(AOF) – In 2023, ID Logistics continued to improve its operational profitability with current Ebitda up 16.6% to 434.7 million euros. The current Ebitda margin increased by 80 basis points to 15.8%. Current operating profit increased by 16.3% to 125.8 million euros. International activities continue to grow with an operating margin of 4.7% in 2023, up 30 basis points compared to 2022. The group records a further increase in its operating margin to 4.6% in 2023 .
Net profit, group share, stands at 52.1 million euros in 2023, up 36.4% compared to 2022 (38.2 million euros).
ID Logistics records 2023 turnover of 2.74 billion euros, up 10.7% compared to 2022.
In 2023, the group’s activities generated 356.9 million euros in cash after taking into account operational investments, up 26% compared to 2022.
Operational investments, which concern 80% the start-ups of new sites, are increasing compared to 2022 and amount to 72.9 million euros.
Given the group’s reduction in debt since the 2022 acquisitions, ID Logistics “is attentive to external growth opportunities, in Europe and the United States”. Its debt ratio fell to 1.6 times current Ebitda as of December 31, 2023.
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Key points
– Contract logistics group created in 2001;
– Turnover of €2.5 billion, 35% generated in France;
– Positioning in 4 major markets: distribution for 37%, e-commerce for 25%, consumer products for 18% then technology (6%);
– “Asset light” business model, essentially dedicated warehouse logistics per customer and involving a high level of technology, with a strong positioning in mass consumption and accelerated growth through acquisitions;
– Capital controlled by the founders Eric Hémar and Christophe Satin acting together (56.9% of the shares, 71.36% of the voting rights), the managers holding 3.12% of the shares and 3.92% of the voting rights , Eric Hémar being president and CEO of the 9-member board of directors and Christophe Satin deputy CEO;
– Financial situation under control, with €324 million in equity compared to €310 million in financial debt (+ firm rental commitments for €732 million), giving leverage reduced to 1.8 at the end of June.
Challenges
– Strategy for maintaining margins to finance development: customer portfolio of world leaders, non-cyclical, back-to-back rental, long-term contracts (5 years, 90% renewed), single-client warehouses, volume commitments and price indexation to inflation;
– Innovation strategy focused on optimizing organizations, costs and ecological performance of logistics operations:
– robotics, internet of things (sensors, controls, storage flexibility), tracking,
– culture of innovation: organization of deployment of disruptive projects, campuses;
– “What we do” environmental strategy, organized by program, each site committing to one of 14 themes (Ocarbon warehouse, 0 waste, biodiversity, etc.) and aiming for 2030:
– waste: revaluation of 85%,
– CO2 emissions: decrease of 40% compared to 2018 for scopes 1 and 2, excluding compensation,
– energy intensity: reduction of 20%,
– ramp-up of transport by train and optimization of flows;
– Ability to quickly implement synergies between acquired companies and openings;
– Ambition to maintain the doubling in size of the company every five years.
Challenges
– Entry into SBF 120 on June 19, 2023;
– Sensitivity to obtaining contracts (Signify, Galeries Lafayette, etc.);
– Acceleration of international growth: integration of the Polish Spedimex, the French Colisweb, the Dutch GVT and the American Kane Logistics, opening of a site in the United Kingdom;
– Disappointing activity in France, affected by the decline in consumption;
– After an increase of 10.3% in revenues and 13.5% in operating profit in the first half, towards an acceleration of growth thanks to agreements concluded in e-commerce and fashion in the United States and Europe ;
– No dividend distribution, priority being given to financing growth.
Sector sheet – Business services
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