Marseilles, June 22, 2022
. Avenir Telecom (Euronext Paris – FR0013529815 AVT), designer and distributor of mobile phones and mobility accessories marketed under an exclusive worldwide brand license
Energizer®
announces that it has unilaterally terminated its partnership with Metavisio (formerly Group SFIT / Euronext Access+ Paris – FR00140066X4 MLTHO) announced on June 3, 2021
[1]
.
As part of this agreement, Avenir Telecom has mobilized industrial partners in Asia for the supply of key components and the assembly of products, while providing its expertise on the logistical and financial aspects. The products made on behalf of Metavisio perfectly fulfilled all the specifications defined by the latter. During the 2021-2022 financial year (ended March 31, 2022), this activity generated for Avenir Telecom a turnover of 19.7 million euros and a significant working capital requirement due to financial advances made to secure supplies.
Faced with Metavisio’s inability to honor the commitments made under the agreement (commitment to guaranteed minimum volumes, justified by weak prospects for resale of products and simultaneous orders to third-party suppliers, and payment deadlines in particular) and following an analysis of the risks and benefits associated with this partnership, Avenir Telecom terminated the contract for the supply and delivery of goods to Metavisio. The company has also requested immediate payment of sums due on overdue invoices, i.e. $1.9 million to date, and on unfulfilled firm orders for which security deposits have been made, i.e. $1.8 million. dollars.
Despite this setback, Avenir Telecom confirms that the annual accounts to be published at the end of June will demonstrate continuous progress, with operating profit and net profit from continuing operations showing marked improvement compared to their levels for the 2020-2021 financial year.
The Group is actively working on new development projects to continue this momentum over the coming years.
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.
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[1]
Avenir Telecom and Group SFIT join forces to strengthen the leadership of the THOMSON brand in the world of laptops
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