Not easy to understand these accounts :- despite good metrics...

Not easy to understand these accounts :
- despite good metrics ("strong organic growth" and "stronger average daily rates and booking basket"), decrease of the EBITDA margin from 46 % to 40 %,
- high level of interest expenses : 2.2 m (which was the level of the net financial debt at 30/6/22) for 5.5 m of EBIT.
Looking into more details, this is explained by financial charges on leases (included in interest expenses) which were 1.9 m in FY 22 (vs 1.4 m in FY 21) for total lease liabilities of 42.2 m on 30/6/22 (average : 37 m).

Some other elements which probably requires more explanations :
- rent concession income of 0.2 m vs 0.8 m (what is rent concession income ?),
- in the rent roll business, a significant part of the revenue comes from "other" (1/3 of total revenue for this division) which went from 1.4 m in FY 21 to 4.6 m in FY 22. It is probably what the company calls the "adjacent business" (at lower margin).

These elements may be due to the numerous acquisitions that the company has done recently.
But it is really tough to understand the underlying trends as the company does not disclose the organic growth and/or pro forma accounts.

Only element they gave : "rent roll acquisitions during FY 22 contributed additional gross revenue of 7.6 m from respective acquisition date to 30.6.22".
Interesting element as their rent roll revenues increased from 4.7 m in FY 21 to 13.3 m.
So if we exclude the impact of FY 22 acquisition, the "real" growth is more from 4.7 m to 5.7 m.
It may look OK, but it does seem to show much growth for management and booking fees, if we exclude the impact of "other" (in rent roll business) which went from 1.4 m in FY 21 to 4.6 m in FY 22*.

* but difficult to know if the growth of "others" is coming from acquisitions during FY 22.