- Record revenues up 81.6% to €144.7 million
- EBIT: €14.3 million
- Strong generation of operating cash flow
- Short to medium-term growth targets confirmed
Regulatory News:
SergeFerrari Group (FR0011950682 – SEFER) is a leading global
supplier of innovative flexible composite membranes under the Serge
Ferrari and Verseidag brands and is listed on Euronext Paris –
Compartment C. The Group today announced, today announces its
consolidated results for the first half of 2021, ended June 30, as
approved by the Board of Directors on September 6, 2021. The
Statutory Auditors have conducted a limited review of the
consolidated financial statements. The 2021 Financial Report will
be available on the SergeFerrari Group website
(www.sergeferraribourse.com) in the Investors section under
Financial documents.
Consolidated financial statements subject to a limited review
(reports currently under preparation)
(€m)
H1 2021
H1 2020
Change
Revenues
144.7
79.7
+82%
Adjusted EBITDA*
21.6
9.8
+125%
EBIT
14.3
4.2
x3.4
Operating income
14.0
4.2
x3.3
Net income, Group share
8.7
2.5
x3.5
Net debt**
38.9
15.3
Shareholders’ equity
109.5
98.0
* Adjusted EBITDA = EBIT +/- change in depreciation,
amortization and provisions + CVAE, excluding appropriations
related to operating leases (IFRS 16) ** Excluding operating lease
liabilities (IFRS 16)
Sébastien Ferrari, SergeFerrari Group Chairman and CEO,
commented: “The outstanding first half sales and operating
performance confirms our leadership on our core markets and has
driven our profit margins and net income up sharply. In a context
of rising raw material prices, partly reflected in the sales
prices, our profit margins were boosted by extensive use of
industrial capacity and improvements in operating efficiency. Now
that commercial leverage has been activated, we will continue to
optimize our industrial plant during the second half of the year by
generating maximum synergies with Verseidag and F.I.T in order to
take full advantage of our current growth surge. Encouraged by
these excellent first half results, we are confirming our
medium-term target to push revenues up to €300 million while
improving our EBIT margin.”
Robust growth and sharp improvement in operating
leverage
The Group posted H1 2021 revenues of €144.7 million, up 81.6% at
current consolidation scope and exchange rates and up 42.6% at
constant consolidation scope and exchange rates. Growth was fueled
by higher volumes, market share gains in most business lines, a
highly favorable price impact arising from changes in the mix and
contributions from the latest acquisitions.
In a challenging situation with regard to raw material
procurement, the Group managed to secure its supplies and leverage
its strong position on target markets to gradually reflect price
increases for certain components on sales prices. Meanwhile, the
use of industrial capacity recovered sharply to a highly
satisfactory level at all Group facilities, which discontinued
their partial unemployment schemes from the beginning of Q4 2020
except for Krefeld, where the system continued until April
2021.
Coupled with tight control of operating expenses, thriving
business allowed SergeFerrari Group to post a sharp improvement in
half-year profit margins. Accordingly, adjusted EBITDA excluding
IFRS 16 impact came to €21.6 million, up 137% versus H1 2020. EBIT
amounted to €14.3 million, a 3.4-fold increase from H1 2020.
Lastly, net income, Group share came to €8.7 million, up from €2.5
million in H1 2020 and €4.2 in H1 2019.
Significant generation of free cash flow underpinned by
strong financial structure
Adjusted EBITDA for the first six months of 2021 came to €21.6
million, thereby exceeding 2020 full-year adjusted EBITDA and up €8
million versus H1 2019. Operating cash flow came to €13.6 million
after a significant €13.4 million reduction in working capital due
to the surge in business volumes. Free cash flow amounted to €8.8
million with operating capital expenditure kept under control at
€3.6 million. Lastly, cash outflow during the period was limited to
€4.2 million while allowing the Group to finance:
- the second installment of the F.I.T
acquisition price; - the second installment of the Verseidag
acquisition price; - repayment of a €3 million shareholder current
account advance provided in July 2020 when the financing agreements
were signed; - payment of the 2019 dividend to the Ferrari family
group (prudently postponed at the outbreak of the health
crisis).
Net debt at June 30, 2021 excluding IFRS 16 impact (excluding
operating leases) stood at €38.9 million versus €34.3 million at
December 31, 2020.
Jagenberg AG joins the shareholding structure
On July 29, 2021, in accordance with the Verseidag acquisition
agreement, SergeFerrari Group paid the second installment of the
acquisition price divided into a €4.4 million cash payment and the
transfer of SergeFerrari Group shares to Jagenberg AG, which
thereby became a shareholder with a 4.8% stake in the Company. The
shares were taken from the stock of treasury shares held by
SergeFerrari Group as of the payment date.
2021 outlook: confidence in the second half and deployment of
industrial synergies
Halfway through the year, SergeFerrari Group looks forward to
the second half with confidence, despite a less favorable base
effect and seasonality than at the start of year. Nevertheless, the
Group will stay alert regarding the developments of the sanitary
context. One priority task will be to step up the implementation of
industrial synergies in order to finalize the announced production
transfers from Eglisau (Switzerland) to Krefeld (Germany) from
October 2021 onwards, as planned.
Lastly, SergeFerrari Group confirms its medium-term €300 million
revenue target with profit margin growth outpacing sales
growth.
Financial calendar
- Next financial press release: Q3 2021
revenues, Tuesday, October 26, 2021 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
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version on businesswire.com: https://www.businesswire.com/news/home/20210906005227/en/
Serge Ferrari Philippe Brun Chief Financial
Officer Arnaud Mengin Investor Relations
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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