Q1 2024 Results - Investor Presentation
Financial Review - Working Capital and CAPEX
The €27.8m variation in change in working capital between Q1 2024 and Q1 2023 derived from (i)
higher sales of gold for hedging purposes and (ii) the return to a more normative seasonality pattern
of purchases for Christmas 2023 (we anticipated purchases to secure Christmas 2022 procurement).
Change in Working Capital (cash impact)
First Quarter
In Єm
(Increase) Decrease of inventories
2023
2024
Var. m€
(8.0)
12.5
20.5
2024
(9.4)
(Increase) Decrease of trade receivables
(11.5)
(11.2)
0.2
1.2
Increase (Decrease) of trade payables (excluding
20.9
32.1
11.2
(5.1)
capital expenditure trade payables)
Change in Trade Working Capital (a)
1.4
33.3
31.9
(13.3)
Change in Non-Trade Working Capital
24.6
20.5
(4.1)
8.8
Change in Working Capital
26.0
53.8
27.8
(4.5)
THOM
Q1 2024 Results - Investor presentation March 15, 2024
LTM Ended
December
The positive effect of change in working capital of €53.8m in Q1 2024,
compared to a positive effect of €26.0 million in Q1 2023 mainly resulted from a
positive variation on change in inventories for €20.5 million and on change in
trade payables for €11.2 million:
This decrease in inventory in Q1 2024 mainly due to higher sales of Gold
inventory in Q1 2024 compared to Q1 2023 as we sold an extraordinary
€14m physical gold inventory for hedging purposes (purchased in FY 2023).
The increase in suppliers' liability is mainly due to mainly explained by an
anticipation of purchases in the three-month period ended December 31,
2022 to secure the procurement of products for Christmas. We have not
renewed this anticipation for Christmas 2023 and returned to a more
normative seasonality of purchases, resulting in a higher balance of
suppliers as of December 31, 2023.
p.21View entire presentation