EXEL INDUSTRIES :2019-2020 Annual Results Strong cash flow generation despite the health crisis


PRESS RELEASE                                                                                                                                                                                                                                          December 17, 2020

2019-2020 Annual Results

Strong cash flow generation despite the health crisis

 EXEL Industries group CEO Yves Belegaud said: “Within an extremely turbulent context on a general and sanitary stand point, the EXEL Industries group has demonstrated an excellent resilience. Our operational results were slightly higher than last year despite a light decrease of our top line, and the cash flow generation enabled us to cover a significant portion of the iNTEC acquisition cost. Our ability to overcome these periods year after year is underpinned by continuing diversification, which enables us to manage fluctuating business cycles.  In the future, we will reap the benefits of the operational performance improvement plans and the renewal of our businesses in order to serve our customers. I am particularly proud of the way the teams have been engaged in overcoming this environment, both regarding adherence to precautionary health measures and restructured working patterns as well as our flexibility in adjusting costs, all achieved while the group continued the transformation initiated last year.”

EXEL Industries (€ millions)Year Year
% of sales5.4%6%
% of sales4.2%4.7%
Non-recurring items(22.1)(29.9)
Net financial income/(expense)(1.1)(11)
Tax and share of profit of associates(5.4)(5)
NET INCOME/(LOSS)4.1(10.7)
% of sales0.5%(1.4%)
GEARING (NFD/shareholders’ equity)17%25%


Following a strong Q4, the EXEL Industries group posted sales of €754.4 million for the 2019-2020 fiscal year ended September 30, 2020, down €22.3 million or 2.9% compared to the previous year. At constant foreign exchange rates and consolidation scope (like for like), sales came to €729.3 million, down €47.4 million or 6.1%.

  • At €332.1 million, Agricultural Spraying posted a fall in sales within a global market affected by the health crisis and persistently low agricultural commodities prices in 2020. In France, where the group generates less than half of its sales, the agricultural equipment market dropped 5%.
  • The Sugar Beet Harvester activity posted sales of €114.2 million, up slightly from 2019. The market appears to have stabilized over the past two years, at the level to which we adapted our industrial plant in a depressed climate for the sugar industry that has resulted in a 35% decline in business compared to the 2017 peak.
  • The Garden Watering and Spraying business, the market for which is averaging 4% annual growth, benefited from the upsurge in enthusiasm of locked-down households and exceptional weather from the end of spring, enabling us to post sales of €121.1 million, a five-year high.
  • The Industrial Spraying business was impacted by slowdowns in the automotive and aeronautical industries, reflected in a lower demand for wearing parts and the deferral of painting-booth installation projects. The Tricoflex “flexible technical hose” product range was impacted to a much lesser extent. In total, we closed the year with sales of €187 million (including €27.9 million from iNTEC).


  • Reported EBITDA amounted to €45.4 million (6% of sales), up €3.3 million compared to 2018-2019. Despite the particularly volatile period we have just been through, our teams galvanized in order to adapt our organization to meet customer demand, which enabled us to maintain our direct margin rate. Meanwhile, we adjusted our fixed cost structure, thereby keeping operating cash flow under control.
  • Current operating income (EBIT) up €2.5 million to €35.3 million
  • Net loss of €10.7 million, impacted by the following accounting items in particular:
    • Non-recurring expenses of €29.9 million. The highly uncertain macroeconomic environment, related to the health crisis in particular, led us to raise the general risk level taken into account for asset impairment testing. The outcome was a €26 million goodwill impairment for Agricultural Spraying in addition to €3.9 million of non-recurring expenses.
    • A net financial expense of €11.1 million, mainly due to the impact of closing exchange rates on balance sheet items (€7.9 million). Last year we recorded a foreign exchange gain of €2.7 million.
    • Reported tax amounted to €5.4 million.


Net Financial Debt at September 30, 2020 came to €87 million, compared to €61.1 million in 2019. It includes €67.8 million related to the iNTEC acquisition and the application of IFRS 16, resulting in cash generation of €41.9 million over the period.

The financial leverage ratio for 2019-2020 (NFD/EBITDA) remained under control at 1.9. Excluding iNTEC and IFRS 16, leverage was 0.5 compared to 1.5 a year earlier.

Furthermore, the EXEL Industries group has lines of financing that allow it to support its operating and, where applicable, external growth requirements without incurring a negative long-term impact on its balance sheet structure. 


It will be proposed to the Annual General Meeting on February 9, 2021 that no dividend is distributed.


The Group Audit Committee met on December 15, 2020.
The Board of Directors met on December 16, 2020 and approved the group parent company and consolidated financial statements for the year ended September 30, 2020.
The Statutory Auditors have finished certifying the parent company and consolidated financial statements and will shortly issue a report without reservations.

2020-2021 OUTLOOK

  • AGRICULTURAL SPRAYING. The somewhat lackluster agricultural equipment market could be stimulated by more optimistic short-term agricultural price forecasts (wheat, corn) and by government support plans (in France, Australia, the USA and elsewhere). We will also finalize our transformation plan in France, the initial impact of which will be seen in terms of fixed costs and sales momentum.
  • SUGAR BEET HARVESTERS. Current sugar prices and diseases could negatively impact the areas allocated to sugar beet growing and therefore equipment orders. However, sugar beet prices are supported by the producers for the 2020/21 season. We will also increase our diversification with the development of Terra Variant in France.
  • GARDEN WATERING AND SPRAYING. Strengthening our logistical and industrial capabilities will increase our flexibility in responding to customer demand. We believe that our European production bases are a major advantage for reaching the service levels expected by our distribution networks. The COVID-19 health crisis has forced people to stay at home and has pushed them into doing more gardening. This has resulted in a growing number of gardeners, which should boost the gardening business.
  • INDUSTRIAL SPRAYING. While the automotive sector recovery is expected to be slow, we are continuing to implement the synergies between SAMES KREMLIN and iNTEC. The new products and the strengthening of our commercial organization should help to revitalize Tricoflex.

Moreover, SAMES KREMLIN has announced the development of PRiNTEC™, a range of products and services based on patented printhead technology for paint application. This technology enables unlimited customization for high-speed printing of stripes (horizontal or vertical) and patterns of all kinds on 2D or 3D surfaces. It can also be used to print adhesives and sealants. PRiNTEC™ is targeted at the automotive, rail, aeronautics, furniture, and ceramics markets, among others.  Customers benefits range from productivity gains to a significant contribution to preserving the environment.

Upcoming events

January 26, 2021 after market closing: Q1 2020-2021 sales.
February 9, 2021: Annual General Meeting of Shareholders

About EXEL Industries:
EXEL Industries’ core business is agricultural and industrial spraying. The Group also competes in the consumer watering products market and in sugar beet harvesters. The goal of EXEL Industries is to expand in its markets through a policy of constant innovation and an international growth strategy. EXEL Industries employs approximately 3 544 people spread across 27 countries and five continents.

Euronext Paris, SRD Long only – compartment B (Mid Cap)
EnterNext© PEA‐PME 150 index (Mnemo EXE / ISIN FR0004527638)

The SFAF presentation is available at
This press release is available in French and in English.

Group Chief Executive Officer

C.F.P.O / Investor Relations


About GlobeNewswire

One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Press and analyst meeting27.1.2021 11:00:00 CETPress release

On Thursday 11 February 2021, at 10:00 CET, Bilia’s year-end report 2020 will be published. On the same day Bilia arranges press and analyst meetings, where CEO Per Avander and CFO Kristina Franzén will present the report and answer questions. There will be one meeting in Swedish at 12:30 (CET) and one meeting in English at 14:30 (CET). They are telephone meetings and you call telephone number +46 (0)8 22 90 90 and enter code 674445. If you need a toll free phone number outside Sweden, please contact us for a country specific telephone number. Gothenburg January 27, 2021 Bilia AB (publ) For information please contact: Per Avander, Managing Director and CEO, +46 (0)10 497 70 00, Kristina Franzén, CFO, +46 (0)10 497 73 40, Facts about the Bilia Group Bilia is one of Europe’s largest car dealership chains with a leading position within service and sales of cars and transport vehicles. Bilia has about 140 facilities in Sweden, Norway, Germany,

Press- och analytikermöte27.1.2021 11:00:00 CETPressemelding

Torsdagen den 11 februari 2021, kl 10:00, publiceras Bilias bokslutskommuniké 2020. Samma dag arrangerar Bilia press- och analytikermöten, där CEO Per Avander och CFO Kristina Franzén presenterar rapporten och svarar på frågor. Det blir ett möte på svenska klockan 12:30 och ett möte på engelska klockan 14:30. Det är telefonmöten och man ringer in på telefonnummer 08-22 90 90 samt anger deltagarkod 674445. Om ni behöver ett avgiftsfritt telefonnummer för att ringa från utlandet, vänligen kontakta oss för ett landspecifikt telefonnummer. Göteborg den 27 januari 2021 Bilia AB (publ) För information vänligen kontakta: Per Avander, VD och koncernchef, 010-497 70 00, Kristina Franzén, CFO, 010-497 73 40, Fakta om Biliakoncernen Bilia är en av Europas största bilkedjor med en ledande position inom service och försäljning av personbilar och transportbilar. Bilia har cirka 140 anläggningar i Sverige, Norge, Tyskland, Luxemburg och Belgien. Bilia sä

ZetaDisplay bjuder in till presentation av bokslutskommunikén27.1.2021 10:00:00 CETPressemelding

Malmö - ZetaDisplay AB (publ) (Nasdaq Stockholm: ZETA) inbjuder till en audiocast i samband med publiceringen av delårsrapporten januari – december 2020. Rapporten kommer att publiceras den 5 februari kl 08:00 och presentationen är planerad till kl 10:00 samma dag. Deltagandet sker via länken Presentationen kommer att hållas på engelska av VD Per Mandorf och CFO Jacob Stjernfält. Malmö, 27 januari 2021 Vid frågor, vänligen kontakta: Per Mandorf, Koncernchef & VD Phone +46 704-25 82 34 Jacob Stjernfält, CFO Telefon +46 76-8754177 E-mail Daniel Oelker, CCO Phone +46 708-45 80 54 Om ZetaDisplay ZetaDisplay agerar i hjärtat av digitala transformationer i fysiska miljöer. Vi bidra

Result of Riksbank´s purchases of Commercial Paper27.1.2021 10:00:00 CETPress release

AuctionAuction resultsAuction date2021-01-27Settlement date2021-01-29Credit rating class1Term3mFixed purchase rate, %0.3Total bid amount, SEK mln0Accepted volume, SEK mln0Percentage alloted, %0Number of bids0 AuctionAuction resultsAuction date2021-01-27Settlement date2021-01-29Credit rating class1Term6mFixed purchase rate, %0.4Total bid amount, SEK mln0Accepted volume, SEK mln0Percentage alloted, %0Number of bids0 AuctionAuction resultsAuction date2021-01-27Settlement date2021-01-29Credit rating class2Term3mFixed purchase rate, %0.6Total bid amount, SEK mln100Accepted volume, SEK mln100Percentage alloted, %100Number of bids1 AuctionAuction resultsAuction date2021-01-27Settlement date2021-01-29Credit rating class2Term6mFixed purchase rate, %0.7Total bid amount, SEK mln0Accepted volume, SEK mln0Percentage alloted, %0Number of bids0

ZetaDisplay invites to presentation of the year end report27.1.2021 10:00:00 CETPress release

Malmö - ZetaDisplay AB (publ) (Nasdaq Stockholm: ZETA) invites to an audiocast in connection with the publication of the year-end report January – December 2020. The report will be published on 5 February at 08:00 CET and the audiocast is scheduled for 10:00am p CET on the same day. ZetaDisplay invites you to participate via the link The presentation will be held in English by CEO Per Mandorf and CFO Jacob Stjernfält. Malmö, 27 January 2021 For questions, please contact: Per Mandorf, President & CEO Phone +46 704-25 82 34 Jacob Stjernfält, CFO Phone +46 76-8754177 E-mail Daniel Oelker, CCO Phone +46 708-45 80 54 About ZetaDisplay ZetaDisplay acts at the heart of digital trans

Destabilization Campaign : Solutions 30 Files Defamation Suit27.1.2021 08:54:22 CETPress release

Solutions 30’s remarkable performance in 20201 once again demonstrates its solid fundamentals and promising outlook for growth despite the destabilization and misinformation campaign it is a victim of. Solutions 30 has already filed a complaint with the French financial markets authority [Autorité des Marchés Financiers] and with the national financial prosecutor’s office for the dissemination of false and misleading information and market manipulation, following the publication of an anonymous report containing a large amount of false and misleading information.2 This information has been publicly disseminated and exploited by the hedge fund Muddy Waters, which—in two letters dated January 25th and January 27th, 2021 and written in its own name—made new allegations that are false and misleading. These letters, whose sole purpose is to take advantage of a decline in the Solutions 30 share price, took place two trading days before the publication of the group’s full-year trading stateme

Participation Notification by Blackrock Inc.27.1.2021 08:30:00 CETPress release

Participation notification by Blackrock Inc. Brussels, 27 January 2021, 08:30 CET - According to Belgian transparency legislation (Law of May 2, 2007), BlackRock Inc. (55 East 52nd Street, New York, NY, 10055, U.S.A.) recently sent to Solvay the following transparency notifications indicating that it crossed the threshold of 3%. Here is a summary of the moves: Date on which the threshold was crossedVoting rights after the transactionEquivalent financial instruments after the transactionTotalJanuary 21, 20212.94%0.09%3.03%January 22, 20213.03%0.09%3.12% The latest notification, dated January 25, 2021, contains the following information: Reason for the notification: acquisition or disposal of voting securities or voting rightsNotified by: BlackRock Inc. (55 East 52nd Street, New York, NY, 10055, U.S.A.)Date on which the threshold is crossed: January 22, 2021Threshold of direct voting rights crossed: 3% upwardsDenominator: 105,876,416Additional information: The disclosure obligation arose