2014 results€¦ · this document may not be reproduced or distributed, in whole or in part,...

2014 ResultsFebruary 26th, 2015

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

DisclaimerThis document was prepared by Norbert Dentressangle for the sole purpose of presenting its 2014 results onthe 26th February 2015. This document may not be reproduced or distributed, in whole or in part, withoutthe prior agreement of the Company. Norbert Dentressangle may not be held liable due to the use of thisdocument by any person not belonging to the Company. This document does not contain any quantifiedforecast of results. The Company makes no commitment or guarantee that it will meet its objectives or anygoal 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 GLOBALSUPPLY-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

Expandinggeographic presence

Increasingscale

Wideningservice offering

2014: a key milestone in Norbert Dentressangle’s development strategy

5

Expandinggeographic presence

Increasingscale

Wideningservice offering

• 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)

Asse

t int

ensi

ty

Switc

hing

cos

ts

Cyc

lical

ity

Low LowHigh

High HighLow

Rail Sea Rail Sea

Transportation and logistics hierarchy Illustrative companies

In €m2014

2014 without

JACOBSON2013

Overall %

changeOrganic 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%

Strong revenue and EBITA growth in 2014

8

35 years of profitable growthStrengthening our top-tier partner position

Breakdown of revenue by business line

Breakdown of revenue by geografic area

TransportLogisticsAir & SEa

FranceOutside France

International transport between the Continental Europe‐United Kingdom axis isstarted

Norbert Dentressangle is listed on the stock exchange

A second area of expertise is integrated: Logistics

Norbert Dentressangle doubles in size through the acquisition of the British company, Christian Salvesen

Launch af a thirdarea of expertise: Air & Sea

Acquisition of Daher’s Air & Sea activitiesestablishing presence in Russia and in France. Acquisition of Fiege’s Logisticsactivities 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 838972 1 053

1 222 1 303 1 3991 608

1 804

3 1072 719 2 839

3 5763 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 SalvesenTurnover : 1.3bn€

Transport & Logistics

TDGTurnover : 700m£

Transport, Logistics & Freight Fwding

Schneider Log. (USA)Turnover : 30m$Freight FwdingVenditelli

Turnover : 61m€Transport

TNT Logistics FranceTurnover : 160m€

Transport & Logistics

StockallianceTurnover : 95m€

Logistics APC (China)Turnover : 50m€Freight Fwding

Fiege Italy & SpainTurnover : 130m€

LogisticsDaher France/Russia

Turnover : 80m€Freight Fwding

Jacobson (USA)Turnover :

$780mLogistics & Transport

-10.5%

10

Norbert Dentressangle - A strong platform for development in global supply-chain

Logistics: Norbert Dentressangle’slargest business now going global

Logistics: Norbert Dentressangle’slargest business now going global

10,900Controlled

Fleet

10,900Controlled

Fleet

42,500 employees42,500

employees662 sites662 sites

10,400,000m²warehousing

10,400,000m²warehousing

25 countries

25 countries

Air & Sea: A successful first step achieved

Air & Sea: A successful first step achieved

US marketTop 4 player in the buoyant US logistics market

US marketTop 4 player in the buoyant US logistics market

€4.7 billionannual 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 fleet, a key differentiator providing better pricing power

Diesel / Fuel effect

-0.8%

Forexeffect

+1.1%

+8.7%

Volume and price

effect+4.3%

2013 2014

Transport 2014Robust growth recovery

12

Consolidation effect+4%

(1) Before elimination of "inter-division" revenue

€2,014m (1)

€2,188m(1)

In €mTransport

2014

Transport 2014

without Jacobson

Transport 2013

Overall % change

Organic growth

Revenue* 2,188 2,122 2,014 +8.7% +2.6%


59.1 59.3 53.0 +11.7%


13

Transport 2014 - Good sales momentum and continuing profitability improvement

* Before elimination of “inter-division” revenue

Dedicated FleetF / UK / SP / USAAlternative to ownfleet for industrialand retailersContracted revenues

Growth driven by continuedadded value service offerings

* FY 2014 / To be added:€50m of warehouse storage

associated with transport services

KeyPL & Transport OrganisationF / UKControl tower conceptAsset light

Domestic/internat. FLT & Cross-Channel1st fleet in Europe

37%

23%

12%

26%

Domestic/internat. PalletNetwork F / UK / SPStock reduction – Shipmentdivision Scalable business

A resilient and profitable business over the past 16 years

EBITAIn €M

RevenueIn €M

Long term revenues and operating income (EBITA)

% of Revenue

EBITA %age Transport

485 544 590 693 705 745 807 8981008 1109

17441486

1636

1966 2038 20142188

28 20 2637 31 33 39

2650 43

30 2844 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 (ownfleet)

1,200 Trailers

7,300 Tractor units (ownfleet)

11,600 Trailers

€2.2 billion revenue

16

8,800Controlled

fleet

8,800Controlled

fleet

13,900employees13,900

employees12,800trailers12,800trailers

13countries

13countries

€2.2 billionannual revenue€2.2 billion

annual revenue€59m EBITA€59m EBITA

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 2014Strong 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 €mLogistics

2014

Logistics2014

without Jacobson

Logistics 2013

Overall %


Revenue* 2,359 2,226 1,950 +20.9% +5.7%


105.3 91.8 87.4 +20.5%


19

Logistics 2014Group’s first activity with best in class margin

* Before elimination of “inter-division” revenue

20

Mastery of the key logistics skills and operational excellence

HandlingHandling

Value addedservicesValue addedservices

StorageStorage

22%

27%

11%

40%

Downstream transport managementDownstream transport management

Logistics’ turnover per activity

Benefits from cross-selling opportunities in key verticals

RetailRetail

IndustryIndustry

Durable goodsDurable goods

Fast MovingConsumer GoodsFast MovingConsumer Goods

e‐Commerce

€283 m

€272 m

€644 m

€242 m

€918 m

Leader in Europe

Logistics’ turnover per vertical

A consistently growing business withmajor scale effects since 2008

22

EBITAIn €M

RevenueIn €M

Long term revenues and operating income (EBITA)

% of Revenue

EBITA %age Logistics

162 199 249 279 348477 497 502 600 648

13641233 1239

15891783

1950

2359

6 8 11 14 18 18 25 25 33 3749 52 63

81 78 87105

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 ambient5,200,000 m3 temp. controlled

281 sites

3,700,000 m² ambient4,450,000 m3 temp.

controlled142 sites

€2.4 billion revenue

Logistics at a glance - 2014

9,650,000m3

Temp. Controlled9,650,000m3

Temp. Controlled27,800

employees27,800

employees10,400,000m²

warehousing10,400,000m²

warehousing16

countries16

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 €mAir & Sea

2014Air & Sea

2013

Overall %


Revenue* 206 145 +42% +2.8%


3.5 1.3 X 2.6

EBITA Margin 1.7% 0.9%

Air & Sea: a steady ramp-up in revenue and profitability

RevenueIn €M

EBITA in % of revenue

12

86

143 145

206

‐0,8 0,31 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

EBITAIn €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 & SeaSolid and profitable base for further growth

64,000TU’s Sea Freight

64,000TU’s Sea Freight

650employees

650employees

32,000tons Air Freight

32,000tons Air Freight

14countries

14countries

€206mannual revenue

€206mannual 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

Business delivers as expected

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 Freightmanagement 620 Oct 14

Centerbridge Syncreon Logistics 1,000 Sep 13

XPO 3PD Last‐mile delivery 320 Jul 13

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 warehouses6 TLS sites

Total sq ft: 2.9mm

Southwest: 22 warehouses9 TLS sites

Total sq ft: 4.6mm

Northeast: 32 warehouses18 TLS sites

Total sq ft : 8.3mm

Midwest: 58 warehouses32 TLS sites

Total sq ft : 13.8mm

Southeast: 18 warehouses12 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 employeesTransport:Dedicated Contract CarriageFreight ManagementPartner Pool Locations

Durables19%

Chemicals18%

Agriculture / Other16%

Consumer packaged goods; 12%

Food and beverage

35%

Customers 11–2014%

Customers 21–309%

All Other39%

Top 10 Customers

37%

CUSTOMERS BY INDUSTRY CUSTOMER CONCENTRATION

Chemical

Food and beverage Durables Chemicals CPGAgriculture / Other

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

76 807,2%

9,5%10,30%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

0102030405060708090

2012 2013 2014 pro forma

EBITDA ($m)

EBITDA Margin

6. GROUP FINANCIALS

Consolidated income statement and contribution by division

+15.8%

+18.5%

+8.3%

* Breakdown by Division is net of intercompany revenue

In €mLogistics Transport Air & Sea Conso

31/12/14

Conso31/12/14Without

Jacobson

Conso31/12/13

Total revenueConsolidated revenue *

2,3592,348

2,1882,117

206204 4,669 4,470 4,032

EBITDA 288.1 269.6 251.5


105.34.5%

59.12.7%

3.51.7%

167.93.6%

154.43.5%

141.73.5%

EBIT 156.3 146.4 135.1

Net financial expensesIncome taxCVAEAssociatesMinority 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 income75.9

1.6%70.1

1.7%

36

In €m

Conso31/12/14

Conso31/12/13

Underlying Operating profit 177.1 139.9

Restructuring costsOf which TransportOf 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

Conso31/12/14

Conso31/12/13

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 taxGoodwill 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:CICETDG restructuration impactOther temporary differencesTax rate differences / other countriesMiscellaneousNon recognized deficits/employed former deficits

7.23.6

(2.2)12.6

2.2(3.7)

4.45.2

(5.2)8.63.6

(4.0)

Income tax (19.1) (23.7)

Average effective income tax rate 18.7% 24.8%

Income tax

39

In €m

Conso 31/12/14

Of whichJacobson

Conso 31/12/13

Cash flowChange in operating WCRUK pension fund financing

22315

(22)

198-

196(36)(10)

Net cash flow from operations 217 27 150

CAPEX (net of disposals)Sales of warehouses and sitesAcquisitions 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

DividendsFinancingOwn shares / others

(18)269

3330

(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

Cash-flow Statement

In €m 31/12/14Cash 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)

47.9 days

47.9 days

Change in Working Capital Requirement

41

In €m

Conso 31/12/14

Of whichJacobson

Conso31/12/13

Goodwill 975 361 600Intangible fixed assets (incl. customerrelationship management) 351 223 133Tangible fixed assets 570 56 533Other fixed and non-current assets 122 39 89Total non-current and financialassets 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**IFRS 21 restated

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

31/12/2014Of which Jacobson

11510

30822

8712

6112

57056

Return on capital employedGradual 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%

2008 2009 2010 2011 2012 2013 2014

45

Consolidated net financial debt

In €mGroup

31-Dec-14Group

31-Dec-13

Acquisition debtRevolving facility (€400m available)Euro Private PlacementsAsset financing

273266310363

-168310367

GROSS FINANCIAL DEBT 1 212 845

CASH & CASH EQUIVALENTS 195 389

NET FINANCIAL DEBT 1 017 456

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

AcquisitionChristian Salvesen

AcquisitionNova NatieJohn Keells

AcquisitionTDG

APC Beijing

AcquisitionUTL

Seroul

AcquisitionTNT Logistics

Venditelli

AcquisitionFiege Italy/Spain

Daher

AcquisitionStockalliance

AcquisitionJacobson

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

2,01,8

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 2014pro

forma

Net financial debt Leverage ratio

• 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

Dividend: +13% increase

7. OUTLOOK

50

Taking advantage of growth opportunities in 2015

European economic context should be more favourablein 2015

The group is in good shape as far as operations are concerned

Expected operating performance for 2015 will contribute to deleveraging the group

Specific close attention to M&A momentum in the USA

Thank you for your attention

8. APPENDICES

53

Consolidated balance sheet

En K€ 31/12/14 31/12/13

Ecarts d'acquisition 975 079 599 951Immobilisations Incorporelles 350 984 133 128Immobilisations Corporelles 570 162 532 849Participations entreprises associées 2 087 2 877Autres actifs financiers non courants 55 841 33 146Impôts différés actifs 63 992 53 347

ACTIFS NON-COURANTS 2 018 145 1 355 298

Stocks 19 404 14 049Clients 886 447 775 879Créance d'impôt courant 38 558 17 621Autres créances 164 774 141 743Autres actifs courants 18 778Trésorerie 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 672Primes d'émissions 19 132 19 077Ecart de conversion 5 147 (22 464)Réserves consolidées 544 238 456 182Résultat net part du groupe 75 895 70 100CAPITAUX PROPRES PART DU GROUPE 664 084 542 567Intérêts minoritaires 27 156 27 595

CAPITAUX PROPRES 691 240 570 162

Provisions à long terme 143 620 190 583Impôts différés passifs 143 275 72 846Dettes financières à plus d'un an 1 050 647 742 884Autres passifs non courants 25 569 17 451

PASSIFS NON-COURANTS 1 363 111 1 023 764

Provisions à court terme 20 040 20 605Dettes financières à moins d'un an 160 988 102 507Autres passifs courants 36 213 9 330Découverts bancaires 14 520 7 200Fournisseurs 655 860 601 548Dette d'impôt courant 11 224 11 528Autres 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 391Tresorerie ACTIVE (PASSIVE) 194 565 389 422

54

P&L RÉEL RÉEL

En K€ 31/12/14 % CA 31/12/13 % 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%

E.B.I.T.D.A. 288 132 6,2% 251 460 6,2%

55

Cash flow statementREEL REEL

K€ 31/12/2014 31/12/2013Résultat 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 Variation de trésorerie (clôture - ouverture) (194 857) 142 381

2014 ResultsFebruary 26th, 2015

2014 results€¦ · this document may not be reproduced or distributed, in whole or in part,...

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