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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Luminex Resources Corp | TSXV:LR | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.175 | 0.175 | 0.185 | 0 | 01:00:00 |
Regulatory News:
Legrand (Paris:LR):
Consolidated statement of income2
Consolidated statement of comprehensive income2
Consolidated balance sheet3
Consolidated statement of cash flows5
Notes to the consolidated financial statements6
Consolidated statement of income
3 months ended
(in € millions)
March 31, 2024
March 31, 2023
Net sales
2,028.2
2 149,6
Operating expenses
Cost of sales
(952.0)
(1 010,1)
Administrative and selling expenses
(559.3)
(549.8)
Research and development costs
(97.2)
(92.1)
Other operating income (expenses)
(32.2)
(47.2)
Operating profit
387.5
450.4
Financial expenses
(34.4)
(26.2)
Financial income
29.0
22.2
Exchange gains (losses)
(9.0)
(0.2)
Financial profit (loss)
(14.4)
(4.2)
Profit before tax
373.1
446.2
Income tax expense
(97.0)
(115.8)
Share of profits (losses) of equity-accounted entities
0.0
0.0
Profit for the period
276.1
330.4
Of which:
- Net profit attributable to the Group
275.9
330.5
- Minority interests
0.2
(0.1)
Basic earnings per share (euros)
1.053
1.240
Diluted earnings per share (euros)
1.046
1.232
Consolidated statement of comprehensive income
3 months ended
(in € millions)
March 31, 2024
March 31, 2023
Profit for the period
276.1
330.4
Items that may be reclassified subsequently to profit or loss
Translation reserves
90.1
(77.6)
Other
(3.2)
(3.6)
Income tax relating to components of other comprehensive income
1.9
(1.1)
Items that will not be reclassified to profit or loss
Actuarial gains and losses after deferred taxes
0.1
(1.8)
Other
0.0
0.0
Comprehensive income for the period
365.0
246.3
Of which:
- Comprehensive income attributable to the Group
368.1
246.4
- Minority interests
0.1
(0.1)
Consolidated balance sheet
(in € millions)
March 31, 2024
December 31, 2023
Non-current assets
Intangible assets
2,428.9
2,436.9
Goodwill
5,838.3
5,476.2
Property, plant and equipment
841.5
848.3
Right-of-use assets
267.6
260.8
Other investments
29.6
27.7
Other non-current assets
147.6
145.5
Deferred tax assets
145.4
141.0
TOTAL NON CURRENT ASSETS
9,698.9
9,336.4
Current assets
Inventories (Note 4)
1,288.1
1,222.3
Trade receivables (Note 5)
1,125.2
969.9
Income tax receivables
187.8
192.7
Other current assets
297.7
302.9
Other current financial assets
2.6
1.8
Cash and cash equivalents
2,709.3
2,815.4
TOTAL CURRENT ASSETS
5,610.7
5,505.0
TOTAL ASSETS
15,309.6
14,841.4
(in € millions)
March 31, 2024
December 31, 2023
Equity
Share capital (Note 6)
1,049.0
1,056.1
Retained earnings
6,343.8
6,126.5
Translation reserves
(369.8)
(459.9)
Equity attributable to equity holders of Legrand
7,023.0
6,722.7
Minority interests
10.2
12.0
TOTAL EQUITY
7,033.2
6,734.7
Non-current liabilities
Long-term provisions
181.2
176.8
Provisions for post-employment benefits
133.1
136.2
Long-term borrowings (Note 7)
3,974.6
4,089.0
Deferred tax liabilities
939.0
930.3
TOTAL NON-CURRENT LIABILITIES
5,227.9
5,332.3
Current liabilities
Trade payables
921.9
936.5
Income tax payables
107.3
61.9
Short-term provisions
155.1
153.9
Other current liabilities
856.7
888.1
Short-term borrowings (Note 7)
1,005.0
732.3
Other current financial liabilities
2.5
1.7
TOTAL CURRENT LIABILITIES
3,048.5
2,774.4
TOTAL EQUITY AND LIABILITIES
15,309.6
14,841.4
Consolidated statement of cash flows
3 months ended
(in € millions)
March 31, 2024
March 31, 2023
Profit for the period
276.1
330.4
Adjustments for non-cash movements in assets and liabilities:
– Depreciation and impairment of tangible assets
32.0
30.2
– Amortization and impairment of intangible assets
26.9
27.6
– Amortization and impairment of capitalized development costs
5.0
6.4
– Amortization and impairment of right-of-use assets
19.7
18.0
– Amortization of financial expenses
1.1
0.8
– Impairment of goodwill
0.0
0.0
– Changes in long-term deferred taxes
1.5
13.1
– Changes in other non-current assets and liabilities
9.8
6.4
– Unrealized exchange (gains)/losses
2.9
3.2
– Share of (profits) losses of equity-accounted entities
0.0
0.0
– Other adjustments
6.4
(1.3)
– Net (gains)/losses on sales of activities and assets
2.4
(0.2)
Changes in working capital requirement:
– Inventories (Note 4)
(63.4)
(4.5)
– Trade receivables (Note 5)
(147.6)
(159.2)
– Trade payables
(21.3)
42.0
– Other operating assets and liabilities
27.3
50.2
Net cash from operating activities
178.8
363.1
– Net proceeds from sales of fixed and financial assets
0.2
0.2
– Capital expenditure
(25.5)
(24.5)
– Capitalized development costs
(7.4)
(7.3)
– Changes in non-current financial assets and liabilities
(1.1)
(60.3)
– Acquisitions and disposals of subsidiaries, net of cash
(299.5)
(54.3)
Net cash from investing activities
(333.3)
(146.2)
– Proceeds from issues of share capital and premium (Note 6)
0.0
0.0
– Net sales (buybacks) of treasury shares and transactions under the liquidity contract (Note 6)
(71.6)
(44.6)
– Dividends paid to equity holders of Legrand
0.0
0.0
– Dividends paid by Legrand subsidiaries
0.0
0.0
– Proceeds from long-term financing
201.5
0.0
– Repayment of long-term financing* (Note 7)
(19.6)
(18.9)
– Debt issuance costs
(10.4)
0.0
– Increase (reduction) in short-term financing
(48.7)
6.7
– Acquisitions of ownership interests with no gain of control
(3.7)
0.0
Net cash from financing activities
47.5
(56.8)
Translation net change in cash and cash equivalents
0.9
(8.3)
Increase (decrease) in cash and cash equivalents
(106.1)
151.8
Cash and cash equivalents at the beginning of the period
2,815.4
2,346.8
Cash and cash equivalents at the end of the period
2,709.3
2,498.6
Items included in cash flows:
– Interest paid during the period**
18.0
16.4
– Income taxes paid during the period
38.6
45.5
* Of which €18.7 million corresponding to lease financial liabilities repayment for the 3 months ended March 31, 2024 (€17.8 million for the 3 months ended March 31, 2023).** Interest paid is included in the net cash from operating activities; of which €2.7 million interests on lease financial liabilities for the 3 months ended March 31, 2024 (€2.1 million for the 3 months ended March 31, 2023).
Notes to the consolidated financial statements KEY FIGURES7
NOTE 1 - INTRODUCTION8
NOTE 2 - SIGNIFICANT TRANSACTIONS AND EVENTS FOR THE PERIOD8
NOTE 3 - CHANGES IN THE SCOPE OF CONSOLIDATION8
NOTE 4 - INVENTORIES9
NOTE 5 - TRADE RECEIVABLES9
NOTE 6 - SHARE CAPITAL10
NOTE 7 - LONG-TERM AND SHORT-TERM BORROWINGS11
NOTE 8 - SEGMENT INFORMATION12
NOTE 9 - SUBSEQUENT EVENTS14
KEY FIGURES
(in € millions)
1st quarter 2024
1st quarter 2023
Net sales
2,028.2
2,149.6
Adjusted operating profit
415.9
477.2
As % of net sales
20.5%
22.2%
20.6 % before acquisitions
⁽¹⁾
Operating profit
387.5
450.4
As % of net sales
19.1%
21.0%
Net profit attributable to the Group
275.9
330.5
As % of net sales
13.6%
15.4%
Normalized free cash flow
362.6
389.3
As % of net sales
17.9%
18.1%
Free cash flow
146.1
331.5
As % of net sales
7.2%
15.4%
Net financial debt at March 31
2,270.3
2,305.0
(1) At 2023 scope of consolidation.Adjusted operating profit is defined as operating profit adjusted for: i/ amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions, ii/ impacts related to disengagement from Russia (impairment of assets and effective disposal) and, iii/ where applicable, impairment of goodwill.
Normalized free cash flow is defined as the sum of net cash from operating activities - based on a working capital requirement representing 10% of the last 12 months’ sales and whose change at constant scope of consolidation and exchange rates is adjusted for the period considered - and net proceeds of sales from fixed and financial assets, less capital expenditure and capitalized development costs.
Free cash flow is defined as the sum of net cash from operating activities and net proceeds from sales of fixed and financial assets, less capital expenditure and capitalized development costs.
Net financial debt is defined as the sum of short-term borrowings and long-term borrowings, less cash and cash equivalents and marketable securities.
The reconciliation of consolidated key figures with the financial statements is available in the appendices to the first three months 2024 results press release.
NOTE 1 - INTRODUCTIONThis unaudited consolidated financial information is presented for the three months ended March 31, 2024. It does not include all the information required by International Financial Reporting Standards (IFRS) and it should be read in conjunction with consolidated financial statements for the year ended December 31, 2023 such as established in the Universal Registration Document deposited under visa no D.24-0270 with the French Financial Markets Authority (AMF) on April 10, 2024.
All the amounts are presented in millions of euros unless otherwise indicated. Some totals may include rounding differences.
The unaudited consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations adopted by the European Union and applicable or authorized for early adoption from January 1, 2024.
None of the IFRS standards issued by the International Accounting Standards Board (IASB) that have not been adopted for use in the European Union are applicable to the Group.
NOTE 2 - SIGNIFICANT TRANSACTIONS AND EVENTS FOR THE PERIOD
No significant transactions or events are to be reported over the period.
NOTE 3 - CHANGES IN THE SCOPE OF CONSOLIDATION
The contributions to the Group’s consolidated financial statements of companies acquired since the end of 2022 were as follows:
2023
March 31
June 30
September 30
December 31
Full consolidation method
Voltadis
Balance sheet only
6 months' profit
9 months' profit
12 months' profit
A. & H. Meyer
Balance sheet only
6 months' profit
9 months' profit
12 months' profit
Power Control
Balance sheet only
Balance sheet only
9 months' profit
12 months' profit
Encelium
Balance sheet only
6 months' profit
9 months' profit
12 months' profit
Clamper
Balance sheet only
Balance sheet only
Balance sheet only
11 months' profit
Teknica
Balance sheet only
4 months' profit
MSS
Balance sheet only
2024
March 31
Full consolidation method
Voltadis
3 months' profit
A. & H. Meyer
3 months' profit
Power Control
3 months' profit
Encelium
3 months' profit
Clamper
3 months' profit
Teknica
3 months' profit
MSS
Balance sheet only
ZPE Systems
Balance sheet only
During the first three months of 2024, the Group acquired ZPE Systems, Inc. in the United States. ZPE Systems is a leading American specialist in serial console servers that enable remote access and management of network IT equipment in datacenters. Based in Fremont, California, ZPE Systems employs over 140 people, reporting annual sales of more than $80 million.
NOTE 4 - INVENTORIES
Inventories are as follows:
(in € millions)
March 31, 2024
December 31, 2023
Purchased raw materials and components
614.8
589.5
Sub-assemblies, work in progress
143.6
134.9
Finished products
773.6
736.9
Gross value at the end of the period
1,532.0
1,461.3
Impairment
(243.9)
(239.0)
NET VALUE AT THE END OF THE PERIOD
1,288.1
1,222.3
NOTE 5 - TRADE RECEIVABLES
Trade receivables are as follows:
(in € millions)
March 31, 2024
December 31, 2023
Trade receivables
1,221.1
1,065.8
Impairment
(95.9)
(95.9)
NET VALUE AT THE END OF THE PERIOD
1,125.2
969.9
NOTE 6 - SHARE CAPITAL
Share capital as of March 31, 2024 amounted to €1,048,982,932 represented by 262,245,733 ordinary shares with a par value of €4 each, for 262,245,733 theoretical voting rights and 261,416,870 exercisable voting rights (after subtracting shares held in treasury by the Group as of this date).
Changes in share capital in the first three months of 2024 were as follows:
Number of shares
Par value
Share capital (euros)
Premiums (euros)
As of December 31, 2023
264,031,292
4
1,056,125,168
263,208,950
Cancellation of shares
(1,785,559)
4
(7,142,236)
(152,857,701)
As of March 31, 2024
262,245,733
4
1,048,982,932
110,351,249
As of March 31, 2024, the Group held 828, 863 shares in treasury, versus 1,863, 478 shares as of December 31, 2023, i.e. 1,034, 615 fewer shares corresponding to:
Number of shares
of which number of shares held by the Group
As of December 31, 2023
264,031,292
1,863,478
Transfer to employees
0
Share buybacks
750,000
Transactions under the liquidity contract
944
Shares cancellation
(1,785,559)
(1,785,559)
As of March 31, 2024
262,245,733
828,863
of which for transfer to employees
801,113
of which liquidity contract
27,750
of which for shares cancellation
0
NOTE 7 - LONG-TERM AND SHORT-TERM BORROWINGS
7.1 LONG-TERM BORROWINGS
Long-term borrowings can be analyzed as follows:
(in € millions)
March 31, 2024
December 31, 2023
Negotiable commercial paper
71.5
50.0
Bonds
3,630.0
3,500.0
Yankee bonds
0.0
262.7
Lease financial liabilities
221.0
216.3
Other borrowings
76.7
75.3
Long-term borrowings excluding debt issuance costs
3,999.2
4,104.3
Debt issuance costs
(24.6)
(15.3)
TOTAL
3,974.6
4,089.0
7.2 SHORT-TERM BORROWINGS
Short-term borrowings can be analyzed as follows:
(in € millions)
March 31, 2024
December 31, 2023
Negotiable commercial paper
115.0
115.0
Bonds
500.0
500.0
Yankee bonds
268.9
0.0
Lease financial liabilities
71.6
68.3
Other borrowings
49.5
49.0
TOTAL
1,005.0
732.3
7.3 CHANGES IN LONG-TERM AND SHORT-TERM BORROWINGS
Changes in long-term and short-term borrowings can be analyzed as follows:
Variations not impacting cash flows
(in € millions)
March 31, 2024
Cash flows
Acquisitions
Reclassifications
Translation adjustments
Other
December 31, 2023
Long-term borrowings
3,974.6
191.1
0.0
(332.4)
1.3
25.6
4,089.0
Short-term borrowings
1,005.0
(68.3)
0.0
332.4
5.7
2.9
732.3
Gross financial debt
4,979.6
122.8
0.0
0.0
7.0
28.5
4,821.3
NOTE 8 - SEGMENT INFORMATIONIn accordance with IFRS 8, operating segments are determined based on the reporting made available to the chief operating decision maker of the Group and to the Group's management.
Given that Legrand activities are carried out locally, the Group is organized for management purposes by countries or groups of countries which have been allocated for internal reporting purposes into three operating segments:
These three operating segments are under the responsibility of three segment managers who are directly accountable to the chief operating decision maker of the Group.
The economic models of subsidiaries within these segments are quite similar. Indeed, their sales are made up of electrical and digital building infrastructure products in particular to electrical installers, sold mainly through third-party distributors.
3 months ended March 31, 2024
(in € millions)
Europe
North and Central America
Rest of the world
Total
Net sales to third parties
918.9
⁽¹⁾
767.5
⁽²⁾
341.8
2,028.2
Cost of sales
(411.2)
(357.3)
(183.5)
(952.0)
Administrative and selling expenses, R&D costs
(286.3)
(276.9)
(93.3)
(656.5)
Other operating income (expenses)
(15.5)
(11.9)
(4.8)
(32.2)
Operating profit
205.9
121.4
60.2
387.5
- of which i/ acquisition-related amortization,
expenses and income and ii/ impacts related to disengagement from Russia (impairment of assets and effective disposal)
· accounted for in administrative and
selling expenses, R&D costs
(5.4)
(18.8)
(2.0)
(26.2)
· accounted for in other operating income
(expenses)
(2.2)
(2.2)
- of which goodwill impairment
0.0
Adjusted operating profit
213.5
140.2
62.2
415.9
- of which depreciation and impairment of tangible assets
(18.9)
(6.5)
(6.6)
(32.0)
- of which amortization and impairment of intangible assets
(2.6)
(0.5)
(0.4)
(3.5)
- of which amortization and impairment of development costs
(4.5)
0.0
(0.5)
(5.0)
- of which amortization and impairment of right-of-use assets
(7.6)
(7.0)
(5.1)
(19.7)
- of which restructuring costs
(1.6)
(5.9)
(3.0)
(10.5)
Capital expenditure
(16.0)
(5.2)
(4.3)
(25.5)
Capitalized development costs
(7.1)
0.0
(0.3)
(7.4)
Net tangible assets
530.0
164.6
146.9
841.5
Total current assets
3,715.0
1,040.5
855.2
5,610.7
Total current liabilities
2,053.3
523.8
471.4
3,048.5
(1) Of which France: €292.7 million.
(2) Of which United States: €709.3 million.
3 months ended March 31, 2023
(in € millions)
Europe
North and Central America
Rest of the world
Total
Net sales to third parties
978.2
⁽¹⁾
829.2
⁽²⁾
342.2
2,149.6
Cost of sales
(436.6)
(389.6)
(183.9)
(1,010.1)
Administrative and selling expenses, R&D costs
(287.7)
(271.3)
(82.9)
(641.9)
Other operating income (expenses)
(16.6)
(27.8)
(2.8)
(47.2)
Operating profit
237.3
140.5
72.6
450.4
- of which i/ acquisition-related amortization,
expenses and income and ii/ impacts related to disengagement from Russia (impairment of assets and effective disposal)
· accounted for in administrative and
selling expenses, R&D costs
(6.3)
(19.2)
(1.3)
(26.8)
· accounted for in other operating income
(expenses)
0.0
- of which goodwill impairment
0.0
Adjusted operating profit
243.6
159.7
73.9
477.2
- of which depreciation and impairment of tangible assets
(17.9)
(6.3)
(5.9)
(30.1)
- of which amortization and impairment of intangible assets
(2.3)
(0.6)
(0.3)
(3.2)
- of which amortization and impairment of development costs
(6.1)
0.0
(0.3)
(6.4)
- of which amortization and impairment of right-of-use assets
(6.4)
(6.6)
(5.0)
(18.0)
- of which restructuring costs
(5.0)
(4.7)
(3.6)
(13.3)
Capital expenditure
(16.5)
(4.8)
(3.2)
(24.5)
Capitalized development costs
(7.1)
0.0
(0.3)
(7.4)
Net tangible assets
451.8
155.2
128.0
735.0
Total current assets
3,321.5
1,217.9
891.0
5,430.4
Total current liabilities
1,825.3
512.9
439.7
2,777.9
(1) Of which France: €325.0 million.
(2) Of which United States: €763.0 million.
NOTE 9 - SUBSEQUENT EVENTS
The Group announced on April 23, 2024 the acquisitions as follows :
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502918507/en/
Legrand
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