JACQUET METALS PRESS RELEASE
2023 annual results
13.03.2024 - 6.00 PM CET
Sales: €2.2bn (-16.9% vs 2022)
EBITDA: €134m (6% of sales)
Net income (Group share): €51m
Operating cash flow: €210m
International development and Cash-flow generation
In a less favorable economic environment than in 2022, JACQUET METALS posted a good overall performance.
In 2023, market conditions were mainly characterized by low demand and a decline in prices, corresponding to slowdown in industrial activities in all the Group markets, notably in Germany. These trends exerted strong pressure on volumes sold and gross margins.
In these conditions, the Group posted annual sales of €2,230 million, down 16.9% compared to the previous year and gross margin represented 21.5% of sales, compared to 25.4% in 2022.
EBITDA amounted to €134 million, representing 6% of sales compared to 11.6% in 2022. Net income (Group share) came to €51 million.
In this context, the Group generated operating cash flow of €210 million and strengthened its financial structure with shareholders' equity of €681 million. The net debt to equity ratio (gearing) amounted to 31% at 2023 year- end compared to 35% at 2022 year-end.
Capital expenditure (excluding external growth) represented €52 million, mainly dedicated to increasing distribution center capacities, improving and renewing finishing equipment.
The JACQUET division, for its part, invested €34 million, notably dedicated to real estate purchases in Germany and Canada.
In early 2023, the STAPPERT division set up operations in Italy with the acquisition of DELTA ACCIAI, which has 2 distribution centers located in Turin and Milan.
The IMS group division strengthened its positions in Central and Eastern Europe via the acquisition of 11 centers specializing in the distribution of engineering steels in October 2023. IMS group also acquired a German company, COMETAL Metallhalbzeuge, in June and a French company, SISO, in December, both specializing in aluminum distribution.
Together, the acquisitions completed in 2023 represent 2023 (full-year) sales of around €150 million and an investment of around €50 million (enterprise value).
In early 2024, the evolution of market conditions leads the Group to anticipate business levels significantly inferior to those in early 2023.
In this environment, the Group will focus on managing its working capital and costs, and, backed by its financial strength, will continue its capital expenditure and development policy.
Press release dated 13.03.24 | 1/14 |
2023 results
On March 13, 2024 the Board of Directors, chaired by Éric Jacquet, approved the consolidated financial statements for the year ended December 31, 2023, which have been audited by the Statutory Auditors. The certification report is currently in the process of being issued.
€m
Sales
Gross margin
-
of sales
EBITDA* - of sales
Adjusted operating income*
- of sales
Operating income
Net income (Group share)
- Adjusted for non-recurring items.
Q4 2023 | Q4 2022 |
466 | 565 |
101 | 133 |
21.6% | 23.5% |
15 | 43 |
3.3% | 7.6% |
8 | 30 |
1.7% | 5.2% |
10 | 30 |
2 | 19 |
2023
2,230
481
21.5%
134
6.0%
99
4.5%
102
51
2022
2,683
681
25.4%
312
11.6%
263
9.8%
260
180
Consolidated sales amounted to €2,230 million, down -16.9% compared to 2022 (Q4 -17.5%), including the following effects:
- volumes sold: -10.1% (Q4 -6.8%);
- prices: -8% (Q4 -13.7% and -5.4% vs Q3 2023);
- scope: +1.1% (Q4 +3%) following the acquisition of FIDELITY PAC Metals (May 2022), DELTA ACCIAI (early 2023),
COMETAL Metallhalbzeuge (June 2023), 11 distribution centers in Central and Eastern Europe (October 2023) and SISO (December 2023).
Gross margin amounted to €481 million and represented 21.5% of sales compared to €681 million in 2022 (25.4% of sales).
Current operating expenses* amounted to €347 million, down -6% compared to 2022 (-7% at constant scope). Inflation contributed for around +€7 million to the variation of expenses.
* excluding depreciation and amortization €(41)m and provisions €6m
EBITDA amounted to €134 million and represented 6% of sales (Q4 3.3%) compared to €312 million in 2022 (11.6% of sales).
Adjusted operating income amounted to €99 million (4.5% of sales).
Press release dated 13.03.24 | 2/14 |
Financial position as of December 31, 2023
In 2023, the Group generated positive operating cash flow of €210 million.
Operating working capital amounted to €657 million (28% of sales), compared to €746 million at 2022 year-end (28% of sales), with inventories down by €103 million (€677 million at 2023 year-end compared to €780 million at 2022 year-end).
After the dividend payment, financing of the capital expenditure and the acquisitions, net debt amounted to €210 million compared to €234 million at 2022 year-end.
Cash amounted to €342 million while lines of credit totaled €958 million (of which €405 million is unused).
In 2023, the financing structure was strengthened by the implementation of a new €160 million syndicated loan (maturing in July 2026), replacing the previous €125 million syndicated loan, and with €95 million term loans (maturing in 2031).
Moreover, in early 2024, the Group set up a €72 million Schuldscheindarlehen (SSD) (repayable at maturity in 2029) to replace the €70 million SSD which was due at the end of 2024.
Press release dated 13.03.24 | 3/14 |
2023 earnings by division
JACQUET METALS markets its products through a portfolio of three divisions, each of which targets specific customers and markets:
Stainless steel quarto plates | Stainless steel long products | Engineering metals |
€m
Sales
Changes 2023 vs 2022
Price effect Volume effect Scope effect
EBITDA1 2
% of sales
Adjusted operating income2
% of sales
Q4 2023 | ||
JACQUET | STAPPERT | IMS group |
Stainless steel | Stainless steel | Engineering |
quarto plates | long products | metals |
106 | 122 | 243 |
-20.7% | -20.5% | -14.3% |
-12.7% | -13.7% | -14% |
-8% | -7.6% | -5.9% |
n.a. | +0.8% | +5.7% |
0.4 | 0.3 | 4.4 |
0.4% | 0.2% | 1.8% |
-0.5 | 0.6 | 3.3 |
-0.5% | 0.5% | 1.4% |
2023 | ||
JACQUET | STAPPERT | IMS group |
Stainless steel | Stainless steel | Engineering |
quarto plates | long products | metals |
521 | 621 | 1,107 |
-15.9% | -20.8% | -14.9% |
-10% | -8.2% | -6.7% |
-7.2% | -13.2% | -9.6% |
+1.3% | +0.6% | +1.4% |
40.7 | 19.4 | 41.4 |
7.8% | 3.1% | 3.7% |
34.0 | 18.2 | 37.6 |
6.5% | 2.9% | 3.4% |
1 Excluding IFRS 16 impacts. As of December 31, 2023, non-division operations (mainly holding companies and real-estate companies) and the application of IFRS 16 - Leases contributed €12 million and €20 million to EBITDA respectively.
2 Adjusted for non-recurring items. n.a.: Not applicable.
Press release dated 13.03.24 | 4/14 |
JACQUET
The division specializes in the distribution of stainless steel quarto plates. It generates 63% of its sales in Europe and 30% in North America.
In 2023, the JACQUET division invested €34 million, mainly dedicated to renewing and strengthening distribution center capacities, and notably to acquire a real estate asset in Germany (Stuttgart region) and a land in Cana- da (Toronto region) for its ROLARK subsidiary.
Sales amounted to €521 million, down -15.9% from €619 million in 2022 (Q4 -20.7%):
- volumes sold: -7.2% (Q4 -8%);
- prices: -10% (Q4 -12.7% and -5.4% vs Q3 2023);
- scope: +1.3% following the acquisition of FIDELITY PAC Metals (May 2022).
Gross margin amounted to €143 million, representing 27.4% of sales, compared to €208 million in 2022 (33.5% of sales).
EBITDA amounted to €41 million, representing 7.8% of sales, compared to €102 million in 2022 (16.4% of sales).
€m | Q4 2023 | Q4 2022 |
Sales | 105.6 | 133.3 |
Changes 2023 vs 2022 | -20.7% | |
Price effect | -12.7% | |
Volume effect | -8% | |
Scope effect | n.a. |
Gross margin | 25.1 | 42.6 |
% of sales | 23.8% | 32.0% |
EBITDA | 0.4 | 16.9 |
% of sales | 0.4% | 12.7% |
Adjusted operating income | -0.5 | 14.9 |
% of sales | -0.5% | 11.2% |
2023
520.8
-15.9%
-10%-7.2%
+1.3%
142.7
27.4%
40.7
7.8%
34.0
6.5%
2022
619.3
207.6
33.5%
101.7
16.4%
93.2
15.0%
Press release dated 13.03.24 | 5/14 |
STAPPERT
The division specializes in the distribution of stainless steel long products mainly in Europe. It generates 43% of its sales in Germany, the largest European market.
In early 2023, the STAPPERT division set up operations in Italy with the acquisition of DELTA ACCIAI and now has 2 distribution centers in Turin and Milan.
Sales amounted to €622 million, down -20.8% from €784 million in 2022 (Q4 -20.5%):
- volumes sold: -13.2% (Q4 -7.6%);
- prices: -8.2% (Q4 -13.7% and -6.1% vs Q3 2023);
- scope: +0.6% (Q4 +0.8%) following the acquisition of DELTA ACCIAI in early 2023.
Gross margin amounted to €106 million, representing 17% of sales, compared to €154 million in 2022 (19.7% of sales).
EBITDA amounted to €19 million, representing 3.1% of sales, compared to €60 million in 2022 (7.6% of sales).
€m | Q4 2023 | Q4 2022 |
Sales | 121.8 | 153.2 |
Changes 2023 vs 2022 | -20.5% | |
Price effect | -13.7% | |
Volume effect | -7.6% | |
Scope effect | +0.8% |
Gross margin | 21.7 | 25.7 |
% of sales | 17.8% | 16.8% |
EBITDA | 0.3 | 4.0 |
% of sales | 0.2% | 2.6% |
Adjusted operating income | 0.6 | 2.4 |
% of sales | 0.5% | 1.6% |
2023
621.5
-20.8%
-8.2%-13.2%
+0.6%
105.8
17.0%
19.4
3.1%
18.2
2.9%
2022
784.3
154.3
19.7%
59.8
7.6%
55.7
7.1%
Press release dated 13.03.24 | 6/14 |
IMS group
The division specializes in the distribution of engineering metals, mostly in the form of long products. In 2023, it generated 47% of its sales in Germany, the largest European market.
In October 2023, IMS group completed the acquisition of 11 distribution centers from Swiss Steel Group. The transaction includes companies in the Czech Republic, Poland, Slovakia, Hungary, Lithuania, Estonia and Latvia. The division also completed the acquisition of COMETAL Metallhalbzeuge in Germany (June 2023) and SISO in France (December 2023), both specializing in aluminum distribution.
Sales amounted to €1,107 million, down -14.9% from €1,301 million in 2022 (Q4 -14.3%):
- volumes sold: -9.6% (Q4 -5.9%);
- prices: -6.7% (Q4 -14% and -4.9% vs Q3 2023);
- scope: +1.4% (Q4 +5.7%) following the acquisition of 11 distribution centers in Central and Eastern Europe in October 2023, along with German company COMETAL Metallhalbzeuge (June 2023) and French company SISO (December 2023).
Gross margin amounted to €232 million, representing 21% of sales, compared to €319 million in 2022 (24.5% of sales).
EBITDA amounted to €41 million, representing 3.7% of sales, compared to €117 million in 2022 (9% of sales).
€m | Q4 2023 | Q4 2022 |
Sales | 242.6 | 282.9 |
Changes 2023 vs 2022 | -14.3% | |
Price effect | -14.0% | |
Volume effect | -5.9% | |
Scope effect | +5.7% |
Gross margin | 53.9 | 64.3 |
% of sales | 22.2% | 22.7% |
EBITDA | 4.4 | 12.9 |
% of sales | 1.8% | 4.5% |
Adjusted operating income | 3.3 | 9.2 |
% of sales | 1.4% | 3.2% |
2023
-
107.3 -14.9%
-6.7%-9.6%
+1.4%
232.1
21.0%
41.4
3.7%
37.6
3.4%
2022
1 300.8
318.7
24.5%
117.2
9.0%
104.2
8.0%
Press release dated 13.03.24 | 7/14 |
Financial analysts meeting (French language): March 14, 2024 - 11.00 AM CET
Access | |
click here | |
Financial communication schedule | |
Results as of March 31, 2024 | May 15, 2024 |
General meeting | June 28, 2024 |
Results as of June 30, 2024 | September 11, 2024 |
Results as of September 30, 2024 | November 6, 2024 |
2024 annual results | March 2025 |
Investors and shareholders may obtain complete financial information from the Company's website at: jacquetmetals.com.
Press release dated 13.03.24 | 8/14 |
Summary consolidated income statement
Results for the year ended December 31, 2023 are compared to the results for 2022, which may be consulted in the 2022 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF, French financial market regulator) on April 13, 2023 (filing No. D.23-0278).
€k | 2023 | 2022 |
Sales | 2,230,483 | 2,683,479 |
Gross margin | 480,606 | 680,601 |
% of sales | 21.5% | 25.4% |
Operating expenses | (347,041) | (368,554) |
Net depreciation and amortization | (40,728) | (38,507) |
Net provisions | 6,440 | (14,315) |
Gains / losses on disposals of non-current assets | 357 | 609 |
Other non-current income / (expenses) | 2,505 | - |
Operating income | 102,139 | 259,834 |
Financial result | (18,679) | (15,857) |
Income before tax | 83,460 | 243,977 |
Corporate income tax | (28,531) | (53,498) |
Consolidated net income | 54,929 | 190,479 |
Net income (Group share) | 50,744 | 179,640 |
Earnings per share in circulation (€) | 2.26 | 7.80 |
Operating income | 102,139 | 259,834 |
Non-recurring items and gains / losses on disposals | (2,862) | 3,509 |
Adjusted operating income | 99,277 | 263,343 |
% of sales | 4.5% | 9.8% |
Net depreciation and amortization | 40,728 | 38,507 |
Net provisions | (6,440) | 14,315 |
Non-recurring items | - | (4,118) |
EBITDA | 133,565 | 312,047 |
% of sales | 6% | 11.6% |
Sales
Consolidated sales amounted to €2,230 million, down -16.9% (Q4 -17.5%) compared to 2022.
€m | Q4 2023 | Q4 2022 | 2023 |
Sales | 466 | 565 | 2,230 |
Changes 2023 vs 2022 | -17.5% | -16.9% | |
Price effect | -13.7% | -8.0% | |
Volume effect | -6.8% | -10.1% | |
Scope effect | +3.0% | +1.1% |
2022
2,683
The various effects are calculated as follows:
- volume effect = (Vn - Vn-1) × Pn-1, where V = volumes and P = average sale price converted into euros at the average exchange rate;
- price effect = (Pn - Pn-1) × Vn;
- the exchange rate effect is included in the price effect. There was no significant impact as of December 31, 2023;
- change in consolidation (current year acquisitions and disposals):
- acquisitions: change in consolidation corresponds to the contribution (volumes and sales) of the acquired entity since the acquisition date;
- disposals: change in consolidation corresponds to the contribution (volumes and sales) made by the sold entity in the year preceding disposal from the date falling one year before the disposal date until the end of the previous year;
- change in consolidation (previous year acquisitions and disposals):
- acquisitions: the impact of the change in consolidation scope corresponds to the contribution (volumes and sales) of the acquired entity in the current year from January, 1 until the anniversary of the acquisition;
- disposals: the impact of the change in consolidation scope corresponds to the contribution (volumes and sales) of the sold entity from January, 1 the previous year until the date of disposal.
Press release dated 13.03.24 | 9/14 |
The breakdown of sales by region is as follows:
Outside Europe 2% | Germany 37% |
Other Europe 23% | France 10% | ||||||
North America 7% | The Netherlands 7% | ||||||
Spain 7% | Italy 7% |
Gross margin
Gross margin amounted to €481 million and represented 21.5% of sales compared to €681 million in 2022 (25.4% of sales).
€m | Q4 2023 | Q4 2022 |
Sales | 466 | 565 |
Cost of goods sold | (365) | (432) |
Incl. purchases consumed | (378) | (437) |
Incl. inventory impairment | 13 | 5 |
Gross margin | 101 | 133 |
% of sales | 21.6% | 23.5% |
2023
2,230
(1,750)
(1,792)
42
481
21.5%
2022
2,683
(2,003)
(1,934)
(69)
681
25.4%
Operating income
Current operating expenses* amounted to €347 million, down -6% compared to 2022 (-7% at constant scope). Inflation contributed for around +€7 million to the variation of expenses.
* excluding depreciation and amortization €(41)m and provisions €6m
Current operating expenses (€347 million) break down as follows:
- personnel expenses (€188 million);
- other expenses (€159 million), notably including transport, consumables, energy, maintenance, fees and insurance.
EBITDA amounted to €134 million and represented 6% of sales compared to €312 million in 2022 (11.6% of sales); it is not adjusted for non-recurring items.
Adjusted operating income amounted to €99 million (4.5% of sales).
Operating income amounted to €102 million. It includes gains on disposals of non-current assets (€0.4 million) and income related to acquisitions completed in 2023 (€2.5 million badwill).
Press release dated 13.03.24 | 10/14 |
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Jacquet Metal SA published this content on 13 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 March 2024 17:37:09 UTC.
