Q1 2024 Results - Investor Presentation
Financial Review - Adjusted Free Cash Flow
Adjusted Free Cash Flow reached €204.3m with a conversion rate of 70.7% in LTM ended December
31, 2023.
Adjusted Free Cash Flow
In Єm
Reported EBITDA
Change in working capital
Net Cash Used in Investing Activities (a)
Other operating cash flow (b)
Reported Free Cash Flow
As % of Reported EBITDA
Refurbishment and openings capital expenditure (c)
Change in working capital of fixed assets (c)
Sales of property, plant and equipment and intangible assets (c)
Investment in physical gold inventory (d)
Covid-19 subsidies and credit notes (e)
Adjusted Free Cash Flow
As % of Adjusted EBITDA
First Quarter
LTM Ended
December
Q1 2023
Q1 2024
Var.
2024
116.7
118.3
1.5
274.4
26.0
53.8
27.8
(15.6)
(16.3)
(0.8)
(4.5)
(52.6)
(8.1)
(6.2)
1.9
119.1
149.6
30.5
(32.8)
184.5
102.0%
126.5%
24.5 pp
67.2%
20.9
0.2
(0.5)
(0.0)
(0.8)
204.3
70.7%
Free Cash Flow
Our free cash flow is seasonal, with a peak in December after the Christmas
season once we have recorded payment for our products sold, and a low point
in September to November reflecting inventory build-up ahead of the Christmas
season. The main drivers of the seasonality of our free cash flows are Reported
EBITDA, changes in working capital (mainly trade payables and, to a lesser
extent, inventories) and capital expenditure, consisting of opening capital
expenditure, maintenance capital expenditure and refurbishment capital
expenditure.
Free cash flow in Q1 2024 increased by €30.5m mainly due to the combination
of (i) higher sale of Gold inventory in Q1 2024, compared to Q1 2023 mainly due
to our hedging policy with specifically high level of physical gold sold and (ii) by
anticipation of purchases the Christmas season in 2022 to secure procurement
which was not renewed in 2023, resulting in a higher balance of suppliers as of
December 31, 2023.
(a) (i) Acquisition of property, plant & equipment and intangible assets, (ii) Disposal of property, plant &
equipment, intangible assets net of (iii) Change in working capital on fixed assets, (iv) acquisition of financial
assets and (v) acquisition of subsidiary, net of cash acquired)
(b)
(c)
Includes income tax paid and cash impact of other non-recurring income and expenses.
(i) refurbishment [and expansion] capital expenditure, (ii) change in working capital of fixed assets, (iii) sales
of property
(d) Corresponds to a targeted investment made in June 2023 in a physical gold inventory for hedging purposes,
with the inventory subsequently being resold in October and November 2023 (no such investments were
made in Q1 2024)
(e) Cash impact of non-recurring subsidies and suppliers' credit notes received by the Group, as compensation
for operating losses incurred as a result of the COVID-19 pandemic related to prior years (i.e., the financial
years ended September 30, 2020 and 2021).
Goldstory Adjusted Free Cash Flow corresponds to Free Cash Flow restated for (i)
Refurbishment and opening Capital Expenditure for €20.9m in LTM Dec23, (ii) Cash
impact of non-recurring subsidies and suppliers' credit notes received by the
Group for €0.8m in LTM Dec23, and (iii) €0.3m of change in working capital and
sales of property.
Adjusted Free Cash Flow reached €204.3m in LTM Dec2023, i.e. 70.7% as a
percentage of Adjusted EBITDA.
THOM
Q1 2024 Results - Investor presentation March 15, 2024
p.20View entire presentation