31.08.2015, 11:24
Groupe Auchan announces its 2015 half-year results
OREANDA-NEWS. Groupe Auchan announces its 2015 half-year results.
Increase in consolidated revenue excluding taxes: €26.9 billion, +3.4%
Rise in consolidated revenue including taxes of the banners: €31.6 billion, +3.0%
Increase in EBITDA: €1,104 million, +2.0%
Increase in operating profit from continuing operations: €376 million, +17.0%
Improvement in net financial debt: €3,556 million, -€661 million in one year
At 30 June 2015, Groupe Auchan's consolidated revenue excluding taxes stood at €26,901 million, up 3.4% at current exchange rates. Revenue including taxes of the Group's banners increased by 3.0% to €31.6 billion.
Revenue increased by 2.6% at constant exchange rates and excluding fuel. It was underpinned by expansion (+3.3%), which significantly offset the slight decrease in our like-for-like performance (-0.7%). There was a positive exchange rate impact of 1.4% on revenue, with the fall in the Russian and Ukrainian exchange rates more than offset by the strength of the Chinese yuan.
In local currency, revenue growth was generated by Central and Eastern Europe (+10.6%), where sales remained very strong, and Asia, which saw growth of 7.0%. In France, it fell by 2.9% while in Western Europe excluding France it fell by 4.4%, mainly due to Italy. This decline had been anticipated as the business model is being transformed to better respond to the expectations of Italian consumers.
To deal with stagnant, if not lower, food consumption trends among households in France and deflation, Groupe Auchan and Système U began exclusive negotiations to enhance the purchasing partnership they signed in 2014 and form a new alliance. The aim is to open up new prospects for both partners, so that together they can become a top player in the French GMS market, and permanently establish their two original models in the French economic landscape. The project was presented to the social partners of both companies and is now awaiting feedback from the competent antitrust authorities.
Increase in EBITDA thanks to growth in gross profit.
In the first half of 2015, EBITDA grew by 2.0% to €1,104 million. Here also, growth was driven by Asia. Central and Eastern Europe were impacted by the fall in the rouble.
This increase can mainly be explained by an increase in gross profit in all geographical areas to 23.1% of revenue, versus 22.6% in the first half of 2014. Payroll expenses increased in line with expansion in Russia and China and in line with the integration of the Real hypermarkets in Poland. External expenses were held in check.
Significant increase in operating profit from continuing operations; profit for the period was impacted by non-recurring items in 2014.
Operating profit from continuing operations increased by 17.0% to €376 million, and from 1.2% to 1.4% of revenue. The net profit from continuing operations decreases by 53.3% to €157 million. Indeed, at 30 June 2014, Groupe Auchan recorded a net non-recurring income of €158 million, versus a net non-recurring expense of €50 million in 2015. This change of €208 million fully explains this fall. After restatement for these non-recurring items, net profit from continuing operations grew by +33.5%. Lastly, for the same reasons, profit for the period attributable to owners of the parent fell by 86.2%
to €31 million.
Increase in investment in relation to the first half of 2014; a further improvement in net financial debt, down €661 million in one year.
Current investment and securities acquisitions amounted to €729 million, up 2.9% in relation to 2014. Despite a persistently difficult overall environment, Groupe Auchan continued to invest steadily, notably in Western Europe (€181 million, representing more than 25% of the total), to upgrade and make its store and shopping centre network even more attractive.
Moreover, €194 million was invested to acquiring the properties of 12 ex-Real hypermarkets in Romania, which had previously been leased, and the 12 adjacent shopping centres, and to the acquisition of Fields HK Ltd, an online food retailer on the Chinese market.
At 30 June 2015, net financial debt amounted to €3,556 million, corresponding to 28.8% of equity, representing a further sharp decline of €661 million in relation to 30 June 2014, when it amounted to €4,217 million, corresponding to 38.0% of equity. This improvement is mainly attributable to disposals by Immochan since 1 July 2014.
Lastly, Groupe Auchan's cash flows from operations increased by 2.4% to €888 million.
Since 30 April 2015, the Standard & Poor’s rating for Groupe Auchan has been “A-/ negative outlook” over the long term and “A2” over the short term.
Increase in consolidated revenue excluding taxes: €26.9 billion, +3.4%
Rise in consolidated revenue including taxes of the banners: €31.6 billion, +3.0%
Increase in EBITDA: €1,104 million, +2.0%
Increase in operating profit from continuing operations: €376 million, +17.0%
Improvement in net financial debt: €3,556 million, -€661 million in one year
At 30 June 2015, Groupe Auchan's consolidated revenue excluding taxes stood at €26,901 million, up 3.4% at current exchange rates. Revenue including taxes of the Group's banners increased by 3.0% to €31.6 billion.
Revenue increased by 2.6% at constant exchange rates and excluding fuel. It was underpinned by expansion (+3.3%), which significantly offset the slight decrease in our like-for-like performance (-0.7%). There was a positive exchange rate impact of 1.4% on revenue, with the fall in the Russian and Ukrainian exchange rates more than offset by the strength of the Chinese yuan.
In local currency, revenue growth was generated by Central and Eastern Europe (+10.6%), where sales remained very strong, and Asia, which saw growth of 7.0%. In France, it fell by 2.9% while in Western Europe excluding France it fell by 4.4%, mainly due to Italy. This decline had been anticipated as the business model is being transformed to better respond to the expectations of Italian consumers.
To deal with stagnant, if not lower, food consumption trends among households in France and deflation, Groupe Auchan and Système U began exclusive negotiations to enhance the purchasing partnership they signed in 2014 and form a new alliance. The aim is to open up new prospects for both partners, so that together they can become a top player in the French GMS market, and permanently establish their two original models in the French economic landscape. The project was presented to the social partners of both companies and is now awaiting feedback from the competent antitrust authorities.
Increase in EBITDA thanks to growth in gross profit.
In the first half of 2015, EBITDA grew by 2.0% to €1,104 million. Here also, growth was driven by Asia. Central and Eastern Europe were impacted by the fall in the rouble.
This increase can mainly be explained by an increase in gross profit in all geographical areas to 23.1% of revenue, versus 22.6% in the first half of 2014. Payroll expenses increased in line with expansion in Russia and China and in line with the integration of the Real hypermarkets in Poland. External expenses were held in check.
Significant increase in operating profit from continuing operations; profit for the period was impacted by non-recurring items in 2014.
Operating profit from continuing operations increased by 17.0% to €376 million, and from 1.2% to 1.4% of revenue. The net profit from continuing operations decreases by 53.3% to €157 million. Indeed, at 30 June 2014, Groupe Auchan recorded a net non-recurring income of €158 million, versus a net non-recurring expense of €50 million in 2015. This change of €208 million fully explains this fall. After restatement for these non-recurring items, net profit from continuing operations grew by +33.5%. Lastly, for the same reasons, profit for the period attributable to owners of the parent fell by 86.2%
to €31 million.
Increase in investment in relation to the first half of 2014; a further improvement in net financial debt, down €661 million in one year.
Current investment and securities acquisitions amounted to €729 million, up 2.9% in relation to 2014. Despite a persistently difficult overall environment, Groupe Auchan continued to invest steadily, notably in Western Europe (€181 million, representing more than 25% of the total), to upgrade and make its store and shopping centre network even more attractive.
Moreover, €194 million was invested to acquiring the properties of 12 ex-Real hypermarkets in Romania, which had previously been leased, and the 12 adjacent shopping centres, and to the acquisition of Fields HK Ltd, an online food retailer on the Chinese market.
At 30 June 2015, net financial debt amounted to €3,556 million, corresponding to 28.8% of equity, representing a further sharp decline of €661 million in relation to 30 June 2014, when it amounted to €4,217 million, corresponding to 38.0% of equity. This improvement is mainly attributable to disposals by Immochan since 1 July 2014.
Lastly, Groupe Auchan's cash flows from operations increased by 2.4% to €888 million.
Since 30 April 2015, the Standard & Poor’s rating for Groupe Auchan has been “A-/ negative outlook” over the long term and “A2” over the short term.
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