financial results q3 2015...gross fleet capex q3-2015 : €38m (vs. €46 m in q3-2014) gross book...

FINANCIAL RESULTSQ3 2015

Wednesday 25th November

Q3 2015 HIGHLIGHTS

Q3 2015 HIGHLIGHTS

• Confirmation of revenue stabilization• Revenue up 1% like-for-like to €211m in Q3• EBITDA up 4% (down 4% to €77m including

capital gains)

• Key achievements• YTD EBITDA up 7%• Positive free cash flow• Completion of HERC acquisition

Q3 2015 FINANCIAL RESULTS - 25th November 2015 3

BUSINESS OVERVIEW OF LOXAM

REVENUE STABILISATION

(a) “Like-for-like” means changes in revenues for the period indicated compared to the prior comparable period, excluding changes in the scope of consolidation, at current exchange rates

5Q3 2015 FINANCIAL RESULTS - 25th November 2015

3%2%

8%

-6%

-13%-12%

-9%

-2%

0%

-1%

4% 3% 3%

5%

2%5%

2%

-2%

5% 6%

15%

0% 0%

2%

7%5%

4%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15

Generalist France Specialist France International

Revenue Quarterly Change (Y to Y) Like-for-Like

EBITDA EVOLUTION IMPACTED BY LOWER CAPITAL GAINS

(a) “Like-for-like” means changes in revenues for the period indicated compared to the prior comparable period, excluding changes in the scope of consolidation


1%

7%

21%

-5%-1% 0%

19%

12%

-7%-5%

7%

0%

3% 5%

-10%

9%

-3%-5%

-14%

-1%

26%

-9%-6%

2%

-1%

9%13%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

Q3-13 Q4-13 Q1-14 Q2-14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15

Generalist France Specialist France International

Adj. EBITDA Quarterly Change (Y to Y) Like-for-Like

GENERALIST FRANCE: CONTINUED EBITDA MARGIN IMPROVEMENT

• Total revenue of €126m in Q3 2015, stabilization versus Q3 2014, throughout the quarter

• Q3 EBITDA margin excluding gains up by 2pts

• Completion of HERC acquisition on 30/10

7

Key Figures

YTD 30/09/14

YTD30/09/15

Revenue € 384m € 371m

Revenue evolution -4.7% -3.5%

Adjusted EBITDA € 127m € 134m

EBITDA margin 33.0% 36.2%

Nb of branches 416 396

Headcount (average) 3 169 3 053

61%

Share of YTD 2015 group revenue

Q3 2015 FINANCIAL RESULTS - 25th November 2015

SPECIALIST FRANCE :WEAKER REVENUE

• Total revenue down 2% in Q3 to €37m

• Q3 EBITDA margin at 36% (vs 37% in Q3 2014)

• Late-cycle effect on building construction

• Acquisition of OBM modular business

8

Key Figures

YTD 30/09/14

YTD30/09/15


Revenue Evolution +3.6% +1.5%

EBITDA € 36m € 36m



Headcount 551 549


17%


INTERNATIONAL : REVENUE AND EBITDA GROWTH

• Total revenue in Q3 up by 1.9% (like-for-like, at constant exchange rate)

• Q3 EBITDA up by 13% like-for-like

• Softer market environment

9

Key Figures

YTD30/09/14

YTD30/09/15


Revenue Evolution +28.1% +19.3%

EBITDA € 27m € 33m



Headcount 780 981


22%


REDUCED CAPEX

Gross fleet Capex Q3-2015 : €38m (vs. €46 m in Q3-2014)

Gross book value of divestments Q3-2015: €48m (vs. €68m in Q3-2014)

Revised guidance for 2015


61

143131

196

128

91

0

50

100

150

200

250

Gross book value of disposedfleet equipment

Fleet Capex

YTD Sept.2013 YTD Sept. 2014 YTD Sept. 2015

m€

Gross Fleet Capex and Disposals (€m)

Q3 2015 FINANCIAL RESULTS

2014 capex weighed on EBIT

(€m) Q3 2014 Q3 2015 Var.YTD

30/09/14YTD

30/09/15Var.

Revenue 210 211 0.6% 601 611 1.7%

Adj. EBITDA (a) 80 77 -3.5% 191 204 6.9%

Margin 38% 36% 32% 33%

Adj. EBIT (a) 36 31 -13.2% 72 66 -7.8%

Margin 17% 15% 12% 11%

Net Financial Expense -15 -17 13.4% -34 -47 37.8%

Adj. Net Income (a)(b) 13 8 -36.3% 21 8 -61.6%

12

(a) Adjusted EBITDA and adjusted EBIT exclude non-recurring costs. These adjustments amounted to €8.4m totally recognized in Q3

2014.

(b) Adjusted Net Income exclude operating and financial non-recurring costs after tax. Financial non-recurring costs are relating to

the variation of the provision for the mark-to market value of swaps corresponding to the future charge. These adjustments

amounted to €0.4m in Q3 2015 and €0.2m in 2015.


LOWER FLEET GAINS WEIGHED ON EBITDA

13

8077

1 1 1

5

30

40

50

60

70

80

90

Adj. EBITDA Q32014

Gross margin Staff costs Other operatingcosts

Net gains on fleetdisposals

Adj. EBITDAQ3 2015

Q3 2015 EBITDA Bridge €m


WORKING CAPITAL REQUIREMENT AT LOW POINT

(a) Trade WCR = WCR relating to business and income tax (excluding WCR related to fixed assets)

14

103

7380 80 79 78 79

70 66

13%

9%10% 10% 10% 10% 10%

9%8%

0%

2%

4%

6%

8%

10%

12%

14%

0

20

40

60

80

100

120

140

Sept. 13 Dec.13 March 14 June 14 Sept. 14 Dec. 14 March 15 June 15 Sept. 15

Trade WCR (a) Trade WCR in % of LTM Revenue (right hand scale)

QUARTERLY TRADE WORKING CAPITAL REQUIREMENT%€m


LOWER DEBT TO FIXED ASSETS SUPPLIERS

15

(32) (21)

(56) (55)

(19) (24) (19) (24)(11)

103

73 80 80 79 78 79 70 66

-60

-40

-20

0

20

40

60

80

100

Sept. 13 Dec. 13 March 14 June 14 Sept. 14 Dec. 14 March 15 June 15 Sept. 15

WCR relating to fixed assets WCR relating to business and income tax

QUARTERLY WORKING CAPITAL REQUIREMENT€m


POSITIVE FREE CASH FLOW

(€m)Q3

2014Q3

2015YTD

30/09/14YTD

30/09/15

EBITDA before capital gains on fleetdisposal and other items 53 62 150 167

Proceeds from disposals of fixed assets 21 17 38 44

Gross capital expenditure (52) (43) (209) (110)

Financial income and expense (15) (17) (34) (49)

Income tax (5) (6) (10) (15)

Change in trade WCR 1 4 (5) 12

Change in WCR relating to fixed assets (36) (13) (2) (13)

Free cash flow (33) 4 (72) 36

Acquisitions, dividends and exchange effect (52) 0 (79) (18)

Change in net debt (85) 4 (151) 18


NET DEBT AT €952M, LEVERAGE RATIO AT 3.55X

17

811 857778 833

970 952

3.46x 3.03x 2.84x 3.41x3.77x

3.55x

2010 2011 2012 2013 2014 LTM 09-2015

Net Debt Leverage

Leverage (Net Debt / Adj. EBITDA )


2015 Roadmap

Q4-2015 ROADMAP

• Market prospects unchanged

• Capex increase

• EBITDA improvement

• Integration of recent acquisitions


APPENDIX

STRONG LIQUIDITY POSITION

22

12 58 51 44 29 19 2 2

250

300

410

2015 2016 2017 2018 2019 2020 2021 2022

410 €m Senior Secured Notes

300 €m Senior Subordinated Notes

250 €m Senior Subordinated Notes

217 €m Bilaterals and financial leases

Debt maturity profile (in €m)

241 €m Cash and Cash Equivalents

50 €m RCF (undrawn)


financial results q3 2015...gross fleet capex q3-2015 : €38m (vs. €46 m in q3-2014) gross book...

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