SergeFerrari Group (FR0011950682) designs, manufactures and distributes innovative flexible composite materials and is listed on Euronext Paris - Compartment C.
Saint Jean de Soudain, September 13, 2017
First half results (audited)
|(€000)||H1 2017||H1 2016||Change|
|Net income, Group share||2,548||4,419||-1,871|
Key analysis factors for the first half
Revenues rose 4.7% mainly thanks to the strong performance of companies acquired over the last few months (Giofex Group, Ferramat and Milton). Their net contribution to consolidated revenues amounted to €7.0 million for the period, resulting in EBIT of €0.1 million.
Rising raw material prices had a €1.5 million negative impact on operating income (i.e. 1.9% of revenues). Furthermore, EBIT for the period was impacted by non-recurring restructuring expenses totaling €1.2 million, up from €0.3 million last year.
Adjusted ebitda amounted to €9.2 million, representing 10.3% of revenues (11.2% at constant consolidation scope).
Operating working capital at constant consolidation scope improved, representing 42.8% of sales as of June 30, 2017, down from 43.1% as of June 30, 2016.
Group net cash amounted to €9.4 million as of June 30, 2017, down from €23.1 million as of December 31, 2016. This change primarily results from i/ working capital relating to seasonal fluctuations in sales, ii/ acquisitions of Milton Ltd (UK) and Ferramat (Turkey) companies or operations and iii/ industrial maintenance expenditure.
In the first half of 2017, Serge Ferrari finalized its sales organization. The Group also continued its international expansion via new subsidiaries in Turkey and Germany, the creation of Giofex Poland and the acquisition of Milton (UK). The integration and development of Giofex Group is progressing according to plan and points to a positive outlook.
The step-up in sales announced for the second half of 2017 is expected to become apparent from the fourth quarter, due to the postponement of several large-scale projects.
Backed by its newly strengthened international sales organization, Serge Ferrari is continuing to roll out its SF2020 strategic plan, which combines organic growth and acquisitions.
Next press release: Q3 2017 revenues
October 18, 2017 after market close
Half-year financial report
In accordance with the Transparency Directive, the Company hereby confirms that it has published its first half 2017 financial report and filed it with the French Financial Markets Authority. The report may be viewed at www.sergeferrari.com under the heading Investors / Financial Information.
Find all Company details at www.sergeferrari.com.
|SERGE FERRARI CONTACT
Chief Financial Officer
|INVESTOR & PRESS CONTACT
Amalia Naveira/Marie-Claude Triquet
Tel.: 00 33 4 72 18 04 93
ABOUT SERGE FERRARI
SergeFerrari Group designs, makes and distributes high-tech eco-responsible flexible composite materials in a global market with an estimated medium-term value of €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. The Group's principal competitive advantage lies in its differentiating technology – Précontraint® - and its associated proprietary industrial know-how. The Group has three production sites: one in France and two in Switzerland. Serge Ferrari is present in 80 countries through eight subsidiaries (in the US, Japan, Hong Kong, Brazil, India, China, Turkey and Germany), 2 representative offices (in Spain and Dubai) and a network of more than 100 distributors. At the end of 2016, Serge Ferrari posted consolidated revenue of €158,5 million of which 75% was achieved outside France. The company SergeFerrari Group is listed on Euronext Paris – Compartment C (isin code: FR0011950682). The SergeFerrari Group share is eligible for PEA-SME and FCPI Investment.