PRESS RELEASE
Paris, March the 30th 2015
Full year 2014 results
Objectives achieved, first dividend
406,000 new customer sites acquired, above target
+8.1%: growth in turnover despite an exceptionally mild winter
M€ 24: Current Operating Income increasing strongly
Proposal to pay dividend of €0.15 per share
€ million
31/12/2014
31/12/2013
(restated*)
Turnover excluding Energy Management
Energy Management
809.5
0.4
752.6
(3.8)
Turnover
809.9
748.9
Gross Margin
120.3
106.2
Current Operating Income
24.0
5.8
Net income (group share)
15.2
6.4
*Retrospective application of IFRS standards 10 and 11, and new presentation of Mark to Market variations on commodity
derivatives other than trading instruments in compliance with best practices in the sector.
Audit procedures completed, certification report in progress.
The historical FY2013 figures are detailed in the Annual Report which is available on www.direct-energie.com
Strong growth despite adverse weather conditions
In 2014, Direct Energie achieved a turnover totalling M€ 809.9, showing an increase of 8.1% in
comparison to the previous FY. The group acquired 406,000 new customer sites, thereby exceeding
the target which had already been increased, and raises its portfolio to 1.3 million customer sites.
The revised growth target is achieved despite the particularly warm temperatures that led to lower
energy consumption in France.
This performance was driven both by the strong on-going commercial dynamism and the impact of the
retroactive price adjustment (+€16.4 million) decided by public authorities regarding the 2012-2013
regulated electricity tariffs.
While developing its business, Direct Energie pursued its regulatory actions to secure and extend a
competitive economic environment.
Significant improvement in profitability
Direct Energie confirmed its ability to implement a profitable and controlled growth with a gross
margin up by 12.3% to €120.3 million. Combined with stable overheads, this progression created
powerful operational leverage resulting in a strong growth of the current operating income to €24.0
million. The decrease in the depreciation charge consecutive to the intentional slow-down in
acquisitions between 2010 and 2013 also contributes to this significant growth.
As energy prices plummeted at year’s end, the mark to market of hedging instruments resulted in a
negative impact of €5.1 million, which did not, however, prevent net income from increasing strongly
(+136%) to €15.2 million.
A robust financial structure
Thanks to a cash flow up 10.1% to €43.1 million, the group was able to cover its operating needs which
were notably impacted by new regulatory obligations regarding gas storage.
After an annual €23.5 million investment plan and a successful private bond placement totalling €55
million, the gross cash position remains positive at €59.1 million for a net financial debt of -€2.2 million.
Growth and profitability outlook
Direct Energie will continue its profitable growth policy by relying on the competitive advantages of its
structure, the efficiency of its processes and the new business opportunities expected from the gradual
opening up of the French energy market including the disappearance of regulated tariffs for
professionals, companies and local authorities. The group is setting itself the following goals for the
financial year 2015:
- The acquisition of 450,000 new customer sites
- +15% growth in turnover at normal temperatures
- +25% increase in current operating income
The group also continues to deploy its activity in Belgium, with a full coverage of the territory by late
2015, and reaffirms its target of 400,000 customer sites by 2018.
With regard to the development of its production plant, the combined-cycle gas project in Landivisiau
received the go-ahead from the Enquiry Commissioner at the end of the public enquiry. Subject to the
impact of the legal recourses on the foreseen calendar, start of operation is still scheduled for the
winter of 2017-2018.
Payment of a first dividend
The financial results, combined with the robustness of the financial structure and development
outlooks, lead the Board of Directors to propose the payment of a €0.15 dividend per share for FY 2014
at the General Meeting. This first payment, a 40% pay-out, should be made on the 9th of June 2015.
The Board of Directors also confirms its decision to transfer the shares on the Eurolist market of
Euronext Paris by end of 2015.
Xavier Caitucoli, Chairman and CEO of Direct Energie, commented: “The group has demonstrated his
ability to reach its objectives stated for first time in 2014, and sets again ambitious targets for 2015”.
Publications: The group has posted the Annual Report on its website (www.direct-energie.com).
About Direct Energie
Direct Energie is France’s third-largest electricity and gas provider, serving more than 1.3 million customers sites (residential
and businesses). Direct Energie has also developed its offer for companies and local authorities, with more than
100,000 delivery points.
As an integrated energy group in France, Direct Energie produces and supplies electricity, supplies gas, and offers energy
services to its customers. The group is also operating in Belgium (Wallonie) and aims to be active on the whole territory by
end 2015.
In 2014, the group generated turnover in excess of €810 million and delivered 8.4TWh of energy.
Direct Energie’s success has been underpinned for more than the past decade by its technical expertise, excellent customer
relationships and capacity for innovation.
Direct Energie is listed on the Alternext compartment of Euronext Paris Stock Exchange (ALDIR / FR0004191674).
For more information, visit our website www.direct-energie.com
Press contact:
Image Sept
Grégoire Lucas - [email protected] - Tel + 33 (0)1 53 70 74 94
Marie Artzner - [email protected] - Tel + 33 (0)1 53 70 74 31 or + 33 (0)6 75 74 31 73
CM CIC Securities
Stéphanie Stahr – [email protected] - Tel + 33 (0)1 53 48 80 57
Direct Energie
Ivan Roussin – [email protected] - Tel +33 (0)6 19 30 05 03
Mathieu Behar – [email protected] - Tel +33 (0)6 12 48 85 85