Schneider Electric results 2015

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Algemeen advies 17/02/2016 07:40
17/02/2016
Record results thanks to quick adaptation in a challenging environment and balanced exposure to end-markets & regions

FY Revenues €26.6bn, up +6.8%, org. -1%, ~flat underlying¹
FY Adj. EBITA +5%. Organically, FY margin ~stable, c.+50bps in H2
Strong growth in adj. earnings per share (Adj. EPS)², up 6%
Another record free cash flow (FCF), reaching €2bn, up 20%
Proposed dividend³ +4%, at €2/share & €1.5bn buyback in 2015-2016
Successful Invensys integration; Good start of Schneider is On
________________________

¹ Adjusted for negative impact from change of fiscal year closing in Invensys and the ramping down of the China nuclear project, the estimated full year impact is about €40m and €66m respectively
² See appendix Adjusted Net Income & EPS for detailed calculation
³ Subject to Shareholder approval on April 25, 2016

Key figures (€ million) 2014 FY 2015 FY Reported Change Organic Change
Revenues 24,939 26,640 +6.8% -1.0%
Underlying growth (%) ~ flat1
SFC ratio (% of revenues) 23.8% 23.3% -50 bps
Adjusted EBITA 3,463 3,641 +5.1%
% of revenues 13.9 % 13.7% - 20 bps ~stable
Net Income (Group share) 1,941 1,407 -28%
Free Cash Flow 1,704 2,045 +20%
Adjusted Net Income2 2,008 2,119 +6%
Adjusted Earnings per share2 3.51 3.73 +6%

Jean-Pascal Tricoire, Chairman and CEO, commented: “In a challenging environment, we deliver record high revenues and profit, a stable margin in organic terms, and a strong growth in cash flow. Looking by business, Buildings & Partner and IT strengthen their global leadership and deliver solid results, Infrastructure is turning the corner, improving its profitability, and Industry is on track to recover its margin and shows great resilience despite weakness in some of its end markets. All this demonstrates the robustness of our business model based on the largest worldwide network of partners further enhanced by our balanced exposure to both end-markets and geographies. Moreover this illustrates our capability to quickly adapt to a volatile and challenging environment.
1. Adjusted for negative impact from change of fiscal year closing in Invensys and the ramping down of the China nuclear project, the estimated full year impact is about €40m and €66m respectively
2. See appendix Adjusted Net Income & EPS for detailed calculation
3. Subject to Shareholder approval on April 25, 2016

Financial Information
Page | 2
Investor Relations
Schneider Electric
Anthony Song
Tel: +33 (0) 1 41 29 83 29
Fax : +33 (0) 1 41 29 71 42
www.schneider-electric.com
ISIN : FR0000121972
Press Contact :
Schneider Electric
Véronique Roquet-Montégon
Tel : +33 (0)1 41 29 70 76
Fax : +33 (0)1 41 29 88 14
Press Contact :
DGM
Michel Calzaroni
Olivier Labesse
Phone : +33 (0)1 40 70 11 89
Fax : +33 (0)1 40 70 90 46
The second year of Invensys integration reaches all synergy targets and is ahead of schedule. Despite significant headwinds, Invensys also delivers a solid performance and successfully ramps down China nuclear project execution. The success of this integration demonstrates our capability to bring on board new entities and drive value creation from acquisitions.
2015 is also a year we strengthen the foundations of our businesses. We dispose of several non-core assets to optimize our portfolio and accelerate our cost optimization, delivering~€700m in savings .
In line with our commitments to our shareholders, we invest €0.6bn on share buybacks in 2015 and propose a 2015 dividend of €2 per share, an increase of 4% vs. 2014. We now upgrade our targeted buyback to a total of €1.5bn over 2015-2016.
Our priorities for this year are margin improvement by working on our costs, growing our partner’s network through the launch of many new integrated offers, accelerating services and software, and increasing selectivity on projects focusing on our sectors of expertise.
In 2016, we expect continued growth in Western Europe and the construction market in the U.S. At the same time we see headwinds from O&G, overall weakness in the U.S. industry markets, difficulties in China though to a lesser degree than in 2015 and mixed trends in the rest of new economies. Additionally, we will face material FX headwinds from several new economies' currencies. Therefore, we target organic revenue growth to be flat to down low single-digit, impacted by higher selectivity on project activities and a margin improvement of +20bps to +60bps before negative FX impact.”
I. FOURTH QUARTER REVENUES WERE DOWN -0.6% ORGANICALLY
2015 Q4 revenues were €7,198 million, down -0.6% organically and up +3.5% on a reported basis.

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tijd 09.06
De CAC 4.123,20 +12,54 +0,31% Schneider EUR 50,95 +2,92 vol. 197.000



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