WINFARM

First-Half 2023 Results

PRESS RELEASE

Loudéac, 05 October 2023

FIRST-HALF 2023 RESULTS

• Revenue up 16% despite pressure on sales prices
• Measures implemented to maintain order intake momentum and operating margins

Outlook

• Margins expected to improve in H2 2023
  
  

WINFARM (ISIN: FR0014000P11 - ticker: ALWF), the No. 1 French distance-seller for the farming industry, announced its consolidated results today for the first half of 2023.

On 5 October 2023, the Board of Directors approved the consolidated financial statements for the financial year ended 30 June 2023. These accounts have undergone a limited review by the statutory auditors. The certification reports are currently being drawn up.

Consolidated data, French accounting standards, Unaudited, in €k	H1 2023	H1 2022
Revenue	71,383	61,458
Gross margin	22,788	20,383
As a % of revenue	31.9%	33.2%
EBITDA	1,631	2,520
As a % of revenue	2.3%	4.1%
Depreciation, amortisation and provisions	(2,140)	(1,612)
Operating result	(488)	900
Net financial income	(141)	(64)
Non-recurring profit/loss	28	(171)
Corporate tax	(78)	(159)
Net income (Group share)	(689)	572

WINFARM generated consolidated revenue of €71.4m in H1 2023, up 16.1% compared with H1 2022 and stable on a like-for-like basis. The widespread decline in sales prices concerns both animal nutrition and hygiene products and, to a lesser extent, fencing and wear parts. After increases ranging from 10% to 20% for all these families since 2021, accounting overall for a third of the Company’s revenue, prices fell by 15% to 20% in H1 2023.