- Another quarter of strong growth
- 2021 annual revenues forecast of close to €280
million
- Creation of investment company One Team Investments by
family shareholders and members of the SergeFerrari Group Executive
Committee
Regulatory News:
SergeFerrari Group (FR0011950682 - SEFER) (Paris:SEFER) is a
leading global supplier of innovative composite membranes under the
Serge Ferrari and Verseidag brands and is listed on Euronext Paris
– Compartment C. The Group today announces its revenues for Q3 2021
and for September 30, 2021, as well as the creation of an
investment company, One Team Investments, by the family
shareholders and members of the Executive Committee.
Revenue breakdown by region (unaudited)
(€’000)
Q3 2021
Q3 2020
Ch. at current scope and exchange
rates
Ch. at constant scope and
exchange rates
9 months
2021
9 months
2020
Ch. at current scope and exchange
rates
Ch. at
scope and exchange rates
Northern Europe
27,083
20,965
+29.2%
+13.9%
83,014
51,300
+61.8%
+25.5%
Southern Europe – Americas
29,983
22,440
+33.6%
+28.0%
98,425
62,946
+56.4%
+40.8%
Asia – Africa – ME – Pacific
13,126
10,540
+24.5%
+15.7%
33,462
19,387
+72.6%
+31.0%
Total revenues
70,192
53,945
+30.1%
+20.1%
214,901
133,633
+60.8%
+33.5%
Sébastien Ferrari, SergeFerrari Group Chairman and CEO,
made the following comments: “This quarter confirms the positive
momentum of our business. Within an environment in which demand is
strong but supply is limited by pressures on the supply chain and
the strain on our production capacity, our teams have had to
demonstrate the agility required to find the best solutions for our
customers and enable us to meet the high market demand. On the
strength of this performance, we are revising our revenue forecast
for the current financial year upwards to €280 million. The members
of the Executive Committee, in association with Ferrari
Participations within One Team Investments, will purchase
SergeFerrari Group shares, thereby demonstrating their commitment
to the family shareholders in driving the Group’s strategic
plan.”
Q3 2021 revenues of €70.2
million
SergeFerrari Group’s Q3 2021 revenues amounted to €70.2 million,
up 30.1% at current consolidation scope and exchange rates and up
20.1% at constant consolidation scope and exchange rates. This
excellent performance results from sustained demand across all
Group business lines and regions, amplified by the market share
gains brought about by the sales force’s new organizational
structure. The Group had to show flexibility to satisfy customers
and meet delivery deadlines in the face of supply difficulties for
certain components. Meanwhile, the contribution made by recent
acquisitions increased, with F.I.T continuing to enjoy strong
momentum and Verseidag seeing the first effects of the recovery in
two of its key markets, modular structures and tensile
architecture.
During the period, as announced, the Group initiated the
transfer of operations from the Eglisau site in Switzerland to the
Krefeld plant in Germany, which is expected to be completed in the
fourth quarter of 2021.
In Northern Europe, revenues rose 29.2% at current
consolidation scope and exchange rates to €27.1 million. At
constant consolidation scope and exchange rates, revenue growth was
13.9%.
The Southern Europe – Americas region posted third
quarter revenues of €29.9 million, up 33.6% at current
consolidation scope and exchange rates and 28.0% at constant
consolidation scope and exchange rates.
Sales in the Asia-Pacific – Middle East – Africa region
increased by 24.5% at current consolidation scope and exchange
rates and 15.7% at constant consolidation scope and exchange
rates.
Activity as of September 30, 2021:
revenues of €214.9 million
Over the first nine months of 2021, the Group recorded revenues
of €214.9 million, up 60.8% at current consolidation scope and
exchange rates and 33.5% at constant consolidation scope and
exchange rates.
The Group achieved substantial sales growth in each of its three
regions:
- Northern Europe reported year-on-year revenue growth of
61.8% at current consolidation scope and exchange rates and 25.5%
at constant consolidation scope and exchange rates; - Southern
Europe – Americas recorded revenues up 56.4% at current
consolidation scope and exchange rates and 40.8% at constant
consolidation scope and exchange rates; - Asia-Pacific – Middle
East – Africa delivered revenue growth of 72.6% at current
consolidation scope and exchange rates and 31.0% at constant
consolidation scope and exchange rates.
Currency fluctuations curbed revenue growth by 1.5% during the
first nine months of the year. Meanwhile, the volume effect
generated growth of 23.1% and the price mix effect 10.4%.
Creation of investment company One Team
Investments by family shareholders and members of the SergeFerrari
Group Executive Committee
In order to strengthen the governance of SergeFerrari Group and
as part of the preparation of its SF 2025 strategic plan, the
family shareholders, together with the members of the Group’s
Executive Committee, created a new investment vehicle named One
Team Investments.
The new company, which will hold 620,000 SergeFerrari Group
shares representing approximately 5% of the company’s capital and
3.4% of the voting rights, will be 83% owned by Ferrari
Participations, the Ferrari family holding company. The remaining
shares in One Team Investments will be held by ten senior Group
executives. This investment by management, for an initial term of
five years, will be made through a combination of contributions in
cash and already owned SergeFerrari Group shares. These
transactions are scheduled to be completed by November 5, 2021.
The operation reflects the strong long-term commitment of the
SergeFerrari Group’s family and management team. The Group will
benefit from the financial involvement of its key managers, who are
fully committed to implementing its strategy and achieving its
objectives.
Outlook
In view of the continuing positive economic climate,
SergeFerrari Group is now targeting revenues of €280 million for
2021. The Group will nonetheless remain vigilant with regard to
market volatility, commodity inflation and sudden energy price
hikes. Consequently, it will maintain rigorous cost control while
continuing to optimize industrial facilities.
Financial calendar
- Publication of the 2021 annual revenues on Tuesday
January 25, 2022 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 2020, Serge Ferrari posted consolidated revenues
of €195.3 million, over 80% of which was generated outside France.
The SergeFerrari Group share is listed on Euronext Paris –
Compartment C (ISIN: FR0011950682). The SergeFerrari Group share is
eligible for the French PEA-PME and FCPI investment schemes.
www.sergeferrari.com
Appendices
Breakdown of 2020 revenues restated for the new geographical
structure (1)
(€’000)
Q1 2020
Q2 2020
H1 2020
Q3 2020
9 months
2020
Q4 2020
FY
2020
Northern Europe (1)
15,331
15,004
30,335
20,965
51,300
22,231
73,531
Southern Europe – Americas (1)
22,693
17,813
40,506
22,440
62,946
25,445
88,391
Asia – Africa – ME – Pacific
4,480
4,367
8,847
10,540
19,387
13,992
33,379
Total revenues
42,504
37,184
79,688
53,945
133,633
61,668
195,301
(1) The Company has made a correction to the breakdown of its Q2
2020 revenues between Northern and Southern Europe, with total
revenues remaining unchanged.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211026005960/en/
Serge Ferrari Philippe Brun Chief Financial
Officer investor@sergeferrari.com
NewCap Investor Relations – Financial
communication Théo Martin / Louis Tilquin Tel: +33(0) 1 44 71
94 94 sferrari@newcap.eu
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