MND: 2021/2022 Semi-Annual Results-April 15, 2022 6:00 pm

  • Revenue growth: + 41%

  • Raise gross profit margin to 38%

  • Adjusted EBITDA improved to 4.8 million euros

MND (Euronext Growth – FR00140050Q2 – ALMND)

A French industrial group specializing in cable mobility, snowmaking systems, mountain safety and thrilling leisure facilities, has published six months of results (from 1).

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(From July 2021 to December 31, 2021) Fiscal year 2021/2022 ending June 30, 2022. These unaudited semiannual financial statements summarized below were approved by the Board of Directors during the April 15 meeting. 2022. 2021/2022 The semi-annual report will be available in the Investors section (Financial Information section, Financial Reports section) of the MND website (www.mnd-bourse.com) by the end of April.

1 financial result

RE

Half of the fiscal year 2021/2022

Million Euros-IFRS Reporting Standards-Integrated Data

1

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2020/2021 semester

1

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2021/2022 semester

change

training

2020/2021

turn over

28.2

39.7

+ 41%

41.0

gross profit

1

9.7

14.9

+ 54%

13.9

%gross profit

35%

38%

34%

Adjusted EBITDA

2

0.2 0.2

4.8

+4.6 million euros

2.62.6

% Adjusted EBITDA Margin

0.7%

12.1%

6.3%

Current operating profit

-2.2

2.2

+4.4 million euros

-2.5

Operating income

-2.9

1.6 1.6

+4.5 million euros

-7.2

Revenue

3

-5.6

-6.3

1 million euros

-12.0

Net income

-8.2

-5.1

+3.1 million euros

-18.9

1

Gross Profit: Sales – Consumed Purchases.

2

Adjusted EBITDA: Adjusted EBITDA is interest, taxes and duties, depreciation, fixed asset reserves (but after deducting inventories and accounts receivable reserves), and exceptional non-recurring items for adjustment. Refers to the profit before deducting.

3

Financial Results: Cost of Net Financial Debt + Other Financial Income and Expenses.

First half 2021/2022 revenue increased significantly by + 41%

At 1

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In half of the 2021/2022 fiscal year, MND achieved revenue of € 39.7 million, up + 41%. By the middle of the year, the Group has already nearly achieved the activity levels recorded for the entire fiscal year last year, which is characterized by an economic crisis (revenues of € 41 million in 2020/2021). Impact on health mountain professionals related to pandemics and their economy.

This performance is the result of strong activity in the department

Artificial snow making & ski lift

With a large number of automated snowmaking systems for ski resorts and accelerated cable transportation activities, the project will begin production in a year and various urban mobility projects will proceed at € 30.7 million, an increase of + 79%. bottom.

Pole

Safety and leisure

Reduced by -18% at 1

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It is half of 2021/2022, but it is expected to rebound in 2 years.

Not applicable

The semester under the influence of investment by station operators in the winter of 2021/202.

1

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The 2021/2022 semester shows the group’s multicontinental presence, with 70% of its business occurring outside France (19% in Europe, 14% in North America and 18% in Asia).

Adjusted EBITDA increased to + € 4.8M at 1 point

RE

SEMESTER 2021/2022

Between 1

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In the 2021/2022 semester, MND continued to collect the effects of actions to optimize operational performance (such as reorganization of departments and relocation of industry to France) as part of its strategic transformation plan.

2024 to succeed together

“.

Therefore, despite strong global tensions on raw material prices and supply chains, half-year gross margin increased by + 54% to € 14.9 million. Gross profit margin increased from 35% in one year to 38% during the period.

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2020/20 21 semester and 32% of 1

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2019/2020 semester.

Good cost management despite savings implemented throughout the 2020/2021 fiscal year (reminders: € 7 million annual savings) and recovery of activity (+ 11% external costs and -6% labor costs) Record MND-adjusted EBITDA under the effect of

[1]

4.8 million euros for one 200,000 euros

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2020/2021 € 2.6 million for the entire semester and previous fiscal year.

After considering depreciation, depreciation and provisions, current operating profit was a positive € 2.2 million compared to a current operating loss of € -2.2 million in the previous year.

Other illiquid operating income and expenses were limited to € 600,000 in half a year, leading to a positive operating performance of € 1.6 million (compared to € -2.9 million in one year).

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2020/2021 semester). These consisted primarily of costs associated with the latest work to adapt the structure of the group in Europe and were completed in one day.

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2021/2022 semester.

The financial result will be -6.3 million euros, which consists of interest on financial debt.

In the end, the final result reached -5.1 million euros at 1.

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Half of 2021/2022, an improvement of +3.1 million euros compared to 1.

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2020/20 21 semester.

Balance Sheet as of December 31, 2021

As of 31 December 2021, this is traditionally the lowest annual amount of cash available, compared to € 10.0 million at the end of June 2021 and € 7.3 million at the end of December 2020. It was 5.7 million euros.

To fund the strong growth of its activities during the period, the group signed two new financial loans during one.

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€ 8 million semester: € 3 million simple bond loan (including € 2 million already repaid by 31 December 2021 and balance repaid on 31 January 2022) and A simple bond loan of € 5 million matured at Cheyne Capital at the end of 2022.

It should be noted that the amount of public aid granted in 2020/2021 that has not yet been received is € 2.1 million as of December 31, 2021.

Net financial debt (excluding IFRS 16 lease debt) as of December 31, 2021 includes € 73.9 million in preferred debt (100% capitalized interest) with Cheyne Capital and matures at 103.0 million. It was euro.

Finally

A € 19.5 million loan (100% capitalized interest) from France through the Economic and Social Development Fund (FDES), which matures in May 2024 and May 2024.

As of the end of December 2021, MND’s consolidated capital was € -65.3 million and € -58.3 million at the end of June 2021. MND’s equity capital was € 11.3 million and € 15.5 million as of December 31, 2021. As of June 30, 2021.

As of December 31, 2021, the Group was in compliance with the financial covenants.

Latest information on Russian contracts and order books

The fulfillment of the ski lift contract signed in 2021 with a Russian ski area operator scheduled for delivery in the 2021/2024 fiscal year is permanent today due to the restricted export measures of goods recently expanded to the “mountain”. The lift “activity that has been questioned. Despite the long deadline, MND has decided as a precautionary measure to withdraw this contract from the company’s purchase order, which represents a total of € 16.9 million, which has not yet been billed as of December 31, 2021. .. To be on the safe side, the Group is in constant compliance with national, European and US directives regarding economic relations with Russia.

In other words for this agreement, the purchase order as of December 31, 2021 is € 54.7 million, which includes € 22.5 million charged during the two periods.

Not applicable

2021/2022 Half of the fiscal year.

2021/2022 Annual target

By the middle of the year, the goal of strong annual growth of activity is well underway.

The recent heightened tensions in supply and logistics chains in the Ukrainian conflict nevertheless increase the risk to the company’s level of activity and margins in the short and medium term.

In this regard, the Group maintains its goal of doubling sales in the 2021/2022 fiscal year to more than € 80 million, but tensions on supply and logistics have not yet increased. If so, there is uncertainty about its achievement. complicated.

Despite tensions on raw material, energy and hardware component prices, MND confirmed its goal in 2021/2022 to improve profitability (adjusted EBITDA) compared to the previous fiscal year.

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semester.

Financial Agenda 2021/2022

  • Annual sales 2021/2022:

    August 31, 2022

  • Annual Results 2021/2022:

    October 28, 2022

All publications will be made after the closure of the Euronext Paris market.


About MND


MND is a French industrial group specializing in cable mobility, snowmaking systems, mountain safety and thrilling leisure facilities. With more than 3,000 customers in 49 countries, MND offers proven and sustainable solutions based on mountain experience in four core businesses for mobility, leisure and safety for all. I contribute every day. Based in Savoie, MND employs 300 people and relies on 7 international distribution subsidiaries and 28 distributors to operate worldwide. MND is listed on the Euronext Growth Market (FR00140050Q2 – ALMND) in Paris.

contact address

Public relations

Alexandre Berard

+33 (0) 6 45 42 95 46 – [email protected]

Financial Press Relations

Serena Boni

+33 (0) 4 72 18 04 92 – [email protected]

Public relations activities for investors

Matthew Omnis

+33 (0) 1 53 67 36 92 – [email protected]




[1]

Adjusted EBITDA is interest, taxes and duties, depreciation, fixed asset reserves (but after deducting inventories and accounts receivable reserves), and unadjusted profits of non-recurring nature exceptions. Points to.


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