Orège: turnover amounts to 2,264 KE


(Boursier.com) — The turnover for the 2021 financial yearOrege amounted to 2,264 KE, compared to 2,006 KE in 2020 (+13%).
Total operating expenses are down 14% compared to the previous year. This reduction was obtained mainly thanks to the measures taken during the Covid pandemic to optimize Orège’s cost base, which is still relevant.
Moreover, this decline is also attributable to lower amortization charges and favorable exchange rate effects of the pound sterling and the US dollar against the euro.

Funding and Treasury

As of December 31, 2021, the Orège Group’s cash amounted to 374 KE (403 KE as of December 31, 2020).
Financial debts amount to 28,494 KE, of which 26,631 KE for shareholder current account advances (at the end of 2020: 23,423 KE, of which 20,909 KE for shareholder current account advances). Since the end of 2021, a new shareholder current account advance of an amount of 3,322 KE has been committed with Eren Industries and this advance should allow the Orège Group to cover all of the financing needs for the year 2022.

Outlook

Impact of the pandemic on activity

From the second half of 2021, most of the constraints linked to the pandemic have been lifted or have disappeared, in particular allowing the Orege teams to travel almost normally in Europe and the United States. Orège also anticipates being able to return to Japan next summer. We consider that the last projects signed and still frozen since the start of the pandemic should be executed in 2022.

In the United States, we are starting to see the benefits of the recovery with the ongoing execution of a project signed in 2021 in Wisconsin and with the recent signing of a second project in South Carolina. These two projects should generate around $1,000k in revenue in 2022.

In the United Kingdom, the two solutions purchased at the end of 2021 by Scottish Water via its partner WGM, remaining to be delivered in 2022, were delivered in Q1 as planned, generating around 600 K in revenue.
Furthermore, Orège has just signed its first contract for the sale of a solution to a new “water company” for an amount of approximately 300 KE.

Finally, business development and project execution activities in other territories are progressing as expected.

Disrupted supply chains / Conflict between Russia and Ukraine

“The global pressure on supply chains already perceptible in 2021 continues and is reinforced by the conflict between Russia and Ukraine. In 2021 Orège had initiated the manufacture of a certain number of solutions in anticipation of a rise power of the activity, and therefore has a stock of solutions ready to be delivered.
Orège has also just secured the manufacture of an additional number of solutions.
Thus, the Orège Group does not anticipate any significant constraint for its activity in 2022. On the other hand, we remain vigilant with regard to activity in 2023 and beyond.
For example, for recently initiated orders, the price of stainless steel increased by 5%. As a result, the Orège Group is rethinking its strategy for determining the selling price of its solutions”.

Orège will present a point of activity to the market in June 2022 on a date to be communicated soon…



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