Exel Industries : Fourth-quarter 2019‐2020 revenue up 13% despite the health crisis
27 Octobre 2020 - 6:00PM
Exel Industries : Fourth-quarter 2019‐2020 revenue up 13% despite
the health crisis
PRESS
RELEASE
October 27, 2020
Fourth-quarter
2019‐2020 revenue
up 13% despite
the health crisis
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Fourth‐quarter revenue in € million |
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2018 - 2019 |
2019 - 2020 |
Change in value |
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Change in % |
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Reported |
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Reported |
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Reported |
*like-for-like |
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Reported |
*like-for-like |
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Agricultural Spraying |
73.2 |
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76.4 |
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+3.2 |
+4.5 |
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+4.4% |
+6.2% |
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Sugar Beet Harvesters |
59.4 |
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60.3 |
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+0.9 |
+1.8 |
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+1.6% |
+3.0% |
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Garden Watering and Spraying |
18.1 |
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31.7 |
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+13.6 |
+13.6 |
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+75.0% |
+74.7% |
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Industrial Spraying |
52.3 |
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61.2 |
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+8.9 |
-4.3 |
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+17.0% |
-8.2% |
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EXEL Industries Group |
203.0 |
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229.6 |
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+26.7 |
+15.6 |
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+13.1% |
+7.7% |
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12-Month revenue in € million |
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2018 - 2019 |
2019 - 2020 |
Change in value |
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Change in % |
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Reported |
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Reported |
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Reported |
*like-for-like |
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Reported |
*like-for-like |
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Agricultural Spraying |
356.0 |
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332.1 |
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-23.9 |
-23.0 |
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-6.7% |
-6.5% |
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Sugar Beet Harvesters |
113.4 |
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114.2 |
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+0.8 |
+1.5 |
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+0.7% |
+1.3% |
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Garden Watering and Spraying |
112.6 |
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121.1 |
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+8.5 |
+8.2 |
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+7.5% |
+7.3% |
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Industrial Spraying |
194.7 |
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187.0 |
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-7.7 |
-35.1 |
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-4.0% |
-18.0% |
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EXEL Industries Group |
776.7 |
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754.4 |
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-22.3 |
-48.4 |
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-2.9% |
-6.2% |
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*like-for-like = at constant foreign exchange
rates and scope.
Q4 REVENUE
The 4th quarter 2020 (July-August-September)
generated revenue of €229.6 million, up €26.7
million (+13.1%) compared with Q4 2019. At constant foreign
exchange rates and scope, Q4 revenue amounted to €218.6 million, up
7.7% from Q4 2019. This good performance is down to the hard work
of our teams, who showed flexibility both during and after the
lockdown. It also demonstrates the appropriateness and resilience
of the Group’s business model, based on rapid adaptation to market
conditions, combined with sectoral and geographical
diversification.
The change in scope and exchange rates effect in
Q4 concern the following items:
- A favorable change in scope (+ €14.6 million) following the
acquisition of iNTEC, which has been consolidated since February
2020.
- An adverse currency effect (-€3.6 million) chiefly attributable
to the Australian dollar, the Russian ruble and the Mexican
pesos
Revenue was €76.4 million, up €3.2 million
(+4.4%), due to the deferral of deliveries and billing from Q3 to
Q4, during which we were able to manufacture more machines despite
COVID-19, thanks to the adaptability of our teams.
Revenue was €60.3 million, up €0.9 million
(+1.6%). We duly met the challenge of delivering over 50% of annual
sales during the 4th quarter within the unusual context of the
health crisis.
- GARDEN WATERING AND SPRAYING
Revenue was €31.7 million, up €13.6 million
(+75%). The optimistic forecast for Q3 was borne out. Q4 2020
revenue marked a record high. The garden watering market remains
fairly unpredictable, being heavily dependent on the weather.
Numerous market operators source their supplies in Asia, requiring
them to stock products ahead of season, and affording them little
flexibility. Although we had difficulty in making timely deliveries
to our customers due to the Covid-19 crisis, we believe that the
location of our production sites in Europe enabled us to
provide a better service than the competition.
Revenue was €61.2 million, up €8.9 million
(+17%), of which €14.6 million is attributable to the
consolidation of iNTEC. At constant foreign exchange rates and
scope, revenue fell in the wake of the difficulties in the
automotive industry (primarily in Europe and North America) and the
deferral of major summer projects until winter 2021. Responses to
the productivity and environmental challenges facing the automotive
industry are being found in the innovative bonding solutions
developed by iNTEC. Among other benefits, bonding allows the use of
lighter composite materials, thereby increasing the operating range
of electric vehicles and reducing consumption in fuel-burning
engines.
ANNUAL REVENUE
For the full financial year ended September 30,
2020, the EXEL Industries Group generated revenue of €754.4
million, down €22.3 million (-2.9%) compared with end
September 2019. At constant foreign exchange rates and scope,
revenue came to €728.3 million, down €48.4 million (-6.2%).
Although we ended our first financial half-year down 10%, this
second half-year returned 3% growth.
In 2020, our agricultural activities recorded a
slight increase, contrasting with the 5% fall in the global
agricultural equipment market, despite the persistently low
agricultural commodities prices.
The market for sugar-beet harvesters appears to
have stabilized over the past 2 years, at the level to which we
adapted our industrial plant in a depressed climate for the sugar
industry.
The garden-watering sector is averaging 4%
annual growth. It has benefited from the upsurge in enthusiasm of
locked-down households, exceptional weather and a creditable rate
of service considering the very high business levels of the last
quarter.
Finally, the industrial-spraying sector was
impacted by the slowdowns in the automotive and aeronautical
industries, reflected in a lower demand for wearing parts and the
deferral of painting-booth installation projects. On a positive
note, over 9 months of the financial year, iNTEC contributed
revenue of €28.9 million.
2020 – 2021 FORECAST
Globally:
- A likely 2% to 4% fall on the French agricultural equipment
market in 2021,
- Government support plans (in France, Australia, the USA and
elsewhere),
- Brighter short-term trends in agricultural prices.
For EXEL
Industries: ·Finalization
of the transformation plan in France, well received by the
distributors, ·New
product launches.
- SUGAR BEET
HARVESTERS ·Uncertainty
surrounding areas allocated to sugar beet growing in view of
depressed sugar prices and the specific difficulties in the
agricultural
sector, ·Increase
in sales in France of our Terra Variant (a fast, multi-purpose
transport vehicle suitable for field use).
- GARDEN WATERING AND
SPRAYING ·Increase
in production capacities and productivity in line with rising
demand. Furthermore, we believe that our European production will
become a major asset as consumers are seeking locally-manufactured
products.
- INDUSTRIAL
SPRAYING ·Gradual
recovery in the automotive industry,
·Buoyant
trends for new
products, ·Materialization
of synergy gains between SAMES KREMLIN and iNTEC.
Yves Belegaud, CEO of the EXEL Industries Group, said: “Within
this highly unusual context of a major health crisis, our teams
throughout the world have shown great adaptability in compensating
as far as possible for deferrals of business. Our decentralized
economic model is once again proving its resilience. ”
Upcoming events
- December 17, 2020 before market opening: 2019-2020 Full-Year
Results.
- January 26, 2021 after market closing:
2019-2020 Q1 Revenue.
About EXEL Industries:
EXEL Industries’ core business is agricultural
and industrial spraying. The Group also competes in the consumer
watering products market and in sugar beet harvesters. The goal of
EXEL Industries is to expand in its markets through a policy of
constant innovation and an international growth strategy. EXEL
Industries employs approximately 3 544 people spread across 27
countries and five continents.
Euronext Paris, SRD Long only – compartment B (Mid
Cap)EnterNext© PEA-PME 150 index (Mnemo EXE / ISIN
FR0004527638)
The SFAF presentation is available on the website
www.exel-industries.comThis press release is available in French
and in English.
Yves BELEGAUDGroup Chief Executive
OfficerYves.belegaud@exel-industries.com |
Patrick TRISTANIC.F.P.O / Investor
RelationsPatrick.tristani@exel-industries.com |
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