GlobeNewswire

EXEL INDUSTRIES :2020-2021 first-half results : Record first half EBITDA and net income

Share

PRESS RELEASE                                                                                June 1, 2021


First half 2020-2021 results



Record first half EBITDA and net income


EXEL Industries (M€)

H1 2019-2020

H1 2020-2021

SALES314.3 385.4
Recurring EBITDA*8.1 31.8
% of sales2.6%8.2%
CURRENT OPERATING INCOME (CURRENT EBIT)(1.1)20.9
% of sales(0.3%)5.4%
Non-recurring items(28.9)(0.2)
Net financial income/(expense)(6.2)0.3
Tax and share of profit of associates(0.2)(6.7)
NET INCOME/(LOSS)(36.4)14.3
% of sales(11.6%)3.7%
NET FINANCIAL DEBT(156.0)(119.1)

* Recurring EBITDA = current operating income (EBIT) + depreciation and amortization of non-current assets + change in provisions (excluding provisions on current assets) + share of profit of associates

H1 revenue in €m

2019 - 20202020 - 2021Change in valueChange in %
ReportedReportedReported*like‐for‐likeReported*like‐for‐like
Agricultural Spraying156.1178.222.125.814.1%16.5%
Sugar Beet Harvesters31.833.21.42.14.4%6.7%
Garden Watering and Spraying39.359.620.321.151.7%53.7%
Industrial Spraying87.1114.227.220.131.2%23.1%
EXEL Industries Group314.3385.27169.122.6%22%

*like‐for‐like (LFL) = at constant foreign exchange rates and scope

SALES

First half 2020/2021 sales of €385.2 million confirmed a strong upturn in business resulting in growth of €71 million (up 22.6%). Like-for-like sales amounted to €383.4 million, giving organic growth of 22%.

This performance follows a marked recovery in business during Q1 (up 19.4%) which steepened in Q2 (up 24.5%). The first lockdown in the second quarter of the 2020 calendar year resulted in the sudden closure of sales outlets, which mainly affected the garden spraying and watering business and, to a lesser extent, agricultural activities.

All regions posted growth, particularly Europe & Africa, but also Asia Pacific where Sames Kremlin expanded sales strongly. The Agricultural Spraying business in North America also recorded brisk sales. Exchange rate fluctuations curbed sales by €9.3 million.

RESULTS

Reported recurring EBITDA amounted to €31.8 million (8.2% of sales), up €23.7 million compared to 2019-2020.

  • In terms of direct margin, all business lines benefited from growth in sales volumes combined with a mix effect resulting from growth in accretive businesses such as garden spraying and watering and industrial spraying.
  • Lastly, the measures taken to lower the break-even point and reduce marketing and travel expenses are reflected in virtually stable costs, despite the increase in variable costs.

Net income amounted to €14.3 million, up €50.7 million.

  • The net exceptional loss(€0.2 million) was no longer affected by restructuring costs. As announced earlier, the highly uncertain macroeconomic environment of 2020, related to the health crisis in particular, prompted us to raise the general risk level taken into account for asset impairment testing. The outcome was a €25.9 million goodwill impairment for Agricultural Spraying plus an additional €2.1 million impairment charge on machine inventories and €0.9 million non-recurring expenses.
  • Net financial income amounted to €0.3 million, boosted by €2.2 million of currency gains which offset the cost of debt. In 2019-2020, first half currency losses curbed net financial items by €4.4 million.
  • Lastly, we recorded a tax expense of €7 million versus a tax expense close to zero the previous year.

BALANCE SHEET

Net financial debt at March 31, 2021 amounted to €119.1 million, compared to €156 million at the same date last year. This change reflects the improvement in the conversion of revenue growth into cash flow.

As a reminder, we closed the 2019-2020 fiscal year with net debt of €87 million. Given the cyclical nature of our business, working capital at March 31 represents the high point of the year, mainly due to the building of inventory which is run down during the second half. As H1 2020-2021 belongs to a year of strong recovery, cash outflow was limited to €32.1 million.

The EXEL Group is currently refinancing some of its credit facilities by extending their maturity in order to support operating and, where applicable, external growth requirements without incurring a negative long-term impact on its balance sheet structure.

OUTLOOK

The order book is now bigger than at the same point last year. However, we remain prudent about extrapolating H1 growth over the rest of the year. The postponement of invoicing from H1 to H2 2019-2020 (COVID effect) makes the comparison more challenging.

  • AGRICULTURAL SPRAYING

Our order book has been swelled by favorable developments in agricultural raw material prices over the last few months, government support measures (USA, Australia, France and Germany) and the suspension of customs duties on French wine by the USA (€400 million loss per year). Frost damage is expected to have a limited impact on viticulture but a more pronounced effect on the arboriculture segment. The price of steel has increased and we are revising our prices on a case-by-case basis. At this stage, there are no critical problems related to the shortage of electronic components.

  • SUGAR BEET HARVESTERS

The order book is now bigger than at the same point last year. This is a direct result of the action plans implemented to develop the Terra Variant range in liquid manure spreading and anaerobic digestion, and international sales of sugar beet harvesters. Beet prices are on the up but last year’s yields were hampered by virus yellows and the subsequent harvest to a lesser extent by frost.

  • GARDEN SPRAYING AND WATERING

Our current order book is higher than the previous year’s. We have set up a policy with customers for anticipating orders and deliveries in order to reconstitute inventories and meet customer demand. While the trend in sales remains strong so far, this business is heavily dependent on spring and summer weather. Furthermore, for several months now the market in plastic raw materials has been tight in terms of both prices and availability.

  • INDUSTRIAL SPRAYING

Strong momentum in the furniture industry continues to reflect the change in consumer habits (DIY, house refurbishment, etc.), which is driving sales. However, the recovery in the automotive sector remains fragile, despite a marked upswing in Asia, while elsewhere prospects remain uncertain in view of problems with electronic component deliveries.

UPCOMING EVENTS

June 1, SFAF meeting, H1 results

27 July, Q3 sales

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 more than 3 000 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 on the website www.exel-industries.com

Yves BELEGAUD
Group Chief Executive Officer Yves.belegaud@exel-industries.com
Patrick TRISTANI
C.F.P.O/ Investor Relations. Tel :0682258104
Patrick.tristani@exel-industries.com

2.13.0.0

Attachment

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

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

On substantial participation21.6.2021 15:20:00 CEST | Press release

JSC Olainfarm has received announcement on substantial participation from Nika Saveļjeva. According to the announcement share of voting rights has decreased from 7.8% to 0%. JSC Olainfarm has received announcement on substantial participation from AS AB CITY. According to the announcement share of voting rights is 7.8%. Other persons that belong to controlled company’s chain have 1.05% (AS RĪGAS FARMACEITISKĀ FABRIKA) and 21.97% (SIA FARMA FUND) of voting rights. The received announcements (in Latvian) are attached. Additional information: Jānis Dubrovskis Investor Relations Advisor of JSC Olainfarm Phone: +371 29178878 Email: janis.dubrovskis@olainfarm.com Attachments Pazinojums_lidzdaliba_N.S._Olainfarm_19.06.2021.docxPazinojums_lidzdaliba_AS AB CITY_N.S._21.06.2021.docx

Leading Edge Materials Announces Preliminary Life Cycle Assessment Results on Woxna Graphite Project21.6.2021 15:00:00 CEST | Press release

Vancouver, June 21, 2021 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) is pleased to announce preliminary Live Cycle Assessment (“LCA”) results for its Woxna Graphite anode project. On December 10, 2020, the Company announced it had commissioned Minviro Ltd. (“Minviro”), a London based globally recognized LCA consultancy, to build an LCA model and deliver a report for the planned vertically integrated production of natural graphite anode material in Sweden as described in the Company’s recently announced Preliminary Economic Assessment (“PEA”) results. The LCA results show that the production of 1 tonne of natural graphite anode material (coated spherical purified graphite (“CSPG”)) from natural graphite extracted at the Woxna Graphite mine is forecast to have an impact of 1.8 tonnes CO2 eq. Minviro applied the same methodology in the report to evaluate current Chinese natural and synthetic graphite ano

Nokia and DISH to deploy first 5G standalone core network in the public cloud with AWS21.6.2021 15:00:00 CEST | Press release

Press Release Nokia and DISH to deploy first 5G standalone core network in the public cloud with AWS Nokia builds on relationship with DISH and AWS as DISH deploys the United States’ first standalone, 5G cloud network on public cloud 21 June 2021 Dallas, Texas – Nokia today said it will deploy its 5G standalone (SA) Core for DISH on Amazon Web Services, Inc. (AWS). While DISH previously announced agreements with both companies, this news marks the world’s first deployment of 5G in the public cloud, supporting DISH’s cloud-native, OpenRAN-based 5G network with high-level scale, performance and security. Nokia is deploying 5G SA Core on AWS to enable automation required to meet evolving customer needs, allowing DISH to support new enterprise and consumer 5G use cases quickly, securely and across multiple cloud stacks at end customer premises. Nokia 5G SA Core on AWS allows DISH to offer the responsiveness, flexibility and efficiency that is needed to create innovative new services for it

Wood Mackenzie Scales Data Analytics Across the Energy Transition by Adding Quinbrook as a Lens Power Development Partner21.6.2021 13:00:00 CEST | Press release

Lens® decision intelligence platform connects the dots across a rapidly changing energy landscape LONDON/HOUSTON/SINGAPORE, June 21, 2021 (GLOBE NEWSWIRE) -- Wood Mackenzie, the leading provider of commercial intelligence for the world’s natural resources sector, today welcomes Quinbrook Infrastructure Partners as a development partner for the industry-leading Lens decision intelligence platform. With its analytics-ready power and renewables data integrated into a single platform, Lens Power enables organisations to maximise investment opportunities in clean energy and be on the forefront of the energy transition. Wood Mackenzie, a Verisk business (Nasdaq:VRSK), is collaborating with early adopters to design a power solution that provides a holistic understanding of what is happening in the world of energy, allowing organisations to analyse, screen and value assets or companies quickly and confidently to improve profitability and minimise risk. Global Power Generation Assets byEnergy S

Rovio Entertainment, Moomin Characters and Gutsy Animations enter into a long-term partnership21.6.2021 12:30:00 CEST | Press release

Rovio Entertainment Corporation Press Release Rovio Entertainment, Moomin Characters and Gutsy Animations enter into a long-term partnership Iconic Finnish brands will join forces to create joyful content for years to come. Rovio becomes an exclusive partner for Moomin based mobile games. ESPOO - Finland, June 21, 2021- Rovio Entertainment Corporation, the creator of Angry Birds, has entered into a long-term partnership with Moomin Characters and Gutsy Animation. Rovio will have the rights to develop and publish Moomin IP based games for any platform, with exclusive rights for all mobile platforms. Rovio will also become a minority shareholder in Gutsy Animations, the creator of the Moominvalley 3D animation series through an equity investment of 2.5 million euros and a convertible loan of 2.5 million euros. Moomin has a very high brand awareness particularly in Japan, which is one of the biggest gaming markets in the world. The length of the partnership is six years, with a possible e

Incap Corporation: INCAP’S FACTORIES IN INDIA CONTINUE OPERATIONS WITH REDUCED CAPACITY. INCAP’S PREVIOUSLY ANNOUNCED OUTLOOK FOR 2021 REMAINS UNCHANGED.21.6.2021 11:30:00 CEST | Press release

Incap Corporation 21 June 2021 at 12:30 p.m. (EEST) Stock Exchange Release Insider information INCAP’SFACTORIES IN INDIACONTINUE OPERATIONS WITH REDUCED CAPACITY. INCAP’S PREVIOUSLY ANNOUNCED OUTLOOK FOR 2021 REMAINS UNCHANGED. Karnataka state continues the fight against the coronavirus pandemic extending the measures taken to limit for instance social gatherings. The lock-down in Karnataka has been extended until 5 July 2021. However, the state government has given a number of concessions indicating a phased opening up in the coming weeks. Incap’s permission to operate its factories is still in force and the company continues to operate with somewhat reduced capacity following the government guidelines. The closure and the partial operations of the factories in India do not have an impact on the company’s outlook for 2021 published on 21 April 2021. Incap’s previously announced outlook for 2021: Incap estimates that its revenue, operating profit (EBIT) and adjusted operating profit (E

Progress on Brunel share buyback program 202121.6.2021 11:00:00 CEST | Press release

Amsterdam, 21 June 2021 – Brunel International N.V. (Brunel; BRNL), reports the transaction details for the period 14 June 2021 through 18 June 2021 related to its share buyback program announced on 1 June 2021 for an amount up to EUR 1,977,000, and started on 3 June 2021 in order to meet obligations under its performance share plan for senior management (excluding Board of Directors). Detailed information including all individual transactions can be found on https://www.brunelinternational.net/en/share-buyback-program. DateTotal shares repurchasedAverage purchase priceTotal consideration 14/06/2021 8,286 € 11.6138 € 96,231.95 15/06/2021 14,103 € 11.5806 € 163,321.20 16/06/2021 14,861 € 11.5029 € 170,944.60 17/06/2021 10,184 € 11.3922 € 116,018.16 18/06/2021 12,935 € 11.2274 € 145,226.42 Total60,369€ 11.4586€ 691,742.33 This press release contains inside information as meant in clause 7 of the Market Abuse Regulation. Attachment Press Release Share Buyback 2021 progress