Postponement of the publication of annual results
Turnover for the 1st quarter 2024-2025: €9.3 million; -6.4%
Saint-Mars-du-Désert, October 18, 2024 at 6:00 p.m., Florentaise (FR001400GO75, ALFLO), pioneer of low-carbon soils, announces on the one hand the delay of its annual results and on the other hand the publication of its figures business for the 1st quarter 2024-2025 (July to September).
Postponement of the publication of annual results
As a reminder, in December 2023, the Group’s cash flow forecast highlighted an additional cash requirement estimated at 4.8 million euros. To date, as of September 30, 2024, cash flow tensions remain current despite a drop in financing needs. The cash flow requirement identified at the end of December is €1.7 million.
The Group is currently implementing measures intended to meet the identified cash flow needs. The effective implementation of these measures will help remove uncertainties about the Company’s ability to prepare for its season in the best conditions and be able to deliver to its customers from the end of its 2nd quarter.
Consequently, in order to present the results integrating the possible benefit of the measures undertaken and still awaiting outcome, the Group has decided to postpone the communication of its annual results initially scheduled for October 24, 2024 to a later date.
Revenue for the 1st quarter 2024-2025
To analyze its performance, the Group recalls that it experiences significant seasonality linked to gardening activities which traditionally start in spring and whose sales materialize more in the second half (from January to June).
Sales for the 1st quarter of 2024-2025 amounted to €9.3 million compared to €9.9 million in the 1st quarter of 2023-2024. This decline of 6.1% is explained both by the decline in the French soil activity among professionals and by the unfavorable development of the BIVIS activity. The International activity remains very well oriented.
The BIVIS activity includes rents as well as maintenance billed to customers. For a better understanding of the activity, BIVIS royalties, as income from the Company’s current activities, are integrated within the product line BIVIS Activity
Terreaux France: decline in sales linked to poor weather conditions
Sales of potting soil in France in the first quarter of the financial year amounted to €7.0 million compared to €7.4 million in the first quarter of 2023-2024, down 6.4% with declining activity among professionals and an increase in sales to the general public.
- In the professional segment (market gardening, horticulture & nurseries, mushrooms and green spaces) representing 37% of France 2024-2025 turnover, the projects undertaken to develop green spaces experienced notable delays due to exceptional rainfall. This weather, which caused significant stocks among nursery and horticultural customers, weighed on sales for the period. Over the first three months of the year, sales were down 24.9% with a particularly poor month of September.
- In the Consumer segment, representing 63% of cumulative 2024-2025 revenue, the dynamic was more favorable with an increase in sales of 9.0%.
Terreaux International: sustained momentum in China
In China, sales for the first quarter of 2024-2025 increased by 43.4% to €1.8 million compared to €1.3 million in the first quarter of the previous financial year. As a reminder, sales for the 1st quarter of 2023-2024 were limited by the relocation work at Fulan 2 intended to allow the Group to benefit from more moderate rents over a larger area.
BIVIS activity
The turnover of the BIVIS activity for the quarter stood at €0.5 million, down 55.9% compared to the 1st quarter of 2023/2024. This change is mainly due to a non-recurring N-1 sale of parts kits to one of the Group’s main customers for an amount of €0.8 million. The royalty amounts remain the same.
About Florentaise (https://www.florentaise.com/fr)
Florentaise, a pioneer in low-carbon soils, is an ETI owned by a majority family shareholder base. Created in 1973, the Group employs 245 people. Florentaise’s product catalog is made up of more than 600 references produced both under its own brand or distributor brands, and available within the largest brands such as Truffaut, Botanic, Aldi, LIDL or Intermarché. In France, Florentaise sells nearly one in five bags of potting soil to the general public and covers 12% of the professional market (horticulturists, landscapers or nursery growers). Florentaise is today the French No. 1 in innovative eco-friendly soils and supports with strong international ambitions. Its patented Hortifibre® and Turbofibre® solutions emit 20 to 50 x less CO2 than peat with equivalent agronomic performances.
Contact Florentaise : Investors@florentaise.com
Investor Contact: benjamin.lehari@seitosei-actifin.com
