SFAF Result 2014-2015

Transcription

AGRICULTURAL SPRAYING
SUGAR BEET HARVESTERS
SPRAYING AND
WATERING
INDUSTRIAL SPRAYING
WORLD LEADER
IN PRECISION SPRAYING
SOLUTIONS
WORLD LEADER
IN PRECISION
SPRAYING
SOLUTIONS
One Core Business Line, Four Activities
“
The right dose, in
the right place, at
the right time
Leader in spraying techniques
Agriculture
Agriculture
Agricultural Spraying Sugar Beet
Consumer
Manufacturing and automotive
2
3
Agricultural Spraying
4
Sugar beet harvesters
Lectra - Self-propelled harvester
Lighttraxx - 20m3
M41- Self-propelled
harvester
Terra Dos T3 – 30m3
Terra Dos T4 – 40m3
Terra Felis
5
Spraying and
Watering
Consumer – Watering & Spraying
6
Industrial spraying
Industrial spraying
Spraying and
Watering
A group of dynamic companies
7
Industrial spraying
Global reach
Industry
Sales
Sugar beet
Large public
8
Spraying and
Watering
Industrial spraying
Spraying and
Watering
Industrial spraying
Changes in annual revenue
H2
740
775.4
725.2
H1
525
Current figures in millions of
euros
456
452
430
382
278
275
266
270
277
296
210
152
164
176
183
80
301
198
42
9
80
88
89
94
101
132
138
127
135
137
134
239
232
166
175
333
290
A family company run by the BALLU family for 60 years
World leader in spraying:
No. 1 worldwide in Plant Protection
No. 3 worldwide in Materials Protection
An emerging leader in sugar beet harvesters
Over 3,760
employees
R&D: 6% of personnel, 4% of revenue
Located in 29 countries, on all continents
27 industrial sites (14 in FRANCE)
Over 200 active patents
€725.2 million in revenue in 2014-2015
€775.4 million in revenue in 2013-2014
10
Spraying and
Watering
Our values
Customer Care
Love for products – Innovation
Excellence - Professionalism
Trust – Initiative
Frankness – Transparency
Team spirit
Pride of belonging
Corporate Responsibility
11
Industrial spraying
Spraying and
Watering
Strategic objectives
Continue our international expansion
Agriculture: Russia-Ukraine, the Americas, China
Manufacturing: Asia, the Americas and BRIC
Innovation
Innovation to create the sprayers of tomorrow
Patent filings
Profitable and sustainable growth
Improving productivity
Generating cash
Acquisitions
12
Industrial spraying
Spraying and
Watering
Industrial spraying
Expanding the international scope of revenue
600
73.2%
500
Revenue in
France
400
International
revenue
300
200
100
-
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Acquisition
of SAMES
13
Acquisition
of HARDI
Acquisition of
AGRIFAC
Acquisition of HOZELOCK
- TRICOFLEX - HOLMER
Spraying and
Watering
Industrial spraying
Champion of growth
740
775
525
430
EXEL Industries, a
listed company worth
over €500 million
Stronger growth over
the last 3 years
www.croissanceplus.com
10/11
14
11/12
12/13
13/14
2014 / 2015
15
Spraying and
Watering
Industrial spraying
Consolidated revenue 2014-2015
€ million
740.2
775.4
725.2
Agricultural precision spraying business dropped
€50 million
This activity accounts for 40% of revenue
Other Group activities are in line
2012-2013
16
2013-2014
2014-2015
Impact of currency movements: +€15.5 million
(USD and GBP)
Spraying and
Watering
Industrial spraying
Revenue by geographic region 2014-2015
400 000
+4%
27% France and 73% international
350 000
-22%
France
Europe excl. CIS
300 000
CIS
North America
250 000
South America
Asia
200 000
Africa
Australia
150 000
-1%
-30%
+5%
100 000
+78%
-16%
+8%
50 000
-
France
Europe excl. CIS
CIS
North America
2014
17
South America
2015
Asia
Africa
Australia
Spraying and
Watering
Industrial spraying
Consolidated revenue by activity 2014-2015
€725.2 million (vs. €775.4 million)
400 000
-16%
Manufacturi
ng
27%
350 000
300 000
250 000
200 000
150 000
100 000
24%
+2%
45%
Consumer
14%
-3%
+6%
13%
Sugar Beet
19%
18%
50 000
18
Agricultural
Spraying
40%
Sugar Beet
Consumer
Manufacturing
Spraying and
Watering
Industrial spraying
2014-2015 revenue by activity: counter-seasonal
120 000
100 000
80 000
60 000
40 000
20 000
0
Q1
19
Q2
Sugar Beet
Q3
Consumer
Q4
Manufacturing
Seasonal nature of
consolidated Group
revenue 250 000
Spraying and
Watering
Industrial spraying
Industrial projects + sugar beet
Agriculture + gardening
200 000
2012/2013
150 000
2013/2014
100 000
2014/2015
50 000
-
Q1
20
Q2
Q3
Q4
Financial Analysis
2014/2015
21
Spraying and
Watering
Industrial spraying
Main Financial Indicators
€725.2 million in revenue compared to €775.4 million in 2014
Current Operating Income (current EBIT)
€50.9 million vs. €54.6 million in n-1
Net income: €31.7 million vs. €34.0 million in n-1
WCR = 106 days
Optimising the supply chain => reducing inventories
NFI: €74.8 million vs. €95.5 million
22
+1.4
-65.7
Activity, H1
2015
Industrial spraying
725.2
2015
revenue
+15.4
Impact of
currency
movements,
H1 2015
Spraying and
Watering
775.4
2014
revenue
-4.2
Impact of
currency
movements,
H1 2014
+38
Scope, H1
2014
740.2
Activity, H1
2014
Changes in revenue
23
2013
revenue
Spraying and
Watering
Industrial spraying
Breakdown of revenue by currency
USD
7.1%
AUD
3.21%
GBP
9.65%
EUR
73.32%
2013-2014
24
USD
8.3%
DKK
1.16%
AUD
4.18%
GBP
10.70%
EUR
64.52%
DKK
4.30%
2014-2015
Spraying and
Watering
Industrial spraying
2014-2015 results
in € million
Revenue
EBITDA
as % of revenue
Net allocations to depreciation and provisions
Current EBIT
as % of revenue
2014-2015
Chg.
in €
million
Chg. %
775.4
725.2
(-50.2)
(-6.5%)
70.1
63.6
(-6.5)
(-9.3%)
9.0%
8.8%
(-15.5)
(-12.7)
2.9
(-18.5%)
54.6
50.9
(-3.7)
(-6.7%)
(-3.5)
(-0.1)
151.8%
4.2%
7.0%
7.0%
Non-recurring items
Financial expenses
Foreign exchange gains (+) foreign exchange
losses (-)
(-2.3)
(-2.4)
2.2
0.9
(-1.3)
(-59.1%)
Income before tax
52.1
43.6
(-8.6)
(-16.4%)
as % of revenue
Tax expense
Recognised using the equity method
Net income
as % of revenue
EPS (in euros)
25
2013-2014
6.7%
(-5.8)
(-2.5)
6.0%
(-18.8)
0.6
(-12.3)
0.3
6.5
(-0.3)
(-34.6%)
(-51.3%)
34.0
31.6
(-2.4)
(-7.0%)
4.4%
5.01
4.4%
4.65
Net financial indebtedness
26
Spraying and
Watering
Industrial spraying
Net financial indebtedness
Spraying and
Watering
200.000
200.000
Acquisition
s of Agrifac
and
Hozelock
Acquisition of Hardi
150.000
150.000
Industrial spraying
Property
acquisition
Feb 15: 142.2
August 14: 95.7
100.000
100.000
August 15: 74.8
50.000
50.000
Acquisition
of Holmer
0.000
0.000
1/8/07 1/2/08 1/8/08 1/2/09 1/8/09 1/2/10 1/8/10 1/2/11 1/8/11 1/2/12 1/8/12 1/2/13 1/8/13 1/2/14 1/8/14 1/2/15 1/8/15
-50.000
-50.000
-100.000
-100.000
27
NFI
Spraying and
Watering
Industrial spraying
Debt
2013-2014
2014-2015
Less thand'1
1 year
Moins
an
65%
35%
11
toà5 5
years
ans
30%
55%
++55years
ans
5%
10%
100%
100%
Lengthening of debt maturity:
New, longer-term financing
Medium-term foreign currency financing => reduced
exposure to currency effects
Spraying and
Watering
Industrial spraying
Cash management / Gearing
in € million
29
2010-2011
2011-2012
2012-2013
2013-2014
2014-2015
Net financial debt
12.5
(-4.7)
59.6
95.7
74.9
Equity
187.0
212.3
229.4
250.7
279.7
Gearing %
6.7%
(-2.2%)
26.0%
38.2%
26.8%
Simplified balance sheet
2015
€643 million
2014
€684 million
Noncurrent
assets
33%
Noncurrent
assets
29%
Inventories
Inventories
29%
31%
Other
current
assets
41%
Other
current
assets
37%
Assets
Spraying and
Watering
2015
€643 million
Industrial spraying
2014
€684 million
Shareholders
' equity
Shareholders
' equity
43%
37%
Non-current
liabilities
25%
Current
liabilities
31%
Non-current
liabilities
21%
Current
liabilities
42%
Liabilities
Shareholders’ equity = €279.6 million, up €28.9 million
Gearing: 26.8%
Operational working capital improved by €5 million
30
Markets and
prospects
31
Prospects in Agriculture
32
Prospects in Agriculture
346.0
-16%
Reduced sales (global crisis):
291.0
Fall in prices: cereals down 15%, potatoes
down 40%
Farmers’ income down
Vineyards and orchards holding up well
Structures adapted to expected level of
activity
13/14
33
14/15
Recovery within a year
Excess cyclical activity in France (Loi Macron
to boost growth, ending mid-April 2016)
Agriculture: Moving towards price increases ?
Wheat, Rouen stocked
€170/t
34
Agriculture: European prospects
Source: CEMA November 2015
35
Agriculture: Global prospects (Agrievolution Economic Committee)
36
Agriculture: Innovations in 2015
Award-winning innovations
Silver medal: Berthoud B-Safe
Bronze medal: Evrard Regulor 6+
Machine of the year: Stilla de Caruelle trailer
New products
Matrot Falcon self-propelled sprayer
Agrifac endurance self-propelled sprayer
Tecnoma 100% electric Voltis
Hardi Delta Force spray boom
New Hardi carried spraying system
37
Good long-term trends in agricultural precision
spraying solutions
Need to grow agricultural production in the coming years
70% more by 2050! (source: FAO)
Need to invest in new sprayers:
To increase yields
To optimise spending on plant health products and fertilisers
To comply with new environmental requirements
Agricultural investments in emerging countries
To stem hunger worldwide (as per FAO)
To avoid deforestation
Agricultural commodity prices trending upwards
Agriculture: a growth industry!
38
39
Sugar beet harvesters 2014-2015
140.7
137.0
Gain in market share:
revenue stable despite the crisis
Trade-in of second-hand machinery
Adapting the French structure in
Cambrai (subsidiary of Holmer
Germany at 1 July 2015)
Turkish subsidiary set up
13/14
40
14/15
Product ranges
Beet harvesters
41
Large capacity carriers
Customer segmentation, direct sales
Businesses and Agro holdings
High working speed (ha/h)
Total ownership cost
Zero downtime
Cuma – large farmers
Total ownership cost
Soil compaction
Flexibility
42
Farmers
Soil compaction
Flexibility
Independence
Long-term prospects
Negative factors
Yields up (trending +2% per year – this will rise to +4% per year with
genetic selections)
Sugar cane, Stevia, Aspartame, Isoglucose
Sugar consumption rising 2% per year but this could drop due to
health problems in the western world
Positive factors
Longer operating periods for sugar refineries
Bioethanol, biogas – methane digester, chemical industry
Sugar consumption up in emerging countries
Russia: fleet set for upgrade in 2 years
Development area: USA, China
43
Innovation in 2015 – World record
Q4-30 12 rankings multiple award-winner at Agritechnica
2015:
Machine of the year
“Green” machine prize
Easylift
Terra Variant: full-field logistics
World record: 86 ha in 24h
44
Spraying and
Watering
45
Spraying and
Watering
Spraying and watering 2014-2015
99.4
104.9
Favourable weather conditions over the
year
Increase in England (GBP effect)
Slowdown in referencing in France and
Europe
Australian subsidiary set up
Many innovations
13/14
46
14/15
Our assets
Spraying and
Watering
Expert in spraying and watering
Hozelock: Large range of consumer spraying
products
Berthoud & Cooper Pegler: premium brand for
professionals
Easy fresh: misting
Laser: Professional sprayer for manufacturers
Significant innovations on the market
Berthoud electric weeder: Green Power
Easy fresh mister
Hozelock Flexi Spray
Hozelock Pico Reel
Wonder Weeder
Ultra-Twist in 2015
47
Major innovations in 2015-2016
Watering programmer:
Controlled by smartphone (cloud controller)
Controlled by the rising and setting of the sun
(sensor controller)
Revolutionary drip irrigation watering
system (easy drip)
48
Spraying and
Watering
Spraying and
Watering
Long-term consumer prospects
Gardening
A return to gardening values
Growth potential in senior and urban segments
No. 1 in England
Potential in Europe and internationally
Spraying Trend
“Non-chemical” trend already seen in northern Europe
Loi Labbé to ban pesticides in France from 2020
“Natural” weeders such as vinegar less effective
Sprayer used more often
Adequate innovations: Green Power (thermal weeding)
Watering Trend
Global warming
Opportunity for responsive local manufacturers with good logistics
49
Industrial spraying
50
Industrial spraying
Industrial spraying 2014-2015
189.3
192.3
Growth in Industrial Distribution activity
Less “system”
Improving profitability
13/14
51
14/15
Industrial spraying
Manufacturing
Continue international expansion
Already 30% of sales are in emerging countries
Consolidating our subsidiaries (Asia and Latin America)
Subsidiary for Japan and Africa opened
Investments in R&D
Technology with better transfer rates
“Cleaner” solutions (legislation on VOCs, REACH)
More economic solutions
Launch of new products
52
Industrial spraying
Nanogun electrostatic paint spray gun
The lightest on the market at 488g
Ergonomics
Effective electrical charge: 60 kV, 80
mA
Transfer rates improved by 20%
53
Industrial spraying
Activity and Prospects
Activity
Growth in industrial distribution activity
Positive USD effect: Competitiveness vs. US manufacturers, improved
margins
Sales office opened in Japan
Entry to VW: Poznan project (Poland)
Prospects
Falls in South America and Russia
Gain in market share and slight growth
Developing our product range
References with new car manufacturers
54
Group strategic
objectives
55
Spraying and
Watering
Strategic objectives
Continue our international expansion
Agriculture: Russia-Ukraine, the Americas, China
Manufacturing: Asia, the Americas and BRIC
Innovation
Innovation to create the sprayers of tomorrow
Patent filings
Profitable and sustainable growth
Improving productivity
Generating cash
Acquisitions
Enhance our leadership!
56
Industrial spraying
Spraying and
Watering
Agenda for 2015-2016
Q1 revenue: 21 December 2015
Annual General Meeting: 12 January 2016
Q2 revenue: 18 March 2016
H1 results: 21 April 2016
Q3 revenue: 23 June 2016
57
Industrial spraying
WORLD LEADER
IN PRECISION SPRAYING
SOLUTIONS
www.exel-industries.com
58

SFAF Result 2014-2015

Transcription

Similar documents