GRASSE, SEPTEMBER 21, 2023
| Consolidated financial statements* (in thousands of euros) | June 30 2023 | % of sales | June 30 2022 | % of sales | June 30 2021 | % of sales | Change 2023 vs 2022 |
| Sales figures | 376 438 | 100% | 358 865 | 100% | 297 629 | 100% | 4,9% |
| Recurring EBITDA | 73 576 | 19,6% | 71 611 | 19,9% | 61 298 | 20,6% | 2,7% |
| Current operating income | 60 966 | 16,2% | 59 386 | 16,5% | 48 889 | 16,4% | 2,7% |
| Net Income Group share | 39 935 | 10,6% | 45 061 | 12,6% | 38 070 | 12,8% | -11,4% |
* The financial statements have been subject to a limited review by the Statutory Auditors, and their reports are in the process of being issued and their report is set out below. Limited review report will be issued on 28/09/2023 .
Robertet's Board of Directors met in Grasse on September 20, 2023 under the chairmanship of Philippe Maubert.
The Board is pleased to welcome two new directors, Isabelle de Cremoux and Lucie Maurel-Aubert, whose appointments were ratified by the Annual General Meeting of June 14, 2023, and once again extends its warmest thanks to Gilberte Lombard for her many years of dedicated service on the Robertet Board.
Chairman Philippe Maubert reports: "The evolution of the Board of Directors is in line with the evolution of corporate governance."
The Board of Directors has approved Robertet's interim financial statements.
Consolidated net sales for the first half of 2023 came to 376.4 million euros, up +4.9% on 2022. This is particularly positive compared with the first half of 2022, which saw strong growth of +20%.
Organic sales growth excluding currency effects came to +4.4% for the first half, reflecting the company's good health. Changes in Group structure made only a marginal contribution to growth (+1.1%). Currency effects were slightly negative (-0.6%), accounting for the difference with last year's first-half performance.
By region, performance was driven by a good start to the year in North and South America, combined with stability in Europe and Asia.
Sales by division:
- Fragrance sales has accelerated sharply to +11.2%, with strong momentum in North and South America, particularly in fine fragrances;
- Flavors is off to a solid start with +6.2%, thanks to new product launches;
- Raw materials sales are down by 5.1%, due to a slowdown in organic ingredients and continued strong destocking by North American customers, particularly in aromatherapy;
- The health & beauty division has gotten off to a good start with +3.4%, and strengthened its commercial presence in the promising Asian market.
Recurring EBITDA amounted to 73.6 million euros, up +2.7% on the first half of 2022, and represented 19.6% of sales. The operating margin remained stable, but energy costs had a negative impact on the first-half operating margin.
Consolidated net income came to 39.9 million, down -11.4% on the first half of 2022, due to the cost of
financial debt and currency effects.
CEO Jerome Bruhat comments: "After an exceptional 2022, the Robertet Group achieved a solid performance in the first half of 2023 thanks to the strong commitment of its teams and its unique positioning."
Given the slowdowns and destocking observed in many regions, our sales growth target for the full year 2023 is around +4% compared with 2022, while EBITDA profitability should approach the 2022 level.
Our half-yearly financial report will be available on September 29 on our website.
ÉLÉMENTS COMPLÉMENTAIRES
*Recurring EBITDA corresponds to recurring operating income before depreciation, amortization, provisions and reversals, and excluding other operating expenses, considered non-current.
The reconciliation of recurring EBITDA from recurring operating income is as follows:
| June 30, 2023 | June 30, 2022 | June 30, 2021 | |
| Current operating income | 60 966 | 59 386 | 48 889 |
| Depreciation, amortization, provisions and reversals | 12 318 | 12 155 | 12 360 |
| Other operating expenses | 292 | 70 | 49 |
| *Current EBITDA | 73 576 | 71 611 | 61 298 |
The main balance sheet indicators are as follows :
| In thousands of euros | June 30, 2023 | June 30, 2022 | December 31, 2022 |
| Shareholders' equity (Group share) | 434 651 | 594 392 | 414 990 |
| Net cash position | -178 689 | -3 093 | -169 814 |
| Current assets - Current liabilities | 374 427 | 401 049 | 370 180 |
The slight decrease in cash compared with December 2022 is explained by the acquisition of Aroma Esencial from the Group's own funds, and by the payment of dividends to shareholders. Shareholders' equity recovered by over 20 million euros in the first half, and is now at a high level.
At June 30, 2023, the analysis of the change in sales between the scope of consolidation, exchange rates and organic growth is as follows:
| In thousands of euros | June 30 2022 | Perimeter effects | Foreign exchange effects | Organic growth | Total change | June 30 2023 |
| Group Total | 358 865 | 4 123 | -2 389 | 15 839 | 17 573 | 376 438 |
| % change | 1,1% | -0,6% | 4,4% | 4,9% |
| In thousands of euros | June 30 2022 | Variation totale | June 30 2023 |
| Raw Materials | 94 627 | -4 780 | 89 848 |
| % change | -5,1% | ||
| Fragrance | 127 739 | 14 247 | 141 987 |
| % change | 11,2% | ||
| Flavors | 125 918 | 7 744 | 133 663 |
| % change | 6,2% | ||
| Health & Beauty | 10 580 | 361 | 10 941 |
| % change | 3,4% |
The members of the Board of Directors of Robertet SA and its committee are as follows:
| Members of the Board Robertet SA | Status | CSR committee | Compensation Committee | Audit Committee |
| Philippe Maubert | Chairman of the Board | |||
| Christophe Maubert | Director Vice-president | Member | ||
| Catherine Canovas | Director | Member | ||
| Alain Moynot | Director Independent member | President | ||
| Isabelle de Cremoux | Director Independent member | Member | ||
| Lucie Maurel-Aubert | Director Independent member | Member | Member | |
| Colette Robert | Director Independent member | President | President | |
| Maubert SA, represented by Elie Vannier | Director |
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