-
Strong revenue growth of +31%
-
Sharp increase in operating income to nearly €6.4 million
-
Solid financial structure with gross available cash of €14.7 million
Malakoff, June 30, 2023 (6:00 p.m.) – EO2 (ticker code: ALEO2)
a benchmark player in the wood energy sector, present across the entire value chain, from wood collection to the operation of boiler rooms, today presents its 2022-2023 annual results, made available available to the public on the Company’s website (www.eo2.fr).
Consolidated result of the EO2 Group at 02.28.20 23
|
Data in K€ |
2023.02 |
2022.02 |
Turnover | 40,051 | 30,645 |
Other exploitation products | 2,616 | (1,806) |
|
Exploitation product |
42,667 |
28,838 |
|
Operating income before allocations and impairment of goodwill |
6,413 |
742 |
Allocations to amts / Reversals of goodwill |
(297) | 8 |
|
Operating income after allowances and impairment of goodwill |
6,116 |
750 |
|
bottom line |
(218) |
(366) |
|
exceptional result |
312 |
192 |
Income taxes | (1,838) | (185) |
Share of net income of associates | 74 | 24 |
|
Consolidated net income |
4,445 |
416 |
|
Net income (group share) |
4,567 |
623 |
The EO2 Group recorded strong growth of +30.7% over the 2022-2023 financial year compared to the 2021-2022 financial year.
This performance was mainly driven by the “wood pellets” activity, which benefited from a particularly favorable economic environment, with very high market prices, reflecting the increase in demand in search of alternative energy solutions and a less abundant, especially from Eastern countries. The division’s turnover thus came to €31.8 million (€23.2 million last year), representing growth of +37.1% sustained by a significant price effect and a moderate volume effect.
“Energy services” activities are also on the rise and contribute €8.3 million, compared to €7.5 million in 2021-2022, an increase of +10.3%. Growth is mainly driven by the gas boiler installation and maintenance activities carried out by SVM. The activities of WEYA and its subsidiaries are less well oriented due to the impact of the inflationary context on its markets.
Operating income increased by 48.3% to €42.7m (compared to €28.8m in 2020-21) incorporating a €2.2m increase in stored production to meet demand .
The good level of activity recorded over the half-year enabled better absorption of operating costs despite the inflation of certain items such as energy. The Group’s consolidated half-year gross operating profit (EBITDA) increased by 228% to €9.2 million, compared to €2.8 million for the 2021-2022 financial year.
Operating income, after depreciation and amortization, rose sharply to €6.4 million in February 2023, i.e. an operating margin of 16%. Almost all of the result is generated by the “wood pellets” division, the “energy services” division being at operating break-even.
After taking into account an impairment of assets for -0.3 M€, a financial result of -0.2 M€, a positive exceptional result of +0.3 M€ and an expense tax of -€1.8 million, net income, Group share amounted to €4.6 million (vs. €0.6 million in 2021-2022).
A solid financial structure
The Group’s cash flow increased to €7.4 million (compared to €2.5 million last year). Cash flow generated by the activity amounted to €5.5 million after taking into account the €1.9 million increase in the working capital requirement (WCR) in this context of growth.
These flows largely cover the net investments for 2022-2023, which amount to €2.1 million. The Group thus generated positive free cash flow of €3.4 million over the financial year, which strengthened the Group’s cash position.
The Group is thus in a net cash position with gross available cash of €14.7 million greater than gross financial debt, which amounted to €12.0 million as of February 28, 2023.
The Group has a solid and healthy balance sheet to pursue its investment strategy.
Outlook
The beginning of the 2023-2024 financial year continued to unfold in a favorable context for the Group’s activities. The Group nevertheless remains attentive to market developments in a volatile and inflationary context which can quickly cause the balance between supply and demand to vary, making it difficult to make precise short- and medium-term projections.
Overall, the Group intends to pursue the development of all of its activities around sustainable energies to support the energy transition of households and communities.
Beyond the financial performance criterion, the EO2 Group is positioning itself as a driving and virtuous player in the fight against global warming and the reduction of greenhouse gases. The Group is committed to carrying out this mission with a strong societal dimension, combining the support and well-being of all employees as well as the quality of its relations with economic decision-makers and customers.
Appendices
EO2 Group consolidated income statement
|
Data in K€ |
2023.02 |
2022.02 |
TURNOVER |
40,051 |
30,645 |
Other exploitation products | 2,616 | (1,806) |
|
Exploitation product |
42,667 |
28,838 |
Purchases and inventory changes | (16,239) | (11,389) |
Other purchases and external expenses | (11,212) | (10,226) |
Dues and taxes | (220) | (240) |
Staff costs | (5,504) | (4,059) |
Allocations to depreciation and provisions | (2,990) | (2,182) |
Exploitation charges | (36,254) | (28,097) |
|
Operating income before allocations and impairment of goodwill |
6,413 |
742 |
Allocations to amts / Reversals of differences in acquisition. | (297) | 8 |
|
Operating income after allowances and impairment of goodwill |
6,116 |
750 |
|
bottom line |
(218) |
(366) |
exceptional result | 312 | 192 |
Income taxes | (1,838) | (185) |
|
Net result of consolidated companies |
4,371 |
392 |
QPt in the results of companies accounted for using the equity method | 74 | 24 |
|
Consolidated net income |
4,445 |
416 |
Minority interests | (122) | (207) |
|
Net income (group share) |
4,567 |
623 |
Basic net earnings per share (in euros) | 1.87 | 0.26 |
Diluted earnings per share (in euros) | 1.87 | 0.26 |
Consolidated balance sheet of the EO2 Group at 28.02.2023
|
Data in K€ |
2023.02 |
2022.02 |
|
ASSET | ||
Intangible assets | 1,488 | 909 |
|
of which goodwill |
1,481 |
897 |
Fixed assets | 15,603 | 15,763 |
Financial fixed assets | 87 | 138 |
Securities accounted for using the equity method | 119 | 82 |
|
Fixed assets |
17,298 |
16,892 |
Inventories and work in progress | 4,772 | 2,194 |
Customers and related accounts | 5,036 | 3,824 |
Other receivables and adjustment accounts | 5,228 | 2,110 |
|
of which deferred tax assets |
118 |
217 |
Marketable securities | 6,492 | – |
Availability | 8,204 | 13,095 |
|
Current assets |
29,733 |
21,222 |
|
TOTAL ASSETS |
47,030 |
38 114 |
|
PASSIVE | ||
|
EQUITY | ||
Issued capital | 2,551 | 2,551 |
Issuance premiums | 7,154 | 7,154 |
Other reserves | 7,049 | 6,457 |
Treasury shares | (671) | (61) |
The result of the exercise | 4,567 | 623 |
|
Equity group share |
20,650 |
16,723 |
|
Minority interests |
1,881 |
2,101 |
|
Other equity |
() |
() |
|
Provisions for risks and charges |
1,177 |
618 |
Borrowings and financial debts | 12,003 | 12,567 |
Accounts payable | 6,848 | 4,379 |
Other debts and adjustment accounts | 4,471 | 1,727 |
|
of which deferred tax liabilities |
136 |
83 |
|
Debts |
23,322 |
18,673 |
|
TOTAL LIABILITIES |
47,030 |
38 114 |
|
About EO2 Group Present across the entire value chain, from wood collection to the operation of boiler rooms, the EO2 Group is a key player in the wood energy sector. EO2 combines complementary trades of design/operation of boiler rooms with the production/distribution of wood energy. The EO2 Group wishes, in the years to come, to develop activities and a strategy allowing it to reduce its exposure to the risks linked to climatic hazards by developing its position in energy services. |
EO2 shares meet the eligibility criteria of the PEA-PME system and can therefore be integrated into PEA-PME accounts and thus EO2 shareholders will be able to benefit from exemptions on the taxation of capital gains. |
CONTACTS
Group EO2
Gregory DETRAUX
Administrative and financial director
NEWS finance & communication
Guillaume Le Floch
Investor Relations
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