Financial Performance - Revenue maintained at €1.1 billion, up 0.5% year-over-year [1][5] - Recurring EBITDA decreased to €87.4 million, with a margin of 7.9% compared to 8.6% in the previous fiscal year [1][7] - Net income fell to €31.2 million, impacted by a decline in EBITDA and a net non-recurring expense of €1.4 million [2][8] - Net financial expense increased to €12.1 million, including €8.3 million in cost of debt and €3.8 million in exchange losses [9] Segment Performance - Agricultural Spraying revenue decreased by 4.2% to €503.3 million [5] - Sugar Beet Harvesting revenue increased by 7.1% to €170.0 million [5] - Leisure revenue declined by 6.2% to €134.8 million [5] - Industry revenue grew by 9.1% to €291.3 million [5] Balance Sheet and Investments - Net financial debt excluding IFRS 16 remained stable at €99.1 million [11] - The Group invested in the modernization of its Stains plant in France, with a total cost of €20 million [11] - Several lines of credit were renewed, indexed to CSR criteria [12] Dividend - A dividend of €1.15 per share, representing 25% of consolidated net income, will be proposed at the Annual General Meeting on February 4, 2025 [14] Outlook - Agricultural Spraying is expected to return to a normal seasonal pattern, with cautious optimism for market recovery in Northern and Eastern Europe [18] - Sugar Beet Harvesting will focus on developing after-sales services and expanding in North America [19] - Leisure market shows signs of improvement, with the launch of the Wauquiez 55 at the Düsseldorf Boat Show [20] - Industry activity is expected to remain strong, particularly in North America, with continued investments in plant modernization and ERP migration [21] Leadership and Strategy - The CEO emphasized the company's resilience and commitment to investing in product development and production modernization [22] - The Group will focus on reducing debt and optimizing working capital for sustainable financial management [22]
EXEL Industries: 2023–2024 full-year results