Our financials

Our financial results

We have a strong track record of profitable growth, with 2018 continuing to demonstrate significant EBITDA growth, both in terms of absolute EBITDA and EBITDA as a percentage of sales.

€m 2018 2017* 2016*
Sales 2,284.8 2,202.5 2,063.5
EBITDA 196.5 162.5 144.5
As a % of sales 8.6% 7.4% 7.0%
Run Rate EBITDA 227.3
As a % of sales 9.9%
Run Rate EBITDA plus proforma synergies 260.6
As a % of sales 11.4%

EBITDA – Earnings before interest, tax, depreciation and amortisation and one-offs. The financials above exclude discontinued operations.

*Rubix was formed from the merger of IPH and Brammer in September 2017. The 2016 and 2017 comparatives above are based on the full year results of the IPH and Brammer businesses, including the pre-acquisition results, and have been restated on a like-for-like basis to the EBITDA reported for 2018.

Our financing

The Group is supported by our debt providers BNP Paribas Fortis, Goldman Sachs, HSBC, Morgan Stanley, GSO and Lloyds, with our long term debt not repayable until 2024/2025.

Our debt carries one single financial covenant – the ratio of senior secured net debt (excluding preference shares and local facilities) and proforma EBITDA. This ratio must not exceed 7.45x. We remain significantly below this limit and in 2018 demonstrated a further reduction in gearing.

The Group held €101 million of cash at year end.

In addition to the fixed term loans, the Group has a €135 million committed revolving credit facility under which only €2 million was drawn at December 2018, leaving an available amount of €133 million.

Cash and undrawn facilities therefore totalled €234 million as at 31 December 2018.

On the strength of our recent financial performance, in November 2018 the Group successfully completed a refinancing resulting in additional fixed term loans of €90 million and a reduction in the interest rate over the existing fixed term debt.

This additional debt is being used in 2019 to assist us in acquiring businesses as part of our ongoing growth strategy.

€m 2018 2017
Leverage ratio:
Consolidated senior secured net leverage 3.40x 3.49x
Covenant limit 7.45x 7.45x
Cash and undrawn facilities:
Cash balance at year end 101 110
Undrawn revolving credit facility 133 129
Total cash and undrawn facilities 234 239

Our Future

The merger of IPH and Brammer in 2017 provided a great platform on which to build the market
leading pan-European distributor of industrial products and services.

We are focusing in 2019 on improving our key product categories and value added services, on growing our
penetration of digital channels, as well as accelerating this growth through selective acquisitions.

Our healthy financial results, together with our robust cash and financing position, give us a strong platform
to achieve this growth.

Additional financial documents:

Rubix Group Holdings Ltd consol stats 31 Dec 2018

Walker Guidelines Addendum

Rubix Group Snapshot