A sustainable and profitable growth model
- 50 years of growth and entrepreneurship, from a family-owned
SME to a world leader in the innovative membrane market
- Profitable organic growth in 2022, combined with a targeted
acquisition strategy
- "Act now to build a better tomorrow": a mobilised player to
a mission providing commitment and value to its
stakeholders
Regulatory News:
SergeFerrari Group (FR0011950682 - SEFER)
(Paris:SEFER), a leading global supplier of innovative flexible
composite materials under the Serge Ferrari and Verseidag brands
and listed on Euronext Paris – Compartment C, today announces its
consolidated annual results for the year ended December 31, 2022,
as approved by the Supervisory Board on March 2, 2023. These
consolidated financial statements have been audited by the
Statutory Auditors, whose reports are currently being prepared.
Sébastien Ferrari, Chairman of the Supervisory Board,
comments on the Group's fiftieth anniversary: "In 2023, the Serge
Ferrari Group celebrates its 50th anniversary. Born in 1973 from a
breakthrough innovation, the Prestressed, the Group has remained
faithful to its DNA of constantly identifying new solutions to meet
the changing expectations of its clients. It has shown the agility
to absorb growth and become a medium-sized company with a revenue
of more than 300 million euros and to take on new markets such as
biogas today.
The Group now has a new governance structure with a Management
Board that embodies the need for a company concerned with
durability to know how to structure and renew itself while
maintaining the key values of innovation and sustainability on
which the family company has built its success. The solid
performance achieved in 2022, a difficult year for the economy as a
whole, shows that Serge Ferrari is on the right track to meet the
new challenges it has set itself, such as producing more
sustainable and efficient membranes or keeping on promoting new
solutions for its customers. "
Sébastien Baril, Chairman of the Executive Board, looks
back on the achievements of 2022 and states: "In a still very
demanding environment, SergeFerrari Group recorded strong growth in
all its financial indicators in 2022. In particular, we have been
able to capitalise on our strategic positioning in our historical
markets to maintain our margins and improve our operating leverage
thanks to the first industrial synergies generated by recent
acquisitions. In an environment that will remain marked by high
volatility in energy and raw material costs, in this 50th
anniversary year, the Group will focus on further developing its
sustainable and profitable growth model by providing its customers
with increasingly alternative and innovative solutions, which are
practical answers to the challenges of the ecological
transition."
Development of profitable organic growth along with a
targeted acquisition strategy
2022 Revenue evolution
SergeFerrari Group achieved record sales of €338.7m in 2022,
above its target of €335m raised during the year, and up 18.5% on a
current scope and exchange rate basis. The Group is achieving solid
growth in all its geographical areas thanks to its continued
development in its four historical markets and the initial
contributions of acquisitions operating in high-potential
businesses from the second half of 2022.
Revenues
(in €m)
2022
2021
Change at current scope and
currency
Change at constant scope and
currency
1st quarter
79.0
64.1
+23.4%
+22.4%
2nd quarter
91.0
80.6
+12.8%
+10.8%
3rd quarter
79.7
70.2
+13.5%
+7.1%
4th quarter
89.0
71.0
+25.4%
+17.5%
Full year total
338.7
285.9
+18.5%
+14.2%
Solutions business development
Following the acquisition of Verseidag in 2020, which included
DBDS among its subsidiaries, the Group pursued its biogas
activities by becoming the majority shareholder of MSE and DCS,
companies specialising in the design and implementation of
methanisation domes. These activities allow the Group to progress
in the value chain resulting from the transformation of its
innovative membranes and to increase its proximity to end
customers.
Consolidated accounts that have been subject to a limited
review (reports being prepared)
€m
Dec 31, 2022
Dec 31, 2021
Change
Revenue
338.7
285.9
+18.5%
Adjusted EBIT1
26.5
20.0
+32.5%
Operating income
25.1
18.2
+37.9%
Net income, Group share
15.5
10.2
+52.0%
1 REBIT = Operating income +/- restructuring costs +/- balance
sheet effect of acquired companies’ purchase price allocation
operations
In 2022, SergeFerrari Group improved its operating leverage
compared to 2021, driven by its ability to pass on part of the
price increases in raw materials and energy, and by its work to
rationalise its industrial facilities with the first effects of
synergies from the transfer of production from the Eglisau site to
the Krefeld site. As a result, the Group is reporting a +32.5%
increase in Adjusted EBIT compared to 2021 at €26.5m. The operating
income is rising even more significantly at 37.9% to €25.1m. In
total, thanks to active debt management, the Net income, Group
share increase by 52% to €15.5 million compared to €10.1 million in
2021.
Financial structure
€m
Dec 31, 2022
Dec 31, 2021
Net debt
-85.3
-54.8
Net debt excl. IFRS 16
-61.2
-26.4
Shareholders' equity, Group
share
119.9
109.1
Working capital requirement (WCR) increased to €135.8m,
representing 40.0% of revenue in 2022, compared with €105.6m and
36.9% of revenue in 2021. This increase is due primarily to the
growth in inventories (+26%) but also to the rise in trade
receivables (+24%), which is fully correlated with the increase in
sales in the 2022 4th quarter. The average collection period for
trade receivables is virtually stable at 66 days in 2022.
In addition, the Group pursued the financing of its development
investments, in particular through the aforementioned acquisitions,
and bought back €7 million of its own shares which had been
delivered in July 2021 as partial payment of the acquisition price
of Verseidag Indutex GmbH. The net debt used for the calculation of
the covenants, respected on December 31, 2022, is thus €61.2
million, representing approximately 51% of the Group's equity and
1.7 times the EBITDA used for the test of its banking
covenants.
Outlook of a committed player
"Act now to build a better tomorrow”
Following on from the family values and culture, the strategy of
the Executive Board at the head of SergeFerrari Group since January
2022 is in line with the Group's goal: implementing sustainable
growth. In particular, this approach ensures that all of the
businesses and activities integrate and contribute to the Group's
carbon trajectory and to improving resource consumption.
To this end, SergeFerrari Group has updated its business model,
developed its "CSR 2030 doing better with less" project,
updated its dual materiality matrix and carried out its scope 3
carbon assessment. The company's efforts will focus on the incoming
flows of materials and energy in order to reduce its carbon
emissions. For example, the Group is working to identify and
qualify partners who include a proportion of recycled raw materials
in their industrial process.
In parallel, from a governance point of view, the Executive
Board has expanded the role of its operational bodies, in addition
to the CSR Committee created in 2018, to raise awareness, steer and
infuse this "CSR doing better with less" project:
- The Strategic Management Committee, which aims to work
concretely on the alignment between strategic objectives and
operational implementation.
- The AGORA is a participative forum, bringing together some
thirty managers who, through their cultural mix, know-how and
interpersonal skills, co-construct the future vision of
SergeFerrari Group.
The creation in 2022 of the Serge Ferrari Foundation, whose
primary vocation is to support people affected by climate change,
to accompany and raise awareness of the ecological transition, and
to contribute to the search for sustainable solutions to build the
world of tomorrow, illustrates this societal commitment. Through
the Serge Ferrari Foundation, and in association with Secours
Populaire and other associations in France and Turkey, the Group
was able to collect donations and send materials for the
construction of emergency shelters for the victims of the recent
earthquake.
Outlook
To achieve sustainable growth, SergeFerrari Group also intends
to keep on implementing the following actions:
- Focusing on its four strategic markets by promoting innovation
to address environmental issues, and continuing to expand its
commercial offering in the area of Solutions;
- Seizing external growth opportunities, which would complement
the Group's range of products and technological solutions and
extending its geographical presence close to its distant
customers;
- Optimising the components of its working capital, on a
like-for-like basis, to bring it back to historical levels.
For the year 2023, in a complex global environment, SergeFerrari
Group will aim to increase its revenue and maintain its operating
income compared to a high 2022 performance level.
Dividend
At the General Meeting of April 19, 2023 the Group will propose
a dividend of €0.40 per share for the year 2022.
Financial calendar
- Annual General Meeting: Wednesday, April
19, 2023 at 2:30 pm - Publication of Q1 2023 revenues on
Thursday, April 20,2023 after market close
ABOUT SERGEFERRARI GROUP
Marketing its products under two brands, Serge Ferrari and
Verseidag, 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
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version on businesswire.com: https://www.businesswire.com/news/home/20230302005685/en/
SergeFerrari Group Philippe Brun Executive Board
Member Valentin Chefson Investor Relations
investor@sergeferrari.com
NewCap Investor Relations – Financial
communication Théo Martin / Quentin Massé Tel: +33(0) 1 44 71
94 94 sferrari@newcap.eu
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