Belysse Group NV · EURONEXT:BELYS
Belysse Group NV — H1 2023 Earnings Presentation
19 slides from Belysse Group NV's earnings presentation, July 2023
Slide 1: H1 2023 Trading Update
H1 2023 Trading Update BELYSSE’
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 1. H1 2023 Financial Summary 2. Financial Review 3. Beyond Update 4. Conclusion 5. Q&A Cyrille Ragoucy Andy Rogiest Ruben Pattheeuws Chief Executive Officer Chief Financial Officer Strategic Project Director Chairman of the Board 3
Slide 4: H1 2023 Financial Summary
H1 2023 Financial Summary (5.2)% (5.8)% organic • H1 2023 Consolidated Revenue of €155.6m YoY Revenue • Revenue growth by division: growth • US (0.4)% (consolidated) 0.6% FX impact • Europe (10.0)% (28.2)% organic (27.7)% • H1 2023 Consolidated Adjusted EBITDA of €12.2m YoY Adj. EBITDA • US €13.9m g
Slide 5: Financial Review
Financial Review
Slide 6: Q2 2023 Group Revenue
Q2 2023 Group Revenue €m • 2Q23 consolidated revenue was €79.0m (-11.5% YoY). • In US, revenue decreased by (7.0)% to €43.6m compared to last year. Volumes in the US improved compared to 1Q23 but were below last year due to a strong comparator with shipment of some large orders in 2Q22. • In Europe,
Slide 7: Q2 2023 Group Adjusted EBITDA
Q2 2023 Group Adjusted EBITDA Adj. EBITDA Margin (%) 12.2% 9.2% • 2Q23 Adjusted EBITDA was €7.3m (-33.4% YoY) with an Adjusted EBITDA margin of 9.2% (versus 12.2% in €m 2Q22). • US EBITDA was €8.9m in 2Q23 (-6.8% YoY) with an (32.2)% (1.2)% adjusted EBITDA margin of 20.5%. The EBITDA margin for 2Q23
Slide 8: Q2 2023 Group Adjusted EBITDA (continued)
Q2 2023 Group Adjusted EBITDA (continued) Adj. EBITDA Margin (%) 12.2% 9.2% • Since the start of this year, we managed to open additional ways of raw materials sourcing globally €m lowering our purchasing prices. From a cash-flow standpoint, Belysse has already started to benefit from this new procu
Slide 9: Q2 2023 Cash Flow
Q2 2023 Cash Flow • The cash inflow of €1.0m in 2Q23 was mainly driven by the positive EBITDA and the trade working capital improvements induced by the inventory reduction. 9
Slide 10: H1 2023 Group Revenue
H1 2023 Group Revenue • 1H23 consolidated revenue was €155.6m €m (-5.2% YoY). • In US, revenue was in line with last year at €81.0m, while our US business saw a slow start, volumes recovered since the middle of the first quarter. • In Europe, revenue decreased by (10.0)% versus last year to €74.7m,
Slide 11: H1 2023 Group Adjusted EBITDA
H1 2023 Group Adjusted EBITDA Adj. EBITDA Margin (%) 10.3% 7.9% • 1H23 Adjusted EBITDA was €12.2m (-27.7% YoY) with €m an Adjusted EBITDA margin of 7.9% (versus 10.3% in 1H22). • US EBITDA was €13.9m in 1H23 (-11.2% YoY) (28.2)% 0.5% The EBITDA margin saw a temporary drop in the beginning of the yea
Slide 12: H1 2023 Cash Flow
H1 2023 Cash Flow • The cash outflow of €11.6m in 1H23 was mainly driven by debt repayments and interest payments, which included amongst others the half-yearly interest payment of €5.1m for the Senior Secured Notes. • The Other Working Capital cash out relates mainly to the settlement of prior year
Slide 13: Leverage stands at 5,5x, excluding IFRS 16 lease liabilities
Leverage1 stands at 5,5x, excluding IFRS 16 lease liabilities €m Cash 87 54 55 29 24 32 20 38 26 27 • Net Debt at the end of the period was LTM Adj. Cash 86 85 78 70 34 33 33 29 27 23 €157.1m (including €29.7m related to IFRS EBITDA 16 lease liabilities), flat compared to last quarter (+0.5%). • Lev
Slide 14: BEYOND update
BEYOND update
Slide 15: Sustainability through Innovation
Sustainability through Innovation • Total CO2 emission per m² produced has been reduced by 16% compared to 2018. Energy efficiency initiatives continue to deliver impact, by reducing both gas and electricity consumption. Compared to 2022 where we ended the year with 22% lower CO2 emission per m² com
Slide 16: Lean program has delivered 1.9€m savings year-to-date
Lean program has delivered 1.9€m savings year-to-date • As a reminder: objective of this Lean program is to deliver €8m cumulative savings over a 4-year period • YTD 2023 results amount to €1.9m P&L savings vs. 2022, exceeding the target of €1.25m by 55% • Nearly 40 running initiatives with key focu
Slide 17: Agility
Agility • In Europe we are continuously working on upgrading our Supply Chain, with a view to enhance delivery performance to our customers, by implementing shorter production runs to increase responsiveness and service levels, at the same time lowering our stock levels • Specific examples of such p
Slide 18: Conclusion
Conclusion 18 • 1H23 consolidated Revenue was €155.6m and Adjusted EBITDA was €12.2m, resulting in an Adjusted EBITDA margin of 7.9%. • Our US business saw recovery of EBITDA margins to historical performance after a temporary drop. • US volumes recovered during the quarter, resulting in a stable re
Slide 19: Q&A Session
Q&A Session Upcoming Half Year 2023 Report on 25 August 2023 Q3 2023 Results Release on 26 October 2023