Industria
EXEL Industries: 2022–2023 full-year results
* Recurring EBITDA = current operating income (EBIT) + depreciation and amortization of non-current assets + change in provisions (excluding provisions on current assets) + share of profit of associates
Annual revenue
2022–2023
** Like-for-like (LFL) = at constant foreign exchange rates and scope
Full-year 2022-2023 sales amounted to €1.1 billion , up 12.0%. EXEL Industries' growth at constant foreign exchange rates and scope was 12.3% . This performance was underpinned by price increases during the year and by strong volumes in the Agricultural Equipment and Industry segments, while the garden market experienced a downturn this year.
The scope effect represents €8.1 million in revenue over the 2022–2023 fiscal year, reflecting the acquisitions of G.F. in February 2022 and Devaux in June 2023.
Financial performance
Recurring EBITDA rose to €93.8 million, or 8.6% of Group revenue, compared to €59.9 million or 6.1% of sales in FY 2021-2022.
Several factors explain this increase:
At €42.5 million, net income returned to a level close to that of 2020–2021 and was well above that of 2021–2022, which amounted to €28.6 million. Despite strong EBITDA growth and net non-recurring income, the Group's net income was heavily impacted by the net financial expense and a higher tax expense than in 2021–2022.
Net income includes the following items:
Balance sheet
Net financial debt (NFD) amounted to €117.3 million at September 30, 2023 , compared to €160.5 million in 2022. Temporary factors (higher EBITDA and lower working capital) allowed 2022–2023 leverage (NFD/recurring EBITDA) to improve and return to 1.3.
In addition, the Group pursued an ambitious investment policy for the ongoing modernization of its plants, which it shall continue in 2023–2024 with the start of work at its Stains plant in France (Industry).
While EXEL Industries experienced a sharp increase in working capital in 2021–2022, working capital improved in 2022–2023, despite significant business growth.
Lastly, EXEL Industries' lines of credit are more than sufficient to meet its needs and are systematically renewed in line with CSR criteria.
Governance
At the Board of Directors' meeting of December 20, 2023, Daniel Tragus was appointed to succeed Yves Belegaud as Chief Executive Officer of EXEL Industries. Yves Belegaud, who had headed the Group since 2019, had announced to the Board of Directors his intention to retire as from January 2024. The transition therefore went smoothly.
Dividend
A dividend of €1.57 per share, corresponding to 25% of consolidated net income, will be proposed to the Annual General Meeting on February 6, 2024.
Audit process
The Group Audit Committee met on December 19, 2023.
The Board of Directors met on December 20, 2023, and approved EXEL Industries' annual and consolidated financial statements for the year ended September 30, 2023.
The Group's Statutory Auditors have finished certifying the annual and consolidated financial statements and will shortly issue a report without reservations.
Sustainable development
The 2022–2023 fiscal year saw major advances in the identification of ESG challenges and their inclusion in EXEL Industries' strategy. The Group has drawn up materiality matrices and carbon assessments covering all its business lines. Initially conducted at company level, the approach was then aggregated by division and at Group level in order to implement the appropriate policies.
2023-2024 outlook
Yves Belegaud, Chief Executive Officer of the EXEL Industries Group
until December 20, 2023
Daniel Tragus, Chief Executive Officer of the EXEL Industries Group
since December 20, 2023
View the full-year results of the EXEL Industries Group at
https://www.exel-industries.com/investor-page/?lang=en
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