- Revenues: +18.7% to €1,518.6 million - Underlying
EBITDA: +22.4% to €234.6m (+40bps) - Underlying operating
income: +22.7% to €58.3m (+10bps) - Stable pre-IFRS 16 debt
leverage at 1.7x EBITDA
Regulatory News:
ID Logistics, (ISIN: FR0010929125, Mnemo: IDL) European
leader in contract logistics, announces its results for the first
half of 2024, with revenues up +18.7% to €1,518.6 million and
underlying operating income up +22.4% to €58.3 million
(+10bps).
Eric Hémar, Chairman and CEO of ID Logistics, comments: "In the
first half of 2024, ID Logistics efficiently managed the record
growth of its activities, posting a further increase in operating
profitability while maintaining its debt leverage despite the cost
of numerous starting new projects. The Group continues to win
strategic customers on both sides of the Atlantic, which will
ensure its continued development throughout the year."
In €m
H1 2024
H1 2023(1)
Change
Revenues figures
1,518.6
1,279.4
+18.7%
Underlying EBITDA
234.6
191.7
+22.4%
As % of revenues
15.4%
15.0%
+40bps
Underlying operating income
58.3
47.5
+22.7%
As % of revenues
3.8%
3.7%
+10bps
Cash flow from operating activities after
capital expenditure
129.1
147.5
-12.5%
Net financial debt / recurring
EBITDA(2)
1.7x
1.8x
(1) restated for the retroactive application to 01/01/2023 of
the devaluation of the Argentine peso on 12/15/2023 (2) pre-IFRS 16
and pro forma for acquisitions
REVENUES GROWTH OF +18.7% (+14.3% ON A LIKE-FOR-LIKE
BASIS)
ID Logistics recorded revenues of €1,518.6 million for the 1st
half of 2024, up +18.7%. This record performance includes the
revenues of Spedimex, a company acquired in Poland and consolidated
since June 1st 2023. Adjusted for this scope effect and a generally
favorable exchange rate effect over the half-year, like-for-like
growth was +14.3% compared with the 1st half of the year 2023.
In the first half of 2024, we note in particular:
- A stable business in France (-0.1%) in the first quarter, but
picking up with the start-up of significant new projects in the
second quarter (France accounts for 27% of Group revenues);
- Good half-year revenues growth in Europe excluding France, up
16.8% on a like-for-like basis (48% of Group revenues);
- Very strong momentum in the United States, with like-for-like
revenues growth of +34.8% (16% of Group revenues);
- Like-for-like growth of +20.8% in Latin America and Asia (9% of
Group revenues);
- In the first 6 months of 2024, the Group launched 14 new
projects.
UNDERLYING OPERATING INCOME UP +22.7% (+10BPS) TO
€58.3M
In the 1st half of 2024, the Group continued to improve its
operating profitability, with underlying EBITDA up +22.4% to
€234.6m. Underlying EBITDA margin rose by 40 basis points to
15.4%.
Underlying operating income rose by +22.7% to €58.3 million,
while the operating margin reached 3.8% in the first half of 2024,
a sharp increase despite the cost of recent start-ups, which
weighed heavily on activities in France.
GROUP SHARE OF NET INCOME UP TO €16.8 M (+3.7%)
Group share of net income came to €16.8 million for the 1st half
of 2024, up 3.7% vs. the 1st half of 2023. Net financing costs
amounted to €14.8 million, up €2.8 million vs. 2023, due in
particular to higher capital expenditure linked to the start-up of
new projects. Other items in the financial result correspond mainly
to the financial expense portion (IFRS 16) of rents paid for leased
warehouses and equipment and invoiced to customers, amounting to
€17.3 million, an increase in line with the Group's strong
growth.
STABLE PRE-IFRS 16 EBITDA DEBT LEVERAGE AT 1.7X
During the first half of 2024, the Group's activities generated
€129.1 million in cash after taking into account operating
investments. The preparation and launch of new projects in the
first half of the year had an impact on cash generation, both in
terms of changes in working capital requirements and operating
investments, 80% of which were concentrated on start-ups of new
sites, and amounted to €57.3 million, an increase of €25.9 million
compared with the 1st half of 2023. Overall, cash generation after
investment is €18.4 million lower than in the 1st half of 2023.
Despite very strong business growth over the past half-year and
the corresponding cash requirements, the pre-IFRS 16 debt leverage
ratio at June 30, 2024 remains stable at 1.7x underlying
EBITDA.
OUTLOOK
In the second half of 2024, the Group will focus on ramping up
the productivity of recently launched sites and ensuring the
success of upcoming start-ups, in particular the launch of a 3rd
site in Salt Lake City (USA) for a global e-commerce leader, and
the opening of a new 50,000 sq.m. site in the UK for a global
fashion leader.
Finally, ID Logistics points out that its activities
traditionally benefit from more favorable profitability and cash
flow generation in the second half of the year.
Additional note: the Board of Directors approved the interim
financial statements on August 28, 2024 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 2024: October 22, 2024, after market
close.
ABOUT ID LOGISTICS:
ID Logistics, headed by Eric Hémar, is an international contract
logistics group with Revenues of €2.75 billion in 2023. ID
Logistics manages nearly 400 sites in 18 countries, representing
more than 8 million m² operated in Europe, America, Asia and
Africa, with 38,000 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 number of original social and
environmental projects, and is now firmly committed to an ambitious
CSR policy. ID Logistics shares are listed on the Euronext
regulated market in Paris and are included in the SBF 120 index
(ISIN code: FR0010929125, Mnemo: IDL).
APPENDIX
- Simplified income statement
In €m
H1 2024
H1 2023(1)
International
1,107.7
868.3
France
410.9
411.3
Revenues figures
1,518.6
1,279.6
International
42.5
31.3
France
15.8
16.2
Underlying operating income
58.3
47.5
Amortization of customer relationships
(3.4)
(2.3)
Net financial income
(32.1)
(21.6)
of which IFRS 16
(17.2)
(9.8)
Taxes
(5.7)
(6.6)
Associated companies
0.9
0.6
Net income from continuing
operations
18.0
17.5
Net income from discontinued
operations
-
0.4
Minority interests
(1.2)
(1.7)
Group share of net income
16.8
16.2
In €m
H1 2024
H1 2023(1)
Underlying EBITDA
234.6
191.7
Change in WCR
(37.1)
5.4
Other net changes from operations
(11.1)
(18.2)
Net operating investments
(57.3)
(31.4)
Cash flow from operating
activities
129.1
147.5
Acquisition of subsidiaries
-
(22.3)
Net financing expenses
(14.8)
(12.0)
Net debt issuance (repayment)
(173.1)
(123.4)
Other changes
(12.0)
(2.8)
Change in cash and cash
equivalents
(70.8)
+11.1
Cash and cash equivalents at end of
period
171.0
194.2
(1) The financial statements published at 06/30/2023 have been
restated for the retroactive application to 01/01/2023 of the
devaluation of the Argentine peso on 12/15/2023.
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/20240828564963/en/
ID Logistics Tel: +33 (0)4 42 11 06 00
yperot@id-logistics.com
Investor Relations Contact NewCap Phone +33 (0)1 44 71 94
94 idlogistics@newcap.eu
Imaging Dynamics (TSXV:IDL)
Historical Stock Chart
From Jul 2024 to Aug 2024
Imaging Dynamics (TSXV:IDL)
Historical Stock Chart
From Aug 2023 to Aug 2024