Q3 2023 Earnings Report for Poultry Segment
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Appendix: Non-IFRS adjustments
Quarterly Non-IFRS adjustments on EBIT and EBITDA
•
Non-IFRS adjustments are made up of:
I.
•
•
.
•
II.
-
Purchase Price Allocation (PPA) related
charges, non-cash
Inventory uplift related PPA charges
Depreciation and amortization of acquisition
related tangible and intangible assets
Acquisition related expenses include fees paid
as part of an acquisition process, whether the
process resulted in an acquisition or not
Legal, consultancy, and contingent
payments (e.g. stock option grant as part of
an acquisition with service requirement)
III. Restructuring costs
Severance costs related to headcount
reductions
From 3Q22-2Q23 PPA charges were elevated due
to the inventory uplift from the Wenger acquisition
which is now fully amortized
In 3Q23, PPA related charges were EUR 6.8m,
compared to EUR 12.1m in 2Q23
Quarterly PPA related charges expected to be EUR
~7m in coming quarters
No other Non-IFRS adjustments are included
Non-IFRS adjustments breakdown
PPA related charges
Acquisition related expenses
Restructuring costs
Total non-IFRS adjustments
Adjusted EBIT reconciliation
EBIT
PPA related charges
3Q23
2Q23
1Q23
4Q22
3Q22
6.8
12.1
15.0
17.4
16.0
0.4
0.7
2.1
2.5
5.6
1.5
3.9
2.9
5.5
8.7
16.7
17.1
22.8
27.1
27.6
17.1
23.1
38.1
19.1
6.8
12.1
15.0
17.4
16.0
Inventory uplift related PPA charges
0.0
5.2
8.1
9.6
9.5
Depreciation and amortization of other acquisition related assets
Acquisition related expenses
6.8
6.9
6.9
7.8
6.5
0.4
0.7
2.1
2.5
5.6
Restructuring costs
1.5
Adjusted EBIT
36.3
53
3.9
2.9
5.5
33.8
40.2
60.9
46.2
Adjusted EBITDA reconciliation
EBITDA
Inventory uplift related PPA charges
Acquisition related expenses
Restructuring cost
Adjusted EBITDA
50.2
40.1
46.3
62.9
40.7
0.0
5.2
8.1
9.6
9.5
0.4
0.7
2.1
2.5
5.6
1.5
3.9
2.9
5.5
52.1
49.9
56.5
77.9
61.3
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