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FINANCIAL RESULTSQ3 2015
Wednesday 25th November
Q3 2015 HIGHLIGHTS
Q3 2015 HIGHLIGHTS
• Confirmation of revenue stabilization• Revenue up 1% like-for-like to €211m in Q3• EBITDA up 4% (down 4% to €77m including
capital gains)
• Key achievements• YTD EBITDA up 7%• Positive free cash flow• Completion of HERC acquisition
Q3 2015 FINANCIAL RESULTS - 25th November 2015 3
BUSINESS OVERVIEW OF LOXAM
REVENUE STABILISATION
(a) “Like-for-like” means changes in revenues for the period indicated compared to the prior comparable period, excluding changes in the scope of consolidation, at current exchange rates
5Q3 2015 FINANCIAL RESULTS - 25th November 2015
3%2%
8%
-6%
-13%-12%
-9%
-2%
0%
-1%
4% 3% 3%
5%
2%5%
2%
-2%
5% 6%
15%
0% 0%
2%
7%5%
4%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15
Generalist France Specialist France International
Revenue Quarterly Change (Y to Y) Like-for-Like
EBITDA EVOLUTION IMPACTED BY LOWER CAPITAL GAINS
(a) “Like-for-like” means changes in revenues for the period indicated compared to the prior comparable period, excluding changes in the scope of consolidation
6Q3 2015 FINANCIAL RESULTS - 25th November 2015
1%
7%
21%
-5%-1% 0%
19%
12%
-7%-5%
7%
0%
3% 5%
-10%
9%
-3%-5%
-14%
-1%
26%
-9%-6%
2%
-1%
9%13%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
Q3-13 Q4-13 Q1-14 Q2-14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15
Generalist France Specialist France International
Adj. EBITDA Quarterly Change (Y to Y) Like-for-Like
GENERALIST FRANCE: CONTINUED EBITDA MARGIN IMPROVEMENT
• Total revenue of €126m in Q3 2015, stabilization versus Q3 2014, throughout the quarter
• Q3 EBITDA margin excluding gains up by 2pts
• Completion of HERC acquisition on 30/10
7
Key Figures
YTD 30/09/14
YTD30/09/15
Revenue € 384m € 371m
Revenue evolution -4.7% -3.5%
Adjusted EBITDA € 127m € 134m
EBITDA margin 33.0% 36.2%
Nb of branches 416 396
Headcount (average) 3 169 3 053
61%
Share of YTD 2015 group revenue
Q3 2015 FINANCIAL RESULTS - 25th November 2015
SPECIALIST FRANCE :WEAKER REVENUE
• Total revenue down 2% in Q3 to €37m
• Q3 EBITDA margin at 36% (vs 37% in Q3 2014)
• Late-cycle effect on building construction
• Acquisition of OBM modular business
8
Key Figures
YTD 30/09/14
YTD30/09/15
Revenue € 105m € 107m
Revenue Evolution +3.6% +1.5%
EBITDA € 36m € 36m
EBITDA margin 34.4% 33.7%
Nb of branches 67 69
Headcount 551 549
Share of YTD 2015 group revenue
17%
Q3 2015 FINANCIAL RESULTS - 25th November 2015
INTERNATIONAL : REVENUE AND EBITDA GROWTH
• Total revenue in Q3 up by 1.9% (like-for-like, at constant exchange rate)
• Q3 EBITDA up by 13% like-for-like
• Softer market environment
9
Key Figures
YTD30/09/14
YTD30/09/15
Revenue € 112m € 133m
Revenue Evolution +28.1% +19.3%
EBITDA € 27m € 33m
EBITDA margin 24.0% 24.6%
Nb of branches 142 147
Headcount 780 981
Share of YTD 2015 group revenue
22%
Q3 2015 FINANCIAL RESULTS - 25th November 2015
REDUCED CAPEX
Gross fleet Capex Q3-2015 : €38m (vs. €46 m in Q3-2014)
Gross book value of divestments Q3-2015: €48m (vs. €68m in Q3-2014)
Revised guidance for 2015
10Q3 2015 FINANCIAL RESULTS - 25th November 2015
61
143131
196
128
91
0
50
100
150
200
250
Gross book value of disposedfleet equipment
Fleet Capex
YTD Sept.2013 YTD Sept. 2014 YTD Sept. 2015
m€
Gross Fleet Capex and Disposals (€m)
Q3 2015 FINANCIAL RESULTS
2014 capex weighed on EBIT
(€m) Q3 2014 Q3 2015 Var.YTD
30/09/14YTD
30/09/15Var.
Revenue 210 211 0.6% 601 611 1.7%
Adj. EBITDA (a) 80 77 -3.5% 191 204 6.9%
Margin 38% 36% 32% 33%
Adj. EBIT (a) 36 31 -13.2% 72 66 -7.8%
Margin 17% 15% 12% 11%
Net Financial Expense -15 -17 13.4% -34 -47 37.8%
Adj. Net Income (a)(b) 13 8 -36.3% 21 8 -61.6%
12
(a) Adjusted EBITDA and adjusted EBIT exclude non-recurring costs. These adjustments amounted to €8.4m totally recognized in Q3
2014.
(b) Adjusted Net Income exclude operating and financial non-recurring costs after tax. Financial non-recurring costs are relating to
the variation of the provision for the mark-to market value of swaps corresponding to the future charge. These adjustments
amounted to €0.4m in Q3 2015 and €0.2m in 2015.
Q3 2015 FINANCIAL RESULTS - 25th November 2015
LOWER FLEET GAINS WEIGHED ON EBITDA
13
8077
1 1 1
5
30
40
50
60
70
80
90
Adj. EBITDA Q32014
Gross margin Staff costs Other operatingcosts
Net gains on fleetdisposals
Adj. EBITDAQ3 2015
Q3 2015 EBITDA Bridge €m
Q3 2015 FINANCIAL RESULTS - 25th November 2015
WORKING CAPITAL REQUIREMENT AT LOW POINT
(a) Trade WCR = WCR relating to business and income tax (excluding WCR related to fixed assets)
14
103
7380 80 79 78 79
70 66
13%
9%10% 10% 10% 10% 10%
9%8%
0%
2%
4%
6%
8%
10%
12%
14%
0
20
40
60
80
100
120
140
Sept. 13 Dec.13 March 14 June 14 Sept. 14 Dec. 14 March 15 June 15 Sept. 15
Trade WCR (a) Trade WCR in % of LTM Revenue (right hand scale)
QUARTERLY TRADE WORKING CAPITAL REQUIREMENT%€m
Q3 2015 FINANCIAL RESULTS - 25th November 2015
LOWER DEBT TO FIXED ASSETS SUPPLIERS
15
(32) (21)
(56) (55)
(19) (24) (19) (24)(11)
103
73 80 80 79 78 79 70 66
-60
-40
-20
0
20
40
60
80
100
Sept. 13 Dec. 13 March 14 June 14 Sept. 14 Dec. 14 March 15 June 15 Sept. 15
WCR relating to fixed assets WCR relating to business and income tax
QUARTERLY WORKING CAPITAL REQUIREMENT€m
Q3 2015 FINANCIAL RESULTS - 25th November 2015
POSITIVE FREE CASH FLOW
(€m)Q3
2014Q3
2015YTD
30/09/14YTD
30/09/15
EBITDA before capital gains on fleetdisposal and other items 53 62 150 167
Proceeds from disposals of fixed assets 21 17 38 44
Gross capital expenditure (52) (43) (209) (110)
Financial income and expense (15) (17) (34) (49)
Income tax (5) (6) (10) (15)
Change in trade WCR 1 4 (5) 12
Change in WCR relating to fixed assets (36) (13) (2) (13)
Free cash flow (33) 4 (72) 36
Acquisitions, dividends and exchange effect (52) 0 (79) (18)
Change in net debt (85) 4 (151) 18
16Q3 2015 FINANCIAL RESULTS - 25th November 2015
NET DEBT AT €952M, LEVERAGE RATIO AT 3.55X
17
811 857778 833
970 952
3.46x 3.03x 2.84x 3.41x3.77x
3.55x
2010 2011 2012 2013 2014 LTM 09-2015
Net Debt Leverage
Leverage (Net Debt / Adj. EBITDA )
Q3 2015 FINANCIAL RESULTS - 25th November 2015
2015 Roadmap
Q4-2015 ROADMAP
• Market prospects unchanged
• Capex increase
• EBITDA improvement
• Integration of recent acquisitions
19Q3 2015 FINANCIAL RESULTS - 25th November 2015
Q&A
APPENDIX
STRONG LIQUIDITY POSITION
22
12 58 51 44 29 19 2 2
250
300
410
2015 2016 2017 2018 2019 2020 2021 2022
410 €m Senior Secured Notes
300 €m Senior Subordinated Notes
250 €m Senior Subordinated Notes
217 €m Bilaterals and financial leases
Debt maturity profile (in €m)
241 €m Cash and Cash Equivalents
50 €m RCF (undrawn)
Q3 2015 FINANCIAL RESULTS - 25th November 2015
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