- €819.3 million revenue over 13 months.
- €59.3 million current operating income (current EBIT) over 13 months equal to 7.2% of revenue.
- €90 million invested including strategic acquisition in USA (ET Works) and in real estate in preparation for plant extensions.
- Issue of a €30 million EuroPP private placement over 6 years and 7 years
|In € million||2014-2015 (12 months) Sept 14-Aug 15||2015-2016 (12 months) Oct 15-Sept 16||2015-2016 (13 months) Sept 15-Sept 16|
|Current operating income (EBIT)||50.9||57.4||59.3|
|(Current EBIT) as a % of sales||7.0||%||7.4||%||7.2||%|
On a 12-month basis from October to September, revenue was €770.9 million with an operating profit of €57.4 million or 7.4%. Excluding the US acquisition, revenue was slightly lower compared to the previous fiscal year but profitability was up from 7.0% to 8.2%.The reduction in sales from the sugar beet harvesters business was offset by industrial precision spraying solutions sales, the effect of the "Macron Act" on sales of agricultural precision sprayers in France and also an increase in sales in Russia, Ukraine and Australia.The cost reduction plans drawn up last year have enabled us to improve the Group's profitability. Cash generation devoted to future growth
|2015-2016 constant||ETW: Impact including acquisition||Real estate investment||2015-2016 Current|
|Operating cash flow||97.4||97.4|
|Financial elements (finance costs, dividend, exchange rate)||-18.0||-18.0|
|Change in NFD||49.1||-62.3||-15.7||-28.9|
In January, EXEL Industries Group carried out a strategic acquisition in the agricultural precision spraying solutions market in the USA with the purchase of ET Works, which had an impact of €62.3 million on Group debt.In April 2016, the Group issued a €30 million EuroPP private placement over 6 years and 7 years. Net financial debt (NFD) at the end of September 2016 stood at €103.6 million. Gearing (ratio of net financial debt to shareholders' equity) increased from 26.8% to 34.7%, with longer debt maturities. Net income - Dividends Tax payable represents 33.3% of pre-tax income, versus 31% last year. Consequently, net income came in at €34.2 million, versus €31.6 million in the previous year. Given the expected difficult climate for French agricultural plants in 2016-2017, the Annual General Meeting on February 9, 2016 will be asked to approve a dividend of €1.07 per share, which is stable compared to last year. Audit process On December 12, 13 and 14, 2016, all EXEL Industries Group subsidiaries held their Annual General Meetings and approved their annual financial statements, which were audited and certified by their respective Statutory Auditors. The Group Internal Audit Committee met on the afternoon of December 14, 2016. The Board of Directors of December 15, 2016, approved the financial statements, statutory and consolidated accounts as at September 30 2016. Audit procedures on statutory and consolidated accounts have been done, and an audit opinion without reserve in on-going. · Outlook and Strategy Guerric Ballu, CEO of EXEL Industries Group, said: "EXEL Industries Group achieved €819.3 million of revenue over 13 months, and our net income continues to grow, thanks to our action plan to reduce WCR and our cost improvement plans implemented in the previous fiscal year. To further our long-term growth, we have devoted a large part of this income to real estate and property investments at our manufacturing sites in Germany, the Netherlands and Denmark. With the acquisition of ET Works in the USA in January 2016, we have taken a significant position in the US agricultural self-propelled sprayer market, which is the largest market in the world. This is in line with our strategy for an international presence in all of our markets. We are continuing with our active policy of innovation and this year we will again be launching many new products in all of EXEL Industries's areas of activity.
2016 harvests were not good in France and cereal prices have stabilized below €170/metric ton. French farmers will have little financial capacity to invest in agricultural equipment in 2017. Our French plants have been affected. They have already taken measures to modify the amount of production working time and restructuring activities are going to be implemented. However, our international growth means that less than 20% of the Group's revenue is exposed to the French agricultural market.In Europe and the rest of the world, the situation has not declined to such an extent. In Russia and Ukraine, there is even a positive trend. The launch of the "Rubicon" self-propelled sprayer manufactured in France has been very successful in Australia.In the sugar beet harvesting business, the increase in planted areas in Western Europe and the replacement of the ageing fleet in Russia and Ukraine allow us to predict growth in sales in the 2016-2017 fiscal year. In the garden spraying and watering business, Hozelock will continue its international growth, particularly in Europe through its partnerships with Carrefour and Kingfisher. To step up our growth in the industrial precision spraying solutions business, our Kremlin Rexson and Sames Technologies subsidiaries are going to merge, creating a global player. Against a background of political and financial turbulence and erratic weather patterns, EXEL Industries Group is relying on its four business activities, its entrepreneurial spirit and its flexible organization. These are the assets that will allow us to grow and develop. · Upcoming events - Tuesday January 24, 2017 after market closing: 2016-2017 first quarter revenue.- February 9, 2017: Annual General Meeting of Shareholders with a proposed dividend of €1.07 per share. - Thursday April 20, 2017 after market closing: 2016-2017 second quarter revenue.
|EXEL Industries||2009/2010||2010/2011||2011/2012||2012/2013||2013/2014||2014/2015||2015/2016 13 months|
|Revenue in millions of euros||384.4||430.1||525.3||740.2||775.4||725.2||819.3|