Winfarm : Sharp growth in results for the 2021 financial year.
2022: reaffirmed confidence in a tense environment that demands
PRESS RELEASE Loudéac, 30 March
Sharp growth in results for the 2021
Revenue up +9.3%
High gross margin maintained, and profitability
reaffirmed confidence in a tense
environment that demands vigilance
WINFARM (ISIN: FR0014000P11 - ticker:
ALWF), No. 1 French distance-seller for the farming
industry, today announced strong growth in its
consolidated annual results for the 2021 financial year.
On 30 March 2022, the Board of Directors
approved the consolidated financial statements for the financial
year ended 31 December 2021. These financial statements have been
reviewed by the statutory auditors and the certification reports
are currently being prepared. The consolidated financial statements
for the 2021 financial year are available on the company's website
in the investor section.
Consolidated data, French accounting standards, Audited financial
statements in €m
As a % of revenue
As a % of revenue
Sponsorship and image rights expenses 1
As a % of revenue
Depreciation, amortisation and provisions
Share of net income of companies accounted for by the equity method
Net income (Group share)
CONSOLIDATED REVENUE GROWTH OF
In 2021, WINFARM recorded consolidated revenue
of €108.1m, up +9.3% (+2.8% organic growth), integrating BTN de
Haas, acquired in July 2021, for a contribution of €6.4m over the
of annual revenue), under the Vital Concept brand, posted revenue
of €96.7m, up 13% compared to 2020.
WINFARM continued to benefit in particular from
the momentum of the horse and landscape diversification markets,
whose sales showed high growth rates in 2021 of +28% and +54%
respectively. These performances confirm the still very significant
growth pool of these markets, which had already posted strong
growth in previous years, +23% and +42% respectively in 2019, and
+33% and +88% respectively in 2020.
Agronutrition (9% of annual
revenue), under the Alphatech brand, posted revenue of €9.8m,
having suffered from the economic downturn over the financial year,
penalised in particular by the health environment with restrictive
measures for trade outside France. As a reminder, Alphatech
generates over 50% of its revenue abroad.
The launch of a new operational division at
Alphatech in H1 2021 sparked fresh momentum that has already been
illustrated by double-digit sales growth in the last two months of
the year and which is expected to continue in the coming
SUSTAINED INCREASE IN GROSS MARGIN AND
The increase in activity resulted in a rise in
gross margin of +9% to €36.1m. This accounted for 33.5% of 2021
revenue, compared with 33.6% in 2020. Against a backdrop of
widespread inflation in commodity costs, this performance
demonstrates the Group's ability to effectively pass on the
purchase price increases recorded over the period.
Agro-supply EBITDA increased by +58% to €6.8
million, representing an EBITDA margin of €7.0% (+2 points), under
the combined effect of the reduction in sponsorship and image
rights expenses, the contribution of BTN de Haas, acquired in July
2021, in the amount of €702k, an increase in the average basket on
the markets for diversification of the horse and landscape and
control of employee numbers.
Agronutrition's EBITDA was resilient in a
context of declining activity, coming out at €0.7m compared to
€0.4m in 2020, for an EBITDA margin of 7.3% over the year.
Overall, consolidated EBITDA rose sharply by
+81% to €4.9m, representing 4.5% of sales for 2021 versus 2.7% in
2020 (6.0% adjusted EBITDA margin in 2020, if we include
sponsorship and image rights expenses for €3.3m in 2020, the
contract for which ended at the end of 2020).
After taking into account depreciation,
amortisation and provisions for €3.1m, operating income multiplied
by 3 to reach to €2.2m, compared to €0.7m in 2020.
Incorporating financial income of €0.1m and the
tax expense of €0.7m, net income Group share is multiplied by 2.8
to reach €1.4m, compared to €0.5m in 2020.
A STRENGTHENED FINANCIAL
As at 31 December 2021, the company posted
equity of €22.7m for financial debt of €21.8m (including amounts
due to credit institutions, financial liabilities on financial
leases, current bank loans and contributions to current accounts),
down €2.3m compared to 2020.
Cash stood at €12.2m, including the proceeds
from the exercise of the overallotment option related to the
fundraising carried out in December 2020 as part of the company’s
REAFFIRMED CONFIDENCE IN
2022 IN A TENSE ENVIRONMENT THAT DEMANDS VIGILANCE
The beginning of 2022 has been characterised by
a continued rise in the cost of commodities, encouraging WINFARM to
be extremely vigilant. While WINFARM managed to pass on all
purchase price increases in 2021 to its sales prices, a prolonged
continuation of these increases in 2022 could temporarily penalise
the Group's margins.
Apart from these economic factors, WINFARM
reiterates its confidence in achieving another year of growth in
To this end, WINFARM will draw on the revival of
its Agronutrition business, with a new management team that came
into force in 2021, and the provision of new sales resources to
address three new regions abroad: Southeast Asia, Latin America and
the Middle East.
In addition, WINFARM plans to launch the
construction of an extension of the food supplement plant in H1
2022, for a total investment of €3.5m, which will contribute to the
nutrition activity from the second half of 2023.
In the Agro-supply business, WINFARM will
continue its voluntary acquisition strategy by expanding its
customer base, particularly by addressing new market segments such
as grain producers, increasing the average basket through greater
customisation of online offers and capitalising on its subsidiaries
in Belgium and the Netherlands to conquer new international
markets, particularly in Flanders.
After the successful acquisition of BTN de Haas
in 2021, WINFARM intends to pursue its external growth strategy,
particularly on the international front, which presents
high-potential opportunities, but also in France with a view to
consolidating its positions.
In the longer term, the Group reconfirms its
objectives to achieve revenue of around €200m and an EBITDA margin
of around 6.5% by 2025. Half of this acceleration in growth would
be achieved through organic growth and half through external
Founded in Loudéac, in the heart of Brittany, in
the early 1990s, WINFARM is now the French leader in distance
selling for the agricultural world. WINFARM offers farmers and
breeders comprehensive, unique and integrated solutions to help
them meet the new technological, economic, environmental and social
challenges of the next generation of agriculture.
With a vast catalogue of more than 15,500
product references (seeds, phytosanitary, harvesting products,
etc.), two-thirds of which are own brands, WINFARM has more than
45,000 customers in France, Belgium and the Netherlands.
By 2025, WINFARM aims to achieve revenue of
around €200m and an EBITDA margin of about 6.5%.
For more information about the company:
communicationsBenjamin LEHARI+33 (0) 1 56 88 11
ACTIFIN, financial press relationsJennifer
JULLIA+33 (0)1 56 88 11 email@example.com
1 The Group has sponsored a professional cycling
team under a 3-year contract. In 2020, WINFARM reported on adjusted
EBITDA, restated for these costs, for the purpose of presenting the
Group’s economic performance without taking these specific expenses
into account. From 2021, the securities sponsor contract became a
partnership agreement and the Group decided to return to an EBITDA
2 EBITDA restated for expenses related to
cycling sponsorship and image rights
3 22% stake in Pineau Cycling Evolution (cycling
team) sold on 25/06/2020
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