The OEX Group has released its results for the first quarter of 2022.

The OEX Group ended the first quarter of 2022 with very strong results. The Group's revenues amounted to PLN 158 million, up by 22.3% when compared to the first quarter of 2021. Consolidated EBITDA amounted to PLN 15.9 million (PLN 10.8 million according to IAS 17), which represents an increase of 30.2% when compared to the same period last year (48.7% according to IAS 17). ‘The first quarter of this year was yet another period in which the Group achieved a significant EBITDA growth in all operating segments. The OEX Group companies were not directly affected in a significant way by the unfavourable macroeconomic situation.’ said Mr Jerzy Motz, President of the Management Board of OEX SA The Retail Sale Network Management Segment generated PLN 6.1 million in EBITDA, which is more than 45% of EBITDA (according to IAS 17) of the Group's operating segments.  In the first quarter 2022, the number of contracts concluded with clients increased by 4.4%. There was also an increase in the value of earned commission income from operators by 11.9% when compared to the same period last year, with a slight decrease in the average number of stores (down by 2.5%). An impressive increase in performance was recorded by the Sales Support Segment. Revenues amounted to PLN 65.3 million, which was an increase of 78%, while EBITDA (as per IAS 17) amounted to PLN 3.7 million and went up by 110% when compared to the first quarter of 2021. ‘We are very pleased to see the development of partnerships with key customers in this segment and the strengthening of our position as a leading provider of sales support services.’  added Jerzy Motz In the eCommerce Services Segment, EBITDA (according to IAS 17) amounted to PLN 3.7 million, which was a rise by 21.8%. The OEX Group's financial position was significantly affected by the sale of Divante, as a result of which the Group recognized a profit of nearly PLN 91.4 million in the fir quarter of 2022. ‘The Group has generated significant profits in consecutive periods and is now in a very good financial position thanks to organic growth and also to the successful sale of Divante. We want to share our profit with shareholders, so we recommended a dividend for 2021 to be paid in the current year of PLN 5.85 per share. The final decision on this issue will be made by the General Meeting of Shareholders. The company also published its dividend policy for 2022-2024, which stipulates that OEX will allocate no less than PLN 10 million per year for dividend payments.’  added Jerzy Motz   Explanation - due to its significant impact of the application of the current IFRS 16 standard on the presentation of EBITDA, the Group also presents EBITDA according to the IAS 17 standard applied until the end of 2018 for information purposes. The impact of IFRS 16 should be understood as the difference that the application of the IFRS 16 standard in place of the IAS 17 standard causes in the financial statements, resulting from the different classification of contracts of lease of such spaces such as warehouses, stores or offices