• mnd-home-fullwidth-img-01.jpg
Download Print Back
Full-year turnover up 81% - Outlook for 2022/2023   (2022/08/17 09:35 AM)

Full-year turnover up 81%

  • €64.3m in new firm orders in 2021/2022
  • Order backlog as of 30 June 2022: €81.8m
  • Confirmation of target to improve profitability
    (adjusted EBITDA) in 2021/2022

Outlook for 2022/2023

  • Further improvement in profitability (adjusted EBITDA)
  • Project to increase financial capacity and strengthen the
    balance sheet structure to implement the “Succeed Together 2024” investment and growth plan

MND (Euronext Growth – FR00140050Q2 – ALMND), a French industrial group specialised in ropeway mobility, snowmaking systems, mountain safety and sensational leisure infrastructures, publishes its full-year turnover for FY 2021/2022 (FYE 30 June 2022).


In €m - IFRS
Unaudited consolidated data
2020/2021 2021/2022 Change
Turnover 41.0 74.1 +81%
o/w Snowmaking and Ropeways 27.0 60.0 +122%
o/w Safety and Leisure 14.0 14.2 +1%

MND generated FY 2021/2022 consolidated turnover of €74.1m, reflecting sharp growth of 81% compared with the previous year.

As expected, the Group recorded robust full-year growth in turnover over 2021/2022, after two years harshly affected by the pandemic and the ensuing health restrictions. However, significant tension in supply and logistics chains, amplified by the conflict in Ukraine, caused disruption to business over the last months of the year, leading to delivery delays and project postponements.

The impact of these delays amounted to around €7m in turnover not invoiced in 2021/2022, but which is set to be recorded in the new 2022/2023 financial year.

Despite these delays and increased pressure on prices (raw materials, energy, electronic components, etc.), MND confirms its aim to improve profitability in 2021/2022 compared to the previous year (€2.6m in adjusted EBITDA in 2020/2021), driven by the operational effects of the "Succeed Together 2024" strategic plan, as well as cost-saving measures and moves to lighten the Group's cost structure.


The “Snowmaking and Ropeways” business line generated turnover of €60.0m, reflecting strong growth of 122%.

Business was upbeat throughout the year, with the installation of numerous automatic snowmaking systems and, above all, a threefold increase in turnover in the cable transport business as a result of major projects that went into production during the year. The increase in urban transport activity in 2021/2022 also stood out with progress in various mobility projects (urban cable car in Saint-Denis on Reunion Island, new urban and tourist cable car in the city of Huy in Belgium).

After a decline in the first half of 2021/2022 (-18%), turnover in the “Safety & Leisure” business line rebounded as expected in the second half of the year (+73%), driven by the recovery in investments by ski resort operators for the 2021/2022 winter season. In all, turnover in the division totalled €14.2m, up a slight 1% over the year.

In regional terms, the Group stepped up its multi-continent presence during 2021/2022, particularly in North America (United States) and Asia (China and Japan), as a result of the multiple international projects won during the previous financial year.

The geographical breakdown of 2021/2022 turnover was as follows:

  • 39% of business generated in France (versus 41% in 2020/2021);
  • 14% in Europe excluding France (vs. 32% in 2020/2021);
  • 47% in the rest of world region (vs. 28% in 2020/2021), with growth in North America to 19% (vs. 6%) and Asia, to 16% (vs. 13%).


Sales activity over the last months of year was robust with €64.3m in firm orders recorded over the full-year, including €44.6m in the second half.

The Group won two major ropeways projects in France and the US for a total of nearly €40m, turnover for which is to be invoiced in 2022/2023 and 2023/2024.

As of 30 June 2022, the backlog of firm orders totalled €81.8m, vs. €54.7m at end-December 2021.

2022/2023 OUTLOOK

With €55.3m of firm orders already to be invoiced in 2022/2023, MND is approaching this new financial year with confidence despite the economic context and continuing tensions in supply chains.

The Group aims to deliver another year of turnover growth and to continue improving profitability (adjusted EBITDA).

At 30 June 2022, available cash amounted to €5.2m, compared with €5.7m at the end of December 2021.

Net financial debt (excluding IFRS 16 lease debt) amounted to €111.7m on 30 June 2022, of which €89.9m in senior debt (with 100% capitalised interest) with Cheyne Capital, bullet maturity December 2023 and May 2024, and a loan of €20.1m (with 100% capitalised interest) from the French government, via the fund for economic and social development (FDES).

For information, prior to the close of its 2021/2022 financial year, the Group obtained a waiver from its principal creditor Cheyne Capital in the event of default resulting from non-compliance with its financial covenants (ratios) at 30 June 2022.

The Group announces that in recent weeks it has entered into discussions with its main creditors, especially the French State through the FDES and the investment fund Cheyne Capital, and is studying various options, such as setting up new long-term financing and/or strengthening its equity (including the conditions of a possible incorporation of certain receivables into the capital), in order to carry out its growth plan over the coming financial years, as well as to undertake major industrial and research and development investments, and thus to ensure the Group's long-term viability.

These discussions aim to provide the group with a balanced financial structure and secure the necessary liquidity to enable it to finalise the deployment of its strategic plan by 2024/2025.

The Group will issue a press release once these discussions are concluded.

On 11 August 2022, a simple bullet bond was put in place for an amount of €6m in principal, subscribed to by Cheyne Capital, and maturing on 31 December 2023.

Xavier Gallot-Lavallée, Chairman and Chief Executive Officer of MND stated:

"Despite significant supply chain and procurement challenges, MND delivered strong full-year turnover growth in 2021/2022, driven by a number of commercial successes in the past year and the development of new international markets.

The sustained development of cable transport, the take-off of urban mobility activities and robust growth in North American activities - with a fivefold increase in turnover - and in Asia, testify to the commercial dynamism of the MND Group.

These successes, together with the effects of the strategic transformation plan "Succeed Together 2024", will contribute to further improving our operating performance over the past year, and also our sustainable return to profitable growth.

It is now important for the Group to realign its balance sheet structure and continue to strengthen its financial capacities in order to deliver on its 'Succeed Together 2024' strategic plan, building on the efforts and results achieved over the past two years.”


  • 2021/2022 full-year results: 28 October 2022

The publication will take place after Euronext Paris market close.

Press Relations – Alexandre Bérard
+33 (0)6 45 42 95 46 – alex@alternativemedia.fr
Financial Press Relations – Serena Boni
+33 (0)4 72 18 04 92 – sboni@actus.fr
Investor Relations – Mathieu Omnes
+33 (0)1 53 67 36 92 – momnes@actus.fr


About MND
MND is a French industrial group specialised in ropeway mobility, snowmaking systems, mountain safety and thrill-making leisure facilities. With over 3,000 customers in 49 countries, MND contributes every day through its four core businesses to mobility, leisure activities and the safety of all, while offering proven and lasting solutions based on its experience in mountain activities. Based in Savoie, MND is staffed by 300 employees and relies on
12 international locations and 29 distributors to develop its business activities around the world. MND is listed on the Euronext Growth market in Paris (FR00140050Q2 – ALMND).


Definitions of financial indicators not codified by accounting standards bodies

This section details the financial indicators used by the Group that are not codified by accounting standards bodies.

Order backlog

The order backlog represents turnover not yet realized on orders already received (purchase orders or contracts signed) and takes IFRS 15 into account.

The order backlog at the closing of the financial year is calculated as follows: order backlog at the start of the financial year + new orders received in the financial year – cancellations of orders recorded in the financial year – turnover recognized in the financial year.

The order backlog may also vary in line with changes in the scope of consolidation, adjustments to contractual prices and currency translation effects.

Adjusted EBITDA

The Group uses adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) as its performance indicator to measure the Group's performance independently of its financing and depreciation and amortization policy.

Adjusted EBITDA refers to earnings before deducting interest and tax, amortization, provisions for fixed assets (but after provisions for stocks and trade receivables), and adjustment for non-recurring exceptional items.

This publication embed "🔒 Actusnews SECURITY MASTER".
- SECURITY MASTER Key: lW9sY8dmkmzJlp2bZsqWaWeVnJlik2bFZ5PJyGhvaciUmWtkym6Ul8XJZnBmnmpq
- Check this key: https://www.security-master-key.com.

Download Print Back