POWEO DIRECT ENERGIE : 2012 FULL YEAR RESULTS
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For best results when printing this announcement, please click on the link below: http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130404:nHUGd111 PRESS RELEASE April 4th 2012 FULL YEAR RESULTS 65% INCREASE IN TURNOVER ENHANCED GROSS MARGIN OF EUR102 MILLION (17% OF SALES) NET INCOME, GROUP SHARE OF EUR4.7 MILLION 2011 data are extracted from Direct Energie's historical financials. 2012 data include entities from the former Direct Energie perimeter, including from July 1st 2012 onwards the contribution of Poweo and its subsidiaries EUR million 2012 2011 Turnover 590,7 357,1 Gross Margin 102,6 13,3 EBITDA (5,0) (59,2) Net Income (Group share) 4,7 (40,5) Equity 20,4 (12,1) Net Financial Debt (9,8) 71,6 Customer sites by segment as of 12/31/2012 Residential 846 000 Professional 179 000 Customer sites by energy type as of 12/31/2012 Power 798 000 Gas 227 000 2012 FY turnover: a 65% increase Poweo Direct Energie supplies more than one million customer sites (798,000 in electricity and 227,000 in gas) as of 12/31/12, representing a load curve of 8.6 TWh, and sales of EUR590.7 million. The sharp increase in activity (+65%) mainly results from the merger operation with Poweo whose sales have been consolidated since July 1st, 2012 (+EUR105.3 million over this period). On top of this mechanical increase, the Group pursues its expansion strategy (196,000 new customer sites in 2012) allowing to offset the improved monthly churn rate (1.7% in 2012 vs. 1.9% in 2011). The acquisition of professional customers (Audika, Speedy, Atac supermarkets.), local authorities (SIPPEREC #_ftn1 , SDEC, Métropole de Grenoble) and public entities such as "Grand Port Maritime du Havre" reinforces the Group's activities on the multi-sites segment. Such dynamism confirms the relevance of the new high value-added offers and services ("Other products" sales of EUR17 million). Profitability: consolidated gross margin increased to EUR102.6 million (vs. EUR13.3 million in 2011) due to improved supply conditions and continuous control over operating costs Electricity: the implementation of ARENH #_ftn2 has enabled Poweo Direct Energie to secure 80% of its yearly baseload electricity needs at a cheaper fix price compared to previous supply contracts (EUR42/MWh vs. EUR47.2/MWh). The latter ("Appels d'Offres Fournisseurs", AOF) were terminated on December 31st, 2012. Besides, in October 2012, Poweo Direct Energie and ERDF have agreed on a 4-year contract defining Poweo Direct Energie's compensation conditions for the management of electricity distribution to end-customers on behalf of ERDF (billing, collection, management of claims...). This contract has generated a EUR26 million revenue in 2012. Gas: Poweo Direct Energie took advantage of the decreasing "spot" prices to reduce its global supply cost and to secure part of its future needs under cost-competitive terms. The several decisions by the "Conseil d'Etat" to increase Gas regulated tariffs also contributed to reinforce gross margin. Other products: Considered a major tool for development and customer loyalty, sales of value-added services continue to grow with a significant margin. Management costs optimization: Since effective date of merger (July, 11th 2012), the Group has launched the rationalization of its structure. Thanks to Group teams' reactivity, the operational integration should be achieved by end of H1 2013, with tangible effects of synergies as soon as H2 2013 and full effect in 2014. Since the end of litigations with ERDF #_ftn3 , the distribution part of end-customers' unpaid bills is no longer borne by Poweo Direct Energie. In 2013, the total charge for unpaid bills will then be reduced by circa EUR10 million. Consolidation of financial structure: debt repayment and increase in cash As of 12/31/12, total equity stands at EUR20 million (-EUR12 million at the end of 2011), contributing to reinforce the global financial structure. Cash and cash equivalents amount to EUR58.3 million as of 12/31/12. The cash-flows generated over 2012 have enabled both to reimburse part of shareholders' loans for EUR30 million and to significantly improve net cash position amounting to EUR9.8 million (-EUR71.6 million at the end of 2011): *Change in perimeter impact (+EUR57.6 million): integration of Poweo's cash (+EUR46.6 million) and disposal of non-strategic assets (+EUR11 million); *Decrease in deposits with counterparts (+EUR35.6 million); *Improvement of credit conditions. 2013 outlook: first effects of synergies and continuation of the vertical integration strategy Poweo Direct Energie has decided to market all of its offers under a unique brand, "Direct Energie", and has developed a new and stronger visual identity, closer to consumers and their expectations. The rationalization implemented within the brand portfolio will allow the Group to be more consistent and efficient in its communication initiatives, which will be supported by media investments in 2013. The group's ambitions to further develop its supply activities are strengthened by (i) a clarified regulatory context, with notably the NOME Law provision to align Regulated Selling Tariffs and ARENH, (ii) the implementation of operational synergies (between EUR20 million and EUR25 million on a full-year basis starting 2014) and (iii) the evolutions in terms of distribution management. Poweo Direct Energie also pursues its industrial strategy of vertical integration by developing generation capacities complementary to nuclear energy. The Landivisiau project #_ftn4 , in partnership with Siemens, has entered its development phase: the generation unit operating permit has just been granted by the Minister of Ecology, Sustainable Development and Energy. The construction permit and the "autorisation préfectorale d'exploiter une installation classée" application files have also been submitted and will be shortly followed with the launch of public investigation phase (expected commissioning date: end of 2016). Poweo Direct Energie still targets, in partnership with the Swiss group Axpo, the renewal of several French large hydroelectric concessions which tenders will be launched in the coming months. Eventually, Poweo Direct Energie also actively monitors potential opportunities to acquire generation assets in line with its strategy. Poweo Direct Energie has reached a size allowing the Group to secure its profitability and become a cornerstone player of the energy market liberalization. Based on this achievement, the group aims at pursuing its profitable and progressive growth. In that perspective, the Group will continue to optimize its supply costs and rationalize its management and structure expenses. "The success of the merger and the current regulatory context give new prospects of positive operational cash flows. Therefore, Poweo Direct Energie, the third French player in electricity and gas, is well positioned to play its role in the energetic transition." has declared Xavier Caïtucoli, CEO of the Group. Important note: The audit procedures on consolidated financial statements have been completed. The certification report is currenltly being issued. Next publications: Unaudited pro forma financial elements are available on our website www.direct-energie.com. The Group also plans to upload on its website at the latest by April 12th, 2013, the management report, statutory and consolidated financial statements that will be submitted to the General Meeting for approval. ----------------------------------------------------------------------------------------------------  #_ftnref1 SIPPEREC : Syndicat Intercommunal de la Périphérie de Paris pour l'Electricité et les Réseaux de Communication which represents 80 cities and 5,500 delivery points  #_ftnref2 Accès régulé à l'électricité nucléaire historique, implemented in July 2011 in the context of the NOME Law  #_ftnref3 Final decision made by CoRDiS as of December 17th, 2012 which confirms ERDF's application of the 1st decision as of October 22nd, 2010  #_ftnref4 Project of a combined-cycle natural gas turbine (CCGT) power plant in Brittany with a capacity of 400 MW in Landivisiau (Finistère) awarded in February 2012 by the French Government ABOUT POWEO DIRECT ENERGIE As a result of the merger between Poweo and Direct Enregie, Poweo Direct Energie has become the third largest French player in the power and gas industry with a portfolio of over one million customer sites (798,000 in power and 230,000 in gas). The group serves all the consumer segments (from residential, professional, corporate to local authorities) thanks to a wide range of commercial offers continuously updated. The development path focuses on clear industrial goals including generation capacities. This will support the ambitious and profitable customer acquisition strategy in a market with strong potential. Poweo Direct Energie is listed on the Alternext compartment of the Euronext Paris Stock Exchange (ALPWO/ FR0004191674). Consult our website www.direct-energie.com for further details. Press Contact: Image Sept Grégoire Lucas - email@example.com mailto:firstname.lastname@example.org Tel + 33 (0)1 53 70 74 94 Marie Artzner - email@example.com mailto:firstname.lastname@example.org Tel + 33 (0)1 53 70 74 31 + 33 (0)6 75 74 31 73 Institutional contact : Ivan Roussin : Tel +33 (0)6 19 30 05 03 email@example.com mailto:firstname.lastname@example.org Mathieu Behar : Tel +33 (0)6 12 48 85 85 email@example.com mailto:firstname.lastname@example.org 20130404_PR_Poweo_Direct_Energie_FY_Results_UK.pdf http://hugin.info/143545/R/1690053/554763.pdf ---------------------------------------------------------------------------------------------------- This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: POWEO via Thomson Reuters ONE HUG#1690053
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