- Growth in restated revenue1 over the 1st half of 2024, up
+28.2% compared with 1st half of 2023, to €5.1 million
- Results reflect development investments
- Backlog impacted by an unfavorable economic trend for
consumption, especially organic and natural products
- Postponement by one year of targets of revenue of €16
million and EBITDA >10%, to 2026
- Short-term momentum driven by the launch of new
products
Regulatory News:
Vinpai (ISIN: FR001400AXT1; ticker: ALVIN), a specialist
in the design, manufacture and marketing of algae- and plant-based
functional ingredients for the food and cosmetics industries, today
announces its results for the first half of 2024, ended June 30,
2024, approved by the Board of Directors today.
Philippe Le Ray, Chief Executive Officer and Co-founder,
states: “In the midst of an economic climate impacted by rising
prices penalizing consumption, particularly organic and natural
products, we have achieved double-digit revenue growth thanks to
the efforts of our sales force and our capacity for innovation. To
maintain this momentum, we have strengthened our sales efficiency
through the implementation of a targeting strategy of key and
large-scale players, with a focus on several flagship and high
value-added ranges in our product mix:
- Vin’FibrAlg designed to replace chemical additives;
- V-Salt aimed at replacing salt;
- ULTRATEX CARE, for more eco-friendly cosmetics production.
We look forward to building on this strategy, initiated in
April, to boost our revenue from the 4th quarter of 2024. At the
same time, we remain active in high-potential export zones such as
India, where we have set up a strategic partnership, Pakistan and
South-East Asia. We are thus confident in Vinpai’s ability to
achieve its mid-term targets for revenue of €16 million and EBITDA
above 10%, despite recent economic trends leading to postpone their
achievement by one year.”
2024 Half Year Results
In €k - unaudited
06/30/2024
06/30/2023
Change in %
Reported revenue
4,724
3,984
+18.6%
Restated revenue
5,11111
3,984
+28.2%
Gross margin
1,967
1,935
+1.7%
EBITDA
(957)
(381)
n/a
Operating profit
(1,203)
(612)
n/a
Profit before taxes
(1,342)
(834)
n/a
Net profit (group share)
(1,276)
(781)
n/a
In the first half of 2024, Vinpai reported restated sales up
+28% compared with June 30, 2023, amounting to €5,111k1 (vs.
€3,984k as of June 30, 2023). On a reported basis, revenue amounted
to €4,724k (+19% compared with the same period in 2023) with the
business mix remaining unchanged, food segment accounting for more
than 80% of total revenue.
The backlog stood at €3.3 million on September 30, 2024. This
backlog level is the result of:
- the scaling-up of the Company’s industrial facility at the end
of 2023, which has significantly accelerated the production pace
and enabled the backlog to be delivered more quickly, with lead
times between 4 and 6 weeks, and
- normalization resulting from the hedging of raw materials
supply risk over the last two years by industrial companies, now
moving back to a just-in-time inventory management policy by
shortening order planning horizons.
In the first half of 2024, gross margin stood at €1,967k
compared to €1,935k on June 30, 2023, bringing the gross margin
rate down 7 points to 41.6%, compared with 48.6% in the first half
of 2023. This downturn stems directly from an unfavorable product
mix, as sales shifted to lower value-added products due to
consumers adopting more budget-friendly products against a backdrop
of high prices.
Operating expenses increased by +30% to €5.9 million as of June
30, 2024, mainly due to the scaling-up of the production facility
and the implementation of the strategy aimed at boosting sales to
large groups. The Company’s EBITDA thus sets at -€957k as of June
30, 2024, compared with -€381k as of June 30, 2023.
Operating profit amounted to -€1,203k, compared with -€612k at
the end of June 2023.
After taking into account a financial loss of -€147k, relating
to interest payments on financing secured, and non-recurring income
of €9k, the net loss deteriorated to -€1,276k in the first half of
2024, compared with -€781k in the first half of 2023.
Cash position as of September 30, 2024
On September 30, 2024, Vinpai's cash position, strengthened over
the 3rd quarter by an advance on a partner's current account from
one of the founding shareholders, stood at €184k, compared with
€269k on December 31, 2023. In this respect, the Company is
unlikely to repay the principal amount of its mid- to long-terms
debt maturing within the next 12 months. It estimates that its
current cash position will be sufficient to meet all its maturities
by December 2024. Consequently, the Company is actively exploring
other sources of financing to refinance its debts, by rescheduling
them, and to finance its development. At the same time, it will
maintain strict cost control in order to preserve its cash
position.
Strategy and outlook
Over the coming months, Vinpai intends to pursue its growth
momentum by maintaining a controlled operating cost structure. The
Company will benefit from the roll-out of new products presented at
the beginning of the year (Vin’Curd+ and ULTRATEX CARE), from
improved referencing with major global groups and a broader
commercial reach, particularly in Asia, a high potential market.
Vin’UV Protect, a sun protection solution for the cosmetics
industry, pursues its development with a marketing planned for the
4th quarter of 2024.
Considering the slowdown in sales growth observed over the last
few months but given the potential of new products and the
structural growth of plant-based solutions in the food and personal
care sectors, the Company expects the achievement of its targets of
revenue of €16 million and an EBITDA rate of over 10% by one year,
to 2026 (instead of 2025 as initially announced).
Availability of the 2024 Half Year Financial Report
The interim financial statements were approved by the Board of
Directors on October 2, 2024. The 2024 half year financial report
will be available, within the legal deadlines, by October 31, 2024
on the Company's Investor Relations website
(www.vinpai-finance.com), in the Documentation section. The interim
financial report contains an observation concerning the Company's
ability to continue as a going concern over the next 12 months
given its current cash position.
Next event:
- Investor Access, on October 15-16, 2024 : Vinpai’s
management will be available to investors for individual
face-to-face interviews.
Next financial announcement: 2024 third quarter sales, on
October 31, 2024, after market close
About Vinpai
Vinpai is an ingredien'tech company specializing in the design,
manufacture and marketing of algae, plants, mineral and fiber-based
functional ingredients offering manufacturers natural alternatives
to chemical additives. Positioned in the most promising market
segments, Vinpai now supports manufacturers in the food industry,
its historical market, cosmetics and nutraceuticals, thanks to
cross-technology know-how, enabling them to increase the
nutritional qualities of their finished products. The combination
and association of ingredients and food additives allows
manufacturers to accelerate their development, optimize their
production costs and generate profitability. Operating from two
sites, in Saint-Dolay and Rieux (Morbihan) near the port of
Saint-Nazaire, Vinpai has developed more than 3,500 formulas and
now has 47 employees. In 2023, the Company generated revenues of
nearly €8 million, more than half of which abroad, and is
established in more than 35 countries.
For further information: www.vinpai.com
Disclaimer This press release may contain forward-looking
statements about the Company's objectives and prospects. These
forward-looking statements are based on the current estimates and
expectations of the Company's management, and are subject to risk
factors and uncertainties, including those described in its 2023
annual financial report published on April 10, 2024.
Readers' attention is particularly drawn to the risks and
uncertainties inherent in the Company's short- or medium-term
working capital requirements, its current financing horizon being
limited to the end of December 2024. The Company is also subject to
other risks and uncertainties, such as the Company's ability to
implement its strategy, the pace of development of Vinpai's
production and sales, changes in the competitive environment and,
more broadly, any risks associated with managing the Company's
growth.
The forward-looking statements contained in this press release
may not be achieved due to these or other unknown risk factors and
uncertainties, or factors which the Company does not currently
consider material and specific.
The occurrence of all or part of such risks could cause the
actual results, financial conditions, performances, or achievements
of Vinpai be materially different from those mentioned in the
forward-looking statements.
This press release and the information it contains do not
constitute an offer to sell or subscribe, or the solicitation of an
order to buy or subscribe, Vinpai shares in any country.
____________________ 1The restatement concerns the recognition
in sales of €290k of costs and freight (CFR deliveries) and
invoices to be issued (FAE, “facture à établir” in French) at the
end of June 2024.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241002932511/en/
Vinpai Philippe Le Ray Chief Executive Officer
investors@vinpai.com
NewCap Théo Martin Aurélie Manavarere Investor Relations
vinpai@newcap.eu T. : 01 44 71 94 94
NewCap Nicolas Mérigeau Media Relations vinpai@newcap.eu
T. : 01 44 71 94 98
Vinpai (EU:ALVIN)
Historical Stock Chart
From Oct 2024 to Nov 2024
Vinpai (EU:ALVIN)
Historical Stock Chart
From Nov 2023 to Nov 2024
