- 2023 First-Half Results:
- Revenue of €27.9 million, including 26% from international
activities
- EBITDA margin of 10.4%, impacted by a general inflationary
environment
- Return to a current level of gross margin: lower volumes
offset by higher prices
- Solid financial resources as of June 30, 2023:
- Cash position of €6.5 million
- Available financing of €70 million (of which €25.5 million
already drawn down) to secure the Group's future
investments
- 2023 Q3 of €12 million, up 3.5% compared to Q3 2022
- Unchanged Group financial targets now set for 2025
Regulatory News:
Groupe Berkem (Paris:ALKEM), a leading player in bio-based
chemistry (ISIN code: FR00140069V2 – Ticker: ALKEM), announces
its half-year results for the year ended June 30, 2023, approved by
the Board of Directors on October 20, 2023. The Company also
reports on its 2023 Third-Quarter Revenue.
Olivier FAHY, Chairman and CEO of Groupe Berkem, stated:
“The First-Half Results we are publishing today reflect the
significant structuring phase our Group is undergoing in a
persistently tense economic environment. Since the conflict in
Ukraine, our "Construction & Materials" and "Hygiene &
Protection" divisions have been impacted by a building market that
has been in steep decline for many months. However, lower volumes
were offset by higher prices, enabling the Group to return to its
pre-crisis gross margin levels. All the investments we have made
over the last few months, whether in R&D, business development
or external growth, are aimed at positioning our Group as a
benchmark player in the four divisions we serve. We already
launched several products to meet the naturalness and performance
challenges faced by industrials, and we intend to continue along
this path by developing new, ever more innovative solutions based
on our unique expertise. In addition, with the acquisitions of
Biopress and i.Bioceuticals, we have secured two assets with
significant growth potential for the coming years, while providing
us new prospects in very promising markets. 2023 thus promises to
be a transition year for our Group, and while the current context
means we must postpone our financial targets, our current
achievements give us confidence in our ability to achieve them by
2025.”
2023 FIRST-HALF RESULTS
Consolidated income statement
In thousands of euros
30/06/2023 30/06/20221 % change
Revenue
27,912
28,074
- 0,6%
Other income
16
0
Purchased consumed
-12,448
-13,121
External expenses
-6,812
-5,359
Personnel costs
-7,146
-5,480
Taxes and duties
-283
-372
Amortisation
-1,902
-1,399
Depreciation and provisions
-225
-293
Change in inventories of work in progress
and finished goods
329
590
Other operating expenses and income
1,227
439
Current operating income
667
3,081
-78%
Other current operating income and
expenses
4,868
-68
Operating income
5,536
3,013
+84%
Cost of net financial debt
-710
-384
Other financial income and expenses
-127
158
Income before tax
4,700
2,787
+69%
Income tax
-655
-519
Income after tax
4,045
2,267
Net income (Group share)
4,045
2,267
+78%
Breakdown of revenue by division for
1st half
In € thousands
30/06/2023
30/06/2022
% change
Construction & Materials
12,401
13,216
-6,2%
Hygiene & Protection
6,476
6,505
-0,5%
Health, Beauty & Nutrition
8,574
8,033
+6,7%
Industry
374
104
+259,6%
Other
87
215
-59,5%
TOTAL
27,912
28,074
-0,6%
Revenue for the 1st half of 2023 were virtually stable (-0.6%)
compared with the 1st half of 2022, at €27.9 million. While the
"Construction & Materials" and "Hygiene & Protection"
divisions were strongly impacted by a building market that slowed
sharply in recent months, also due to inflationary pressures, the
"Health, Beauty & Nutrition" division saw strong growth,
supported by the Group's excellent sales momentum following the
launch of new products and distribution agreements. The "Industry"
division is beginning to benefit from investments made, notably the
acquisition of Biopress in April 2023. In the 1st half of 2023,
26% of revenue were generated from international activites.
Current operating income fell by -78% compared with the 1st half
of 2022, to €0.7 million. This decline can be explained in part by
the general inflationary environment, impacting all external
expenses incurred by the Group (energy, transport), and also by a
proactive investment policy in R&D, regulatory affairs and
business development aimed at supporting the activity of the
Group's various divisions. Groupe Berkem also recruited new staff
in the first half of the year to meet its organic growth
requirements, which, combined with the effects of inflation,
explain the increase in personnel costs to €7.1 million as of June
30, 2023.
The EBITDA margin thus stood at 10.4% for the 1st half of
2023, compared with 17.2% for the same period last year.
Other current operating income corresponds in part to a
revaluation of the assets of Biopress, a company acquired by the
Group in April 2023. The cost of net financial debt of 710 k€
(+85%) as of June 30, 2023, is due to the increase in the level of
gross debt on the one hand, and to the rise in interest rates on
the other.
After considering financial income and expenses, net income
(Group share) came to €4 million in the 1st half of 2023, up
78% on the 1st half of 2022.
CASH POSITION
As of June 30, 2023, Groupe Berkem had net cash of €6.5 million,
compared with €11.5 million as of December 31, 2022.
As a reminder, on July 26, 2022, the Group secured €70 million
in financing, including €63.5 million in senior debt with a pool of
6 French banks and €6.5 million in Recovery Bonds. As of September
30, 2023, €25.5 million of the €70 million had been used.
2023 THIRD-QUARTER REVENUE
Breakdown of revenue by division for
2023 third-quarter
In € thousands
30/09/2023
30/09/2022
% Change
Construction & Materials
5,420
5,484
-1,2%
Hygiene & Protection
2,397
2,468
-2,9%
Health, Beauty & Nutrition
3,716
3,567
+4,2%
Industry
406
20
+1 923,8%
Other
46
45
+2,4%
TOTAL Third-Quarter
11,986
11,584
+3,5%
TOTAL first nine months
39,943
39,793
+0,4%
As of September 30, 2023, Groupe Berkem's revenue for the first
nine months of 2023 reached €39.9 million, compared with €39.8
million in Q3 2022, i.e. +0.4%.
The "Construction & Materials" and "Hygiene &
Protection" divisions suffered a decline compared with Q3 2022 of
around -1.2% for the former and -2.9% for the latter, again due to
the adverse market environment in the construction sector in France
and internationally. The "Health, Beauty & Nutrition" division
continues to grow, thanks to the Group's various innovative product
launches for the cosmetics and nutraceutical sectors, posting a
4.2% increase over 2022 over the same period. Lastly, the
"Industry" division saw a significant increase in revenue, although
its share in the Group's business mix remains marginal, thanks in
particular to investments made by Groupe Berkem in Biopress
assets.
2023 FIRST NINE MONTHS HIGHLIGHTS
External growth operations
February: Acquisition of
i.Bioceuticals, exclusive North American distributor of
nutritional supplements from the Dutch company INC, enabling Groupe
Berkem to distribute its full range of antioxidant active
ingredients directly in North America, thus broadening its offering
in the Nutraceuticals segment.
April: Acquisition of
Biopress, a French producer of 100% vegetable oils and
proteins. With this operation, the Group now benefits from a local
supply of technical vegetable oils, consolidates its offering for
the "Health, Beauty & Nutrition" and "Industry" divisions, and
secures new commercial opportunities in the food market.
Activity
March: Launch of H2OLIXIR, a new
range of 100% natural floral waters with 97.5% organic content,
aimed at the health and beauty industries.
April: Marketing of Termifuge
K, a ready-to-use preventive anti-termite and water-repellent
solution for the construction industry. This boosted solution
reduces the content of conventional biocides by 50%, thanks to the
integration of a bio-based booster and the benefits of a
plant-based insecticide, formulated by Groupe Berkem.
September: Launch of
BiombalanceTM, a range of premium active
ingredients targeting the balance of intestinal microbiota, a
global public health issue for the food supplements market.
International
March: Partnership with
Unipex for the distribution of its cosmetic ingredients in
Benelux and French-speaking Switzerland.
April: Partnership with
Kreglinger for the distribution of its cosmetic ingredients in
the UK.
June: Partnership with
Azelis for the distribution of its cosmetic ingredients in
Thailand and South Korea.
June: Signature of a memorandum
of understanding for the creation of a joint venture between Groupe
Berkem and Groupe Dolidol, the leading pan-African player in
the polyurethane foam, bedding and industrial joinery sectors, to
set up an alkyd resin production and marketing site in Ivory
Coast.
July: Partnership with Indchem
International, a major global supplier of cosmetic ingredients
for the beauty sector, for the distribution of its cosmetic
ingredients in India.
August: Partnership with
Eigenmann & Veronelli, an international solutions provider
in the specialty chemicals and food ingredients industry, for the
distribution of cosmetic ingredients in Turkey.
Financial targets unchanged, but postponed to 2025 due to
adverse economic conditions
As a reminder, within the framework of its IPO in December 2021,
the Company had initially announced a revenue target of at least
€65 million in 2024, which could be increased to at least €85
million in the case of external growth operations. By the same
date, the Group's target was to achieve an EBITDA margin of around
25%.
As announced on October 13, 2023 at the occasion of its 2024
budget review, due to a deteriorated economic and geopolitical
context since the conflict in Ukraine, the Group experienced on the
one hand a general increase in its operating expenses due to
inflation, and on the other hand has suffered a sharp slowdown in
its "Construction & Materials" and "Hygiene & Protection"
divisions impacted by a building market that has been slowing down
sharply for several months, also linked to inflationary pressures.
Our objectives remain unchanged, but we now aim to achieve them by
2025.
Availability of the 2023 First-Half financial report
The First-Half financial statements were approved by the Board
of Directors and reviewed on October 20, 2023. The 2023 First-Half
financial report will be filed with the Autorité des marchés
financiers and will be available by October 31, 2023, on the
Company's investor website.
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 €51.8 million in 2022.
The Group has almost 200 employees working at its head office
(Blanquefort, Gironde) and 4 production facilities in Gardonne
(Dordogne), La Teste-de-Buch (Gironde), Chartres (Eure-et-Loir) and
Tonneins (Lot-et-Garonne).
Groupe Berkem has been listed on Euronext Growth Paris since
December 2021 (ISIN code: FR00140069V2 - ALKEM).
www.groupeberkem.com
------------------
1 Pro forma financial statements for 2022, following the
transition to IFRS from January 1, 2023
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231023604457/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 / Antoine Pacquier Phone: +33 (0)1 44 71
94 94 berkem@newcap.eu
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