ECOMIAM: Half-year results 2021/22 – 06/15/2022 at 18:15

• Store sales up 22.8%
  

• Gross trading margin improved by 3.1 points to 36.4%
  

• Network operating result before structural costs of €0.6 million
  

• Operational performance temporarily affected by the gradual establishment of sales outlets in new regions and the use of marketing measures
  

• Solid liquidity at €8.7 million
  

• Full impact of the communication measures and action plan expected for the next financial year to return to profitable growth on the path of the 2025 ambitions
  

ecomiam (ISIN code: FR0013534617 – acronym: ALECO), French no. 3
[1]
specialized distribution of frozen products

publishes its half-year results for the 2021/22 financial year (period from 01.01

^ah

October 2021 to March 31, 2022), considered by the Board of Directors at its meeting of June 13, 2022.

In T€ – French standards – unaudited data	2020/21	2021/22
Sales volume – of which retail sales	16,998 15.167	19,548 18,631
gross margin (frozen & packaged) % on sales of goods	5,043 33.3%	6,783 36.4%
gross operating surplus [2] % of sales	391 2.3%	(526) –
operating result % of sales	229 1.3%	(843) –
bottom line	(33)	(14)
extraordinary result	26	(17)
Consolidated net income	161	(883)

Double digit growth on Jan

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First half of 2021/22 despite a tense macroeconomic environment

under 1

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half of the financial year 2021/22,

ecomiam

achieves consolidated sales of €19.5 million, an increase of 15.0% compared to the same period of the previous year. Business at the beginning of the year is developing in an inflationary context, which dampens household consumption and the gradual expansion of outlets in new regions in the process of commercial conquest (recall, according to its commitments,

ecomiam

opened 29 new sales outlets in the 2020/21 financial year, 10 in the 1st

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Semester 2021/22, 82% of which outside of Brittany).

store sales

[3]

, rose 22.8% and benefited from 10 new store openings over the period. On a like-for-like basis, store sales declined by -16.2% yoy, with a high base-for-like effect (growth of +48.5% in Q1

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Semester 2020/21) in a context that is still shaped by the pandemic.

On the other hand, compared to 1

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Half of 2018/19, pre-crisis period, branch sale from 1

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The first half of 2021/22 shows an increase of 27.7% on a comparable store network basis, which confirms the positive underlying trend.

A trading margin of 36.4%, an improvement of 3.1 points

In an environment of increased activity, the commercial margin was 6.8 million euros, an increase of 34.5%, ie a rate of 36.4%, an improvement of 3.1 points, confirming the commitment to

ecomiam

Not favoring growth at the expense of margins.

To support the dynamics of network deployment,

ecomiam

further structured its organization according to its development plan. Thus, personnel costs, which were 21.6% under control, amounted to 1.2 million euros compared to 1.0 million euros in Q1

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half of 2020/21, which corresponds to 6.3% of sales (6% on 01

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semester 2020/21). External expenses increased by €1.6m over one year under the influence of:

• the increase in commissions paid to affiliates in connection with the expansion of the affiliate network,

• strengthening customer loyalty and marketing actions to strengthen the brand’s reputation throughout the territory in accordance with the commitments made during the IPO,

• the increase in transport costs in an inflationary context of fuel costs.

The EBITDA for the first half of the year was € -0.5 million compared to € 0.4 million in the same period of 2020/21.

The network’s operating income before overheads as of 1

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Half year 2021/22 compared to 1.1 million euros in the previous year, which corresponds to a margin of 3.5%, a decrease of 3.8 points.

After taking into account the administrative costs, the operating result amounted to -0.8 million euros for the 1st

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Semester 2021/22.

Finally, the consolidated net income as of 1

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Half of 2021/22 amounts to € -0.9 million.

Available cash of €8.7 million

Given persistent inflationary pressures

ecomiam

increased inventories to €4.4m at the end of March 2022 (€3.1m at the end of March 2021).

The balance sheet of

ecomiam

remains solid with equity of €11.7m, available cash and cash equivalents of €8.7m and gross financial debt of €2.8m as of March 31, 2022. The balance sheet situation allows for it

ecomiam

to finance the liquidity needs related to the development of its network (change in WCR of -0.2 M€ and investments of 0.7 M€) and gives the company the necessary financial base to finance its development plan.

perspectives and developments

In the second half of the year

ecomiam

has set the following priorities:

• to further optimize its operating costs,

• further expand targeted customer relationships while strengthening the brand’s reputation across the country.

The full effect of these measures on the operating business is expected in the 2022/23 financial year.

Finally, we have a pool of unsolicited applications for affiliation of nearly 1,600 files,

ecomiam

remains confident in the build-out of its network and in its ambition to reach 125 points of sale in 2025,

110 million euros in sales and 7 million euros in operating profit.

next communication

• 3. Store Sales
  
  ^th
  
  Quarter 2021/22, July 7, 2022 (after market close)

Find all information about

www.ecomiam-bourse.com

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About ecomia

Family business founded in 2009,

ecomiam

is the first ethical and accessible network for the distribution of essentially unprocessed fresh frozen products of 100% French origin. The network

ecomiam

composed of 67 points of sale as of May 31, 2022, has a “Click & Collect” offer and an online sales site that allows home deliveries within 24/48 hours throughout mainland France.

2021,

ecomiam

achieved consolidated sales of €36.2 million, an increase of 57.4%.

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contacts

Investor Relations NEWS Finance & Communication Corinne POWERFUL [email protected] Such. 01 53 67 36 77

press work NEWS Finance & Communication Fatou-Kine N’DIAYE [email protected] Such. 01 53 67 36 34

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[1]

Sources: Xerfi Study – March 2021 in number of stores

^[2]

EBITDA: operating result + depreciation and provisions

[3]

Cash outflow from deals accounting for more than 95% of consolidated sales

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