- Strong growth in sales over the year, +27% compared to 2022,
to €7.9 million
- Gross margin improved +27%, to €3.8 million
- EBITDA1 restated2 increased 27%, to €-0.7 million
- Continued sales momentum, with a total backlog3 of over €5
million as of December 31, 2023
- Ongoing search for new financing resources to strengthen the
balance sheet structure and cash position following the successful
IPO
- Confirmation of mid-term financial targets:
- Financial targets for 2025 maintained, with sales of €16
million and EBITDA rate1 over sales above 10%
Regulatory News:
Vinpai (ISIN: FR001400AXT1 ; Ticker: ALVIN), the
specialist in the design, manufacture and marketing of functional
ingredients based on algae and plants for the food and cosmetics
industry, today announces its 2023 full year results, for the year
ended December 31, 2023, approved by the Board of Directors
today.
Philippe Le Ray, Chief Executive Officer and Co-founder,
states: “Following a transforming 2023 financial year, Vinpai has
established an operational structure enabling it to fully leverage
its commercial potential and accelerate the conversion of orders
into revenue. The installation of new equipment at our Saint-Dolay
site will enable us to double production and fully capitalize on
the success of our sales team, which is now reinforced and better
structured. Finally, following on from this year's successful IPO,
Vinpai will continue to strengthen its balance sheet structure by
actively looking for new financing opportunities, prioritizing
solutions most favorable for its stakeholders, particularly its new
shareholders.”
2023 Full Year Results
In €k (French standards)4
12/31/2023
12/31/2022
Change in %
Revenue
7,901
6,221
+27.0%
Gross margin
3,837
3,032
+26.5%
EBITDA
-1,021
-746
37.0%
EBITDA restated2
-664
-746
12.3%
Operating profit
-1,637
-1,256
+30.4%
Profit before taxes
-2,111
-1,492
+41.4%
Non-recurring items
-1,459
-127
n.s.
Net profit (group share)
-3,433
-1,488
+130%
In 2023, Vinpai recorded sales up +27% on 2022, at €7,901k, with
the sector mix remaining unchanged, with food accounting for 81% of
total sales and cosmetics and nutraceuticals for 19%. In 2023,
international sales were dynamic, particularly in the Americas,
spurred by the ramp-up of recurrent customers in Mexico and the
opening of new customer accounts in Brazil, Peru, and Chile.
The backlog was €5,200k as of December 31, 2023, compared with
€6,100k as of December 31, 2022. Vinpai will be able to meet this
sustained demand thanks to the installation of new production
equipment on its Saint-Dolay site during the last quarter of 2023,
enabling the company to double its production capacity.
Gross margin stood at €3,837k as of December 31, 2023, compared
with €3,032k as of December 31, 2022, up +27%, despite higher
purchase prices for raw materials and consumables. The increase in
volumes, combined with rigorous management of purchasing prices and
good pricing power, has brought the gross margin ratio to 48.6% as
of December 31, 2023, stable compared with December 31, 2022
(48.7%).
Over the 2023 fiscal year, operating expenses rose due to the
recording of non-recurring expenses of €357k, relating mostly to
personnel costs and expenses associated with the IPO that could not
be recognized as assets, resulting in EBITDA of €-1,021k. Excluding
this impact, EBITDA for 2023 was €-664k, improving by 12.3%
compared with 2022.
Operating income was negative at €-1,637 for 2023, compared with
€-1,256k in 2022. The financial income came to €-474k in 2023,
relating to debt servicing and in particular to interest payments
on financing secured prior to the IPO. All in all, and after taking
into account exceptional income of around €-1,459k, linked to the
reinstatement of Cyrille Damany's shareholder current account,
which was partially repaid by offsetting the amount of the latter's
subscription as part of the Company's IPO, net income shows a loss
of €-3,433k, compared with a loss of €-1,488k as of December 31,
2022.
Cash position and 2024 outlook
As of December 31, 2023, Vinpai's cash position amounted to €0.3
million, compared to €0.4 million as of December 31, 2022, after
the partial repayment of a bond loan and a €1.25 million bank
loan.
During the first quarter of 2024, Vinpai secured an innovation
loan from Bpifrance amounting to €1.0 million, with a 2-year
repayment deferment, aimed at financing R&D, particularly for
the Vin’UV range, bringing the Company's cash position to €0.7
million as of March 31, 2024.
With this commercial momentum, the doubling of its production
capacity, and a strong ability to innovate, Vinpai expects another
year of double-digit revenue growth.
However, the growth in revenue in 2024 and the resulting
profitability improvement will not be sufficient for Vinpai to
repay the principal of medium and long-term debts maturing within
the next 12 months. The Company plans to secure other sources of
financing to both refinance these debts by rescheduling them and
finance its working capital requirements to support its growth.
The Company estimates that its current cash resources will be
sufficient to meet all its debt maturities until September
2024.
Strategy and mid-term objectives
The year 2024 will be marked by the continued development of the
Company in line with the roadmap presented during the IPO conducted
in July 2023.
Benefiting from several years of R&D, Vinpai has a strong
capacity for innovation, allowing it to expand its range of natural
ingredients. The Company plans to launch three new products in the
coming months:
- « Vin’Curd+ », a natural solution derived from the
"Vin’FibrAlg" range dedicated to enhancing cheese products through
milk coagulation, for which Vinpai has recently obtained a patent5.
The Company recorded initial sales during the first quarter of
2024.
- The Company is also finalizing the "Vin’UV" range, dedicated to
sun protection, which will be marketed in the second half of 2024;
as well as
- « ULTRATEX CARE », a functional ingredient for cosmetics
manufacturers to create cold emulsions, with commercialization also
scheduled for the second half of 2024.
With its innovation portfolio and favorable market trends, the
Company confirms its objectives for 2025, targeting a revenue of
€16 million and an EBITDA rate over 10%.
Vinpai will presents the 2023 results and the 2024 outlook
during a webinar following the publication of its 2024
first-quarter revenue.
Availability of the 2023 financial report
The Board of Directors, held on April 4, 2024, approved the
annual account statements and its 2023 annual financial report.
Next financial announcement: 2024 first quarter sales, on
April 25, 2024, after market close
About Vinpai
Founded in 2011 by Cyrille Damany and Philippe Le Ray, Vinpai is
an ingredien'tech company specializing in the design, manufacture
and marketing of algal, vegetable, mineral and fiber-based
functional ingredients offering manufacturers natural alternatives
to chemical additives. Positioned in the most buoyant 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 44 employees. In 2023, the Company generated revenue of
nearly €8 million, more than half of which was exported, and is
established in more than 35 countries.
For more information: www.vinpai.com
1 For comparison purposes, Vinpai has decided to use EBITDA as
its main guidance indicator. EBITDA corresponds to gross operating
profit - operating subsidies + taxes + transfers of expenses 2
EBITDA has been restated for non-recurring items booked in 2023
totalling €357k (exceptional costs relating to the use of temporary
staff following the unavailability of a machine and costs relating
to the IPO that cannot be recognized as assets) 3 The backlog is
defined by all orders validated by customers, registered in the
company's ERP system and to be delivered within a maximum of 9
months 4 Accounts have been audited, report is currently in
progress 5 Patent registered with INPI on 12/22/2023 under number
R40739FR
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240404501601/en/
Vinpai Philippe Le Ray CEO investors@vinpai.com
NewCap Théo Martin Aurélie Manavarere Investor Relations
vinpai@newcap.eu T. : 01 44 71 94 94
NewCap Nicolas Mérigeau Antoine Pacquier Media Relations
vinpai@newcap.eu T. : 01 44 71 94 98
Vinpai (EU:ALVIN)
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