Earnings Release • Oct 21, 2024
Earnings Release
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PRESS RELEASE
Waregem, 21 October 2024, 7:00 am CET Regulated information For immediate publication
Q3 2024 Consolidated Group Revenue was €68.1m (-7.6% YoY)
The third quarter Consolidated Group Revenue for 2024 reflects the continued weak market demand in Europe, while Bentley Mills' project driven business has been more resilient with volumes only slightly below prior year.
Adjusted consolidated Group EBITDA for the quarter was organically stable year over year, but slightly negatively impacted versus last year by FX, despite headwinds on volumes. Higher unitary margins generally compensated lower volumes. Leverage remained in line with the level of June 2024.
The following alternative performance measures (non-IFRS) have been used as management believes that they are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The alternative performance measures may not be comparable to similarly-titled measures of other companies, have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results, our performance, or our liquidity under IFRS.
Organic Growth is defined as growth excluding (i) FX impacts, which comprise the translation of key foreign entities and (ii) M&A impacts.
Adjusted EBITDA is defined as operating profit / (loss) adjusted for (i) the impact of the purchase price allocation mainly on change in inventories, (ii) gains on asset disposals, (iii) integration and restructuring expenses, (iv) depreciation / amortization and (v) impairment and write-offs
Adjusted EBITDA margin is defined as the Adjusted EBITDA as a percentage of revenue.
Net Debt is defined consistent versus previous reporting as (ii) Notes maturing in 2030, (iii) Bank and other borrowings (and where noted IFRS 16 liabilities) less (iv) cash and cash equivalents.
Leverage is defined as the ratio of Net Debt to Adjusted EBITDA (both excluding IFRS 16 impacts as per previous reporting, except for sale and leaseback transactions).
[email protected] www.belysse.com
Belysse manufactures sustainable textile floor coverings for commercial and residential applications and commercialises its products focusing 90% on North-America and Europe under the premium brands Bentley (US), modulyss, arc edition and ITC (Europe). Headquartered in Waregem (Belgium), Belysse employs nearly 100 people and operates three manufacturing sites in Belgium (Tielt and Zele) and the United States (Los Angeles). Belysse realised sales of 301 million euros in 2023 and is listed on Euronext. (Euronext: BELYS)
Certain financial data included in this press release are "non-IFRS financial measures." These non-IFRS financial measures may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with International Financial Reporting Standards. Although Belysse Group nv believes these non-IFRS financial measures provide useful information to users in measuring the financial performance and condition of its business, users are cautioned not to place undue reliance on any non-IFRS financial measures or any ratios included in this presentation. This press release may include projections and other "forward-looking" statements. Any such projections or statements reflect the current views of the issuer about further events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from these projections. Belysse Group nv expressly disclaims any obligation or undertaking to publicly update or revise these forward-looking statements other than as required by applicable law. The fact that the current press release includes certain forward-looking statements does not imply an obligation of or constitute a guarantee by Belysse Group nv to include such forward-looking statements in future press releases or communication. Rounding adjustments have been made in calculating some of the financial included in this press release. As a result, figures shown as totals may not be exact arithmetic aggregations of the figures that precede them.
Belysse Group nv intends to publish its Full Year 2024 results on 7 March 2025.
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