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Corporate PresentationJanuary 2015
Table of contents
2
1. Market environment and group positioning p.3
2. Equity story p.7
3. Logistics, transport and freight forwarding activities p.13
4. Financials p.26
5. Acquisition of Jacobson Companies p.34
6. Appendices p.43
DisclaimerThis document was prepared by Norbert Dentressangle for the sole purpose of presenting its situation onJanuary 2015. This document may not be reproduced or distributed, in whole or in part, without the prioragreement of the Company. Norbert Dentressangle may not be held liable due to the use of this documentby any person not belonging to the Company. This document does not contain any quantified forecast ofresults. The Company makes no commitment or guarantee that it will meet its objectives or any goal that itmay state in its business plans. While the Company believes that its objectives are reasonable, readers arereminded that said targets are subject to risks and uncertainties, notably as described in the "Risk factors"section of the annual "Document de Référence" registration document.
1. Market Environment and Norbert Dentressangle Group Positioning
3
European market size: €62 billion (i.e.31% outsourcing ratio)
MARKET SIZE & TRENDS 2013
Market dynamics (value growth)
4
MARKET FRAGMENTATION
Source : Transport Intelligence
European market concentration
UK € 15 billion
France € 8 billion
Italy € 4 billionNetherlands € 4 billion
The European Contract Logistics market is undergoing consolidation
MARKET INDICATORS
• The market is undergoing consolidation, particularly in Western Europe, and shows high growth in Eastern and Central Europe
• ND largest markets (UK, France, Italy, Netherlands, Spain & Russia) represent a global value of € 36 billion
• Norbert Dentressangle is a first-class player in the market, delivering strong profitability
Market & ND Positioning
5,0%
1,8%
0,7% 0,3%
2,7%
7,0%
3,2%
1,4%0,8%
2,9%
0,0%
2,0%
4,0%
6,0%
8,0%
2010 2011 2012 2013 CAGR 2014‐2017
Main ND markets
Europe
€ in millions 2013 Share EBITA%
DHL 8 281 13,4% 3,1%Kuehne + Nagel 2 394 3,9% 2,3%CEVA 2 033 3,3% n.c.Geodis 2 015 3,3% n.c.ND Group 1 950 3,2% 4,5%Rhenus 1 899 3,1% n.c.
Spain € 2 billionRussia € 1 billionGermany €15bn
5
MARKET SIZE & TRENDS 2014 MARKET FRAGMENTATION
France € 34 billion 12%
UK € 32 billion 11%
Spain € 29 billion 10%
European market size: €296 billion
Source : Transport Intelligence
Market dynamics (value growth)
• The road freight market in Europe is highly fragmented and offers significant room for growth
• France, the UK and Spain (ND main markets) represent a global value of €95 billion
• Norbert Dentressangle operates the #1 European owned fleet, a key differentiator providing better pricing power
European market concentration
The European Road Freight market is large and highly fragmented
MARKET INDICATORS
Germany €59bn Italy €33bn
Market & ND Positioning
1,5%
‐3,2%
0,9% 1,4%
2,5%
4,2%
‐0,7%
1,0% 1,5%3,2%
‐4,0%
‐2,0%
0,0%
2,0%
4,0%
6,0%
2011 2012 2013 2014 2014‐17CAGR
France / UK / Spain Europe
€ in millions 2013 Share EBITA%
DB Schenker 6 370 2.2% 1.4%DHL 4 246 1.5% 1.4%DSV 3 100 1.1% 4.1%Dachser 3 019 1.0% n.c.Kuehne Nagel 2 618 0.9% -0.3%ND Group 2 014 0.7% 2.7%
‐4,4%
13,3%
14,8%
8,2% 5,9% 4,4% 2,4% 1,8%2,7%
19,2%
12,5%
‐0,6%‐4,1% ‐2,1% ‐0,6% 0,3%
‐15%
‐5%
5%
15%
25%
Mar‐10 Sep‐10 Mar‐11 Sep‐11 Mar‐12 Sep‐12 Mar‐13 Sep‐13
Seafreight vol. (TEUs)Airfreight vol. (tons)
6
AIR & SEA FREIGHT 2013
Source : Transport Intelligence
China € 13 billion 11%
USA € 25 billion 20%
UK € 5 billion 4%
Global market size: € 123 billion
Market dynamics (volume growth)
France € 4 billion 3%
LTM year‐on‐year growth
Apart from a few leaders, global Air & Sea Freight markets are highly fragmented
MARKET INDICATORS
Global market concentration
Worldwide TOP 7 players* represent a 36% market share in 2013.*:Ceva, DB Schenker, DHL, Expeditors, Kuehne Nagel, Panalpina, and Sinotrans
MARKET FRAGMENTATION
• Both air & sea freight forwarding markets are dominated by a limited number of major players
• Behind these major players, the freight forwarding market is highly fragmented, with many niche players
• The US, China, UK and France, (ND main markets) represent a value of € 47 billion
Market & ND Positioning
2. Equity Story
7
Our ambition: to become a top-tier playerin supply chain management
8
Expandinggeographic presence
Increasing scale on our markets
Widening service offering
• Supporting our clients wherever they operate and moving with them whenever they need us
• Increasing our credibility to become the go-to “supply chain management expert” of choice
• Always striving to increase our critical mass in our chosen markets
• Combining organic & external growth to acquire and expand our areas of expertise
• Developing and expanding our range of services & solutions
GROUP AMBITIONS
9,0% 8,6% 10,4% 7,0% 4,8% 5,7% 5,8% 5,3% 5,5% 8,1% 4,3% 3,4% 5,6% 0,0% 2,4%647 744 838972 1 053
1 222 1 303 1 3991 608
1 804
3 107
2 719 2 839
3 5763 880
4 032
0%
3%
5%
8%
10%
13%
15%
18%
20%
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Organic growth Turnover
Milestones to create a global player: a combination of organic & external growth
9
Christian SalvesenTurnover : 1.3bn€
Transport & Logistics
TDGTurnover : 700m£
Transport, Logistics & Freight Fwding
Schneider Log. (USA)Turnover : 30m$Freight Fwding
VenditelliTurnover : 61m€
TransportTNT Logistics France
Turnover : 160m€Transport & Logistics
StockallianceTurnover : 95m€
Logistics
LONG TERM GROWTH
APC (China)Turnover : 50m€Freight Fwding
1979/89 Birth & development of international Transport between Europe and UK
1994 A family group listed on the Paris stock exchange
1998 Integration of a second area of expertise : Logistics 2010 Third area of expertise with Freight Forwarding
Fiege Italy & SpainTurnover : 130m€
LogisticsDaher France/Russia
Turnover : 80m€Freight Fwding
Jacobson (USA)Turnover : $800m
Logistics & Transport
2013 PF
4 600
10
• Very well balanced client portfolio
• First customer below 4% of turnover and Top 10 below 20% of turnover
• Very low exposure to specific customer or sector or end-market risks
• Key customers are both leading and innovative players in their own markets
Top100 customer portfolio
A diversified client portfolio and a strong customer base
CLIENT PORTFOLIO
Customer Top 10
Recent GainsRetail; 30%
Food; 14%
Chemical; 10%Automotive; 9%
Textile; 5%
Special Retail; 5%
Household; 4%
Construction; 4%
FMCG; 4%
Metal; 4%eCommerce; 3%
Hi‐Tech; 2%Industry; 2%
Other; 4%
11
• The benefits from a family owned company and a managerial organisation
• A supervisory board:
- 10 Directors of which 6 are independent Directors
- An audit committee
• A European Executive Board :
- Hervé Montjotin, CEO
- Malcolm Wilson, Logistics Division MD
- Luis Angel Gomez, Transport Division MD
- Patrick Bataillard, CFO
- Ludovic Oster, HRD
30% PUBLIC
68% DENTRESSANGLE INITIATIVES + FAMILY
DISTRIBUTION OF CAPITAL
A robust governance, driven by a European Executive Board
GROUP GOVERNANCE
Ambitions and strategy aligned to different business development and maturity
BUSINESS MODEL
12
• Market Global, highly fragmented, but with few very large players
• Development Mix of Greenfield development and acquisitions (8) since 2010, which enabled to achieve a suitable geographical coverage
• Outlook Consolidate our market position, deploy cross-selling actions, gain critical mass on key trade lanes and verticals, focus on skills, IT, and processes
Freight Forwarding
Logistics
Transport
• Market Local to global, undergoing consolidation in Europe
• Development First-class player in Europe (strong presence in Western Europe), and strategic developments outside Europe (Russia, Saudi Arabia, Brazil)
• Outlook Increase scale on our key European markets, deploy our know-how on growth sectors such as eCommerce, go global through accompanying key customers and make strategic acquisitions in new geographies
• Market Local to regional, large and highly fragmented and regulated
• Development Leading position on key markets in Europe (France, UK and Spain), ND operates the #1 European owned fleet, enlarged service offering
• Outlook Expand the distribution network in Europe, manage the international FTL shift from Western to Eastern Europe, increase scale on Central European markets, develop Key PL solutions
3. Logistics, Transport and Air & Sea Freight Forwarding businesses
13
(2) incl. 2,000 dedicated to Logistics
TRANSPORT
• €2,014m in revenue
• €53.0m EBITA
• 13,380 employees
• 182 sites in 12 countries
• Number 1 vehicle fleet in Europe with 8,000 motorised vehicles (2)
• 94% Euro V & VI
The Group operations are organised around 3 divisions (2013 annual figures)
14
BUSINESS MODEL
LOGISTICS
• €1,950m in revenue
• €87.4m EBITA
• 23,580 employees
• 281 sites in 16 countries
• Total warehouse surface area of 7.8m sq meters (1)
• Temperature controlled volume of 3.6m m3
(1) incl. 0.6m for Transport operations
+ Russia & Saudi Arabia + Morocco
Air & Sea Freight Forwarding
• €145m in revenue
• €1.3m EBITA
• 720 employees
• 57 offices in 14 countries
• 8 acquisitions in 4 years
• Proforma revenue estimated at ca. €220m
• Seafreight 59% of revenue, with a volume of 60,000 TEUs
• Airfreight 32% of revenue, with a volume of 24,000 tons
Logistics at a glance - 30/06/2014
One of the few European players with an increasing international profile (the UK represents 41% of the total sales of logistics business)
• €1,068m revenue (before interco TO)
• €37.7m EBITA
• Contracted business (4 years average length)
• 23,600 employees
• 281 sites across 15 countries
• 7.8m m² warehouse space
• 3.6m m3 temperature controlled volume
15
Logistics: mastery of key logistics skills throughout Europe
16
Warehousing and inventory management
€480m
Downstream transport
management€465m
Order preparation
€660m
Ambient and temperature-controlled logisticsGlobal and industry solutions
The highest safety and quality standardsService: ISO 9001 (66%of revenue) – Food safety: ISO 22000 (16 warehouses) & HACCP (39 warehouses)
Staff safety: ISO 18001 (33 warehouses) – Safety of medical devices: ISO 13845 (1 warehouse)
Value-added services€178m
• One of the few European players with an increasing international profile (with integration of Jacobson, US will represent 15% of total sales)
• Business is 100% contracted, and retail & FMCG sectors are key commercial targets
o/w €200m of turnover in e-Commerce & €370m of turnover in temperature controlled
A consistently growing business withmajor positive scale effects since 2008
17
EBITAIn €M
TurnoverIn €M
% of turnover
Long term revenues and operating income (EBITA)
162 199 249 279 348477 497 502 600 648
1 3641 233 1 239
1 5891 783
1 950
6 8 11 14 18 18 25 25 33 3749 52
6381 78
87
0
25
50
75
100
125
150
175
200
0
250
500
750
1 000
1 250
1 500
1 750
2 000
2 250
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Turnover Logistics EBITA Logistics
3,9% 4,0% 4,5%5,1% 5,1%
3,8%5,1% 5,0% 5,5% 5,7%
3,6%4,2%
5,1% 5,1%4,4% 4,5%
0,0%
2,0%
4,0%
6,0%
8,0%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
EBITA %age Logistics
18
44% 45% 45% 46% 50% 51% 52% 50% 52% 53%
28% 28% 29% 30% 21% 23% 24%22% 22% 20%
18% 17% 16% 15%18% 16%
16%17% 18% 18%
5,1% 5,0% 5,5% 5,7% 3,6% 4,2% 5,1% 5,1% 4,4% 4,5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Operating profit
Other (overheads, etc.)
Subcontracting & transport
Rental costs
Personnel expenses
18
Logistics Division cost structure 2004-2013
A rigorous management structure, developing strict cost controls
COST STRUCTURE
Transport at a glance - 30/06/2014
A major European player with robust and mature operations in France, United Kingdom and Spain, and with an improved network coverage and increased presence in Central and Eastern Europe
• €1,067m revenue (before interco TO)
• €26.9m EBITA
• 13,400 employees
• 182 sites in 13 countries• #1 vehicle fleet in Europe with 8,863
tractor units operated*• Of which 5,800 owned fleet
• Europe's cleanest vehicle fleet• 95% EURO V & VI• 54,000 TCO2 less since 2010
• Each driver runs an average 550,000km without causing accidents
* Plus 2,000 spot sub-contractors
19
20
Transport: focus on the development of value-added B2B service offerings
20
* FY 2013 / To be added: €53m of warehouse storage associated with transport services
Domestic/International FTL & Cross-Channel
Dedicated fleet
KeyPL & Transport Organisation
Domestic/International Pallet Network
• A major European player with robust and mature operations in France, United Kingdom and Spain, and with an improved network coverage and increased presence in Central and Eastern Europe
Transport: a resilient and profitable profile over the past 15 years
21
EBITAIn €M
TurnoverIn €M
% of turnover
Long term revenues and operating income (EBITA)
5,9%
3,8%4,5%
5,3%4,4% 4,4% 4,9%
2,9%
5,0%3,9%
1,7% 1,9%2,7% 2,4% 3,0% 2,6%
0,0%
2,0%
4,0%
6,0%
8,0%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
EBITA %age Transport
485 544 590 693 705 745 807 898 1 008 1 109
1 7441 486
1 636
1 966 2 038 2 014
28 20 26 37 31 33 3926
50 4330 28
44 4760 53
0
50
100
150
200
250
0
500
1 000
1 500
2 000
2 500
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Turnover Transport EBITA Transport
34% 34% 33% 31% 32% 33% 31% 29% 29% 29%
26% 26% 25% 26% 24% 21% 24%22% 22% 20%
26% 28% 32% 32% 32% 34%37%
40% 41% 43%
4,9% 2,9% 5,0% 3,9% 1,7% 1,9% 2,7% 2,4% 3,0% 2,6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Operating profit
Other (overheads, etc.)
Subcontracting & disbursements
Vehicle costs, including fuel
Personnel expenses
Transport Division cost structure 2004-2013
A rigorous management structure, developing strict cost controls
COST STRUCTURE
22
• Launched from scratch in 2010
• €96m revenue
• €0.8m EBITA
• 659 employees
• 53 offices across 14 countries
• 24,000 Tons Air freight
• 60,000 TU’s Sea freight
• Strong position in the Russian market
• Member of the WACO global network
23
Air & Sea – Freight Forwardingat a glance - 30/06/2014
24
Freight forwarding: revenues and operating income (EBITA)
12
86
143 145
‐0,8
0,3
1,01,3
‐2
‐1
0
1
2
3
4
0
20
40
60
80
100
120
140
160
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Turnover Air & Sea EBITA Air & Sea
TurnoverIn €M
% of turnover
‐6,7%
0,3% 0,7% 0,9%
‐8%
‐3%
2%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
EBITA %age Air & Sea
4. Group Financials
25
Consolidated income statement and contribution by division
+3.9%
0%
1%
* Breakdown by Division is net of intercompany revenue
In €mTransport Logistics Air & Sea Conso
31/12/13Conso
31/12/12
Total revenueConsolidated revenue *
2,0141,947
1,9501,943
145142 4,032 3,880
EBITDA 251.5 244.8
Operating profit before goodwill (EBITA)**
53.02.7%
87.44.5%
1.30.9%
141.73.5%
141.63.7%
EBIT135.13.4%
129.53.3%
Net financial expensesIncome taxAssociatesMinority interests
(26.7)(36.7)
(1.5)(0.3)
(32.2)(26.8)
(0.0)(0.8)
Net income70.1
1.7%69.7
1.8%
26
Incomestatement
27
Consolidated turnover for the first 9 monthsStrong momentum across all activities
Q3 2014 revenue
In €mTransport Q3 2014
YTDQ3 2013
YTD Change LfL *
Transport 1.618 1.514 +6.8% +3.7%
Logistics 1.670 1.409 +18.5% +6.7%
Air & Sea 149 94 +59.2% +0.8%
Inter-divisions (62) (59) n.a. n.a.
Consolidated Turnover 3.375 2.959 +14.1% +5.1%
* Percentage change at a constant scope and exchange rate
28
5,4% 4,1% 3,9% 5,2% 4,6% 4,1% 4,9% 3,7% 5,2% 4,4% 3,2% 3,0% 3,7% 3,6% 3,7% 3,5%
35 31 3351 49 51
6451
83 80
98
80
106
130142 142
0%
1%
2%
3%
4%
5%
6%
7%
8%
0
20
40
60
80
100
120
140
160
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
EBITA %age EBITA
Group LT EBITA EvolutionLong Term profitability achievements
28
• Highly sustainable profitability ratios
• EBITA %age comprised in a 3% to 5% range since 15 years
• EBITA %age maintained to 3% in 2009 despite the strong economic downturn
EBITA
29
Long-Term consolidated cash flow statement (5 years)In €m Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
Cash flowChange in operating WCRUK pension fund financing
- -223
(28)(13)
21742
(11)
196 (36)(10)
Net cash flow from operations 205 183 182 247 150
CAPEX (net of disposals)Sales of warehouses and sitesAcquisition of a subs., net of cash acquired
- -(122)
30(288)
(93)23
(3)
(54)43
(54)
Net cash flow from investing activities (64) (86) (380) (73) (66)
Free Cash Flow (before external growth) 141 103 90 178 138
DividendsFinancing operationsPurchase of own shares
- -(11)176(6)
(12)(70)
(3)
(15)81
(7)
Net cash flow from financing activities (38) (43) 159 (85) 59
Forex impact - - - 1 -
Change in cash 104 55 (39) 90 142
Cash available at period end 141 196 157 247 389
Cash-flow
30
Simplified consolidated balance sheetat 30 June 2014
GOODWILL & INTANGIBLE 740m€• Goodwill 611m€
• Intangible incl. customer relation 129m€
TANGIBLE & OTHER NON CURRENT
ASSETS 607m€• Tangible fixed assets 524m€
• Other fixed and non current assets 83m€
PROVISIONS & OTHERS 276m€
EQUITY 607m€
NET FINANCIAL DEBT 551m€
WORKING CAPITAL 87m€
Balance sheet
31
Consolidated net financial debt and projected amortisation of gross debt
In €mEstimate31-12-14
Group30-06-14
Group31-12-13
Acquisition debtRevolving facility (€400m max)Asset financingEuro Private Placement
270260370310
-165394310
-168367310
GROSS FINANCIAL DEBT 1,210 869 845
CASH & CASH EQUIVALENTS 180 318 389
NET FINANCIAL DEBT 1,030 551 456
0
200
400
600
800
1 000
1 200
1 400
31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019
Evolution of 2014 estimated gross debt
Asset financing
Acquisition debt
Revolving facility
Euro PP
32
Strong track record of managing leverage
AcquisitionChristian Salvesen
AcquisitionNova NatieJohn Keells
AcquisitionTDG
APC Beijing
AcquisitionUTL
Seroul
AcquisitionTNT Logistics
Venditelli
AcquisitionFiege Italy/Spain
DaherAcquisitionStockalliance
76 80 69 31 74 43 165 159 121 533 553 445 382 624 489 456 1030
1,6x 1,6x
1,3x
0,4x
1x
0,5x
1,3x 1,4x
0,8x
3,5x
2,8x
2,3x
1,8x
2,5x
2x1,8x
3,2x
0
0,5
1
1,5
2
2,5
3
3,5
4
0
200
400
600
800
1000
1200
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Net Financial Debt Leverage ratio
Leverage
(estimate)
AcquisitionJacobson
33
Medium-term historical trendsKey financial indicators
MEDIUM TERM KPIs
Strong profitability Resilient business model
Tight capex monitoring Sound cash conversion
709 714 1 089 1 214 1 113
11,3%
14,9%
12,0% 11,7% 12,7%
0
500
1 000
1 500
2 000
0%
5%
10%
15%
20%
2009 2010 2011 2012 2013
Capital Employed ‐ avg ROCE
80 86 122 93 54
2,9% 3,0%3,4%
2,4%
1,3%
0
30
60
90
120
0%
1%
2%
3%
4%
2009 2010 2011 2012 2013
Capex Capex %age
80 106 130 142 142
3,0%3,7% 3,6% 3,7% 3,5%
0%
2%
4%
6%
0
40
80
120
160
2009 2010 2011 2012 2013EBITA EBITA %age
189 216 252 245 251
58% 60%52%
62%78%
0%20%40%60%80%100%120%140%
0
75
150
225
300
2009 2010 2011 2012 2013EBITDA FCF/EBITDA
5. Acquisition of Jacobson Companies
34
Transaction Overview
Norbert Dentressangle has acquired Jacobson Companies, the #5 US contract logistics provider in the US
• Founded in 1968, Jacobson is the fifth largest contract logistics provider in the US, with a highly complementary asset-light transportation offering
• Extensive US network, spanning 142 locations with over 33 million square feet of warehouse space; 84% of locations are dedicated facilities
• Long-standing relationships with blue-chip and regional customers : customer retention rate of 95%
• Expected 2014 gross Revenue of ~$800mm, overall EBITDA margins of ~10%, with low capex
• Led by proven US management team which will oversee Norbert Dentressangle’s US operations going forward
• Immediately positions Norbert Dentressangle as one of the top 5 players in the fast-growing US 3PL market
• Purchase consideration :• $750 million initial consideration at close, all funded with cash resources and
Norbert Dentressangle’s credit lines• Additional capped earn-out based upon near term performance=>Purchase multiple is approximately 9x EBITDA
35
Strategic Rationale
• Accelerates Norbert Dentressangle’s growth ambitions to become a top player in global supply chain management
• +15% in annual revenue growth reaching €5 Billion• The group is scalable in the US logistics & transport market with US$800 million in gross
revenue
• Enhances Norbert Dentressangle’s growth and profitability• Revenue synergies leading to cross-selling opportunities to both sets of customers• Sharing best practices in contract logistics• EBITDA Margin enhancing in year 1 after acquisition
• Provides entry into the attractive US 3PL market• Immediately becomes one of the top 5 players in the US contract logistics market with
nationwide coverage• US logistics market expected to grow faster than Europe due to higher GDP growth and
less mature outsourcing profile
• Provides geographical and risk diversification• Mitigates impact of any European-specific events• Provides alternative revenue stream
• The transaction is earnings accretive and maintains Norbert Dentressangle’s sound financial structure
Jacobson Business Overview
• #5 value-added warehousing 3PL provider in North America with integrated domestic transportation management capabilities
• Expected to generate ~$800mm in Gross Revenue and ~$80mm of EBITDA in 2014
• Operates through two segments:
• Contract Logistics Services: manages 142 facilities with 3 million m² of warehouse space
• Transportation Logistics Services: asset-light transportation network with 350+ tractors and 1,225 trailers
• Services 1800+ customers within the food & beverage, chemical, life sciences, CPG, retail, consumer electronics, durable good and automotive industries
• Strong trade record : EBITDA 9,5% of sales in 2013EBITA 7,5% of sales in 2013
37
Logistics
Transport
Revenue
Logistics
Transport
Adj. EBITDA by Segment (1)
(1) Excludes allocation of corporate overhead 37
Jacobson’s nationwide coverage
West: 12 sites Midwest: 58 sites
Southwest: 58 sites
Northeast: 32 sites
Southeast: 18 sites
• Well managed portfolio of predominantly dedicated, leased warehouses, most of which are linked to the customer contract duration
• Leasing of warehouses compliant with Norbert Dentressangle’s strategy of low real estate assets
Midwest41%
Southwest14%
Southeast11%
West9%
Northeast25%
Regional Mix
38
• Dedicated DC• Shared User DC• Offices²
Dedicated DCShared User DCOffices
Dedicated 84%
Shared16%
Dedicated vs. Shared Facilites
Strong and well balanced customers portfolio
39
Primary Verticals and Representative Clients
Revenue Concentration by Vertical
Revenue Concentration by Customer
Food & BeverageDurable Goods
Consumer PackagedGoods
Chemicals
Agricultural Products
Agriculture and others16%
Food and Beverages
35%
Durables19%
CPG12%
Chemicals18%
Top 1041%
11-2016%
21-3011%
Others32%
Jacobson’s Positioning among primary 3PL competitors
40
#4 Largest US Value-added Warehousing Provider with
National Footprint
Strong Market Share in Food and Beverage and CPG
Differentiated Platform in Chemicals
Dedicated Facilities with Long-Term Anchor Tenants
Offers Complementary TMS and Dedicated Trucking
Services(1)
(1) Gross revenue due to lack of disclosure. Source: Armstrong and Associates; Company reports; Company websites; Transport Topics 2013
F&B CPG Chemical Ind / Agri F&B / CPG Chemical
Warehousing / Distribution Packaging / KittingPerceived End Market Capabilities by Service Offering
WarehouseCompany Space (mm ft2)
99.0
35.0
34.0
33.0
30.0
26.0
25.0
22.0
16.0
15.1
3.1
Est. NetRevenue
$2,500
1,009
513
611
420
877
1,247
925
313
1,038
1,100
2014 PFRevenue: €5 billionOperations in 25 countries43,200 employees worldwide
1998A second area of expertise is integrated: Logistics.
Enhancing geographic and business transformation
Breakdown of turnover by business lineTRANSPORT LOGISTICS AIR&SEA
Breakdown of turnover by geographic areaFRANCEOUTSIDE FRANCE
2007Norbert Dentressangle doubles in size through the acquisition of the British company Christian Salvesen
2010Launch of a third area of expertise: Air & Sea
45%4%
51 %
65 %
35 %
France35%
UK26%
Spain9%
14%
Others16%
USABecomes the 3rd
largest country for Norbert Dentressangle
Split in turnover per country
41
9,650vehicles
43,200employees
€ 5 billionAnnual turnover
€ 5 billionAnnual turnover
5 continents
662sites
10,800,000 m2
warehousing
* Pro-forma figures including Jacobson
25countries
TRANSPORT 44%
CONTRACT LOGISTICS 52%
FREIGHT FWD 4%
6. Appendices
43
6.1 Financial statements
44
Consolidated income statement
45
Consolidated balance sheet
46
Consolidated cash flow statement
47
6.2 Corporate Social Responsibility & Sustainable Development
48
49
CSR APPROACH
Norbert Dentressangle CSR approach as a key differentiating factor
CSR initiatives aligned with business strategy
Leverage gains in reputation and legitimacy
Strong contribution to additional business
• The Group banks on safety and depolluting
• Build a responsible brand
• Reputation acts as a marketing differentiation strategy
• Attract talents and increase workers retention rate
• Costs of CSR activities are much less than potential benefits
• Strong CSR has positive impact on business & financials through enhanced reputation
Reduction of greenhouse gas
emissionsRoad safety Environmental site
managementDevelopment and internal promotion
As a pioneering company in its sector, Norbert Dentressangle included its sustainable development approach in its strategic goals as far back as 2003.
7,251 vehicles600 millions kms travelled each year
7.8 million m2warehousing
37,835employees
50
Reducing greenhouse gas emissions
• Less fuel consumption
- Driver training to efficient driving
- Technical improvement of vehicles
- Testing new alternative technologies
• Improved use of vehicle capacity (payload & space)
• Better transport flows optimisation, through multimodal solutions
Measuring greenhouse gas emissions
• Our in-house designed C02 calculator designed in partnership with Ademe French government body
Reducing greenhouse gas emissionstargets and initiatives (2013 annual figures)
GAS EMISSIONS
19%
75%
6%
Euro V EEVEuro VEuro III & IV
Greenhouse Gas Emissions Key Targets and Initiatives
Fleet of vehicles : 7,251Breakdown of Euro standards
CO2 emissions 676,950 Tonnes
Division 2012 2013 Change
Transport 66.0 65.17 -0.07%Logistics 93.5 99.91 +6.8%Total 74.9 69.12 -1.1%
CO2 performance in grams per tonne.km
51
ROAD SAFETY
Road safety is part of the Norbert Dentressangle DNA
• With our Safe Driving Plan, Norbert Dentressangle has been committed to managing road safety risks
• The aim of the Safe Driving Plan: avoiding accidents by improving driver behaviour
• 340 trainers dedicated daily to road safety
• A Norbert Dentressangle driver travels 550,000 km on average without causing an accident.
Member of the European Safety
charter
52
Transport Division
• 86% of energy consumed is primary, i.e. vehicle fleet’s fuel consumption
• 620,000 m2 on 182 sites
Logistics Division
• 7,800,000 m2 & 3,900,000 m3 on 281 sites
• ISO 9001 certifications 64% of the sites
• ISO 14001 certifications 49% of revenue
• 69 warehouses under food safety certifications
• Electricity consumption 332 million kWh
• Gas consumption 11,6 million m3
• Generation of wastes 53,000 Tonnes 87% is sorted, and 76% is recycled
Environmental site management at Norbert Dentressangle
SITE Management
Key Environmental Facts & Figures
• Norbert Dentressangle has defined an environmental management standard which covers several dimensions
- Regulatory conformity
- Monitoring and measurement of energy and water consumption
- Monitoring and measurement of emissions and waste
• Norbert Dentressangle monitors the percentage of sites that have been brought into line with the defined environmental standard and aims to bring 100% of sites up to this standard
Key Targets and Initiatives
53
• Group’s employees average age 41 years
• Average seniority 7 years
• Permanent contracts employment 92%
• Voluntary turnover rate 6,7%
• New recruitments in 2013 5,329
• Internal promotion (managers) 60%
• Absenteeism rate 5,23%
• Collective bargaining agreement coverage 75,4% (100% in France)
• Staff training investments in 2013 €11m
Key social and human resources indicators
HUMAN RESOURCES
35%
39%
23%3%
France
UK
Rest of Europe
Asia/America
36%
62%
2%
Transport
Logistics
Freight Fwing
27%
44%
19%
10%Drivers
Workers
Employees
Executives
Headcount at 31-Dec-13 : 37,835 Key Social / HR Facts & Figures
Via its adhesion to the Global Compact, the Group has committed to comply with and promote its 10 principles
54
HUMAN RESOURCES
Human resources: the key success factor of Norbert Dentressangle's growth
• The Group is highly skilled in integrating acquired businesses and staff– Accumulated experience through more than 35 acquisitions during the last 20 years
– In 2013, integration of 1,140 new employees following the acquisitions of logistics businesses of Fiege in Italy, Spain and Portugal, and of the freight forwarding business of Daher in France and Russia
• Hands-on employee support– Acceleration of the Red Management training programme launched in 2010, 2000 managers
trained in 2012 in Europe
– Deployment of the Red Graduate Programme, with the integration of 20 high potentials each year
• A specific initiative in Logistics in France
– A JV set up with Ares, a French social integration association, dedicated to the training of disabled and/or underprivileged people to logistics jobs
– Log’Ins is a logistics company developing essentially co-packing and e-commerce service offerings
– Today Log’Ins already employs 15 people and is based in Paris area
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