AGRIPOWER: 2021-2022 annual results up – 10/13/2022 at 6:00 pm

• 2021-2022 revenue of €10.4 million, strong acceleration in activity in the second half;
  

• Gross margin up 31.3% to €2.4 million;
  

• Net income up to €0.4 million;
  

• Available cash of €12.1 million as of June 30, 2022;
  

• Good visibility on growth.
  

Agripower France (“Agripower” or the “Company”), a player in the energy transition and integrator of anaerobic digestion solutions, today announces its results for the financial year ended June 30, 2022.

The financial statements were approved by Agripower’s Board of Directors on October 12, 2022 and the audit procedures on the accounts were carried out by the auditor. The annual report, including the financial statements as of June 30, 2022, will be available on October 14 in the “Financial documents” section on the Company’s website www.agripower-france.com.

SUMMARY OF RESULTS FOR FISCAL YEAR 2021-2022

23% GROWTH IN 2021-2022 REVENUE TO €10.4 M

After a first half (June to December 2021) up 3% compared to the first half of 2020-2021, Agripower accelerated its growth in the second half with a turnover of €6.4 million, up 39.4 % driven by a proactive commercial strategy in its three business segments.

This performance brought annual revenue for 2021-2022 to €10.4 million, an increase of 23% compared to the previous financial year.

Individual methanation activity

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recorded revenue of €5.2 million, up 10.6% compared to the 2020-2021 financial year. On collective methanisation, turnover was up sharply by 36.9% (€4.4 million compared to €3.2 million in 2020-2021). Lastly, recurring revenue from related services (consumables, maintenance, after-sales service) increased by 45% to €0.8 million.

During the 2021-2022 financial year, Agripower delivered 16 individual units and 3 collective units. As of June 30, 2022, and after the annual review of signed contracts, out of 107 active signed projects

[4]

6 biogas units are being installed (3 collective units and 3 individual units) and 101 units are in the study/engineering phase.

GROSS MARGIN RATE UP TO 22.8%

Over the 2021-2022 financial year, Agripower generated a gross margin on direct costs of €2,361 thousand, or 22.8% of turnover (21.3% over the 2020-2021 financial year), an increase which is mainly explained by the rise in the value chain and the increase in the share of collective anaerobic digestion projects in the annual total of projects signed.

Payroll costs increased significantly with the strategic reinforcement of the teams carried out over the financial year in order to support and ensure the expected future growth, in particular with the new offers and the activity linked to the associated services (consumables, maintenance, after-sales service). As of June 30, 2022, Agripower had 20 employees.

Thanks to this controlled increase in operating expenses, the operating result stands at 179 k€ against 101 k€ for the previous financial year.

After taking into account the Innovation Tax Credit for €202k,

the net result is up to €360 k against €67 k for the previous financial year.

€12.1 MILLION OF FREE CASH

As of June 30, 2022, shareholders’ equity amounted to €14.1 million and

available cash stood at €12.1 million.

Gross financial debt is €3.3 million, comprising €0.3 million of the remainder of the bond debt and €3.0 million of financing (green loan) obtained from BPI France for the development of the Agripower offer Partner. As a reminder, the company reimbursed at the beginning of the financial year the PGE subscribed in 2020 for an amount of €1.5 million.

At the end of June 2022, Agripower was on a solid financial footing allowing it to calmly pursue its dynamic growth strategy.

SHARP INCREASE IN ORDER INTAKE TO €21.3 M AND ORDER BOOK HIGH TO €30.2 M AS OF JUNE 30, 2022

Agripower’s commercial activity was very dynamic in the 2021-2022 financial year. The order intake totaled 54 new projects divided between 51 individual units and 3 collective units, including a first internationally, for a total amount of €21.3 million compared to €7.7 million for the 2020-2021 financial year.

Agripower is thus reaping the first fruits of its proactive commercial strategy marked by the strengthening of its teams in the field and the expansion of its offer, illustrated both by the success of the innovative Agripower Partner co-operating offer (already 13 projects signed) and by URBANPOWER

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an innovative individual micro-methanation solution for food manufacturers with a first sale during the second half of the year.

Agripower has also successfully developed its “dry” methanisation offer launched in June 2021, which is highly sought after by farmers and agricultural cooperatives.

As of June 30, 2022, the Company thus had a high order book of €30.2 million.
[5]
to be achieved by the end of 2023, i.e. nearly 3 times the turnover of the past financial year.

STRONG VISIBILITY AND CONFIRMED PROFITABLE GROWTH OBJECTIVES IN A BUILDING MARKET CONTEXT

Agripower operates in a buoyant environment benefiting from strong economic and political incentives as well as the strong confidence of farmers and agricultural cooperatives. With a solid financial base and a strengthened team (26 employees as of September 30, 2022), with a sales force that now covers almost the entire territory, Agripower intends to further accelerate its strategy of ambitious growth and value creation. , relying on its “integrator” integrator model and its new offers.

The high visibility of the order book thus makes it possible to anticipate an acceleration of profitable growth for this new financial year with numerous installations to be carried out over the financial year.

The commercial dynamic on the signing of new projects has also remained very well oriented in France since the beginning of the financial year, in line with the previous financial year, and will enable the order book to be strengthened. Agripower also has good medium-term development prospects in neighboring countries but also internationally that are under-equipped in individual methanation.

Agripower’s management thus affirms its confidence in the virtuous effects of its medium-term strategy and thus reiterates its objective of reaching a turnover of €40 million in 2024 and becoming one of the major players in the transition. energy in France.

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Turnover less expenses directly attributable to the completion of projects

^[2]

Innovation Tax Credit (CII) for the 2021-2022 financial year in the amount of €202k

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Individual anaerobic digestion refers to solutions by liquid route (> 50kWe) and by dry route (< 80kWe)

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This review consists in determining, among the signed contracts, those which are considered as active and those considered as non-active

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Based on active signed projects as of June 30, 2022

Next meeting: SFAF meeting – October 14, 2022

Next press release: 2022-2023 half-year revenue – March 23, 2023

Find all the information on the site

www.agripower-france.com

ABOUT AGRIPOWER

Created in 2012, Agripower is an integrator of methanization solutions, particularly in the agricultural sector, which supports its customers in the design and construction of methanization units.

A player in the inclusive energy transition, Agripower develops methanation units, a process for transforming organic input materials (waste) into biogas. Agripower is positioned in two methanisation segments: on the one hand, collective methanisation solutions, intended for local authorities, groups of farmers or industry (agri-food), and on the other hand, individual methanisation products for medium-sized farms. With more than 82 individual or collective units installed and operational, Agripower is one of the French leaders in its markets.

In 2021-2022, Agripower achieved a turnover of 10.4 million euros.

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