EXEL INDUSTRIES :2016-2017 fourth quarter business activity Record fourth quarter revenue growth of 43.8%
(Thomson Reuters ONE) -
PRESS RELEASE October 26, 2017
2016-2017 fourth quarter business activity
Record fourth quarter revenue growth of 43.8%
--------------------------------------------------------------
2016-2017
2015-2016 2015-2016 Current
consolidation Change in
scope current
consolidation
4 months 3 months 3 months scope
(*)
Jun-Sept Jul-Sept Jul-Sept
--------------------------------------------------------------
Fourth
quarter
revenue 269.3 190.1 273.5 43.8%
--------------------------------------------------------------
Agricultural
Spraying 94.2 65.5 78.5 19.8%
Sugar Beet
Harvesters 76.2 54.9 115.9 110.9%
Gardening
Spraying and
Watering 29.2 16.5 17.0 2.6%
Industrial
Spraying 69.8 53.1 62.1 17.0%
-----------------------------------------------------------------------------------------
2015-2016 2015-2016 2016-2017 2016-2017
Change in Change in
13 months Current current Constant constant
(*) 12 months consolidation consolidation consolidation consolidation
scope scope scope (**) scope
Sept-Sept Oct-Sept Oct-Sept Oct-Sept
-----------------------------------------------------------------------------------------
Annual
Revenue 819.3 770.9 874.2 13.4% 860.8 11.7%
-----------------------------------------------------------------------------------------
Agricultural
Spraying 385.4 365.7 381.0 4.2% 367.6 0.5%
Sugar Beet
Harvesters 126.9 116.3 176.0 51.3% 176.0 51.3%
Gardening
Spraying and
Watering 100.6 96.9 108.8 12.2% 108.8 12.2%
Industrial
Spraying 206.4 192.0 208.4 8.5% 208.4 8.5%
(*) Following the change in the annual closing date (from August to September),
the 2015-2016 fiscal year was 13 months long with a four-month fourth quarter
(**)Constant consolidation scope = 2016-2017 current consolidation scope
excluding the first quarter of ET Works, acquired in January 2016
Revenue for the fourth quarter was ?273.5 million, up by 43.8%, primarily thanks
to the Sugar Beet Harvester business, in line with our forecasts, and also
thanks to Agricultural and Industrial Spraying.
Annual revenue for the 2016-2017 fiscal year was ?874.2 million, up by 13.4% at
current consolidation scope and 11.7% at constant consolidation scope. Changes
in foreign exchange rates, primarily for GBP, had a negative impact of ?7.3
million on revenue for the period..
* Agricultural Spraying
The Agricultural Spraying business grew by 19.8% over the fourth quarter. The
growth was primarily generated in Northern and Eastern Europe (the UK, the
Netherlands, Austria, Poland and the Baltic countries) and in the USA and
Australia.
ET Works continued its recovery with a fourth quarter up by 10.1%. At constant
consolidation scope, ET Works' revenue grew by 34.3% over the year.
The Agricultural Spraying business ended the year up 4.2% at current
consolidation scope and 0.5% at constant consolidation scope with very different
performances by region:
* Strong growth in the USA, Australia and Ukraine;
* A significant decline in France, primarily over the first three quarters,
followed by stabilization in the fourth quarter. The level of activity over
the year was much too weak in comparison to the available capacity at the
companies which only sell in France.
* Sugar Beet Harvesters
Revenue was ?115.9 million for the fourth quarter alone, i.e. as much as in the
entire previous fiscal year. The strong involvement of our teams, the
flexibility of our manufacturing units and the additional resources deployed
enabled us to deliver on a record order book.
The Sugar Beet Harvester business increased by 51.3% over the year. Growth
picked up as the wait-and-see attitude resulting from negotiations for exiting
sugar beet quotas in 2016 were wrapped up, and the crop growing area in Europe
(Germany, France, the United Kingdom and the Netherlands) was increased by 20%.
* Gardening Spraying and Watering
Gardening Spraying and Watering ended the year with more moderate growth of
2.6% in the fourth quarter as a result of less favorable weather conditions in
England.
Annual growth was up 12.2%, carried by the expansion of the European
distribution network, the success of new products and very favorable weather
conditions during the spring. Excluding the GBP/EUR currency effect, growth
would have been 18.5%.
* Industrial Spraying
Industrial Spraying grew by 17.0% in the fourth quarter, notably as a result of
the progress made on the Nissan contract in Sunderland in the UK and the PSA
Vigo contract in Spain.
The business saw solid growth of 8.5% over the full year, based both on the sale
of standard equipment and on projects located primarily in Europe, Asia, and the
Middle East.
* Outlook and strategy
Mr. Guerric Ballu, Chief Executive Officer of EXEL Industries Group stated that:
"We're ending the year on a high thanks to exceptional sales of Sugar Beet
Harvesters and solid growth in our other activities sustained by our
international expansion.
ET Works, which was acquired by the Group in January 2016, returned to growth
following the sale of its distribution network's inventories and its
capitalization on synergies in product, know-how and human resources with the
other companies of EXEL Industries Group. ET Works had two consecutive quarters
of strong growth in the agricultural machines market in the United States,
despite the fact that the market has remained slow.
There were no major negative surprises for the 2017 harvest which has been
deemed exceptional in Russia. In the Agricultural Spraying business, we're
expecting a wait-and-see attitude from farmers in France, as long as cereal
prices remain low. However, sales should take off in France as soon as prices
increase. The Sugar Beet Harvester business should remain constant next year
although it will likely be somewhat lower than this exceptional year.
Gardening Spraying and Watering, the development of the distribution network,
and innovation, will continue to drive growth. Industrial Spraying is continuing
its strategy of refocusing sales on our distribution networks and standard
equipment, which are our most profitable businesses. This should offset the
decline in automotive projects.
While our markets are subject to change, they will remain profitable over the
long term. Our international expansion strategy and our presence in four
business areas will smooth out fluctuations while ensuring profitable, long-term
growth."
Upcoming events: 2016-2017 full-year results: December 19, 2017
2017-2018 first quarter revenue: January 23, 2018
+----------+---------+---------+---------+---------+---------+---------+-------------+---------+
|EXEL |2009/2010|2010/2011|2011/2012|2012/2013|2013/2014|2014-2015|2015/2016 12 |2016-2017|
|Industries| | | | | | | months | |
+----------+---------+---------+---------+---------+---------+---------+-------------+---------+
|Sales in| 384.4 | 430.1 | 525.3 | 740.2 | 775.4 | 725.2 | 770.8 | 874.2 |
|M? | | | | | | | | |
+----------+---------+---------+---------+---------+---------+---------+-------------+---------+
About EXEL Industries: www. : exel-industries.com , (at)EXEL_Industries
EXEL Industries' main businesses are agricultural sprayers (world leader) and
industrial spraying. The Group is also present in the consumer watering products
market (European leader) 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 3,750 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)
This press release is available in French and English on our website and
Twitter.
YOUR CONTACTS
Guerric Ballu Sophie Bouheret
Group Chief Executive Officer Group CFO /
Investor Relations
(at)Gu3rric
sophie.bouheret(at)exel-industries.com Tel: +33 (0)171 704950
EI: Sales Q4 2016-2017:
http://hugin.info/143456/R/2145014/822157.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: 26.10.2017 - 18:00 Uhr
Sprache: Deutsch
News-ID 565501
Anzahl Zeichen: 11150
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Kategorie:
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