- Revenue of €28.4m (+1.7% compared with the 1st half-year
2023)
- EBITDA margin at 11%
- Cash position of €4.2m
- Simplified tender offer project initiated by Kenerzeo1 for
all Groupe Berkem shares it will not hold, at a price of €3.10 per
share
Regulatory News:
Groupe Berkem, a leading player in plant-based chemistry
(ISIN code: FR00140069V2 - mnemonic: ALKEM), announces its
half-year results for the financial year ended 30 June 2024, as
approved by the Board of Directors on 26 September 2024.
HALF-YEAR RESULTS 2024
Consolidated income statement
In thousands of euros
30/06/2024
30/06/2023
Variation
Revenue
28,394
27,912
1,73%
Other income
-101
16
Purchases consumed
-11,829
-12,448
External expenses
-7,010
-6,812
Personnel costs
-6,797
-7,146
Taxes
-256
-283
Depreciation and amortisation
-2,641
-1,902
Depreciation and provisions
-95
-225
Change in inventories of work in progress
and finished goods
67
329
Other operating income and expenses
602
1 079
Current operating income
334
519
-35,65%
Other operating income and expenses
2,911
5,016
Operating income
3,245
5,536
-41,38%
Cost of net financial debt
-845
-728
Other financial income and expenses
-227
-127
Income before tax
2,174
4,700
-53,74%
tax
84
-655
Income after tax
2,258
4,045
Net income, Group share
2,258
4,045
-44,18%
Breakdown of revenue by business area
for the 1st half 2024
in thousands of euros
30/06/2024
30/06/2023
Variation
Construction & Materials
11,953
12,401
-3.6%
Hygiene & Protection
5,801
6,476
-10.4%
Health, Beauty & Nutrition
9,441
8,574
+10.1%
Industry
884
374
+136.4%
Central / Shared
315
87
TOTAL
28,394
27,912
+1.7%
At 30 June 2024, Berkem Group revenue totaled €28.4m, compared
with €27.9m in the first half of 2023, up by 1.7%.
The persistent difficulties affecting the "Construction &
Materials" and "Hygiene & Protection" business areas
resulted in a decline in revenue of -3.6% and -10.4% respectively
compared with the first half of 2023, in addition to the
significant delays affecting the marketing authorisations for the
Group's new products. The “Health, Beauty & Nutrition”
business area saw an improvement in revenue of 10.1% compared with
the performance achieved in the first half of 2023. In line with
previously published figures, the "Industry" business area
is continuing to enjoy strong growth, rising from €0.4m in the
first half of 2023 to €0.9m in the first half of 2024, although it
remains marginal in the Group's business mix.
Current operating income recurring declined by -36% compared
with the first half of 2023, to €0.3 million. This drop is partly
due to higher depreciation and amortization charges, but also to a
proactive investment policy in R&D, regulatory affairs and
business development aimed at supporting the Group's various areas.
In particular, the Group has intensified its resources in the
United States, with the recruitment of 3 new employees to cover the
entire American and Canadian markets.
This brings the EBITDA margin to 11%, compared with 10.4%
in the 1st half-year to 2023.
Other operating income corresponds in part to a revaluation of
the assets of Berkem IBERICA, the company Naturex Iberian Partners,
Givaudan's industrial site in Valencia (Spain), acquired by the
Group in June 1st, 2024. The net cost of debt of €845k (+16%) at 30
June 2024 is due to the increase in the level of gross debt.
After taking into account financial income and expenses, net
income attributable to the Group was €2.3m in the first half of
2024, compared with €4m in the first half of 2023.
CASH POSITION
As of 30 June 2024, Groupe Berkem had net cash of €4.2 million,
compared with €11.3 million at 31 December, 2023.
As a reminder, on July 26, 2022, the Group arranged €70m of
financing, including €63.5m of senior debt with a pool of 6 French
banks and €6.5m in Recovery Bonds. As of 30 June 2024, €45 million
of the €70 million had been used.
HIGHLIGHTS OF THE 1er HALF-YEAR 2024
External growth
February 2024: Acquisition of
Naturex Iberian Partners, Givaudan's industrial site in
Valencia (Spain) specialized in plant and marine extraction
activities, for players in the food, nutrition (nutraceuticals) and
cosmetics markets. With this acquisition, Groupe Berkem
significantly increases its production capacity for plant extracts
destined for the “Health, Beauty & Nutrition” business
area.
Activity
January 2024: Extension of the
H2OLIXIR range of 100% natural floral waters, with the launch
of lavender water and thyme water, two new 97.5% organic floral
waters for the cosmetics industry.
May 2024: Presentation of
BiombalanceTM and Pineol® Premium, two active ingredients from
the Group's new range for the Nutraceuticals market.
Proposed simplified tender offer
As announced in the press releases issued on 18 July 2024 and 31
July 2024, Kenerzeo will file a simplified tender offer for the
remaining outstanding Berkem Group shares at a price of €3.10 per
share. Kenerzeo intends to implement a squeeze-out following the
public offer in the event that the minority shareholders of the
Company who have not tendered their shares to the offer represent
less than 10% of the share capital and voting rights of Groupe
Berkem. At the date of this press release, Kenerzeo held 75.38% of
the share capital and 75.37% of the theoretical voting rights of
the Group.
On 4 September 2024, Groupe Berkem announced the appointment of
Paper Audit & Conseil, represented by Mr Xavier PAPER, as
independent expert to draw up a report on the financial terms of
the proposed simplified compulsory takeover bid by Kenerzeo for the
outstanding Groupe Berkem shares not held by Kenerzeo, to be filed
by Kenerzeo before the end of September 2024. The Group will keep
the market informed of the terms and conditions of this
assignment.
OUTLOOK
Within the framework of the transaction announced today, Groupe
Berkem has reconsidered its business plan and financial
projections. This revision takes into account the persistent
difficulties affecting the “Construction & Materials” business
area since the Ukrainian crisis, as well as delays in obtaining
marketing authorizations for its bio-based products, both in France
and internationally. Lastly, in view of the numerous investments to
be made at its new production site in Valencia, Spain, and the
ever-changing economic and geopolitical context, Groupe Berkem has
no immediate plans to make any new acquisitions in the short to
medium term.
In view of the above, Groupe Berkem now expects to achieve
revenue of at least €70 million by 2025, and an EBITDA2 margin of
at least 16% by 2027.
Availability of the 2024 half-year financial report
The interim financial statements were approved by the Board of
Directors and reviewed on 26 September 2023. The 2024 half-year
financial report will be filed with the Autorité des marchés
financiers and will be available by 31 October 2024 on the
Company's investor website.
Next financial publication :
- Revenue for the 3rd quarter of 2024: October 24, 2024
(after market close)
ABOUT GROUPE BERKEM
Founded in 1993 by Olivier Fahy, Chairman and Chief Executive
Officer, Groupe Berkem is a leading force in the bio-based
chemicals market. Its mission is to advance the environmental
transition of companies producing the chemicals used in everyday
life (Construction & Materials, Health, Beauty & Nutrition,
Hygiene & Protection, and Industry). By harnessing its
expertise in both plant extraction and innovative formulations,
Groupe Berkem has developed bio-based boosters—unique high-quality
bio-based solutions augmenting the performance of synthetic
molecules. Groupe Berkem achieved revenue of €51.9 million in 2023.
The Group has almost 250 employees working at its head office
(Blanquefort, Gironde) and 5 production facilities in Gardonne
(Dordogne), La Teste-de-Buch (Gironde), Chartres (Eure-et-Loir),
Tonneins (Lot-et-Garonne) and Valence (Spain).
Groupe Berkem has been listed on Euronext Growth Paris since
December 2021 (ISIN code: FR00140069V2 - ALKEM).
www.groupeberkem.com
____________________________ 1 Simplified joint-stock company
(RCS 928 791 813) with Kenercy as Chairman. 2 Earnings Before
Interest, Taxes, Depreciation and Amortization (EBITDA),
corresponds to the operating cash flow generated by the Group,
taking into account other operating income and other operating
expenses, but excluding depreciation and amortization and the
Group's financing policy.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240926633210/en/
Groupe Berkem Olivier Fahy,
Chairman and CEO Anthony Labrugnas, Chief Financial Officer Phone:
+33 (0)5 64 31 06 60 investisseurs@berkem.com
NewCap Investor Relations
Mathilde Bohin / Nicolas Fossiez Phone: +33 (0)1 44 71 94 94
berkem@newcap.eu
NewCap Media Relations
Nicolas Merigeau Phone: +33 (0)1 44 71 94 94 berkem@newcap.eu
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