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    ALODC   FR0014003T71

OMER-DECUGIS & CIE

(ALODC)
  Report
Real-time Euronext Paris  -  10:51 2022-12-01 am EST
5.180 EUR   -0.77%
07/05Omer-Decugis & Cie SA Reports Earnings Results for the Half Year Ended March 31, 2022
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07/05Omer Decugis & Cie : H1 2021/22 results and Q3 2021/22 revenue
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07/05Omer Decugis & Cie : 05/07/2022 H1 2021/22 results and Q3 2021/22 revenue Download (EN)
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Omer Decugis & Cie : 05/07/2022 H1 2021/22 results and Q3 2021/22 revenue Download (EN)

07/05/2022 | 01:24pm EST

This press release should not be published, distributed or circulated, directly or indirectly, in the United States

of America, Australia, Canada or Japan.

H1 2021/22 results and Q3 2021/22 revenue

Exceptional growth in H1 2021/22: revenue up 56.3% (including 54.4% organic growth)

Operating performance impacted by strong inflationary pressure on supply chain costs

Confirmation of the pursuit of the 2025 development plan announced at the time of the IPO Q3 2021/22 revenue up 18.0% (including 15.7% organic growth)

Rungis, 5 July 2022 - Omer-Decugis& Cie (ISIN: FR0014003T71 - symbol: ALODC), an international group specialising in fresh and exotic fruits and vegetables, today announces its results for the first half of the 2021/22 financial year (1 October 2021 to 31 March 2022), as approved by the Board of Directors on 1 July 2022, and its revenue for the third quarter of 2021/22 (1 April to 30 June 2022).

€000 - French GAAP, unaudited

H1

H1

Change

2020/21

2021/221

Revenue

61,839

96,647

+56.3%

Gross margin

9,528

11,159

+17.1%

% of merchandise sales

15.4%

11.5%

-3.9 pp

Personnel expenses

(4,721)

(5,747)

EBITDA2

1,250

233

-€1,017,000

% of revenue

2.0%

0.2%

-1.8 pp

Depreciation, amortisation and provisions

(890)

(842)

-

Operating income/(loss)

360

(497)

-€857,000

% of revenue

0.6%

-

Financial income/(expenses)

(67)

223

-

Non-recurring income/(expenses)

203

21

-

Tax expense

(117)

87

-

Consolidated net income/(loss)

379

(250)

-€629,000

Vincent Omer-Decugis, Chairman and CEO of Omer-Decugis & Cie, said: "In keeping with our strategy of gaining market share, we posted a very good sales performance with 56.3% growth in a weakened international market context, which temporarily curbed our operating margin.

Despite the geopolitical crisis and its economic impact on cost inflation across the entire supply chain, we have pursued the strategic development priorities announced at the time of our IPO. This dynamic first half was also marked by the completion 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

  1. Consolidation of Anarex SAS after the purchase of its entire share capital on 11 December 2021
  2. EBITDA: operating income before depreciation, amortisation and provisions, excluding provisions on current assets and loans, plus share of earnings of equity-accounted affiliates.

1

This press release should not be published, distributed or circulated, directly or indirectly, in the United States of America, Australia, Canada or Japan.

our new ERP system focused on optimising our operational efficiency and the digitisation of our business processes. These achievements form the basis for our continuing growth plan and our operating profitability targets for the coming years.

We confirm our confidence in our ability to achieve our IPO targets by 2025."

The Omer-Decugis & Cie Group recorded H1 2021/22 revenue of €96.6 million, up sharply by 56.3% year-on-year (including 54.4% organic growth, Anarex SAS having been acquired and consolidated in December 2021).

The accelerated development of both divisions, in line with the strategy of conquering markets and expanding product ranges, is contributing to the Group's growth. SIIM posted growth of 67.5%, driven by an initial Madagascar lychee campaign leading to market share gains throughout Europe and the strengthening of commercial positioning, particularly in the BPMA segment (Bananas, Pineapples, Mangoes, Avocados), stepping up the pace of the strategic development plan. However, the campaign was impacted by the rerouting of a vessel and the deployment of additional logistical resources to cope with adverse weather conditions, thereby generating additional operating costs.

The Bratigny division, which posted 30.6% growth, includes Anarex SAS (contribution of €1.1 million over the first half), for which the first synergies expected for the future are being rolled out in both Group divisions.

This exceptional growth, which reflects the Group's strategy of gaining market share, has been achieved amid a post-pandemic geopolitical crisis in which market environments have been disrupted by severe inflationary pressure on all supply chain costs: production inputs, packaging, energy, logistics (freight and land transport).

Amid this inflationary environment, the gross margin came to €11.2 million, up 17.1%, representing a margin

rate of 11.5%, down 3.9 percentage points.

The year-on-year increase in personnel expenses was limited to 21.7%, in line with the increase in volumes to be processed, i.e. over 74,500 tonnes of fresh fruit and vegetables sold during the period (up 38.8%).

As a result, recurring EBITDA amounted to €0.2 million, down year-on-year, while the recurring EBITDA margin fell 1.8 percentage points.

After depreciation, amortisation and provisions, virtually unchanged at €0.8 million, the Group posted an operating loss of €0.5 million for the six months ended 31 March 2022, down €0.8 million.

After a €0.2 million financial expense and a €0.1 million tax expense, the Group posted a consolidated net loss of €0.2 million for H1 2021/22.

A solid financial structure

The Group generated gross operating cash flow of €0.3 million in H1 2021/22 compared to €1.2 million the previous year.

The change in Working Capital Requirements, which is always much higher at the end of the first half than at financial year-end, increased €15.9 million due to strong revenue growth towards the end of the second quarter, not yet recovered at 31 March 2022, and the need to finance the launch of the spring campaigns, including West African mangoes.

At 31 March 2022, Group equity amounted to €30.9 million, cash and cash equivalents €4.4 million and gross borrowings €19.7 million, including €13.4 million in bank overdrafts.

2

This press release should not be published, distributed or circulated, directly or indirectly, in the United States of America, Australia, Canada or Japan.

Continued growth in Q3 2021/22: revenue up 18.0%

€000 - French GAAP,

Q3

Q3

Ch.

unaudited

2020/21

2021/22

SIIM

32,375

38,918

+20.2%

Bratigny

11,617

13,011

+12.0%

Omer-Decugis & Cie

43,992

51,929

+18.0%

9 months

9 months

Ch.

2020/21

2021/22

75,450

111,047

+47.2%

30,381

37,511

+23.5%

105,831

148,558

+40.4%

Omer-Decugis& Cie continued its growth path during the third quarter of 2021/22 by posting revenue of €51.9 million, up 18.0% from Q3 2020/21 including 15.7% organic growth. Both divisions contributed to business momentum during the quarter. SIIM posted 20.2% revenue growth, while Bratigny revenue rose 12.0% (including 3.2% organic growth).

For the first nine months of the 2021/22 financial year (October 2021 to June 2022), Omer-Decugis& Cie posted consolidated revenue of €148.6 million, up sharply by 40.4% (including 38.3% organic growth).

Outlook

Growth will continue during the second half of 2021/22, which should allow Omer-Decugis& Cie to gain a 12- month lead in its development plan, which targeted revenue of €175 million by 2023. Adaptation measures are currently being rolled out to cope with the inflationary environment and strengthen operating profitability, particularly over the next financial year.

Omer-Decugis& Cie therefore reaffirms its medium-term growth ambitions and confirms its development plan targeting consolidated revenue of €230 million and an EBITDA margin of over 5% by 2025.

Next release: Q4 2021/22 revenue, 18 October 2022 (after close of trading)

Read all our news on: www.omerdecugis.com

About Omer-Decugis & Cie

Founded in 1850, Omer-Decugis& Cie is a family group which specialises in fresh fruit and vegetables, particularly exotic ones, for European consumers. The Group covers the entire value chain from production to imports and has specific expertise in ripening. The Group markets fruit sourced mainly from Latin America, Africa and Europe through all distribution networks (supermarkets and superstores, out-of-home foodservice, specialised distribution and fresh cuts). Committed to sustainable agriculture that is respectful of regions and people, the Group obtained an "Exemplary" ESG EthiFinance rating of 82/100. Established in the Rungis market, Omer-Decugis& Cie posted revenue of €137.6 million at 30 September 2021, representing over 119,000 tonnes of fresh fruits and vegetables distributed.

Contacts

Omer-Decugis & Cie

ACTUS finance & communication

Emeline Pasquier

Corinne Puissant - Relation Investisseurs

epasquier@omerdecugis.com

+33 (0)1 53 67 36 77 - omerdecugis@actus.fr

www.omerdecugis.com

Fatou-Kiné N'DIAYE - Relation Presse

+33 (0)1 53 67 36 34 - fndiaye@actus.fr

3

Disclaimer

Omer Decugis & Cie SA published this content on 05 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 July 2022 17:23:01 UTC.


© Publicnow 2022
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Financials
Sales 2022 182 M 188 M 188 M
Net income 2022 -1,04 M -1,07 M -1,07 M
Net Debt 2022 1,97 M 2,03 M 2,03 M
P/E ratio 2022 -68,4x
Yield 2022 0,78%
Capitalization 44,9 M 46,3 M 46,3 M
EV / Sales 2022 0,26x
EV / Sales 2023 0,24x
Nbr of Employees 154
Free-Float 32,3%
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Number of Analysts 3
Last Close Price 5,22 €
Average target price 8,70 €
Spread / Average Target 66,7%
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Managers and Directors
Vincent Omer-Decugis Chairman & Chief Executive Officer
Xavier Rivière Chief Administrative & Financial Officer
Franck Pecot Director-Information System
Vérane Moreno Chief Technical Officer
Éric Sillari Chief Operating Officer
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