Norbert Dentressangle reaches a new milestone

3.6% EBITA margin

Norbert Dentressangle posted consolidated revenues of €4,669 million for 2014, up 15.8% from 2013. Like-for-like growth amounted to 4.1%. A currency gain of 1.7% was recorded for the year.

Norbert Dentressangle’s globalisation drive continued apace: 64% of Group revenues are now generated outside France. Britain is the second largest country contributor to Group revenue, accounting for 29% of total sales. Following the Jacobson acquisition, the United States is now the thirs largest contributor. Spain is fourth, with 12% of total revenues and growing fast.

  • Logistics, now the Group’s No. 1 division, maintained its growth rate and posted revenues of €2,359 million, up 20.9% based on reported data and up 5.7% like for like. Norbert Dentressangle’s Logistics division has acquired truly global stature, with 78% of its revenues now generated outside France.
  • The Transport division posted 2014 revenues of €2,188 million, up 8.7% based on reported data and up 2.6% like for like. These results were mainly driven by strong momentum in the pallet distribution business. Fourth quarter revenues were impacted by the sharp drop in oil prices, which triggered a corresponding fall in transport service prices.
  • Air & Sea posted 2014 revenues of €206 million, up 42.2% from 2013 based on reported data and up 2.8% like for like.


EBITA growth in line with revenue growth

EBITA amounted to €167.9 million, up 18.6% from 2013, providing an EBITA margin of 3.6% compared to 3.5% in the previous year. The Jacobson businesses in the US have boosted the Group’s operating margins: excluding this acquisition would bring the EBITA margin back down to the previous year’s 3.5%.


  • The Logistics division posted EBITA of €105.2 million, up from €87.4 million in 2013. The division maintained a high EBITA margin of 4.5%, as in 2013. In the Logistics business, Norbert Dentressangle is taking full advantage of its size in the European and US markets and capitalising on its ability to roll out and coordinate a wide range of services specifically geared towards buoyant markets such as e-Commerce, in which it has become one of the leading European experts.
  • The Transport division posted EBITA of €59.1 million, up from €53 million in 2013. The EBITA margin was 2.7%, up from 2.6% in 2013. The Transport business, and specifically the full load operations, is still very much exposed to the sluggish economic situation in France, particularly with regard to industry and the decline in foreign trade. On the other hand, the pallet distribution business maintained strong momentum throughout the year. The fall in oil prices has not impacted the Transport division’s operating margins.
  • The Air & Sea division reported EBITA of €3.5 million, up from €1.3 million in 2013. In its fourth year of activity since its launch in 2010, this division achieved an EBITA margin of 1.7%. These figures point to the division’s strong fundamentals, which will continue to drive future growth.

Group net income for 2014 came to €75.9 million, up 8% from €70.1 million in 2013.

A strong balance sheet

Group net debt at 31 December 2014 stood at €1,017 million, up from €456 million at the end of 2013 as a result of the strategic Jacobson acquisition completed during the year. Norbert Dentressangle carried out a €95 million (excluding sale of warehouses ) capital expenditure programme in 2014 in preparation for the future, by renewing operational equipment for the transport business and improving customer support in logistics.

Consolidated net assets (Group share) amounted to €691 million.
With a net debt/EBITDA* ratio of 3.0, the Group is in compliance with all of its bank covenants.
• : including 12 months of Jacobson

Strategic positioning in the US transport and logistics market
The acquisition of US-based Jacobson, effective on 1 September 2014, has made Norbert Dentressangle the fourth largest logistics operator in this market. The Group now has the scale and resources to take advantage of the considerable growth opportunities offered by this fast-growing market. The new operations were successfully integrated over the fourth quarter of 2014. The consolidated results of the former Jacobson business are in line with expectations in terms of revenues ($780 million) and margins (EBITA of $61 million), thus confirming the merits of this acquisition.

Given the Group’s performance in 2014, the 21 May 2015 General Meeting will be asked to approve a dividend payout of €1.80 per share. The dividend will be paid on 2 June 2015.

Bolstered by a strong, tightly controlled financial position and by staff fully focused on driving the performance of its businesses – Logistics, Transport and Air & Sea – Norbert Dentressangle enters 2015 in prime position to grasp opportunities for growth across all of its business lines and operating regions.


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