- Revenues of €12.5 million, in line with the
guidance
- Improvement of the gross margin rate to 56%, vs. 49% as of
June 30, 2021
- Positive EBITDA achieved at the end of June 2022
- Cash position of €5.1 million at the end of June
2022
- Confirmation of 2022 objectives: revenues above €20 million
and the achievement of a positive EBITDA
Regulatory News:
ALCHIMIE (FR0014000JX7 - ALCHI - PEA-PME eligible an OTT
(Over the Top) subscription video on demand (SVOD) platform
featuring original and exclusive thematic channels published
jointly with media groups and talents, announces its consolidated
half-year results for the period ended June 30, 2022.
Pauline Grimaldi d'Esdra, CEO of Alchimie, comments: "The
results of this first half are in line with the objectives
announced at the beginning of the year, particularly the level of
revenues and the achievement of a positive EBITDA. Following the
completion of the Company’s reorganization during the past six
months, we are now paving the way towards a necessary
diversification through the development of indirect distribution
networks for our channels."
Consolidated income statement (IFRS)
In thousands of euros
30.06.2022
30.06.2021
Change
Revenue
12,506
15,621
-19.9%
Cost of sales
-5,510
-8,009
-31.2%
Gross profit
6,996
7,613
-8.1%
Technological and development costs
-2,550
-2,368
+7.7%
Sales and marketing costs
-2,059
-8,293
-75.2%
General and administrative expenses
-3,497
-2,665
+31.2%
Operating income
-1,111
-5,713
-80.6%
Financial result
-232
-211
-9.9%
Consolidated net income
-1,343
-5,936
+77.4%
EBITDA
493
-5,208
Cash position, end of period
5,252
8,633
-39.1%
Business activity and first half 2022 results
As of June 30, 2022, the Group's consolidated half-year revenues
(IFRS) amount to €12.5 million, in line with the guidance announced
last February. The 20% decrease compared to the same period in 2021
is mainly explained by the strategic refocusing initiated during
the first quarter of 2022, oriented towards the achievement of
operational profitability rather than subscriber base growth
target. The share of revenues generated by the Video segment
amounts to €11.5 million. Revenues are primarily driven by the SVOD
offer, while the contribution from FAST1 is still marginal.
Cost of sales stands at €5.5 million, down 31% compared to the
previous year, resulting in a gross margin amounting to €7.0
million. The gross margin rate thus increases by 7 points compared
with June 30, 2021, to 56%. The rationalization of content
licensing and technical costs committed during the period has
contributed to this improvement. The gross margin rate for the
Video segment increased to 54%, compared with 45% at June 30, 2021,
thanks to the change in the TVPlayer programming service in
England.
Operating expenses are down 39% due to the Company's
reorganization, which resulted in a significant reduction in
marketing and sales expenses (-75%). Technology and development
costs are up 8% following the increase in amortization related to
the Alchimie Studio platform and costs related to the
restructuring. General and administrative expenses, also up 31%,
are partly related to the recognition of these expenses.
The measures taken at the beginning of 2022 have enabled
Alchimie to achieve its objective of a positive EBITDA at the end
of June, of €493k.
As of June 30, 2022, the operating loss is -€1.1 million,
compared to -€5.7 million a year ago. The financial result amounts
to -€0.2 million as of June 30, 2022, nearly stable compared to the
first half of 2021.
Overall, the consolidated net loss for the period is €1.3
million, compared with €5.9 million in the first half of 2021.
As of June 30, 2022, Alchimie's cash position amounts to €5.1
million.
Strengthening of assets (content, distribution): commercial
development of new partnerships
Concurrently with the strategic refocusing of the business model
conducted in recent months, Alchimie has consolidated its assets.
During the first half of the year, Alchimie has developed a channel
editing offer on behalf of brands and a SAAS offer2 for channel
creation, as a service provider. A sales team has been created
during the reorganization. The Company has continued to enrich its
catalog of premium content, particularly in English, by signing
several agreements with, for example, Inverleigh, Eaton films and
Reverso Films. Alchimie also launched two new SVOD channels,
entreparticuliers.tv and EcoRéseauPlus. tv, the first as a
technical and content provider, the second as a co-publisher.
In addition, Alchimie has strengthened its footprint in Europe's
fast-growing FAST markets by signing a partnership with LG
Channels. Similarly to its partnership with Samsung TV Plus,
several million of LG Smart TV users based in Germany, the UK,
France, Spain and Italy now have free access to 23 channels
distributed by Alchimie. Thanks to this new partnership, Alchimie
is consolidating its position in the promising FAST market, a
position reinforced by the launch of new channels such as Reportage
Spica Life, Scènes de crime and Exquis.tv.
Lastly, Alchimie has extended its distribution partnerships with
leading players: Orange for the distribution of PointdeVue.TV
channel and Amazon Mexico for the distribution of the Vaughan Play
channel, a first in this geographical area. A preferred agreement
with Altice to provide premium content through the new RMC BFM Play
platform has also been signed.
Development outlook and confirmation of 2022
objectives
Alchimie intends to pursue its developments during the second
half of 2022, particularly in channels in the fields of Discovery,
Curiosity or Smart Education, which are attracting a growing
interest to be confirmed in the coming months.
However, due to long sales cycles and the unfavorable economic
(inflation, energy, purchasing power) and geopolitical (war in
Ukraine) context, the new strategy of diversified offers launched
during the year has not yet generated the expected results. These
entertainment services could be considered as non-essential by
advertisers and end consumers, leading to a risk of potential
decline in the subscriber base in the coming months. Nonetheless,
the implementation of these strategies and the new sales team have
shown some progress, marked by commercial discussions over the past
weeks both in the field of FAST, in France and Spain, and the
distribution of our SVOD channels, which could be concluded in the
coming months.
Based on the progress observed, the Company may have to revise
its short and medium-term developments in order to adapt it to
market conditions.
Despite this context and with the benefit of the corrective
actions implemented, Alchimie confirms its objectives for 2022,
namely: to achieve revenues of more than €20 million and to reach a
positive EBITDA.
In terms of financial resources, Alchimie will maintain a
rigorous costs management to preserve its cash and does not plan to
call on the market at this stage given its cash position of €5.1
million at the end of June 2022.
***
The 2022 half-year financial report is now available on:
https://www.alchimie-finance.com/en/documentation-gb/financial-report
Next financial release: Annual sales on January 31, 2023
after market close.
About Alchimie
Alchimie is a channel factory: a unique video platform in
partnership with talents and media to co-publish their own thematic
channel. Alchimie has a content catalog established among 300
renowned partners (Arte, France TV distribution, ZDF Entreprises or
Zed). Alchimie partners with talents (celebrities, influencers),
brands and media groups to create new channels (The Big Issue, Army
Stories, Poisson Fécond, Vaughan, Scène de Crime, Point de Vue)
which are then distributed on more than 20 distribution platforms
(TVPlayer, Amazon, Orange, Movistar, Samsung, LG, etc.) constantly
expanding its audience and consequently its revenues.
For more information: www.alchimie-finance.com /
www.alchimie.com
1 FAST: Free Ad-supported Streaming TV, linear OTT channels
financed by advertising 2 SAAS : Software as a Service
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221018005977/en/
Alchimie Stéphane Taillefer CFO
investors@alchimie.com
NewCap Thomas Grojean/Louis-Victor Delouvrier Investor
Relations alchimie@newcap.eu 01 44 71 94 94
NewCap Nicolas Merigeau Media Relations
alchimie@newcap.eu 01 44 71 94 98
Alchimie (EU:ALCHI)
Historical Stock Chart
Von Jan 2025 bis Feb 2025
Alchimie (EU:ALCHI)
Historical Stock Chart
Von Feb 2024 bis Feb 2025
