Veganz Group AG: Veganz publishes preliminary figures for the fiscal year 2022 and guidance for 2023
EQS-News: Veganz Group AG / Key word(s): Preliminary Results
Veganz publishes preliminary figures for the fiscal year 2022 and guidance for 2023
(Berlin, 16 March 2023) Veganz Group AG (veganz.com), the only multi-category provider of vegan food in Europe, also had to contend with the ongoing economic weakness in the fiscal year 2022: whereas the food retail and discount sectors focused on ensuring basic supplies for the population in the first few months of the year, the Company’s young core target group (Generation Z and Millennials+) have recently been hit particularly hard by the current price increases due to their comparatively lower incomes. The overall effect of this development was to drive sales of lower-cost private label brands and make the new listing of Veganz products and the planning of promotional activities more difficult. As a result, there was an expected decline in sales of Veganz Group AG to EUR 23.6 million, according to preliminary calculations (prior year: EUR 30.4 million). By contrast, the number of points of sale (POS) as of 31 December 2022 increased to a preliminary 28,217 (31 December 2021: 25,199) – mainly due to a Christmas promotion in the discount segment with a preliminary total of 4,538 POS in the fourth quarter of 2022 (prior year: 3,340 POS). The gross profit margin rose slightly to a preliminary 32.4 percent in 2022 (prior year: 31.3 percent). With preliminary marketing expenses of EUR 5.3 million (prior year: EUR 3.5 million), adjusted EBITDA fell to a preliminary EUR -10.6 million (prior year: EUR -5.5 million), due in part to the decline in sales. Despite the one-off expenses in the course of the cost reduction and efficiency improvement programme – among other things for personnel and consulting – amounting to EUR 1.0 million (prior year: one-off expenses for the private placement and IPO of EUR 4.3 million), EBITDA was a preliminary EUR -11.6 million (prior year: EUR -9.8 million) and thus also in line with expectations. Accordingly, EBIT and net loss were EUR -12.6 million (prior year: EUR -10.8 million) and EUR 13.3 million (prior year: net loss of EUR 13.3 million), respectively. Net cash and the equity ratio decreased to EUR 0.5 million (31 December 2021: EUR 16.2 million) and 39.7 percent (31 December 2021: 53.3 percent), respectively, as at 31 December 2022. It should be noted that net cash includes non-current financial liabilities – such as the EUR 10 million bond maturing in February 2025 and the crowdfunding of EUR 2 million.
1 Including non-current financial liabilities, i.e. EUR 10 million bond due February 2025 and EUR 2 million crowdfunding redeemable for the first time on 31 December 2023
"2022 was a really challenging year, but we reacted quickly to the permanently deteriorating market situation – with immediate measures to the Veganz Food Factory Germany, our sales and marketing activities and an additional cost reduction and efficiency improvement programme," says Jan Bredack, founder and CEO of Veganz Group AG. "Above all, however, we saw this situation as an opportunity and used it to work on our future viability. In addition to repositioning ourselves from a trading company to an innovative food tech company, continuously expanding our own production, optimising our product range and focusing more strongly on the licensing business, we have secured an additional foothold for production and sales in a rapidly growing market with the purchase of the exclusive licence for the patented 2D printing process for milk alternatives – while never losing sight of our heart's desire to protect the climate and the environment in all these issues."
The Annual Report 2022 will be published on 11 May 2023.
About Veganz Group AG
16.03.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
Veganz Group AG
Warschauer Straße 32
+49 (0)30 2936378 0
+49 (0)30 2936378 20
Regulated Unofficial Market in Berlin, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID:
End of News
EQS News Service