(Boursier.com) — Osmozis continued its momentum in the first half of 2021 2022, in line with a record 2020-2021 financial year, with turnover reaching 4,218 K as of February 28, 2022, i.e. growth of +36% compared to the first half of 2020 -2021, driven by Premium Subscription Services, which grew by +45%. This turnover is also up by 35% compared to the first half of 2019-2020, the last reference before the health crisis). During the period, Osmozis’ full range of connected products and services continued to meet strong demand from campsite operators, in a context of stabilization of the health situation.
Beyond the continuous transformation of periodic consumption into premium, the overall WiFi access service (Periodic Consumption + WiFi Premium) saw its turnover increase half-year after half-year at +17% compared to the first half of 2020- 2021, going from 2,442 KE to 2,869 KE. This growth illustrates a still dynamic demand for this service, which remains a basic element for operators, and therefore an important entry point for deploying all Osmozis Connected Services.
On the strength of a new semester of growth in its activity and a trajectory of increased operating profitability, Osmozis achieved record EBITDA for the first semester at 553 KE, up +301 KE in one year and up 958 KE in two years (year before crisis).
The operating result stands at -630 KE, after taking into account net allocations to depreciation, provisions and transfers of charges of -1,183 KE, against -1,036 KE on February 28, 2021, reflecting the increase in ‘R&D’ efforts of the Group and the strong growth of on-site installations, which will create recurring revenues for the coming years.
The financial result reached 74 KE, a reversal of provision for 350 KE offset the financial charges, in particular 149 KE of interest paid on the Group’s debt.
After taking into account the exceptional result of -28 KE and a tax income of 130 KE (including the CIR), the Group’s net profit shows an improvement of -454 KE for the first half of the 2021 financial year- 2022.
As of February 28, 2022, Osmozis equity stood at 6,583 KE for gross cash of 2,887 KE and net financial debt of 11,861 KE. In order to actively pursue its development and innovation strategy, Osmozis subscribed, during the first half of 2021-2022, to two loans for a total of 1,250 KE, including 250 KE of loans guaranteed by the State. The Group’s debt remains mainly long-term debt, with more than 75% of maturities repayable beyond 2024.
Thanks to the growth in activity since the beginning of the financial year, Osmozis has continued to invest in its fleet of terminals and connected objects, generating investment flows of -1,623 K. In particular, the Group maintained a stock of products, particularly connected locks, products enabling orders to be honored until August 2023. new borrowings, financing flows amounted to -103 KE.
RENEWED PROSPECTS FOR PROFITABLE GROWTH FOR THE “RETURN TO NORMAL” EXERCISE OF THE HEALTH SITUATION
In the continuity of this successful first half and in a context of normalization of the health crisis, Osmozis aims to solidify the profitable growth trajectory of its activities over the whole of the 2021-2022 financial year, with a turnover in sharp increase, an EBITDA higher than that of the previous year (3.2 ME) and an annual EBITDA/Turnover margin which should remain above 33%.
This profitable growth will automatically improve Osmozis’ cash flow. In addition, the discontinuation of the marketing of the “sharing” formula, associated with periodic consumption, will also have a favorable effect on cash flow of approximately 1 ME per year.
Moreover, given the positive cash flows generated by the activity, Osmozis will be able to gradually reduce its net debt in the years to come.
In the medium term, Osmozis intends to pursue its commercial development, while maintaining its profitability trajectory, by focusing on the following strategic axes:
– The increase in revenue by location, with the ramp-up of the sale of Premium Subscription Services, including a full range of IoT services. The commercial potential of this range was strongly reinforced during the financial year, due to the current health context, in particular the OsmoKey connected lock, which has established itself as an innovative solution allowing a secure arrival of holidaymakers in campsites with greater great flexibility;
– Continued optimization of the cost structure and strict control of operating expenses to improve the Group’s performance. In this context, Osmozis has set up a new digital internal management environment that will allow monitoring of the profitability of each project and thus optimization of costs over time.
– Continuous innovation, through an ambitious ‘R&D’ policy, to continue enriching the range of Connected Services. Osmozis’ proximity to operators of outdoor accommodation establishments allows it to precisely identify the sector’s needs and then provide precise and innovative responses. In this context, Osmozis will continue to develop advanced solutions for the connected mobile home (security, comfort, management of water-electricity-gas resources, connectivity, etc.) regardless of its brand. The potential market for this service is approximately 2.5 million
of mobile homes in Europe, i.e. a rental potential of 500 ME per year.
Next meeting: Third-quarter 2021-2022 revenue on July 7, 2022.