PRESS RELEASE
Loudéac,
Sharp growth in results for the 2021 financial year
Revenue up +9.3%
High gross margin maintained, and profitability increased
2022: reaffirmed confidence in a tense
environment that demands vigilance
On
Consolidated data, French accounting standards, Audited financial statements in €m | 2021 | 2020 | Δ |
Revenue | 108.1 | 98.9 | +9% |
Gross margin | 36.1 | 33.2 | +9% |
As a % of revenue | 33.5% | 33.6% | stable |
EBITDA | 4.9 | 2.7 | +81% |
As a % of revenue | 4.5% | 2.7% | +1.8 pt |
Sponsorship and image rights expenses 1 | (0.2) | (3.3) | |
Adjusted EBITDA2 | 5.1 | 6.0 | -15% |
As a % of revenue | 4.7% | 6.0% | -1.3 pt |
Depreciation, amortisation and provisions | (3.1) | (2.3) | ns |
Operating income/loss | 2.2 | 0.7 | x 3.3 |
Financial income/loss | (0.1) | (0.1) | ns |
Non-recurring profit/loss | - | 0.2 | ns |
Corporate tax | (0.7) | (0.6) | ns |
Share of net income of companies accounted for by the equity method 3 | - | 0.1 | ns |
Net income (Group share) | 1.4 | 0.5 | x 2.8 |
CONSOLIDATED REVENUE GROWTH OF +9.3%
In 2021,
Agro-supply (89% of annual revenue), under the Vital Concept brand, posted revenue of €96.7m, up 13% compared to 2020.
Agronutrition (9% of annual revenue), under the Alphatech brand, posted revenue of €9.8m, having suffered from the economic downturn over the financial year, penalised in particular by the health environment with restrictive measures for trade outside
The launch of a new operational division at Alphatech in H1 2021 sparked fresh momentum that has already been illustrated by double-digit sales growth in the last two months of the year and which is expected to continue in the coming months.
SUSTAINED INCREASE IN GROSS MARGIN AND PROFITABILITY
The increase in activity resulted in a rise in gross margin of +9% to €36.1m. This accounted for 33.5% of 2021 revenue, compared with 33.6% in 2020. Against a backdrop of widespread inflation in commodity costs, this performance demonstrates the Group's ability to effectively pass on the purchase price increases recorded over the period.
Agro-supply EBITDA increased by +58% to €6.8 million, representing an EBITDA margin of €7.0% (+2 points), under the combined effect of the reduction in sponsorship and image rights expenses, the contribution of BTN de Haas, acquired in
Agronutrition's EBITDA was resilient in a context of declining activity, coming out at €0.7m compared to €0.4m in 2020, for an EBITDA margin of 7.3% over the year.
Overall, consolidated EBITDA rose sharply by +81% to €4.9m, representing 4.5% of sales for 2021 versus 2.7% in 2020 (6.0% adjusted EBITDA margin in 2020, if we include sponsorship and image rights expenses for €3.3m in 2020, the contract for which ended at the end of 2020).
After taking into account depreciation, amortisation and provisions for €3.1m, operating income multiplied by 3 to reach to €2.2m, compared to €0.7m in 2020.
Incorporating financial income of €0.1m and the tax expense of €0.7m, net income Group share is multiplied by 2.8 to reach €1.4m, compared to €0.5m in 2020.
A STRENGTHENED FINANCIAL STRUCTURE
As at
Cash stood at €12.2m, including the proceeds from the exercise of the overallotment option related to the fundraising carried out in
REAFFIRMED CONFIDENCE IN 2022 IN A TENSE ENVIRONMENT THAT DEMANDS VIGILANCE
The beginning of 2022 has been characterised by a continued rise in the cost of commodities, encouraging
Apart from these economic factors,
To this end,
In addition,
In the Agro-supply business,
After the successful acquisition of BTN de Haas in 2021,
In the longer term, the Group reconfirms its objectives to achieve revenue of around €200m and an EBITDA margin of around 6.5% by 2025. Half of this acceleration in growth would be achieved through organic growth and half through external growth.
About
Founded in Loudéac, in the heart of Brittany, in the early 1990s,
With a vast catalogue of more than 15,500 product references (seeds, phytosanitary, harvesting products, etc.), two-thirds of which are own brands,
By 2025,
For more information about the company: www.winfarm-group.com
Contacts:
investisseurs@winfarm-group.com | |
ACTIFIN, financial communications Benjamin LEHARI +33 (0) 1 56 88 11 11 winfarm@actifin.fr | ACTIFIN, financial press relations Jennifer JULLIA +33 (0)1 56 88 11 19 jjullia@actifin.fr |
1 The Group has sponsored a professional cycling team under a 3-year contract. In 2020,
2 EBITDA restated for expenses related to cycling sponsorship and image rights
3 22% stake in Pineau Cycling Evolution (cycling team) sold on
Attachment
- WINFARM_PR_EN_2021_results_final
© OMX, source