Belysse Group NV · EURONEXT:BELYS
Belysse Group NV — Balta Group — Q1 2021 Earnings Presentation
12 slides from Belysse Group NV's earnings presentation, 2021
Slide 1: Q1 2021 Results
Q1 2021 Results Confidential
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 Cyrille Ragoucy Chief Executive Officer Chairman of the Board Jan-Christian Werner Emmanuel Rigaux Chief Financial Officer Chief Transformation Officer 3
Slide 4: Q1 2021 Financial Summary
Q1 2021 Financial Summary • Q1 2021 Consolidated revenue of €152.6m (2.7)% organic (4.5)% • Revenue growth in Rugs (+21.9%), while decline in Residential YoY Revenue (-8.2%) and Commercial (-19.5%) growth • Continued recovery in Rugs from US direct shipments and e- (consolidated) (1.7)% FX impact co
Slide 5: NEXT Revenue + €12m incremental in Q1 2021
NEXT Revenue + €12m incremental in Q1 2021 On track to meet the €85m target for 2021 (vs 2018) Q1 2021 2020 Cumulative Key Drivers (vs 2020) (vs 2018) (vs 2018) Balta e-commerce + €3m + €13m + €16m New Segment Revenue + €0m + €17m + €17m Direct route to market Other Revenue Initiatives + €9m + €38m
Slide 6: NEXT Adjusted EBITDA: +€1m incremental in Q1 2021
NEXT Adjusted EBITDA : +€1m incremental in Q1 2021 On track to meet the €16m target for 2021 (vs 2018) Q1 2021 2020 Cumulative Key Drivers (vs 2020) (vs 2018) (vs 2018) Lean +€2m +€12m +€14m Procurement +€0m +€7m +€7m Margins Incremental OPEX (€1m) (€6m) (€7m) Total EBITDA savings +€1m + €13m + €14m
Slide 7: Group Q1 2021 Revenue
Group Q1 2021 Revenue €m • Rugs continued the trend from H2 2020. In particular, US revenues saw strong direct shipments and e-commerce growth. Europe ended Q1 just below Q1 2020 with most markets still in lockdown. • Commercial remains impacted by COVID- 21.9% -19.5% -8.2% -43.6% 19 in both Europe
Slide 8: Group Q1 2021 Adjusted EBITDA and Margins
Group Q1 2021 Adjusted EBITDA and Margins Q1 Q1 % €m Adj. EBITDA margin (%) 2021 2020 Change 10.7% 13.9% Rugs 11.2 4.3 160.7% Commercial 6.4 8.2 (21.1)% €m Residential 3.8 4.1 (7.5)% Non-Woven (0.2) 0.5 (143.1)% Consolidated 21.2 17.1 23.9% Adjusted EBITDA • Rugs increased YoY due to US and e-commer
Slide 9: Cash Flow Q1 2021: €19.1m net cash reduction
Cash Flow Q1 2021: €19.1m net cash reduction • Negative cash flow of €19.1m in Q1 2021, including €3.6m of RCF repayment. • Largely related to normal seasonal working capital patterns (US patio season build-up), Belgian tax payments, customer rebates, SSN coupon and one-off financing fees. • Ended Q
Slide 10: Leverage of 4.0x, excluding IFRS16
Leverage of 4.0x, excluding IFRS16 Strong liquidity and reduced leverage through Adjusted EBITDA growth Leverage €m • Q1 2021 Leverage reduced following 21 20 7 19 80 88 118 106 87 the Adjusted EBITDA improvement 73 72 70 67 66 47 51 59 64 • Q1 2021 cash of €87.2m, impacted by normal seasonal workin
Slide 11: Conclusion
Conclusion First quarter of 2021 confirms recovery in Adjusted EBITDA • Significant increase in Rugs revenues, in particular in US direct shipments and e-commerce channels • Residential impacted by European lockdowns • Commercial market is still to recover to pre COVID-19 levels • Q1 Adjusted EBITDA
Slide 12: Q&A Session
Q&A Session H1 2021 results release on 27 August 2021. 12