ECOMIAM: Half-year results 2021/22 – 06/15/2022 at 6:15 p.m.

• Store sales up 22.8%
  

• Gross commercial margin improved by 3.1 points to 36.4%
  

• Network operating profit, before structural costs, of €0.6 million
  

• Operational performance temporarily impacted by the gradual ramp-up of points of sale in new regions and the deployment of marketing actions
  

• Solid level of cash at €8.7m
  

• Full effect of communication actions expected over the next fiscal year and action plan to return to profitable growth in the trajectory of 2025 ambitions
  

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

publishes its half-year results for the 2021/22 financial year (period from 1

^er

October 2021 to March 31, 2022), examined by the Board of Directors at its meeting of June 13, 2022.

Double-digit growth on the 1

^er

half of 2021/22 despite a tense macroeconomic environment

Under 1

^er

half of the 2021/22 financial year,

ecomiam

achieves consolidated turnover of €19.5 million, up 15.0% compared to the same period of the previous financial year. Business at the beginning of the year is evolving in an inflationary context that is curbing household consumption and the gradual ramping up of sales outlets in new regions in the process of commercial conquest (as a reminder, in accordance with its commitments,

ecomiam

opened 29 new points of sale in the 2020/21 financial year, and 10 in the 1

^er

semester 2021/22, of which 82% outside Brittany).

Store turnover

[3]

, up 22.8%, benefiting from 10 new openings over the period. On a like-for-like basis, store sales were down -16.2% year-on-year with a high base of comparison effect (growth of +48.5% in 1

^er

semester 2020/21) in a context still marked by the pandemic.

On the other hand, compared to 1

^er

half-year 2018/19, pre-health crisis period, store sales from 1

^er

semester 2021/22 shows an increase of 27.7% on a comparable store network basis, confirming the favorable underlying trend.

A gross commercial margin at 36.4%, an improvement of 3.1 points

In a context of increased activity, the gross commercial margin amounted to €6.8 million, up 34.5%, i.e. a rate of 36.4%, an improvement of 3.1 points, thus confirming the commitment to

ecomiam

not to favor growth to the detriment of margins.

In order to support the dynamics of network deployment,

ecomiam

continued to structure its organization in line with its development plan. Thus, personnel costs, up 21.6% under control, amounted to €1.2 million compared to €1.0 million for the 1

^er

half of 2020/21, representing 6.3% of revenue (6% on 1

^er

semester 2020/21). External expenses increased by €1.6 million over one year under the effect of:

• the increase in commissions paid to affiliates in connection with the expansion of the affiliate network,

• the amplification of customer loyalty and marketing actions in order to strengthen the brand’s reputation throughout the territory in accordance with the commitments made during the IPO,

• the increase in transport costs in an inflationary context of fuel costs.

EBITDA thus came out at -€0.5 million over the half-year, compared to €0.4 million for the same period in 2020/21.

The network’s operating income, before overheads, amounted to €0.6 million for the 1

^er

half of 2021/22 compared to €1.1 million a year earlier, representing a margin rate of 3.5%, down 3.8 points.

After taking head office expenses into account, operating income amounted to -€0.8 million for the 1

^er

semester 2021/22.

Lastly, the consolidated net income for 1

^er

half of 2021/22 comes out at -€0.9 million.

Available cash of €8.7 million

In the face of continuing inflationary pressures,

ecomiam

increased the level of its inventories to €4.4 million at the end of March 2022 (€3.1 million at the end of March 2021).

The balance sheet of

ecomiam

remains solid with shareholders’ equity of €11.7 million, available cash of €8.7 million and gross financial debt of €2.8 million as of March 31, 2022. The balance sheet situation allows

ecomiam

to finance the cash needs related to the development of its network (change in WCR of -0.2 M€ and investments of 0.7 M€) and gives the company the financial base necessary to finance its development plan .

Prospects and developments

In the second half of the year,

ecomiam

has set itself the following priorities:

• continue to optimize its operational costs,

• continue to expand targeted customer relations actions while strengthening the brand’s reputation throughout the country.

The full effect of these actions on operations is expected in the 2022/23 financial year.

Finally, having a pool of unsolicited applications for affiliation of nearly 1,600 files,

ecomiam

remains confident in the deployment of its network and in its 2025 ambitions to reach 125 points of sale,

€110 million in turnover and €7 million in operating income.

Next communication

• 3rd store turnover
  
  ^th
  
  quarter 2021/22, July 7, 2022 (after market close)

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 67 points of sale as of May 31, 2022, 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]

Sources: Xerfi study – March 2021 in number of stores

^[2]

EBITDA: operating income + depreciation and provisions

[3]

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

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