In This Article:
| First half 2023‐2024 results |
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EXEL Industries posted revenue of €492.7 million for the first half of 2023-2024, up 2.0%.
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The Group maintained strong profitability with first half recurring EBITDA up to €30.5 million, giving a margin of 6.2%.
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Net income was stable at €4.7 million.
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Net debt increased over the first half in line with the usual seasonal fluctuations in the Group’s business. EXEL Industries continues to make deleveraging and cash flow a priority.
| H1 results | 2022-2023 | 2023-2024 |
| REVENUE | 483.1 | 492.7 |
| RECURRING EBITDA* | 29.0 | 30.5 |
| % of revenue | 6.0% | 6.2% |
| CURRENT OPERATING INCOME (EBIT) | 15.8 | 16.0 |
| % of revenue | 3.3% | 3.3% |
| Non‐recurring items | 0.1 | (1.5) |
| Net financial income/(expense) | (8.3) | (6.4) |
| Tax and share of profit of associates | (3.4) | (3.4) |
| NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT | 4.2 | 4.7 |
| % of revenue | 0.9% | 0.9% |
| NET FINANCIAL DEBT | (176.4) | (212.7) |
* Recurring EBITDA = current operating income (EBIT) + depreciation and amortization of non-current assets + change in provisions (excluding provisions on current assets) + share of profit of associates
First half 2023-2024
revenue
First half 2023-2024 revenue amounted to €492.7 million, up 2.0% as reported and up 2.9% at constant foreign exchange rates and scope. The decline in Sugar Beet Harvesting and Leisure volumes was more than offset by strong momentum in Industrial and Agricultural Spraying.
First half 2023‐2024
financial results
Recurring EBITDA rose 5% to €30.5 million, or 6.2% of Group revenue, compared to €29.0 million or 6.0% of sales in H1 2022-2023, despite the application of IFRS 16, requiring the amortization of the balance of future rents on current leases.
Net income for the first half of 2023-2024 totaled €4.7 million, up from €4.2 million in H1 2022-2023.
Balance sheet
as of March 31, 2024
Net financial debt (NFD) amounted to €212.7 million at March 31, 2024, compared to €176.4 million at the same date last year. Although higher than expected, the increase remains in line with the seasonal nature of the Group’s business. It is mainly due to two factors:
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The excessive increase in inventories, which are currently being reduced;
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The launch of construction work on the new plant in Stains, France.
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Nonetheless, EXEL Industries has recently renewed a number of lines of credit, which are largely sufficient to meet its needs.
Audit process
The Group Audit Committee met on May 22, 2024.
The Board of Directors met on May 23, 2024, and approved the EXEL Industries financial statements for the six months ended March 31, 2024.