Cie du Bois Sauvage : Results 2024

2024 annual results (unaudited):

Compagnie du Bois Sauvage achieves a solid operating profit, driven by its Chocolate segment

•      Results:

o        Operating income before disposals, changes in fair value and depreciations is

EUR 50.1 million compared to EUR 32.9 million in 2023 o Net Result Group’s share equals to EUR -69.8 million (compared to EUR 27.8 million in 2023), and is mainly influenced by the change in the fair value of Umicore (-59.1 million)

•      Intrinsic value:

o        Net Asset Value amounts to EUR 498.9 per share as of 31/12/2024 (compared to EUR 543.7 as of 31/12/2023).

•      Dividend: 

o        A gross dividend of EUR 8.40 per share is proposed (compared to EUR 8.20 per share in 2023)

In a context that remains difficult, Compagnie du Bois Sauvage achieves an increase in operating income, thanks to the shareholdings of its Chocolate division (Neuhaus and Jeff de Bruges) as well as Berenberg (Investment Banking) and Eaglestone (Real Estate). 

Benoît Deckers, CEO, comments on these results: "The very good growth of the Chocolate division both in terms of sales (+6.8% compared to 2023) and operating income (+9.4% compared to 2023) is a sign that our sector strategy and our productivity investments are paying off. We are continuing to grow while controlling costs, despite the uncertainty of commodity price fluctuations. The Industry & Services division is strongly impacted in terms of valuation by the fall in Umicore's share price. In the Real Estate division, Eaglestone records positive results. The residential projects we are carrying out alongside major players in the sector are particularly encouraging as the first signs of a recovery for the real estate market are beginning. For us, operating income is the first indicator to measure the performance and resilience of our portfolio of investments. »

OVERVIEW OF RESULTS FOR THE YEAR 2024

The operating results of the Chocolate segment, despite a context of sharp increases in the price of raw materials, are particularly solid. Our shareholdings, led by Neuhaus and Jeff de Bruges, achieved a +6.8% increase in sales compared to 2023 thanks to higher prices and, for Neuhaus, higher volumes. As for Jeff de Bruges, the development of the network has been accentuated with the continued increase in the number of boutiques, which stands at 529 at the end of 2024, compared with 520 at the end of 2023. 

We are also continuing our efforts to reduce our costs, whether through the automation of production lines or digitalization, and we are working to make the most of customer knowledge. 

Within the Industry & Services segment, we continued to support Futerro, which develops bio-based plastics solutions and represents the industry of tomorrow. Our holdings in listed and unlisted companies have had varying successes: while Ageas and Berenberg have delivered very good results, we remain attentive to the prospects that will soon be presented by Umicore, whose fall in the share price has considerably weighed on the valuation of Compagnie du Bois Sauvage.

The results of the Real Estate segment are encouraging: Eaglestone performs satisfactorily in 2024, and the various funds and residential projects in which Compagnie du Bois Sauvage is involved alongside major players in the sector are yielding positive results.   

During 2024, the Compagnie du Bois Sauvage Group:

•      repurchased 37,483 own shares for a total value of EUR 9.5 million and cancelled on 10 December 2024 a total of 39,516 own shares, part of which was acquired in 2023 (i.e. 2.3% of the share capital),

•      received an earn-out of EUR 4 million relating to the sale of its stake in Ogeda in 2017 following the completion of the last milestone,

•      received distributions from the FRI 2 fund  for a gross total of EUR 7.5 million in capital and profits confirming the valuation of the assets at the end of December 2023,

•      paid up EUR 3 million additional to the Merep 3 fund , bringing the total amount of EUR 5 million already paid out of a commitment of EUR 20 million,

•      subscribed to the capital increase  of Futerro for an amount of EUR 2.5 million, which was fully paid up,

•      subscribed to the capital increase of Maash for an amount of EUR 2.5 million, of which EUR 2.37 million has been paid up,

•      subscribed to Noosa's capital increase for an amount of EUR 1 million, of which EUR

0.7 million has been paid up.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AS OF 31/12/2024 (IFRS) ( UNAUDITED)

                   x € 1.000                                                                                                                                                 31-12-2024          31-12-2023

                  Basic income per share                                                                                                                                   -42,26                   -16,77

                   Diluted income per share                                                                                                                                 -42,26                   -16,77

2023 figures unchanged from the press release of 06-03-2024 with the exception of reclassifications that have no impact on either operating income or net income. 

Compagnie du Bois Sauvage's operating income before disposals, changes in fair value and depreciations amounts to EUR 50.1 million compared to EUR 32.9 million in 2023. This result is mainly influenced by the combined effect of the following: 

•         The very good growth of the Chocolate division (Neuhaus, Jeff de Bruges, Corné PortRoyal and Artista) both in terms of turnover and operating income. Revenue (excluding miscellaneous re-invoicing) in 2024 is up 6.8% compared to 2023. This increase partly involves an increase in sales prices but also in volume at Neuhaus. Operating income increases by a remarkable 9.4% compared to 2023.

•         The Group's share of Berenberg Bank's pre-tax profits is EUR 6.2 million, compared with EUR 5.1 million in 2023.

•         The result of shareholdings consolidated using the equity method is EUR -2.5 million compared to EUR -16.7 million in 2023. This result is mainly related to the positive results of Eaglestone (Group share of EUR +3.4 million) and the other real estate investments Corc (US), Zeb Land (US) and Plaine 17 (EUR + 3.7 million). It is also negatively influenced by our historical holdings Noël Group and Vinventions, which are still operating in complicated markets (EUR -5.5 million), and Fidentia, which has recorded impairment losses on some of its assets (EUR -3.7 million).

Net income Group’s share of EUR -69.8 million (compared to EUR -27.8 million in 2023) takes into account an earn-out of EUR 4 million related to the sale of our Ogeda stake in 2017 but suffers significantly from changes in the fair value of the investments in Umicore of EUR -59.1 million, Berenberg EUR -19.2 million, Eaglestone EUR -16.6 million,  Noël Group EUR -6.9 million and Ynsect EUR -3.3 million. 

Comprehensive net income Group’s share amounts EUR -67.4 million compared to EUR -29.7 million in 2023. This amount corresponds to Group’s net income share adjusted for items recognized directly in equity, such as exchange rate differences on the conversion of activities into currencies outside the euro zone (EUR 2.4 million). 

The Group has a consolidated net cash surplus excluding IFRS 16 of EUR 0.7 million as of December 31, 2024 compared to a consolidated net cash surplus excluding IFRS 16 of EUR 17.3 million as of December 31, 2023. The net cash surplus of the Chocolate division (excluding IFRS 16) amounts to EUR 1.3 million.

After payment of the 2023 dividend (EUR 13.4 million), the share buyback (EUR 9.5 million) and taking into account the results of the year (EUR -69.8 million), the Group's equity stands at EUR 505.5 million at the end of 2024 compared to EUR 597.1 million in 2023. 

DIVIDEND 

The Board of Directors proposes a gross dividend of EUR 8.40 per share compared to EUR

8.20 per share in 2023. It wishes to show its confidence in the prospect of the Group. 

INVESTMENTS 

Consolidated operating income before disposals, changes in fair value and depreciations as of December 31, 2024 is globally in line with the Group's expectations in view of the first half results and the economic context.

OUTLOOK FOR THE CURRENT FINANCIAL YEAR

In 2025, Compagnie du Bois Sauvage will continue its investments in its Chocolate segment and in its supply chain strategy. In real estate, we believe that Eaglestone is well placed to benefit from the market recovery, the first effects of which are being felt. Compagnie du Bois Sauvage will continue to review the performance and strategic relevance of its other assets.

AUDITOR'S REPORT

The Statutory Auditor, Deloitte Reviseurs d'Entreprises, has not, to date, completed all of its audit work on certain significant items of the Group's consolidated financial statements. Therefore, the financial statements presented in this press release should be considered, at this stage, as unaudited.

ALTERNATIVE PERFORMANCE INDICATORS

Net Asset Value : NAV corresponds to consolidated equity adjusted for the difference between the market value and the book value of the fully consolidated participations. Compagnie du Bois Sauvage reminds investors that the calculation of the NAV is subject to the uncertainties and risks inherent in this type of valuation and is not a measure of the current or future value of the Company's common shares. 

Consolidated cash : Consolidated cash is the sum of "Other current and non-current assets" of cash, "Financial assets at fair value through profit or loss" and "Cash and cash equivalents".

Consolidated net debt excluding IFRS 16 / Consolidated net cash surplus excluding IFRS 16 : Consolidated net debt excluding IFRS 16 (if negative) / consolidated net cash surplus excluding IFRS 16 (if positive) is the consolidated cash position minus current and non-current non-IFRS 16 "Financial Debt". 

Operating income before disposals, changes in fair value and depreciations : Operating income before disposals, changes in fair value and depreciations is the difference between "Operating products" (sales, interests and dividends, rental income and other income) and "Operating costs" (supplies, personnel costs, depreciations, amortization, impairment, provisions, financial expenses and other expenses) plus the "Share in the comprehensive income of shareholdings consolidated using the equity method".

ADJUSTED NET ASSET VALUE

(*)excluding Chocolate Group included in fair value                     

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 31/12/2024 (IFRS) ( UNAUDITED)

          x € 1.000                                                                                                                                31-12-2023

          x € 1.000                                                                                                                          31-12-2024               31-12-2023

2023 figures unchanged from the press release of 06-03-2024.

FINANCIAL CALENDAR

CONTACT (PRESS & INVESTORS)

Benoit DECKERS, CEO – 0475 44 15 96