(Boursier.com) — Spartoo announces its annual results. As of December 31, 2023, the business volume amounted to 200.2 ME, an increase of -4.5% compared to 2022. The turnover stood at 142.9 ME, down 4 .1%. The commercial margin fell by 5.5% to €59.1 million. Adjusted Ebitda goes into the green at 1.9 ME, compared to a loss of 1.2 ME a year before. The operating loss was reduced to 0.8 ME compared to 4.7 ME a year earlier. The net loss stands at 1.9 ME compared to 4.6 ME in 2022.
The operational cash flow becomes positive again at the end of 2023, standing at 2 ME compared to -20.6 ME for the same period the previous year, excluding significant non-recurring items (+2.5 ME linked to a lawsuit against a player shoe). The drop in stock levels of -3.7 ME recorded over the period made it possible to reduce the need for working capital and thus had a positive impact on cash flows. The amount of investments remains under control over the period and amounts to 1.3 ME.
As of December 31, 2023, cash flow amounts to €14.3 million compared to €9.4 million as of December 31, 2022. Spartoo also benefited from an agreement from its banking partners (BNP Paribas, Caisse d’Épargne, Banque Populaire, Crédit Agricole) having enabled it to raise 8 ME of additional debt over the year 2023 (3 ME released in the first half and 5 ME released in the second half). The net debt ratio remains under control, showing a decrease over the period with a level of 37% at the end of 2023 compared to 44% at the end of 2022. The net debt stands at 11.7 ME compared to 14.9 ME as of December 31, 2022.
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