SergeFerrari Group: Full-Year 2021 Results
March 03 2022 - 11:45AM
Business Wire
Record year in terms of business and
profitability
Regulatory News:
SergeFerrari Group (FR0011950682 - SEFER) (Paris: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.
On March 3, 2022 the Board of Directors approved the 2021
consolidated financial statements. The Statutory Auditors have
conducted a review of these consolidated financial statements.
Audited financial statements (reports currently under
preparation)
€m
2021
2020
Change
Revenues
285.9
195.3
+46.4%
EBIT
19.2
6.6
x 2.9
Operating income
18.2
4.5
x 4
Net income, Group share
10.2
0.4
Sébastien Baril, Chairman of the SergeFerrari Group Executive
Board, said: “2021 was a record year for the Group in terms of
both business volumes and profitability. This performance rewards
the work carried out in recent years by the SergeFerrari Group
teams and confirms the main strategic options we have defined:
refocusing on our four core business lines, the new sales
organization resulting from the integration of Verseidag teams, the
choice of a proactive acquisition policy and the focus on CSR.
SergeFerrari Group is strongly placed to continue to gain market
share and take advantage of the excellent opportunities offered by
energy transition in the field of materials and buildings, despite
the economic uncertainties related to the pandemic and geopolitical
situation.”
Revenues and profit margins up sharply in
2021
SergeFerrari Group posted record 2021 revenues of €285.9
million, up 46.4% at current consolidation scope and exchange rates
and up 27.6% at constant consolidation scope and exchange rates.,
The Group is experiencing a return to buoyant pre-COVID business
levels. Pro forma sales growth versus 2019 was 4.6% including the
Verseidag and F.I.T. businesses on an annualized basis. This strong
performance achieved despite the tensile architecture market
remaining below 2019 levels illustrates the merits of the Group’s
strategic positioning and the efficient sales integration of the
businesses acquired by the Group.
This recovery in volumes resulted in a marked improvement in
profitability indicators thanks to tight management and a favorable
change in the business mix. External expenses rose 28.5%,
significantly slower than business volumes despite the costs of the
sales force reorganization and the start of industrial relocation.
Meanwhile, personnel expenses rose 34.5% due to the inclusion of
staff from newly acquired companies. EBIT amounted to €19.2
million, almost triple last year’s figure, while operating income
amounted to €18.2 million, up from €4.5 million in 2020. Finally,
net income, Group share came to €10.2 million, up from €0.4 million
in 2020.
Strong operating cash flow
generation
€m
Dec 31, 2021
Dec 31, 2020
Net debt
(54.8)
(66.5)
Net debt (excl. IFRS 16)
(26.4)
(34.3)
Shareholders’ equity, Group
share
109.1
94.8
Operating cash flow amounted to €37.4 million in 2021, up from
€26.9 million the previous year. Operating working capital fell
from 42.5% of sales in 2020 to 36.9% in 2021, despite the adverse
impact of rising raw material prices.
On the strength of this performance, the Group financed its
development expenditure, paid the second tranche of the Verseidag
acquisition price and made loan repayments totaling €16.2 million.
As a result, SergeFerrari Group strengthened its financial
structure by reducing net debt from €34.3 million in 2020 to €26.3
million (excluding IFRS 16 impact for bank covenant testing
purposes). The leverage ratio of 0.86, well within the covenant
requirements, gives SergeFerrari Group all the financial leeway it
needs to pursue its strategy.
2022 outlook
SergeFerrari Group is confirming its revenue target of around
€310 million for 2022, thereby exceeding its announced medium-term
target one year ahead of schedule. SergeFerrari Group will continue
to streamline its industrial facilities as the initial industrial
synergies begin to take effect, including those resulting from the
relocation of Eglisau operations to Krefeld during the year.
Lastly, the Group confirms that its revenues and its supplies are
not significantly exposed to Russia or Ukraine.
Dividend
At the General Meeting of May 17, 2022, the Group will propose a
dividend of €0.29 for 2021.
Financial calendar
- Publication of Q1 2022 revenues on
Wednesday, April 20, 2022 after market close - Annual
General Meeting: Tuesday, May 17, 2022 at 3:00pm
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/20220303005826/en/
Serge Ferrari Philippe Brun Executive Board Member
Valentin Chefson Investor Relations
investor@sergeferrari.com
NewCap Investor Relations – Financial
communication Théo Martin / Quentin Massé Tel: +33(0) 1 44 71
94 94 sferrari@newcap.eu
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