Rexel today posted its full-year 2020 results and strategic update.
→ Sales of €3,389.0m [USD $4,110.18m] in Q4 2020, exceeding expectations, demonstrating our agility to capture first signs of recovery thanks to an intact branch network and our best-in-class digital offer
- On a constant and same-day basis, sales down -0.7% in Q4 20, with progressive improvement in all geographies and North America recovering from a lower base
- Same-day sales up low-single digit in January 2021
→ Gross margin temporarily impacted by volume-related rebates in FY 2020
→ Best-in-class opex management, c. 6% structural staffing adjustment, while maintaining our branch network intact
→ Solid free cash flow of €613.0m [USD $743.45m] in FY 2020, translating into financial net debt of €1.3bn [USD $1.58bn] , the lowest level since 2007 IPO
→ Recurring net income at €277.7m [USD $336.79m] down 18.6% in FY 2020 and net income (loss) at €(261.3)m [USD $(316.90)m] following a €486m [USD $589.42m] goodwill impairment booked in H1 2020
→ Resuming dividend distribution with a proposal to distribute €0.46 [USD $.56] per share
→ 2023 ambition: 50 to 100bps market outperformance and adjusted EBITA margin above 6% at constant scope and circa 6.5% including potential portfolio management
Tagged with Biggest News, financial results, RexelRexel emerges from a very challenging year 2020 as a better company – more robust, agile and confident thanks to strategic measures implemented over the last 4 years. I would like to thank our employees for their support and hard work as together we restructured the company, deleveraged it, and invested heavily in digital transformation. Rexel is now harvesting the fruits of these efforts. The Group faces a persistently uncertain environment with cautious optimism, strengthened by its continuous transformation and proven ability to adapt to varied market conditions. The 2021 and mid-term ambitions we are unveiling today confirm our confidence in our ability to structurally outperform the growing and increasingly attractive electrical distribution market, fueled by structural trends such as Active Energy Efficiency, CO2 reduction and ’green energy’. Leveraging the steady ramp-up in digital transformation, we target reaching an adjusted EBITA margin above 6% in 2023, at constant scope.
~ Patrick BERARD, Chief Executive Officer of Rexel