2023-10-27 16:11:13
Real time Euronext Paris 14:38:33 10/27/2023 Varia. 5d. Varia. Jan 1 EUR 14.60 0.00% 0.00% -17.05%
October 27, 2023 at 6:11 p.m.
Press release
Paris, October 27, 2023 at 6:00 p.m.
Results for the first half of 2023
Turnover: €50.1 million Current operating income: €2.9 million (i.e. 5.8% of turnover) Consolidated net income: €2.2 million (i.e. 4.5% of turnover) business) Net financial debt at 58.2% of equity
The Board of Directors of ROUGIER SA (ALRGR, ISIN code FR0000037640) meeting on October 26, 2023 examined and approved the unaudited accounts for the first half of 2023. With a turnover of €50.1 million and consolidated net income of €2.2 million, the half-year performance confirms ROUGIER’s ability to continue the recovery of its profitability. Confident in its fundamentals and its prospects, ROUGIER continues its development around its competitive strengths to strengthen its position in the responsible African wood market.
Semester activity
The consolidated turnover for the first half of 2023 stands at €50.1 million, a level comparable to the first half of 2022 which was up +79% compared to the previous year.
This change in sales mainly reflects the increase in forestry production in volume in Gabon (+2% compared to the previous year) and Congo (+72% compared to the previous year), the significant increase in industrial activity in Congo and the good performance of trading sales by Rougier Afrique International. These elements made it possible to offset the downward trend in selling prices since the start of the financial year.
By product, the breakdown of ROUGIER’s consolidated turnover is as follows:
As of December 31
S1 2023
20221
(6 months)
(12 months)
M€
% CA
M€
% CA
Logs
21,6
43,1%
41,5
40,3%
Sawn timber and derivatives
14,4
28,8%
29,2
28,3%
Panels and derivatives
13,8
27,5%
31,8
30,9%
Divers
0,3
0,6%
0,5
0,5%
Group annual turnover
50,1
103,0
*Unaudited
1 It is specified that ROUGIER has not established or published half-year accounts in 2022, the 2020 and 2021 annual accounts having been approved by the General Meeting of December 22, 2022. Consequently, the 2023 half-year accounts have been established without comparison half-yearly. The 2022 data is presented for information purposes only.
1
Half-year results
ROUGIER recorded good results with positive contributions from each of its activities.
EBITDA (current operating income before depreciation and provisions) stands at €8.4 million, or 16.8% of 2023 half-year turnover compared to 15.1% of 2022 annual turnover. This development is mainly explained by the improvement in the gross margin rate and the control of variable costs (energy and transport in particular) in a context of stable fixed costs.
After taking into account depreciation and provisions for (€5.5) million, the current operating profit2 amounts to €2.9 million, and represents 5.8% of half-yearly turnover, compared to 5.3% for the entire 2022 financial year.
Operating profit amounted to €3.0 million, or 5.9% of half-year turnover, compared to 9.2% for the entire 2022 financial year. Remember that in 2022, the operating profit of the financial year took into account a reversal of depreciation on Gabon’s assets for an amount of €3.8 million.
Net income stood at €2.2 million (€1.5 million Group share), including a cost of net financial debt of (0.3) million euros and a tax charge of 0 .4 M€.
Financial structure
After taking into account the result for the half-year, consolidated shareholders’ equity increased by €2.2 million compared to December 31, 2022 to stand at €18.2 million.
Consolidated net financial debt remains under control and amounts to €10.6 million as of June 30, 2023, compared to €9.1 million as of December 31, 2022. It represents 58.2% of shareholders’ equity compared to 55.5% as of December 31, 2023. December 2022 and 143.0% as of December 31, 2021.
Summary of results and assessment
In M€
S1 20233
2022
Consolidated data
(6 months)
(12 months)
Income statement items
Turnover
50,1
103,0
EBITDA
8,4
15,6
In % CA
16,8%
15,1%
current operating income
2,9
5,5
In % CA
5,8%
5,3%
Operating income
3,0
9,5
In % CA
5,9%
9,2%
Net profit
2,2
8,0
In % CA
4,5%
7,8%
Net income Group share
1,5
5,8
In % CA
3,0%
5,7%
Balance sheet items
Equity
18,2
16,0
Gross financial debt
13,9
14,5
Cash and cash equivalents
3,3
5,4
The current operating profit represents the operating profit linked to the operational activity of the company from which certain non-current elements are deducted which are likely to distort the reading of the performance of the recurring activity of the company due to their characteristics. unusual, abnormal or infrequent. Unaudited data
Post-closing event
The current situation in Gabon creates a climate of waiting in business. Social movements have been triggered in certain companies in the country. The transitional authorities have taken stock of the economic challenges and are doing their utmost to restore a peaceful climate.
Perspectives
ROUGIER is continuing its strategy focused on the development of sustainable and certified exploitation of natural forests in Gabon and the Republic of Congo, as well as the industrial transformation and international marketing of African tropical timber on international markets demanding in terms of environmental responsibility. This strategy allows it to support the growth of its profitable activities in a slowing commercial context in the second half of 2023.
Confident in its prospects, ROUGIER is part of a strong environmental responsibility approach and remains a major player in the wood sector considered as an engine of growth for the economy of Central Africa.
Availability of the half-yearly financial report
The 2023 half-year financial report is available for download in the Finance / Publications section of the website www.rougier.fr.
About ROUGIER
Founded in 1923, the ROUGIER Group is a leader in responsible African wood. Present in Central Africa (Gabon and Republic of Congo), it operates in the management of 100% responsible natural forests certified by independent international labels, in industrial processing and in international trade.
Isin : FR0000037640 – ALRGR www.rougier.fr
Contact Cyril Combe [email protected]
Such. : +33 (0)1 53 65 68 68
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Rougier SA published this content on 27 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2023 16:10:38 UTC.
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Rougier is a leader in certified African tropical timber. The group operates in the exploitation of natural forests in Central Africa (Gabon and Republic of Congo), in industrial processing and in international timber trade. Turnover by product family is broken down as follows: – logs (40.5%); – panels and derived products (31%); – sawn timber and derived products (28.5%); – others (0.5%). The geographical distribution of turnover is as follows: Europe (48%), Sub-Saharan Africa (38.4%), Asia (8.9%), Americas and Pacific (4.4%), Middle East and North Africa (0). .3%).
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