- Global business upturn confirmed for the second consecutive
quarter across the historical scope
- Completion of initial acquisition synergies with F.I.T. and
Verseidag:
- Sales teams integrated and operational since January 1st,
2021
- Industrial optimization underway
Regulatory News:
SergeFerrari Group (Paris:SEFER) (FR0011950682 - SEFER) is a
leading global supplier of innovative flexible composite materials
under the Serge Ferrari and Verseidag brands and is listed on
Euronext Paris – Compartment C. The Group today announces its
revenues for Q4 2020 and consolidated revenues for the 12 months
ended December 31, 2020.
Revenue breakdown by region (unaudited)
(€’000)
Q4 2020
Q4 2019
Ch. at current scope and exchange
rates
Ch. at constant scope and
exchange rates
2020
2019
Ch. at current scope and exchange
rates
Ch. at constant scope and
exchange rates
Europe
40,963
32,314
26.8%
-2.6%
141,990
142,476
-0.3%
-11.1%
Americas
6,715
4,624
45.2%
10.7%
19,636
19,349
1.5%
-10.3%
Asia-Africa-Pacific
13,990
7,429
88.3%
6.4%
33,675
27,222
23.7%
-11.1%
Total revenues
61,668
44,367
39.0%
0.3%
195,301
189,047
3.3%
-11.0%
Sébastien Ferrari, SergeFerrari Group Chairman and CEO,
commented: “While 2020 was certainly an unprecedented year in light
of the health and economic context, it was also transformative for
SergeFerrari Group: following the integration of Verseidag and
F.I.T, the Group has positioned itself as the global leader in all
of its four strategic markets. The Group was able to use its
resources successfully and thanks to the commitment of its teams,
confirmed the strength of its business model, market positioning
and growth potential. Our sales teams are now fully integrated and
operational, and industrial optimization is underway. In 2021,
SergeFerrari Group is entirely focused on improving industrial and
commercial efficiency across all operating regions with the
roll-out of its synergy plan. This will help drive a sharp
improvement in profitability over the coming years.”
Global business upturn confirmed for the
second consecutive quarter across the historical scope
At constant consolidation scope and exchange rates, SergeFerrari
Group fourth quarter sales rose 0.3% versus 2019. At current
consolidation scope and exchange rates, synergies with acquired
companies were confirmed; SergeFerrari Group posted revenues of
€61.7 million for the period, up 39.0% from €44.4 million in
2019.
In Europe, business was down 2.6% at constant
consolidation scope and exchange rates. At current consolidation
scope and exchange rates, the consolidation of Verseidag helped
boost the Group’s business momentum in this region, with sales
growth of 26.8%.
The Americas region was particularly active in the fourth
quarter, posting revenue growth of 10.7% at constant consolidation
scope and exchange rates, and 45.2% at current consolidation scope
and exchange rates.
Asia-Africa-Pacific sales also posted strong growth (up
6.4% at constant consolidation scope and exchange rates and up
88.3% at current consolidation scope and exchange rates), boosted
by the F.I.T. contribution.
These performances reflect the Group’s resilience over the past
few months and the continued recovery of all business lines,
despite varying results from one region to another; this is partly
due to the ‘stop and go’ impacts of the evolving health context.
The Giofex distribution business continued its positive growth
trajectory over the period, reflecting strong demand for the
Group’s innovative and flexible composite materials.
During the period, the impact of exchange rates variation on
revenue growth for the newly formed Group was -2.2%.
2020 full-year revenues: €195.3
million
The Group posted 2020 revenues of €195.3 million, down only
11.0% at constant consolidation scope and exchange rates, and up
3.3% at current consolidation scope and exchange rates. The
relative decline on the historical scope was mainly due to the
lockdown measures implemented in certain countries, particularly in
the second quarter.
In 2020, the three operating regions posted the following
performances:
- Europe revenues were down 11.1% versus 2019 at constant
consolidation scope and exchange rates, and virtually flat at
current scope and exchange rates (down 0.3%).
- The Americas region posted revenues down 10.3% at
constant consolidation scope and exchange rates and up 1.5% at
current scope and exchange rates.
- The Asia-Africa-Pacific region posted revenues down
11.1% at constant consolidation scope and exchange rates and up
23.7% at current consolidation scope and exchange rates.
In 2020, the impact of exchange rates variation on revenue
growth for the newly formed Group was -0.9%.
Outlook
As announced in the third quarter press release, the initial
synergies of the F.I.T and Verseidag acquisitions are being
successfully rolled out. These include reorganized sales teams,
which have been integrated and operational since January 1st, 2021,
and a balanced redefinition of the Group’s three operating regions:
Northern Europe, Southern Europe & Americas, and
Asia-Pacific-Middle East-Africa. Industrial optimization is
underway: the allocation of the various solutions and the
rationalization of production facilities is in progress, in an
effort to improve industrial efficiency in 2021 and the following
years.
Furthermore, thanks to the refinancing arrangements put in place
at the time of the recent acquisitions, the Group’s financial
position has been strengthened and provides excellent visibility
for its development plan.
In 2021, in a context of ongoing uncertainty, SergeFerrari Group
plans to actively pursue its international commercial development
and industrial reorganization in order to improve economic and
financial performances by leveraging its position as the world
leader in its strategic markets. The Group now benefits from a
strong global leadership position with unique ranges of products
and solutions which combine durability, safety, design, comfort and
environmental responsibility.
The synergy plan and rescaling of the new Group which are
currently in progress, will be presented at the time of publication
of the FY 2020 annual results.
Financial calendar
- Publication of FY 2020 results on Thursday, March 11,
2021 after market close - Publication of Q1 2021 revenues on
Tuesday, April 27, 2021 after market close - Annual General
Meeting: Wednesday, May 19, 2021 at 5:00pm
ABOUT THE SERGE FERRARI GROUP
The Serge Ferrari Group designs, develops, and manufactures
innovative composite materials for lightweight architectural and
outdoor applications in a global market estimated by the Company at
around €6 billion. The unique characteristics of these products
make them ideal for technical applications in three fields:
architecture, specialties for industry professionals, and composite
membranes for the consumer market. Its main competitive advantage
is based on the implementation of differentiating proprietary
technologies and know-how. 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 and Solar Protection. 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, 75% 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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210126005815/en/
Serge Ferrari Philippe Brun Chief Financial
Officer Arnaud Mengin Investor Relations
investor@sergeferrari.com
NewCap Investor Relations – Financial
communication Sandrine Boussard-Gallien / Louis Tilquin Tel:
+33(0) 1 44 71 94 94 sferrari@newcap.eu
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