MILIBOO: 2022-2023 ANNUAL RESULTS MARKED BY A RETURN TO PROFITABILITY IN THE SECOND HALF – 08/30/2023 at 6:00 pm

• Dynamic annual growth of +8% in an unfavorable economic environment for household consumption
  

• Annual gross margin at 54.5% impacted by inflation on supply costs, but a marked improvement in the second half
  

• Positive EBITDA in the second half which mitigates the loss recorded in the first half
  

• A still solid financial position with available cash of €5.7 million and positive net cash of €0.4 million
  

Chavanod, August 30, 2023

– Miliboo (ISIN code: FR0013053535 – Mnemonic code: ALMLB), the digital furniture brand, publishes its annual results for the 2022-23 financial year (end of the financial year on April 30, 2023), approved by the Board of administration meeting on August 30, 2023. The audit procedures have been finalized.

The annual financial report, made available to the public and filed today with the Autorité des Marchés Financiers (AMF), can be consulted on Miliboo’s website www.miliboo-bourse.com in the “Financial Information” section. .

Guillaume Lachenal, Chairman and CEO and founder of Miliboo, comments:

“Our operating performance was, as expected, significantly better in the second half. We returned to profitability over the period, which enabled us to limit our annual loss in a complex year where we had to adapt quickly to unprecedented inflationary pressures, particularly on our purchasing costs.

We were able to demonstrate responsiveness by adjusting our commercial policy and controlling all of our expenses while gaining market share. We are on the right track and we will continue our development by doing everything we can to ensure Miliboo a profitable growth trajectory. »

Annual REVENUE up +8%

Annual revenue was €42.3 million, up +8.0%.

This performance, achieved in a market that is not very favorable for household consumption, comes from both sales made on the Miliboo website and in stores.

The evolution is homogeneous between France and the International. France contributes €36.4 million (+7.9% vs 2021-22) and represents 86.1% of revenue. Internationally, turnover amounted to €5.9 million, up +8.7% with an increase in sales, particularly in Italy and Germany.

A PROFITABLE SECOND HALF MITIGATING THE INFLATIONARY IMPACT ON ANNUAL RESULTS

The gross margin rate,

which had reached an unprecedented low point in the first half (51.1%) due to the strong inflation of supply costs (raw materials, freight, euro-dollar parity),

picked up sharply in the second half, to 57.8%

to reach a level similar (and even slightly improving) to that of 2021-22 (57.5%).

Over the year as a whole, this rate was nevertheless down 3 points compared to the previous year, at 54.5%.

The rise in the gross margin rate and good control of expenses

made it possible to return to positive EBITDA in the second half of the year, at +€0.7 million.

This performance thus limits the annual EBITDA loss to -€0.9 million.

After taking into account the financial result (-0.2 M€) and a positive exceptional result of 0.2 M€, Miliboo posted a negative annual net result of -1.5 M€.

SOUND FINANCIAL STRUCTURE – FREE CASH OF €5.7M

Cash consumption generated by the activity was limited to €0.6 million

thanks in particular to the improvement in the Working Capital Requirement. Inventories are down significantly as of April 30, 2023, reflecting their good turnover and the gradual easing of purchase values ​​(partly linked to the drop in freight).

Flows related to investments remained low at €0.5 million,

mainly dedicated to investments in the proprietary IT platform. The Group also proceeded to the repayment of bank debts in the amount of €1.7 million over the financial year.

Available cash amounted to €5.7 million as of April 30, 2023 and the Company is in a net cash position
[3]
positive at €0.4 million

.

Equity amounted to €4.4 million

reinforced to the tune of €3.8 million by the capital increase relating to the conversion of the bonds held by the M6 ​​Group into shares at the beginning of the financial year.

OUTLOOK 2023-2024

In a still complex environment, Miliboo intends to continue in 2023-24 its profitable growth trajectory initiated in the second half of 2022-23. The Group is thus aiming for moderate but qualitative growth, with a priority always given to the sustainable restoration of the gross margin and the control of expenses.

Next meeting :

September 12, 2023 (after market)

: Turnover of 1

^er

quarter 2022-23

ABOUT MILIBOO

Created in 2005, Miliboo is a major player in the design and sale of “design and trendy” furniture on the Internet, with the particularity of guaranteeing shipment within 24 to 72 hours in France. With more than 2,500 references mainly sold on its website www.miliboo.com and in its three “Milibootik”, physical points of sale located in Paris and Lyon, the company offers complete ranges of furniture for the whole house.

Miliboo controls the entire value chain: conception/design, quality control, logistics tools, marketing and customer relations are internalized. Based in Chavanod (74) and having its own warehouse, Milistock, in Saint-Martin-de-Crau (13), the Company is commercially present in 6 European countries.

Miliboo and its subsidiaries employ over a hundred people. The company achieved €42.3 million in revenue during the 2022-23 financial year (closing on April 30, 2023). Sales are made mainly in France (86% of turnover) and in Europe (14% of turnover).

contacts

[1]

Gross margin = turnover – purchases of goods + or – variation of stocks incl. of raw materials

2

Accounting EBITDA = Operating profit – allocations and reversals of provisions and amortization

[3]

Cash + marketable securities – borrowings and credit and miscellaneous financial debts

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