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SergeFerrari Group: Full-Year 2021 Results

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Record year in terms of business and profitability

SAINT-JEAN-DE-SOUDAIN, France, March 03, 2022--(BUSINESS WIRE)--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

View source version on businesswire.com: https://www.businesswire.com/news/home/20220303005826/en/

Contacts

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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