orege: annual results 2021 and outlook
29 Abril 2022 - 11:15AM
orege: annual results 2021 and outlook
Orege annual results 2021 Final
PRESS
RELEASE
Voisins Le Bretonneux, 29 April 2022 – 18h00
ANNUAL RESULTS
2021 AND
OUTLOOK___________________________________________________________________
Summary
financial
information for the year
ended 31
December
2021.
(Consolidated financial statements approved by
the board of directors on 26 April 2022.The statutory auditors are
finalizing their audit procedures.)
In k€ - IFRS |
FY 2021 |
FY 2020 |
Variation |
|
|
|
|
Turnover |
2 264 |
2 006 |
+13% |
|
|
|
|
Net operating expenses: |
|
|
|
Payroll costs |
-3 149 |
-3 334 |
|
Operating expenses: |
|
|
|
Manufacturing, sub-contracting |
-1 073 |
-980 |
|
Travel and subsistence expenses |
-604 |
-532 |
|
Rents and maintenance |
-422 |
-431 |
|
Other operating expenses |
-957 |
-1 334 |
|
Depreciation |
-55 |
-511 |
|
Amortization |
-500 |
-744 |
|
Total net operating expenses |
- 6 760 |
- 7 866 |
-14% |
|
|
|
|
Operating loss |
-4 496 |
-5 860 |
-23% |
Net financial loss |
-108 |
-1 563 |
|
Corporation tax |
- |
- |
|
Net loss |
-4 604 |
-7 423 |
-38% |
Turnover
The turnover for the financial year 2021 amounts
to 2 264 k€ compared to 2 006 k€ in 2020, an increase of 13%.
Net operating expenses
Total net operating expenses are down 14% from
the previous year. This decrease reflects a combination of the
actions taken during the Covid pandemic to manage Orege’s cost
base, decreasing depreciation and amortization and favorable
sterling and US dollar movements against the euro.
Financing and cash
flow
At 31 December 2021, the Group Orege had 374 k€
of cash and cash equivalents (403 k€ at 31 December 2020).
Financial debt totaled 28 494 k€, including 26
631 k€ of shareholder current account advances (2020: 23 423 k€,
including 20 909 k€ of shareholder current account advances).
Since the year end a further 3 322 k€ of shareholder current
account advance has been signed with Eren Industries which should
enable the Group Orege to cover its estimated financing needs for
2022.
Outlook
Coming out of the pandemic
In the second half of 2021 and the first months
of 2022, most pandemic-related constraints were lifted enabling
almost normal travel in Europe and in the US. Orege hopes to be
able to travel to Japan this summer. We anticipate that projects
that were signed and frozen during the pandemic should be able to
be resumed and completed in 2022 and the business development
activity in these territories has been able to resume.
In the US, we are beginning to see the benefits
of this with the delayed delivery and finalization of one project
in Wisconsin anticipated this summer and with the recent signing of
a second project in South Carolina. These two projects should
generate just under 1 000k USD of sales in 2022.
In the UK, the 2 remaining solutions purchased
by Scottish Water, via its framework contractor WGM, were delivered
in Q1 2022 as anticipated generating some 600 k€ of sales. Orege
has recently signed a contract for the sale of a solution to a new
UK water company for some 300 k€.
Business development and project execution
activity in other territories are progressing as expected.
Troubled supply chain and
the conflict between Russia
and Ukraine
The worldwide stress on supply chains has
continued and has been exacerbated by the conflict between Russia
and Ukraine. In 2021, Orege had launched the manufacture of a
certain volume of solutions for signed (and subsequently frozen)
projects and in anticipation of business ramp up and, consequently,
has these solutions in stock ready to deliver. Orege has recently
been able to secure further manufacturing of an additional number
of solutions. The Group does not, therefore, anticipate significant
constraints from the present supply chain troubles to its
activities for 2022 but is remaining vigilant about 2023 and
beyond. For example, its recent manufacturing prices
for stainless steel have increased by as much as 50% and,
consequently, the Group is presently revisiting its sales pricing
strategy.
Orege will give an update on its activity to the
market in June 2022.
Additional
Information
The 2021 Annual financial report (in French)
will be available on the company’s website (www.orege.com) from 16
May 2022.
Orege has been listed on the regulated market
Euronext – Paris since 5 July 2013 ISINFR0010609206 - OREGE.
Contact Orege:
Financial information –
George
Gonsalves George.gonsalves@orege.com
- mob: +33 6 08 03 50
72
- Orege annual results 2021 Final
- Orege annual results 2021 Final
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