PRESS RELEASE
Paris, March the 30th 2015
Full year 2014 results
Objectives achieved, first
dividend
406,000 new customer sites
acquired, above target
+8.1%: growth in turnover despite an exceptionally
mild winter
M€ 24: Current Operating Income increasing
strongly
Proposal to pay dividend of €0.15 per
share
€ million |
|
31/12/2014 |
|
31/12/2013 (restated*) |
|
|
|
|
|
|
|
|
|
|
Turnover excluding Energy Management |
|
809.5 |
|
752.6 |
Energy
Management |
|
0.4 |
|
(3.8) |
|
|
|
|
|
Turnover |
|
809.9 |
|
748.9 |
|
|
|
|
|
Gross Margin |
|
120.3 |
|
106.2 |
|
|
|
|
|
Current Operating Income |
|
24.0 |
|
5.8 |
|
|
|
|
|
Net income (group share) |
|
15.2 |
|
6.4 |
*Retrospective application of IFRS
standards 10 and 11, and new presentation of Mark to Market
variations on commodity derivatives other than trading instruments
in compliance with best practices in the sector.
Audit procedures completed, certification report in
progress.
The historical FY2013 figures are detailed in the Annual
Report which is available on www.direct-energie.com
Strong growth
despite adverse weather conditions
In 2014, Direct Energie achieved a
turnover totalling M€ 809.9, showing an increase of 8.1% in
comparison to the previous FY. The group acquired 406,000 new
customer sites, thereby exceeding the target which had already been
increased, and raises its portfolio to 1.3 million customer
sites.
The revised growth target is
achieved despite the particularly warm temperatures that led to
lower energy consumption in France.
This performance was driven both by the strong on-going commercial
dynamism and the impact of the retroactive price adjustment (+€16.4
million) decided by public authorities regarding the 2012-2013
regulated electricity tariffs.
While developing its business,
Direct Energie pursued its regulatory actions to secure and extend
a competitive economic environment.
Significant
improvement in profitability
Direct Energie confirmed its
ability to implement a profitable and controlled growth with a
gross margin up by 12.3% to €120.3 million. Combined with stable
overheads, this progression created powerful operational leverage
resulting in a strong growth of the current operating income to
€24.0 million. The decrease in the depreciation charge consecutive
to the intentional slow-down in acquisitions between 2010 and 2013
also contributes to this significant growth.
As energy prices plummeted at
year's end, the mark to market of hedging instruments resulted in a
negative impact of €5.1 million, which did not, however, prevent
net income from increasing strongly (+136%) to €15.2 million.
A robust
financial structure
Thanks to a cash flow up 10.1% to
€43.1 million, the group was able to cover its operating needs
which were notably impacted by new regulatory obligations regarding
gas storage.
After an annual €23.5 million
investment plan and a successful private bond placement totalling
€55 million, the gross cash position remains positive at €59.1
million for a net financial debt of -€2.2 million.
Growth and
profitability outlook
Direct Energie will continue its
profitable growth policy by relying on the competitive advantages
of its structure, the efficiency of its processes and the new
business opportunities expected from the gradual opening up of the
French energy market including the disappearance of regulated
tariffs for professionals, companies and local authorities. The
group is setting itself the following goals for the financial year
2015:
- The acquisition of 450,000 new
customer sites
- +15% growth in turnover at normal temperatures
- +25% increase in current operating income
The group also continues to deploy
its activity in Belgium, with a full coverage of the territory by
late 2015, and reaffirms its target of 400,000 customer sites by
2018.
With regard to the development of
its production plant, the combined-cycle gas project in Landivisiau
(Brittany) received the go-ahead from the Enquiry Commissioner at
the end of the public enquiry. Subject to the impact of the legal
recourses on the foreseen calendar, start of operation is still
scheduled for the winter of 2017-2018.
Payment of a
first dividend
The financial results, combined
with the robustness of the financial structure and development
outlooks, lead the Board of Directors to propose the payment of a
€0.15 dividend per share for FY 2014 at the General Meeting. This
first payment, a 40% pay-out, should be made on the 9th of June
2015.
The Board of Directors also
confirms its decision to transfer the shares on the Eurolist market
of Euronext Paris by end of 2015.
Xavier Caitucoli, Chairman and CEO
of Direct Energie, commented: "The group has demonstrated his
ability to reach its objectives stated for first time in 2014, and
sets again ambitious targets for 2015".
Publications:
The group has posted the Annual Report on its website
(www.direct-energie.com).
About Direct
Energie
Direct Energie is France's third-largest electricity and gas
provider, serving more than 1.3 million customers sites
(residential and businesses). Direct Energie has also developed its
offer for companies and local authorities, with more than
100,000 delivery points.
As an integrated energy group in France, Direct Energie produces
and supplies electricity, supplies gas, and offers energy services
to its customers. The group is also operating in Belgium (Wallonie)
and aims to be active on the whole territory by end 2015.
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@image7.fr - Tel + 33 (0)1 53 70 74
94
Marie Artzner - martzner@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@cmcics.com - Tel + 33 (0)1 53 48
80 57
Direct Energie
Ivan Roussin - ivan.roussin@direct-energie.com - Tel +33 (0)6
19 30 05 03
Mathieu Behar - Mathieu.behar@direct-energie.com - Tel +33
(0)6 12 48 85 85
20150330_PR_Direct_Energie_FY_14_results_VUK
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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
HUG#1907681