Annual Results 2014 – February 19, 2015
Solid execution delivered full year targets
Q4 revenues up 13%, +2.5% organically
Full year revenues up +6.6%, +1.4% organically
Gross margin up and Net income +3%, c. +11% at constant FX
Invensys integration well on track
Jean-Pascal Tricoire, Chairman and CEO, commented: "We achieve our targets while facing a turbulent environment in 2014. Our revenues grow 7%, 1.4 % organically and margin expands by 0.4pt at constant FX, on current scope. While early cycle businesses drive revenues up, IT returns to growth and Infrastructure shows signs of improvement at the end of the year. Our balanced geographic footprint also proves to be a key strength as new economies and mature countries supplement each other's growth over the year.
Invensys integration is well on track. Invensys revenues are up 2% organically. Adjusted EBITA margin expands by 5.5 pts reaching 14.8% and cash generation is strong. All this contributes to double digit EPS accretion for the Group. Invensys confirms its complementarities and synergies with our Industry business thanks to the integration of automation and power, the development of hybrid solutions, and the construction of a strong industrial software portfolio.
2014 marks the end of our “Connect” company program which is another step in building a cohesive, resilient and efficient Schneider Electric. We achieve strong service growth and deliver high supply chain efficiency. Additionally, we strengthen our technology portfolio and enhance capabilities in software, targeted segments and key geographies.
For 2015, we see continued growth in North America, signs of stabilization in Western Europe and a mixed picture in new economies. In this context, the Group targets low single digit organic growth revenues and an adjusted EBITA margin in the range of 14% to 14.5%, assuming no negative currency impact on margin.”