- Revenues up +3.2% at current scope and currency
- Sustained dynamism in the Americas and in Solutions
activities
- Profitability impacted by persistently high raw material and
energy costs
Regulatory News:
SergeFerrari Group (FR0011950682 - SEFER), a leading global
supplier of innovative flexible composite materials, listed on
Euronext Paris – Compartment C, today announced its consolidated
first half results to June 30, 2023, approved by the Supervisory
Board at its meeting of September 14, 2023. These consolidated
accounts have been the subject of a limited review by the Statutory
Auditors, whose report is currently being prepared.
Consolidated accounts that have been subject to a limited
review (report pending)
€m
H1 2023
H1 2022
Change
Revenues
175.5
170.0
+3.2%
Adjusted EBIT1
11.7
16.1
-27.3%
Operating income
10.7
15.9
-32.7%
Operating income (% revenues)
6.1 %
9.3%
Net income Group share
5.1
10.3
-50.5%
1 Adjusted EBIT = Operating profit+/- restructuring costs +/-
balance sheet effect of acquired companies’ purchase price
allocation operations
Sébastien Baril, Chairman of the SergeFerrari Group’s
Executive Board, comments: "In a first half of 2023 marked by
persistently high energy and raw materials costs, we preserved an
operating margin of 6.1%. This demanding environment is an
opportunity for us to consolidate and strengthen our medium-term
priorities -in particular, operating profitability and optimizing
management of cash. Despite the current economic situation, we are
relying on our business plan, which now combines a stronger
presence in our four priority markets with accelerated development
of our Solutions business, to a deliver profitable and sustainable
growth.”
In a difficult environment, well-oriented activities and
areas
Faced with declining demand for consumer equipment, SergeFerrari
Group reported revenues of €175.5 million, up +3.2% at current
scope and currency and -2.9% at constant scope and currency, with a
high basis of comparison (record sales volume achieved in the first
half of 2022).
Sales for the first half of the year were boosted by the
high-potential activities of the Solutions segment (biogas,
fish-farming and composite materials processing), and by the recent
integration of Markleen.
The Americas region stood out for strong growth: +17.9% at
current scope and currency, and 16.3% at constant scope and
currency. This good performance, driven mainly by sales of Modular
Structures and Tense Architecture also illustrates the commercial
synergies resulting from the acquisition of Verseidag Indutex
GmbH.
Resilient profitability despite energy and raw material
prices
SergeFerrari Group recorded adjusted EBIT of €11.7 million and
operating income of €10.7 million in H1 2023, impacted by
persistently high purchasing prices for certain raw materials and
energy. Although below the record level of 2022, the operating
margin of 6.1% in H1 2023 illustrates the Group's resilience.
Financial situation
€m
30.06.2023
31.12 2022
Net debt
-121.3
-85.3
Net debt excl. IFRS 16
-96.2
-61.2
Shareholders’ equity, Group
share
119.5
119.9
Cash consumption resulting from operating WCR was significantly
reduced in H1 2023 (€19.2 million) compared with H1 2022 (€34.4
million), reflecting the impact of measures implemented over the
last few months to optimize the Group's supply chain. Working
capital represented 44.2% of revenues in H1 2023, compared with
45.3% of revenues in H1 2022.
In addition, during H1 2023, the Group financed 17.7 million for
its external growth operations (acquisition of Markleen integrated
since April 1st, 2023, payments of additional consideration of
Verseidag Indutex GmbH and Baltijos Tentas and the refinancing of
MSE and DCS).
Lastly, the Group strengthened its post-closing financial
structure by securing a €10 million loan on July 13, 2023, as a
part of the "Prêts Participatifs Relance" scheme.
Outlook
For the 2023 financial year, SergeFerrari Group confirms its
revised financial targets, i.e. sales growth of +4% compared with
2022 and operating profit between 5% and 5.5% of its 2023
revenues.
The Group will continue the cost optimization efforts initiated
in its historical activities since the beginning of the year, adapt
its cost structure to an environment that will remain challenging,
and free up resources to pursue the development of its
high-potential Solutions activities. In this respect, the Company
is considering new partnerships outside Europe in the biogas
sector. Finally, SergeFerrari Group will accelerate the deployment
of its strategic CSHR initiatives: the development of its range of
"loop" recycled products, the decarbonization of its production
processes and the preservation of natural resources such as
water.
Financial calendar
- Publication of Q3 2023 revenues, on Wednesday, October 18,
2023, after market close
About SergeFerrari Group
The Serge Ferrari Group is a leading global supplier of
composite materials for Tensile Architecture, Modular Structures,
Solar Protection and Furniture/Marine, in a global market estimated
by the Company at around €6 billion. The unique characteristics of
these products enable applications that meet the major technical
and societal challenges: energy-efficient buildings, energy
management, performance and durability of materials, concern for
comfort and safety together, opening up of interior living spaces
etc. Its main competitive advantage is based on the implementation
of differentiating proprietary technologies and know-how. The Group
has manufacturing facilities in France, Switzerland, Germany, Italy
and Asia. Serge Ferrari operates in 80 countries via subsidiaries,
sales offices and a worldwide network of over 100 independent
distributors.
In 2022, Serge Ferrari posted consolidated revenues of €338.7
million, over 80% of which was generated outside France. The
SergeFerrari Group share is listed on Euronext Paris – Compartment
C (ISIN: FR0011950682). SergeFerrari Group shares are eligible for
the French PEA-PME and FCPI investment schemes.
www.sergeferrari.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230914106109/en/
Serge Ferrari
Philippe Brun Executive Board Member
Valentin Chefson Investor Relations
investor@sergeferrari.com
NewCap
Investor Relations - Financial Communication Théo Martin /
Quentin Massé Tel.: 01 44 71 94 94 sferrari@newcap.eu
Sergeferrari (EU:SEFER)
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