(Boursier.com) — Mersen achieved consolidated revenue of 297 million euros in the 3rd quarter of 2022, up +19.2% at constant scope and exchange rates. Taking into account a positive exchange rate effect of 16 ME, growth was 27.6%.
Mersen achieves, during the first 9 months of 2022, a consolidated turnover of 821 ME, i.e. an organic growth of nearly 14% compared to 2021, of which approximately 4% is linked to price increases.
Taking into account the favorable exchange rate effects linked mainly to the appreciation of the US dollar and the Chinese Ren-min-bi, growth was over 20%.
Refinancing of the syndicated loan
Mersen has decided to bring forward the refinancing of its €200 million syndicated loan maturing in July 2024. On this occasion, the Group has chosen to increase the available amount of financing (from €200 to €320 million) in a context of growth of its activity.
This new multi-currency syndicated loan with an initial maturity of 5 years (maturity 2027) includes extension options that could bring the maturity to 2029 subject to the agreement of the banks. It was signed with a group of French and international banks and also inaugurates an indexation of the margin on ESG indicators.
This operation makes it possible to maintain competitive financing conditions and to extend the average lifespan of financing authorizations to almost 5.5 years.
Outlook 2022
Supported by the good performance of the 3rd quarter, the high level of order intake and the group’s ability to mitigate the effects of inflation on its margins, the Group now forecasts for the year 2022:
– organic growth of around 13% (between 8% and 10% previously);
– a current operating margin of around 10.8% of sales (around 10.5% previously);
– an EBITDA margin up by around 50 basis points (unchanged);
– industrial investments of around 90 ME (between 85 and 90 ME previously).
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