Q1 2024 Results - Investor Presentation
Financial Review - Key Highights
Good financial performance in Q1 2024 with 4.4% Network sales increase and increase in reported
EBITDA for +1.3%.
Other Financial, Operating and As Adjusted Information
First Quarter
LTM Ended
December
In Єm
Network sales
2023
320.0
2024
334.2
% like-for-like change
3.8%
1.9%
Var.%
4.4%
(1.9)pp
2023
980.9
Gross Margin
223.1
231.7
3.8%
676.5
As a % of Network Sales
69.7%
69.3%
(0.4)pp
69.0%
Network Contribution
149.6
152.8
As a % of Network Sales
Reported EBITDA
As a % of Network Sales
Recurring operating profit
As a % of Network Sales
Net income
Free cash flow
46.8%
45.7%
2.1%
(1.0)pp
390.8
39.8%
116.7
118.3
36.5%
35.4%
1.3%
(1.1)pp
91.1
28.5%
91.3
27.3%
0.3%
(1.1)pp
28.0%
163.7
16.7%
As a % of Reported EBITDA
50.4
119.1
102.0%
48.7
(3.3)%
149.6
25.6%
126.5%
24.5 pp
184.5
67.2%
Net financial debt for leverage calculation
(855.8)
Leverage (Net Financial Debt for leverage calculation/Adjusted EBITDA).
n.c.
(798.9)
2.76x
6.6%
n.a.
(798.9)
2.76x
THOM
Q1 2024 Results - Investor presentation March 15, 2024
274.4
42.7
Increase in Reported EBITDA
The increase by €1.5m was mainly due to the increase in network sales
across the board, resulting from the Group's strategy to develop the
awareness of its brands, digitalize our distribution (e-commerce network
sales increased by +9% on a LFL basis in Q1 2024) and develop services to
our customers not offset by the impact of inflation on our cost base.
Reported EBITDA rate remains at a high level of 35.4% in Q1 2024. The
1.1pp decrease in Reported EBITDA rate mainly derives from GM rate (-
0.4pp) and from higher energy costs (-0.4pp).
GM Rate decreased from 69.7% to 69.3% due to the inflation of
manufacturing and raw materials' costs. We have started to implement price
increases by waves in the fiscal year 2024 with limited effects on the 3-month
period ended December 31 as this repricing concern the new arrivals (which
are labelled with the new prices).
Free Cash Flow conversion rate of 126.5% in Q1 2024, higher by 24.5pp
compared to 102% in Q1 2023 benefitted from a more positive change in
working capital in Q1 2024 resulting from a sale of gold for 14m€ for hedging
purposes and from the increase in suppliers' liability as the deliveries of goods
were anticipated in Q1 2023 to secure the procurement of products for the
Christmas season. We returned to a more normative seasonality pattern of
purchases for Christmas vs. Q1 2023.
In LTM Dec23, Free Cash Flow conversion rate reached 67.2%.
Net Financial Debt totalled €798.9m as of December 31, 2023 (net financial
debt for leverage calculation), i.e. a leverage of 2.76x based on Adjusted
EBITDA, a decrease of 0.38x compared to September 30, 2023.
p.14View entire presentation