Steep rise in total sales: +7.7%
Double-digit growth in adjusted operating
profit (+10.0%), net profit attributable to the Group (+11.4%),
and
normalized free cash flow (+12.2%)
Sharp acceleration in development
initiatives
Rise in investments dedicated to new products:
+27% in the first nine months of 2017
Strong contribution of acquisitions to sales
growth expected: nearly +15% in 2017-20181
2017 minimum targets raised
Organic growth in sales: new target +2% to +3%
(initially2 between 0% and +3%)
Adjusted operating margin before acquisitions3:
new target 19.8% to 20.1% (initially2 between 19.3% and 20.1%)
Regulatory News:
Gilles Schnepp, Chairman and CEO of Legrand (Paris:LR),
commented:
“Steep rise in total
sales
In the first nine months of the year, Group sales were up +7.7%
in total, supported by its two growth drivers.
Organic growth in sales thus stood at +2.9%, driven by good
showings in new economies (+4.8%) and solid increases in mature
countries (+2.1%), despite, as announced4, unfavorable effects
related to calendar impacts and bases for comparison in the third
quarter.
The impact of the broader scope of consolidation resulting from
acquisitions was +4.4% in the first nine months of the year, and
should reach over +7% full year.
Double-digit growth in profit and
normalized free cash flow
At the same time, adjusted operating profit rose by +10.0% and
adjusted operating margin before acquisitions (at 2016 scope of
consolidation) stood at 20.6% of sales compared with 20.0% in the
first nine months of 2016, a rise of 0.6 points.
Net profit attributable to the Group and normalized free cash
flow increased +11.4% and +12.2%, respectively, compared with the
first nine months of 2016.
These very good showings reflect once again Legrand’s ability to
create value over the long term by expanding its positions.
1 Taking into account all acquisitions announced and their
likely consolidation dates, the expected impact of the broader
scope of consolidation is more than +7% per year in 2017 and 2018.
Over two years, it should thus stand at close to +15% in 2018,
compared with 2016.2 Targets announced on February 9, 2017.3 At
2016 scope of consolidation.4 For more details, see July 31, 2017
press release announcing 2017 first-half results.
Rise in investments dedicated to new
products
Legrand remained very active in innovation, with investments
dedicated to new products up nearly +27% from the first nine months
of 2016. These initiatives help expand the Group’s offering,
particularly for digital infrastructure products and connected
solutions with enhanced value in use under the Eliot program, which
is being rolled out in new geographical areas this year.
Strong contribution of acquisitions to
sales growth expected
Legrand has stepped up the pace of its external growth since the
beginning of the year.
The Group has thus acquired five companies and, in Italy, signed
a joint-venture, resulting in stronger positions in business fields
buoyed by technological and societal megatrends that represent long
term development opportunities.
This sustained acquisition momentum should drive external growth
to over +7% in both 2017 and 20181, adding nearly +15% to the
Group’s growth over two years1.”
2017 minimum targets raised
Based on good performances in the first nine months and taking
into account expected effects for the fourth quarter2, Legrand is
raising its minimum targets for the year and setting new targets
for 2017:
- organic growth in sales of between +2% and +3% (initially3
between 0% and +3%) and
- adjusted operating margin before acquisitions (at 2016 scope
of consolidation) of between 19.8% and 20.1% of sales (initially3
between 19.3% and 20.1%).
1 Taking into account all acquisitions announced and their
likely consolidation dates.2 Unfavorable calendar impacts and bases
for comparison in the United States, as well as usual seasonal
pattern of margin.3 Targets announced on February 9, 2017.
Key figures
Consolidated data
(€ millions)(1)
9 months 2016 9 months 2017
Change Sales 3,704.6 3,988.3 +7.7%
Adjusted operating profit 740.6 814.9 +10.0%
As % of sales 20.0% 20.4% 20.6% before acquisitions(2) Operating
profit 707.5 776.3 +9.7% As % of sales 19.1% 19.5%
Net profit attributable to the Group 425.6 474.3
+11.4% As % of sales 11.5% 11.9%
Normalized free cash flow 482.5 541.5 +12.2% As % of sales 13.0%
13.6% Free cash flow 424.2 415.0 -2.2% As % of sales 11.5%
10.4% Net financial debt at September 30
1,149.4 2,284.1 +98.7%
(1) See appendices to this press release for definitions and
reconciliation tables of indicators(2) At 2016 scope of
consolidation
Financial performance at September 30, 2017
Consolidated sales
Sales in the first nine months of 2017 totaled €3,988.3 million,
up a steep +7.7% from the first nine months of 2016.
Organic growth in sales stood at +2.9% for the period,
reflecting good showings in new economies (+4.8%) and solid results
in mature economies (+2.1%), despite, as announced, the unfavorable
effects related to calendar impacts and bases for comparison in the
third quarter, in the United States in particular.
The impact of the broader scope of consolidation resulting from
acquisitions was +4.4%. Taking into account all acquisitions
announced and their likely consolidation dates, the expected impact
of the broader scope of consolidation is more than +7% per year in
2017 and 2018. Over two years, it should thus stand at close to
+15% in 2018, compared with 2016.
The exchange-rate effect was +0.1%. Applying average exchange
rates for October 2017 to the last three months of the year, the
annual exchange-rate effect for 2017 would be around -1%.
Changes in sales by destination at constant scope of
consolidation and exchange rates broke down as follows by
region:
9 months 2017 / 9 months 2016
3rd quarter 2017 / 3rd quarter
2016 France +2.3% +3.2% Italy +3.5% +4.3% Rest of Europe +5.4%
+5.2%
North and Central America1
+1.5% (+8.1% over 2 years)2
-0.7% (+7.1% over 2 years)
2 Rest of the world +3.4% +4.0%
Total +2.9% +2.4%
(1) Milestone was not consolidated in the first nine months 2017
statement of income. For more details on the timeline for
consolidation of Milestone, the reader is invited to refer to pages
9 and 10 of this press release.(2) As announced, 2016, and the
third quarter in particular, represent demanding bases for
comparison. As a result, over two years, organic growth in the
North and Central America region was +8.1% compared with the first
nine months of 2015 and +7.1% compared with the third quarter of
2015. For more details, the reader is invited to refer to comments
on Legrand’s performance in North and Central America on page 4 of
this press release.
These changes at constant scope of consolidation and exchange
rates are analyzed below by geographical region:
- France (16.8% of Group sales): organic growth in sales
in France stood at +2.3% in the first nine months of 2017.
This increase in sales was driven by healthy growth in new
residential construction (between 15% and 20% of French sales).
Non-residential new construction activities grew but at an uneven
pace, while renovation increased more moderately.
- Italy (9.9% of Group sales): at constant scope of
consolidation and exchange rates, sales were up +3.5% in Italy.
These good showings were driven in particular by the success of
new product offerings including (i) the Classe 300X connected door
entry system and the My Home Up home system, both launched in 2016,
as well as (ii) the Smarther connected thermostat, introduced in
the second quarter of this year.
- Rest of Europe (17.4% of Group sales): at constant
scope of consolidation and exchange rates, sales were up +5.4% from
the first nine months of 2016.
Many countries in new economies recorded good showings. This was
the case in Eastern Europe, including Russia, Romania and
Hungary.
In Turkey, sales were also up, driven by a third-quarter
performance that benefited from a favorable basis for
comparison.
Sales growth was also solid in a number of mature countries,
including Spain, Greece, Belgium and Austria.
In the United Kingdom (less than 2.5% of Group sales), after a
sustained increase in sales in the first half, business retreated
slightly in the third quarter alone.
- North and Central America (31.2% of Group sales): at
constant scope of consolidation and exchange rates, sales were up
+1.5% in the first nine months of 2017.
Over two years, organic growth in North and Central America was
+8.1% compared with the first nine months of 2015, and +7.1%
compared with the third quarter of 2015.
As a reminder, 2016, and the third quarter1 in particular,
represent demanding bases for comparison in the United States, the
main country in this region.
As a result, in the United States alone2, organic growth in the
first nine months of the year stood at +0.6% (+7.6% over two years
compared with the first nine months of 2015) and the trend in
organic sales was
-2.2% in the third quarter (+6.9% over two years compared with
the third quarter of 2015).
In the rest of the region, Mexico and Canada turned in good
showings in the first nine months of 2017.
- Rest of the World (24.7% of Group sales): organic
growth was up +3.4% from the first nine months of 2016.
A number of countries in Asia turned in solid showings,
including China, South Korea and Singapore. The Group also reported
robust growth in sales in North African countries3.
More particularly, in India sales also rose compared with the
first nine months of 2016, driven by good third-quarter showings
following the temporary slowdown in the second quarter linked to
the application of the GST4.
Lastly, sales retreated in certain countries in the region,
including Brazil, Australia, Malaysia and Thailand.
1 Excerpt from the comment on the United States performance
published on July 31, 2017: “As a reminder (i) the calendar effect
should be unfavorable in the third quarter, and (ii) growth stood
at +9.3% in the third quarter of 2016, benefiting from favorable
one-offs (excluding these effects, the rise in sales would have
been in the neighborhood of 3%) hence representing a demanding
basis for comparison for the third quarter of 2017.”.2 Milestone
will be consolidated in the Group’s statement of income in the
fourth quarter for a period of five months. For more information on
Milestone, including expected sales growth seasonality in 2017, the
reader is invited to refer to pages 9 and 10 of this press
release.3 North Africa = Algeria + Egypt + Morocco + Tunisia.4 GST:
Goods and Services Tax.
Adjusted operating profit and margin
Adjusted operating profit stood at €814.9 million in the first
nine months of 2017, up +10.0%, reflecting the Group’s ability to
generate value through profitable growth and an ongoing
productivity approach.
Adjusted operating margin before acquisitions1 was 20.6% of
sales in the first nine months of 2017, up 0.6 points from the
first nine months of 2016.
This reflects the Group’s ongoing good operating performance for
+0.5 points as well as a net favorable
non-recurring effect of around +0.1 points (coming from the
impact of inventory build-up in finished and
semi-finished goods estimated at +0.2 points, partially offset
by the unfavorable effect of non-recurring items for around -0.1
points).
Taking acquisitions into account, adjusted operating margin
stood at 20.4% of sales.
In the first nine months, by reacting quickly to adjust its
price lists quarter by quarter, Legrand more than offset, in
absolute value, the impact of the marked rise in raw material and
component prices – a rise that stabilized in the third quarter.
Net profit attributable to the Group
Over the first nine months of 2017, net profit attributable to
the Group rose +11.4% compared with the first nine months of 2016
and stood at €474.3 million, reflecting:
- a good operating performance, with a €68.8 million improvement
in operating profit;
- an €11.5 million decrease in net financial expense;
- a €0.7 million decline in profit to minority interests;
partially offset by:
- a €24.9 million rise in income tax expense (the tax rate stood
at 33.0%, almost stable compared with that for 2016);
- a €6.1 million unfavorable change in the foreign-exchange
result; and
- a €1.3 million decline in the result of equity-accounted
entities.
Cash generation
Cash flow from operations stood at €656.1 million and represents
16.5% of sales. It increased by over +12% in the first nine months
of 2017.
Working capital requirement as a percentage of sales for the
last twelve months remained under control at 8.9% on September 30,
2017.
Industrial investments stood at €105.9 million in the first nine
months of 2017, up €11.5 million compared with the first nine
months of 2016. The rise should continue, driven in particular by
new-product momentum as well as by investments in industrial and
commercial productivity.
Normalized free cash flow came to €541.5 million in the first
nine months, up +12.2%, and includes
€2.9 million realized non-recurring foreign-exchange gains.
At the same time, free cash flow stood at €415.0 million
compared with €424.2 million in the first nine months of 2016. This
change reflects:
- a strong operating performance with
EBITDA improving by €74.6 million;
- a favorable change in the realized
foreign-exchange result of €6.9 million, including in particular
€2.9 million of realized non-recurring foreign-exchange gains in
the first nine months;
- a €9.3 million improvement in other
items, mostly long-term items;
- a €10.0 million decline in net
financial expense;
offset by:
- a €78.2 million rise in working capital
requirement excluding tax items, but as indicated in the
announcement of 2016 annual results: “Working capital requirement
expressed as a percentage of sales at the end of 2016 was
temporarily at an exceptionally low level compared with the past
ten years, which makes a challenging basis for comparison in
2017”;
- a €20.0 million rise in tax paid;
and
- an €11.8 million increase in
investments net of sales.
1 At 2016 scope of consolidation.
Ongoing innovation initiatives
With a rise of close to +27% in investments dedicated to new
products compared with the first nine months of 2016, Legrand
remained very active in innovation.
The Group thus broadened its offering with new solutions that
fuel current and future growth. For example, Legrand has
launched:
- Luzica and Clickme, two new user
interface ranges for South American markets;
- IRVE 3.0, a new offering of connected
charging stations for electric vehicles that track consumption and
loading level on smartphones and tablets; and
- LCS3, an innovative high-performance
cabling system for copper and fiber optic digital infrastructures,
offering datacenters optimized implementation and volume along with
easy maintenance.
Legrand is also actively preparing to launch its new “Céliane
with Netatmo” range of user interfaces in early 2018. This offering
already equips pilot residential real estate programs in France in
partnership with BNP Paribas Real Estate and Vinci Immobilier.
Product launches completed and planned testify to the ongoing
enhancement of Legrand’s offering, particularly with ranges
designed for digital infrastructure, a business driven by the
development of connected products. Here Legrand is continuing to
strengthen its Eliot program with new higher
value-in-use solutions.
Together these initiatives reflect Legrand’s commitment to be a
long-term player in the development of the smart building.
External growth
Since the beginning of the year, Legrand has also pursued its
strategy of bolt-on acquisitions of companies that round out its
activities, in a globally favorable economic environment. This has
resulted in five acquisitions and one joint-venture.
The Group has continued a focused drive to build strong
positions in segments of its market driven by technological and
societal megatrends. On an annual basis, this year’s acquisitions
should help raise the share of Group sales made in new business
segments1 to around 38%2 and the percentage of Group sales made
with products ranked #1 or #2 in their respective markets to around
69%2.
Looking more closely, Legrand has acquired three companies
specializing in digital infrastructures, a business sustained by
rising data flows and a shift to new uses:
- Milestone AV Technologies LLC3
(“Milestone”), a frontrunner in audio-video infrastructure and
power;
- Server Technology. Inc., a leading
player in smart PDUs4; and
- AFCO Systems Group, specializing in
Voice-Data-Image (VDI) cabinets.
The Group also acquired two companies specializing in
specification-grade architectural lighting for
non-residential buildings in the US:
- Finelite, an acknowledged US player in
linear lighting fixtures; and
- OCL, specialized in lighting solutions
for non-residential and high-end residential buildings.
1 Digital infrastructure, energy efficiency, assisted living and
home systems.2 Based on 2016 sales including 12 months of
acquisitions made in 2016 and 2017.3 Milestone will be consolidated
in the Group’s statement of income in the fourth quarter for a
period of five months. For more information on Milestone, including
expected sales growth seasonality in 2017, the reader is invited to
refer to pages 9 and 10 of this press release.4 PDU: Power
Distribution Unit.
Legrand has also signed a joint-venture with Borri1, an Italian
company specializing in three-phase UPS2.
Taking into account all acquisitions announced and their likely
consolidation dates, the expected impact of the broader scope of
consolidation is more than +7% per year in 2017 and 2018. Over two
years, it should thus stand at close to +15% in 2018, compared with
2016. For 2017 as a whole, dilution of the adjusted operating
margin due to acquisitions should be around -0.1 points.
1 As Legrand’s equity stake is 49%, Borri will be consolidated
on the equity method.2 Uninterruptible Power Supply.
----------------------
Consolidated financial statements for the first nine months of
2017 were adopted by the Board at its meeting on November
6, 2017. These consolidated financial statements, a presentation of
results for the first nine months of 2017, and the related
teleconference (live and replay) are available at
www.legrand.com.
KEY FINANCIAL DATES:
- 2017 annual results: February 8,
2018“Quiet period1” starts January 9, 2018
- 2018 first-quarter results: May 3,
2018“Quiet period1” starts April 3, 2018
- General Meeting of Shareholders: May
30, 2018
ABOUT LEGRAND
Legrand is the global specialist in electrical and digital
building infrastructures. Its comprehensive offering of solutions
for commercial, industrial and residential markets makes it a
benchmark for customers worldwide. Drawing on an approach that
involves all teams and stakeholders, Legrand is pursuing its
strategy of profitable and sustainable growth driven by
acquisitions and innovation, with a steady flow of new
offerings—including Eliot* connected products with enhanced value
in use. Legrand reported sales of more than €5 billion in 2016. The
company is listed on Euronext Paris and is a component stock of
indexes including the CAC 40, FTSE4Good, MSCI World, Corporate
Oekom Rating, Vigeo Euronext Eurozone 120, Europe 120 and France
20, and Ethibel Sustainability Index Excellence (code ISIN
FR0010307819).http://www.legrand.com
*Eliot is a program launched in 2015 by
Legrand to speed up deployment of the Internet of Things in its
offering. A result of the group’s innovation strategy, Eliot aims
to develop connected and interoperable solutions that deliver
lasting benefits to private individual users and professionals.
http://www.legrand.com/EN/eliot-program_13238.html
1 All communication suspended in the run-up to publication of
results.
Appendices
Information on Milestone – Reminder and additional elements
(1/2)
Reminder
Milestone 2016 key figures Sales: $464 million
Adjusted operating margin1: 21% of sales Normalized free cash
flow1,2: 12.5% of sales
Tax benefit linked to Milestone
acquisition
The tax benefit resulting from standard goodwill amortization
over 15 years stands at $400 million.
Annual cash tax benefit (with no impact on the statement of
income): around $30 million per year from 2017 to
2026. This benefit will decrease from 2027 onwards.
All Legrand financial criteria
met
2016 EV3/EBITDA1 of around 9.0x
Accretion on earnings per share before Purchase Price Allocation
(PPA) from mid to high single digit
Value creation within 3 to 5 years
Synergies
Synergies:
between 1% and 5% of Milestone’s2016
salesof which medium-term commercial synergies (client coverage,
development of operations in other distribution channels and
geographical regions) and short- to medium-term cost synergies
(purchasing, production and administration).
1 Excluding non-recurring items.2 Excluding cash tax benefit
linked to the goodwill amortization.3 Enterprise Value of $950
million, net of the discounted tax benefit of $250 million (gross
amount: $400 million).
Information on Milestone – Reminder and additional elements
(2/2)
Additional elements
Consolidation
September 30, 20171: consolidated only in Group balance
sheet.
December 31, 2017: consolidated in Group balance sheet and
statement of income for a 5-month period.
Sales
- Buoyant activity in the long run but
fluctuating by nature in the short term
Milestone operates in a buoyant market driven by both social
megatrends (communication, security, distance and collaborative
working etc.) and technological megatrends (digitalization, new
display technologies, streaming technologies etc.), but with a
business that, by its nature, can fluctuate in the short term
(projects, retail, etc.):
January February March
April May June
July August September
October 12 months (estimated) Organic
growth 2017 vs. 2016 +19% -9% +16% +1% +3% +7% +12% -11% +3%
-4% +2% to +3%
- Estimated 2017 sales growth
Taking the above series into account and based on annual organic
growth estimated at +2% to +3% in 2017 (consistent with 2016),
Milestone’s 2017 organic growth would be as follows:
January to December estimated: +2% to +3% January to
July (before acquisition): +7% August to December estimated
(post-acquisition): -4% to -1.5%
Annual cash impact (before
synergies)
Normalized free cash flow generated by Milestone2:
$58 million Annual cash tax benefit3: +$30 million Financing costs:
-$12 million
Milestone’s annual contribution to
Group cash generation:
=$76 million
Value creation (before
synergies)
In addition to bringing highly valuable positions to the Group
in a buoyant market with solid fundamentals that are similar to
Legrand’s, the acquisition of Milestone is, before synergies, value
creative from year one:
Adjusted operating profit (21% of sales)2:
$97 million Income tax (rate of 39%) on adjusted operating
profit: -$38 million Cash tax benefit resulting from standard
goodwill amortization3: +$30 million Adjusted operating profit
after tax + cash tax benefit:
(a)
=$89 million Gross price paid:
(b)
$1,200 million
Return (including cash tax benefit) on
invested capital
(a) / (b):
7.4%
(i.e. above the 7% WACC used)
Provisional1 Purchase Price Allocation
(PPA) – Non-cash impacts on the statement of income
Recurring non-cash impacts starting in 2017 (5 months) through
2026: $25 million to $28 million annual amortization
of intangible assets, decreasing from 2027 onwards Non-recurring
non-cash impacts (2017 only): reversal of inventory step-up for
around $20 million
These non-cash expenses will have no impact on the Group’s
adjusted operating profit.
1 See note 2 to unaudited consolidated financial statements at
September 30, 2017.2 Based on 2016 Milestone’s figures and
excluding non-recurring items.3 Cash tax benefit with no impact on
the statement of income.
Glossary
Working capital requirement
Working capital requirement is defined as the sum of trade
receivables, inventories, other current assets, income tax
receivables and short-term deferred tax assets, less the sum of
trade payables, other current liabilities, income tax payables,
short-term provisions and short-term deferred tax liabilities.
Free cash flow
Free cash flow is defined as the sum of net cash from operating
activities and net proceeds from sales of fixed and financial
assets, less capital expenditure and capitalized development
costs.
Normalized free cash flow
Normalized free cash flow is defined as the sum of net cash from
operating activities—based on a normalized working capital
requirement representing 10% of the last 12 months’ sales and whose
change at constant scope of consolidation and exchange rates is
adjusted for the period considered—and net proceeds of sales from
fixed and financial assets, less capital expenditure and
capitalized development costs.
Organic growth
Organic growth is defined as the change in sales at constant
structure (scope of consolidation) and exchange rates.
Net financial debt
Net financial debt is defined as the sum of short-term
borrowings and long-term borrowings, less cash and cash equivalents
and marketable securities.
EBITDA
EBITDA is defined as operating profit plus depreciation and
impairment of tangible assets, amortization and impairment of
intangible assets (including capitalized development costs) and
impairment of goodwill.
Cash flow from operations
Cash flow from operations is defined as net cash from operating
activities excluding changes in working capital requirement.
Adjusted operating profit
Adjusted operating profit is defined as operating profit
adjusted for amortization and depreciation of revaluation of assets
at the time of acquisitions and for other P&L impacts relating
to acquisitions and, where applicable, for impairment of
goodwill.
CSR
Corporate Social Responsibility
Payout
Payout is defined as the ratio between the proposed dividend per
share for a given year, divided by the net income excluding
minority interests per share of the same year, calculated on the
basis of the average number of ordinary shares at December 31 of
that year, excluding shares held in treasury.
Calculation of working capital requirement
In € millions 9M 2016 9M 2017
Trade receivables 615.2 692.2 Inventories 684.1 751.0
Other current assets 170.2 196.9 Income tax receivables 34.0 27.8
Short-term deferred taxes assets/(liabilities) 95.6 96.3 Trade
payables (519.9) (571.9) Other current liabilities (519.9) (590.0)
Income tax payables (70.4) (63.6) Short-term provisions
(86.7) (69.3)
Working capital required
402.2 469.4
Calculation of net financial debt
In € millions 9M 2016 9M 2017
Short-term borrowings 391.8 916.9 Long-term
borrowings 1.509.5 2.070.6 Cash and cash equivalents (751.9)
(703.4)
Net financial debt 1,149.4
2,284.1
Reconciliation of adjusted operating profit with profit for
the period
In € millions 9M 2016 9M 2017
Profit for the period 427.8
475.8 Share of profits (losses) of equity-accounted entities
0.8 2.1 Income tax expense 210.1 235.0 Exchange
(gains) / losses 0.2 6.3 Financial income (6.3) (10.9) Financial
expense 74.9 68.0
Operating profit
707.5 776.3 Amortization & depreciation of
revaluation of assets at the time of acquisitions and other P&L
impacts relating to acquisitions 33.1 38.6 Impairment of goodwill
0.0 0.0
Adjusted operating profit
740.6 814.9
Reconciliation of EBITDA with profit for the period
In € millions 9M 2016 9M 2017
Profit for the period 427.8
475.8 Share of profits (losses) of equity-accounted entities
0.8 2.1 Income tax expense 210.1 235.0 Exchange
(gains) / losses 0.2 6.3 Financial income (6.3) (10.9) Financial
expense 74.9 68.0
Operating profit
707.5 776.2 Depreciation and impairment of
tangible assets 70.4 71.2 Amortization and impairment of intangible
assets (including capitalized development costs) and impairment of
goodwill 53.7 58.7
EBITDA 831.6
906.2
Reconciliation of cash flow from operations, free cash flow
and normalized free cash flow with profit for the period
In € millions 9M 2016 9M 2017
Profit for the period 427.8
475.8 Adjustments for non-cash movements in assets and
liabilities: Depreciation, amortization and
impairment 125.9 131.1 Changes in other non-current assets and
liabilities and long-term deferred
taxes
31.5 39.5 Unrealized exchange (gains)/losses (3.8) 9.2
(Gains)/losses on sales of assets, net 0.5 (1.4) Other adjustments
1.4 1.9
Cash flow from operations
583.3 656.1 Decrease (Increase) in working
capital requirement (65.9) (138.0)
Net cash
provided from operating activities 517.4
518.1 Capital expenditure (including capitalized development
costs) (94.4) (105.9) Net proceeds from sales of
fixed and financial assets 1.2 2.8
Free cash
flow 424.2 415.0 Increase
(Decrease) in working capital requirement 65.9 138.0 (Increase)
Decrease in normalized working capital requirement (7.6)
(11.5)
Normalized free cash flow 482.5
541.5
Scope of consolidation
2016 Q1 H1 9M
Full year Full consolidation method Fluxpower
Balance sheet only Balance sheet only 8 months
11 months Primetech Balance sheet only Balance
sheet only 8 months 11 months Pinnacle Architectural
Lighting Balance sheet only 5 months
8 months Luxul Wireless Balance sheet
only 5 months 8 months Jontek
Balance sheet only 5 months 8 months Trias
Balance sheet only Balance sheet only 8
months CP Electronics Balance sheet only
Balance sheet only 7 months Solarfective
Balance sheet only 5 months
Equity method TBS(1) 6 months 9
months 12 months
2017
Q1 H1 9M Full
year Full consolidation method Fluxpower 3 months
6 months 9 months 12 months Primetech 3
months 6 months 9 months 12 months Pinnacle
Architectural Lighting 3 months 6 months 9
months 12 months Luxul Wireless 3 months 6
months 9 months 12 months Jontek 3 months
6 months 9 months 12 months Trias 3
months 6 months 9 months 12 months CP
Electronics 3 months 6 months 9 months
12 months Solarfective 3 months 6 months 9
months 12 months OCL Balance sheet only 5
months 8 months 11 months AFCO Systems Group
Balance sheet only 5 months 8 months
Finelite Balance sheet only 4 months
7 months Milestone
Balance sheet only 5 months Server technology
Balance sheet only
Equity
method TBS(1) 3 months 6 months 9 months
12 months Borri Balance sheet only
Balance sheet only 8 months
(1)Created together with a partner, TBS is to produce and sell
transformers and busbars in the Middle East.
Disclaimer
This press release may contain forward-looking statements which
are not historical data. Although Legrand considers these
statements to be based on reasonable assumptions at the time of
publication of this release, they are subject to various risks and
uncertainties that could cause actual results to differ from those
expressed or implied herein.
Details on risks are provided in the Legrand Registration
Document filed with the Autorité des marchés financiers (Financial
Markets Authority, AMF), which is available on-line on the websites
of both AMF (www.amf-france.org) and Legrand (www.legrand.com).
No forward-looking statement contained in this press release is
or should be construed as a promise or a guarantee of actual
results, which are liable to differ significantly. Therefore, such
statements should be used with caution, taking into account their
inherent uncertainty.
Subject to applicable regulations, Legrand does not undertake to
update these statements to reflect events or circumstances
occurring after the date of publication of this release.
This press release does not constitute an offer to sell, or a
solicitation of an offer to buy Legrand shares in any
jurisdiction.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171106006636/en/
Investor relationsLegrandFrançois PoissonTel: +33 (0)1 49
72 53 53francois.poisson@legrand.frorPress relationsPublicis
ConsultantsVilizara LazarovaTel: +33 (0)1 44 82 46 34Mob: +33 (0)6
26 72 57 14vilizara.lazarova@consultants.publicis.frorEloi
PerrinTel: +33 (0)1 44 82 46 36Mob: +33 (0)6 81 77 76
43eloi.perrin@consultants.publicis.fr
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