Good net income for 2021

At the end of fiscal year 2021, Witbe achieved consolidated sales of € 19.1 million, returning to the level of activity established before the pandemic and achieving dynamic growth of + 33% (+ 33% at constant exchange rates). Realized.

Gross profit margin remained high at 86.5%, stable compared to 2021 and unaffected by the evolution of the sales model. Throughout 2021, Witbe took full advantage of the cost structure optimization and organizational agility measures launched as part of the Operation ORION in 2020. Strong growth in activity (+ 33%) and full control of operating expenses (+ 8%) resulted in an annual Ebitda increase of 4.2ME and + 4ME in practice. The annual Ebitda margin was a record level of 21.8% of sales.

After considering depreciation and net allocation to reserves, it will increase by + 21%, reflecting Witbe’s R & D investment policy, and operating profit will be 1.89 ME, an improvement of + 3.6 ME.

The final result reached 2.1ME, showing a high net profit of 11.5%.

Balance sheet position

Witbe’s financial structure was further strengthened during the year. Witbe generated +4.6 ME operating cash flow during the 2021 fiscal year, doubling from 2020 (2.2 ME). The investment flow was -4 ME, an increase of 1.3 ME from the previous year (-2.7 ME in 2020). Financing flow is negative at -0.7 ME, reflecting financial reductions in debt over the period (1.0 ME for loan repayments, 0.4 ME for new loan issuance).

As of December 31, 2021, cash available was € 2.7 million and financial debt was reduced to € 4.3 million. They consist of a € 3.9 million guaranteed loan (Euro 3.5 million National Guaranteed Loan (PGE) in France and € 400,000 Paycheck Protection Program (PPP) in the United States). After the end of the fiscal year, this loan of 400,000 euros under PPP guaranteed by the United States Federal State was completely canceled in 2022, taking into account the company’s efforts to maintain employment during the health crisis. Converted to a public grant in March. Equivalent reduction in financial debt.

Therefore, at the end of 2021, net financial debt decreased to 1.6 ME (2.3 ME in the previous year). Affected by seasonality and strong growth at the end of the fiscal year, it is worth emphasizing the importance of accounts receivable, which reached 8.1 million at the end of 2021 and was strengthened after the closing in the first few weeks of 2022. ..

A solid start until 2022
Building on the success of the Witbox One, which went on sale in early 2021, Witbe began in early 2022 with two new Witbox models, the Witbox + and Witbox Net, to provide service operators with the most complete and scalable video testing and surveillance solutions on the market. Announced the release of. And OTT (Over-The-Top) video service providers. A few weeks after its launch, Witbox +, associated with the latest version of Remote Eye Controller (REC) software, was subject to more than 4ME record contracts delivered in the first half of 2022. We work with a major American cable operator that oversees all video services (TV, VOD services, live event broadcasts, etc.).

Beyond this agreement, Witbe will cross the Atlantic Ocean in 2022, especially on the West Coast of the United States, where the Witbox scope, the development potential offered by Witbe Cloud, and the analytics portal KPI (Key Performance Indicator) Smartgate are located. Will continue to grow in. , Major.

During the first few months of 2022, tensions on components remain severe. The group has worked hard to secure supply chains in Asia and Europe so that it can be delivered to customers on time without impacting production levels. gross profit.

2022 is on track, and by the end of March 2022, sales of 11.6 ME were achieved or will be recorded in 2022, which is more than 60% of the activity in the previous fiscal year. increase.