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2014/02/18

2013 RESULTS Excellent year of profitable growth: Record Sales and Adjusted EBITDA

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Highlights

  • Record Net Sales: €2,516m, +9.8% of which +3.3% organic growth vs. 2012(1)
  • Record Adjusted EBITDA(2): €310m
  • Adjusted EBITDA margin: 12.3% of sales, +90bps vs. 2012
  • Net profit attributable to the owners (non adjusted): €99.1m, + 18.5% vs. 2012
  • Successful integration of Tandus
  • Strong balance sheet structure: Net debt / Adjusted EBITDA = 1.4x
  • Dividend: €0.62 per share to be paid in July 2014 (pending approval by AGM)

Net Sales improved by 9.8% vs. 2012 to reach € 2,516m.

Organic growth reached 3.3%, excluding the full-year impact of Tandus acquisition (+€210m) and exchange rates variations (-€61m including a lag effect of selling price increases in Russia of -€21m). While demand remained weaker in certain parts of Europe, the Group maintained a positive momentum in emerging markets as well as in North America, and fully benefitted from the recovery of Sports Surfaces markets.

The Group achieved an adjusted EBITDA of €310m vs. €262.2m in 2012. Adjusted EBITDA margin improved by 90bps, at 12.3%. This performance was mainly driven by the full-year impact of Tandus acquisition, positive volume growth and continued operational efficiency, despite adverse currency effects.

Net profit attributable to the owners (non adjusted) reached €99.1m, +18.5% vs. 2012.

The pre-tax ROCE reached a record level, at 17.7% (16.5% in 2012(3)).

Commenting on the financial results, Michel Giannuzzi, CEO of Tarkett, declared:

« Tarkett delivered record results in 2013, demonstrating the strength of its profitable growth strategy. The Group benefitted from the positive impact of the acquisition of Tandus in North America and sustained organic growth in its main markets and segments. Thanks to its balanced worldwide presence, diversified flooring products portfolio and efficient industrial base, Tarkett was able to capture growth in the most dynamic regions of the world. 2013 was also a historic year for Tarkett, with its listing on Euronext Paris. Despite an uncertain economic environment, we remain confident that the Group can pursue its dynamics of sustainable and profitable growth in the coming years thanks to its commitment to innovation, its focus on operational efficiency and its strategy of selective acquisitions.»

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(1) 2012 accounts were restated following adoption of IFRS 11 – A JV previously consolidated with the proportional method is now consolidated using the Equity method (except for ROCE figure)

(2) Adjusted EBITDA: adjustments include expenses related to restructuring, acquisitions and non-recurring items (in particular IPO related expenses)

(3) 2012 ROCE calculation is based on pro-forma accounts including 12 months of Tandus

 

Press Release 2013 Results - Excellent year of profitable growth: Record Sales and Adjusted EBITDA - February 18, 2014
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For more information about 2013 Annual Results, please click here