Belysse Group NV · EURONEXT:BELYS
Belysse Group NV — FY2023 Earnings Presentation
19 slides from Belysse Group NV's earnings presentation, March 2024
Slide 1: Full Year 2023 Results
Full Year 2023 Results BELYSSE’ itC modulyss qlarcedition == BENTLEY’
Slide 2: Disclaimer
Disclaimer In considering any performance information contained herein, you should bear in mind that past or projected performance is not necessarily indicative of future results, and there can be no assurance that any entity referenced herein will achieve comparable results or that illustrative ret
Slide 3: Introduction
Introduction anon oO Appointment New CEO Full Year 2023 Financial Summary Financial Review Beyond Update Conclusion Q&A Cyrille Ragoucy James Neuling Chairman of the Board Chief Executive Officer KR RW Andy Rogiest Chief Financial Officer Ruben Pattheeuws Group Director of Sustainability and Strateg
Slide 4: Appointment of James Neuling as Group CEO
Appointment of James Neuling as Group CEO Belysse has announced Cyrille Ragoucy’s internal succession by James Neuling (representative of EQIDNA BV), MD Europe, as Group CEO with effect 1 March 2024. Mr. Ragoucy will continue to support the Company in his role as member and Chairman of the board of
Slide 5: Full Year 2023 Financial Summary
Full Year 2023 Financial Summary (10.8)% YoY Revenue (5.1)% YoY Adj. EBITDA growth 4,5x Leverage Excluding IFRS16 (2.4)% organic (2.7)% FX impact 4 Net Debt €145.3m nsolidated Rev wth by + Europe (9.5)9 FY 2023 Consolidated Adjusted EBITDA of €33.7m + US €30.6m + Europe €3.0m Leverage reduced to 4,5
Slide 6: Financial Review
Financial Review
Slide 7: 2023 Group Revenue
4 2023 Group Revenue €m 82.1 (2,1) (8,2) a a Revenue Q4 2022 Europe US Revenue Q4 2023 (5.9)% (18.0)% Organic (8.4) FX Impact (2.0) (2.5)% Reported (10.4) (12.7)% 4@23 Consolidated Revenue was €71.7m (-12.7% YoY) In US, Revenue decreased by (18.0)% to €37.5m compared to last year, reflecting a furth
Slide 8: 2023 Group Adjusted EBITDA
€m 4 2023 Group Adjusted EBITDA Adj. EBITDA Margin (%) 3.1 (0,4) 10.4 — 7.6 41.3% (5.0)% 36.3% EBITDA Q4 2022 Growth FXImpact. —_ EBITDA. Q4 2023 Europe US Consolidated Adjusted EBITDA 2604.4% (7.7)% 36.3% 4Q23 Adjusted EBITDA was €10.4m (+36.3% YoY) with an Adjusted EBITDA margin of 14.5% (versus 9
Slide 9: Q4 2023 Cash Flow
Q4 2023 Cash Flow 17 104 (3) (4.0) (3.0) 35.8 29.8 (28) co ‘ or coe ot om ot oo & ite a oe ow Ro ee Oe OF DPP™ sy oo yo ve rt go oe oF ‘ + The positive Cash Flow of €6.0m in 4923 was mainly driven by the Adjusted EBITDA of €10.4 and positive changes in Trade Working Capital (TWC) of €11.7m while the
Slide 10: Full Year 2023 Group Revenue
Full Year 2023 Group Revenue &m * FY23 consolidated Revenue was €300.9M 337.4 (19,6) (10.8% YoY). (17,0) 300.9 | + InUS, Revenue decreased by (9.5)% to €160.8m compared to last year. Sales volumes were lower compared to a very strong year 2022 following a general market demand softening, while cost
Slide 11: Full Year 2023 Group Adjusted EBITDA
Full Year 2023 Group Adjusted EBITDA Adj. EBITDA Margin (%) | 10.59 12% | (0,9) (1,0) 33,7 — ee 4)% (2.7)% (5.)% EBITDAFY 2022 Growth FX Impact. _ EBITDAFY 2023 Europe 3.0 2.3 34.4% US 30.6 33.2 (7.8)% Consolidated Adjusted EBITDA 33.7 35.5 (5.1)% FY23 Adjusted EBITDA was €33.7m (-5.1% YoY) with an
Slide 12: Full Year 2023 Cash Flow
Full Year 2023 Cash Flow 16.3 + The negative Cash Flow of €2.7m in FY23 was mainly (140) driven by the Adjusted EBITDA of €33.7 and positive (5.4) changes in Trade Working Capital (TWC) of €16.3m while the Other Working Capital (OWC) movement negatively impacted our cash by €14.0m. 337 (11.8) 38.5 3
Slide 13: Leverage stands at 4,5x, excluding IFRS lease liabilities
Leverage! stands at 4,5x, excluding IFRS 16 lease liabilities €m Cash LTM Adj. Cash EBITDA 351 44 46 307 166 157 156 157 153 aa 148 151 445 29 31 30 é9 32 i 23 27 127 123 132 aan 126 5s 5.2x ax 46x 127 122 3.8x 3.7K aa/21 1/22 a/2 2/22 03/22 24/22 ai/2s 02/23 93/23 04/24 Actual Proforma Proforma EEE
Slide 14: BEYOND update
BEYOND update
Slide 15: Sustainability through Innovation
Sustainability through Innovation ES * Total CO, emission per m? produced has been reduced by 22% , I cradletocradle compared to the 2018 baseline. | | * Compared to 2022, the share of renewable electric energy has grown from 30% to 36%. * Certified recycled content in our commercial carpet tiles ha
Slide 16: Our Lean program has delivered 3.4€m savings in 2023
Our Lean program has delivered 3.4€m savings in 2023, exceeding the plan by 19% As areminder: objective of this Lean program is to deliver €8m cumulative savings over a 4-year period. FY23 results amount to €3.4m P&L savings vs. 2022, against a target of €2.8m. More than 50 initiatives were implemen
Slide 17: Agility
Agility * On the digital front, 2023 revolved mainly around the further technical IT split of the company following the transaction with Victoria. * Onamore operational level, we have been working to further improve our delivery performance and service level to our customers, at the same time loweri
Slide 18: Conclusion
Conclusion FY23 Consolidated Revenue was €300.9m and Adjusted EBITDA was €33.7m, resulting in an Adjusted EBITDA margin of 11.2%. Our US division was able to complete its yarn transition project at the end of 1923, but was recently confronted with a slowdown of market demand. Thanks to its unique po
Slide 19: Q1 trading update
Q12 rading update ay 2024