2011 ANNUAL RESULTS Paris Wednesday 29 February 2012

Transcription

1 2011 ANNUAL RESULTS Paris Wednesday 29 February 2012

2 Disclaimer This document was prepared by Norbert Dentressangle for the sole purpose of presenting its annual results on 29 February This document may not be copied or distributed, in whole or in part, without prior agreement from the company. Norbert Dentressangle assumes no responsibility for the use of this document by any person outside the company. This document contains no earnings forecast data. The company makes no commitment and provides no guarantee concerning the realisation of any targets or aims that may be expressed within its business plans. While the company believes its targets 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. 2

3 Meeting agenda 1. Norbert Dentressangle François Bertreau, Chief Executive Officer 2. Transport Hervé Montjotin, Managing Director 3. Logistics François Bertreau 4. Freight Forwarding François Bertreau 5. Consolidated Financial Statements Patrick Bataillard, Chief Financial Officer 6. Outlook François Bertreau 7. Appendices 3

4 Introduction Norbert Dentressangle 4

5 2011: a transformative year for Norbert Dentressangle Sustained growth in Transport and Logistics and significant expansion in the Freight Forwarding business International expansion thanks to the consolidation of TDG and APC Beijing International Renewed Operating profitability growth 5

6 Very solid performance in 2011 In m 31/12/11 31/12/11 Historical Scope 31/12/10 Overall % change % Change at constant scope Revenue 3,576 3,002 2, % +5.7% Operating profit before goodwill and goodwill impairment (EBITA) % +17.8% EBITA margin 3.6% 4.2% 3.7% Net income % - 6

7 Norbert Dentressangle, an increasingly important player, expanding internationally European leader International company 3.6 billion in revenue Operates in 23 countries on 3 continents Spain 11% Netherlands 3% Italy 4% Other 9% France 45% 33,000 employees UK 28% Revenue by geographic region 7

8 Norbert Dentressangle, a responsible player with actual commitments Efforts to reduce CO ² emissions Europe s cleanest vehicle fleet: 93% EURO IV & V. Rollout of the first Euro VI tractor earlier this month, 2 years ahead of legal regulations Testing new diesel-alternative technologies: Norbert Dentressangle was the first transporter to begin using 3 diesel-electric hybrids in g CO 2 / Tonnes x kms emitted in 2011: down 3% vs Road Safety Safe Driving Programme Drivers travel 655,000 kms on average in 2011 without causing accidents: up 11% vs Average kms run/driver without any responsible accident 8

9 Environmental friendly logistics platforms ISO Certification 42% of platforms certified 51% of revenue certified Environmental site management Waste management: Sorting recyclables Reusing recyclable waste (packaging, etc.) Energy efficiency Optimised lighting systems 9

10 Human Resources: the core of Norbert Dentressangle s growth Significant hiring capacity Accumulated experience through its acquisitions 6,000 employees added following TDG consolidation 270 employees added following APC Beijing International acquisition Hands-on employee support Training: Red Management launched in 2010, 432 managers trained in Europe in 2011 Internal promotion: 60% of managers are hired internally 10

11 Part 2 Transport 11

12 Change in revenue Consolidation effect +14% Volume and price effect +4.7% Diesel fuel effect +2.1% Calendar and forex effect - 0.5% +20.2% 1,966 M (1) 1,636 M (1) 31/12/10 31/12/11 (1) Before elimination of inter-division revenue 12

13 Norbert Dentressangle has improved its position in the market +20.2% growth (up 6% on a comparable basis), linear over the fiscal year Growth driven by the momentum of our services: Pallet distribution service: Domestic up 8% Red Europe up 15% Transport organisation (Key PL) up 120% Dedicated Fleet (Red Inside) up 6% Consolidation of TDG s businesses profoundly transformed Norbert Dentressangle s Transport profile in the UK, in terms of both its services and its scope Less favourable environment at the end of

14 Transport operating income In m Transport at 31/12/11 Historical Transport activities at 31/12/11 Transport at 31/12/10 Overall % change % Change at constant scope Revenue* 1,966 1,734 1, % +6.0% Operating profit before goodwill (EBITA) % +13.4% As % of revenue 2.5% 2.9% 2.7% * Before elimination of inter-division revenue 14

15 Improvement of the Transport margin at historical consolidation scope Historical operating profitability up 13.4% vs General Cargo business recovery Solid performance in Pallet distribution service This business now contributes to profit in the UK Former TDG businesses a slight drag on financials Major restructuring in Spain (completed 2011) Improving operating efficiency a challenge in the UK Positive effects of diesel fuel price increases 15

16 Always striving to improve our services Norbert Dentressangle model 3PL, LLP and 4PL: Key PL Covers some 40% of the transport business International FTL & Cross-Channel 500 M * Domestic FTL 450 M * Domestic Pallet Distribution 450 M * International Groupage & Pallet Distribution 150 M * Dedicated Fleet 350 M * CO 2 emissions declaration ** * FY 2011 ** Carbon calculator attested by Bureau Veritas 16

17 Red Europe veterinary product export services both reliable and flexible Raw numbers: 5,000 orders / year 28,000 pallets delivered / year (i.e., equal to 1,000 lorries) Delivered to 26 European countries Advantages to the customer: A sole contact from 1 pallet to a full lorry Deliveries collected daily Our contractual commitments: Delivery times Online order tracking and delivery confirmation Per-pallet pricing 17

18 Transport at the end of ,966 M in revenue 40% outside France 15,000 employees At 160 sites in 14 countries Vehicles No. 1 vehicle fleet in Europe with 7,800 motorised vehicles 93% EURO IV & V 18

19 Part 3 Logistics 19

20 Change in revenue Consolidation scope effect +24.3% Volume and price effect +3.9% +28.2% 1,589 m (1) 1,240 m (1) 31/12/10 31/12/11 (1) Before elimination of inter-division revenue 20

21 Logistics has leveraged TDG to strengthen its European scope Satisfactory growth momentum, particularly in the UK, Italy and Spain The UK became the leader in logistics with 41% of the revenue Slower growth in Q reflecting consumer trends in Europe for this same period 21

22 Logistics operating income In m Logistics at 31/12/11 Historical logistics activities at 31/12/11 Logistics at 31/12/10 Overall % change % Change at a constant scope Revenue* 1,589 1,294 1, % +4.4% Operating profit before goodwill (EBITA) % +20.3% As % of revenue 5.1% 5.9% 5.1% * Before elimination of inter-division revenue 22

23 Logistics operating margin remains high High profitability throughout Europe The two logistics leaders, the UK and France, have performed particularly well Contribution from former TDG businesses is respectable, especially in the UK 23

24 A mastery of key logistics skills Ambient and temperature-controlled logistics Global and industry solutions Warehousing and inventory management 445 M Order preparation 572 M Value-added services 175 M Upstream transport management 397 M The highest safety and quality standards Service: ISO 9001 (71%*) Food safety: ISO (16 warehouses) & HACCP (24 warehouses) Staff safety: ISO (35 warehouses) Medical facility safety: ISO (1 warehouse) *: % revenue covered 24

25 NDL Frigo Logistics: JV with Danone in Romania for fresh product logistics Cluj Bucharest Storage and distribution of fresh products (between 2 C and 6 C) 4,000 m² warehouse in Bucharest and 1,000 m² in Cluj. / New 10,000 m² warehouse in Bucharest in platform distribution network Daily delivery to 15,000 retailers 80,000 T of Danone products handled annually 8,000 T of dairy products, deli meats and prepared foods for other customers 25

26 Logistics at the end of ,589 M in revenue 68% outside France 17,200 employees At 257 sites in 13 countries Total warehouse surface area: 6.6 M m² Negative cold volume: 3.5 M m 3 26

27 Part 4 Freight Forwarding 27

28 Norbert Dentressangle, a major freight forwarding player United States Dublin Manchester London Bradford Europe Nijmegen San Francisco 39 offices Le Havre Paris Lille Los Angeles San Diego Chicago Atlanta New York 10 countries 3 continents Bilbao Madrid Lyon Budapest 500 employees Barcelona Miami China Urumqi Beijing Beijing Sao Paulo Xi an Tianjin Dalian Qingdao Chile Santiago Brazil Chengdu Chongqing Suzhou Shaoxing Xiamen Nanjing Shanghai Ningbo Shenzhen Hong Kong 28

29 Acquisition of APC Beijing International, 1 December 2011 Head offices in Beijing 50 M in revenue 75% in air freight Coverage of key geographical regions in China 16 offices 270 employees Urumqi Chengdu Beijing (2) Xi an Chongqing Shenzhen Suzhou Shaoxing Xiamen Tianjin Dalian Qingdao Nanjing Hong Kong Shanghai Ningbo 29

30 Freight forwarding revenue change Schneider & TDG consolidation effect 60 M Internal growth 8 M APC 6 M x 7 86 M (1) 12 M (1) 31/12/10 31/12/11 (1) Before elimination of inter-division revenue 30

31 Freight forwarding continues to expand Freight Forwarding grew sharply and reached a significant size in the market with 86 M in revenue in 2011 TDG businesses successfully incorporated Acquisition of APC Beijing International strengthened Asian presence and air freight services Goal of 250 M revenue attained over the medium term 31

32 Freight Forwarding Operating Income In m Freight Forwarding at 31/12/11 Freight Forwarding at 31/12/10 Overall % Change Revenue* x 7 Gross Margin 17.1% 16.0% Operating profit before goodwill (EBITA) N/A As % of revenue 0.3% -7% * Before elimination of inter-division revenue 32

33 Profitability in line with our operating plan Break-even achieved by the end of years following launch With 3 acquisitions And a presence on 3 continents Improved performance for former Schneider businesses TDG posted positive contribution starting in the first year and APC in the first month of consolidation 33

34 Global development of a specific range of services Intercontinental transport services: Air freight Sea freight Management of customs operations Personalised industry solutions: High-tech products Perishable goods: fruit, vegetables, flowers, etc. Wine and spirits 34

35 Door-to-door air freight service launch: Red Sky Connect An integrated air freight solution between Norbert Dentressangle consolidated hubs guarantees customers: Flexible deadlines Reliable deliveries SFO San Francisco LAX, Los Angeles USA CHI Chicago DUB, Dublin JFK, New York CDG, Paris MAD, Madrid ATL Atlanta MIA Miami Europe LHR, London AMS, Amsterdam BUD, Budapest PEK, Beijing PVG, Shanghai HKG, Hong Kong China SCL, Santiago Latin America GRU, Sau Paulo 35

36 Part 5 Consolidated financial statements 36

37 Profitability of operations In m Cons. 31/12/11 Historical scope 31/12/11 Cons. 31/12/10 Revenue 3,576 3,002 2,839 EBITDA As % of revenue % NA % Operating profit before goodwill (EBITA) As % of revenue % % % Impairment test / Goodwill Impairment of the customer relationship EBIT As % of revenue % % 37

38 Breakdown of non-recurring income and expenses Cons. 31/12/11 Cons. 31/12/10 In m Restructuring costs Non-operating capital gains (losses) on disposals Reversal of provisions Other non-recurring income and expenses Subtotal

39 Contribution from operating divisions In m Transport 31/12/11 Logistics 31/12/11 Freight forwarding 31/12/11 Cons. Total 31/12/11 Revenue Inter-group invoices 1,966 (64) 1,589 (7) 86 (1) Revenue, net of interco revenue 1,901 1, ,576 * Operating profit before goodwill (EBITA) As % of revenue % % % 130.4** 3.6% * Includes 7 M in revenue realised at the Dagenham site, pending disposal ** Includes 2.3 M in direct operating margin from the Dagenham site 39

40 Net financial expense In m Cons. 31/12/11 Cons. 31/12/10 Amortisation of commissions for arranging syndicated loans Transaction fees (acquisitions) Forex gains (losses) Actuarial (losses) and income (IDR, pension) Miscellaneous Net financial expense Total financial expense Net financial expense as % of revenue -0.67% -0.71% 40

41 Corporate income tax COUNTRY Net income before CIT in m Theoretical CIT at local rate m % Actual CIT** at 31/12/11 In m FRANCE 39.7* (14.3) 36.1 (12.3) UK 23.1 (6.5) 28 (4.0) Rest of the world 23.2 (6.1) 26 (6.0) TOTAL 86 (26.9) (22.2) Tax rate: 26% * : Including CVAE provision **: After ongoing recognitions of deferrals, activation of prior deficits, adjustments 41

42 Consolidated income statement In m Cons. 31/12/11 Cons. 31/12/10 Revenue 3,576 2, % EBITDA Operating profit before goodwill (EBITA) % % +23% EBIT % % Net financial expense (25.4) (26.8) Income before taxes and associates Corporate income tax CVAE Associates Minority share (22.2) (13.1) (7.2) (11.9) Group net income % % +11% 42 42

43 Cash-flow statement Cash flow Change in operating WCR UK pension fund financing In m Cons. 31/12/ (28) (13) Cons. 31/12/ (7) (8) Net cash flow from operations CAPEX (net of disposals) Sales of warehouses and sites Acquisition of securities less acquired cash (122) 30 (288) (86) 6 (6) Net cash flow from investment transactions (380) (86) Dividends Remaining amount of financing operations (11) 170 (9) (34) Net cash from financing transactions 159 (43) Forex impact (0.1) 1 Change in cash (39) 55 Cash available at period end

44 Balance sheet structure In m Cons. 31/12/11 Cons. 31/12/10 Goodwill Intangible fixed assets (incl. customer relationship) Tangible fixed assets Other fixed and non-current assets Total non-current and financial assets 1,406 1,061 WCR (21) (25) TOTAL ASSETS (NET) 1,385 1,036 Equity Provisions and deferred tax liabilities Fair market value of hedging instruments Net debt TOTAL LIABILITIES (NET) 1,385 1,036 44

45 Breakdown of net financial debt In m 31/12/11 31/12/10 Acquisition debt Revolving facility 95* 0 Asset financing 401** 373 Employee profit-sharing 9 9 TOTAL GROSS DEBT Cash and cash equivalents, net of bank overdrafts NET FINANCIAL DEBT * Out of a total of 150 m available ** Of which some 185 m related to tractors and lorries buy-backs 45

46 Theoretical amortisation of net financial debt Outstanding debt in m Crédit Syndicated Syndiqué Loan Financement Asset financing d'actifs Autres Other dettes debt and et participations participating interests /12/ /12/ /12/ /12/ /12/

47 Financial ratios 31/12/11 31/12/10 Bank covenants on 31/12/11 Gearing (Net Financial Debt/ Equity) Leverage (Net Financial Debt/ EBITDA) Interest cover (EBITA / Net Interest Expense) ROCE (EBITDA / average capital employed) 114% 83% < 200% 2.47 x 1.8 x < x 5.2 x > % 12% 47

48 Shareholders Meeting scheduled for 24 May 2012 Dividend to be proposed for approval at the 24 May 2012 Annual General Meeting: 1.25 / per share, up 14% over 1.10 in

49 Part 6 Outlook 49

50 An uncertain environment for 2012 Macroeconomic outlook flat in Europe at around 0% Visible signs of slowing since the end of 2011 from our industrial and major distributor customers Very little transparency on the level of our clients business Low level of inventories Priority to reactiveness 50

51 Our key advantages heading into 2012 Diversified portfolio of customers from all economic sectors Size, strong financial situation and durability Decentralised organisation with self-sufficient and responsible managers leading economic and social units (460) 51

52 2012 Outlook Cost synergies following the acquisition of TDG Year of consolidation in Freight Forwarding Rigorous management of costs and balance sheet items 52

53 Part 7 Appendices 53

54 A balanced customer portfolio Other 4% Textiles 3% Brown & white 2% Luxury 2% Food 17% Industry 17% Automotive 10% High tech 3% FMCG 5% Chemical & Petrochemical 9% Household supplies 2% Specialised distribution 4% Distribution 22% 54

55 Main transport expense items 2011 Staff costs 29.4% Vehicles 22.4% (incl. fuel 13.8%) Operating profit before goodwill (EBITA) 2.8% As % of revenue Other overhead costs 5.9% Subcontracting & outlay 39.6% 55

56 Main logistics expense items 2011 Premises 21.4% Staff costs 50.4% Subcontracting & transport 17.1% As % of revenue Operating profit before goodwill (EBITA) 5.1% Overhead costs 6.1% 56

57 Breakdown of tangible fixed assets In m Land and buildings Transport vehicles Machinery and equipment Other & IT TOTAL 31/12/ /12/ /12/

58 Change in working capital requirement In m 31/12/10 Cash flow for the period Newly consolidated Change and other non-cash flows 31/12/11 WCR (25) 20 (15) (1) (21) Of which: - Operating WCR Non-operating WCR (126) (184) - Fixed asset WCR (25) (34) 58

59 TOTAL DU PASSIF Financial Statements BILAN CONSOLIDE (en M ) 31/12/ /12/ /12/2009 ECARTS D'ACQUISITION 551,9 366,2 358,6 AUTRES IMMOBILISATIONS INCORPORELLES 114,6 63,1 68,7 IMMOBILISATIONS CORPORELLES 644,0 551,0 560,6 IMMOBILISATIONS FINANCIERES 48,9 32,2 30,6 IMPOTS DIFFERES ACTIFS 46,4 48,8 48,1 TOTAL ACTIF IMMOBILISE 1 405, , ,5 Stocks 15,8 12,7 14,4 Clients et comptes rattachés 653,8 495,2 452,0 Autres créances et autres actifs courants 168,0 142,9 152,0 Disponibilités et Valeurs Mobilières de Placement 245,3 213,9 168,0 TOTAL ACTIF CIRCULANT 1 083,0 864,6 786,3 Actifs non courants detenus en vue de la vente TOTAL DE L ACTIF Capital social 19,7 19,7 19,7 Primes et Réserves 451,6 407,7 325,6 Ecarts de Conversion -25,2-26,5-30,6 Résultat de l exercice 63,3 57,2 85,7 CAPITAUX PROPRES PART DU GROUPE 509,5 458,0 400,4 Intérêts Minoritaires 2,9 CAPITAUX PROPRES 512,3 PROVISIONS POUR RISQUES ET CHARGES (+ 1an / -1 an) 144,5 112,5 114,6 IMPOTS DIFFERES PASSIFS 82,4 70,2 73,3 EMPRUNTS A LONG TERME 640,2 453,4 406,7 Dettes financières Court Terme 141,5 125,2 180,1 Fournisseurs et effets à payer 523,6 405,0 368,7 Autres dettes à court terme 335,2 270,9 266,7 Autres passifs financiers courants (instruments de couvertures) 21,1 13,2 16,0 Découverts Bancaires 87,9 17,4 26,2 DETTES A COURT TERME 1 109,4 831,8 857,8 59

60 Financial Statements COMPTE DE RESULTAT CONSOLIDE (en M ) 31/12/ /12/ /12/2009 CHIFFRE D AFFAIRES 3 576, , ,4 Achats et charges externes , , ,6 Charges de personnel ,6-917,7-925,7 Impôts, Taxes et versements assimilés -42,5-34,0-49,6 Dotation / reprise aux amortissements et provisions -120,7-109,6-115,1 Autres produits et charges opérationnelles -3,2 2,8 2,3 Résultat sur cession d'actifs d'exploitation 2,9-0,1-0,2 Coûts de restructuration -9,1-9,1-12,7 Plus et moins-values immobilières 3,1 0,9 3,6 RESULTAT OPERATIONNEL avant écarts d'acquisition (EBITA) 130,4 106,3 80,4 Dépréciation Goodwill 0,0 0,0 0,0 Amortissements de la Relation Client acquise -5,8-3,8-3,7 Badwill E.B.I.T. 124,6 102,5 76,7 Résultat Financier -25,4-26,8-25,8 Cessation d'activités RESULTAT AVANT I/MPOT 99,1 75,8 50,9 Impôt sur les sociétés -22,2-7,2 36,2 Impôt sur les résultats : CVAE / IRAP -13,1-11,9 Quote-part des résultats des sociétés mises en équivalence 0,2 0,5-1,4 RESULTAT NET DU GROUPE 64,0 57,2 85,7 Part des intérêts minoritaires 0,6 BENEFICE NET REVENANT AU GROUPE NORBERT DENTRESSANGLE 63,3 57,2 85,7 ETAT DU RESULTAT GLOBAL (en M ) 31/12/ /12/ /12/2009 RESULTAT NET PART DU GROUPE 64,0 57,2 85,7 Ecart de conversion 1,1 3,8 7,1 Gains et pertes liés aux réévaluations des instruments financiers -7,8 2,8-2,2 Effet d'impôt sur instruments financiers et écarts de conversion 5,6-0,5 5,1 Divers -0,3 0,2-0,2 PRODUITS ET CHARGES COMPTABILISES EN -1,5 6,2 9,8 CAPITAUX PROPRES RESULTAT NET DU GROUPE 62,5 63,4 95,5 60

61 Financial Statements TABLEAU DES FLUX DE TRESORERIE (en M ) 31/12/ /12/ /12/2009 BENEFICE NET PART DU GROUPE 63,3 57,2 85,7 Elimination des charges et produits 165,3 141,7 137,6 sans incidence sur la trésorerie Plus ou moins values sur cessions d'actifs immobilisés -5,2-0,6-2,9 MARGE BRUTE D'AUTOFINANCEMENT 223,4 198,3 220,4 Variation des actifs et passifs d exploitation hors acquis. et immob. -28,6-7,5-3,9 Variation Pension Fund U.K. -12,9-7,6-11,3 FLUX DE TRESORERIE D EXPLOITATION 181,9 183,2 205,3 Acquisitions - cessions d'immobilisations corporelles et financières -91,8-80,0-64,4 Acquisitions et cessions de sociétés nettes de la -288,5 trésorerie acquise -6,0 FLUX DE TRESORERIE D INVESTISSEMENT -380,4-85,9-64,4 Nouveaux emprunts - remboursement d'emprunts existants 198,2-12,9-9,2 Dividendes versés aux actionnaires de la société mère -10,7-8,6-6,7 Achat de titres en autocontrole / variation stock actions propres 0,1 0,8 Augmentation de capital 0,4 Charges financières nettes liées au opérations de financement -28,4-22,6-22,6 FLUX DE TRESORERIE DE FINANCEMENT 159,6-43,3-38,4 Effets de change sur la trésorerie -0,1 0,7 1,7 VARIATION DE LA TRESORERIE AU COURS DE L EXERCICE -39,03 54,7 104,1 Trésorerie en fin d exercice 157,4 196,5 141,8 61

62 ANNUAL RESULTS FOR 2011 Paris Wednesday 29 February 2012