-
+23.8% growth in business with revenue of €30.6 million
-
Sharp increase in operating income: +120% to €0.7m
-
Available cash of €13.0m at the end of February 2022
Malakoff, June 30, 2022 (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 2021-2022 annual results, made available available to the public on the Company’s website (www.eo2.fr).
Consolidated annual result of the EO2 Group at 28.02.2022 (in K€)
|
Data in K€ |
2022.02 |
2021.02 | |
Turnover | 30,645 | 24,749 | |
Other exploitation products | (1,806) | 982 | |
|
Exploitation product |
28,838 |
25,731 | |
|
Operating income before allocations and impairment of goodwill |
742 |
337 | |
Allocations to amts / reversals of acquisition differences |
8 | 8 | |
|
Operating income after allowances and impairment of goodwill |
750 |
346 | |
|
bottom line |
(366) |
(533) | |
|
exceptional result |
192 |
383 | |
Income taxes | (185) | (95) | |
Share of net income of associates | 24 | 28 | |
|
Consolidated net income |
416 |
128 | |
|
Net income (group share) |
623 |
277 | |
1
with the company SVM integrated since 26/05/2020 (9 months of contribution) and the company MMR accounted for using the equity method from 01/03/2020
The EO2 Group posted consolidated annual revenue of €30.6 million, up 23.8%.
Wood pelleting activities continue to be driven by a strong growth market (installation of wood pellet heating) and are up +21.2% compared to the previous year, contributing to the total turnover of the EO2 Group for €23.2 million. The 2
n/a
semester was marked by an increase in sales prices in order to pass on the rise in raw material prices.
Energy services activities recorded revenue of €7.5 million, up 32.7%. The Group continued its diversification strategy around energy services initiated in June 2020 in order to develop commercial synergies and to deploy in all segments of the energy transition, including private markets that are still poorly addressed.
The activity of the company SVM, acquired in June 2020, strongly impacted by the restrictions linked to the health crisis, is recovering despite inflation.
Operating income increased to €28.8 million (compared to €25.7 million in 2020-21) incorporating a €2.2 million drop in stored production linked to the strategic desire to lower the level of stocks.
The EO2 Group displays good control of its operating expenses. Operating income, after depreciation and provisions, rose sharply to €0.7 million compared to €0.3 million at February 28, 2021.
The Group recognizes exceptional income of €0.2 million, of which €0.3 million relates to the reversal of investment subsidies in profit or loss.
After taking into account the financial result (-0.4 M€), tax (-0.2 M€) and the share of the net result of companies accounted for using the equity method, the net result, Group share, amounted to €0.6 million compared to €0.3 million at February 28, 2021.
Financial situation
The Group’s cash flow amounted to €2.5 million (compared to €2.0 million).
As of February 28, 2022, operating cash flow amounted to €5.2 million (compared to €1.2 million as of February 28, 2021), including a positive working capital requirement of €2.7 million related mainly to a gradual reduction and strategy of the level of wood pellet stocks from the 1
er
semester of the fiscal year.
These flows largely cover the net investments for the year, which amounted to €1.9 million.
Financial debts amounted to €12.6 million as of February 28, 2022 compared to €14.2 million as of February 28, 2021. The Group repaid bank loans for €1.5 million.
At the end of the 2021-2022 financial year, available cash was €13.0 million compared to €11.3 million the previous year. The Group has solid leeway to pursue its investment strategy.
Outlook
The EO2 Group is starting the 2022-2023 financial year with the objective of pursuing a path of profitable growth. The Group remains vigilant on inflationary impacts on purchase or sale prices which can temporarily disrupt market balances.
Appendices
Full consolidated annual income statement
|
Data in K€ |
2022.02 |
2021.02 |
TURNOVER |
30,645 |
24,749 |
Other exploitation products | (1,806) | 982 |
|
Exploitation product |
28,838 |
25,731 |
Purchases and inventory changes | (11,389) | (10,598) |
Other purchases and external expenses | (10,226) | (8,775) |
Dues and taxes | (240) | (218) |
Staff costs | (4,059) | (3,623) |
Allocations to depreciation and provisions | (2,182) | (2,181) |
Exploitation charges | (28,097) | (25,394) |
|
Operating income before allocations and impairment of goodwill |
742 |
337 |
Allocations to amts / Reversals of differences in acquisition. | 8 | 8 |
|
Operating income after allowances and impairment of goodwill |
750 |
346 |
|
bottom line |
(366) |
(533) |
exceptional result | 192 | 383 |
Income taxes | (185) | (95) |
Net result of consolidated companies | 392 | 100 |
QPt in the results of companies accounted for using the equity method | 24 | 28 |
Consolidated net income | 416 | 128 |
Minority interests | (207) | (149) |
|
Net income (group share) |
623 |
277 |
Basic net earnings per share (in euros) | 0.26 | 0.12 |
Diluted earnings per share (in euros) | 0.26 | 0.12 |
Consolidated balance sheet of the EO2 Group at 28.02.2022 (in K€)
|
Data in K€ |
2022.02 |
2021.02 |
|
ASSET | ||
Intangible assets | 909 | 899 |
|
of which goodwill |
897 |
897 |
Fixed assets | 15,763 | 15,869 |
Financial fixed assets | 138 | 125 |
Securities accounted for using the equity method | 82 | 58 |
|
Fixed assets |
16,892 |
16,951 |
Inventories and work in progress | 2,194 | 4,246 |
Customers and related accounts | 3,824 | 3,664 |
Other receivables and adjustment accounts | 2,110 | 2,215 |
|
of which deferred tax assets |
217 |
233 |
Marketable securities | ||
Availability | 13,095 | 11,499 |
|
Current assets |
21,222 |
21,624 |
|
TOTAL ASSETS |
38 114 |
38,575 |
|
PASSIVE | ||
|
EQUITY | ||
Issued capital | 2,551 | 2,551 |
Issuance premiums | 7,154 | 7,154 |
Other reserves | 6,457 | 6,228 |
Treasury shares | (61) | (73) |
The result of the exercise | 623 | 277 |
|
Equity group share |
16,723 |
16,137 |
|
Minority interests |
2,101 |
2,425 |
|
Other equity |
() |
() |
|
Provisions for risks and charges |
618 |
547 |
Borrowings and financial debts | 12,567 | 14,237 |
Accounts payable | 4,379 | 3,703 |
Other debts and adjustment accounts | 1,727 | 1,527 |
|
of which deferred tax liabilities |
83 | |
|
Debts |
18,673 |
19,467 |
|
TOTAL LIABILITIES |
38 114 |
38,575 |
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. |
|
About the wood-energy sector, the leading source of renewable energy in France. Representing 47% of the renewable energy supply, wood energy is the main source in France. The role of wood energy is decisive in giving France the means to respond to the European energy strategy for 2020, the ambitious objective of which has been set at 23% of the renewable share. The sector has been experiencing double-digit growth for the past ten years, which should not weaken in the coming years. About EO2 Group |
CONTACTS
Group EO2
Gregory DETRAUX
Administrative and financial director
NEWS finance & communication
Claire RIFFAUD
Investor Relations
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