(Boursier.com) — Neolife presents a 2022 turnover of 13.3 million euros for the 2022 financial year, i.e. a growth of nearly +25% compared to the 2021 financial year. The continuation of this strong growth demonstrates the interest growing market for our biobased products. This growth is achieved despite the fact that the building sector is experiencing disruptions and delays in terms of reception and delivery of works, due to a lack of supply of materials on other lots (joinery, openings, frameworks).
Certain provisions on raw materials had been undervalued in 2021, thus negatively impacting the 1st half of 2022, by approximately 100 kE. The company notes a deterioration in its margin rate of -2 points compared to 2021 (25% vs 27%). At a constant margin rate, the company would have generated a margin of 3.6 ME, or approximately 300 kE of additional margin. The numerous actions initiated from the start of 2022 made it possible to stabilize the deterioration in the margin in the second half of 2022 and ultimately to recover it in the last months of the year.
EBITDA is a loss of -539 kE, for a net result of -3.62 ME (-303 kE at December 31, 2022). The financial result tends to improve due to a gradual deleveraging.
As of December 31, 2022, cash stood at €1.36 million, compared to €1.83 million at the end of 2021, i.e. a change over the 2022 financial year of approximately -€470 k. This negative change in cash is primarily explained by a negative Ebitda which appears at -539 kE.
The growth of the company leads to an increase in the working capital requirement (approximately 525 kE) notably through trade receivables. This therefore has an even greater impact on net operating flows. The latter come out negative at -860 kE.
The net flows related to the investment amount to -235 kE. Net flows related to financing amounted to +625 kE.
In addition to loan repayments, which together represent disbursements of 725 kE over the year 2022, the incoming financial flows are explained by the use of the financing contract via OCEANE signed in early July 2022 with EHGO. Over the 2022 financial year, the company drew 6 tranches of 250,000 euros, i.e. a total amount of 1.5 ME, of which 190 kE was reimbursed for the balance of tranche 6, i.e. a net receipt over the period of 1 .3 ME.
Since the implementation of the financing contract for the 2022 financial year and until now, the conversions of OCEANE bonds have resulted in the issue of nearly 44 million shares, increasing the company’s share capital by 52 million shares to 96 million shares. Of the number of shares issued, 14 million were for the conversion of the nominal value of the OCEANEs and 30 million for indemnities compensating for an OCEANE conversion price lower than the nominal value of the shares. These last shares issued thus impacted the exceptional result in the amount of 3 ME (par value of the share being 0.10 euro).
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