Q3 2023 Earnings Report for Poultry Segment
Balance sheet: Equity and liabilities
Condensed Consolidated Interim Financial Statements Q3 2023
•
Total borrowings increased by EUR 39.1m since
YE22 due to higher utilization of revolver in 1H23.
Increase of EUR 6.9m QoQ, mainly due to
currency movements
The new term loan of EUR 150m, together with
the longer maturity profile of the revolving facility,
creates headroom for Marel to repay upcoming
maturities, e.g. the Schuldschein notes
Trade and other payables decreased by EUR
24.1m since YE22 though EUR 19.0m in 3Q23
due to lower volume, timing of payments and
payments in relation to investments
Contract liabilities decreased by EUR 35.2m
since YE22 and increased by EUR 0.2m between
quarters, with book-to-bill of 0.97 in 3Q23 and
0.91 in 9M23
Equity & liabilities
In EUR million
Group equity
Borrowings
Lease liabilities
1,051.4
marel
30/09 2023
31/12 2022
Change
1,028.1
+2.3%
769.4
729.8
+5.4%
30.0
30.3
-1.0%
Deferred income tax liabilities
88.0
90.7
-3.0%
Provisions
5.1
6.9
-26.1%
Other payables
2.6
7.5
-65.3%
Non-current liabilities
895.1
865.2
+3.5%
Contract liabilities
289.1
324.3
-10.9%
Trade and other payables
292.7
316.8
-7.6%
Derivative financial instruments
0.3
3.5
-91.4%
Current income tax liabilities
Borrowings
0.8
14.2
-94.4%
121.0
121.5
-0.4%
11.5
10.8
+6.5%
11.7
12.0
-2.5%
727.1
803.1
-9.5%
Total equity and liabilities
1,622.2
2,673.6
1,668.3
-2.8%
2,696.4
-0.8%
Notes: 1 Net debt (excluding lease liabilities) / Pro forma LTM adjusted EBITDA (including recent acquisitions) excluding non-cash and one-off costs per Marel's credit agreement. 2 Net debt (including lease liabilities) / Pro forma LTM adjusted EBITDA (including recent
acquisitions).
19
•
Current income tax liabilities EUR 13.4m lower
since YE22, thereof EUR 8.3m between quarters,
due to timing of income tax payments
Bank leverage per credit agreement below 3.5x
in the quarter (2Q23: 3.4x, 3Q22: 3.8x), strong
cash flow in the quarter had a positive effect on
leverage, though absolute EBITDA was lower in
3Q23 than 3Q22
Leverage² was 3.7x and up from 3.5x at end of
second quarter (3Q22: 3.9x)
Lease liabilities
Provisions
Current liabilities
Total liabilitiesView entire presentation