2012-12-12 06:15:18 -
PRESS RELEASE Epernay, December 12, 2012
Spraying is our business!
2011-2012 Full-year results
Record sales of €525.3 million
Improved results
* Sales of €525.3 million, up 22% on last year
* Rise in EBIT: €33.1 million, up 64%
to 6.3% of sales (vs. 4.7% in 2010-2011)
* Sound financial structure, shareholders' equity = 50% of the balance sheet
* Positive net cash position (Cash - Debt) = +€4.7 million, an improvement of
€17.2 million
* Acquisition of Agrifac in July 2012
+------------------------+---------+---------+------------+-----------+
|Consolidated data in €m |2011-2012|2010-2011|Change in €m|Change in %|
+------------------------+---------+---------+------------+-----------+
|Sales | 525.3 | 430.1 | 95.2 | 22.14% |
+------------------------+---------+---------+------------+-----------+
|EBITDA | 45.8 | 29.6 | 16.2 | 54.67% |
+------------------------+---------+---------+------------+-----------+
| EBITDA as % of sales| 8.7% | 6.9% | | |
+------------------------+---------+---------+------------+-----------+
|EBIT | 33.1 | 20.2 | 12.9 | 64.10% |
+------------------------+---------+---------+------------+-----------+
| EBIT as % of sales | 6.3% | 4.7% | | |
+------------------------+---------+---------+------------+-----------+
|Financial result | 4.0 | (4.1) | 8.1 | NA |
+------------------------+---------+---------+------------+-----------+
|Pre-tax profit | 37.5 | 16.6 | 20.9 | 125.59% |
+------------------------+---------+---------+------------+-----------+
|Net profit | 26.1 | 13.1 | 13.0 | 99.31% |
+------------------------+---------+---------+------------+-----------+
|Headcount | 2,804 | 2,673 | | |
+------------------------+---------+---------+------------+-----------+
Analysis of 2011-2012 results
Income statement:
During the 2011-2012 financial year, Exel Industries' sales increased by 22%
(+23% for its Materials Protection business and 22% for its Plant Protection
business.) International growth reached 21%, compared with +24% on the French
market. The Exel Industries Group generated 60% of its sales from exports.
At €33.1 million, operating income from ordinary activities (EBIT from ordinary
activities) rose by €12.9 million and represented 6.3% of sales (compared with
4.7% in 2010-2011,) thanks to a volume effect on margins and tight control of
fixed costs.
Net income rose to €26.1 million compared with +€13.1 million last year, giving
a net profit per share of €3.85 as against €1.93 last year.
Balance sheet:
Over the year, shareholders' equity increased by €25.3 million to €212.3
million. It accounts for 50% of the total balance sheet.
The WCR improved from 98 days of sales in 2011 to 86 days in 2012, in a context
of strong business growth.
Our operations generated EBITDA of €46 million, allowing debt to be reduced by
€17.2 million over the year. The Group ended the year with a net cash position
(cash - debt) of +€4.7 million compared with net debt of €12.5 million in
2010-2011, an improvement of €17.2 million.
Outlook and strategy
Mr. Guerric Ballu, CEO of the Exel Industries Group commented:
"The 2011-2012 financial year has been marked by strong sales growth, which
reached a record €525 million, and an improvement in our EBIT from ordinary
activities, which amounted to 6.3% of sales compared with 4.7% in 2010-2011.
Our margins increased in volume, though we are pressing ahead with our efforts
to improve the Group's profitability. The manufacturing pressures encountered
last year were resolved, allowing us to deliver to our customers on time and
reduce our WCR.
We ended the 2011-2012 financial year with equity representing 50% of the total
balance sheet, a positive net cash position of €4.7 million and net income of
€26.1 million compared with €13.1 million last year.
In 2012, the Group's international growth was kick-started by the acquisition of
Agrifac in July and Hozelock in October; the latter will be consolidated in the
2012-2013 financial statements.
In a difficult economic environment, Exel Industries' goal is to strengthen its
position as the world leader on its markets by further improving its results and
supporting its customers through ongoing innovation and an enhanced
international presence."
Dividend: At the Annual Shareholders' Meeting to be held on January 22, 2013, a
proposal will be made to pay a dividend of €0.96 per share. This dividend will
be payable from January 25, 2013.
Next update: Sales for Q2 2012-13, Friday March 22, 2013.
About Exel Industries: www.exel-industries.com
A worldwide specialist in precision spraying techniques for agriculture (world
leader) and industry (world no.3), Exel Industries employs some 3,200 people in
26 countries across five continents.
NYSE-Euronext Paris, Compartment B, CAC Mid&Small, CAC Small
(Mnemo EXE / ISIN FR0004527638)
YOUR CONTACTS
Guerric BALLU
Sylvain ROUSSEAU
Group Chief Executive Officer Group
Chief
Financial Officer / Investor Relations
Sylvain.Rousseau@exel-industries.com
Tel.: +33 (0)1 49 40 25 71
EXEL INDUSTRIES : 2011-2012 Full-year results:
hugin.info/143456/R/1663988/539793.pdf
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Source: EXEL INDUSTRIES via Thomson Reuters ONE
[HUG#1663988]
