ALOKW Groupe Okwind SA

- Confirmation of financial objectives announced during the IPO:

• 2022: revenues of €35 million and consolidated EBITDA rate of c.10%
• 2026: revenues of €175 million and consolidated EBITDA rate of c.20%

- Strong growth outlook in the second half of 2022, given the very favorable market environment and the greater seasonality of the business

• Revenues as of September 30, 2022 to €22.5 million, +70% vs. 2021
• Substantial growth in order backlog1 with €30.6 million as of September 30, 2022, vs. €6.4 million as of September 30, 2021 driven by accelerating demand and commercial momentum

- Strengthening of financial resources through the completion of the €20.5 million capital increase in July 2022

Regulatory News:

Groupe OKwind (FR0013439627 - ALOKW), which is specialized in the design, manufacture and sale of smart energy generation and management systems dedicated to self-consumption, today announces its results for the first half of 2022, ended June 30, and approved by the Board of Directors on October 17, 2022.

Simplified income statement as of June 30, 2022

in €k

 

06/2022

 

06/2021

 

Change in %

Revenues

 

13,500

 

9,519

 

+41.8%

of which BtoB

 

11,561

 

8,664

 

+33.4%

of which BtoC

 

1,939

 

855

 

+126.8%

Other operating income

 

1,186

 

630

 

 

Purchases consumed

 

(6,675)

 

(4,379)

 

 

Personnel costs

 

(4,202)

 

(3,330)

 

 

Other operating expenses

 

(3,783)

 

(2,539)

 

 

Taxes

 

(129)

 

(108)

 

 

EBITDA

 

(102)

 

(208)

 

+50.9%

Net changes in depreciation and amortization

 

(626)

 

(412)

 

 

Operating profit

 

(729)

 

(620)

 

 

Financial expenses

 

(285)

 

(137)

 

 

Extraordinary expenses

 

(7)

 

(4)

 

 

Income tax

 

167

 

166

 

 

Net income (group share)

 

(854)

 

(595)

 

 

Half-year revenues for 2022 set at €13.5 million, up 42% compared to H1 2021, and break down as follows: - 86% of revenues from the BtoB segment: €11.6 million, up +33%, - 14% of revenues from the BtoC segment: €1.9 million, a significant increase by +127%.

The acceleration of activity in OKwind's three business segments (farms, local authorities/industrial sites and individuals) is benefiting from a favorable market context. The rising price environment of energy combined with the growing awareness of the need for more environmentally friendly solutions have supported the Company's sales momentum.

The order backlog has significantly increased and stood at €18.5 million at June 30, 2022, compared to €5.4 million at June 30, 2021.

During the first half of 2022, the Group recorded a 52% increase in purchases (raw materials, supplies and other materials), in line with the business growth. Personnel costs also increased following the recruitment of new staff in order to structure the teams (139 employees as at June 30, 2022 vs. 113 as at June 30, 2021), in accordance with the development plan.

Other operating expenses amounted to €3.8 million and include subcontracting costs related to the on-site installation of trackers by specialized service providers, the opening of new branches and the relocation of the headquarter in Torcé.

After taking these items into account at June 30, 2022, EBITDA2 is close to breakeven at -€0.1 million. The EBITDA rate (-0.8%) has significantly improved compared to the first half of 2021 (-2.2%), while integrating the implementation of a controlled stock policy in order to anticipate the historically higher level of activity in the second half of the year, a seasonality which should however lessen in 2023.

Cash and cash equivalents as of June 30, 2022

As of June 30, 2022, the Group's cash position amounted to €6.4 million, compared to €1.3 million as of June 30, 2021. Since then, the Company's financial resources have been strengthened to €20.5 million thanks to the success of the initial public offering in July 2022 and the issue of a €3.0 million convertible bond in favor of Sofiprotéol.

Commercial activity for the 3rd quarter of 2022

Firm orders booked since January 1st of the current fiscal year, consolidated at the end of September 2022, have significantly increased to €47.3 million, compared to €17.6 million in September 2021 (+145%). As a result, the backlog as of September 30, 2022 stood at €30.6 million compared to €6.4 million as of September 30, 2021. As of September 30, 2022 revenues increased by 70% to €22.5 million, compared to €13.2 million the previous year.

Post-closing highlights

On July 5, the Company announced the success of its initial public offering on Euronext Growth with a capital increase of €20.5 million. This operation was a great success with both institutional and retail investors.

At the end of August, Groupe OKwind signed a strategic partnership with the investment fund Sofiprotéol to accelerate its development through the issue of €3 million in bonds convertible into shares.

The Company has also been pursuing its commercial development by participating in leading professional trade fairs for local authorities and industrial sites (Carrefour des Gestions Locales de l'Eau, FNCCR Congress) and for farms (SPACE – The International Exhibition for Animal Breeding - and the “Sommet de l'Élevage”). At the same time, Groupe OKwind has continued to market its trackers through its third business line dedicated to individuals (Lumioo).

Development strategy and outlook

Relying on a robust business model and a both solid and high-quality order book, Groupe OKwind confirms its short- and medium-term objectives, with revenues of €35 million and a consolidated EBITDA rate of around 10% for the year 2022, and revenues of €175 million and a consolidated EBITDA rate of around 20% for the year 2026.

Louis MAURICE, Founder and Chairman of Groupe OKwind, said: “This first financial release since our listing on the stock exchange is characterized by the ongoing strong commercial momentum confirming the relevance of our value proposition. The current geopolitical and inflationary context, which is particularly reflected in the soaring energy bills, highlights the need to offer reliable alternatives in terms of renewable energy production. Given the environmental and economic challenges that both professionals and individuals are facing, our solution, which is immediately available, competitive and sustainable thanks to the lowest carbon footprint on the French photovoltaic market, is highly acclaimed and has become the reference for self-consumption. Amid this buoyant environment, the strong visibility provided by our order intake and backlog will enable us to achieve our 2022 objectives while continuing to deploy our development plan with confidence in order to reach our objectives by 2026.”

Availability of the 2022 half-year financial report

The half-year financial statements have been approved by the Board of Directors and reviewed on October 17, 2022. The 2022 half-year financial report will be available before October 31, 2022 on the Investor website (www.okwind-finance.com), in the Documentation section.

About Groupe OKwind

Founded in 2009 by Louis Maurice, Chairman and CEO, Groupe OKwind develops solutions for the production and consumption of green energy in short supply chains. Our comprehensive approach, combining energy generation and management, aims to strengthen energy autonomy and thus accelerate the ecological transition. Thanks to its unique technological ecosystem, Groupe OKwind enables self-consumption to assert itself as a new avenue for energy. A solution that can be quickly deployed, managed in real time and at a competitive price, without subsidies. Every day, we work to deploy local, low-carbon, fixed-cost energy for professionals and individuals. In 2021, Groupe OKwind generated consolidated revenues of €25 million and today has 160 employees, with more than 2,000 installations throughout France.

For more information: www.okwind.fr

APPENDICES

Consolidated income statement by nature

in €k

 

06/2022

 

06/2021

Revenues

 

13,500

 

9,519

Other operating income

 

1,186

 

630

Purchases consumed

 

(6,675)

 

(4,379)

Personnel costs

 

(4,202)

 

(3,330)

Other operating expenses

 

(3,783)

 

(2,539)

Taxes

 

(129)

 

(108)

EBITDA

 

(102)

 

(208)

Net changes in depreciation and amortization

 

(626)

 

(412)

Operating profit before amortization and impairment of goodwill

 

(729)

 

(620)

Amortization of goodwill

 

-

 

-

Operating profit after amortization and impairment of goodwill

 

(729)

 

(620)

Financial expenses

 

(285)

 

(137)

Extraordinary expenses

 

(7)

 

(4)

Income tax

 

167

 

166

Net income of consolidated companies

 

(854)

 

(595)

Share of profit of associates

 

-

 

-

Net income of the consolidated group

 

(854)

 

(595)

Minority interests

 

-

 

-

Net income (Group share)

 

(854)

 

(595)

Earnings per share (in €)

 

(0.13)

 

(0.09)

Diluted earnings per share (in €)

 

(0.13)

 

(0.08)

Cash-flow statement

in €k

 

06/2022

 

12/2021

 

06/2021

Net income of the consolidated group

 

(854)

 

1,283

 

(595)

Depreciation and provisions

 

507

 

897

 

438

Change in deferred taxes

 

(4)

 

163

 

(3)

Capital gains or losses on disposals

 

2

 

114

 

4

Share of profit of associates

 

-

 

(16)

 

-

Total cash-flow

 

(349)

 

2,441

 

(156)

Changes in inventories related to operations

 

(1,550)

 

374

 

(496)

Change in receivables related to the activity

 

(368)

 

(4,906)

 

(767)

Change in operating liabilities

 

2,584

 

1,403

 

123

Net cash flow from operating activities

 

317

 

(688)

 

(1,296)

Acquisition of fixed assets

 

(1,728)

 

(2,705)

 

(1,644)

Disposal of fixed assets

 

12

 

82

 

61

Impact of changes in the scope of consolidation

 

-

 

-

 

-

Net cash flow from investing activities

 

(1,716)

 

(2,622)

 

(1,584)

Borrowing issues

 

5,341

 

2,127

 

1

Loan repayments

 

(2,104)

 

(1,930)

 

(1,151)

Net change in bank overdrafts

 

1,850

 

1,150

 

650

Total net cash flow from financing

 

5,088

 

1,347

 

(501)

 

 

 

 

 

 

 

Change in cash and cash equivalents

 

3,689

 

(1,963)

 

(3,380)

Opening cash position

 

2,726

 

4,690

 

4,690

Closing cash position

 

6,415

 

2,726

 

1,309

Consolidated balance sheet

Assets (in €k)

 

06/2022

 

12/2021

Uncalled capital

 

-

 

-

Intangible assets

 

9,605

 

8,497

of which goodwill

 

4,955

 

4,955

Property, plant and equipment

 

1,314

 

1,128

Financial assets

 

1,011

 

773

Investments in associates

 

195

 

195

Total fixed assets

 

12,125

 

10,593

Inventory and work in progress

 

3,325

 

1,775

Trade receivables and related accounts

 

11,673

 

12,443

Other receivables and accruals

 

2,229

 

1,080

Marketable securities

 

-

 

-

Cash and cash equivalents

 

6,415

 

2,726

Total Assets

 

35,766

 

28,617

Liabilities (in €k)

 

06/2022

 

12/2021

Equity

 

6,475

 

6,458

Premiums related to capital

 

-

 

-

Retained earnings and consolidated income

 

2,324

 

3,195

Total shareholders' equity

 

8,799

 

9,653

Minority interests

 

-

 

-

Provisions

 

243

 

262

Borrowings and financial liabilities

 

17,298

 

11,859

Accounts payable and related accounts

 

4,266

 

2,942

Other liabilities and accruals

 

5,160

 

3,901

Total Liabilities

 

35,766

 

28,617

1 The backlog corresponds to orders for which a purchase order has been signed, some of which are invoiced on delivery and the remainder on commissioning of the trackers. 2 Using the subtractive method, EBITDA is obtained by adding depreciation and provisions, net of write-backs, to operating income.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221017005743/en/

Groupe OKwind Investor Relations investors@okwind.com

NewCap Mathilde Bohin / Thomas Grojean Investor Relations okwind@newcap.eu T.: +33 (0)1 44 71 94 94

NewCap Nicolas Merigeau Media Relations okwind@newcap.eu T.: +33 (0)1 44 71 94 98