ID Logistics records very good development in 2023

• Improvement in all key financial figures in 2023
  • Sales: +10.7% to 2,747 million euros
  • Adjusted EBITDA: +16.6% to 434.7 million euros (+80 bps)
  • Adjusted operating result: +16.3% to 125.8 million euros (+20 bp)
  • Cash flow from operating activities: +26.0% to 356.9 million euros after operating investments
  • Debt ratio reduced to 1.6x EBITDA before IFRS 16
• Acquisition and integration of Spedimex in Poland, site opening in the UK, business synergies in the USA and several strategic contracts won

ID Logistics (ISIN: FR0010929125, Mnemo: IDL), European market leader in contract logistics, publishes its results for 2023: Sales increased by 10.7% to €2,747.4 million and underlying operating profit by +16.3% to €125.8 million (+20 bps).

Eric Hémar, Chairman and CEO of ID Logistics comments: "2023 was another remarkable year for ID Logistics with strong growth in all financial metrics. After the successful integration of Kane Logistics in the US in 2022, ID Logistics continued its investments in 2023 with the acquisition of Spedimex in Poland, a transaction that created commercial synergies a few months later with the accompaniment of a world leader in the fashion industry. The Group has also won several strategic contracts on both sides of the Atlantic, opening up excellent growth prospects for 2024."

SALES GROWTH OF +10.7 % (+7.2 % ON A COMPARABLE BASIS)

ID Logistics recorded sales of EUR 2,747.4 million in 2023, an increase of 10.7% compared to 2022. This result includes the sales of Spedimex, a company acquired in Poland that has been part of the scope of consolidation since 1 June 2023, as well as the full-year effect of Kane Logistics, a company acquired in the USA that has been part of the scope of consolidation since 1 April 2022. Adjusted for these effects and an unfavourable currency effect, sales increased by 7.2% on a comparable basis compared to 2022.

• Europe excluding France (47% of Group sales in 2023): Increase of 9.5 % on a comparative basis, supported in particular by the development in Poland, Italy and the site opening in the UK;
• France (30% of Group sales in 2023): 4.0% decline in business activity in 2023 compared to the previous year, characterised by a decline in consumption from March and the postponement of some start-ups to 2024;
• USA (14% of Group sales in 2023): strong sales momentum, increase of 12.8% on a comparable basis and strong increase over the course of the year to 34.1% in the fourth quarter of 2023
• Other countries (9% of Group sales in 2023): strong increase of 41% on a comparable basis thanks to a strong price effect and the opening of new locations, particularly in Brazil.

UNDERLYING OPERATING RESULT INCREASES BY 16.3% (+20 BASIS POINTS) TO 125.8 MILLION EURO.

in 2023, the Group further improved its operating profitability: Underlying EBITDA increased by +16.6% to EUR 434.7 million. The underlying EBITDA margin increased by 80 basis points to 15.8

The underlying operating result rose by 16.3% to 125.8 million euros. Sales growth continued in the international business. The operating margin was 4.7% in 2023, an increase of 30 basis points compared to the previous year. Thanks to effective cost adjustments, the impact of the decline in sales on the operating margin in France was limited, which at 4.2% in 2023 was at a similar level to 2022. Overall, the Group recorded a further increase in its operating margin to 4.6% in 2023.

GROUP SHARE OF NET PROFIT INCREASES TO 52.1 MILLION EURO (+36.4 %)

The Group's share of net profit totalled EUR 52.1 million in 2023, an increase of 36.4% (EUR 38.2 million) compared to the previous year. This includes the reimbursement of an earn-out component in connection with an acquisition in the amount of € 7.1 million. Net financing costs amounted to € 27.4 million, an increase of € 11.4 million compared to 2022. They include the full-year effect of financing acquisitions in 2022. Other financial expenses of € 27.4 million mainly relate to financial expenses in connection with leases (IFRS 16) for warehouses used and associated warehouse equipment invoiced to customers; the increase is in line with the expansion of the Group.

CASH FLOW FROM OPERATING ACTIVITIES, INCREASE OF 26.0%

The Group's business activities generated cash and cash equivalents of € 356.9 million in 2023, an increase of 26.0% compared to 2022 after taking operating investments into account. Operating investments, 80% of which relate to the commissioning of new sites, increased compared to 2022 and totalled € 72.9 million.

Following the acquisitions of Colisweb in France and Kane Logistics in the USA in 2022, ID Logistics completed the acquisition of Spedimex in Poland in 2023; 30 per cent of the purchase price was paid in cash.

Due to strict management and the good financial result in 2023, a significant reduction in the debt ratio before IFRS 16 to 1.6x recurring EBITDA was achieved as at 31 December 2023.

OUTLOOK

The acceleration of business synergies in the US and Poland as well as the recent site openings in Italy and the UK are proof of the success of ID Logistics' business model.

Thanks to its technological and operational investments, ID Logistics will continue to support global groups in organising and optimising their supply chains in 2024, particularly in its specialist areas: Retail, e-commerce, fashion, FMCG (fast-moving consumer goods) and cosmetics. The Group continues to focus on external growth opportunities, particularly in Northern Europe and the United States, against the backdrop of rapid deleveraging since the acquisitions in 2022.

Note: The Executive Board approved the annual financial statements on 13 March 2024 and the review of the consolidated financial statements has been completed. The certification report will be published as soon as the necessary steps for the publication of the interim report have been completed.

NEXT RELEASE
Revenue in the first quarter of 2024: 23 April 2024 after close of trading.

ABOUT ID LOGISTICS :

ID Logistics Group, managed by Eric Hémar, is an international contract logistics service provider with global sales of EUR 2.75 billion in the 2023 financial year. ID Logistics operates almost 400 locations with over eight million square metres of warehouse space in 18 countries in Europe, North and South America, Asia and Africa and employs around 38,000 people.

Customers from the retail, e-commerce and consumer goods sectors rely on ID Logistics' technology-supported solutions. Since its foundation in 2001, the Group has developed a social and environmental approach through a series of pioneering projects and is firmly committed to an ambitious CSR policy. ID Logistics is listed on the regulated market of Euronext Paris (Compartment A) (ISIN code: FR0010929125, ticker: IDL).

Contact:
ID Logistics
Yann Perot - CFO
Tel: +33 (0)4 42 11 06 00
yperot@id-logistics.com
INVESTOR RELATIONS
NewCap
Tel: +33 (0)1 44 71 94 94
idlogistics@newcap.eu