reported EBITA | 963.7 | 1,344.8 | 39.5 % |
NET INCOME
Net income of €922.3 million in 2022
Recurring net income up +58.6% to €911.8 million in 2022
Operating income in the full year stood at €1,343.0 million, up from €911.8 million in 2021.
- Amortization of intangible assets resulting from purchase price allocation amounted to €(13.9) million (vs. €(7.3) million in 2021)
- Other income and expenses amounted to a net positive income of €12.1 million (vs. a net charge of €(44.6) million in 2021) and included:
- €42.7 million net disposal gain related to sale of operations in
Spain ,Portugal andRussia
- €42.7 million net disposal gain related to sale of operations in
- €(10.9) million of acquisition and integration costs
- €(8.3) million related to abandonment of IT developments
- €(5.9) million of restructuring costs (vs €(5.6) million in 2021)
Net financial expenses in the full year amounted to €(119.4) million (vs. €(133.1) million in 2021), and can be broken down as follows:
- €(69.6) million in 2022 from financial cost before one-off expenses, change in fair value of derivatives and foreign exchange gains & losses compared to €(63.4) million in 2021. The increase is explained by higher average gross debt.
- €(46.5) million from interest on lease liabilities in 2022 vs €(40.4) million in 2021
- €(3.3) million in 2022 from others including one-offs, change in fair-value of derivatives, foreign exchange gains and losses, pensions vs €(29.3) million in 2021. The FY 2021 was affected by one-offs of €(22.6)m from the early repayment of the €500 million senior notes due in 2025 (coupon: 2.125%) completed at the end of
May 2021 and the €600 million senior notes due in 2026 (coupon: 2.75%) completed inNovember 2021 refinanced by two Sustainability Linked bonds for €1bn maturing in 2028 at 2.125%. - The effective interest rate decreased to 2.29% in 2022 compared to 2.42% in 2021, largely from the refinancing offsetting the rise in interest rates.
Income tax in the full year represented a charge of €(301.2) million (vs. €(180.8) million in 2021) mainly reflecting the improvement of pre-tax income. In 2022, income tax expense benefited from the €12.8 million positive effect of the non-taxable gain on the disposal of
- Effective tax rate stood at 24.6% in 2022 (25.7% excluding one-offs) compared to 23.2% in 2021 (26.6% excluding one-offs). The decrease in effective tax rate adjusted for one-offs mainly reflects the drop of the French tax rate.
Net income in the full year was €922.3 million (vs. €597.6 million in 2021).
Recurring net income amounted to €911.8 million in 2022, up +58.6% compared to 2021 (Appendix 3).
FINANCIAL STRUCTURE
Free cash-flow before interest and tax of €873.3 million in 2022
Indebtedness ratio of 0.96x at
In the full year, free cash flow before interest and tax was an inflow of €873.3 million (vs. an inflow of €680.6 million in 2021), representing a free cash flow conversion rate (EBITDAaL into FCF before interest and taxes) of 61.4%, above guidance (> 60%).
This net inflow included:
- EBITDAaL of €1,422.2 million (vs €1,035.2 million in 2021), of which €(258.6) million of lease payments in 2022;
- An outflow of €(391.8) million from change in working capital (compared to an outflow of €(209.0) million in 2021), consistent with the sales growth recorded in 2022. The change in trade working capital stood at €(346.6) million, combined with an outflow of (45.2) million from the change in non-trade working capital;
- As a percentage of sales over the last 12 months, on a constant basis, total working capital requirements amounted to 11.7% as of
December 31, 2022 , compared to 11.1% in 2021, from an increase in non-trade working capital, while the trade WCR was stable at 14.0% of sales in 2022 (vs 13.9% in 2021).
- As a percentage of sales over the last 12 months, on a constant basis, total working capital requirements amounted to 11.7% as of
- A cash outflow from restructuring (€(10.9) million in 2022 vs €(12.5) million in 2021);
- A higher level of net capital expenditure (€(125.4) million vs. €(103.2) million in 2021). Gross capex stood at €(148.4) million and represented 0.8% of sales vs 0.7% in 2021, mainly on higher investment in automatized supply chain solution, in line with the Power Up 2025 strategy.
Below FCF before interest and tax, the cash flow statement took into account:
- €(59.9) million of net interest paid in 2022 (vs €(56.1) million paid in 2021);
- €(310.8) million of income tax paid in the full-year, compared to €(199.0) million paid in 2021, from higher performance;
- €(56.6) million of financial investment, corresponding to the net effect between cash-out for the two acquisitions and proceeds from the three disposals;
- €(230.1) million of dividends paid in 2022 based on 2021 earnings (€0.75 per share);
- €(66.3) million of share buybacks as part of the four-year ambition of €400m;
- €(51.5) million of negative currency effects during the full year (vs a negative €(36.9) million in 2021) due to the strong appreciation of the US Dollar.
At
- Net financial debt decreased by €(92.8) million year-on-year at €1,458.4 million (vs €1,551.2 million at
December 31 , 2021). - The indebtedness ratio (Net financial debt/EBITDAaL), as calculated under the Senior Credit Agreement terms, reached its lowest level ever at 0.96x, significantly lower than the 1.37x at
December 31, 2021 .
INCREASED DIVIDEND DISTRIBUTION WITH A PROPOSAL OF €1.20 PER SHARE, PAYABLE IN CASH |
Rexel will propose to shareholders a record-high dividend of €1.20 per share, to be paid fully in cash. This represents a payout of 40% of the Group’s recurring net income, in line with Rexel’s policy of paying out at least 40% of recurring net income.
This dividend, payable in cash on
ON TRACK TO ACHIEVE OUR POWER UP 2025 OBJECTIVES |
Our record 2022 results put us well on track to achieve the 2022-2025 four-year objectives presented at our Capital Markets Day in June. That includes our financial targets as well as our capital allocation and business ambitions.
Power Up 2025 | Year 1 achievements |
4% to 7% organic growth over 4 years | 14.1% same-day sales growth |
6.5% to 7% adj. Ebita margin in 2025 | 7.3%1 adj. Ebita margin |
FCF conversion above 60% each year | 61.4% FCF conversion |
Share buyback of €400m over 4 years | €66m completed |
M&A contribution to sales up to €2bn in 4 years | €500m of sales acquired |
Divestments of between €200m & €500m of sales | €450m of sales disposed |
40% of digital sales in 2025 | +25% of digital revenues; i.e. 27% of Q4 2022 sales |
Becoming a leader in ESG | Net Zero ambition validated by SBTi |
- including 66bps of non-recurring items
REXEL'S PURPOSE |
In order to support our strategic roadmap, we announced today our purpose :
"Electrifying solutions that make a sustainable future possible"
Each of the words in our purpose statement resonates:
- “Electrifying” is a reference to electricity and electrification, but also to the passion of our teams.
- “Solutions” covers both products and services.
- “A sustainable future” notably refers to our ESG focus as well as new energies, innovation, digital advanced services are strong internal drivers.
- “Make possible” refers to our unique role in the value chain. We partner with suppliers and professionals to propose the best products and push new services to the market to help make the energy transition a reality.
ACTIVE PORTFOLIO MANAGEMENT |
Rexel recently announced three transactions to reinforce its portfolio and its local footprint in key regions. They include :
- Two acquisitions of quality businesses in
North America : one in the US, with further market share gains and one inCanada , complementary to our existing footprint. - The disposal of Rexel's activity in
Norway .
The combined operations will contribute positively to our sales, earnings and Return On Capital Employed in year 1.
Acquisition of
On
Buckles Smith is a high-quality company with higher profitability than Rexel's North American average. This acquisition is highly synergistic with our other Rockwell specialized distribution territories as well as with our Californian operations. It strengthens our position in the region and allow us to gain further market share in
Acquisition of Lineman’s
On
This acquisition will be a valuable complement to Rexel’s portfolio, notably for the utility market.
Disposal of operations in
Rexel also announces the signing of the divestment of its operations in
Since
OUTLOOK |
Leveraging our transformation and enhanced efficiency, we target for 2023, at comparable scope of consolidation and exchange rates:
- Same-day sales growth of between 2% and 6%
- An adjusted EBITA1 margin of between 6.3% and 6.7%
- Free cash flow conversion2 above 60%
1 Excluding (i) amortization of PPA and (ii) the non-recurring effect related to changes in copper-based cable prices.
2 FCF Before interest and tax/EBITDAaL
NB: The estimated impacts per quarter of (i) calendar effects by geography, (ii) changes in the consolidation scope and (iii) currency fluctuations (based on assumptions of average rates over the rest of the year for the Group's main currencies) are detailed in appendix 6
CALENDAR |
April 20, 2023 First-quarter 2023 sales
April 20, 2023 2023 Annual Shareholders' Meeting
May 9, 2023 Detachment date of the dividend
July 28, 2023 Second-quarter sales and H1 2023 results
FINANCIAL INFORMATION |
2022 consolidated financial statements are available on the Group’s website (www.rexel.com).
A slideshow of the fourth-quarter sales and full-year 2022 results publication is also available on the Group’s website.
ABOUT REXEL GROUP |
Rexel, worldwide expert in the multichannel professional distribution of products and services for the energy world, addresses three main markets: residential, commercial, and industrial. The Group supports its residential, commercial, and industrial customers by providing a tailored and scalable range of products and services in energy management for construction, renovation, production, and maintenance. Rexel operates through a network of more than 1,900 branches in 21 countries, with more than 26,000 employees. The Group’s sales were €18.7 billion in 2022.
Rexel is listed on the Eurolist market of Euronext Paris (compartment A, ticker RXL, ISIN code FR0010451203). It is included in the following indices: CAC Next 20, SBF 120, CAC Large 60, CAC 40 ESG, CAC SBT 1.5 NR, CAC AllTrade, CAC AllShares, FTSE EuroMid, and STOXX600. Rexel is also part of the following SRI indices:
For more information, visit www.rexel.com/en.
CONTACTS |
FINANCIAL ANALYSTS / INVESTORS
Ludovic DEBAILLEUX | +33 1 42 85 76 12 | ludovic.debailleux@rexel.com |
PRESS
Brunswick: Thomas KAMM | +33 1 53 96 83 92 | tkamm@brunswickgroup.com |
GLOSSARY |
REPORTED EBITA (Earnings Before Interest, Taxes and Amortization) is defined as operating income before amortization of intangible assets recognized upon purchase price allocation and before other income and other expenses.
ADJUSTED EBITA is defined as Reported EBITA excluding the estimated non-recurring net impact from changes in copper-based cable prices.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is defined as operating income before depreciation and amortization and before other income and other expenses.
EBITDAaL is defined as EBITDA after deduction of lease payment following the adoption of IFRS16.
RECURRING NET INCOME is defined as net income restated for non-recurring copper effect, other expenses and income, non-recurring financial expenses, net of tax effect associated with the above items.
FREE CASH FLOW is defined as cash from operating activities minus net capital expenditure.
NET DEBT is defined as financial debt less cash and cash equivalents. Net debt includes debt hedge derivatives.
APPENDIX |
For appendix, please open the pdf file by clicking on the link at the end of the press release.
DISCLAIMER |
The Group is exposed to fluctuations in copper prices in connection with its distribution of cable products. Cables accounted for approximately 19% of the Group's sales and copper accounts for approximately 60% of the composition of cables. This exposure is indirect since cable prices also reflect copper suppliers' commercial policies and the competitive environment in the Group's markets. Changes in copper prices have an estimated so-called "recurring" effect and an estimated so called "non-recurring" effect on the Group's performance assessed as part of the monthly internal reporting process of the
The impact of these two effects is assessed for as much of the Group’s total cable sales as possible, over each period. Group procedures require that entities that do not have the information systems capable of such exhaustive calculations to estimate these effects based on a sample representing at least 70% of the sales in the period. The results are then extrapolated to all cables sold during the period for that entity. Considering the sales covered. the
This document may contain statements of future expectations and other forward-looking statements. By their nature, they are subject to numerous risks and uncertainties, including those described in the Universal Registration Document registered with the French Autorité des Marchés Financiers (AMF) on
The market and industry data and forecasts included in this document were obtained from internal surveys, estimates, experts and studies, where appropriate, as well as external market research, publicly available information and industry publications. Rexel, its affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only.
This document includes only summary information and must be read in conjunction with Rexel’s Universal Registration Document registered with the AMF on
Attachment
- PR - FY 2022 results
Source: REXEL
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