Groupe Auchan announces its 2013 Annual Results - Information portal

Groupe Auchan announces its 2013 Annual Results

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11.03.2014 Количество просмотров 919 views
Groupe Auchan announces its 2013 Annual ResultsAt 31 December 2013, Groupe Auchan's consolidated revenue excluding taxes increased by 3.4% (at constant exchange rates) to €48.1 billion. Due to a very downbeat economic environment in the euro zone, revenue growth was driven solely by Central and Eastern Europe and Asia, which recorded growth of 11.1%, while France saw revenue fall by 1.1% and Western Europe excluding France saw a decline of 2.8%. 

Excluding fuel and at constant exchange rates, pro-forma revenue including taxes rose by 4.2%, attributable to expansion (+4.7%). On a like-for-like basis, it fell slightly (-0.5% like-for-like excluding fuel and at constant exchange rates), the fuel impact being -0.7% and the exchange rate impact -1.1%.
Revenue including taxes for the chains grew by 4.1% to €62.1 billion.

EBITDA came out at €2,636 million, up 5.0% in relation to 2012 thanks to a 0.2% increase in gross profit (to 23.2% of revenue) and a controlled increase in current operating expenses. It rose at a more rapid pace than revenue.

Operating profit from continuing operations, which reflects the Group's recurrent activities, grew by 2.7% to €1,304 million. Operating profit grew by 13.7% to €1,392 million, attributable to other operating profit and expenses in 2013 (notably capital gains of €268 million on property disposals by Immochan in France, Italy and Luxembourg and asset impairment of €180 million) and 2012 (notably a capital gain of €60 million related to the revaluation of the 51% stake in the Italian subsidiary GCI following the acquisition of Simon Property Group's 49% stake, and asset impairment of €110 million).

Net profit from continuing operations came out at €835 million, up 18.3%. After restatement for the main non-recurrent items in 2012 and 2013, it was up by 1.6%. Profit for the year attributable to owners of the parent increased by 19.3% to €767 million. 

Current investment stood at €1,875 million, almost stable in relation to 31 December 2012 at -1.1% (€1,896 million). It breaks down into 30.2% for France at €566 million, 12.9% for Western Europe excluding France and 56.9% for Central and Eastern Europe and Asia. By core business, €1,115 million or 59.5% of the total was invested in the hypermarkets, €265 million (14.1%) in the supermarkets, and €411 million (21.9%) in retail property management.
The purchase of equity interests amounted to €681 million over 2013, primarily related to the acquisition of the Real hypermarkets in Ukraine, Russia and Romania.

At 31 December 2013, net financial debt stood at €3,164 million, i.e. 30.9% of equity (32.2% in 2012). Even with the purchase of the Real hypermarkets in Ukraine, Russia and Romania, debt remained stable in relation to 31 December 2012 (€3,163 million). Groupe Auchan's cash flow from operations increased by 4.9% to €2,051 million. 

To secure financial liquidity, the Group issued 3 new bonds during 2013: €250 million in February maturing in 2018, €500 million in April maturing in 2023 and €200 million in June maturing in 2023.
The Standard & Poor’s rating for Groupe Auchan is “A with a negative outlook” over the long term and “A1” over the short term. 

Vianney Mulliez, Chairman of the Board of Directors commented on the results as follows:
"In 2013, our winning growth strategy meant we could continue generating revenue growth at a time when the sales activities of our hypermarkets in France and for all our networks in Italy were at a standstill and fell short of our expectations. It is worth noting that our revenue growth was fully driven by Central and Eastern Europe and Asia, whose weightings within the Group increase each year.
As regards Auchan France, it saw a decline in profit in 2013 due notably to the fact that its tax contribution was again very high at 67% of profit before tax and after CICE (tax credit for competitiveness and employment). 

In 2013, we saw further organic growth in all of our core businesses (hypermarkets, supermarkets, retail property, drive format, etc.) in the 15 countries in which we operate. Our teams successfully steered the brand transfer of the Real hypermarkets in Ukraine, Russia and Romania. The first results show we are offering an improved service to more customers, by bolstering their purchasing power. This acquisition has strengthened our activity on markets on which we already had a winning business model. Moreover, it is very gratifying to have successfully completed this acquisition while keeping a tight rein on debt, which remained perfectly stable at less than 31% of equity, due to the successful sale of mature assets in the euro zone. 

On the whole, Groupe Auchan improved the resilience of its business and sales models in 2013 and strengthened its growth potential for the future."
Source:  Groupe Auchan

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