2014 Results
Table of Contents
1. Introduction p. 3
2. Transport Business p. 11
3. Logistics Business p. 17
4. Air & Sea Business p. 24
5. Strategic acquisition in the USA p. 28
6. Group Financials p. 35
7. Outlook p. 49 8. Appendices p. 52 Disclaimer
This document was prepared by Norbert Dentressangle for the sole purpose of presenting its 2014 results on the 26th February 2015. This document may not be reproduced or distributed, in whole or in part, without
the prior agreement of the Company. Norbert Dentressangle may not be held liable due to the use of this document by any person not belonging to the Company. This document does not contain any quantified forecast of results. The Company makes no commitment or guarantee that it will meet its objectives or any goal that it may state in its business plans. While the Company believes that its objectives are reasonable, readers are reminded that said targets are subject to risks and uncertainties, notably as described in the "Risk factors" section of the annual "Document de Référence" registration document.
ENHANCED POSITION AS A GLOBAL SUPPLY-CHAIN TOP-TIER PARTNER 1.
Our ambition: to become a top-tier player in global supply chain management
4 • Supporting our clients
wherever they operate and moving with them whenever they need us
• Increasing our credibility
to become the go-to
“supply chain management expert” of choice
• Always striving to increase
our critical mass in our chosen markets
• Combining organic &
external growth to acquire and expand our areas of expertise
• Developing and expanding
our range of services & solutions
Expanding geographic
presence
Increasing
2014: a key milestone in
Norbert Dentressangle’s development strategy
5 Expanding
geographic presence
Increasing
scale service offeringWidening
• USA with Jacobson
Acquisition • +15% global growth
• N°4 in USA in Logistics with Jacobson acquisition • Bolt-on acquisitions • MGF in France in logistics • Hopkinson in UK bulk transport
• New sectors expertise
in Logistics with Jacobson
• Leading e-com
Logistics provider in Europe
Norbert Dentressangle as a top-tier player
in global supply-chain management
Lead Logistics Providers
“4PLs”
Freight Forwarders with Contract
Logistics
Freight Forwarders and Brokers
Region 1 Region 2
Road Air Road Air
Shipper (Freight) A sset in ten s ity Sw itch in g co sts Cy clicality
Low High Low
High Low High
Rail Sea Rail Sea
In €m 2014 2014 without JACOBSON 2013 Overall % change Organic growth Revenue 4,669 4,470 4,032 +15.8% +4.1% Operating profit before goodwill (EBITA) 167.9 154.4 141.7 +18.6% EBITA Margin 3.6% 3.5% 3.5% Net income 75.9 - 70.1 +8.3%
8
35 years of profitable growth
Strengthening our top-tier partner position
Breakdown of revenue by business line
Breakdown of revenue by geografic area
Transport Logistics Air & SEa
France Outside France International transport between the Continental Europe‐United Kingdom axis is started Norbert Dentressangle is listed on the stock exchange
A second area of expertise
is integrated: Logistics NorbertDentressangle doubles in size through the acquisition of the British company, Christian Salvesen Launch af a third area of expertise:
Air & Sea
Acquisition of Daher’s Air & Sea activities establishing presence in Russia and in France. Acquisition of Fiege’s Logistics activities in Italy, Spain and Portugal
Norbert Dentressangle obtains dual‐ listing on Euronext Paris and London stock exchanges
Acquisition of Jacobson Companies
Combining organic & external growth 9,0% 8,6% 10,4% 7,0% 4,8% 5,7% 5,8% 5,3% 5,5% 8,1% 4,3% 3,4% 5,6% 0,0% 2,4% 4,1% 647 744 838 972 1 053 1 222 1 303 1 399 1 608 1 804 3 107 2 719 2 839 3 576 3 880 4 032 4 669 0% 3% 5% 8% 10% 13% 15% 18% 20% 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Organic growth Turnover Christian Salvesen Turnover : 1.3bn€ Transport & Logistics
TDG
Turnover : 700m£ Transport, Logistics &
Freight Fwding
Schneider Log. (USA)
Turnover : 30m$ Freight Fwding Venditelli Turnover : 61m€ Transport TNT Logistics France Turnover : 160m€ Transport & Logistics
Stockalliance
Turnover : 95m€
Logistics APC (China)
Turnover : 50m€ Freight Fwding
Fiege Italy & Spain
Turnover : 130m€ Logistics Daher France/Russia Turnover : 80m€ Freight Fwding Jacobson (USA) Turnover : $780m Logistics & Transport -10.5%
10
Norbert Dentressangle - A strong platform for development in global supply-chain
Logistics:
Norbert Dentressangle’s largest business now going global
Logistics:
Norbert Dentressangle’s largest business now going global 10,900 Controlled Fleet 10,900 Controlled Fleet 42,500 employees42,500
employees countries25 sitessites662 662 10,400,000m²10,400,000m²warehousingwarehousing
25
countries
Air & Sea:
A successful
first step achieved
Air & Sea:
A successful
first step achieved
US market
Top 4 player in the buoyant US logistics market
US market
Top 4 player in the buoyant US logistics market
€4.7 billion
annual revenue€4.7 billion annual revenue
Transport:
A robust profitable base with further growth potential
Transport:
A robust profitable base with further growth potential
2. Transport:
A ROBUST PROFITABLE BASE WITH FURTHER GROWTH POTENTIAL
A highly fragmented market with significant room for growth
Norbert Dentressangle estimated market share in
Europe < 1%
France, the UK and Spain (Norbert Dentressangle’s main
European markets) represent a global value of €95 billion
Norbert Dentressangle operates the #1 European owned
Diesel / Fuel effect -0.8% Forex effect +1.1% +8.7% Volume and price effect +4.3% 2013 2014 Transport 2014
Robust growth recovery
12 Consolidation
effect +4%
(1) Before elimination of "inter-division" revenue
€2,014m (1)
€2,188m (1)
In €m Transport 2014 Transport 2014 without Jacobson Transport
2013 Overall % change Organic growth
Revenue* 2,188 2,122 2,014 +8.7% +2.6% Operating profit before goodwill (EBITA) 59.1 59.3 53.0 +11.7% EBITA Margin 2.7% 2.8% 2.6% 13
Transport 2014 - Good sales momentum and continuing profitability improvement
Dedicated Fleet F / UK / SP / USA
Alternative to own fleet for industrial and retailers
Contracted revenues
Growth driven by continued added value service offerings
* FY 2014 / To be added: €50m of warehouse storage
associated with transport services KeyPL & Transport
Organisation F / UK
Control tower concept Asset light Domestic/internat. FLT & Cross-Channel 1st fleet in Europe 37% 23% 12% 26% Domestic/internat. Pallet Network F / UK / SP
Stock reduction – Shipment division
A resilient and profitable business over the past 16 years
EBITA In €M Revenue
In €M
Long term revenues and operating income (EBITA)
% of Revenue
EBITA %age Transport
485 544 590 693 705 745 807 898 1008 1109 1744 1486 1636 1966 2038 2014 2188 28 20 26 37 31 33 39 26 50 43 30 28 44 47 60 53 59 0 50 100 150 200 250 0 500 1000 1500 2000 2500 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Revenue Transport EBITA Transport
5,9% 3,8% 4,5% 5,3% 4,4% 4,4% 4,9% 2,9% 5,0% 3,9% 1,7% 1,9% 2,7% 2,4% 3,0% 2,6% 2,7% 0,0% 2,0% 4,0% 6,0% 8,0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Transport at a glance - 2014
400 Tractor units (own fleet)
1,200 Trailers
7,300 Tractor units (own fleet) 11,600 Trailers €2.2 billion revenue 16 8,800 Controlled fleet 8,800 Controlled fleet 13,900 employees13,900
employees countries13 12,80012,800trailerstrailers
13
countries
€2.2 billion
annual revenue€2.2 billion
The European market is undergoing consolidation, particularly in Western Europe
Successful integration of acquisitions at Norbert Dentressangle
Norbert Dentressangle main markets (USA, UK, France, Italy, Netherlands, Spain & Russia) represent a global value of €76 billion
Norbert Dentressangle is a first-class player in the European and US markets, delivering strong profitability
3. Logistics:
NORBERT DENTRESSANGLE’s LARGEST BUSINESS NOW GOING GLOBAL
Logistics 2014
Strong organic growth
18 (1) Before elimination of “inter-division” revenue
€2,359m (1) Volume and price effect +5,7% +20.9% Consolidation effect +13,2% €1,950m (1) 2013 2014 Forex effect +2,0%
In €m Logistics 2014 Logistics 2014 without Jacobson Logistics 2013 Overall % change Organic growth Revenue* 2,359 2,226 1,950 +20.9% +5.7% Operating profit before goodwill (EBITA) 105.3 91.8 87.4 +20.5% EBITA Margin 4.5% 4.1% 4.5% 19 Logistics 2014
Group’s first activity with best in class margin
20
Mastery of the key logistics skills and operational excellence
Handling Handling Value added services Value added services Storage Storage 22% 27% 11% 40% Downstream transport management Downstream transport management
Benefits from cross-selling opportunities in key verticals Retail Retail Industry Industry Durable goods Durable goods Fast Moving Consumer Goods Fast Moving Consumer Goods e‐Commerce €283 m €272 m €644 m €242 m €918 m Leader in Europe Logistics’ turnover per vertical
A consistently growing business with major scale effects since 2008
22 EBITA
In €M Revenue
In €M
Long term revenues and operating income (EBITA)
% of Revenue
EBITA %age Logistics
162 199 249 279 348 477 497 502 600 648 1364 1233 1239 1589 1783 1950 2359 6 8 11 14 18 18 25 25 33 37 49 52 63 81 78 87 105 0 50 100 150 200 250 0 500 1000 1500 2000 2500 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Revenue Logistics EBITA Logistics
3,9% 4,0% 4,5% 5,1% 5,1% 3,8% 5,1% 5,0% 5,5% 5,7% 3,6% 4,2% 5,1% 5,1% 4,4% 4,5% 4,5% 0,0% 2,0% 4,0% 6,0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
23 6,700,000 m² ambient 5,200,000 m3 temp. controlled 281 sites 3,700,000 m² ambient 4,450,000 m3 temp. controlled 142 sites €2.4 billion revenue Logistics at a glance - 2014 9,650,000m3 Temp. Controlled 9,650,000m3 Temp. Controlled 27,800 employees 27,800 employees 10,400,000m² warehousing 10,400,000m² warehousing 16 countries 16 countries €2.4 billion annual revenue €2.4 billion annual revenue €105m EBITA €105m EBITA 78% outside France
4. Air & Sea:
A SUCCESSFUL FIRST STEP ACHIEVED Both air & sea freight forwarding markets are
dominated by a limited number of major players
Behind these major players, the freight forwarding market is highly fragmented, with many niche
players
The USA, China, UK and France (Norbert
Dentressangle main markets) represent a value of €47 billion
25 * Before elimination of “inter-division” revenue
Air & Sea 2014 - Revenues and profitability in line with expectations
In €m
Air & Sea
2014 Air & Sea 2013
Overall % change Organic growth Revenue* 206 145 +42% +2.8% Operating profit
before goodwill (EBITA) 3.5 1.3 X 2.6
Air & Sea:
a steady ramp-up in revenue and profitability
Revenue In €M EBITA in % of revenue 12 86 143 145 206 ‐0,8 0,3 1 1,3 3,5 ‐2 0 2 4 6 8 10 12 14 0 50 100 150 200 250 2010 2011 2012 2013 2014
Revenue Air & Sea EBITA Air & Sea
EBITA In €M ‐6,7% 0,3% 0,7% 0,9% 1,7% ‐8,0% ‐6,0% ‐4,0% ‐2,0% 0,0% 2,0% 4,0% 2010 2011 2012 2013 2014 INCEPTION
Air & Sea
Solid and profitable base for further growth
64,000
TU’s Sea Freight
64,000
TU’s Sea Freight
650
employees
650
employees
32,000
tons Air Freight
32,000
tons Air Freight
14 countries 14 countries €206m annual revenue €206m annual revenue €3.5m EBITA €3.5m EBITA 54 offices in 14 countries
5. STRATEGIC ACQUISITION IN LOGISTICS & TRANSPORT IN THE USA
Jacobson, a sizeable and earnings accretive acquisition
Norbert Dentressangle #4 in the fast-growing contract logistics US market
Smooth and successful integration and strong cultural fit
Strong M&A momentum in the US
• Numerous transactions have taken place
over 2014/2015
• Very strong momentum in the US with
several recent transactions
- M&A remains centered around trucking, brokerage and
forwarding sectors
- e-commerce, an evolving driver
• Despite some consolidation, the market
remains highly fragmented (both domestically and globally)
Acquirer Target Country
of Target Activity
Revenue
(US$m) Date
Japan Post Toll Holding Global
logistics 6,850 Feb 15
KWE APL Intermodal 1,650 Feb 15
Berkshire
Hathaway
Charter
Brokerage
Custom
brokerage n.a. Dec 14
FedEx Genco Logistics 1,600 Dec 14
Goldman Sachs
+ Rhône
Capital
Neovia Logistics 700 Oct 14
XPO Newbreed Logistics 700 Jul 14
XPO Pacer Truck
brokerage 980 Jan 14
CH Robinson Freightquote Freight
management 620 Oct 14
Centerbridge Syncreon Logistics 1,000 Sep 13
XPO 3PD Last‐mile
2014 revenue: $780M
2014 EBITA:
$61M
Leading contract logistics platform
with highly complementary transportation & logistics offering
CONTRACT LOGISTICS
SERVICES
• Warehousing and order fulfillment • Specialized capabilities (e.g.,
chemicals handling, cold‐chain) • Manufacturing support • Contract packaging • Reverse logistics TRANSPORTATION SERVICES • Freight management
• Dedicated contract carriage • Brokerage services
• Regional For‐Hire services • Truckload carriage
Office Locations
Contract Logistics:
Dedicated Distribution Centers Multi-Client Distribution Centers West: 12 warehouses 6 TLS sites Total sq ft: 2.9mm Southwest: 22 warehouses 9 TLS sites Total sq ft: 4.6mm Northeast: 32 warehouses 18 TLS sites Total sq ft : 8.3mm Midwest: 58 warehouses 32 TLS sites Total sq ft : 13.8mm Southeast: 18 warehouses 12 TLS sites Total sq ft: 3.6mm
Green shading indicates high growth opportunity regions
The scale and resources to serve
both national and regional customers
Headquartered in Des Moines, IA with regional offices in Camp Hill, PA and St. Louis, MO
4th largest
independent value-added warehousing provider in the U.S.
Diversified asset and non-asset transportation services 350 tractors, 1,220 trailers 5,000 employees Headquartered in Des Moines, IA with regional offices in Camp Hill, PA and St. Louis, MO
4th largest
independent value-added warehousing provider in the U.S.
Diversified asset and non-asset transportation services 350 tractors, 1,220 trailers 5,000 employees Transport:
Dedicated Contract Carriage Freight Management Partner Pool Locations
Durables 19% Chemicals 18% Agriculture / Other 16% Consumer packaged goods; 12% Food and beverage 35% Customers 11–20 14% Customers 21–30 9% All Other 39% Top 10 Customers 37%
CUSTOMERS BY INDUSTRY CUSTOMER CONCENTRATION
Chemic al
Food and beverage Durables Chemicals Agriculture / Other CPG
Serving blue-chip customers across large, stable and growing end-markets
33
Smooth and successful integration
• Accounting and reporting systems are all plugged-in to the relevant divisions • Operations and sales are well connected with their European counterparts • Norbert Dentressangle brand is being rolled-out
Our US business delivers as expected 749 797 780 720 740 760 780 800 820 2012 2013 2014 Revenue ($m) 37,8 59,4 61 5,0% 7,5% 7,80% 0,0% 1,0% 2,0% 3,0% 4,0% 5,0% 6,0% 7,0% 8,0% 9,0% 0 10 20 30 40 50 60 70 2012 2013 2014 pro forma EBITA ($m) EBITA Margin 53,6 76 80 7,2% 9,5% 10,30% 0,0% 2,0% 4,0% 6,0% 8,0% 10,0% 12,0% 0 10 20 30 40 50 60 70 80 90 2012 2013 2014 pro forma EBITDA ($m) EBITDA Margin
6.
Consolidated income statement and contribution by division
+15.8%
+18.5%
+8.3%
* Breakdown by Division is net of intercompany revenue
In €m
Logistics Transport Air & Sea 31/12/14Conso
Conso 31/12/14 Without Jacobson Conso 31/12/13 Total revenue Consolidated revenue * 2,359 2,348 2,1882,117 206204 4,669 4,470 4,032 EBITDA 288.1 269.6 251.5
Operating profit before goodwill (EBITA)
105.3
4.5% 2.7%59.1 1.7%3.5 167.93.6% 154.43.5% 141.73.5%
EBIT 156.3 146.4 135.1
Net financial expenses Income tax CVAE Associates Minority interests (41.1) (19.1) (13.1) (0.9) (6.2) (31.1) (17.9) (13.1) (0.9) (6.2) (26.7) (23.7) (13.0) (1.5) (0.3) Net income 1.6%75.9 1.7%70.1 36
In €m
Conso
31/12/14 31/12/13Conso
Underlying Operating profit 177.1 139.9
Restructuring costs Of which Transport Of which Logistics (14.2) (4.1) (8.8) (13.8) (10.1) (3.5)
Other operational income / expenses and provisions 0.4 3.7
Non-operating capital gain (losses) on disposals 4.6 11.9
Operating profit before goodwill (EBITA) 167.9 141.7
37
Breakdown of non-recurring income and expenses
Net financial expenses
38
In €m
Conso
31/12/14 31/12/13Conso
Total financial expenses (41.1) (26.7)
Net financial expenses as % of revenue -0.8% -0.7%
Including :
Forex gain (losses) (0.2) (1.1)
Actuarial (losses) and income (IDR and pensions) (6.4) (7.6)
Others (1.3) (0.7)
Transaction fees / Jacobson expenses (6.1) -Net financial expenses (27.0) (17.3)
In €m
31/12/14 31/12/13
Profit before tax Goodwill amortization CVAE (tax deductible)
115.2 -(13.1) 108.5 -(13.0) Taxable Profit 102.2 95.5
Theoretical tax at French rate (38.8) (36.3)
Temporary differences: CICE
TDG restructuration impact Other temporary differences
Tax rate differences / other countries Miscellaneous
Non recognized deficits/employed former deficits
7.2 3.6 (2.2) 12.6 2.2 (3.7) 4.4 5.2 (5.2) 8.6 3.6 (4.0) Income tax (19.1) (23.7)
Average effective income tax rate 18.7% 24.8%
Income tax
In €m
Conso
31/12/14 JacobsonOf which 31/12/13Conso Cash flow
Change in operating WCR UK pension fund financing
223 15 (22) 19 8 -196 (36) (10)
Net cash flow from operations 217 27 150
CAPEX (net of disposals) Sales of warehouses and sites Acquisitions less acquired cash
(95) 10 (583) (7) -(582) (54) 43 (54)
Net cash flow from investment activities (668) (590) (66)
Net free cash flow excluding
acquisitions 132 138
Dividends Financing
Own shares / others
(18) 269 3 330 (15) 81 (7)
Net cash from financing transactions 254 330 59
Forex impact 2 (13)
-Change in cash (195) (246) 142
Cash available at period end 195 389
In €m 31/12/14 Cash flow for the period Acquisitions (Jacobson) Forex and other non-cash flows 31/12/13 WCR 40 1 55 2 (18) Of which: - Operating WCR 275 (29) 68 9 227 - Non-operating WCR (including taxes) (206) 34 (13) (5) (221) - Fixed asset WCR (29) (4) - (1) (25)
DSO (number of
days-FIFO) days47.9 days47.9
Change in Working Capital Requirement
In €m
Conso
31/12/14 JacobsonOf which 31/12/13Conso
Goodwill 975 361 600
Intangible fixed assets (incl. customer
relationship management) 351 223 133
Tangible fixed assets 570 56 533
Other fixed and non-current assets 122 39 89
Total non-current and financial
assets 2 018 679 1,355
Other current assets 19 19 0
WCR 40 51 (16)**
TOTAL ASSETS (NET) 2 077 749 1,339
Equity 691 572**
Provisions and deferred tax liabilities 307 284
Other financial liabilities * 62 27
Net financial debt 1 017 456
TOTAL LIABILITIES (NET) 2 077 1,339
Consolidated balance sheet
42 * Including fair market value of hedging instruments
Breakdown of tangible fixed assets
43
In €m
Land and
buildings Transport vehicles Material and equipment Other & IT TOTAL
31/12/2012 127 348 64 44 584 30/06/2013 148 372 73 47 640 31/12/2013 90 324 63 56 533 31/12/2014 Of which Jacobson 115 10 30822 8712 6112 57056
Return on capital employed
Gradual business model transformation
EBITDA/Tangible assets 28,5% 29,9% 36,7% 38,1% 35,9% 41,7% 45,9% 0,0% 5,0% 10,0% 15,0% 20,0% 25,0% 30,0% 35,0% 40,0% 45,0% 50,0% 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4
45
Consolidated net financial debt
In €m
Group
31-Dec-14 31-Dec-13Group Acquisition debt
Revolving facility (€400m available)
Euro Private Placements Asset financing 273 266 310 363 -168 310 367 GROSS FINANCIAL DEBT 1 212 845 CASH & CASH EQUIVALENTS 195 389
31/12/14 31/12/13 31/12/12 Bank covenants ratios at 31/12/14 Gearing (Net Debt/Equity) 153% 84% 94% < 200% Leverage
(Net Debt/ EBITDA) 3.0 x* 1.8 x 2.0 x < 3.5 x
Interest cover
(EBITA / Net Interest Expense) 5.1 x* 6.2 x 5.9 x
ROCE
(EBITA/Average capital employed) 12% 13% 12%
Key Financial Ratios
46 * Proforma with 12 months Jacobson
47
Strong track record of managing leverage
Acquisition Christian Salvesen Acquisition Nova Natie John Keells Acquisition TDG APC Beijing Acquisition UTL Seroul Acquisition TNT Logistics Venditelli Acquisition Fiege Italy/Spain Daher Acquisition Stockalliance Acquisition Jacobson 76 80 69 31 74 43 165 159 121 533 553 445 382 624 489 456 1017 1,6 1,6 1,3 0,4 1,0 0,5 1,3 1,4 0,8 3,5 2,8 2,3 1,8 2,5 2,0 1,8 3,0 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 0 200 400 600 800 1000 1200 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 pro forma
• Dividend to be proposed for approval at the Shareholders’
Meeting of 21 May 2015:
• €1.8/share compared with €1.60/share for 2013 fiscal year
13% of Net Free Cash Flow
23% pay-out ratio
48
7.
50
Taking advantage of growth opportunities in 2015
European economic context should be more favourable
in 2015
The group is in good shape as far as operations are concerned
Expected operating performance for 2015 will contribute to deleveraging the group
8.
53
Consolidated balance sheet
En K€ 31/12/14 31/12/13
Ecarts d'acquisition 975 079 599 951
Immobilisations Incorporelles 350 984 133 128
Immobilisations Corporelles 570 162 532 849
Participations entreprises associées 2 087 2 877
Autres actifs financiers non courants 55 841 33 146
Impôts différés actifs 63 992 53 347
ACTIFS NON-COURANTS 2 018 145 1 355 298
Stocks 19 404 14 049
Clients 886 447 775 879
Créance d'impôt courant 38 558 17 621
Autres créances 164 774 141 743
Autres actifs courants 18 778
Trésorerie et équivalents de trésorerie 209 085 396 622
ACTIFS COURANTS 1 337 046 1 345 914 TOTAL DE L'ACTIF 3 355 191 2 701 212 En K€ 31/12/14 31/12/13 Capital social 19 672 19 672 Primes d'émissions 19 132 19 077 Ecart de conversion 5 147 (22 464) Réserves consolidées 544 238 456 182
Résultat net part du groupe 75 895 70 100
CAPITAUX PROPRES PART DU GROUPE 664 084 542 567
Intérêts minoritaires 27 156 27 595
CAPITAUX PROPRES 691 240 570 162
Provisions à long terme 143 620 190 583
Impôts différés passifs 143 275 72 846
Dettes financières à plus d'un an 1 050 647 742 884
Autres passifs non courants 25 569 17 451
PASSIFS NON-COURANTS 1 363 111 1 023 764
Provisions à court terme 20 040 20 605
Dettes financières à moins d'un an 160 988 102 507
Autres passifs courants 36 213 9 330
Découverts bancaires 14 520 7 200
Fournisseurs 655 860 601 548
Dette d'impôt courant 11 224 11 528
Autres dettes 401 995 354 568
PASSIFS COURANTS 1 300 840 1 107 286
TOTAL DU PASSIF 3 355 191 2 701 212
Dettes financières nettes 1 017 070 455 969
Dette financière brute 1 211 635 845 391
54
P&L En K€ 31/12/14RÉEL % CA 31/12/13RÉEL % CA
CHIFFRE D'AFFAIRES NET 4 668 846 100% 4 031 858 100%
Autres achats et charges externes (2 916 205) 62,5% (2 496 322) 61,9%
Charges de personnel (1 407 126) 30,1% (1 237 537) 30,7%
Impôts, taxes et versements assimilés (48 820) 1,0% (43 743) 1,1%
Dotations aux amortissements (121 858) 2,6% (117 047) 2,9%
Autres Produits et Charges opérationnels (346) 2 808
Résultat sur cessions d'actifs d'exploitation 3 025 3 504
Coûts de restructuration (14 257) (13 792)
Plus ou moins values immobilières 4 646 11 926
RESULTAT OPERATIONNEL AVANT
ECART D'ACQUISITION (EBITA) 167 906 3,60% 141 655 3,51%
Amortissements relation client (12 185) 0,3% (6 525) 0,2%
Badwill 618
RESULTAT OPERATIONNEL (EBIT) 156 339 3,3% 135 130 3,4%
Frais financiers nets (41 105) 0,9% (26 659) 0,7%
RESULTAT DU GROUPE AVANT IMPOT 115 234 2,47% 108 471 2,69%
Impôt sur le résultat (32 191) -0,7% (36 637) -0,9%
dont impôts sur les sociétés (19 136) -0,4% (23 675) -0,6%
dont autres (CVAE, IRAP,…) (13 055) -0,3% (12 962) -0,3%
QP Rst sociétés mises en équivalence (959) (1 477)
RESULTAT NET 82 083 1,8% 70 357 1,7%
Intérêts ne donnant pas le contrôle 6 188 0,1% 257 0,0%
Dont RESULTAT NET PART DU GROUPE 75 895 1,6% 70 100 1,5%
55
Cash flow statement
REEL REEL
K€ 31/12/2014 31/12/2013
Résultat Net Part du Groupe 75 895 70 100
Amortissements et provisions 131 792 115 921
Charges financières nettes liées aux opérations de financement 30 103 23 897
Autres éléments financiers 11 004 3 171
Intérets minoritaires et SME 7 147 1 734
Impôts sur le résultat (produit) charge 32 191 36 637
EBITDA 288 132 251 460
Plus ou moins values sur cessions d'actifs immobilisés (7 515) (15 450)
Autres retraitements 829 (475)
Impôts sur le résultat versé (57 984) (45 414)
Marge opérationnelle brute d'autofinancement après impôt versé 223 462 190 121
BFR d'exploitation 29 252 (38 361)
BFR hors exploitation (hors impôt sur le résultat) (14 122) 8 276
BFR opérationnel (hors impôt sur le résultat) 15 130 (30 085)
Variation Pension Fund (21 922) (10 385)
Flux de trésorerie généré par l'activité 216 670 149 651
Cession d'immo. Incorporelles et Corporelles 49 866 93 941 Acquisition d'immo. Incorporelles et Corporelles (138 572) (119 843)
Créances et dettes sur d'immo. 3 654 14 349
Cession d'immo. Financières 116 103
Acquisition / cession de filiales, nettes de la tréso. acquise / cédée (583 239) (54 123)
Flux de tréso. lié aux opé. d'investissement (668 175) (65 573)
Flux de trésorerie disponible (451 505) 84 078
Dividendes versés (18 575) (14 579)
Emission (remboursement) net d'emprunts 427 775 567 389
Augmentation / (diminution) de capital 1 829 4 438
Actions propres 347 6 918
Autres Actifs/Passifs financiers 907
Remboursement d'emprunts (128 217) (481 547)
Charges financières nettes liées aux opérations de financement (30 103) (23 897)
Flux de tréso. lié aux opé. de financement 253 963 58 722
Ecarts de change lors de la conversion des flux 2 685 (419)
Variation de trésorerie (194 857) 142 381
Trésorerie et équivalent à l'ouverture 389 422 247 041
Trésorerie et équivalent à la clôture 194 565 389 422
