STEF ANNUAL RESULTS 2019
13 MARCH 2020
STANISLAS LEMOR
Chairman and Chief Executive Officer
MARC VETTARD
Deputy Chief Executive Officer
1 | ANNUAL RESULTS 2019 - 13 MARCH 2020 | Connecting Food Market Players | |
CONTENTS
1
2
3
100 YEARS OF HISTORY
HIGHLIGHTS
FINANCIAL PERFORMANCE
4
5
6
OPERATIONAL PERFORMANCE
EXTRA-FINANCIALPERFORMANCE
OUTLOOK
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100 YEARS OF HISTORY
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KEY MILESTONES
STEF now | STEF bought | The two | |||||||||
by Financière | |||||||||||
subsidiary | companies | ||||||||||
de | |||||||||||
of newly | merge under | ||||||||||
l'Atlantique, a | |||||||||||
established | the name | ||||||||||
subsidiary of | |||||||||||
SNCF | STEF-TFE | ||||||||||
CGM | |||||||||||
1938 | 1987 | 1996 | |||||||||
1920 | 1992 | 1998 | |||||||||
1981 | |||||||||||
Creation of | Creation of | Now- | IPO | ||||||||
Société | TFE and | independent | |||||||||
Française | introductio | Financière de | |||||||||
de | n of the two | l'Atlantique | |||||||||
Transports | circles logo | acquires TFE | |||||||||
et Entrepôts | |||||||||||
Frigorifique | |||||||||||
s | |||||||||||
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STEF
introduced
its own
brand
2012
100 YEARS
OF HUMAN ENDEAVOUR
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100 YEARS
CHANGING OUR FOOD CULTURE
FROM
HOMEMADE
MEALS
TO
EATING OUT
AND
DOORSTEP DELIVERIES
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100 ANS
IMPROVING THE FOOD RETAIL BUSINESS
FROM
CORNER SHOPS
TO SUPERMARKETS
AND THE ADVENT OF
E-COMMERCE
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100 YEARS
OF INNOVATION
REFRIGERATED WAGONS | RAIL-ROADCONNECTION | ICE TOWERS | ||
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100 YEARS
OF INNOVATION
LTL | SHARED-USERLOGISTICS | TMS & WMS | ||
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100 YEARS
OF INNOVATION
TRACEABILITY & GEOLOCATION | DIGITALIZATION | |||
NEW ENERGIES | ||||
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FUTURE INITIATIVES
OVERVIEW
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HIGHLIGHTS
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HIGHLIGHTS
SPECIALISATION BY BUSINESS UNIT
STRENGTHENING OUR POSITION
IN CO-PACKING
TEMPORARY PUBLIC-SERVICE
DELEGATION FOR FERRY LINK WITHOUT
AJACCIO & BASTIA PORTS
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A TURNAROUND
IN NET INCOME
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FINANCIAL
PERFORMANCE
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GROWTH
IN TURNOVER
+€5M | +€20M | +5.7% | |||
+3.7% | +€59M | Surtaxe | Other | ||
-€18M | |||||
carburant | o/w third-party | ||||
sales | |||||
+€57M | Maritime | Change | €18M | ||
in scope | |||||
+€63M
France
€3,255M
International
€3,441M
2018 | 2019 |
Organic growth
excluding fuel surcharge
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STRONG IMPROVEMENT
IN OPERATING PROFIT
-€14M | -€1M | ||
+€15M | +18.7% | ||
International | Maritime | Other | |
+€26M | |||
France
163 M€
€137M
2018 | 2019 |
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INCREASED
TAX RATE
€M | 2018 | 2019 |
Profit before tax | 130 | 154 |
Effective tax rate | 27.5% | 36% |
Tax on income | (36) | (55) |
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SYMBOLIC
NET INCOME
+6.2%
-€20M | -€1M | +€1M |
+€26M | ||
Equity method and minority interests
€94M
€100M
2018 | EBIT | CT | Financial | 2019 |
income | ||||
Net income | Net income | |||
(Group share) | (Group share) |
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A SOLID FINANCIAL STRUCTURE
FREE CASH FLOW (excl. IFRS 16) | NET DEBT | ||
€60M | €824M | ||
IFRS 16 Impact | |||
€170M | |||
-€108M | €672M | €654M | |
2018 | 2019 | 2018 | 2019 |
IFRS 16 IMPACT | |||
Increase in debt | + €170M (including new finance leases) | ||
Significant effect on EBITDA | + €44M |
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OPERATIONAL
PERFORMANCE
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ENVIRONMENT
A FOOD ECOSYSTEM STILL TRANSFORMING
in a context of weak evolution of food consumption
ENGAGED CONSUMERS
leading the distribution channels fragmentation
RETAILERS AND AGRI-FOOD INDUSTRIES OBLIGED TO ADAPT
LOGISTICS: AN ESSENTIAL VECTOR OF TRANSFORMATION
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FRANCE
IMPLEMENTATION OF THE SPECIALISATION STRATEGY
€2,055M | €128M | Over 14,000 | 600 | ||
Turnover | Operating profit | Customers | Net recruitments | ||
+5% | +25% | ||||
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CHILLED | |
FLOWS | +2.9% |
Turnover |
Performance and quality improvement
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CHILLED | |
SUPPLY CHAIN | +4.5% |
Turnover |
Confirmation of the business model efficiency
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FROZEN
-1.2%
Turnover
Stable activity in a buoyant context
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DRY & AMBIENT | |
INDUSTRIAL PACKAGING | +13.2% |
MARKET | |
Turnover |
Complementary know-how
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ANNUAL RESULTS 2019 - 13 MARCH 2020 | Connecting Food Market Players |
SEAFOOD
A complex environment
28
+26.6%
Turnover
ANNUAL RESULTS 2019 - 13 MARCH 2020 | Connecting Food Market Players |
RETAIL
+12.3%
Turnover
A sector undergoing deep transformation
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FOODSERVICE
+6.2%
Turnover
Structural improvements in a growing market
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INTERNATIONAL
BUSINESS MODEL ROLLOUT IN EUROPE
€860M | €39M | Over 10,000 | About 400 | |||
Turnover | Operating profit | Customers | recruitments | |||
+11% | +60% | |||||
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ANNUAL RESULTS 2019 - 13 MARCH 2020 | Connecting Food Market Players | |||||
ITALY | |
Good momentum despite | +11% |
stable food consumption | |
Turnover | |
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SPAIN & PORTUGAL
Excellent commercial dynamics | +6.3% |
+15.8% Turnover
Turnover
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BELGIUM, NETHERLANDS & SWITZERLAND
Ongoing business structuration
+3.9%
Turnover
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MARITIME
Refocusing operations on departmental ports
€94M | -€6M | Temporary | Public-service | |
public-service | delegation | |||
Turnover | Operating profit | Delegation | 2021-2027 | |
on track | common industrial project | |||
35 | ||||
ANNUAL RESULTS 2019 - 13 MARCH 2020 | Connecting Food Market Players | |||
EXTRA-FINANCIAL
PERFORMANCE
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PAVING THE WAY FOR THE FUTURE
USING CSR TO DRIVE PERFORMANCE
A COMMITMENT TO EMPLOYEES
PROFIT-SHARING:
Over €30M distributed to employees
ATTRACTING TALENT:
Ambassador programme to develop relations with universities
HEALTH & SAFETY IMPROVEMENTS
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PAVING THE WAY FOR THE FUTURE
USING CSR TO DRIVE PERFORMANCE
A COMMITMENT TO SOCIETY
HELPING YOUNG PEOPLE TO ENTER THE WORKING WORLD:
Involvement in the TEKNIK programme encouraging young people to pursue careers in transport and logistics
DISABLED PEOPLE INTEGRATION:
Signing of the pledge to provide job opportunities for people with disabilities
OUTREACH INITIATIVES:
Partnership with Les Restos du Cœur in France
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PAVING THE WAY FOR THE FUTURE
USING CSR TO DRIVE PERFORMANCE
A COMMITMENT TO THE ENVIRONMENT
RENEWING ISO 50001
Two goals: reducing consumption of electricity and diesel
COLD PRODUCTION:
Installing a smart management system
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OUTLOOK
2020
40
DIFFICULT TO GAUGE THE IMPACT OF THE
CORONAVIRUS EPIDEMIC
SECURING MARITIME BUSINESS
ONGOING SPECIALISATION IN TRANSPORT & LOGISTICS BUSINESSES
ANNUAL RESULTS 2019 - 13 MARCH 2020 | Connecting Food Market Players |
FINANCIAL
CALENDAR
2020 Q1 TURNOVER
23 April 2020 end of trading
2020 Q2 TURNOVER
23 July 2020 end of trading
2020 FIRST-HALF RESULTS
3 September 2020 end of trading Meeting on 4 September 2020
2020 Q3 TURNOVER
22 October 2020 end of trading
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APPENDICES
ANNUAL RESULTS 2019 - 13 MARCH 2020 | Connecting Food Market Players |
TREND IN FOOD CONSUMPTION
Food consumption(1) | Agri-food | |
production | ||
Eurozone | +0.8% | +1.3% | |||
France | +0.4% | +0.1% | |||
Italy | -0.1% | +2.8% | |||
Spain | +1.3% | +1.4% | |||
Portugal | +4.0% | - 1.1% | |||
Belgium | -1.1% | +2.1% | |||
Netherlands | +0.1% | -0.1% | |||
Switzerland | 0.0% | - | |||
Source: Eurostat - Aggregate variation, Jan-December 2019 | |||||
Data adjusted for seasonal and calendar effects | (1) Including beverages and tobacco. |
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ANNUAL RESULTS 2019 - 13 MARCH 2020 |
SIMPLIFIED INCOME STATEMENT
2018 | 2019 | Change | Change | |
€M | in €M | as % | ||
Turnover | 3,255.1 | 3,441.0 | 185.9 | 5.7% |
Turnover excl. | ||||
2,866.6 | 3,034.5 | 168.0 | 5.9% | |
third-party sales | ||||
EBIT | 137.2 | 162.9 | 25.6 | 18.7% |
Financial result | (7.3) | (8.7) | (1.5) | 20.0% |
Profit before tax | 130.0 | 154.1 | 24.2 | 18.6% |
Net income (Group share) | 94.4 | 100.3 | 5.9 | 6.2% |
EBITDA | 253.5 | 324.1 | 70.6 | 27.9% |
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EBIT
2018 | 2019 | Change | Change | |
€M | in €M | as % | ||
Turnover | 3,255.1 | 3,441.0 | 185.9 | 5.7% |
Purchases from third parties | (2,104.1) | (2,147.7) | (43.6) | 2.1% |
Taxes | (64.1) | (67.0) | (2.9) | 4.5% |
Payroll expenses | (835.3) | (902.8) | (67.5) | 8.1% |
Depreciations and amortisations | (113.5) | (168.7) | (55.2) | 48.6% |
Net reversals of provisions | ||||
(2.8) | 1.8 | 4.6 | ||
Other operating income and | 1.9 | 6.2 | 4.3 | |
expenses | ||||
EBIT | 137.2 | 162.9 | 25.6 | 18.7% |
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OTHER INCOME AND EXPENSES
€M | 2018 | 2019 |
Gains on real estate asset sales | 2.2 | 0.9 |
Gains on vehicle sales | 1.1 | 1.8 |
Other income and expenses | (1.5) | 3.5 |
Other operating income and expenses | 1.9 | 6.2 |
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FINANCIAL RESULT
€M | 2018 | 2019 | Change |
Euribor 3M average | (0.32)% | (0.36)% | |
Net debt end of period | 671.7 | 824.4 | 152.7 |
Net financial expenses | (7.3) | (8.7) | (1.5) |
47 | ANNUAL RESULTS 2019 - 13 MARCH 2020 | Connecting Food Market Players | |
CASH FLOW
€M | 2018 | 2019 |
Self-financing | 208.5 | 254.5 |
Change in working capital | 26.1 | 10.7 |
Net investment programme | (342.2) | (159.4) |
Free cash flow | (107.5) | 105.7 |
Capital increase (and share buyback) | (0.1) | 0.4 |
Dividends | (30.3) | (30.9) |
Other cash flows | (7.5) | (227.9) |
Debt change | (145.5) | (152.7) |
Net debt at closing | 671.7 | 824.4 |
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NET INVESTMENT PROGRAM
€M | 2018 | 2019 |
Investments in tangible and intangible assets | (303.4) | (154.4) |
Net financial investments | (46.8) | (19.4) |
Sale of assets | 6.6 | 13.0 |
Other | 1.4 | 1.4 |
Total | (342.2) | (159.4) |
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BALANCE SHEET
€M | 31/12/2018 | 31/12/2019 | ||||
Goodwill | 186.8 | 203.8 | ||||
Property, plant and equipment | 1,250.1 | 1,447.8 | ||||
Other non-current assets and fixed assets | 78.6 | 84.0 | ||||
Total non-current and financial assets | 1,515.5 | 1,735.6 | ||||
Net working capital requirement | (92.9) | (87.7) | ||||
Total assets (net) | 1,422.6 | 1,647.9 | ||||
Equity | 695.0 | 760.7 | ||||
Provisions and deferred tax liabilities | 55.9 | 62.8 | ||||
Net debt | 671.7 | 824.4 | ||||
Total liabilities (net) | 1,422.6 | 1,647.9 | ||||
50 | ||||||
ANNUAL RESULTS 2019 - 13 MARCH 2020 | Connecting Food Market Players | |||||
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Disclaimer
STEF SA published this content on 13 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 March 2020 13:49:03 UTC
