The Orapi Group recorded sales of 226.6 ME in 2021. This was a -1.5% decrease compared to 2019 at certain scopes and exchange rates, and a -14% decrease compared to 2020, which is atypical in LFL. The group, which was still in a health crisis, maintained strong activity, featuring a particularly dynamic fourth quarter (+ 5.6% compared to PCC 2019). This year, thanks to the Group’s true pillar of innovation, Orapi was able to attract new customers looking for green products made in France, such as People & Baby, Alliance Healthcare and InVivo Creche. In addition, the mobilized team has seen new confidence in UGAP and CROUS.
The 2021 annual results reflect the effects of strategic focus readjustments, despite less activity.
Gross margin returned to 115ME in 2019, up 3 points to 50.7% of sales.
Detailed management of external costs (-4.7 ME for 2020 in CS) and labor costs (-5.1 ME for 2020 in CS) slows down activity (demand for disinfectants and aqueous alcohol gels). Allows EBITDA to be maintained at 19.8 ME (+5.2 ME compared to 2019 in CS), which means 8.7% of sales and current operating profit (ROC) is 8.4 ME. If you set it to (that is, 3.7% of sales), it will increase significantly compared to 2019 (+6.5 ME on PC).
-6 After considering the financial results of ME, it was affected by -1.6 ME non-recurring expenses associated with early redemption of Simple New Money Bonds and tax (-0.7 ME) on net income (group share). ) Reached 0.2ME.
Activity-related cash flows were 17.2 ME, or -11.9 ME compared to 2020 in the current range. The cash flow was + 13.4ME. The evolution of WCR is going well thanks to accounts receivable management and inventory reduction, generating a positive cash flow of 3.8ME.
Flows related to investment operations affect the cash position of -1.2ME. These primarily correspond to -6.7ME industrial investment, but are offset by the disposal of 5.8ME assets.
Cash flows related to treasury operations are -43.7 ME, consisting of -36.6 ME for loan repayments, -6.4 ME for rent paid under the rental agreement, and -0.7 ME for debt to factors. I did.
As of December 31, 2021, net cash was € 10.1 million.
In 2021, ORAP proceeded to full repayment of 23.7ME ORA1 including interest and 15.1ME OSNM including interest. These redemptions began on December 22, 2021, and the BSA exercise period began for one year, with the release of the option to exercise the ORA2 purchase option by LA FINANCIER EMG 3F.
With the completion of these restructuring operations, ORAPI was able to accelerate debt reduction (gearing-financial debt / equity excluding IFRS 16 now increased to 40%) and significantly reduce future financial costs. .. The leverage ratio is 1.8 (net financial liabilities / EBITDA).
Confirmation of strategy and purpose
The current economic situation requires caution and risks related to raw materials, supply, shortages and energy costs, and the Group is ready to tackle these medium-term challenges. In light of these early results, ORAPI is confident that it will achieve its ambition to be recognized as the premier European challenger in professional hygiene and maintenance in 2025.
This goal is underpinned by the strength of the four pillars of industrial tool-centric product innovation, brand strength, multi-channel approach and international development to achieve organic by 2025. Growth of 5% and EBITDA rose to over 10%.
Revenues for the first quarter of 2022, April 21, 2022.
General Assembly, April 29, 2022.