Belysse Group NV · EURONEXT:BELYS
Belysse Group NV — FY2021 Earnings Presentation
18 slides from Belysse Group NV's earnings presentation, Sep 19, 2022
Slide 1: Full Year 2021 Results
Full Year 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 Ruben Pattheeuws Chief Financial Officer Transformation Officer 3
Slide 4: Full Year 2021 Financial Summary
Full Year 2021 Financial Summary 13.7% organic 12.9% • FY 2021 Consolidated Revenue of €634.3m YoY sales growth • Revenue increase for Rugs €50.7m, Residential €14.2m and (consolidated) Commercial €7.6m (0.8%) FX impact • FY 2021 Consolidated Adjusted EBITDA of €87.0m 29.5% organic 28.0% • Margins i
Slide 5: Sale to Victoria PLC – Transaction Scope
Sale to Victoria PLC – Transaction Scope 5
Slide 6: Overall Separation Approach
Overall Separation Approach Carve-out Functional workstreams External support: Integration / TO-BE definition - Overall carve-out - IT carve-out Day 1 readiness (across workstreams) Project management Balta Separation steerco Joint Balta - Victoria pre-integration steerco 6
Slide 7: NEXT Revenue: +€54m incremental revenues in 2021
NEXT Revenue : +€54m incremental revenues in 2021 Exceeded the €85m target for 2021 (vs 2018) by €37m 2020 2021 Cumulative Key Drivers (vs 2019) (vs 2020) (vs 2018) 1 Balta e-commerce + €8m + €2m + €15m New Segment Revenue 2 + €7m + €2m + €19m Direct route to market 3 Other Revenue Initiatives + €28
Slide 8: NEXT Margin Improvement: +€4m incremental savings in 2021
NEXT Margin Improvement : +€4m incremental savings in 2021 Exceeded the €16m target for 2021 (vs 2018) by €1m 2020 2021 Cumulative Key Drivers (vs 2019) (vs 2020) (vs 2018) 4 Lean +€6m +€6m +€18m 5 Procurement +€3m +€0m +€7m Margins Incremental OPEX (€2m) (€2m) (€8m) Total EBITDA savings +€7m + €4m
Slide 9: BEYOND – Strategic Pillars
BEYOND – Strategic Pillars Sustainability Efficiency Agility Increased focus Incremental drive Emphasis on on Sustainability for Efficiency Agility through through Innovative through Lean Digital initiatives products and Strategies and such as e- production Procurement commerce processes 9
Slide 10: Group Q4 2021 Revenue
Group Q4 2021 Revenue €m • Commercial Revenue for Q4 2021 of €56.2m increased from €45.4m in 2020 or 23.5% with higher sales in Europe and US • Residential PA Q4 2021 Revenue is €20.6m, a YOY decrease of -2.2% from €21.1m in Q4 2020, driven by lower volumes • Discontinued Operations Q4 2021 Revenue
Slide 11: Group Q4 2021 Adjusted EBITDA and Margins
Group Q4 2021 Adjusted EBITDA and Margins Q4 Q4 % €m 2021 2020 Change Discontinued 10.0 15.0 (33.5)% Operations Commercial 9.4 9.6 (1.9)% Residential PA 2.4 3.3 (26.2)% Consolidated 21.8 27.9 (21.8)% Adjusted EBITDA • Commercial Adjusted Q4 2021 EBITDA margin reduced to 16.7% from unusually high 21.
Slide 12: Group FY 2021 Revenue Performance
Group FY 2021 Revenue Performance €m • Commercial 2021 Revenue increased by 4% to €198.1m from €190.5m in 2020. Commercial markets less severely hit by lock- downs but have been recovering slower • Residential PA 2021 Revenue increased by 15.9% to €78.7m from €67.9m in 2020, mostly driven by the inc
Slide 13: Group FY 2021 Adjusted EBITDA and Margins
Group FY 2021 Adjusted EBITDA and Margins FY FY % €m 2021 2020 Change Discontinued 43.9 29.9 46.7% Operations Commercial 32.4 30.7 5.6% Residential PA 10.7 7.4 45.0% Consolidated 87.0 68.0 28.0% Adjusted EBITDA • Commercial Adjusted EBITDA for 2021 increased to €32.4m, maintaining margins by impleme
Slide 14: Cash Flow FY 2021: -€51m cash flow
Cash Flow FY 2021: -€51m cash flow • Negative net cash flow of -€51.0m in FY2021 • At 31 December 2021, cash equivalents was €55.3m, excluding €14.5m headroom that can be drawn from the existing RCF • Net cash flow was heavily impacted by the increase in inventory, which was mainly driven by the inc
Slide 15: Leverage of 3.6x, excluding IFRS16
Leverage of 3.6x, excluding IFRS16 Strong liquidity and reducing leverage through effective WC management and Adjusted EBITDA growth Leverage • Leverage in FY21 positively impacted by strong LTM EBITDA performance, improving to 3.6x from 4.2x at the end of 2020 • Net Debt increased by €47.5m to €330
Slide 16: Pro forma net debt and pro forma leverage 3.3x for the Continuing Operations
Pro forma net debt and pro forma leverage 3,3x for the Continuing Operations €m • Estimated Net Debt pro forma for the Continuing Operations at FYE 2021 would be €153m (including IFRS 16) • This would imply a pro forma leverage of 3.3x (excluding IFRS 16 in line with financing agreements) 16
Slide 17: Conclusion
Conclusion 2021 was a year of recovery • Increased sales and profitability: substantial Revenue increase from FY2020 to €276.8m, up 7.1% and strong Adjusted EBITDA YoY by 13.3%. Adjusted EBITDA margin from 14.7% to 15.6% for Continuing Operations. • Manufacturing and distribution activities move bac
Slide 18: Q&A Session
Q&A Session 18