NEOPOST_REGISTRATION_DOCUMENT_2017
1
Neopost group activity
Key figures
Current operating income (In million euros)
The current operating income (1) came out at 202 million euros in 2017 from 216 million euros in 2016. Current operating margin (2) was 18.2% of sales versus 18.6% in 2016. The EDS division posted a decrease in its current operating margin while Neopost Shipping EBIT was stable and SME Solutions EBIT increased slightly. The net cost of debt was down to (32) million euros from (30) million euros in 2016. The average tax rate came to 0.6% in 2017, compared to 25.1% one year before thanks to the lowering of the tax rate in the United States as well as the cancellation of tax on dividends in France. The Group’s net attributable income came in at 134 million euros, up +13.2% on 2016, which represents a net margin of 12.0% of sales, compared to 10.2% in 2016. The net debt/EBITDA (2) ratio improved at 2.4, compared with 2.6 a year earlier. At January 31, 2018, shareholders’ equity was 1,169 million euros. The strong cash flow generation and the fall of the US dollar versus the euro brought led to a significant decrease in net debt, which at January 31, 2018 stood at 675 million euros versus 763 million euros one year before. Neopost points out that its net debt is fully backed by future cash flows from its rental and leasing activities.
216 202
2016 2017
Net attributable income (In million euros)
134
118
2016 2017
Leverage ratio
2.6 2.4
2016 2017
Dividend
Net income
3.62€
1.70€
per share
per share
Before acquisition-related expense. (1) EBITDA = current operating income (191 million euros) + depreciation and amortization of tangible (48 million euros) and (2) intangible (46 million euros) fixed assets.
5
REGISTRATION DOCUMENT 2017 / NEOPOST
Made with FlippingBook - Online catalogs