Direct Energie : H1 2015 Financial Results
(Thomson Reuters ONE) -
Press release
Paris, 2 October 2015
H1-2015 Financial Results
Continuation of strong commercial growth
229,000 new customer sites (up 33% from H1-2014)
Significantly improved margins
2015 targets adjusted upwards
Strategic production opportunity
? million 30/06/2015* 30/06/2014**
Turnover (including Energy Management
contribution) 505 635 422 584 +19,7%
Gross Margin 78 373 61 469 +27,5%
Current Operating Income 22 713 13 173 +72,4%
Net Income (group share) 23 189 9 952
Earnings per share (?) 0,57 0,25
(*) limited review of the interim financial statements
(*) unaudited interim financial statements, retrospective application of IFRIC
21 (impact of (?383 k) on the H1 2014 Current Operating Income)
Acceleration in turnover growth and profitability
In the first half of FY2015, Direct Energie posted turnover of ?505.6 m, up
19.7% from H1-2014. This sharp improvement is mainly driven by strong customer
acquisitions and increasing energy deliveries supported by slightly lower than
usual temperatures. The final retroactive price adjustment in power for the
period also has a positive impact of ?2.5 m, but well below the contribution of
?12.6 m recorded in the first half of 2014.
Direct Energie acquired 229,000 customer sites (up 3% from H1-2014), raising its
portfolio to 1,382,000 on 30 June 2015.
In order to take advantage of decreasing commodity prices especially in power,
Direct Energie made the choice to secure its energy supplies on the wholesale
market instead of using the ARENH contract (ARENH - accès régulé à l'électricité
nucléaire historique), whose price remained stable at ?42/MWh. The Group
nevertheless keeps the right, as stated in the Decree, to switch back to an
ARENH sourcing depending upon future market evolution.
The combination of these factors generates a gross margin of ?78.4 m, up 27.5%.
The current operating income also shows a sharp increase of 72.4% at ?22.7 m
thanks to monitored operational overheads.
Bottom line, the net income amounts to ?23.2 m, close to doubling from H1 2014,
after taking into account a positive contribution of ?7.2 m linked to mark to
market variations on commodity derivatives.
A strengthened financial structure
Cash flow increases to ?35.9 m, confirming the extension of the competitive
economic environment the Group is gradually securing. The negative impact on
working capital requirements comes to ?50.9 m, in line with the seasonality
effect recorded on 30 June of each year.
The gross cash position at cut-off aggregates to ?17.6 m (?45.6 m after
reclassification of ?28 m long term cash investments on riskless instruments
with maturity of more than 3 months recorded in financial assets according to
the IFRS standards).
To support this growth and preserve financial flexibility, dedicated credit
lines have been secured (in May, the Group arranged a revolving credit facility
of ?60 m, confirmed over a 3 year period). Net debt (excluding margin calls)
stands at ?36.7 m on 30 June.
Upward revision of annual targets
Given these first-half results, the growth potential on the residential market
and the opportunities already seized and to be seized on the segment of
businesses and local authorities thanks to the scheduled termination of
regulated rates (contracts expected to lift sales volumes in the coming
quarters), the group raises its previously announced targets to:
- The acquisition of more than 540,000 customer sites (up from 450,000),
- A growth in turnover, at normal medium temperatures, above 20% (up from 15%),
- An increase of current operating income above 35% (up from 25%).
Purchase of a combined cycle gas turbine
On 1 October, Direct Energie signed a Sale and Purchase Agreement with the Swiss
group Alpiq under which it has agreed to buy the entire share capital of Alpiq's
French subsidiary 3CB. 3CB, dedicated to power production, owns and operates a
combined cycle gas turbine near Bayet in the Allier region, and has about thirty
employees. Built in July 2011 by Ansaldo (Siemens technology), this power plant
has an installed capacity of 408 MW.
The price, fully paid in cash, is around ?45 m, and subject to usual
adjustments. Direct Energie plans to close the deal, which remains submitted to
the meeting of conditions precedent, by end of 2015 at the best, and anticipates
to finance or refinance the acquisition with a dedicated loan. In view of this
timetable, there will be no material impact on 2015 EBITDA, and the group
anticipates a dilutive effect of about ?4.5 m on the 2016 EBITDA based on the
current market prices.
This acquisition, made on attractive terms and in the context of a capacity
market to be implemented, fits into the Group's vertical integration strategy.
Its upstream and downstream presence will improve the sourcing conditions of the
portfolio.
Xavier Caïtucoli, Chairman and CEO of Direct Energie, declared: "With about
45,000 new customers joining us every month and the acquisition of a flexible
generation asset, Direct Energie positions itself as an industrial group with
presence in the upstream and downstream business. This vertical integration
strategy undeniably strengthens our position as France's third largest
electricity and gas provider at the service of our 1.5 million customers".
Publications: The first half management report is available on its website
(www.direct-energie.com). The 3(rd) quarter 2015 turnover will be released on
the 17(th) of November 2017 after market.
About Direct Energie
Direct Energie is France's third-largest electricity and gas provider, serving
more than 1.5 million customers sites (residential and businesses) in France and
Belgium (under the Poweo brand name) . Direct Energie has also developed its
offer for companies and local authorities, with more than 100,000 delivery
points. As an integrated energy group, Direct Energie produces and supplies
electricity and gas, and offers energy services to customers.
In 2014, the Group generated turnover in excess of ?810 million and delivered
8.4TWh of energy.
Direct Energie's success has been underpinned for more than the past decade by
its technical expertise, excellent customer relationships and capacity for
innovation.
Direct Energie is listed on the Alternext compartment of Euronext Paris Stock
Exchange (ALDIR / FR0004191674).
For more information, visit our website www.direct-energie.com
Press contact:
Image Sept
Grégoire Lucas - glucas(at)image7.fr - Tel + 33 (0)1 53 70 74 94
Marie Artzner - martzner(at)image7.fr - Tel + 33 (0)1 53 70 74 31 or + 33 (0)6
75 74 31 73
CM CIC Securities
Stéphanie Stahr - stephanie.stahr(at)cmcics.com - Tel + 33 (0)1 45 96 77 83
Direct Energie
Ivan Roussin - ivan.roussin(at)direct-energie.com - Tel +33 (0)6 19 30 05 03
Mathieu Behar - mathieu.behar(at)direct-energie.com - Tel +33 (0)6 12 48 85 85
151002_PR_Direct_Energie_H1 2015_UK:
http://hugin.info/143545/R/1956514/712641.pdf
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Source: Direct Energie via GlobeNewswire
[HUG#1956514]
Unternehmensinformation / Kurzprofil:
Datum: 02.10.2015 - 18:21 Uhr
Sprache: Deutsch
News-ID 424434
Anzahl Zeichen: 9257
contact information:
Town:
PARIS
Kategorie:
Business News
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