EXEL Industries: third quarter 2021-2022 sales, up 9.4%
26 Juillet 2022 - 12:29PM
EXEL Industries: third quarter 2021-2022 sales, up 9.4%
Third quarter 2021-2022 sales:
+9.4%Sales recovery driven
by price increases
and consolidation scope effect
Early release due to breach of confidentiality.
Publication was initially scheduled for July 26, after market
close, at 6 p.m.
Q3 sales(April 2022–June 2022) |
2020-2021 |
2021-2022 |
Change in value(€m) |
Change(%) |
Reported |
Reported |
Reported |
LFL* |
Reported |
LFL* |
|
|
|
|
|
|
|
AGRICULTURAL
SPRAYING |
113.8 |
133.0 |
+19.2 |
+15.7 |
+16.8% |
+13.3% |
SUGAR BEET
HARVESTERS |
30.6 |
21.9 |
-8.7 |
-9.3 |
-28.4% |
-28.5% |
LEISURE |
49.8 |
55.6 |
+5.9 |
-8.2 |
+11.8% |
-16.4% |
INDUSTRY |
55.0 |
62.1 |
+7.1 |
+3.5 |
+12.9% |
+6.2% |
|
|
|
|
|
|
|
EXEL
Industries Group |
249.2 |
272.6 |
+23.4 |
+1.6 |
+9.4% |
+0.6% |
9-month sales(October 2021–June 2022) |
2020-2021 |
2021-2022 |
Change in value(€m) |
Change(%) |
Reported |
Reported |
Reported |
LFL* |
Reported |
LFL* |
|
|
|
|
|
|
|
AGRICULTURAL
SPRAYING |
291.9 |
319.7 |
+27.8 |
+21.7 |
+9.5% |
+7.4% |
SUGAR BEET
HARVESTERS |
63.8 |
61.1 |
-2.7 |
-4.3 |
-4.3% |
-6.8% |
LEISURE |
109.4 |
110.8 |
+1.5 |
-24.7 |
+1.3% |
-22.6% |
INDUSTRY |
169.2 |
187.8 |
+18.6 |
+12.4 |
+11.0% |
+7.3% |
|
|
|
|
|
|
|
EXEL
Industries Group |
634.4 |
679.5 |
+45.1 |
+5.0 |
+7.1% |
+0.8% |
* Like-for-like (LFL) = at constant foreign exchange rates and
scope
Situation in Ukraine and Russia
Since the beginning of the conflict in Ukraine,
EXEL Industries has maintained its operations in Russia
(agricultural equipment and industrial spraying) but has taken care
to ensure that deliveries are made in compliance with European
rules. As a reminder, Russia, Belarus, and Ukraine accounted for 4%
of Group sales in FY 2020–2021.
Third quarter 2021-2022
sales
The 9.4% increase in sales in
the third quarter of the 2021-2022 fiscal year to
€272.6 million
was driven by changes in foreign exchange rates (mainly the US
dollar) and the scope of consolidation. At constant consolidation
scope and foreign exchange rates, the Group recorded growth of
0.6%, despite persistent supply chain issues in its various
businesses, particularly in agricultural spraying and sugar beet
harvesters.
Changes in scope resulting from the two
acquisitions made by the Group have contributed €24.6 million to
revenue since the beginning of the fiscal year, breaking down as
€8.6 million for EXEL Yachting, consolidated on September 30,
2022, and €16 million for Italian company G.F., consolidated on
February 15, 2022.
-
AGRICULTURAL SPRAYING, sales of €133
million, up €19.2 million (+16.8%)
Agricultural commodity prices (wheat, corn, rapeseed, soybean,
etc.) appear to have eased in recent weeks. However, persistent
shortages of electronic parts and components are causing
significant delivery delays and adversely impacting factory
productivity. Sales in Australia remain at high levels.
- SUGAR BEET
HARVESTERS, sales of €21.9 million, down €8.7
million (-28.4%)
After two strong quarters, parts and component shortages, as
well as new waves of COVID, delayed production this quarter. EXEL
Industries expects to make up for delays in the fourth quarter. For
the record, the third quarter of the 2020-2021 fiscal year was
exceptionally strong.
- LEISURE, sales of €55.6
million, up €5.9 million (+11.8%)
While benefiting from the acquisition of G.F., the Gardening
business was once again penalized this quarter by a market still
down compared with an exceptional 2020-2021 fiscal year. The IT
migration which started at the beginning of the calendar year is in
the process of being normalized. The integration of EXEL Yachting
(Wauquiez, Rhéa Marine, Tofinou) and G.F. continues in line with
the acquisition plans.
- INDUSTRY, sales of €62.1
million, up €7.1 million (+12.9%)
North America and China were once again the drivers of growth in
industrial spraying, by volume and value alike. At the same time,
Europe displayed enduring resilience at 2021 levels. Technical hose
customers took a wait-and-see attitude towards the end of the
quarter, and billings in Europe began to slow.
Outlook
AGRICULTURAL SPRAYING
- After easing in
June, agricultural commodity prices are stable at persistently high
levels, still favorable for farmers.
- Price increases
have continued, but with a lag, to compensate for the high level of
inflation experienced over the last few quarters.
- The order book has now stabilized
at all-time high levels. However, component supply difficulties
continue to make it hard to forecast shipments.
SUGAR BEET HARVESTERS
- Sales of new machines are expected
to be stable over the year despite supply difficulties and
constraints linked to trade with Russia.
- Sales of second-hand machines are
increasing, resulting in a reduction in inventories.
LEISURE
- The change of ERP initiated in Q2
(migration to SAP) is being normalized in a downward market that
has returned to 2019 levels.
- The integration of G.F. has enabled
the first synergies to be achieved in terms of product
offering.
- The revitalization of the nautical
division, renamed EXEL Yachting, continues.
INDUSTRY
- Diversification
into other end markets is offsetting the sluggish state of the
automotive market.
- Despite the
health situation in China, business appears to be holding up well
in Asia.
- America should
hold its own and sustain growth.
Yves Belegaud, Chief Executive Officer of the
EXEL Industries Group, said:
“In the third quarter, in a volatile
macroeconomic environment, the Group was able to benefit from its
recent acquisitions. High inflation is prompting the Group to
regularly revise its pricing, at a time when volumes are subject to
component supply difficulties and the resurgence of new waves of
Covid. EXEL Industries nevertheless continues to record a high
volume of orders that should drive its business in the coming
months.”
Upcoming events
- October
27, 2022, after market closing: annual and
Q4 2021-2022 sales.
- December
20, 2022, before market opening: 2021-2022 annual
results.
About EXEL Industries
EXEL Industries is a French family-owned group
that designs, manufactures and markets capital equipment and
provides associated services that enable its customers to improve
efficiency and productivity or enhance their well-being while
achieving their CSR
objectives. Driven
by an innovation strategy for over 60 years, EXEL Industries has
based its development on innovative ideas designed to offer
customers unique, efficient, competitive and user-friendly
products.Since its inception, the Group has recorded significant
growth in each of its markets through both organic growth and
corporate acquisitions, underpinned by a stable shareholder base
guided by a long-term development
strategy. EXEL
Industries employs approximately 3,546 people spread across 27
countries and five continents. The Group posted FY 2020-2021 sales
of €877
million. Euronext
Paris, SRD Long only – compartment B (Mid Cap) EnterNext© PEA-PME
150 index (symbol: EXE/ISIN
FR0004527638) Press
release available on www.exel-industries.com.
Yves BELEGAUD GroupChief Executive
Officeryves.belegaud@EXEL-industries.com |
Thomas GERMAINGroup Chief Financial Officer / Investor
relationsdirection.communication@EXEL-industries.com |
- EXEL Industries_Communiqué de presse_2022-T3_EN
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