Second-Quarter Sales and Half-Year 2020 Results

CEW Rexel logo 400

July 28, 2020

Highlights from Rexel’s Q2 report:

Same-day sales are down -17.7% in Q2 20, with gradual recovery since April; Active opex management in Q2, without compromising medium-term digital ambition; Strong FCF generation with a 77.7% conversion rate in H1 2020.

SALES OF €2,820.4m IN Q2 2020, REFLECTING BUSINESS CONTINUITY TO SERVE OUR CUSTOMERS WHILE PRESERVING THE HEALTH AND SAFETY OF OUR EMPLOYEES

  • On a constant and same-day basis, sales down 17.7% in Q2 20. Even as the COVID-19 pandemic spread in most geographies, the dedication of our employees and digital transformation allowed us to gain market share
  • Gradual improvement since April, with progressive recovery in Europe and Pacific, while North America is lagging
  • Same-day sales down 5.6% in the first 2 weeks of July

FOCUS ON PROFITABILITY WITH REAL-TIME ADAPTATION TO EVERY LOCAL SITUATION; SALARY & BENEFITS CUT BY 19.7% IN Q2, MOSTLY THROUGH TEMPORARY MEASURES AND STRUCTURAL ACTIONS

SOLID FREE CASH FLOW OF €176.8m IN H1 2020 THANKS TO ACTIVE MANAGEMENT OF INVENTORIES AND RECEIVABLES

LOWEST LEVEL OF FINANCIAL NET DEBT SINCE 2008; INDEBTEDNESS RATIO AT 2.59x, LOWER THAN JUNE 30, 2019

RECURRING NET INCOME DOWN IN H1 2020 AND NET INCOME AT €(439.8)m FOLLOWING A €486m GOODWILL IMPAIRMENT, MAINLY TO REFLECT LOWER VOLUME RELATED TO COVID-19

VISIBILITY FOR H2 REMAINS LOW; CONTINUED FOCUS ON CASH GENERATION AND OPEX MANAGEMENT

Message from CEO, Patrick Berard:

“In the last months, Rexel demonstrated its ability to adapt and respond to a challenging business environment globally. Rexel was able to do so by taking advantage of all the investments it made in its network and digital transformation over the past three years.

We posted strong positive cash flow and resilient sales and profitability, and the credit goes to our very united and committed teams that acted as one company, sharing best practices across the organization. Our customers have welcomed our multiple initiatives and I also thank them for this trust.

We are emerging from this crisis as a stronger company committed to continuing on our journey of growth and profitability while focusing on our fundamentals.”

Go HERE for the full report

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