Growth in all financial metrics for the 1st half of
2023:
- Revenues: +10.3% to €1,289 million
- Underlying EBITDA: +17.5% to €192.4m (+90bps)
- Underlying Operating income: +13.5% to €47.9m (+10bps)
- Cash flow from operating activities: +33.9% to €147.6m after
operating investments
- Debt leverage reduced to 1.8x pre-IFRS 16 EBITDA
Completion of the Spedimex acquisition in Poland, opening of
the UK, and acceleration of commercial synergies
Regulatory News:
ID Logistics (ISIN: FR0010929125, Mnemo: IDL), a European
leader in contract logistics, presents its results for the first
half of 2023, with revenues up +10.3% to €1,289 million and
underlying EBITDA up +17.5% to €192.4 million (+90bps).
Eric Hémar, Chairman and CEO of ID Logistics, comments: "ID
Logistics had a satisfactory first half of 2023, during which the
Group once again demonstrated its ability to pursue profitable
growth. The company completes the acquisition of Spedimex, an
operation already promising in terms of commercial synergies and
access to new customers: the Group becomes thus the first contract
logistic provider in Poland, a market with strong growth. ID
Logistics also opened its 18th country with the United Kingdom.
Finally, the company has achieved significant commercial
developments with blue-chip, particularly in e-commerce and
fashion, in the United States and Europe, which will enable it to
accelerate its growth from the 2nd half of 2023 onwards".
In €m
H1 2023
H1 2022(1)
Change
Revenues
1,288.6
1,168.4
+10.3%
Underlying EBITDA
192.4
163.7
+17.5%
As % of revenues
14.9%
14.0%
+90bps
Underlying operating income
47.9
42.2
+13.5%
As % of revenues
3.7%
3.6%
+10bps
Cash flow from operating activities after
capital expenditure
147.6
110.2
+33.9%
Net financial debt / underlying
EBITDA(2)
1.8x
2.4x
(1) In accordance with IFRS 5, ID Logistics' activities in
Russia have been accounted for as discontinued operations in 2022,
and the published data at June 30, 2022 have been restated to be
comparable. (2) pre-IFRS 16
REVENUES GROWTH OF +10.3% (+4.3% LIKE-FOR-LIKE)
ID Logistics recorded revenues of €1,288.6 million in the first
half of 2023, up +10.3% and +4.3% like-for-like compared to the
first half of 2022, which had already recorded strong growth of
+15.3% like-for-like compared to the previous six months.
- Outside France, revenues continued to grow, rising by +17.7% in
the first half of 2023 to €877.3m. This growth includes three
months' revenues from Kane Logistics, consolidated from April 1st
2022, and one month's revenues from Spedimex, acquired in Poland
and consolidated from June 1st 2023. Adjusted for these changes in
the scope of consolidation and a generally unfavorable currency
effect over the past half-year, growth was +8.3% compared with the
1st half of 2022, which had already recorded a significant increase
of +21.9%.
- In France, revenues for the 1st half of 2023 came to €411.3m
(-2.7%), marked by lower volumes in both food and non-food
consumption.
UNDERLYING EBITDA UP +17.5% (+90BPS) TO €192.4M
In the 1st half of 2023, the Group continued to improve its
operating profitability, with underlying EBITDA up +17.5% to €192.4
million. Underlying EBITDA margin rose by 90 basis points to
14.9%:
- Outside France, underlying EBITDA rose by €27.5m to €130.7m in
the first half of 2023. The underlying EBITDA margin rose by 120
basis points to 14.9%, thanks to the productivity gains achieved by
projects started up in 2021 and early 2022, and to cost control for
start-ups at the end of 2022 and 2023, including opening costs in
the United Kingdom.
- In France, underlying EBITDA was stable at €61.6 million in the
1st half of 2023. Good management of variable costs to adjust to
lower half-year revenues enabled to increase the underlying EBITDA
margin by 50 basis points to 15.0%.
UNDERLYING OPERATING INCOME UP +13.5% (+10BPS) TO
€47.9M
After taking into account depreciation and amortization related
to the resources deployed to manage increasingly technical
operations, underlying operating income rose by +13.5% to €47.9m.
Operating margin before non-recurring items thus rose by 10 basis
points to 3.7% in the first half of 2023, including a 10 basis
points decrease to 3.9% for operations in France and a 20 basis
points increase to 3.6% for international operations. The Group
recalls that its activities traditionally enjoy more favorable
profitability in the second half of the year.
GROUP SHARE OF NET INCOME AT €16.4 M
Group share of net income, stood at €16.4 million for the 1st
half of 2023, down slightly by €1.9 million on the 1st half of
2022. This performance includes net financing costs of €11.9m, up
€7.6m on the 1st half of 2022, due in particular to the scope
effect linked to Kane Logistics (financing of the acquisition and
activities over 6 months in 2023 instead of 3 months in 2022).
Other financial expenses of €9.7m correspond mainly to the
discounting of IFRS 16 rental debts, which are rising in line with
the Group's growth.
CASH GENERATION UP +33.9% FROM OPERATIONS
The Group's activities generated €147.6m in cash in the first 6
months of 2023, up +33.9% vs. 2022 after taking operating
investments into account. These investments of €31.8m are higher
than in the first half of 2022, and 80% of them concern start-ups
of new sites.
During the first half of 2023, ID Logistics completes the
acquisition of Spedimex in Poland, paid in part in cash for a net
amount of €15.6m, and made an earn-out payment of €6.7m to the
sellers of Colisweb. As a reminder, the acquisitions of Colisweb in
France and Kane Logistics in the United States were completed in
early 2022 for a total amount of €247.7m, including acquisition
costs. These various operations were financed by a €400 million
syndicated loan concluded in Q1 2022, the short-term portion of
which was refinanced in Q1 2023 by a new amortizable syndicated
loan, as the Group no longer has any significant repayment due date
before 2027.
Thanks to strict management and the good financial performance
achieved in the 1st half of 2023, the debt-to-equity ratio
continues to fall to 1.8x pre-IFRS 16 underlying EBITDA at June 30,
2023.
OUTLOOK
In the short term, the Group is focusing on the success of new
projects with blue-chip and on continuing to adapt its costs to
customer volumes.
Over the past two years, ID Logistics has significantly
diversified its operations, both in terms of geography and customer
sector, giving it a more global approach to its market. In
addition, the company's ability to support major global groups has
resulted in significant commercial developments, ensuring continued
business growth.
Additional note: the Board of Directors approved the interim
financial statements on August 30, 2023 and the review procedures
for the consolidated financial statements have been completed. The
limited review report will be issued once the procedures required
for publication of the interim financial report have been
completed.
NEXT RELEASE Revenues for 3rd quarter of 2023: October
24, 2023, after market close.
ABOUT ID LOGISTICS:
ID Logistics, headed by Eric Hémar, is an international contract
logistics group with revenues of €2.5 billion by 2022. ID Logistics
manages 375 sites in 18 countries, representing more than 8 million
m² of operated space in Europe, America, Asia and Africa, with
30,000 employees.
With a customer portfolio balanced between distribution,
e-commerce and consumer goods, ID Logistics is characterized by
offers involving a high level of technology. Since its creation in
2001, the Group has developed a social and environmental approach
through a number of original projects, and is now firmly committed
to an ambitious CSR policy. ID Logistics shares are listed on the
Euronext regulated market in Paris, compartment A (ISIN code:
FR0010929125, Mnemo: IDL).
APPENDIX
- Simplified income statement
In €m
H1 2023
H1 2022(1)
Revenues
International
France
1,288.6
877.3
411.3
1,168.4
745.5
422.9
Underlying EBITDA
International
France
192.4
130.7
61.6
163.7
102.5
61.2
Underlying operating income
International
France
47.9
31.7
16.2
42.2
25.3
16.9
Amortization of customer relationships
(2.3)
(1.7)
Non-current expenses
-
(2.2)
Net financial income
(21.6)
(10.2)
Taxes
(6.7)
(8.3)
Associated companies
0.6
0.7
Net income from continuing
operations
17.9
20.4
Net income from discontinued
operations
0.3
(0.2)
Consolidated net income
18.2
20.2
of which net income, Group share
16.4
18.3
In €m
H1 2023
H1 2022(1)
Underlying EBITDA
192.4
163.7
Change in WCR
5.4
(15.1)
Other net changes from operations
(18.4)
(15.1)
Net operating investments
(31.8)
(23.3)
Net cash generated by
operations
147.6
110.2
Acquisition of subsidiaries
(22.3)
(247.7)
Net financing expenses
(11.9)
(4.3)
Net debt issuance (repayment)
(99.3)
151.8
Other changes
(3.0)
(0.8)
Change in cash and cash
equivalents
+11.1
+9.2
Cash and cash equivalents at end of
year
194.7
166.0
(1) In accordance with IFRS 5, ID Logistics' activities in
Russia have been accounted for as discontinued operations. 2022,
and 2021 has been restated to be comparable.
DEFINITIONS
- Change on a like-for-like basis
Changes in revenues on a like-for-like basis reflect the organic
performance of the ID Logistics Group, excluding the impact of
:
- changes in the scope of consolidation: the
contribution to revenues of companies acquired during the period is
excluded from this period, and the contribution to revenues of
companies sold during the previous period is excluded from this
period; - changes in applicable accounting principles; - variations
in exchange rates, by calculating revenues for different periods on
the basis of identical exchange rates: thus, published data for the
previous period are converted using the exchange rate for the
current period.
Operating income recurring before depreciation, amortization and
impairment of property, plant and equipment and intangible
assets
Gross financial debt plus bank overdrafts minus cash and cash
equivalents
Net financial debt plus rental debt under IFRS 16
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230830262740/en/
ID Logistics Yann Perot - CFO Tel: +33 (0)4 42 11 06 00
yperot@id-logistics.com
Investor Relation NewCap Tel. +33 (0)1 44 71 94 94
idlogistics@newcap.eu
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