ID Logistics summarizes the financial results for the first half of 2022. During this time, the company recorded an increase in revenues by 32.2% to 1.18 billion euros and basic operating income by 52.7% to 42.3 million euros.
Eric Hémar, President and CEO of ID Logistics, comments: “As in the prior period of the year, ID Logistics once again saw record strong growth in all financial ratios. The good sales and financial results we achieved in the first half of 2022 are the result of organic growth, customer support skills and the last three acquisitions. ID Logistics is well positioned to achieve profitable growth in the second half of 2022 ”.
THE NEXT HALF YEARS OF SUSTAINABLE REVENUE GROWTH BY 32.2%:
ID Logistics ended the first half of the year with revenues of EUR 1.18 billion and an increase of 32.2%.
These results include the effect of the GVT acquisitions in the Benelux countries, Colisweb in France and Kane Logistics in the US, as well as the positive impact of currency exchange rates. Excluding these items, half-year revenue growth remains strong, up 15.3% on a like-for-like basis.
– In France, the home market, ID Logistics recorded a revenue increase of 12.3% to EUR 422.9 million. Excluding the consolidation effect of Colisweb, the company acquired in January 2022, the increase was 6.1% compared to the same period last year.
– On international markets, ID Logistics recorded a strong increase in revenues, by 46.7% to EUR 757.7 million. This result includes the acquisition of GVT in the Benelux countries in December 2021 and Kane Logistics, acquired on March 31 this year. in Usa. Excluding the positive effects of consolidation and currency exchange rates in the first half of the year, revenue growth was 21.9% like-for-like.
BASIC OPERATING INCOME GROWTH BY 52.7% TO EUR 42.3 MILLION:
The ID Logistics group improved operating profitability, with basic operating income increasing by 52.7% to EUR 42.3 million (in the first half of 2021, it was EUR 27.7 million). This represents a base operating margin of 3.6% and translates into an increase of 50 basis points:
– In France, basic operating income increased to € 16.9 million. The improvement by 40 basis points is due to the productivity increase of projects launched in 2021 and the integration with Colisweb.
– In international markets, the Group recorded a sharp increase in core operating income to EUR 25.4 million, compared to EUR 14.2 million in the first half of 2021. The increase by 70 basis points to 3.4% was possible thanks to acquisitions (6 months for GVT and Kane Logistics from April 1, 2022) and increasing the productivity of projects started in 2021.
GROWTH OF THE GROUP’S SHARE IN THE NET PROFIT BY 41.9% TO EUR 18.3 MILLION:
The net profit for the first half of 2022 includes acquisition costs of EUR 2.2 million in fixed costs and an increase in financial costs of EUR 4.7 million related to the financing of recent acquisitions and operating investments resulting from the opening of new warehouses.
Overall, the Group’s share of the net profit for the first half of the year was EUR 18.3 million, 41.9% more than in the first half of the previous year.
GENERATING CASH FROM OPERATIONS:
Operating investments, mainly related to the commissioning of new warehouses, decreased to € 23.3 million in the first half of the year, compared to € 41 million in the first half of 2021, when the delays resulting from the restrictions caused by the Covid pandemic were catching up. This decrease was offset by a slight decrease in working capital and ultimately the cash flow from operating activities amounted to EUR 111 million, 54.2% more than in the corresponding period of 2021.
POSSIBLE NEXT INVESTMENTS:
After the acquisition of GVT in the Benelux countries (December 2021), ID Logistics finalized the acquisition of two more companies in the first half of the year: Colisweb in France and Kane Logistics in the USA for a total amount of EUR 247.7 million, paid in cash, including acquisition costs. At the same time, the Group refinanced part of its debt with a new syndicated loan of EUR 400 million and a revolving loan of EUR 65 million, which has not yet been used.
BUSINESS DEVELOPMENT PERSPECTIVES:
After the dynamic first half of the year, based on good sales and financial results, ID Logistics intends to maintain the rapid pace of development, focusing on increasing the efficiency of projects launched recently and the control of new, planned for 2022. The Group is cautious about changes in the situation macroeconomic and draws attention to the needs of customers.
Now that the integration process for recent acquisitions is complete, ID Logistics will focus on harnessing the growth opportunities that new synergies can provide.
ID Logistics also reminds that the company’s operations traditionally gain more favorable profitability in the second half of the year.
