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Organto Announces Record Second Quarter 2023 Financial Results

Organto Announces Record Second Quarter 2023 Financial Results

Organto公佈創紀錄的2023年第二季度財務業績
Accesswire ·  2023/08/30 07:05

Largest Second Quarter Sales and Gross Profit in Company's History

公司歷史上最大的第二季度銷售額和毛利潤

TORONTO, ON and BREDA, THE NETHERLANDS / ACCESSWIRE / August 29, 2023 / Organto Foods Inc. (TSXV:OGO)(OTCQB:OGOFF)(FSE:OGF) ("Organto" or "the Company"), an integrated provider of branded, private label and bulk distributed organic and non-GMO fruit and vegetable products today announced financial results for the three-and six-month periods ended June 30, 2023. All amounts are expressed in Canadian dollars and in accordance with International Financial Reporting Standards (IFRS), except where specifically noted.

安大略省多倫多和荷蘭佈雷達/ACCESSWIRE/2023年8月29日/Organto Foods Inc.(TSXV:OGO)(OTCQB:OGOFF)(FSE:OGF)(“Organto”或“The Company”),一家品牌、自有品牌和散裝分銷有機和非轉基因水果和蔬菜產品的綜合供應商今天公佈了截至2023年6月30日的三個月和六個月的財務業績。除特別註明外,所有金額均以加元表示,並符合國際財務報告準則(IFRS)。

Highlights:

重點:

Second Quarter 2023 Operating Highlights

2023年第二季度運營亮點

  • Sales of $7,581,390 versus sales of $5,109,949 in the prior year, an increase of approximately 48% and approximately 40% on a currency adjusted basis.
    • Sales in the second quarter represent the largest quarterly sales in the history of Organto.
    • Sales in the second quarter represent the sixteenth consecutive quarter of sales growth, currency adjusted, versus the same quarter in the prior year.
  • Gross profit of $678,804 or 9.0% of sales versus $208,084 or 4.1% of sales in the prior year. When adjusted for realized gains and losses on derivative assets and liabilities which is derived from currency hedging directly related to product purchases, adjusted gross profit (1) was $581,669 or approximately 7.7% of sales versus 5.5% in the prior year.
  • Gross profit dollars for the quarter represents the largest second quarter gross profit in the history of Organto.
  • Second quarter adjusted gross profit(1) as a percentage of sales increased 220 basis points versus the second quarter of 2022 as actions taken by the Company to address significant macro-economic challenges realized in 2022 began to contribute positively.
  • Cash overhead costs for the quarter were 24.3% of sales, 22.2% on an adjusted basis, versus 27.1% in the same quarter in the prior year. Costs include investments in infrastructure and resources employed to support growth initiatives. These costs include expenditures not related to day-to-day operations of $153,493 including retail branded product development and on-line digital transformation activities, acquisition activities and corporate development costs.
  • 銷售額為7,581,390美元,而上一年的銷售額為5,109,949美元,在貨幣調整的基礎上增長了約48%和約40%。
    • 第二季度的銷售額是Organto歷史上最大的季度銷售額。
    • 第二季度的銷售額經匯率調整後與上年同期相比連續第16個季度增長。
  • 毛利潤為678,804美元,佔銷售額的9.0%,而上年為208,084美元,佔銷售額的4.1%。對直接與產品購買有關的貨幣套期保值衍生資產和負債的已實現損益進行調整時,調整後的毛利潤(1)為581,669美元,約佔銷售額的7.7%,而上一年為5.5%。
  • 該季度的毛利潤(美元)是Organto歷史上第二季度最大的毛利潤。
  • 第二季度調整後毛利潤(1)與2022年第二季度相比,銷售額的百分比上升了220個基點,這是因為公司為應對2022年實現的重大宏觀經濟挑戰而採取的行動開始做出積極貢獻。
  • 該季度的現金管理費用佔銷售額的24.3%,在調整後的基礎上為22.2%,而去年同期為27.1%。成本包括對基礎設施的投資和用於支持增長舉措的資源。這些費用包括與日常業務無關的支出153493美元,包括零售品牌產品開發和在線數位轉型活動、採購活動和公司發展費用。

Year-to-Date 2023 Operating Highlights

年初至今2023年運營要點

  • Sales of $15,084,919 versus sales of $12,109,813 in the prior year, an increase of approximately 25% and approximately 18% on a currency adjusted basis.
  • Gross profit of $1,410,048 or 9.3% of sales versus $878,686 or 7.3% of sales in the prior year. When adjusted for realized gains and losses on derivative assets and liabilities which is from currency hedging directly related to product purchases, adjusted gross profit (1) was $1,318,296 or approximately 8.7% of sales versus 7.9% in the prior year.
  • Cash overhead costs for the period were 25.7% of sales, 22.8% on an adjusted basis, versus 22.6% in the prior year. Costs include investments in infrastructure and resources employed to support growth initiatives. These costs include expenditures not related to day-to-day operations of $424,718 including retail branded product development and on-line digital transformation activities, acquisition activities and corporate development costs.
  • 銷售額為15,084,919美元,而上一年的銷售額為12,109,813美元,在貨幣調整的基礎上分別增長了約25%和約18%。
  • 毛利潤為1,410,048美元,佔銷售額的9.3%,而上年為878,686美元,佔銷售額的7.3%。經與產品購買直接相關的貨幣套期保值產生的衍生資產和負債的已實現損益調整後,調整後的毛利(1)為1,318,296美元,約佔銷售額的8.7%,而上一年為7.9%。
  • 這一時期的現金管理費用佔銷售額的25.7%,在調整後的基礎上為22.8%,而上一年為22.6%。成本包括對基礎設施的投資和用於支持增長舉措的資源。這些費用包括與日常業務無關的支出424 718美元,包括零售品牌產品開發和在線數位轉型活動、收購活動和公司開發費用。

"While we are pleased with our growth in both sales and gross profit during the quarter, and expect to realize continued growth, we are also deeply focused on improving the profitability of our business. During the second quarter we added an experienced Chief Operating Officer with deep industry knowledge and proven business transformation expertise to our team, and we restructured our operations to drive efficiencies and operational focus. We believe that demand for healthy, sustainable, and transparent foods continues to grow, and our business is well positioned as we continue to execute on our strategic plans." commented Steve Bromley, Chair and Co-CEO of Organto Foods Inc. and Rients van der Wal, Co-CEO of Organto Foods Inc. and CEO of Organto Europe BV.

雖然我們對本季度銷售額和毛利潤的增長感到高興,並期待實現持續增長,但我們也非常專注於提高業務的盈利能力。在第二季度,我們的團隊增加了一名經驗豐富的首席運營官,他具有深厚的行業知識和成熟的業務轉型專業知識,我們重組了我們的運營,以提高效率和運營重點。我們相信,對健康、可持續和透明食品的需求持續增長,我們的業務處於有利地位,因為我們繼續執行我們的戰略計劃。Organto Foods Inc.董事長兼聯席首席執行官Steve Bromley和Organto Foods Inc.聯席首席執行官兼Organto Europe BV首席執行官Rients van der Wal評論道。

Updated Annual Results Outlook

更新的年度業績展望

Year to date operating results have been less than initially expected due to a combination of delays or changes in account development plans and a number of supply chain challenges. Initial projections for 2023 were for an increase in sales of approximately 135% versus 2022, to approximately $50 million, and an approximate 200% increase in gross profit in dollar terms. While sales and gross profit have increased, including record quarterly sales and gross profit dollars in both the first and second quarters of 2023, the Company has encountered several challenges with sales growth being approximately 25% to date in 2023 and growth in gross profit dollars being approximately 60% so far in 2023. While growth has been slower than expected, the Company expects upward sales trends to continue and believes that it will exit 2023 at sales run rates in excess of $50 million with gross profit as a percentage of sales showing improvement.

今年到目前為止,由於賬戶發展計劃的延遲或變化以及一些供應鏈挑戰,經營業績一直低於最初的預期。2023年的初步預測是銷售額比2022年增長約135%,達到約5000萬美元,按美元計算的毛利潤增長約200%。雖然銷售額和毛利潤都有所增長,包括2023年第一季度和第二季度創紀錄的季度銷售額和毛利額,但公司遇到了幾個挑戰,2023年迄今的銷售額增長約為25%,2023年至今的毛利額增長約為60%。雖然增長慢於預期,但該公司預計銷售上升的趨勢將繼續下去,並相信2023年將以超過5000萬美元的銷售運行率退出,毛利潤佔銷售額的百分比將有所改善。

The Company also expected to be EBITDA (earnings before interest, taxes, depreciation and amortization) positive during the second half of 2023. As with the delay in meeting sales targets, achieving positive EBITDA is also now expected to occur later than planned. The Company expects to show continued improvement over the balance of the year and expects to realize positive EBITDA during the first half of 2024, driven by a combination of continued sales and gross profit growth combined with operational efficiencies as the benefits of streamlining and rationalization efforts are realized.

該公司還預計2023年下半年EBITDA(扣除利息、稅項、折舊和攤銷前的收益)為正。與延遲實現銷售目標一樣,現在預計實現正EBITDA的時間也將晚於計劃。該公司預計今年剩餘時間將繼續改善,並預計在2024年上半年實現正的EBITDA,這是由於隨著精簡和合理化努力的好處的實現,銷售額和毛利潤的持續增長以及運營效率的提高。

Second Quarter Results Commentary

第二季度業績評論

Sales for the three months ended June 30, 2023 were $7,581,390 as compared to $5,109,949 during the same period in the prior year, an increase of approximately 48%, or 40% when adjusted for changes in currency rates year over year. Second quarter sales are the largest quarterly sales in the Company's history. These results were driven by the acquisition of the New Fruit Group early in the year and offset somewhat by challenges in certain core categories in the quarter due to political unrest and weather-related factors that impacted supply. This quarter represents the Company's sixteenth consecutive quarter of currency adjusted revenue growth versus the same quarter of the prior year.

截至2023年6月30日的三個月的銷售額為7,581,390美元,而去年同期為5,109,949美元,增長約48%,經匯率變化調整後同比增長40%。第二季度銷售額是該公司歷史上最大的季度銷售額。這些業績是由年初收購New Fruit Group推動的,但由於政治動盪和影響供應的天氣相關因素,本季度某些核心類別的挑戰在一定程度上抵消了這一影響。本季度是該公司連續第16個季度貨幣調整後的收入與去年同期相比有所增長。

The Company realized quarterly gross profit of $678,804 or 9.0% of sales in the second quarter of 2023 as compared to a gross profit of $208,084 or 4.1% during the same quarter of the prior year, representing an increase in gross profit dollars of over 200%. The Company hedges currencies for certain product categories where both the supply and sales commitments are fixed in foreign currencies. In the second quarter, the Company realized a loss on derivative liabilities from its hedging program of $97,135, which while related to product purchases, is reported separately in our financial statements. Including this loss, adjusted gross profit(1) was $581,669 or 7.7% of sales versus 5.5% in the second quarter of 2022. The increase in gross profit in the second quarter of 2023 versus 2022 was due to a combination of improved market conditions in certain categories and improved internal processes.

該公司在2023年第二季度實現了678,804美元的季度毛利潤,佔銷售額的9.0%,而去年同期的毛利潤為208,084美元,佔銷售額的4.1%,毛利潤增加了200%以上。該公司對某些產品類別的貨幣進行對沖,這些產品類別的供應和銷售承諾都是以外幣固定的。在第二季度,該公司在其套期保值計劃中實現了97,135美元的衍生債務虧損,雖然這與產品購買有關,但在我們的財務報表中單獨報告。包括這一虧損,調整後的毛利潤(1)為581,669美元,佔銷售額的7.7%,而2022年第二季度為5.5%。2023年第二季度毛利潤比2022年有所增長,這是某些類別的市場狀況改善和內部流程改善的綜合結果。

Selling, general and administration expenses were $754,932 or 10.0% of sales in the second quarter as compared to $686,075 or 13.4% of sales in the same quarter of the prior year. Included in second quarter 2023 expenses are costs associated with the Company's acquisition program of $4,239 and $46,442 of costs related to the development of the Company's retail branded and on-line product platforms.

第二季度的銷售、一般和管理費用為754,932美元,佔銷售額的10.0%,而去年同期為686,075美元,佔銷售額的13.4%。2023年第二季度的支出包括與公司收購計劃相關的成本4,239美元,以及與公司零售品牌和在線產品平臺開發相關的成本46,442美元。

Management fees in the current quarter were $230,460 as compared to $263,127 recorded in the same quarter of the prior year and reflect reduced fees charged by certain officers.

本季度的管理費為230460美元,而上一年同一季度的管理費為263 127美元,反映了某些幹事收取的費用減少。

Labour costs and benefits during the second quarter were $911,416, an increase versus the same quarter of the prior year of $847,604. Operating personnel have been added compared to the prior year, not only from the acquisition of New Fruit Group, but also to support increased commercial activities and to develop new products and sales opportunities. Included in the 2023 second quarter labour costs and benefits are costs associated with the Company's acquisition program of $5,667 and $97,145 related to the development of its retail branded and on-line product platforms. Late in the second quarter the Company undertook a re-organization of its operating units in order to reduce labour and other costs and improve efficiencies. Ongoing labour-related costs are expected to decrease as a result of this re-organization. A provision of $176,507 for expected severance costs has been recorded in other loss in the second quarter.

第二季度的勞動力成本和福利為911,416美元,比去年同期的847,604美元有所增加。與前一年相比,增加了運營人員,這不僅是因為收購了新水果集團,也是為了支持增加的商業活動,以及開發新產品和銷售機會。2023年第二季度的勞動力成本和福利包括與公司收購計劃相關的5667美元和97,145美元,這些成本與其零售品牌和在線產品平臺的開發有關。在第二季度晚些時候,該公司對其業務部門進行了重組,以減少勞動力和其他成本並提高效率。由於這一重組,預計與勞動力有關的持續費用將會減少。預計遣散費撥備176 507美元,已記入第二季度其他損失。

As detailed above, during the second quarter of 2023 the Company incurred costs of $330,000 of which $143,586 were related to the development of the Company's retail branded product offering and on-line go-to-market capabilities, a provision of $176,507 for expected severance costs and $9,907 of costs associated with its acquisition program. While the benefits of these activities have yet to translate into significant bottom-line contributions, it is believed these are prudent investments for the future of the Company.

如上所述,在2023年第二季度,公司產生了330,000美元的成本,其中143,586美元與開發公司的零售品牌產品和在線上市能力有關,176,507美元用於預期遣散費,9,907美元用於與收購計劃相關的成本。雖然這些活動的好處尚未轉化為重大的底線貢獻,但人們認為這些是對公司未來的謹慎投資。

Stock-based compensation in the second quarter of 2023 consists of $60,746 for restricted share units and $125,180 for stock options. Stock-based compensation for the second quarter of 2022 totaled $240,974 and consisted of $56,661 for restricted share units and $184,312 for stock options. in 2019 through 2023.

2023年第二季度的股票薪酬包括限制性股票單位60,746美元和股票期權125,180美元。2022年第二季度的股票薪酬總額為240,974美元,其中包括限制性股票單位56,661美元和股票期權184,312美元。從2019年到2023年。

Net interest and accretion expense for the second quarter of 2023 was $453,552 as compared to $559,744 for the second quarter of 2022. Interest consists of interest on convertible debentures and accounts receivable factoring costs. Accretion in 2023 consists of accretion on the convertible debentures and the New Fruit Group earn-out liability while 2022 also included accretion on the earn-out payments accrued in relation to the Fresh Organic Choice and Beeorganic acquisitions. Interest expense in the second quarter of 2023 was offset by $4,824 of interest income.

2023年第二季度的淨利息和增值費用為453,552美元,而2022年第二季度為559,744美元。利息包括可轉換債券的利息和應收賬款的保理成本。2023年的增值包括可轉換債券和新果業集團盈利負債的增值,而2022年還包括與Fresh有機選擇和BeeOrganic收購相關的盈利支付的增值。2023年第二季度的利息支出被4824美元的利息收入所抵消。

At the end of each quarter, the Company revalues its investment securities. At June 30, 2023 the Company revalued the shares of Xebra Brands that it owns and recorded an unrealized loss of $81,019 for the second quarter of 2023. The valuation acknowledges that a portion of the Xebra shares we own are subject to trading restrictions which expire in September 2023. The carrying value of the Xebra shares of $38,985 at June 30, 2023 represents a discount to their market value of $39,375 to reflect these trading restrictions. In the second quarter of 2022 the Company recognized an unrealized valuation loss of $370,972.

在每個季度末,該公司都會對其投資證券進行重新估值。截至2023年6月30日,該公司對其擁有的XEBRA Brands的股票進行了重新估值,並記錄了2023年第二季度的未實現虧損81,019美元。估值承認,我們擁有的XEBRA股票的一部分受到交易限制,這些限制將於2023年9月到期。XEBRA股票在2023年6月30日的賬面價值為38,985美元,較其39,375美元的市值有折讓,以反映這些交易限制。2022年第二季度,該公司確認了370,972美元的未實現估值虧損。

To hedge exposure to fluctuations in the US dollar vs Euro exchange rate, The Company has a hedging facility with a European financial services company for forward currency exchange contracts. The difference between the cost to acquire US dollars through the forward currency exchange contracts and the spot market at the time of purchase has been recorded as a realized loss on derivative assets and liabilities in the second quarter of 2023 of $97,135 (2022 - gain of $70,467). These forward currency exchange contracts were used exclusively for product purchases and any gains or losses realized, while reported separately as realized gains or losses on derivative assets or liabilities, are designed to offset reported cost of sales.

為了對沖美元兌歐元匯率波動的風險,該公司與一家歐洲金融服務公司就遠期貨幣兌換合同建立了對沖機制。通過遠期貨幣兌換合約購買美元的成本與購買時的現貨市場之間的差額已記錄為2023年第二季度衍生品資產和負債的已實現虧損97,135美元(2022年-收益70,467美元)。這些遠期貨幣兌換合約僅用於購買產品,任何已實現的收益或虧損,雖然單獨報告為衍生資產或負債的已實現收益或虧損,但旨在抵消報告的銷售成本。

The carrying value of the derivative assets and liabilities represents the difference between the cost to acquire US dollars on the spot market and through the forward currency exchange contracts. At June 30, 2023 these contracts require the Company to purchase US dollars for more than by acquiring them on the spot market, resulting in the recognition of a derivative liability and an unrealized loss of $73,493 for the current quarter. At the end of the second quarter in 2022, those contracts enabled the Company to purchase US dollars for less than by acquiring them on the spot market and an unrealized gain of $38,809 was recorded for the second quarter of 2022.

衍生工具資產及負債的賬面價值代表在現貨市場購入美元的成本與透過遠期貨幣兌換合約購入美元的成本之間的差額。截至2023年6月30日,這些合同要求公司以高於在現貨市場購買美元的價格購買美元,導致本季度確認衍生品負債和未實現虧損73,493美元。在2022年第二季度末,這些合同使公司能夠以低於在現貨市場購買美元的價格購買美元,2022年第二季度錄得38,809美元的未實現收益。

Other loss of $189,773 in the second quarter of 2023 consists primarily of a provision of $176,507 for expected severance costs resulting from the Company's re-organization that was commenced during the second quarter. No such provision was recorded in 2022.

2023年第二季度的其他虧損189,773美元主要包括一筆176,507美元的準備金,用於支付公司在第二季度開始重組所產生的預期遣散費。2022年沒有記錄這樣的撥備。

Foreign exchange gains and losses may arise from transactions incurred in currencies other than the functional currency of the Company and its subsidiaries. The Company reported a foreign exchange gain of $30,627 this quarter as compared to a loss of $27,489 during the same quarter last year.

匯兌損益可能來自以本公司及其子公司的本位幣以外的貨幣進行的交易。該公司報告本季度外匯收益為30,627美元,而去年同期為虧損27,489美元。

The Company reported a net loss of $2,251,113 during the second quarter of 2023, compared to a net loss of $2,678,625 during the same quarter in the prior year. Sales increased approximately 48%, or approximately 40% when measured in Euros, versus the second quarter of the prior year. Gross profit increased to 9.0% of sales versus 4.1% in the same quarter in the prior year, before the impact of currency hedging programs. Selling, general and admin and labour costs increased as the Company invested in its business to support future growth and onboarded the January 2023 acquisition of the New Fruit Group. In addition to $73,493 and $81,109 in unrealized losses on the revaluation of derivative liabilities and investment securities and realized losses on derivative liabilities of $97,135, second quarter 2023 results include $330,000 of costs not related to day-to-day operations including a provision for severance costs of $176,507 expected to be paid as part of an internal reorganization that commenced in the second quarter, as well as on-line platform and retail branded product development costs and costs incurred as we evaluated acquisition opportunities.

該公司報告2023年第二季度淨虧損2,251,113美元,而去年同期淨虧損2,678,625美元。與去年第二季度相比,銷售額增長了約48%,或按歐元計算增長了約40%。毛利潤佔銷售額的比例從去年同期的4.1%增加到9.0%,而在匯率對沖計劃的影響之前,毛利潤佔銷售額的比例為4.1%。由於公司對其業務進行投資以支持未來增長以及參與2023年1月對新果品集團的收購,銷售、一般和管理以及勞動力成本增加。除了73,493美元和81,109美元的衍生債務和投資證券重估的未實現虧損以及97,135美元的衍生債務已實現虧損外,2023年第二季度的業績還包括與日常運營無關的330,000美元成本,包括預計將作為第二季度開始的內部重組的一部分支付的176,507美元的遣散費撥備,以及在線平臺和零售品牌產品開發成本以及我們評估收購機會時產生的成本。

Year-to-Date Results Commentary

年初至今的業績評論

Sales for the six months ended June 30, 2023 were $15,084,919 as compared to $12,109,813 during the same period in the prior year, an increase of approximately 25%, or approximately 18% when adjusted for changes in currency rates year over year. These results were driven by the acquisition of the New Fruit Group early in the year and offset somewhat by challenges in certain core categories due to political unrest and weather-related factors which impacted supply.

截至2023年6月30日的6個月的銷售額為15,084,919美元,與上年同期的12,109,813美元相比,增長約25%,經匯率變化調整後同比增長約18%。這些業績是由年初收購新果業集團推動的,但由於政治動盪和影響供應的天氣相關因素,某些核心類別面臨的挑戰在一定程度上抵消了這一影響。

The Company realized gross profit of $1,410,048 or 9.3% of sales in the six months ended June 30, 2023 as compared to a gross profit of $878,687 or 7.3% during the same period in 2022. The Company hedges currencies for certain product categories where both the supply and sales commitments are fixed in foreign currencies. In the six months ended June 30, 2023, the Company realized a loss on its hedging program of $91,752, which while related to product purchases, is reported separately in its financial statements. Including this loss, adjusted gross profit(1) was $1,318,296 or 8.7% of sales versus 7.9% in the same period of 2022. The improvement in gross profit is the result of actions taken to address challenges experienced in 2022 including supply chain challenges, inflation, currency fluctuations and the Russia/Ukraine war. Some of these challenges continue to affect the Company's operations in 2023.

在截至2023年6月30日的六個月內,公司實現毛利1,410,048美元,佔銷售額的9.3%,而2022年同期的毛利為878,687美元,佔銷售額的7.3%。該公司對某些產品類別的貨幣進行對沖,這些產品類別的供應和銷售承諾都是以外幣固定的。在截至2023年6月30日的六個月中,該公司在其套期保值計劃中實現了91,752美元的虧損,雖然這與產品購買有關,但在其財務報表中單獨報告。包括這一虧損,調整後的毛利潤(1)為1,318,296美元,佔銷售額的8.7%,而2022年同期為7.9%。毛利潤的改善是為應對2022年面臨的挑戰而採取的行動的結果,這些挑戰包括供應鏈挑戰、通脹、貨幣波動和俄羅斯/烏克蘭戰爭。其中一些挑戰將繼續影響公司2023年的運營。

Selling, general and administration expenses were $1,568,881 or 10.4% of sales in 2023 as compared to $1,407,969 or 11.6% of sales in the six months ended June 30, 2022. Included in 2023 expenses are costs associated with the Company's acquisition program of $46,427 and $109,229 related to the development of its retail branded and on-line product platforms. Costs increased on an absolute dollar basis due to the addition of New Fruit Group's operations in 2023 but decreased on a percentage of sales basis.

2023年銷售、一般和管理費用為1,568,881美元,佔銷售額的10.4%,而截至2022年6月30日的6個月為1,407,969美元,佔銷售額的11.6%。2023年的支出包括與公司收購計劃有關的46,427美元和109,229美元的成本,這些成本與開發其零售品牌和在線產品平臺有關。由於新水果集團在2023年增加了業務,按絕對美元計算,成本增加了,但按銷售額的百分比計算,成本下降了。

Management fees were $480,530 in 2023 compared to $533,773 recorded in the six months ended June 30, 2022 and reflect reduced fees charged by certain officers.

管理費在2023年為480,530美元,而截至2022年6月30日的6個月為533,773美元,反映了某些官員收取的費用減少。

Labour costs and benefits in 2023 were $1,943,709, an increase versus the $1,656,829 recorded in the six months ended June 30, 2022. Operating personnel have been added, not only from the acquisition of New Fruit Group, but also to support increased commercial activities and to develop new products and sales opportunities. Included in 2023 labour costs and benefits are costs associated with the Company's acquisition program of $22,688 and $246,375 related to the development of its retail branded and on-line product platforms. The Company has undertaken a re-organization of its operating units to reduce labour and other costs and improve efficiencies. Labour costs are expected to decrease beginning in the third quarter as a result of this re-organization. A provision of $176,507 for expected severance costs has been recorded in other loss in 2023.

2023年的勞動力成本和福利為1,943,709美元,高於截至2022年6月30日的6個月的1,656,829美元。增加了運營人員,不僅是因為收購了新水果集團,也是為了支持增加的商業活動,開發新產品和銷售機會。2023年的勞動力成本和福利包括與公司收購計劃有關的22,688美元和246,375美元的成本,這些成本與開發其零售品牌和在線產品平臺有關。該公司對其業務部門進行了重組,以減少勞動力和其他成本並提高效率。由於這一重組,勞動力成本預計將從第三季度開始下降。預計遣散費撥備176 507美元,已記入2023年其他損失。

As detailed above, during the six months ended June 30, 2023 the Company incurred costs of $601,225 of which $355,603 were related to the development of its retail branded product offering and on-line go-to-market capabilities, a provision of $176,507 for expected severance costs and $69,115 of costs associated with its acquisition program. While the benefits of these activities have yet to translate into significant bottom-line contribution, it is believed that these are prudent investments for the future.

如上所述,在截至2023年6月30日的六個月內,公司產生了601,225美元的成本,其中355,603美元與其零售品牌產品供應和在線上市能力的開發有關,176,507美元用於預期遣散費,69,115美元用於與收購計劃相關的成本。雖然這些活動的好處尚未轉化為重大的底線貢獻,但人們認為,這些是對未來的審慎投資。

Stock-based compensation of $371,378 which consists of $123,038 for restricted share units and $248,340 for stock options. Stock-based compensation for the six months ended June 30, 2022 totaled $456,312 and consisted of $69,969 for restricted share units and $386,343 for stock options.

按股票計算的薪酬371 378美元,其中包括限售股123 038美元和股票期權248 340美元。截至2022年6月30日的6個月,基於股票的薪酬總額為456,312美元,其中限制性股票單位為69,969美元,股票期權為386,343美元。

Net interest and accretion expense for 2023 was $800,753 as compared to $1,148,992 for the six months ended June 30, 2022. Interest consists of interest on convertible debentures and accounts receivable factoring costs. Accretion in 2023 consists of accretion on the convertible debentures and the New Fruit Group earn-out liability while 2022 also included accretion on the earn-out payments accrued in relation to the Fresh Organic Choice and Beeorganic acquisitions. Interest expense in 2023 was offset by $16,834 of interest income.

2023年的淨利息和增值費用為800,753美元,而截至2022年6月30日的6個月為1,148,992美元。利息包括可轉換債券的利息和應收賬款的保理成本。2023年的增值包括可轉換債券和新果業集團盈利負債的增值,而2022年還包括與Fresh有機選擇和BeeOrganic收購相關的盈利支付的增值。2023年的利息支出被16,834美元的利息收入所抵消。

At June 30, 2023 the Company revalued the shares of Xebra Brands that it owns and recorded an unrealized loss of $53,556 for 2023. The valuation acknowledges that a portion of the Xebra Brands shares owned are subject to trading restrictions which expire in September 2023. The carrying value of the Xebra Brands shares of $38,985 at June 30, 2023 represents a discount to their market value of $39,375 to reflect these trading restrictions. In the six months ended June 30, 2022 the Company recognized an unrealized valuation loss of $790,569.

2023年6月30日,該公司對其擁有的XEBRA Brands的股票進行了重新估值,並記錄了2023年的未實現虧損53,556美元。估值承認,XEBRA Brands擁有的一部分股票受到交易限制,這些限制將於2023年9月到期。XEBRA Brands股票在2023年6月30日的賬面價值為38,985美元,較其39,375美元的市值有折讓,以反映這些交易限制。在截至2022年6月30日的六個月中,該公司確認了790,569美元的未實現估值虧損。

To hedge its exposure to fluctuations in the US dollar vs Euro exchange rate, the Company has a hedging facility with a European financial services company for forward currency exchange contracts. The difference between the cost to acquire US dollars through the forward currency exchange contracts and the spot market at the time of purchase has been recorded as a realized loss on derivative assets and liabilities in 2023 of $91,752 (2022 - gain of $82,039). These forward currency exchange contracts were used exclusively for product purchases and any gains or losses realized, while reported separately as realized gains or losses on derivative assets or liabilities, are designed to offset reported cost of sales.

為了對沖美元兌歐元匯率波動的風險,該公司與一家歐洲金融服務公司就遠期貨幣兌換合同建立了對沖機制。通過遠期貨幣兌換合約購買美元的成本與購買時的現貨市場之間的差額已記錄為2023年衍生品資產和負債的已實現虧損91,752美元(2022-收益82,039美元)。這些遠期貨幣兌換合約僅用於購買產品,任何已實現的收益或虧損,雖然單獨報告為衍生資產或負債的已實現收益或虧損,但旨在抵消報告的銷售成本。

The carrying value of the derivative assets and liabilities represents the difference between the cost to acquire US dollars on the spot market and through the forward currency exchange contracts. At June 30, 2023 these contracts required the Company to purchase US dollars for more than by acquiring them on the spot market, resulting in the recognition of a derivative liability and an unrealized loss of $220,107 for 2023. At June 30, 2022, those contracts enabled the Company to purchase US dollars for less than by acquiring them on the spot market and the Company recorded an unrealized gain of $49,719 for the six months ended June 30, 2022.

衍生工具資產及負債的賬面價值代表在現貨市場購入美元的成本與透過遠期貨幣兌換合約購入美元的成本之間的差額。截至2023年6月30日,這些合同要求公司以高於在現貨市場購買美元的價格購買美元,導致確認衍生品負債和2023年未實現虧損220,107美元。截至2022年6月30日,這些合同使本公司能夠以低於在現貨市場購買美元的價格購買美元,本公司在截至2022年6月30日的六個月中錄得49,719美元的未實現收益。

Other loss of $189,773 in 2023 consists primarily of a provision of $176,507 for expected severance costs resulting from a re-organization that was commenced late in the second quarter. No such provision was recorded in 2022.

2023年其他189773美元的損失主要包括一筆176 507美元的經費,用於支付第二季度晚些時候開始的重組所產生的預期遣散費。2022年沒有記錄這樣的撥備。

Foreign exchange gains and losses may arise from transactions incurred in currencies other than the functional currency of the Company and its subsidiaries. The Company reported a foreign exchange loss of $82 in 2023 as compared to a loss of $23,412 during the six months ended June 30, 2022.

匯兌損益可能來自以本公司及其子公司的本位幣以外的貨幣進行的交易。該公司報告2023年匯兌虧損82美元,而截至2022年6月30日的6個月虧損23,412美元。

The Company reported a net loss of $4,298,889 for the six months ended June 30, 2023, compared to a net loss of $5,007,412 during the same period in the prior year. Sales increased approximately 25%, or approximately 18% when measured in Euros, versus the prior year. Gross profit increased to 9.3% of sales versus 7.3% in 2022, before the impact of currency hedging programs. Selling, general and administration expenses and labour costs increased as we invested in our business, expanded our workforce and built out our internal infrastructure to accommodate expected growth in our business in 2023 and beyond. In addition to $220,107 and $53,556 in unrealized losses on the revaluation of our derivative liabilities and investment securities and $97,135 in realized losses on derivative liabilities, year-to-date results include $601,225 of costs not related to day-to-day operations including a provision for severance costs expected to be paid as part of our internal reorganization that was commenced during the second quarter as well as on-line platform and retail branded product development costs and costs incurred as we evaluated acquisition opportunities.

該公司報告截至2023年6月30日的6個月淨虧損4,298,889美元,而去年同期淨虧損5,007,412美元。銷售額比上一年增長了約25%,或以歐元計算約為18%。毛利潤佔銷售額的比例從2022年的7.3%增加到9.3%,這一比例在匯率對沖計劃影響之前是7.3%。由於我們對業務進行了投資,擴大了員工隊伍,並建設了內部基礎設施,以適應2023年及以後業務的預期增長,銷售、一般和管理費用以及勞動力成本都有所增加。除了衍生債務和投資證券重估的未實現虧損220,107美元和53,556美元以及衍生債務的已實現虧損97,135美元外,今年迄今的業績包括與日常運營無關的601,225美元成本,包括預計將作為第二季度開始的內部重組的一部分支付的遣散費撥備,以及在線平臺和零售品牌產品開發成本以及我們評估收購機會時產生的成本。

Interested parties may access the Company's filings at or at the Company's website at under the Investors tab.

感興趣的各方可在或在公司網站上的投資者選項卡下查閱公司的檔案。

ON BEHALF OF THE BOARD,

我代表董事會,

Steve Bromley
Chair and Co-Chief Executive Officer

史蒂夫·布羅姆利
主席兼聯席首席執行官

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

多倫多證券交易所創業板交易所及其監管服務提供商(該術語在多倫多證券交易所的政策中定義)均不對本新聞稿的充分性或準確性承擔責任。

For more information contact:
Investor Relations
info@organto.com
John Rathwell, Senior Vice President, Corporate Development and Investor Relations
647 629 0018

如需更多資訊,請聯繫:
投資者關係
郵箱:Info@Organto.com
約翰·拉斯韋爾,高級副總裁,公司發展與投資者關係
647 629 0018

  1. The information presented herein refers to the non-IFRS financial measure of adjusted gross profit. Adjusted gross profit represents the sum of regular gross profit plus/minus any realized hedging gains/losses. This measure is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS. Non-IFRS financial measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS and are unlikely to be comparable to similar measures presented by other issuers. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective and thus highlight trends in its business that may not otherwise be apparent when relying solely on IFRS measures. The Company believes that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of the Company. The Company's management also uses non-IFRS financial measures to facilitate operating performance comparisons from period to period and to prepare annual operating budgets and forecasts.
  1. 本文提供的資訊指的是調整後毛利的非國際財務報告準則財務計量。調整後的毛利是指常規毛利加上/減去任何已實現的套期保值損益之和。這一措施不是《國際財務報告準則》規定的公認措施,也沒有《國際財務報告準則》規定的標準化含義。非國際財務報告準則財務指標不應被孤立地考慮,也不應作為對根據國際財務報告準則報告的公司財務資訊的分析的替代,而且不太可能與其他發行人提出的類似指標相比較。相反,這些措施是作為補充資訊提供的,通過從管理層的角度進一步瞭解公司的經營結果,補充了這些國際財務報告準則措施,從而突出了在僅依賴國際財務報告準則措施時可能不明顯的業務趨勢。本公司認為,證券分析師、投資者和其他利害關係方在評估本公司時經常使用非國際財務報告準則財務指標。公司管理層還使用非國際財務報告準則的財務措施來促進各時期的經營業績比較,並編制年度經營預算和預測。

ABOUT ORGANTO

關於ORGANTO

Organto is an integrated provider of branded, private label, and distributed organic and non-GMO fruit and vegetable products using a strategic asset-light business model to serve a growing socially responsible and health-conscious consumer around the globe. Organto's business model is rooted in its commitment to sustainable business practices focused on environmental responsibility and a commitment to the communities where it operates, its people, and its shareholders.

Organto是一家品牌、自有品牌和經銷有機和非轉基因水果和蔬菜產品的綜合供應商,採用戰略性的輕資產商業模式,為全球日益增長的具有社會責任感和健康意識的消費者提供服務。Organto的商業模式植根於對專注於環境責任的可持續商業實踐的承諾,以及對其運營所在社區、其員工和股東的承諾。

FORWARD-LOOKING STATEMENTS

前瞻性陳述

This news release may include certain forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"). In particular, and without limitation, this news release contains forward-looking statements respecting Organto's business model and markets; Organto's belief that demand for healthy food including fresh organic fruits and vegetable products produced in a sustainable and transparent manner continues to grow; Organto's belief that second quarter 2023 sales represent the largest quarterly sales in the history of Organto and the sixteenth consecutive quarter of revenue growth, currency adjusted, versus the same quarter in the prior year; Organto's belief that gross profit for the quarter represents the largest second quarter gross profit in the history of the Company; Organto's belief that it will experience continued growth as it executes its strategic plans; Organto's belief that that its efforts to improve the profitability of its business will be successful; management's beliefs, assumptions and expectations; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about the following: the ability and time frame within which Organto's business model will be implemented and product supply will be increased; cost increases; dependence on suppliers, partners, and contractual counter-parties; changes in the business or prospects of Organto; unforeseen circumstances; risks associated with the organic produce business generally, including inclement weather, unfavorable growing conditions, low crop yields, variations in crop quality, spoilage, import and export laws, and similar risks; transportation costs and risks; general business and economic conditions; and ongoing relations with distributors, customers, employees, suppliers, consultants, contractors, and partners. The foregoing list is not exhaustive and Organto undertakes no obligation to update any of the foregoing except as required by law.

本新聞稿可能包括法律所界定的某些前瞻性資訊和陳述,包括但不限於加拿大證券法和美國1995年私人證券訴訟改革法中的“安全港”條款(“前瞻性陳述”)。特別是,但不限於,本新聞稿包含有關Organto的商業模式和市場的前瞻性陳述;Organto認為以可持續和透明的方式生產的健康食品(包括新鮮有機水果和蔬菜產品)的需求持續增長;Organto認為2023年第二季度的銷售額是Organto歷史上最大的季度銷售額,並連續第16個季度實現收入增長(經匯率調整後與上年同期相比);Organto認為該季度的毛利潤是公司歷史上第二季度最大的毛利潤;Organto相信隨著其戰略計劃的執行,它將經歷持續的增長;Organto相信,其改善業務盈利能力的努力將是成功的;管理層的信念、假設和期望;以及總體的商業和經濟狀況。前瞻性陳述基於一些可能被證明是不正確的假設,包括但不限於以下假設:Organto的商業模式將得到實施和產品供應將增加的能力和時間框架;成本增加;對供應商、合作夥伴和合同對手方的依賴;Organto的業務或前景的變化;不可預見的情況;與有機農產品業務有關的總體風險,包括惡劣天氣、不利的生長條件、低作物產量、作物質量變化、腐敗、進出口法律和類似風險;運輸成本和風險;一般業務和經濟狀況;以及與分銷商、客戶、員工、供應商、顧問、承包商和合作夥伴的持續關係。上述清單並非詳盡無遺,除非法律另有規定,否則Organto不承擔更新上述任何內容的義務。

SOURCE: Organto Foods Inc.

資料來源:奧格託食品公司


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