Belysse Group NV · EURONEXT:BELYS
Belysse Group NV — Balta Group — H1 2019 Earnings Presentation
14 slides from Belysse Group NV's earnings presentation, 2019
Slide 1: H1 2019
H1 2019 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: H1 2019 Financial Summary
H1 2019 Financial Summary +7.5% organic • H1 2019 Consolidated Revenue of €351.4m +9.2% yoy sales growth • Growth driven by solid performance in Rugs (+18.9%) & Commercial (consolidated) (+14.2%) +1.6% FX impact -2.2% organic • H1 2019 Consolidated Adjusted EBITDA of €37.3m -0.1% • Lower margin Rugs
Slide 4: Expanded management team to deliver NEXT
Expanded management team to deliver NEXT Cyrille Jan- Kris Willaert Emmanuel Ragoucy Christian HR Director Rigaux CEO, Werner CTO Chairman CFO of the Board • Appointed interim • Joined Balta as Head of • Joined Balta in June • Will join Balta early Q4 CEO of Balta Group in Group Controlling & • Prev
Slide 5: NEXT: Three Year Earnings Enhancement program
NEXT: Three Year Earnings Enhancement program Key initiatives 1 • Channel: e-commerce opportunity in the US & Europe Rugs • Product offering: continued optimization Delivering • US: focus on market share in office segment, increased efforts in adjacent segments Sustainable Commercial • Europe: oppor
Slide 6: Group H1 2019 Revenue Performance
Group H1 2019 Revenue Performance €m 14.5 (4.5) 0.5 351.4 19.0 H1 Growth H1 Growth 321.9 (€m) (%) +18.9% +14.2% -4.3% +3.7% Organic +€24.2m +7.5% FX +€5.3m +1.6% Impact Reported +€29.5m +9.2% Reported Revenue Rugs Commercial Residential Non- Reported Revenue H1 2018 Woven H1 2019 • Rugs growth in US
Slide 7: Group H1 2019 Adjusted EBITDA and Margins
Group H1 2019 Adjusted EBITDA and Margins Adj. EBITDA margin (%) Reported €m Lfl(1) H1 2018 % Change Lfl(1) 10.6% 11.6% 10.6% H1 2019 €m 3.1 37.3 (0.8) 0.8 37.3 Rugs 12.9 9.2 -29.0% 34.2 -2.2% +2.1% Commercial 16.6 19.2 +15.8% Lfl(1) -0.1% Residential 6.4 7.9 +22.5% Non-Woven 1.4 1.0 -25.3% Consolid
Slide 8: From Adjusted EBITDA to Net Income
From Adjusted EBITDA to Net Income H1 2019 H1 2018 €million Revenues 351.4 321.9 Adjusted EBITDA 37.3 34.2 Adjusted EBITDA impacted by IFRS16, but flat on a like-for-like basis Depreciation and amortisation (19.4) (16.2) Adjusted Operating Profit 17.9 18.0 Non-recurring income/expenses (3.1) (2.4) €
Slide 9: Cash Flow
Cash Flow €million H1 2019 H1 2018 Adjusted EBITDA 37.3 34.2 Non-recurring expenses (net) (3.1) (2.4) Changes in provisions and FV of (0.9) (3.2) derivatives Cash generated before changes 33.3 28.6 in working capital Seasonal build-up of inventory and increase in trade receivables and other Changes
Slide 10: Leverage of 3.7x (Net Debt of €311.8m) Compared to 3.8x a Year Ago
Leverage(1) of 3.7x (Net Debt of €311.8m) Compared to 3.8x a Year Ago and 3.6x at Q1 2019 Acquisition of €m Bentley 400 8.0x 385 Post deleveraging 350 using primary IPO net proceeds 312 306 300 6.0x 43.2 277 42.1 272 268 264 262 257 254 269 264 250 200 4.0x 3.9x 3.9x 3.8x 3.7x 3.6x 3.6x 3.3x 150 2.9
Slide 11: Outlook reaffirmed
Outlook reaffirmed Excluding the impact of IFRS16 • Expect Adjusted EBITDA broadly flat versus the prior year • Capex around €40m • Interest flat versus the prior year • Effective Tax Rate between 25 – 27% 11
Slide 12: Q&A Session
Q&A Session 12
Slide 13: H1 Year Revenue and Adjusted EBITDA by Segment
H1 Year Revenue and Adjusted EBITDA by Segment 13
Slide 14: Q2 Revenue and Adjusted EBITDA By Segment
Q2 Revenue and Adjusted EBITDA By Segment 14