Marseilles, November 29, 2022
. Avenir Telecom, designer and distributor of mobile phones and mobility accessories marketed under an exclusive worldwide brand license
Energizer®
announces its 2022-2023 half-year results (period from 1
er
April 2022 to September 30, 2022) approved by the Board of Directors on November 29, 2022
[1]
.
(in millions of euros) | S1 | S1 | S1 | Variation | |
|
Turnover |
9.5 |
21.2 |
13.6 |
-7.6 | |
Of which turnover “Mobile phones and accessories” | 9.5 | 10.7 | 11.8 | +1.1 | |
|
Operating income |
(1.3) |
(0.7) |
(1.7) |
-1.0 | |
Net financial charges | (0.3) | (0.7) | 2.2 | +1.5 | |
|
Net income from continuing operations |
(1.6) |
(1.6) |
0.5 |
+1.9 | |
Income from discontinued operations | 2.5 | (0.0) | 0.4 | +0.5 | |
|
Net profit |
0.9 |
(1.6) |
0.9 |
+2.6 |
As announced on the occasion of the publication of the half-year turnover, the profitable growth
[2]
on the core business and the financial gains made during the half-year helped offset the strategic decision to withdraw from the sale of laptops and tablets and the effects of the macroeconomic context (shortage of components and general cost inflation) . Thus, net income from continuing operations reached an 11-year high at the end of September 2022.
Backed by an activity refocused on a scope of profitable growth and free cash of more than 25 million euros, Avenir Telecom is continuing its active analysis of investment opportunities and hopes to finalize an operation before the end of the financial year. .
On the occasion of this publication, Robert Schiano, CEO and Founder of Avenir Telecom, declares:
”
I am very proud of the work done by all the teams during this semester. We have demonstrated our ability to find a course after an important strategic decision.
Because I consider today that the intrinsic qualities of the company are not reflected in its current market capitalization, I want to strengthen myself in the capital of the company that I founded in 1989 to show my confidence in the teams and in the long-term strategy.
»
Half-year revenue growth in the core business
The group is now refocused on its core business, the sale of mobiles and accessories, which is up 10%, at 11.8 million euros. This momentum made it possible to calmly record the effective cessation of sales of laptops and tablets, in accordance with the announcement made on June 22, 2022, due to the absence of profit prospects. This results in residual revenue of 1.8 million euros at 1
er
semester against 10.5 million in the 1
er
half of the previous year.
Thanks to good control of direct costs, in a context of component shortages, generalized inflation and logistical difficulties, the operating margin rate, before central costs, remained at the level that prevailed in 2021-2022, i.e. 8. 7% of turnover.
However, the overall reduction in the volume of activity carried out weighs on the operating result of the 1
er
semester, which stands at -1.7 million against -0.7 million in the 1
er
semester 2021-2022.
Net income up +2.6 million euros
This unfavorable change is offset by the change in monetary parities (exchange gains on the valuation of assets) and interest rates (discounting of the value of liabilities) so that net income from continuing operations is positive, at 0 .5 million euros against -1.6 million on 1
er
semester 2021-2022.
After taking into account the profit from discontinued operations (+0.4 million euros), the Group’s net profit at 1
er
six months ended September 30, 2022 is a profit of €0.9 million compared to a loss of €1.6 million as of September 30, 2021.
Available cash of 25 million at the end of September 2022 and reduction in the use of the financing line
Thanks to very sound financial management, operations generate a resource of €1 million in cash flow from continuing operating activities, compared to a need of €7 million as of March 31, 2022. The reduction in cash flow turnover is notably linked to the cessation of the laptop computer supply activity, thus justifying the cessation of this activity.
Thus, Avenir Telecom was able to limit recourse to the bond financing line with a single drawdown of 1.5 million euros over the half-year. Available cash thus stands at 25.7 million euros at the end of September 2022.
This financial solidity is all the more remarkable as the company has globally strengthened its financial structure with:
Entry into the capital of Cozy Air, an innovative and promising French start-up working in the field of indoor air quality (IAQ). Its multiple award-winning solution, combining connected sensors and a control platform, has already won over big names in the industry (Vinci Energies, Spie Facilities, Dalkia, etc.). Avenir Telecom becomes a minority shareholder (19.5% of the capital) via an investment of 0.5 million euros and will be able to contribute its industrial and logistical know-how to ensure the company’s growth in the coming years.
The strengthening of inventories, to 5.2 million euros against 4.6 million at March 31, 2022, to ensure the level of availability sufficient to meet demand.
The payment of a deposit on the 4
th
annuity of the liability settlement plan, for 0.7 million euros.
Thus, at the end of September 2022, Avenir Telecom posted equity of 19.8 million euros and no financial debt.
[3]
.
Outlook
At the end of this 1
er
semester, Avenir Telecom presents a sound and robust financial situation. In this context, Avenir Telecom continues its analysis of investment opportunities according to the 3 complementary axes defined in the strategic plan (enrichment of the license portfolio, signature of industrial and commercial partnerships and equity investments). As announced, after more than a year of active research by its own network, the Group has commissioned a firm specializing in the field to help it identify and evaluate the cases. The Group hopes to finalize an operation before the end of the financial year.
About
Future Telecom
The Avenir Telecom Group is a designer and distributor of mobile phones and mobility accessories marketed under an exclusive and worldwide brand license.
Energizer®
.
The products are currently present in more than 55 countries and more than half of the sales are made internationally. Avenir Telecom is listed on Euronext in Paris – compartment C (FR0013529815 – AVT). The Avenir Telecom share is part of the CAC Mid & Small and CAC Technology indices.
Press and Investor Contacts
|
Veronique Hernandez |
Jerome Fabreguettes-Leib |
Amaury Dugast |
|
Administrative director |
Investor Relations |
Press relations |
+33 4 88 00 60 00 | +33 1 53 67 36 78 | +33 1 53 67 36 74 |
Find all our financial information on corporate.avenir-telecom.com
[1]
The limited review procedures on the consolidated financial statements have been carried out. The Half-Year Financial Report will be made available to the public in the coming days and can be consulted on the company’s website.
[2]
Operating income before central costs
[3]
Excluding rental debt for 2.5 million euros
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Full and original press release in PDF format:
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