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JENSEN-GROUP N.V.
Earnings Release • Mar 6, 2025
3967_er_2025-03-06_d78dabdc-bad7-4744-9f86-b2414db47d14.pdf
Earnings Release
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Press Release
JENSEN-GROUP sets a new milestone in order intake, driving record revenue and profit growth
HIGHLIGHTS
| (in thousands of euro) | YTD Q4 2024 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|
| Order intake | 517,266 | 157,249 | 118,527 | 126,551 | 114,939 |
| Revenue | 453,166 | 118,348 | 107,503 | 118,188 | 109,127 |
| Operating profit (EBIT) | 50,737 | 12,817 | 13,135 | 13,616 | 11,169 |
- The order intake in 2024 represents an amount of 517.3 MEUR (+42%), surpassing the half-billion mark for the first time.
- JENSEN-GROUP's revenue of the fourth quarter amounts to 118.3 MEUR, resulting in a record annual revenue of 453.2 MEUR (+13%).
- The operating profit (EBIT) amounts to 50.7 MEUR, compared to 40.7 million euro in 2023, marking a growth of 25%.
- Consequently, the EBITDA amounts to 63.0 MEUR, representing a 30% increase compared to previous year.
- The consolidated result attributable to equity holders lead to an Earnings per Share of 4.31 euro, an increase of 27% in comparison to 3.39 euro per end of December 2023.
- The Board will propose at the Annual Shareholders' meeting on May 20, 2025, to approve a gross dividend of 1.00 euro per share. Subject to this approval the share will trade excoupon as of May 26, 2025 and the dividend will be payable as from May 28, 2025 at the counters of KBC bank.
State of the business 2024
In 2024, JENSEN-GROUP reached unprecedented milestones, setting new benchmarks in operational and financial performance. Total order intake in 2024 reached 517.3 million euro, surpassing the half-billion mark for the first time. Combined with a strong order book at the start of the year, the order intake propelled our revenue to an all-time high of 453.2 million euro in 2024 and forms a strong basis for 2025.
Our track record of sustained growth provides proof of effective resource allocation and focused capital investments in the past two years. In 2023 we acquired the Ole Almeborg facilities in Denmark to further extend our manufacturing base, while expanding our production facility in China through the purchase of a large facility adjacent to our factory. In addition, we stepped up our investments in innovation capabilities for AI and robotics at Inwatec in Denmark. Furthermore, the acquisition of a 49% stake in Inax Corporation, in April 2023, a leading Japanese player in the laundry equipment sector, significantly enhanced our market position. In 2024, we further enhanced our strategic portfolio by the acquisition of MAXI-PRESS in July 2024, a market leader in press cushions and consumables for the heavy-duty laundry industry.
Our EBIT for 2024 rose to 50.7 million euro from 40.7 million euro in 2023, which represents robust growth of 25%. The contribution of JENSEN-GROUP's earnings from TOLON and Inax increased to 3.9 million euro from 2.1 million euro, despite the adverse impact of 0.6 million euro from hyperinflation accounting on TOLON's Turkish operations. Due to higher pre-tax profits, the Group's tax charges increased from 10.5 million euro to 13.0 million euro, while maintaining a stable effective tax rate.
These developments culminated in a rise in net profit from 31.0 million euro to 41.2 million euro as at December 31, 2024.
Reflecting the increase in operating activities, our working capital rose from 152.0 million euro to 180.6 million euro by the end of 2024. The Group is reporting a net financial cash position of 3.1 million euro, inclusive of 8.3 million euro in leasing debt, compared to 36 million euro at the end of 2023. This decrease is largely due to the acquisition of an 85% stake in MAXI-PRESS, financed through cash and additional borrowings amounting to 20 million euro as at December 2024.
As a result, net financial charges increased from 1.0 million euro to 2.2 million euro. This is mainly because of the additional borrowings but is offset by repayments made. Our borrowing agreements remain favorable, with no financial covenants attached.
2
Outlook
The Group's aim for 2025 is to stay on its strategic course and continue to solidify its market position and profitability by taking full advantage of the robust order book and project pipeline at the start of the year and by relentlessly focusing on commercial and industrial excellence in execution. The Group will continue to drive customer centricity and sustainable innovation by developing new products and services while further enhancing the optimization and digitalization of business processes and applications.
Risk factors to be taken into account for 2025 include the uncertainty regarding overall political and socio-economic climate, the evolution and effect of trade tariffs, the impact of geopolitical and military threats, travel restrictions across the world in the event of a new pandemic emerging, a slowing-down of demand due to an economic recession in our key markets, our customers' ability to access financing when confronted with higher interest rates, the fluctuating availability of raw materials, energy and transportation costs, exchange rate volatility, and competitive pressures.
Share buy-back program
The Bylaws of the Company allow to purchase of own shares. At its meeting per March 10, 2022, the Board of Directors decided to implement a program to buy back a maximum of 781,900 or 10% of its own shares. As per March 9, 2023, 113,873 shares were bought back at an average price of 30.07 euro for a total amount of 3.4 million euro. In view of the transaction with Miura, the JENSEN -GROUP suspended its buy-back program. During the extra-ordinary shareholders' meeting of May 16, 2023, the shareholders voted on the cancellation of the 113,873 treasury shares. On August 10, 2023, the program was re-launched to buy back the remaining 668,027 shares. As at December 31 2024, 146,793 shares have been bought back at an average price of 35.86 euro for a total amount of 5.3 million euro.
| Key figures | |||
|---|---|---|---|
| Financial year ended | December 31 | December 31 | Variance |
| (in thousands of euro) | 2024 | 2023 | % |
| Revenue | 453,166 | 400,121 | 13% |
| Operating profit (EBIT) | 50,737 | 40,743 | 25% |
| EBITDA | 63,046 | 48,376 | 30% |
| Net interest charges (+) / income (-) | -771 | -341 | 126% |
| Share in result of associates and companies consolidated | 3,938 | 2,141 | 84% |
| under equity method | |||
| Profit before taxes | 52,498 | 41,926 | 25% |
| Profit for the period from continuing operations | 39,433 | 31,432 | 25% |
| Result from assets held for sale | -108 | -124 | -13% |
| Result attributable to non-controlling interest | -1,737 | 277 | -727% |
| Consolidated result attributable to equity holders Added value |
41,170 195,348 |
31,031 166,862 |
33% 17% |
| Net cash flow | 53,479 | 38,664 | 38% |
| Equity | 282,560 | 262,142 | 8% |
| Net financial debt (+) / net cash (-) | -3,093 | -35,873 | -91% |
| Working capital | 180,636 | 151,964 | 19% |
| Non-current assets (NCA) | 105,683 | 69,877 | 51% |
| Capital employed (CE) | 286,320 | 221,842 | 29% |
| Market capitalization (high) | 436,080 | 322,092 | 35% |
| Market capitalization (low) | 307,260 | 244,314 | 26% |
| Market capitalization (average) | 375,964 | 289,425 | 30% |
| Market capitalization (December 31) | 409,735 | 319,261 | 28% |
| Entreprise value (December 31) (EV) | 406,642 | 283,388 | 43% |
| RATIOS | |||
| EBIT / Revenue | 11.20% | 10.18% | 10% |
| EBITDA / Revenue | 13.91% | 12.09% | 15% |
| ROCE (EBIT / CE) | 19.97% | 19.81% | 1% |
| ROE (Net profit / equity) | 15.12% | 14.34% | 5% |
| Gearing (Net debt(+) net cash (-)/ equity) | |||
| EBITDA interest coverage | -81.77 | -141.87 | -42% |
| Net financial debt (+) or net cash (-)/ EBITDA | -0.31 | -0.49 | -37% |
| Working capital / revenue | 36.70% | 34.97% | 5% |
| EV/EBITDA (December 31) | 5.47 | 4.94 | 11% |
| Key figures per share Financial year ended |
December 31 | December 31 | Variance |
| (in euro) | 2024 | 2023 | % |
| EBITDA | 6.61 | 5.29 | 25% |
| Consolidated result attributable to equity holders (= | |||
| earnings per share) | 4.31 | 3.39 | 27% |
| Net cash flow | 5.60 | 4.23 | 32% |
| Equity (= book value) | 29.79 | 27.26 | 9% |
| Gross dividend | 0.75 | 0.50 | 50% |
| Number of shares outstanding (average) | 9,542,241 | 9,150,330 | 4% |
| Number of shares outstanding (year-end) | 9,484,615 | 9,616,286 | -1% |
| Share price (high) | 45.70 | 35.20 | 30% |
| Share price (low) | 32.20 | 26.70 | 21% |
| Share price (average) | 39.40 | 31.63 | 25% |
| Share price (December 31) | 43.20 | 33.20 | 30% |
| Price/earnings (high) | 10.60 | 10.40 | 2% |
| Price/earnings (low) | 7.50 | 7.90 | -5% |
| Price/earnings (average) | 9.10 | 9.30 | -2% |
| Price/earnings (December 31) | 10.00 | 9.80 | 2% |
Consolidated statement of profit and loss
| (in thousands of euro) | December 31 2024 |
December 31 2023 |
|
|---|---|---|---|
| Revenue | 453,166 | 400,121 | |
| Raw material expenses | -202,886 | -188,928 | |
| Services and other goods | -56,145 | -45,772 | |
| Employee benefit expenses | -132,302 | -118,486 | |
| Depreciation and amortisation expense | -8,888 | -5,995 | |
| Impairments, write-downs, and provisions | -3,421 | -1,638 | |
| Total expenses | -403,642 | -360,819 | |
| Other operating income | 1,406 | 1,797 | |
| Other operating expenses | -193 | -356 | |
| Operating profit (EBIT) | 50,737 | 40,743 | |
| Interest income | 2,577 | 1,994 | |
| Other financial income | 1,749 | 1,703 | |
| Financial income | 4,326 | 3,697 | |
| Interest charges | -1,806 | -1,653 | |
| Other financial charges | -4,697 | -3,002 | |
| Financial charges | -6,503 | -4,655 | |
| Share in result of associates and companies accounted for using the equity method |
3,938 | 2,141 | |
| Profit before tax | 52,498 | 41,926 | |
| Income tax expense | -12,957 | -10,494 | |
| Profit / (loss) for the period from assets held for sale | -108 | -124 | |
| Profit for the period from continuing operations | 39,433 | 31,308 | |
| Profit / (loss) for the period from discontinued operations | |||
| Consolidated profit for the year | 39,433 | 31,308 | |
| Result attributable to non-controlling interests | -1,737 | 277 | |
| Result attributable to equity holders | 41,170 | 31,031 | |
| Basic and diluted earnings per share (in euro) Weighted average number of shares |
4.31 9,542,241 |
3.39 9,150,330 |
|
Consolidated statement of comprehensive income
| December 31 | December 31 | |
|---|---|---|
| (in thousands of euro) | 2024 | 2023 |
| Consolidated profit for the year | 39.433 | 31.308 |
| Items that may be subsequently reclassified to profit or loss | ||
| Financial instruments | -123 | 254 |
| Currency translation differences related to associates and companies accounted for using the equity method |
-1.046 | -3.589 |
| Currency translation differences - other | -2.323 | -1.633 |
| Items that will not be reclassified to profit or loss | ||
| Remeasurements gains/(losses) on defined benefit plans | 348 | -1.365 |
| Tax on OCI | -56 | 265 |
| Other comprehensive income for the year | -3.200 | -6.068 |
| Total comprehensive income for the year | 36.233 | 25.240 |
| Total comprehensive income attributable to: | ||
| Non-controlling interests | -1.737 | 273 |
| Equity holders of the company | 37.970 | 24.967 |
Glossary - definitions
- EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) = Operating profit (EBIT) + Depreciation and amortization expense + Impairments, write-downs and provisions
- Net cash flow = Consolidated result attributable to the equity holders + Depreciation and amortization expense + Impairments, write-downs and provisions
- Net financial debt (+)/Net cash (-) = Borrowings (non-current and current) + government grant - financial assets at amortized cost - financial assets at fair value through OCI - cash and cash equivalents
For ratios comparing figures from the consolidated statement of comprehensive income with figures from the consolidated statement of financial position, the average figure from the consolidated statement of financial position is used. The average is the opening balance + closing balance divided by two.
Consolidated cash flow statement
| (in thousands of euro) | December 31 December 31 | |
|---|---|---|
| 2024 | 2023 | |
| CASH FLOW FROM OPERATING ACTIVITIES | ||
| Consolidated result attributable to equity holders | 41.170 | 31.031 |
| Result attributable to non-controlling interests | -1.737 | 277 |
| Adjusted for | ||
| - Current and deferred tax | 12.957 | 10.494 |
| - Interest and other financial income and expenses | 2.177 | 958 |
| - Depreciation and amortization expenses | 8.888 | 5.995 |
| - Write down on trade receivables | 2.144 | 1.210 |
| - Write down on inventory | 811 | 309 |
| - Write down on contract assets | 455 | 0 |
| - Changes in provisions | 13 | 62 |
| - Gain/loss on the sale of tangible fixed assets | 15 | -22 |
| - Companies accounted for using equity method | -3.938 | -2.141 |
| Interest received | 2.577 | 1.994 |
| Changes in working capital | -16.560 | -24.014 |
| Decrease / increase (-) in advance payments on purchases | 92 | 3.081 |
| Decrease / increase (-) in inventory | -1.942 | -7.289 |
| Decrease / increase (-) in contract assets (before netting) | -29.290 | -11.227 |
| Decrease / increase (-) in long- and short-term accounts receivable | -21.370 | -28.466 |
| Increase / decrease (-) in trade and other payables | 6.140 | 9.788 |
| Increase / decrease (-) in contract liabilities (before netting) | 29.809 | 10.098 |
| Corporate income tax paid | -18.354 | -4.534 |
| Net cash generated / (used) by operating activities - total | 30.619 | 21.622 |
| CASH FLOW FROM INVESTING ACTIVITIES | ||
| Purchases of intangible and tangible fixed assets | -11.758 | -8.086 |
| Sales of intangible and tangible fixed assets | 180 | 137 |
| Acquisition of subsidiaries and participations (net of cash acquired) | -31.725 | -6.101 |
| Sale of subsidiaries and participations (net of cash acquired) | -142 | 0 |
| Proceeds (+) from sale of financial instruments | 7.038 | 13.771 |
| Purchases (-) of financial instruments | -5.830 | -12.478 |
| Dividend received (+) | 877 | 0 |
| Net cash generated / (used) by investing activities | -41.360 | -12.756 |
| Net cash flow before financing activities | -10.741 | 8.865 |
| CASH FLOW FROM FINANCING ACTIVITIES | ||
| Acquisition (-) of treasury shares | -4.765 | -2.074 |
| Capital increase | 0 | 26.820 |
| Dividend paid (-) | -7.351 | -3.972 |
| Proceeds from government grants | 578 | 0 |
| Proceeds (+) from new borrowings | 24.532 | 1.502 |
| Repayment (-) of borrowings | -6.312 | -15.636 |
| Payments of lease liabilities | -2.291 | -1.328 |
| Interest paid | -1.806 | -1.653 |
| Other financial income | 235 | 121 |
| Other financial charges | -861 | -954 |
| Net cash generated / (used) by financing activities | 1.958 | 2.826 |
| Net increase / (decrease) in cash and cash equivalents | -8.783 | 11.692 |
| Cash, cash equivalent and bank overdrafts at the beginning of the year |
41.455 | 29.913 |
| Exchange gains / (losses) on cash and bank overdrafts | 1.169 | -147 |
| Cash, cash equivalent and bank overdrafts at the end of the | 33.842 | 41.455 |
| year |
Audit
The Statutory Auditor has confirmed that the audit of the consolidated accounts and the limited assurance on the sustainability report of JENSEN-GROUP are substantially complete as of today and have not revealed any material misstatement in the draft consolidated accounts, and that the accounting data which are reported in the press release are consistent, in all material respects, with the draft consolidated accounts from which these data have been taken.
Financial calendar
- May 19, 2025 evening: Trading update Q1 2025.
- May 20, 2025, 10.00 AM: Annual Shareholders' meeting.
- August 7, 2025 evening: Half-year results 2025.
- November 5, 2025 evening: Trading update Q3 2025.
About the JENSEN-GROUP
The JENSEN-GROUP, listed on Euronext Brussels, assists heavy-duty laundries worldwide to provide quality textile services economically. We have become a preferred supplier in the laundry industry by leveraging our broad laundry expertise to design and supply sustainable single machines, systems and integrated solutions. We are continuously growing by extending our offer and by developing environmentally friendly and innovative products and services that address specific customer needs. The JENSEN-GROUP is the top-of-mind supplier when it comes to sustainable solutions through its CleanTech concept, highly automated material handling solutions as well as groundbreaking new approaches utilizing robotics and AI in industrial laundries. Our success results from combining our global skills with our local presence. The JENSEN-GROUP has operations in 22 countries and has distribution in more than 50 countries. As per December 31, 2024, the JENSEN-GROUP employs worldwide 2,059 employees.
(End of press release)
For more information, please contact:
JENSEN-GROUP
Jesper Munch Jensen, Chief Executive Officer Doga Cagdas, Chief Financial Officer Stefanie Roscam, Investor Relations Manager E-mail: [email protected]