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    NEX   FR0000044448

NEXANS

(NEX)
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Nexans : Half-year 2021 earnings

07/28/2021 | 01:03am EDT

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 Guidanceraised 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.'

Disclaimer

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.


ę Publicnow 2021
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Financials
Sales 2021 6 191 M 7 252 M 7 252 M
Net income 2021 156 M 183 M 183 M
Net Debt 2021 69,6 M 81,5 M 81,5 M
P/E ratio 2021 23,7x
Yield 2021 0,94%
Capitalization 3 748 M 4 399 M 4 390 M
EV / Sales 2021 0,62x
EV / Sales 2022 0,58x
Nbr of Employees 20 223
Free-Float 66,7%
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Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 85,70 €
Average target price 86,98 €
Spread / Average Target 1,50%
EPS Revisions
Managers and Directors
Christopher GuÚrin Chairman-Executive Board & CEO
Jean-Christophe Juillard Chief Financial Officer, Senior VP & Head-IT
Jean Mouton Chairman
Vincent Dessale COO, Senior EVP-Building & Territories
Hubert Porte Independent Director
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