Direct Energie : 2016 annual results 2016
(Thomson Reuters ONE) -
Press release
Paris, 13 March 2017
ANNUAL RESULTS 2016
Revised 2016 targets exceeded
782,000 customer sites acquired in France
66.5% revenue growth to ?1,692.4 million
Current operating income multiplied by 2.6 to ?86.8 million
Proposed dividend raised by 25% to ?0.25 per share
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? millions 31/12/2016 31/12/2015 Change
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Revenue from ordinary activities 1,692.4 1,016.5 +66.5%
--------------------------------- ------------ ------------ -------
--------------------------------- ------------ ------------ -------
Gross margin 233.8 148.5 +57.4%
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Current operating income 86.8 34.0 x 2,6
--------------------------------- ------------ ------------ -------
--------------------------------- ------------ ------------ -------
Net income 123.6 27.2 x 4,5
--------------------------------- ------------ ------------ -------
--------------------------------- ------------ ------------
Earnings per share (in euro) 3.01 0.67
--------------------------------- ------------ ------------
Today's Board of Directors meeting approved the 2016 consolidated accounts. The
audit procedures on the consolidated accounts have been completed and the audit
report for the certification of the financial statements is being issued.
Record business growth in France, excellent commercial performance
2016 annual revenue is up by 66.5% to ?1,692 million. This very strong increase
is in particular attributable to the ongoing commercial growth with, in France,
a 31.6% increase in gross acquisitions to 782,000 over the year compared with
594,000 a year earlier.
The increase in volume of electricity (13.9 TWh delivered, up 84%) and gas (5.4
TWh, up 42%) sold is in particular supported by corporate and public authority
customers acquired by the Group(89,000 net sites) following the end of regulated
tariffs for both electricity and gas for this customer category on 31 December
2015.
In 2016, the Group's customer portfolio rose 29.7% (472,000 net new sites
acquired compared with 303,000 in 2015), which breaks down as follows at 31
December 2016:
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in thousands at end 2016 at end 2015 Change
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Residentials 1,705 1,337 +27.5%
Non residentials 358 254 +40.9%
Total 2, 063 1, 591 +29.7%
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in thousands at end 2016 at end 2015 change
---------------------------------------------------
Electricity 1,607 1,248 +28.8%
Gas 456 343 +32.9%
Total 2, 063 1, 591 +29.7%
Strong improvement in net profitability
In a context of sustained customer site acquisitions and increased volumes of
energy delivered, the Group successfully optimised its terms of supply and has
adapted to the volatility in wholesale prices, especially for electricity.
Combined with a positive ?14.2 million impact from tariff catch-up following the
publication of retroactive decrees in October 2016 (*), the gross margin is up
by a sharp 57.4% to ?233.8 million. This performance includes a negative ?31.6
million impact of a provision taken for the loss-making contract concerning gas
transit capacities between the Netherlands, Belgium and France.
(*) Cancellation of the 28/07/2014 decree concerning the period of August 2014
to October 2014 (non-compliance with the principle of legal certainty for the
"blue" tariffs) and the 30/10/14 decree concerning the period of November 2014
to July 2015 (failure to take into account the necessary tariff catch-up for
residential "blue" tariffs and "green" tariffs).
For the first time over a full year, the gross margin also includes the
contribution of the Bayet gas-fired combined-cycle power plant for around ?9
million.
Control of operating expenses, which once again grow slower than revenue, bring
the current operating income to ?86.8 million (x 2.6). To note the positive
impact, around ?10 million for the past, of retroactive application of the
CoRDis decision implementing assumption by GrDF of unpaid amounts for
distribution costs relative to the gas supply business.
Net income also achieves record level at ?123.6 million (multiplied by 4.5). It
outpaces the current operating income thanks to improvement of fundamentals
combined with:
- a rise in wholesale prices at the end of 2016 resulting in a positive change
in fair value of energy derivatives operational in nature for ?21.4 million
compared with an expense of ?(11.6) million in 2015;
- tax income of ?29.5 million partly linked to the application of tax-loss carry
forwards relative to the improvements of earnings outlooks.
Shareholders' equity boosted, solid cash position
At 31 December 2016, the Group Shareholders' equity is ?217.5 million compared
with a negative ?(29.3) million at 31 December 2015. This ?246.8 million
increase is attributable, on the one hand, to the sharp improvement in net
profitability, and on the other, to the positive ?123.6 million change in the
fair value of hedging instruments. Restated for the effect generated by the rise
in wholesale prices and physical deliveries in 2016 of energy volumes purchased
before 1 January 2016, shareholders' equity comes to ?203.9 million (up ?123.2
million compared with 31 December 2015).
The cash generation, along with the improved profitability, brings net financial
debt to ?(43.6) million.
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? M 31/12/2016 31/12/2015
-------------------------------- -------------- -------------
Gross financial debt 196,170 183,093
Margin calls received in cash 132,362 850
Margin calls paid in cash (3,230) (60,568)
Gross cash (368,867) (35,230)
-------------------------------- -------------- -------------
Net financial debt (*) (43,565) 88,145
-------------------------------- -------------- -------------
(*) Given the volatility of wholesale prices and the margin call levels that may
result, the Group presents its net financial debt including all the financial
effect of these margin calls.
The financial debt is mainly composed of bond debt (?183 million) maturing
between 2019 and 2023; the last private placement in this format having raised
?68 million in November 2016 to finance both the acquisition of customer sites
and the purchase the of Marcinelle gas-fired power plant at the end of December
for an enterprise value of around ?36.5 million.
In addition to its available cash, the Group can also rely on significant
liquidities of around ?206 million through its unused credit facilities.
Continued growth in 2017 with once again increased targets
After a record 2016, 2017 will again be a year of growth in terms of activity
and profitability. Buoyed by investment in communication and marketing, growth
will in particular be driven by faster customer site acquisitions, again in a
context of controlled operating expenses.
The Group targets for 2017:
- a portfolio of 2.5 million customer sites;
- revenue of ?2,000 million at seasonal average temperatures; and
- current operating income of ?100 million at seasonal average temperatures.
The Group is confident on its ability to sustain profitable growth, over the
long term. In this respect, the Group states that its target is to serve over 4
million customer sites, all segments, energies and countries combined, by 2020.
Additionally, Direct Energie confirms its ambitions for external growth
opportunities, in France and the rest of Europe, in particular to strengthen its
upstream and downstream market positions. This expansion strategy reflects the
Group's commitment to diversifying the growth drivers demonstrated by the
previous acquisitions.
Proposed dividend per share of ?0.25
The Board of Directors has decided to propose to the next General Shareholders'
Meeting a dividend per share raised to ?0.25 (an increase of 25%) with respect
to the fiscal year 2016 and a coupon detachment set at 2 June 2017.
For Xavier Caïtucoli, CEO of the Group: "the 2016 results confirm the growth and
profitability dynamic. They provide a solid foundation to further accelerate
Direct Energie's development, and put in place new growth relays".
Next publication:
Revenue for 1(st) quarter 2017 on 10 May 2017 after the markets close
ISIN code: FR0004191674/Ticker symbol: DIREN/Euronext Paris, Compartment A
Publications: The Group's annual activity report, the annual accounts and the
support used for the analyst meeting, are available on its internet site:
www.direct-energie.com.
About Direct Energie
Third-largest French electricity and gas provider, the Direct Energie Group
supplies, in France and Belgium (under the Poweo brand), more than 2.1 million
residential and non-residential sites. As an integrated energy actor, Direct
Energie produces power, supplies gas and electricity, and sells energy services
to its customers. Direct Energie's success has been underpinned for more than
14 years by its technical expertise, excellent customer relationships and
innovation capacity.
In 2016, the Group generated consolidated revenues of ?1,692.4 million and
delivered 19.8 TWh of energy.
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 Market Solutions
Stéphanie Stahr - stephanie.stahr(at)cmcic.fr - Tel +33 (0)1 53 48 80 57
Direct Energie
Mathieu Behar - mathieu.behar(at)direct-energie.com - Tel +33 (0)6 12 48 85 85
Profit & loss account
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In thousands of euros 31/12/2016 31/12/2015
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Revenues excluding Energy Management Margin 1,676,957 1,016,870
Energy Management Margin 15,472 (335)
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Revenue from ordinary activities 1,692,429 1,016,535
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Cost of sales (1,458,660) (868,083)
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Gross margin 233,769 148,452
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Personnel expenses (34,583) (26,391)
Other operating income and expenses (83,242) (65,588)
Depreciation and amortisation (29,186) (22,507)
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Current operating income 86,758 33,965
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Changes in fair value of Energy financial derivative 21,394 (11,636)
instruments operational in nature
Disposals of non-current assets (2,453) (5,929)
Impairment of non-current assets (112) (550)
Income and expenses related to changes in scope of
consolidation (628) (120)
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Operating income 104,959 15,731
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Cost of net debt (10,819) (3,743)
Other financial income and expenses (389) 65
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Financial income/(loss) (11,208) (3,678)
Corporate income tax 29,454 17,010
Share of net income from companies accounted for by
the equity method 352 (62)
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Net income from continuing operations 123,557 29,001
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Net income from discontinued operations - (1,754)
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Net income 123,557 27,247
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of which Net income, Group share 123,557 27,247
of which Net income, minority interests - -
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Earnings per share (in euros) 3.01 0.67
Diluted earnings per share (in euros) 2.85 0.64
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Earnings per share from continuing operations (in
euros) 3.01 0.71
Diluted earnings per share from continuing operations
(in euros) 2.85 0.68
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Earnings per share from discontinued operations (in
euros) - (0.04)
Diluted earnings per share from discontinued
operations (in euros) - (0.04)
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Balance sheet assets
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In thousands of euros 31/12/2016 31/12/2015
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Intangible assets 50,170 40,949
Property, plant and equipment 76,217 47,661
Investments in associates 1,434 902
Non-current derivative financial instruments 19,334 8,494
Other non-current financial assets 1,342 1,458
Other non-current assets 8,210 5,279
Deferred tax assets 66,467 40,780
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Non-current assets 223,173 145,522
Inventory 38,458 36,245
Trade receivables 413,279 220,596
Current derivative financial instruments 137,084 35,843
Other current financial assets 18,364 70,688
Other current assets 30,263 69,500
Cash and cash equivalents 368,867 35,230
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Current assets 1,006,314 468,102
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TOTAL ASSETS 1,229,487 613,624
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Balance sheet liabilities
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In thousands of euros 31/12/2016 31/12/2015
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Share capital and share premiums 15,307 9,003
Retained earnings and net income/(loss) 188,769 71,717
Treasury shares (207) (88)
Other comprehensive income/(loss) 13,630 (109,981)
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Shareholders' Equity - Group share 217,499 (29,350)
Non-controlling interests - -
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TOTAL SHAREHOLDERS' EQUITY 217,499 (29,350)
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Non-current provisions 37,658 5,051
Non-current derivative financial instruments 17,311 81,354
Other non-current financial liabilities 182,843 114,829
Other non-current liabilities 4,759 2,164
Deferred tax liabilities 13,065 21,130
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Non-current liabilities 255,637 224,528
Current provisions 14,169 6,776
Trade payables 242,602 187,818
Current derivative financial instruments 103,925 83,851
Other current financial liabilities 145,689 69,113
Other current liabilities 249,966 70,887
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Current liabilities 756,351 418,446
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1,229,487 613,624
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Statement of changes in equity
Other
Retained comprehensive
Share Share earnings Treasury income Total
capital premiums and shares Shareholders'
profit Changes equity
In thousands of or loss in fair Other
euros value*
---------------- ---------------------------------------------------- --------------
---------------- ---------------------------------------------------- --------------
Shareholders'
equity 4,079 4,923 71,717 (88) (109,981) 0 (29,350)
at 31/12/2015
---------------- ---------------------------------------------------- --------------
Net income - - 123,557 - - - 123,557
Other
comprehensive - - - - 123,611 - 123,611
income
---------------- ---------------------------------------------------- --------------
Comprehensive - - 123,557 - 123,611 - 247,168
income
Capital - - - - - - -
increase
Options 71 6,234 - - - - 6,304
exercised
Options - - 1,738 - - - 1,738
Treasury shares - - - (119) - - (119)
purchases/sales
Dividends paid - - (8,242) - - - (8,242)
---------------- ---------------------------------------------------- --------------
Shareholders'
equity 4,150 11,157 188,769 (207) 13,630 0 217,499
at 31/12/2016
---------------- ---------------------------------------------------- --------------
Cash flow statement
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In thousands of euros 31/12/2016 31/12/2015
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Consolidated net income 123,557 27,247
Tax expenses/income (29,454) (17,010)
Financial income/(loss) 11,208 3,678
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Income before taxes and financial expenses 105,311 13,915
Depreciation and amortisation 29,186 22,507
Impairment 112 550
Provisions 31,926 6,212
Effect of changes in consolidation scope and other
gains and losses on disposals 0 234
Expenses related to share-based payments 1,738 1,351
Change in fair value of financial instruments (25,280) 8,658
Other financial items with no cash impact 2,138 7,465
Share of income from associates (352) 62
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Items with no cash impact 39,468 47,040
Income tax paid (10,636) -
Change in working capital requirement 84,873 (79,755)
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Net cash flow from operating activities 219,016 (18,800)
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Acquisition of fixed assets (33,770) (25,749)
Disposals of fixed assets - 3
Change in deposits and guarantees 184,812 (55,511)
Acquisition of shares in companies not fully
consolidated (10) -
Acquisition of available-for-sale securities 0 (26)
Acquisition of subsidiary and merger, net of cash
acquired (35,453) (43,934)
Loss of control of subsidiaries net of cash and cash - 3,672
equivalents sold
Change in financial assets - 27,871
Net change in loans originated by the company 2,154 3,803
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Net cash flows from investment activities 117,733 (89,872)
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Sums received from shareholders during capital
increases 6,304 -
Treasury shares (119) 13
Proceeds from borrowings 185,541 120,876
Repayment of borrowings (177,117) (840)
Interest paid (11,173) (5,220)
Interest received 901 647
Dividends paid (8,242) (6,119)
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Net cash flows from financing activities (3,904) 109,357
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Net change in cash and cash equivalents 332,844 685
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Cash and cash equivalents at beginning of year 31,993 31,308
Cash and cash equivalents at end of year 364,837 31,993
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Direct Energie: annual results 2016:
http://hugin.info/143545/R/2087351/787756.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Direct Energie via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 13.03.2017 - 18:50 Uhr
Sprache: Deutsch
News-ID 529838
Anzahl Zeichen: 30764
contact information:
Town:
PARIS
Kategorie:
Business News
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