Financial press release of 27 May 2015
First half 2014/2015 : renewed growth since January 2015
| € millions | First half* 2014/2015 | First half* 2013/2014 | Change |
| Turnover | 303,2 | 305,5 | -0,8% |
| Profit from operations | 17,0 | 19,4 | -12,3% |
| Operating profit | 16,0 | 17,9 | -10,9% |
| Net result | 10,1 | 11,0 | -7,7% |
* : The results presented take into account adjustments related to the application of IFRS interpretation IFRIC 21
Turnover
The Group returned to growth and recorded on the second quarter (January to March 2015) an increase of 1.8 % of sales (+0.7% at constant exchange rates) after a first quarter (October to December 2014) reported in decline of 3.1% compared to the previous year (-3.6% at constant exchange rates).
All the main markets of the group are now growing with the exception of France and the Netherlands.
The European coverage of the Group allows it to absorb a difficult French context.
Operating profitability
Profit from operations was down (-12,3%) compared to the first semester of previous financial year. This trend can mainly be attributed to the following reasons:
- Decreased retail margin compared to the first half of 2013/2014 (38.7% vs. 39.5%); which however remains in line with the margin of the whole 2013/2014 financial year (38.8 %).
- Costs related to the deployment of the new information system in France.
After factoring in exceptional items, operating profit was 5.3 % of turnover (vs. 5.9% for the first half of the previous year). These exceptional items mainly relate to restructuring costs and costs related to the liquidation of our Russian subsidiary.
Net result
In terms of net income, the decline was offset by the decrease in the effective tax rate (34.6% vs. 37.2% for the first half of the previous year) due to a greater contribution to the result of entities with a lower tax rate than the French tax rate (theoretical group rate).
A still solid financial position
The Group's financial position remains very strong with available cash of 81 million euros and a financial debt representing no more than 8% of total balance sheet. The Group maintained its financial structure and the same level of cash to the September 30, 2014 while financing its investments from its equity capital.
Second half 2014/2015 outlook
While keeping a close eye on where the business is heading, the Group will continue focusing its efforts to support the return to growth and will maintain its planned investments.
The acquisition of Papeteries Pichon (subject to validation of the Competition authority) will boost the Group's turnover of the year end
The Group will also keep an eye open for any external growth prospects that could arise.
About the Manutan Group
The Manutan Group is a leading player in the European multi-channel distribution market for businesses and local authorities. The group operates in 19 European countries through 25 subsidiaries. In 2013/2014, the Manutan Group generated revenue of 590 million euros, almost 40% of which outside France.
Manutan International is listed on Euronext Paris - Compartment B - ISIN: FR0000032302-MAN.
www.manutan.com
Next publication: Q3 2014/2015 turnover -
16 July 2015 (after market closure)
