ECOMIAM: 2022/23 annual results and enrichment of General Management to lead the 2024 roadmap – 01/18/2024 at 9:15 p.m.

Quimper, January 18, 2024

• Annual results 2022/23
  

• Increase in store turnover of 8.3%
  

• Improvement in gross commercial margin by 2 points to 39.7%
  

• Network operating profit positive at €3.2 million
  

• Group operating profitability impacted by the end of growth investments
  

• Appointment of Christophe Vasseur as Deputy Managing Director
  

• 2024 roadmap and performance optimization levers to improve results from 1
  
  ^er
  
  semester 2023/24
  

écomiam (ISIN code: FR0013534617 – ticker: ALECO), n°3 French
[1]
specialized distribution of frozen products

announces its 2022/23 annual results, the appointment of Christophe Vasseur to the position of Deputy Managing Director and its prospects.

In its meeting of January 16, 2024, the Board of Directors

[2]

examined and approved the annual accounts as of September 30, 2023 and, on the proposal of Daniel Sauvaget, the Board decided – unanimously – to appoint Christophe Vasseur to the position of Deputy General Manager, as of today.

On the occasion of this publication, Daniel Sauvaget, Chairman and CEO of

ecomiam

states: “

Since the IPO we have extended our network on the West facade by multiplying the number of stores by 2.5, launched a new segment which consolidates our differentiating positioning and vector of meaning to attract new customers with cooked recipes and considerably strengthened the notoriety of

ecomiam

. This investment strategy was necessary to reach a critical size and must now materialize in return on investments. I am convinced that Christophe, associated with the talents that make up today

ecomiam

, is able to bring us sustainably on the trajectory of profitability. His solid knowledge of our ecosystem and his ability to bring a fresh perspective to the future are valuable assets.

»

Store turnover up +8.3%

For the 2022/23 financial year

[4]

,

ecomiam

achieved store turnover of €40.4 million, an increase of 8.3% (+4.9% at constant sales area). This performance takes place in a national context marked by inflation having a strong impact on the purchasing power of households and their consumption behavior in a virulent competitive environment. During this period,

ecomiam

benefited from the opening of 6 new stores, which made it possible to compensate for the closure of 7 stores that did not offer sufficient development prospects.

Consolidated turnover for 2022/23 amounts to €41.4 million, an increase of 7.2% compared to the previous financial year.

Improvement in gross commercial margin by 2 points

In 2022/23,

ecomiam

recorded a significant improvement in its gross margin, reaching 39.7% of store turnover, which represents an increase of 2 points in one year and 7.3 points since the IPO. This performance validates the relevance of the pricing positioning of its offer.

The network’s operating profit, before structural costs, amounts to €3.2 million for the 2022/23 financial year, a limited decline of €320 thousand, mainly due to 6 points of sale below the break-even point. and the increase in commissions to support the rise of the network and its affiliates (+540 K€).

Structural costs that weigh on the Group’s profitability

Other operating expenses increased by 9.7% to €7.7 million, notably due to personnel costs (+€277 thousand) and costs relating to network optimization (+ 286 K€).

These efforts are temporarily weighing on the consolidated Gross Operating Surplus (-€2.2 million) and operating profit (-€3.6 million).

After taking into account the financial result (-€0.6 million) and the exceptional result (-€0.9 million), mainly linked to depreciation relating to the closures of unprofitable points of sale, and the tax charge

(-€0.2 million), the Group’s share of net income for the 2022/23 financial year amounts to -€5.3 million.

Financial structure

As of September 30, 2023, consolidated shareholders’ equity amounts to €5.0 million, for available cash of €3.2 million and financial debt of €3.6 million (including €0.5 million of leasing). and €2.4 million in bank debts over one year). The 2023/24 outlook and the new roadmap presented today allow the Company to be able to calmly finance its activity.

Turnover of 1

^er

quarter 2023/24

ecomiam

achieved a limited store turnover of 6.2%, at €11.1 million, for 1

^er

quarter of the 2023/24 financial year (-5.9% at constant sales area). During this period,

ecomiam

continued its dynamic network management strategy with 7 unprofitable store closures and the establishment of 2 new points of sale in Pays-de-Loire and Hauts-de-France, breaking even in the first months of opening.

This 1

^er

Quarter 2023/24 is part of the new roadmap revealed below which prioritizes profitability by optimizing the size and performance of the network.

Appointment of Christophe Vasseur

After a phase of strong growth which required significant investments, the arrival of Christophe Vasseur as Deputy Managing Director is part of the desire to engage the company in a cycle of return on investments with profitable and sustainable growth. .

Christophe Vasseur, 49, graduated from an MBA from HEC Paris (E14) and Middlesex University in London, has more than 20 years of general management experience in the agri-food sector. An experienced leader in the field of change, Christophe has successfully operated several business turnarounds and transformations, generating profitable and sustainable growth (Socavi – BRF – Solina).

A 2024 roadmap, clear and reasonably ambitious for a cycle of return on investments

The roadmap for 2024 has been deployed rapidly since the start of the 2023/24 financial year, with clearly defined priorities with the aim of quickly generating a return on investments. Key initiatives have been put in place, focusing on the following points:

• Optimization of the network: closure of stores not offering sufficient potential and opening of quickly profitable points of sale by favoring the densification of areas with high penetration (spiral deployment).

• Creation of the Purchasing & Marketing function of the offer: recruitment of Kim Le Tallec who brings valuable experience of 12 years at Aldi France in similar functions, in order to better capitalize on the critical size of the network and the DNA of the brand .

• Targeted development of the product range: strengthening of the aperitif and dessert range to meet customer expectations and attract urban customers.

• Drastic reduction in the advertising budget with limited ROI. The emphasis is on 360° customer relations thanks to CRM actions

  [5]

  and digital with an annual saving of €1.2 million.

The Group is already seeing the first tangible signs of this performance plan (progressive improvement in commercial dynamics and strict management of advertising expenditure) which make it possible to target an improving operating result from 1

^er

semester 2023/24 and positive from the 2

^th

semester 2023/24.

Christophe Vasseur, Managing Director of

ecomiam

concludes: “

After a cycle of strong growth which required significant investments, my roadmap is clear: sustainably engage

ecomiam

on the path to profitable growth. We are ready to take on the challenges that present themselves to us, in order to continue our development while paying increased attention to profitability, which must be one of the pillars of our business project. The positioning of the brand “The Happiness of French Eating at the Best Price” structurally responds to the concerns of French consumers.

»

Next communication

• Store turnover of 2
  
  ^th
  
  quarter 2023/24, April 9, 2024 (after market)

Find all the information on www.ecomiam-bourse.com

About ecomiam

Family business created in 2009,

ecomiam

is the first ethical and accessible distribution network for fresh frozen products authentically of French origin. The network

ecomiam

, made up of 62 points of sale as of December 31, 2023, has a “Click & Collect” offer and an online sales site ensuring home deliveries within 24/48 hours throughout mainland France. In 2023,

ecomiam

achieved store turnover of €40.4 million, up 8.3%.

Contacts

[1]

Sources: Xerfi study – March 2021 in number of stores

[2]

Board of directors composed of Daniel Sauvaget, Chairman, Bernard Claude, independent director, Laëtitia Debuyser, independent director, Laurence Etienne, independent director, Antoine Sauvaget, director, Joël Sauvaget, director, Pauline Sauvaget, director. The position of censor was not renewed after the departure of Phillipe de Verdalle, representative of the NOBEL fund managed by Weinberg Capital Partners

[3]

Restated for communications expenditure now managed at national level

[4]

As of 09/30/2023 the network is made up of 67 points of sale

[5]

Customer Relationship Management or customer relationship management

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