- Strong growth in sales over the 1st half, up +33% compared
with 1st half of 2022, to €4.0 million
- Gross margin improved from 44.5% to 48.6%
- Successful capital increase carried out as part of the IPO
in July 2023
- Continued sales momentum driven by additional customer
acquisitions and business expansion into 3 new countries
Regulatory News:
Vinpai (ISIN: FR001400AXT1; ticker: ALVIN), a specialist
in the design, manufacture and marketing of algae- and plant-based
functional ingredients for the food and cosmetics industries, today
announces its results for the first half of 2023, ended June 30,
2023, approved by the Board of Directors on October 5, 2023.
Philippe Le Ray, Chief Executive Officer and Co-founder,
declares: “The first-half results are satisfying thanks to the
Company's strong momentum, reflected by sales growth of around 33%.
Our business has been benefitting from favorable trends in our
markets, with the development of new consumer habits and the
growing desire to consume in a responsible way, and continuing
strong demand for natural ingredients, which confirms the promising
potential of Vinpai's positioning. Thanks to our fundraising closed
in July, we will pursue our development strategy backed by the
necessary resources to meet this growing demand. We can leverage on
our capacity for innovation to expand our ranges of both natural
and clean-label ingredients to meet the needs of major industrial
players.”
2023 Half Year Results
In €k
06/30/2023
06/30/2022
06/30/2022 restated1
Change in % vs.
restated
Sales
3,984
2,294
2,294
+33.0%
Gross margin
1,935
1,334
1,334
+45.1%
Gross margin rate
48.6%
44.5%
44.5%
+4.1 pts
Earnings Before Interest and Taxes
(EBITDA)
(381)
(373)
(536)
+28.9%
Operating profit
(612)
(560)
(722)
+15.2%
Profit before taxes
(834)
(626)
(788)
-5.9%
Net profit (group share)
(781)
(573)
(735)
-6.3%
In the first half of 2023, Vinpai reported sales up +33%
compared with June 30, 2022, at €3,984k, with the sector mix
remaining unchanged. Food accounts for 75% of total sales and
cosmetics and nutraceuticals for 25%. By geographic region, Vinpai
generated nearly 55% of its sales in France. International sales
have also been dynamic, particularly in Latin America, where the
Company recorded an increase of more than 100% in sales over the
first 6 months of the year, thanks mainly to the ramp-up of
recurrent customers in Mexico and the opening of new customer
accounts in Brazil, Peru and Chile. This growth has been driven by
higher purchasing orders from major recurring customers across all
regions. The Company has also strengthened its distribution network
with the signing of a distribution agreement in the Maghreb region
with Lactavit, a supplier specializing in the procurement of food
raw materials, enabling Vinpai to expand its business in this
region.
The backlog2 stood at €6,416k on June 30, 2023, compared with
€4,241k on June 30, 2022.
Gross margin came to €1,935k, an improvement of +45% compared
with €1,334k on June 30, 2022, despite higher purchase prices for
raw materials and consumables. Thank to higher volumes, tight
control over purchasing and good pricing power, the gross margin
set to 48.6%, up 4 points over the 44.5% recorded on June 30,
2022.
The increase in operating expenses was swollen by a reversal of
a provision for paid leave, which artificially reduced personnel
costs for the 1st half of 2022. Excluding this impact, operating
expenses are increasing at a slower pace compared to sales,
resulting in an EBITDA for the 1st half of 2023 of -€381k, an
improvement of €155k compared with the restated EBITDA for the 1st
half of 2022.
Operating profit was negative at -€612k for the 1st half of
2023, compared with -€722k for the 1st half of 2022.
The financial result amounted to -€224k, mainly due to interest
payments on financing set up prior to the IPO.
After taking these items into account, net income showed a loss
of €781k, compared with a loss of €735k in the first half of
2022.
Cash position on June 30, 2023 and successful IPO
project
On June 30, 2023, Vinpai's cash position stood at €0.3 million,
compared with €0.4 million on December 31, 2022. On July 13, 2023,
the Company announced the success of its initial public offering on
Euronext Growth, with a capital increase of nearly €7 million,
including €2.4 million by debt set-off. This operation has allowed
the strengthening of the Company's financial resources and met
great success with both institutional and retail investors. On
September 30, the cash position stands at €2.2 million.
Strategy and outlook
Over the coming months, the Company intends to pursue its
development strategy, drawing on its strong capacity for innovation
to expand its ranges of natural ingredients aimed at customers in
the food, cosmetics and nutraceutical industries.
The Company will also further adapt its organization and
production facilities in order to increase its production
capacity.
This investment policy will be combined with strict control of
overhead costs and close monitoring of cash management to ensure
Vinpai’s continued progress towards operating breakeven.
Positioned on structurally promising trends and benefiting from
a strong sales momentum with a capacity to innovate and a solid
order book, Vinpai reminds its objectives for 2025, with sales of
€16 million and an EBITDA rate above 10%.
Availability of the 2023 Half Year Financial Report
The interim financial statements were approved by the Board of
Directors on October 5, 2023. The 2023 half year financial report
will be available by October 31, 2023 on the Company's Investor
Relations website (www.vinpai-finance.com), in the Documentation
section.
Next financial announcement: 2023 third quarter sales, on
November 9, 2023, after market close
About Vinpai
Founded in 2011 by Cyrille Damany and Philippe Le Ray, Vinpai is
an ingredien'tech specializing in the design, manufacture and
marketing of functional ingredients based on algae, plants,
minerals and fibers, offering manufacturers natural alternatives to
chemical additives. Positioned in the most promising market
segments, Vinpai provide supports to food, cosmetics and
nutraceutical manufacturers, thanks to its cross-technology
know-how, enabling them to upgrade the nutritional qualities of
their end products. The combination and mixing of ingredients and
food additives enable manufacturers to accelerate their
development, optimize their production costs and generate
profitability. Operating on two sites, in Saint-Dolay (Morbihan)
and near the harbour of Saint-Nazaire, Vinpai has developed over
3,500 formulations and has 39 employees. In 2022, the Company has
recorded sales of €6.2 million, over half of which abroad, and is
established in over 35 countries.
For further information: www.vinpai.com
1 In 2022, reversal of a proposal for paid leave expense of
€162,000 incorrectly booked in 2021 2 The backlog is defined by all
orders validated by customers, registered in the company's ERP
system and to be delivered within a maximum of 9 months
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231005432030/en/
Vinpai Philippe Le Ray Chief Executive Officer
investors@vinpai.com
NewCap Théo Martin Aurélie Manavarere Investor Relations
vinpai@newcap.eu T. : 01 44 71 94 94
NewCap Nicolas Mérigeau Antoine Pacquier Media Relations
vinpai@newcap.eu T. : 01 44 71 94 98
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