ABEO: ABEO: Outstanding Annual Results 2021 / 22-2022 June 08, 6:00 pm

  • 18% increase in sales

  • Current EBITDA strong growth
    [1]
    38% with record margin
    [2]
    12.8%

  • Positive free cash flow of € 20.4 million

  • Confidence in the outlook for double-digit organic growth

    Fiscal Year 2022/23

ABEO, one of the world leaders in sports and leisure equipment, has announced its consolidated annual results for 2021/22.

  • Consolidated annual results 2021/22

    (1

    er

    Audited (April 31, 2022) – ABEO’s Board of Directors met on June 8, 2022 to approve the accounting for the 2021/22 fiscal year. The auditor’s audit procedure has been carried out. The certification report will be issued after the necessary procedures for issuing the 2022 Universal Registration Document have been completed.

€ m

March 31, 2020

31.03.2021

31.03.2022

change

2022 vs 2021

turn over

235.7

174.0

205.3

+ 18.0%

Current EBITDA1

22.2

19.1

26.4

+ 37.8%

As a percentage of sales

9.4%

11.0%


12.8%


+1.8 points

Current operating profit

10.0

8.0 8.0

15.1

+ 88.6%

Operating income

8.6

3.9

14.2

+ 266.8%

Net income

0.5

-0.6

7.1 7.1

+7.7 million euros

Net income attributable to the group

0.7

-0.6

7.2 7.2

+7.8 million euros


Olivier Estèves, Chairman and Chief Executive Officer of ABEO, commented:

The Group’s fiscal year was very strong, with excellent performance in terms of both momentum and profitability of all activities, accelerating the elimination of leverage. Despite the difficult macroeconomics and health environment, supported by the team’s commitment, these results are the best since the IPO and validate the performance planning strategy we started at the beginning of the enhanced crisis. To do.


Located in a structurally vibrant market, the Group is projecting itself into a new growth cycle while maintaining a high level of operating profitability.

»»

  • Dynamic growth of 3 divisions

ABEO had a very good fiscal year 2021/22, with sales increasing 18% (organically + 16.5%) to € 205.3 million, compared to the previous fiscal year, which was heavily affected by the health crisis. It shows a significant recovery in comparison. .. Supported by the recovery of activity, the three divisions of Sports, Sport Entertainment & Climbing and Changing Room have returned to double-digit growth of 18.9%, 26.1% and 11.1%, respectively.

  • Past operational performance

    2

    : Current EBITDA margin is 12.8%, up 1.8 points

The recovery in activity and the sustained effect of the performance plan for the previous fiscal year have reduced the Group’s break-even point by more than 20%, resulting in an EBITDA of € 26.4 as of 2021/22.

[3]

The operating margin increased by 1.8 points to 12.8% of revenue, up 37.8%. Compared to the pre-crisis fiscal year 2019/20, the Group’s current EBITDA margin rate has improved by 3.4 points.

This performance is due, on the one hand, to maintaining margin rate levels despite inflationary pressures on raw materials, and, on the other hand, to a fully controlled cost structure amid strong growth.

In this way, the Group continued its strict management policy as in the previous year and increased operating expenses by 12%, but decreased by 2.6 points in proportion to sales.

division

Sports

Thanks to maintaining gross margins and managing cost structures in an inflationary environment, EBITDA is now € 15.6 million, or 15.4% of revenue, an improvement of 0.4 points over the previous fiscal year.

division

Sportainment & Climbing

The current EBITDA is € 1.7 million, 3.8% of the division’s sales, a significant improvement of 5.6 points compared to the 2020/21 fiscal year. The full effect of the performance plan allowed the division to return to a positive operating margin.

The department’s current EBITDA

Cloak

With a total value of 9 million euros, it is equivalent to 15.4% of the division’s sales, an improvement of 2.1 points compared to the 2020/21 fiscal year. With a 0.5 point improvement in gross margin and very good management of structural costs, the department was able to benefit from the full effect of the recovery of activity.

After considering depreciation (-11.2 million euros, of which -5.2 million euros related to IFRS 16), the current operating profit is 88.6%, which is a 7.4% increase in revenue to 15.1 million euros (800 in the same period last year). It was 10,000 euros). 2.8 points improvement.

Operating profit in 2021/22 was € 14.2 million, a very strong improvement of € 10.3 million compared to the previous fiscal year, with ABEO taking a net profit group share of € 7.2 million in 2021/22. is. Previous fiscal year.

  • Very solid financial situation

During the 2021/22 fiscal year, ABEO had a majority of € 24.9 million in positive cash flow and € 20.4 million in solid free cash flow, thanks to proper management of working capital, especially in the face of strong growth and supply pressure. Was born.

As of March 31, 2022, ABEO has cash of € 65.9 million. As of March 31, 2022, net financial liabilities of € 105.8 million (excluding IFRS 16) decreased by € 10.4 million (€ -11.3 million excluding IFRS 16) to € 80.5 million (excluding IFRS 16). Excluding IFRS 16, it was 47.6 million euros). IFRS 16).Therefore, with the exception of IFRS 16, ABEO indicates gearing.

[4]

Controlled by 0.5 and leverage ratio

[5]

Significantly down from 2.3.

  • Proposal for a dividend of € 0.40 per share for fiscal year 2021/22

In light of the Group’s good performance and good financial position, the Board of Directors has decided to propose a dividend of € 0.40 per share for the 2021/22 fiscal year at the General Assembly on 19 July 2022.

  • Trends and outlook

There is an order

[6]

ABEO is confident that it will maintain commercial development at a sustainable pace throughout the 2022/23 fiscal year, with a target of + 30.1% increase to € 222.5 million on March 31, 2022. Thus, in today’s more favorable market environment, and despite geopolitical tensions affecting the global economy, the Group is aiming for another year of double-digit organic growth. In addition, thanks to the sustainability of actions taken during the health crisis, the Group strives to achieve solid levels of business performance in the context of growth.

In addition, the creation of free cash flow remains a priority, and the Group will focus on proper management of WCR, costs and investments, while paying attention to the development of the pandemic in the face of inflationary pressures.

Finally, supported by a very strong financial situation, the group combines organic growth with targeted acquisitions to consolidate more mature markets, complete its brand portfolio and conquer new segments. We are actively working on a new cycle of value creation.

Future press release

July 19, 2022-Joint General Assembly (Rioz)

July 21, 2022-1 sales

er

2022/23 quarter (after market)

Find all information about

www.abeo-bourse.com


About ABEO

ABEO is a leading player in the sports and leisure market. As of March 31, 2022, the Group generated € 205.3 million in revenue, 74% of which originated outside France and had 1,413 employees.

ABEO, which creates, manufactures and sells sports and leisure equipment, supports professional customers in the implementation of projects, including specialized sports halls and clubs, leisure centers, the education sector, local governments and construction professionals.

ABEO offers unique global offers that have a presence in many areas, including gymnastics and mats, team sports equipment, physical education, climbing walls, leisure and changing room maintenance. The group has a strong brand portfolio, is a partner of the sports federation and participates in major sporting events, including the Olympics.

ABEO (ISIN code FR0013185857, ABEO) is listed in Euronext Paris-Compartment C.


contact address

If you have any questions regarding this press release or ABEO, please contact us.

News Finance & Communication

Investor Relationships – Corinne Puissant

[email protected]

Phone number: 01 53 67 36 77

Public Relations – Serena Boni

[email protected]

Tel: 04 72 18 04 92


[1]

Current operating profit + depreciation

[2]

Since the IPO of November 10, 2016 – Every year

[3]

2021/22 EBITDA (excluding IFRS 16) € 20.7 million, or 10.1% of revenue

[4]

Net financial debt-to-capital ratio (excluding IFRS 16)

[5]

Net financial liabilities to current EBIDTA ratio (excluding IFRS 16)

[6]

Non-Financial Data – To measure the commercial momentum of its activity, the Group uses, among other things, the valuation of orders placed over a given period of time. This commercial dynamics metric represents the sum of all orders recorded during the period mentioned above and compared to the same period last year.


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