OMER-DECUGIS & CIE: 2021/22 half-year results and 3rd quarter 2021/22 revenue – 07/05/2022 at 7:30 p.m.

• Exceptional growth in the 1
  
  ^er
  
  semester 2021/22: +56.3% (+54.4% organic)
  

• Operational performance impacted by strong inflationary pressures on supply chain costs
  

• Confirmation of the continuity of the 2025 development plan displayed during the IPO
  

• A third quarter of 2021/22 up 18.0% (+15.7% on an organic basis)
  

Rungis, July 05, 2022 –

Omer-Decugis & Cie

(ISIN code: FR0014003T71 – mnemonic: ALODC), an international group specializing in fresh and exotic fruits and vegetables, publishes its half-year results for the 2021/22 financial year (period from 1

^er

October 2021 to March 31, 2022), approved by the Board of Directors at its meeting of 1

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July 2022 and its revenue of 3

^th

quarter 2021/22 (from 1

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April to June 30, 2022).

Vincent Omer-Decugis, Chairman and CEO of Omer-Decugis & Cie

comments:

“Engaged in a strategy to gain market share, we achieved a very good commercial performance with +56.3% growth in a deteriorated international market context which temporarily penalized our operating margin.

Despite the geopolitical crisis and its economic consequences on the inflation of costs for the entire supply chain, we have pursued our strategic areas of development announced at our IPO. This 1

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dynamic half-year was also marked by the finalization of an external growth operation at the end of 2021, the densification of our I1 platform to reach 110,000 tonnes of total ripening capacity, the launch of new product ranges and the implementation of our new ERP focused on optimizing our operational efficiency and digitizing our business processes. Achievements which thus lay the foundations for the pursuit of our growth plan and our operational profitability objectives for the coming years.

We affirm our confidence in our ability to achieve our objectives set during our IPO by 2025.”

At the end of this 1

^er

semester 2021/22, the Omer-Decugis & Cie group publishes a turnover of €96.6 million, up sharply by +56.3%

compared to the previous financial year (of which +54.4% organically, the company Anarex SAS having been acquired and consolidated in December 2021).

The accelerated development of the two business divisions, in the midst of a strategy to conquer markets and extend ranges, is contributing to the Group’s growth. The SIIM division is up by +67.5% with a first Madagascan litchi campaign which will have enabled market share gains throughout Europe and the strengthening of commercial positions, in particular in the BAMA segment (Bananas, Pineapples , Mangoes, Avocados) enabling the acceleration of the strategic development plan. A campaign which will however have been impacted by the rerouting of a boat and the activation of additional logistical means in order to compensate for bad weather conditions, generating additional operational costs.

The Bratigny division, whose activity is up by +30.6%, includes Anarex SAS (contribution of €1.1 million over the half-year) whose first synergies expected for the future are being deployed within the two areas of activity of the Group.

This exceptional growth, reflecting the Group’s strategy to gain market share, comes in a context of post-pandemic geopolitical crisis with market environments disrupted by very strong inflationary pressures on all supply chain costs. : production inputs, packaging, energy, logistics (freight and land transport).

In this inflationary context, the gross margin stood at €11.2 million on 1

^er

semester up by +17.1%, representing a margin rate of 11.5%, down 3.9 points.

Staff costs, a controlled increase over the period of +21.7% compared to the previous financial year, evolved in line with the increase in volumes to be processed, i.e. more than 74,500 tons of fresh fruit and vegetables marketed on the semester (+38.8%).

Thus, current EBITDA stood at €0.2 million, down compared to the same period in the previous financial year, and the Group’s current EBITDA margin rate was down 1.8 points at 31 March 2022.

After taking into account almost stable amortization and provisions, which amounted to (0.8) M€, operating income came to (0.5) M€ at March 31, 2022, down 0. €8 million.

After taking into account the financial result of €0.2 million and the tax charge of €0.1 million, the consolidated net profit for 1

^er

semester 2021/22 amounts to (0.2) M€.

A solid financial structure

Cash flow at March 31, 2022 amounted to €0.3 million compared to €1.2 million at March 31, 2021.

The change in Working Capital Requirement, still much higher at the end of the 1

^er

semester than at the end of the financial year, stands at +€15.9 million, due to the strong growth in turnover achieved at the end of the 2

^th

quarter, not yet recovered as of March 31, 2022, and the financing of the start of the spring campaigns, including that of mangoes from West Africa.

As of March 31, 2022, the Group’s shareholders’ equity amounted to €30.9 million, available cash was €4.4 million and gross financial debt was €19.7 million, including €13.4 million in bank overdrafts .

Continued growth in 3

^th

quarter 2021/22: +18%

The group

Omer-Decugis & Cie

continues to grow in 3

^th

quarter of 2021/22 with revenue of €51.9 million, up +18.0% (+15.7% organically) compared to the previous financial year. The Group’s two divisions contributed to the dynamic activity over this quarter. The activity of the SIIM division is up by +20.2% and the activity of Bratigny is up by +12.0% (+3.2% in organic terms).

At the end of the first nine months of the 2021/22 financial year (from October 2021 to June 2022), the group’s consolidated turnover

Omer-Decugis & Cie

amounted to €148.6 million, up sharply by +40.4% (including 38.3% organic).

Outlook

Growth will continue to drive the 2

^n/a

half of 2021/22 which should allow the group

Omer-Decugis & Cie

to be 12 months ahead of its development plan, which aims for revenue of €175 million in 2023. Adaptation actions are being implemented in order to respond to the inflationary situation and strengthen operational profitability, particularly over the next financial year.

Omer-Decugis & Cie

thus reaffirms its medium-term growth ambitions and confirms its development plan which targets consolidated revenue of €230 million and an EBITDA margin of more than 5% by 2025.

Next communication:

turnover of 4

^th

quarter 2021/22, October 18, 2022 (after market)

Find all the information about

: www.omerdecugis.com

About Omer-Decugis & Cie

Omer-Decugis & Cie

is a family group founded in 1850 specializing in fresh fruits and vegetables, particularly exotic ones, for European consumers. Controlling the entire value chain from production and importation, as well as specific expertise in ripening, the Group markets its fruits, mainly from Latin America, Africa and Europe in all distribution networks (supermarkets and supermarkets, out-of-home catering, specialized distribution and fresh cuts). Committed to sustainable agriculture, respectful of territories and people, the Group obtained a rating of 82/100 during EthiFinance’s Gaia Research 2021 campaign, highlighting the maturity of the Group’s ESG approach. Established on the Rungis Market,

Omer-Decugis & Cie

achieved a turnover of €137.6 million as of September 30, 2021, representing more than 119,000 tonnes of fresh fruit and vegetables distributed.

contacts

NEWS finance & communication

Corinne Puissant – Investor Relations

+33 (0)1 53 67 36 77 – [email protected]

Fatou-Kiné N’DIAYE – Press Relations

+33 (0)1 53 67 36 34

–

[email protected]

1

Integration of Anarex SAS after its 100% acquisition on December 11, 2021

2

EBITDA: operating income, before allocations and reversals of amortization and provisions excluding provisions on current assets and loans, to which is added the share of income of companies accounted for using the equity method.

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