- 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.
|Oct 15 - Mar 16||Oct 16-Mar 17||Oct 16-Mar 17|
|In € thousands||Constant scope*|
|Current operating income||16.9||16.2||15.1|
|(Current EBIT) as a % of sales||4.9%||4.8%||4.3%|
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 Industries||2009/2010||2010/2011||2011/2012||2012/2013||2013/2014||2014/2015||2015/2016 12 months|
|Revenue in millions of euros||384.4||430.1||525.3||740.2||775.4||725.2||770,8|