Nexans: strong performance supports structural value growth
2021 Guidance raised on the back of record EBITDA in H1 2021
Subsea High Voltage leadership in motion with Empire Wind projects preferred supplier agreement, Nexans Aurora vessel delivered and Charleston US plant on track for Q3
Building blocks of Strategic Ambition to become an Electrification Pure Player
Positive net income at 81 million euros
Rebound in standard¹ sales by +12.0% organic growth² year-on-year at 3,112 million euros in first half 2021, with a step-up in the second quarter at +24.2% organic growth, supported by a solid catch-up in demand and a positive mix/price management
Record EBITDA of 222 million euros and EBITDA rate 7.1%, up +155 bps against H1 2020, thanks to selective growth, effective raw material monitoring (supply, price inflation), structural complexity and cost reductions
Outperformance in ROCE³ at 14.2% end of June 2021
Turnaround in net income of 81 million euros boosted by copper price increase
Free Cash Flow⁴ of 90 million euros, from continued strict working capital management leading to a best-in-class Operating Working Capital on Sales below 4% despite top line growth
Solid balance sheet with a further record low Net Debt at 112 million euros (vs. 179 million euros in December 2020) supporting Nexans 2022-2024 Strategic Ambition
Subsea High Voltage leadership in motion as state-of-the-art Nexans Aurora delivered on-time and ready to work on secured projects; Charleston US plant conversion on track for Q3
2021 Guidance⁵ raised on EBITDA to €430-€460m (from €410-€450m) and ROCE to 13%-15% (from 12.5%-14.5%); confirmed Free Cash Flow between €100m to €150m
Paris, July 28, 2021 - Today, Nexans published its financial statements for the six months ending 30th June, 2021, as approved by the Board of Directors at its meeting on 27th July, 2021 chaired by Jean Mouton. Commenting on the Group's performance, Christopher Guérin, Nexans' Chief Executive Officer, said: 'Ahead of expectations for 2021, we are confidently building the blocks of our 2022 - 2024 new strategic ambition presented at our Capital Markets Day last February.
This first semester's strong performance anchors the first steps of our strategic vision to become the pure player in sustainable electrification. Nexans is now a structured, healthy and solid Group. We will continue to trigger structural value growth while amplifying our impact on energy transition.'
Nexans SA published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 05:02:09 UTC.