, 2022-07-26 05:29:20,
Third quarter 2021-2022 sales: +9.4%
Sales recovery driven by price increases and consolidation scope effect
Early release due to breach of confidentiality.
Publication was initially scheduled for July 26, after market close, at 6 p.m.
Situation in Ukraine and Russia
Since the beginning of the conflict in Ukraine, EXEL Industries has maintained its operations in Russia (agricultural equipment and industrial spraying) but has taken care to ensure that deliveries are made in compliance with European rules. As a reminder, Russia, Belarus, and Ukraine accounted for 4% of Group sales in FY 2020-2021.
Third quarter 2021-2022 sales
The 9.4% increase in sales in the third quarter of the 2021-2022 fiscal year to €272.6 million was driven by changes in foreign exchange rates (mainly the US dollar) and the scope of consolidation. At constant consolidation scope and foreign exchange rates, the Group recorded growth of 0.6%, despite persistent supply chain issues in its various businesses, particularly in agricultural spraying and sugar beet harvesters.
Changes in scope resulting from the two acquisitions made by the Group have contributed €24.6 million to revenue since the beginning of the fiscal year, breaking down as €8.6 million for EXEL Yachting, consolidated on September 30, 2022, and €16 million for Italian company G.F., consolidated on February 15, 2022.
- AGRICULTURAL SPRAYING, sales of €133 million, up €19.2 million (+16.8%)
Agricultural commodity prices (wheat, corn, rapeseed, soybean, etc.) appear to have eased in recent weeks. However, persistent shortages of electronic parts and components are causing significant delivery delays and adversely impacting factory productivity. Sales in Australia remain at high levels.
- SUGAR BEET HARVESTERS, sales of €21.9 million, down €8.7 million (-28.4%)
After two strong quarters, parts and component shortages, as well as new waves of COVID, delayed production this quarter. EXEL Industries expects to make up for delays in the fourth quarter. For the record, the third quarter of the 2020-2021 fiscal year was exceptionally strong.
- LEISURE, sales of €55.6 million, up €5.9 million (+11.8%)
While benefiting from the…
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