EXEL INDUSTRIES :2016-2017 first-half results : resilient income
(Thomson Reuters ONE) -
PRESS RELEASE Paris, June 15, 2017
2016-2017 first-half results
EXEL Industries: resilient income
* First-half revenue of ?352.7 million
* Current operating income (current EBIT) of ?15.1 million compared to ?16.9
million
* Improvement in operating working capital requirement (WCR) of ?24.6 million
(excluding corporate income tax)
* Sale of RAM Environnement SAS.
2015-2016 2016-2017 2016-2017
Oct 15 - Mar 16 Oct 16-Mar 17 Oct 16-Mar 17
In ? thousands Constant scope*
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Revenue 346.5 338.5 352.7
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Current operating income 16.9 16.2 15.1
(Current EBIT) as a % of sales 4.9% 4.8% 4.3%
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Pre-tax income 12.8 14.9
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Net income 7.3 8.4
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Headcount 3,618 3,463
*Constant scope : Excluding the ET Works first quarter as it is consolidated
since January 2016
· Analysis of 2016-2017 first-half results
Resilient income
The decrease of "Agricultural Spraying" results has been offset by other EXEL
Industries group activities. The Agricultural Spraying actually saw a sharp
reduction in the French market and a slight decline in Europe whereas, at the
same time, sales increased in the USA, Australia and the CIS countries.
Current operating income (current EBIT) was ?15.1 million at current
consolidation scope and ?16.2 million at constant scope, i.e. excluding the ET
Works first quarter. Current EBIT was ?16.9 million over the same period in n-1
and it had benefited from the Macron Law's positive effect on sales in France.
The sale of RAM Environnement SAS on February 28 did not significantly affect
the financial statements.
Cash generation thanks to work to reduce the operating WCR
All of the EXEL Industries group teams have been working on the operational
performance action plans in order to reduce the WCR. Comparing March 2016 to
March 2017, operating WCR was reduced by ?24.6 million as a result.
Over the 2016-2017 first half-year, investments were ?9.6 million, representing
around one third of planned full year investments.
Net income over the period was ?8.4 million compared to ?7.3 million last year.
Net financial debt at the end of March 2017 stood at ?145.5 million compared to
?181.1 million last year at the same time.
Audit Process
The Group Internal Audit Committee met on the afternoon of June 12, 2017.
The Group Statutory Auditors reported to the Internal Audit Committee regarding
their limited reviews of the financial statements of the major subsidiaries and
the Group and had no reserve or comments with respect to the parent company and
consolidated financial statements as at March 31, 2017.
On these bases on June 13, 2017, the Board of Directors approved the EXEL
Industries group half- year consolidated financial statements.
Change of fiscal year-end date.
The EXEL Industries Extraordinary Shareholders' Meeting of January 12, 2016 had
approved a resolution that the company's fiscal year should begin on October 1
of each year and end on September 30 of the following year.
The first half of this fiscal year commenced on October 1, 2016, and ended March
31, 2017, whereas it previously used to finish at the end of February. All of
the commentary is based on six months of activity comparing end-March 2016 to
end-March 2017.
· Upcoming events
- Thursday July 20, 2017 after market closing: Third quarter 2016-2017 revenue.
- Thursday October 26, 2017 after market closing: Fourth quarter 2016-2017
revenue.
- Tuesday, December 19, 2017, before the market opens: 2016-2017 annual results.
· Outlook and Strategy
Guerric Ballu, CEO of EXEL Industries group, said:
"Over the first half of this fiscal year, EXEL Industries group has demonstrated
its ability to withstand local crises. In effect, in France, the crisis in
Agricultural Spraying is continuing with no real prospect of recovery before the
end of our fiscal year.
The Group's internationalization and the development of our other activities
(Sugar Beet Harvesters, Garden Spraying and Watering and Industrial Spraying)
are offsetting the poor results of the Agricultural Spraying activity in France.
Current operating income (current EBIT) stood at ?15.1 million at the end of
March 2017 compared to ?16.9 million last year. This income, the efficiency of
our supply chain and lower inventories and work-in-progress enable more cash to
be generated and our debt to be reduced at the peak of the seasonality of our
business.
The outlook for the Sugar Beet Harvesters activity is good this year with strong
sales in Europe and our plants are operating at full capacity. The same goes for
Garden Spraying and Watering which is benefiting from very favorable weather
conditions and the implementation of new agreements with DIY stores in Europe.
In the Industrial Spraying activity, the newly merged Sames Kremlin company is
consolidating its position in distribution and pursuing its automotive projects
such as, for example, Nissan in Sunderland, UK, and PSA in Vigo, Spain. Only the
Agricultural Spraying activity is in decline.
The high degree of resilience shown by EXEL Industries group is related to the
ability of our teams to adapt to cyclical and geographic changes, capitalizing
on the increasingly international reach of our four activities.
Our markets are enjoying long-term growth and our strategy is based on three
areas of focus: internationalization, innovation and profitable, sustainable
growth.
+----------+---------+---------+---------+---------+---------+---------+-------------+
|EXEL |2009/2010|2010/2011|2011/2012|2012/2013|2013/2014|2014/2015|2015/2016 12 |
|Industries| | | | | | | months |
+----------+---------+---------+---------+---------+---------+---------+-------------+
|Revenue in| | | | | | | |
|millions | 384.4 | 430.1 | 525.3 | 740.2 | 775.4 | 725.2 | 770,8 |
|of euros | | | | | | | |
+----------+---------+---------+---------+---------+---------+---------+-------------+
About EXEL Industries: :
EXEL Industries' main businesses are agricultural sprayers (world leader) and
industrial spraying. The Group also competes in the consumer watering products
market and in sugar beet harvesters (world leader). EXEL Industries is
continually expanding its markets by means of constant innovation and an
international strategy. EXEL Industries employs around 3,720 people spread over
29 countries on five continents.
NYSE-Euronext Paris, SRD Long, CAC Mid&Small 190
EnterNext© PEA-PME 150 index (Ticker EXE / ISIN FR0004527638)
The SFAF presentation is available at www.exel-industries.com..
This press release is available in French and in English.
YOUR CONTACTS
Guerric BALLU
Sophie
BOUHERET
Group Chief Executive Officer Group
Financial Director/Investor Relations
(at)Gu3rric
sophie.bouheret(at)exel-industries.com
Tel: +33 1 71 70 49 50
EI: CP S1 Result:
http://hugin.info/143456/R/2113311/803911.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: EXEL INDUSTRIES via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 15.06.2017 - 06:30 Uhr
Sprache: Deutsch
News-ID 548026
Anzahl Zeichen: 9748
contact information:
Town:
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Kategorie:
Business News
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