Record turnover of €420.2m, up +22.1% (+€76.0m)
Strong contribution from acquisitions made in 2022 (€56.5m)
Organic growth of +2.9% on the historical scope
Sales of Delta Plus Group, a major player in the Personal Protective Equipment (PPE) market, increased by +22.1% (+€76.0 million) in 2022 and reached a record level of 420.2 millions of euros.
The Group confirmed its organic growth outlook in 2022 (+2.9%) and also benefited from a significant positive scope effect linked to the integration of Maspica (Italy), Safety Link (Australia) and Drypro ( Mexico) acquired in 2022.
At constant scope and exchange rates, consolidated revenue increased by +2.9% in 2022 (+€10.1 million).
The positive scope effect (+16.4%) represents an impact of +€56.5 million on revenue in 2022.
Favorable exchange rate effects (+€9.4 million over the year) had an impact of +2.7% on turnover.
|
Consolidated turnover In millions of euros |
2022 |
2021 |
Evolution |
Evolution |
|
Group turnover |
420.2 |
344.2 |
+22.1% |
+2.9% |
1 | 99.2 | 81.5 | +21.8% | +4.6% |
2 | 105.7 | 85.3 | +23.8% | +4.7% |
3 | 102.5 | 80.7 | +27.1% | +3.7% |
4 | 112.8 | 96.7 | +16.7% | -0.8% |
|
European turnover |
216.0 |
166.4 |
+29.8% |
+3.9% |
1st trimester | 54.2 | 41.4 | +30.8% | +6.5% |
2nd quarter | 53.2 | 39.6 | +34.2% | +6.8% |
3rd quarter | 48.0 | 36.6 | +31.1% | +4.3% |
4th trimester | 60.6 | 48.8 | +24.3% | -0.9% |
|
Turnover outside Europe |
204.2 |
177.8 |
+14.9% |
+2.0% |
1st trimester | 45.0 | 40.1 | +12.5% | +2.8% |
2nd quarter | 52.5 | 45.7 | +14.7% | +2.9% |
3rd quarter | 54.5 | 44.1 | +23.7% | +3.3% |
4th trimester | 52.2 | 47.9 | +8.9% | -0.6% |
Over the year 2022, the scope effect amounts to +16.4% (+€56.5m) and the exchange rate effect amounts to +2.7% (+€9.4m)
Europe
In Europe, 2022 revenue (€216.0m) increased by +€49.6m (+29.8%) thanks to the integration of the company Maspica (Italy) in 1
er
January 2022 (+€43.4 million or +26.1% scope effect). The exchange rate effect was weak over the year as a whole (-€0.3 million, or -0.2%).
Organic growth, adjusted for scope and exchange rate effects, is therefore +3.9% over the year (+€6.5 million). The continued momentum in most countries in this zone, as well as a favorable base effect at the start of the year on the Delta Plus Systems activity explain this good level of growth.
Out of Europe
The turnover achieved in 2022 Outside Europe amounted to €204.2 million, an increase of +€26.4 million (+14.9%) compared to 2021.
The scope effect linked to the integration of Safety Link (Australia) and Drypro (Mexico) amounts to €13.1 million (ie a contribution of +7.4% to growth in the Non-Europe zone).
The fluctuations of the Euro against the RMB and the Dollar (USD) having been marked during the year, the Group recorded in 2022 a favorable exchange rate effect of +€9.7 million on the turnover achieved Excluding Europe (+5.5%).
It should be noted, however, that December 2022 is the only month of the year showing an unfavorable exchange rate effect on revenue. The currency effect is nil in the fourth quarter of 2022.
Restated for currency and scope effects, organic revenue growth is +2.0% (+€3.6 million) outside Europe for the whole of 2022.
China, which experienced a significant downturn in activity in the second quarter (-11%) due to the strict containment measures applied in several major cities of the country in April and May 2022, finally recorded stable activity in 2022 ( -1% in RMB and +7% in Euros) thanks to a return to normal from June 2022.
In addition, the turnover achieved in Ukraine amounted to €1.4M for the year 2022. This level is lower by €1.8M than that of 2021 (€3.2M) and by €2.2M € compared to the budget initially set for 2022 (€3.6 million).
The good trend observed at the start of the year was halted by the war which began at the end of February 2022.
Apart from these two highlights, the momentum remained positive in the other regions, in particular in South America, but also in the Middle East, a region penalized in recent years and which is posting a sustained rebound in 2022.
Outlook 2023
-
Confirm positive organic revenue growth in 2023
-
Finalize the integration of Maspica, Safety Link and Drypro, acquired in 2022
-
Defend the level of operating profitability in an unfavorable context
-
Confirm the soundness of the Group’s financial structure during this period of uncertainty
Delta Plus Group has demonstrated since 2020 its ability to limit the consequences of the successive crises that have marked the last three years, and to pursue at the same time a proactive policy of acquisitions, confirming through 9 acquisitions finalized since the beginning of 2020 its strategy of deployment in areas with high growth potential and in businesses with high added value.
The Group recorded dynamic organic growth of nearly 3% in 2022, confirming the trend of the first half.
In addition, the results of the integration of the subsidiaries acquired in 2022 (contributing to a turnover of more than €56 million over the year) are very satisfactory.
For 2023, the Group is aiming for continued organic growth in its turnover, despite a very uncertain macro-economic and geopolitical context.
In 2023, a residual scope effect of around €4 million, linked to the acquisition of Drypro (Mexico), will have a positive impact on first-half sales, which should represent a scope effect of around +2% over the first six months of the year.
Conversely, the recent strengthening of the Euro against the Dollar and most currencies should meanwhile result in the first half of 2023 in a negative exchange rate effect of around -2%.
In terms of profitability, the year 2022 will have been marked by events that have caused short-term uncertainties: war in Ukraine, strict confinements in China, persistence of significant inflationary pressures affecting in particular the price of raw materials, transport and energy, significant variations in the exchange rates of the main world currencies.
In this context, the Group continues to implement all the measures intended to limit the impact of these significant events on the level of operating profitability and to defend a level of 2022 results in line with the performances posted in the first half.
In addition, the Group aims to maintain a solid financial structure enabling it to ensure the financing of its development, in particular within the framework of its strategy of moving upmarket and of geographical reinforcement.
Next release
: 2022 annual results
Monday April 3, 2023, after market
About DELTA PLUS
Delta Plus Group designs, standardizes, manufactures or has manufactured and distributes a full range of Personal Protective Equipment (PPE). Delta Plus Group is listed on EURONEXT GROWTH PARIS (ISIN: FR0013283108 – Ticker: ALDLT)
More information: www.deltaplusgroup.com
CONTACT
Jérôme BENOIT Arnaud DANEL
Chairman and Chief Executive Officer Administrative & Financial Director
e-mail: [email protected]
Phone: 04.90.74.20.33
GLOSSARY
Definition of organic growth, or growth at constant scope and exchange rates
Organic growth, or growth at constant scope and exchange rates, is calculated by excluding the impact of changes in exchange rates as well as scope effects (impact of acquisitions and disposals).
The restatement of the effect of exchange consists in calculating the aggregates of the current year at the exchange rate of the previous year.
The restatement of scope effects, for new entities (acquisitions) consists of:
For entries in the scope of the current year to subtract the contribution of the acquisition of the aggregates of the current year
For entries in the scope of the previous year, to deduct the contribution of the acquisition of 1
er
January of the current year until the last day of the month of the current year in which the acquisition was made the previous year
The restatement of scope effects, for outgoing entities (disposals) consists of:
For exits from the scope of the current year, to deduct the contributions of the entity exited from the aggregates of the previous year from 1
er
day of the month of transferFor exits from the scope of the previous year, to deduct the contributions of the entity exited from the aggregates of the previous year
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