Savaria Announces Preliminary Fiscal 2021 Results and Achievement of Major Milestone
09 Februar 2022 - 11:05PM
Savaria Corporation (“Savaria”) (TSX: SIS), a global leader in the
accessibility industry, is pleased to provide preliminary results
for its 2021 year-end and financial guidance for its fiscal 2022.
A Word from the President“Our revenue should be
approximately $660 million for the year ending December 31, 2021,
with an adjusted EBITDA(1) of approximately $100 million – a
major milestone for us – resulting in an expected 15.1% adjusted
EBITDA margin(1). This year was perhaps one of the toughest to
manage in our history, with challenges at every turn. From
skyrocketing freight costs to material cost increases and labour
shortages, all while managing our facilities to ensure the health
and safety of our employees during the pandemic - we had our work
cut out for us. But as a testament to the perseverance of our 2,200
employees, reaching 40 countries, we will attain our business
goals. I am so proud of our staff and what we were able to achieve
together,” stated Marcel Bourassa, President and Chief Executive
Officer of Savaria.
“I am also happy to report that the integration of Handicare and
Savaria is going very well. Our complementary product mix and the
addition of sales territories to each business is well-timed for
the market needs. For 2022, we are projecting revenue in excess of
$775 million with adjusted EBITDA(1) in the range of $120 million
to $130 million. This transformative acquisition brought us talent,
new territories, fresh ideas and an expanded vision for future
success,” concluded Mr. Bourassa.
(1) |
Please refer to the sections below entitled “Preliminary 2021
Results” and “Compliance with International Financial Reporting
Standards (“IFRS”)”. |
Preliminary 2021 Results
- Revenue should be approximately $660
million compared to $354 million in 2020.
- Adjusted EBITDA should be
approximately $100 million compared to $60 million in 2020.
- Operating income should be
approximately $35 million compared to $39 million in 2020
reflecting additional margin from Handicare offset by higher
amortization of acquisition-related intangible assets and on-going
integration costs.
These preliminary results are based on information available to
Savaria as of the date of this release and are subject to revision
upon the finalization of its annual consolidated financial
statements. Financial results for the year ended December 31, 2021,
will be released after market hours on March 23, 2022. Savaria will
not provide any additional comments or details until after the
annual audited consolidated financial statements have been
published.
OutlookSavaria expects to generate revenue in
excess of $775 million with adjusted EBITDA(1) in the range of $120
million to $130 million in fiscal 2022, based on the following
assumptions:
- Considering Handicare acquisition date of March 4, 2021,
Handicare will be consolidated for a period of 12 months in fiscal
2022 compared to 10 months in fiscal 2021.
- Organic growth coming from the Accessibility and Patient Care
segments is expected due to strong demand.
- The integration and anticipated synergies of Handicare are
progressing in-line with management’s plan.
- Management’s ability to continue to effectively manage supply
chain challenges, including higher freight costs and availability,
as well as overall inflation costs.
- This outlook excludes the financial contribution from any new
acquisition.
Compliance with International Financial Reporting
Standards (“IFRS”) The financial information appearing in
this press release has been prepared in accordance with IFRS.
However, Savaria uses EBITDA, adjusted EBITDA, and adjusted EBITDA
margin, for analysis purposes to measure its financial performance.
These measures have no standardized definitions in accordance with
IFRS and are therefore regarded as non-IFRS measures. These
measures may therefore not be comparable to similar measures
reported by other companies. We believe that many of our readers
analyze the financial performance of the Corporation’s activities
based on these non-IFRS financial measures as such measures allow
for easier comparisons between periods. These measures should be
considered as a complement to financial performance measures in
accordance with IFRS. They do not substitute and are not superior
to them. Additional details as well as definitions for these
non-IFRS measures can be found in Savaria’s Q3 2021 MD&A, dated
November 10, 2021, which is posted on Savaria’s website at
www.savaria.com, and filed with SEDAR at www.sedar.com.
About Savaria CorporationSavaria Corporation
(savaria.com) is a global leader in the accessibility industry. It
provides accessibility solutions for the physically challenged to
increase their comfort, their mobility and their independence. Its
product line is one of the most comprehensive on the market.
Savaria designs, manufactures, distributes and installs
accessibility equipment, such as stairlifts for straight and curved
stairs, vertical and inclined wheelchair lifts and elevators for
home and commercial use. It also manufactures and markets a
comprehensive selection of pressure management products for the
medical market, medical beds for the long-term care market, as well
as an extensive line of medical equipment and solutions for the
safe handling of patients, including ceiling lifts and slings. In
addition, Savaria converts and adapts vehicles for personal and
commercial uses. The Corporation operates a sales network of
dealers worldwide and direct sales offices in North America, Europe
(UK, Netherlands, Switzerland, Italy, Germany, Poland and Czech
Republic), Australia and China. Savaria employs approximately 2,200
people globally and its plants are located across Canada, the
United States, Europe and China.
Forward-Looking StatementsThis press release
includes certain statements that are “forward-looking statements”
within the meaning of the securities laws of Canada. Any statement
in this press release that is not a statement of historical fact
may be deemed to be a forward-looking statement. When used in this
press release, the words “believe”, “could”, “should”, “intend”,
“expect”, “estimate”, “assume” and other similar expressions are
generally intended to identify forward-looking statements. It is
important to know that the forward-looking statements in this
document describe the Corporation’s expectations as at the date
hereof, which are not guarantees of future performance of Savaria
or its industry, and involve known and unknown risks and
uncertainties that may cause Savaria’s or the industry’s outlook,
actual results or performance to be materially different from any
future results or performance expressed or implied by such
statements. The Corporation’s actual results could be materially
different from its expectations if known or unknown risks affect
its business, or if its estimates or assumptions turn out to be
inaccurate.
A change affecting an assumption can also have an impact on
other interrelated assumptions, which could increase or diminish
the effect of the change. As a result, the Corporation cannot
guarantee that any forward-looking statement will materialize and,
accordingly, the reader is cautioned not to place undue reliance on
these forward-looking statements. Forward-looking statements do not
take into account the effect that transactions or special items
announced or occurring after the statements are made may have on
the Corporation’s business. For example, they do not include the
effect of sales of assets, monetizations, mergers, acquisitions,
other business combinations or transactions, asset write-downs or
other charges announced or occurring after forward-looking
statements are made.
Unless otherwise required by applicable securities laws, Savaria
disclaims any intention or obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise. The foregoing risks and uncertainties
include the risks set forth under “Risks and Uncertainties” in
Savaria’s latest Annual MD&A as well as other risks detailed
from time to time in reports filed by Savaria with securities
regulators in Canada.
For further information: |
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Marcel BourassaChairman, President and Chief Executive
Officer1.800.661.5112mbourassa@savaria.com |
Stephen Reitknecht, CPA, CAChief Financial Officer1.800.661.5112,
ext. 3370sreitknecht@savaria.com |
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www.savaria.comFacebook :
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