(Boursier.com) — In 2021, the group’s activity MBWS generated sales of 166.7 million euros (after the impact of IFRS 5), down -1% compared to the previous year excluding foreign exchange effects, but up +3.6% excluding non- recurring. The year 2021 was marked by the recovery in sales driven by the France cluster despite a slowdown in the spirits market in mass distribution, in particular in the second half to the benefit of the Hors Domicile
The gross margin rate stands at 41.1% at the end of 2021 (42.4% for the 2020 financial year)
As of December 31, 2021, total net income from continuing operations was positive at €6.6 million (-€5.6 million as of December 31, 2020), reflecting the recovery in the group’s profitability and the relevance of its refocusing on its core activities. “brand” activities, its core business.
Equity group share amounted to €173.6 million as of December 31, 2021 (€66.6 million as of December 31, 2020 amended). The group’s net cash position stood at +48.2 ME as of December 31, 2021, compared to net financial debt of €43.6 ME as of December 31, 2020. These changes reflect the capital increase carried out in January 2021, which essentially resulted in the incorporation into the company’s capital of all the bank debts (excluding factoring) bought by COFEPP from the company’s bank lenders (principal amount of €45 million) and the lines overdraft drawn (principal amount of 1.1 M), from the incorporation of all current account advances paid or still to be paid by COFEPP to the company and its subsidiary MBWS France (total principal amount of 32 ME) as well as that of the first installment of the Poland advance granted by COFEPP to the company (amount of 3 ME) and related accrued interest.
Outlook
The group continues to roll out its strategic plan after an initial phase of eliminating sources of loss, reducing costs and simplifying operational structures.
On the basis of two clusters now (France and International) under the global management of the Holding, the group maintains the permanent objective, both in negotiations and commercial operations carried out with customers and in the development of brands and markets. and to balance the value and volume approaches, particularly in the Europe and United States regions.
This strategy as well as the adaptation of costs to the size of activities country by country will be continued and this is a guarantee of growth in the group’s profitability. Following the financial reinforcement through the capital increase in February 2021, the MBWS Group is now committed to accelerating the search for and implementation of organic growth projects and external growth operations in order to improve operational performance and financial.
The 2021 results confirm the positive trends observed in 2020, in an economic environment largely dependent on the evolution of the pandemic during the first half of 2021, with a disruptive impact on activity depending on the distribution channels, and in a volatile changing context at the end of the year.
The group adopted a conservative position on its annual performance for 2022.
The recent news of the conflict in Ukraine and its repercussions on all the markets where MBWS operates (in France and Europe in particular) encourages the group for the moment to remain very cautious about its short and medium-term prospects in view of these operational deterioration forcing the group to adapt its commercial policies.