EXEL INDUSTRIES

2016-2017 first-quarter revenue Recession in Agricultural Spraying in France

PRESS RELEASE                                                                                                        January 24, 2017

2016-2017 first-quarter revenue
Recession in Agricultural Spraying in France

	2015-2016	2016-2017 Current consolidation scope	2016-2017 Constant consolidation scope	Change of Current consolidation scope
First-quarter revenue (October to December) in m€	135.5	134.5	120.7	-1%
Agricultural Spraying	65.7	62.9	49.1	-4%
Sugar Beet Harvesters	12.0	15.3	15.3	28%
Spraying and Watering for Garden	10.1	9.2	9.2	-9%
Industrial Spraying	47.8	47.1	47.1	-1%

*Constant scope = 2015-2016 current scope excluding ET Works acquired in January 2016

Revenue for the first quarter of 2016-2017 (October to December 2016) was €134 million, identical to the same quarter 2015-2016.
At constant consolidation scope, revenue was €120.7 million, a drop of €14.8 million largely due to Agricultural Spraying. As predicted, the recession in agriculture in France has been severe, while growth was significant in Russia, Ukraine and Australia.

• Agricultural Spraying

Agricultural spraying in France and the United States remained in the strong grip of recession during the first quarter. The positive effect from the Macron Law occurred the previous year. As a consequence, at constant consolidation scope excluding ET Works (USA) there was a €16.5 million decline in revenue. 

• Sugar Beet Harvesters

Volume here was better than last year, and sales took off largely thanks to Russia and Ukraine. First-quarter revenue rose €3.3 million.
The outlook for revenue is better than last year, with the recovery plans in Russia and Ukraine along with an increase in hectares planted in Europe following the agreement reached between sugar producers and beet producers.