EXEL INDUSTRIES

First-quarter 2018-2019 sales Sales impacted by the decrease in agricultural activities

PRESS RELEASE                                                                                                        January 24, 2019

First-quarter 2018-2019 sales
Sales impacted by the decrease in agricultural activities

	2017-2018	2018-2019	Published change	Change at constant foreign exchange rates (*)
First quarter sales In €M (October to December)	137.5	132.1	-4.0%	-2.8%
Agricultural Spraying	61.8	56.4	-8.8%	-8.8%
Sugar Beet Harvesters	17.4	16.8	-3.5%	-1.1%
Garden Spraying and Watering	9.5	9.2	-3.9%	-3.5%
Industrial Spraying	48.8	49.8	+2.0%	+4.2%

(*) The amounts at constant foreign exchange rates are calculated by converting the amounts for the current quarter at the average quarterly foreign exchange rates for the previous year.

First quarter sales for the fiscal year 2018-2019 (October to December 2018) stood at €132.1 million, a decrease of -2.8% at constant foreign exchange rates, and -4.0% at real exchange rates compared to the first quarter 2017-2018.
The depreciations of the Argentinian Peso, the Turkish Lira and the Rouble were not offset by the appreciation of the US Dollar against the Euro. The translation effect is negative for €1.5 million.

• Agricultural Spraying

Agricultural Spraying solutions began the year down by -8.8% compared to the first quarter of 2017-2018. This decrease was mainly due to Australia, where the drought resulted in poor harvests, Ukraine, where concession holders reduced inventories before placing new orders, and Northern and Eastern Europe, which were also affected by mediocre harvests.
The USA also saw a slight decrease over the quarter. Due to damp weather at harvest time, the season began later. We can also add to this trade tensions with China, which led to a reduction in soybean and corn prices.