Savaria Corporation (“Savaria”) (TSX: SIS), a global leader in the
accessibility industry, is pleased to announce its results for the
first quarter of 2023.
Highlights – Q1 2023 compared to Q1 2022
- Revenue was $211.6M compared to $183.5M in 2022, an increase of
15.3%, due to organic growth of 13.5% originating from all segments
and positive foreign exchange impact of 1.8%;
- Gross profit was $72.0M, up $13.5M or 23.1%, representing 34.0%
of revenue compared to 31.9% in Q1 2022;
- Operating income was $15.5M, up $6.6M or 75.1%, representing
7.3% of revenue compared to 4.8% in Q1 2022;
- Adjusted EBITDA* was $31.2M, up $6.8M or 27.8%,;
- Adjusted EBITDA margin* stood at 14.7%, up 140 bps compared to
13.3% in Q1 2022;
- Net earnings for the quarter were $6.0M, or $0.09 per share on
a diluted basis, compared to $5.3M or $0.08 per share on a diluted
basis in Q1 2022;
- Available funds* of $135.0M, as of March 31, 2023, to support
working capital, investments and growth opportunities.
in thousands of dollars, except per-share amounts and
percentages |
Q1 |
2023 |
2022 |
Change |
Revenue |
$211,625 |
$183,536 |
15.3% |
Gross profit |
$72,033 |
$58,521 |
23.1% |
% of revenue |
34.0% |
31.9% |
210 bps |
Net earnings |
$6,039 |
$5,347 |
12.9% |
% of revenue |
2.9% |
2.9% |
- |
Diluted net earnings per share |
$0.09 |
$0.08 |
12.5 % |
Adjusted net earnings * |
$8,387 |
$6,766 |
24.0% |
% of revenue |
4.0% |
3.7% |
30 bps |
Adjusted net earnings per share * |
$0.13 |
$0.10 |
30.0% |
Adjusted EBITDA * |
$31,214 |
$24,422 |
27.8% |
% of revenue |
14.7% |
13.3% |
140 bps |
* Non-IFRS
measures are described and reconciled in sections 3, 6 and 8 of the
MD&A |
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A Word from the President
“We are off to a beautiful start this year with our first
quarter results delivering both sales growth and increased
profitability. Our revenue reached $212 million, an increase of
15.3% year over year with 13.5% organic growth. Our gross profit
increased 23.1% and reached 34.0% for the quarter. Adjusted EBITDA
increased 27.8% compared to last year," said Marcel Bourassa,
President and Chief Executive Officer.
“Typically, our first quarter is slower due to weather
constraints on construction starts, affecting commercial lifts and
home elevators, but diversification of our portfolio over the past
few years has reduced this impact. Our Patient Care segment grew
revenue by 17.2% compared to the same period in 2022 with strong
organic growth of 13.2% including new healthcare facility
contracts.”
“We are currently looking at new objectives for 2025 that
include strategic investments in people, products and processes. We
are confident in hitting our previously stated goal of $1 billion
in revenue at the end of 2025 and can now see growth beyond this
timeframe. I thank my employees around the world and our valued
dealer partners, all of whom have helped us achieve these fantastic
results,” concluded Mr. Bourassa.
First Quarter Results – Q1 2023 compared to Q1
2022
REVENUE
Revenue reached $211.6M, up $28.1M or 15.3%. The growth was
mainly due to strong organic growth of 13.5%.
- Accessibility segment (72% of Q1-23 revenue):
Revenue was $151.4M, an increase of $21.0M or 16.1%. Organic growth
stood at 14.4%.
- Patient Care segment (23% of Q1-23 revenue):
Revenue was $48.8M, an increase of $7.2M or 17.2%. Organic growth
stood at 13.2%.
- Adapted Vehicles segment (5% of Q1-23
revenue): Revenue was $11.4M, a decrease of $0.1M or 0.8%,
impacted by negative foreign exchange impact. Organic growth stood
at 3.7%.
ADJUSTED EBITDAAdjusted EBITDA and adjusted
EBITDA margin stood at $31.2M and 14.7%, respectively, compared to
$24.4M and 13.3% for Q1 2022.
- Accessibility segment: Adjusted EBITDA and
adjusted EBITDA margin stood at $23.4M and 15.5%, respectively,
compared to $20.5M and 15.7% for Q1 2022.
- Patient Care segment: Adjusted EBITDA and
adjusted EBITDA margin stood at $9.8M and 20.1%, respectively,
compared to $5.3M and 12.8% for Q1 2022.
- Adapted Vehicles segment: Adjusted EBITDA and
adjusted EBITDA margin stood at $0.6M and 5.4%, respectively,
compared to $0.6M and 4.9% for Q1 2022.
LIQUIDITY AND CAPITAL RESOURCES
Savaria generated $16.0M of cash from operating activities which
were primarily used to invest in capital projects, pay interest,
and dividends.As at March 31, 2023, the Corporation had a net debt
position of $358.9M and a ratio of net debt to adjusted EBITDA of
2.83 compared to 3.07 as of December 31, 2022.
OutlookSavaria is expecting revenue growth of
approximately 8-10%, when normalizing for the impact of the
Norwegian auto division divesture, with an adjusted EBITDA margin
of approximately 16% in fiscal 2023, based on the following
assumptions:
- Organic growth coming from the Accessibility and Patient Care
segments is expected to continue due to a combination of high
backlog levels, cross-selling initiatives and strong demand.
- Successful integration of Handicare and progress toward
achieving the next strategic phase of synergies in-line with
management’s plan.
- Management’s ability to continue to effectively manage supply
chain challenges.
This outlook excludes the financial contribution from any new
acquisition.
Environmental, Social and Governance (“ESG”)
ValuesAs a global leader within the accessibility
industry, Savaria is committed to minimizing its environmental
footprint and upholding the highest social and governance
standards. We believe that promoting environmentally and socially
responsible behaviour across our organization is key to achieving
sustainable growth and long-term value creation. Following the
completion of its first ESG materiality assessment, Savaria
recently undertook a project to measure, baseline and better
understand its global energy consumption and greenhouse gas
emissions. We look forward to providing further updates and
findings in our inaugural ESG report due out later this year.
About Savaria CorporationSavaria Corporation
(savaria.com) is a global leader in the accessibility industry. It
provides accessibility solutions for the physically challenged to
increase their comfort, their mobility and their independence. Its
product line is one of the most comprehensive on the market.
Savaria designs, manufactures, distributes and installs
accessibility equipment, such as stairlifts for straight and curved
stairs, vertical and inclined wheelchair lifts and elevators for
home and commercial use. It also manufactures and markets a
comprehensive selection of pressure management products for the
medical market, medical beds for the long-term care market, as well
as an extensive line of medical equipment and solutions for the
safe handling of patients, including ceiling lifts and slings. In
addition, Savaria converts and adapts vehicles for personal and
commercial uses. The Corporation operates a sales network of
dealers worldwide and direct sales offices in North America, Europe
(UK, Netherlands, Switzerland, Italy, Germany, Poland and Czech
Republic), Australia and China. Savaria employs approximately 2,250
people globally and its plants are located across Canada, the
United States, Mexico, Europe and China.
Compliance with International Financial Reporting
Standards (“IFRS”) The information appearing in this press
release has been prepared in accordance with IFRS. However, Savaria
uses EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net
earnings, adjusted net earnings per share, available funds, net
debt and ratio of net debt to adjusted EBITDA for analysis purposes
to measure its financial performance. These measures have no
standardized definitions in accordance with IFRS and are therefore
regarded as non-IFRS measures. These measures may therefore not be
comparable to similar measures reported by other companies.
Additional details for these non-IFRS measures can be found in
sections 3, 6 and 8 of Savaria’s MD&A, which is posted on
Savaria’s website at www.savaria.com, and filed with SEDAR at
www.sedar.com. Reconciliation of adjusted net earnings and adjusted
EBITDA with net earnings is presented in the section below.
Forward-Looking StatementsThis press release
includes certain statements that are “forward-looking statements”
within the meaning of the securities laws of Canada. Any statement
in this press release that is not a statement of historical fact
may be deemed to be a forward-looking statement. When used in this
press release, the words “believe”, “could”, “should”, “intend”,
“expect”, “estimate”, “assume” and other similar expressions are
generally intended to identify forward-looking statements. It is
important to know that the forward-looking statements in this
document describe the Corporation’s expectations as at the date
hereof, which are not guarantees of future performance of Savaria
or its industry, and involve known and unknown risks and
uncertainties that may cause Savaria’s or the industry’s outlook,
actual results or performance to be materially different from any
future results or performance expressed or implied by such
statements. The Corporation’s actual results could be materially
different from its expectations if known or unknown risks affect
its business, or if its estimates or assumptions turn out to be
inaccurate.
A change affecting an assumption can also have an impact on
other interrelated assumptions, which could increase or diminish
the effect of the change. As a result, the Corporation cannot
guarantee that any forward-looking statement will materialize and,
accordingly, the reader is cautioned not to place undue reliance on
these forward-looking statements. Forward-looking statements do not
take into account the effect that transactions or special items
announced or occurring after the statements are made may have on
the Corporation’s business. For example, they do not include the
effect of sales of assets, monetizations, mergers, acquisitions,
other business combinations or transactions, asset write-downs or
other charges announced or occurring after forward-looking
statements are made.
Unless otherwise required by applicable securities laws, Savaria
disclaims any intention or obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise. The foregoing risks and uncertainties
include the risks set forth under “Risks and Uncertainties” in
Savaria’s latest Annual MD&A as well as other risks detailed
from time to time in reports filed by Savaria with securities
regulators in Canada.
Results webcast and conference call on
May 11, 2023, at 8:30 a.m. (EDT)
Savaria will host a conference call on Thursday,
May 11 at 8:30 a.m. Eastern Daylight Time with financial analysts
to discuss results of the quarter ended March 31, 2023. Investors
and members of the media are invited to participate on a
listen-only basis.
Conference call access:
To register:
https://register.vevent.com/register/BI1a122aa18d9b46a69bbb7e0b300d70fe
Canada Toll Free Number: 1 (855) 513-1368
North American Toll Free Number: 1 (844)
543-0451Webcast (EN):
https://edge.media-server.com/mmc/p/8hzv5qswLink to the replay of
the webcast will be available on the Corporation’s website at
www.savaria.com
For further information: |
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Marcel BourassaChairman, President and Chief Executive
Officer1.800.661.5112mbourassa@savaria.com |
Stephen Reitknecht, CPA, CAChief Financial Officer1.800.661.5112,
ext. 3370sreitknecht@savaria.com |
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www.savaria.comfacebook.com/savariabettermobilitytwitter.com/Mobilityforlife
Reconciliation of adjusted net earnings and adjusted EBITDA with
net earnings is provided below. Complete financial statements and
the management’s report for Q1 2023 will be available shortly on
Savaria’s website and on SEDAR (www.sedar.com).
Reconciliation of adjusted net earnings and adjusted
EBITDA with net earnings
in
thousands of dollars, except per-share |
Q1 |
2023 |
2022 |
Net earnings |
$6,039 |
$5,347 |
Other expenses |
3,157 |
1,839 |
Income taxes related to other expenses * |
(809) |
(420) |
Adjusted net earnings * |
$8,387 |
$6,766 |
Adjusted net earnings per share * |
$0.13 |
$0.10 |
Income taxes related to other expenses * |
809 |
420 |
Income tax expense |
2,385 |
2,107 |
Depreciation of fixed assets |
1,952 |
1,799 |
Depreciation of right-of-use assets |
2,391 |
2,632 |
Amortization of intangible assets |
7,845 |
8,903 |
Net finance costs |
7,035 |
1,375 |
Stock-based compensation |
410 |
420 |
Adjusted EBITDA* |
$31,214 |
$24,422 |
Diluted weighted average number of shares |
64,642,997 |
64,522,496 |
* Non-IFRS
measures are described and reconciled in sections 3, 6 and 8 of the
MD&A |
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Savaria (TSX:SIS)
過去 株価チャート
から 4 2024 まで 5 2024
Savaria (TSX:SIS)
過去 株価チャート
から 5 2023 まで 5 2024