ECOMIAM: 2020/21 annual results: continued growth and improvement in operating profitability – 01/19/2022 at 19:15

• Consolidated turnover up 57.4%
  

• Gross trading margin up to 33.8%
  

• Improvement of the Gross Operating Surplus
  
  
  [1]
  
  

  at €1.3 million
  

• Available cash of €10.4 million
  

• Confirmation of 2025 objectives
  

ecomiam (ISIN code: FR0013534617 – mnemonic: ALECO), French n°3

[2]

specialized distribution of frozen products

, publishes its annual results for the 2020/21 financial year (ended September 30, 2021), approved by the Board of Directors at its meeting of January 18, 2022. The audit procedures on the consolidated financial statements have been carried out . The certification report will be issued after finalization of the procedures required for the publication of the 2020/21 annual financial report, which will be made available to the public no later than January 30, 2022.

ecomiam has once again had a solid 2020/21 financial year, combining growth and operational performance.

A new fiscal year with double-digit growth

ecomiam

achieves another financial year with strong growth with consolidated revenue of €36.2 million, up +57.4% (+6.6% at constant scope)

[3]

) compared to the previous year, supported by the development of the network with 29 openings over the period. In order to overcome a high comparison base linked to precautionary purchases during the confinement period, 2020/21 store sales compared to 2018/19 grew by +38.8% at constant scope

³

.

The favorable development of activity over the 2020/21 financial year once again validates the economic model based on strong convictions in terms of food products 100% of French origin, fair and accessible, while being respectful of the all actors in the sector (producers and collaborators).

Strong improvement in economic performance

In a context of increased activity, the margin on the sale of goods amounted to €10.7 million, up €3.5 million, i.e. a gross commercial margin rate of 33.8% of sales. business up 1.4 points, confirming the commitment of

ecomiam

not to favor growth to the detriment of margins.

In order to support the dynamics of network deployment,

ecomiam

made the necessary recruitments for the structuring of its organization. Staff costs amounted to €2.1 million compared to €1.2 million for the previous financial year, while controlling all other operating expenses. Thereby,

ecomiam

recorded a EBITDA of €1.3 million, up +84.1% over the 2020/21 financial year, i.e. 3.6% of consolidated revenue compared to 3.1% in 2019/20.

The network’s operating income before structural costs amounted to €2.1 million for the 2020/21 financial year compared to €0.9 million a year earlier, representing a margin rate of 6.7% in improvement of 2.7 points, in line with the objectives set at the time of the IPO.

After taking head office expenses into account, the operating result shows a strong improvement (multiplied by more than 3) to reach €0.9 million for the 2020/21 financial year, i.e. a margin rate of 2.5% an improvement of 1.2 points.

In the absence of significant financial charges, the current result was multiplied by more than 5 to 0.8 M€ compared to the previous financial year.

Finally, after taking into account the non-significant exceptional result (-€57 thousand) compared to €0.8 million over the previous financial year including the capital gains from the sale of stores to affiliates and a tax expense (0 .3 M€), the consolidated net income for the 2020/21 financial year represents a profit of 0.5 M€.

A solid financial structure

The balance sheet of

ecomiam

strengthened considerably during the financial year, under the effect of the successful IPO on Euronext Growth carried out in October 2020. Thus, shareholders’ equity amounted to €12.6 million and net cash to €7.4 million as of September 30, 2021. The capital raised enables

ecomiam

to finance its strong growth, in particular the cash requirements linked to the development of its network (change in WCR -€2.1 million and investments of €2.3 million) and gives the company the financial base necessary to finance its development plan.

A CSR approach at the heart of ecomiam’s development concept

ecomiam

is part of a deliberately eco-responsible approach in favor of a quality and social responsibility policy representing the cornerstone of its business model, characterized by:

• Frozen fresh products, essentially raw, that is to say unprocessed, in line with an increasingly strong trend for “Eating well” and “Homemade”,

• 100% of products from France for an offer that is both qualitative and ethical thanks to the promotion of regional and local agri-food sectors,

• In-store display of the breakdown of income: the supplier’s share, the ecomiam margin and the VAT paid to the State,

• A clear pricing policy with the implementation of stable prices for periods of 6 months, in line with the policy conducted with its suppliers, to whom the Group wishes to offer better visibility,

• Packaging reduced to the strict minimum, making the most of the product which is portionable to limit waste and wastage.

This innovative concept continues to generate strong enthusiasm since nearly 1,400 spontaneous applications for membership have been received since September 2020.

Confirmation of 2025 objectives

The activity of 1

^er

quarter of the current fiscal year (from 1

^er

October 2021 to December 31, 2021) at €9.8 million

[4]

, testifies to a continuation of the commercial dynamic at a rate which prevailed before the health crisis (+32.1% compared to the same period of 2020/21). With 7 new affiliated stores located mainly in the Atlantic Arc (4 in Normandy, 1 in Pays-de-la-Loire and 1 in Nouvelle-Aquitaine) and a very encouraging opening of the first point of sale in Île-de-France in Magny-en-Vexin, the network now consists of 63 points of sale.

With a strategy centered around its commercial deployment,

ecomiam

reaffirms its ambition to maintain a sustained pace of growth over the next few years and is targeting 125 points of sale and €110 million

[5]

in turnover by 2025. This growth should lead to operating income of around €7 million in 2025, i.e. an operating margin of more than 6%, in line with the ambition of a fair share between producers, distributors and consumers.

Next communication

: store turnover of 2

^th

quarter 2021/22, April 7, 2022 (after market)

Find all the information about

www.ecomiam-bourse.com/

About ecomia

Family business created in 2009,

ecomiam

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

ecomiam

, made up of 63 points of sale as of December 31, 2021, has a “Click & Collect” offer and an online sales site providing home deliveries within 24/48 hours throughout mainland France.

In 2021,

ecomiam

achieved a consolidated turnover of €36.2 million, up 57.4%.

contacts

^[1]

EBITDA: operating income + depreciation and provisions

[2]

Source: Xerfi study – March 2021 in number of stores

[3]

Store sales only

[4]

Cash outflow from stores, representing more than 95% of consolidated sales

[5]

i.e. an annualized growth rate of 40% compared to September 30, 2019. Revenue growth was 21% and 34% for the 2018 and 2019 financial years, including 4% and 23% organic growth respectively

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