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SergeFerrari Group — Earnings Release 2022
Mar 2, 2023
1658_iss_2023-03-02_aa8407fc-d0cf-4e98-93b6-2f2bc4babd41.pdf
Earnings Release
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Press release
Full-year 2022 results
A sustainable and profitable growth model
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Development of profitable organic growth along with a targeted acquisition strategy
2022 Revenue evolution
SergeFerrari Group achieved record sales of €338.7m in 2022, above its target of €335m raised during the year, and up 18.5% on a current scope and exchange rate basis. The Group is achieving solid growth in all its geographical areas thanks to its continued development in its four historical markets and the initial contributions of acquisitions operating in high-potential businesses from the second half of 2022.
| Revenues (in $\epsilon$ m) |
2022 | 2021 | Change at current scope and currency |
Change at constant scope and currency |
|
|---|---|---|---|---|---|
| 1 st quarter | 79.0 | 64.1 | $+23.4%$ | $+22.4%$ | |
| $2nd$ quarter | 91.0 | 80.6 | $+12.8%$ | $+10.8%$ | |
| 3rd quarter | 79.7 | 70.2 | $+13.5%$ | $+7.1%$ | |
| $4th$ quarter | 89.0 | 71.0 | $+25.4%$ | $+17.5%$ | |
| Full year total | 338.7 | 285.9 | $+18.5%$ | $+14.2%$ |
Solutions business development
Following the acquisition of Verseidag in 2020, which included DBDS among its subsidiaries, the Group pursued its biogas activities by becoming the majority shareholder of MSE and DCS, companies specialising in the design and implementation of methanisation domes. These activities allow the Group to progress in the value chain resulting from the transformation of its innovative membranes and to increase its proximity to end customers.
Consolidated accounts that have been subject to a limited review (reports being prepared)
| €m | Dec 31, 2022 | Dec 31, 2021 | Change |
|---|---|---|---|
| Revenue | 338.7 | 285.9 | $+18.5%$ |
| Adjusted $EBIT1$ | 26.5 | 20.0 | $+32.5%$ |
| Operating income | 25.1 | 18.2 | $+37.9%$ |
| Net income, Group share | 15.5 | 10.2 | $+52.0%$ |
1REBIT = Operating income +/- restructuring costs +/- balance sheet effect of acquired companies' purchase price allocation operations
In 2022, SergeFerrari Group improved its operating leverage compared to 2021, driven by its ability to pass on part of the price increases in raw materials and energy, and by its work to rationalise its industrial facilities with the first effects of synergies from the transfer of production from the Eglisau site to the Krefeld site. As a result, the Group is reporting a +32.5% increase in Adjusted EBIT compared to 2021 at €26.5m. The operating income is rising even more significantly at 37.9% to €25.1m. In total, thanks to active debt management, the Net income, Group share increase by 52% to €15.5 million compared to €10.1 million in 2021.
Financial structure
| €m | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|
| Net debt | $-85.3$ | -54.8 |
| Net debt excl. IFRS 16 | $-61.2$ | $-26.4$ |
| Shareholders' equity, Group share | 119.9 | 109.1 |
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