REGULATED PRESS RELEASE

from COMPAGNIE BOIS SAUVAGE (EBR:COMB)

Cie du Bois Sauvage : Results 2024

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PRESS RELEASE - March 5, 2025 – 5:45 pm

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

Operating income                                                                                                              

323.897

303.506

 Sales                                                                                                                                    

283.788

265.775

 Interest and dividends                                                                                                      

17.865

18.304

 Rental income                                                                                                                   

704

636

 Other income                                                                                                                     

21.540

18.791

Operating expenses                                                                                                           

-271.309

-253.867

 Purchasing                                                                                                                         

-146.085

-133.410

 Personnel costs                                                                                                                  

-71.150

-69.454

 Amortization, impairment and provisions                                                                   

-30.140

-26.408

 Financial expenses                                                                                                           

-6.505

-7.783

 Other expenses                                                                                                                  

-17.429

-16.812

Share in the profit of shareholdings consolidated using the

equity method                                                                                                                     

-2.476

-16.730

Operating income before disposals, changes in fair value,

depreciations and reversals of depreciations                                                                 

50.112

32.909

Earnings on disposals                                                                                                       

4.019

-1.000

Changes in fair value and depreciations                                                                        

-103.894

-44.086

Pre-tax profits                                                                                                                      

-49.762

-12.177

Income taxes on profit                                                                                                                

-13.326

-9.320

PROFIT FOR THE YEAR                                                                                                

-63.088

-21.497

Other comprehensive income                                                                                          

2.443

-1.928

 Items that will not be reclassified subsequently to result                                          

0

0

Share in the comprehensive income of shareholdings consolidated

 using the equity method                                                                                                  

0

0

 Items that might be reclassified subsequently to results                                           

2.443

-1.928

 Exchange rate differences on the conversion of activities abroad                           

2.443

-1.975

Share in the comprehensive income of shareholdings consolidated

 using the equity method                                                                                                  

0

47

GLOBAL RESULT FOR THE YEAR                                                                            

-60.645

-23.425

Profit for the year                                                                                                               

-63.088

-21.497

 Group’s share                                                                                                                    

-69.770

-27.842

  Non controlling interest                                                                                                  

6.681

6.345

Comprehensive income for the year                                                                               

-60.645

-23.425

 Group’s share                                                                                                                    

-67.367

-29.747

  Non controlling interest                                                                                                  

Profit for the year per share (x €)                                                                                              

6.721

6.322

                  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

31-12-24

31-12-23

(KEUR)

(KEUR)

Listed investments

72.040

129.244

Umicore

39.395

98.536

Ageas

22.971

19.254

Syensqo

3.175

4.242

Solvay

1.402

1.248

BNP

2.184

2.931

AB Inbev

483

584

Orange

594

540

Engie

1.837

1.910

Private Equity investments

527.372

540.307

Groupe  Chocolat

437.059

425.600

Berenberg

42.959

62.137

Noel Group - Vinventions

16.248

25.908

Galactic-Futerro

25.313

20.962

Other private 

5.794

5.700

Real estate

205.910

227.720

Eaglestone

76.112

89.497

Fidential Belux Office

40.832

44.539

FRI2

13.052

20.549

Merep 3

Praça de Espanha (Po) Esch 404 (Lux)

5.064

2.018

22.344

14.996

22.246

12.645

Chmielna (Pl)

11.585

9.153

Site Bois Sauvage

Other Real Estate

US Real Estate

11.095

11.049

2.918

10.657

3.895

9.384

Portfolio

805.322

897.270

Cash and cash equivalents (*)

11.147

6.752

Gross debt (*)

-21.341

-21.068

Other nets (*)

12.558

15.907

Net Asset Value

807.686

898.861

Net value per share (EUR)

498,88

543,68

Number of shares (excluding treasury shares)

1.618.993

1.653.290

(*)excluding Chocolate Group included in fair value                     

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

image          x € 1.000                                                                                                                      image          31-12-2023

Non-current assets

527.151

617.219

 Tangible assets

68.078

56.021

 Investment building

11.751

11.757

 Goodwill

11.003

11.003

 Intangible assets

25.339

24.289

 Right-of-use assets

59.516

53.164

 Equity-accounted investments

129.093

151.530

 Investments at fair value through profit and loss

136.446

216.739

 Other assets

79.174

84.889

 Deferred tax assets

6.751

7.827

Current assets

196.876

175.673

 Inventories

29.528

27.824

 Customers and other debtors

101.350

78.573

 Tax assets payable

5.389

5.660

 Financial assets at fair value through profit and loss

9.675

11.455

 Other assets

9.576

5.843

 Cash and cash equivalents

41.358

46.318

Non-current assets held for sale

0

0

                                                                                            Total assets

724.027

792.892

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

Equity

538.220

630.222

 Group equity

505.529

597.069

                           Capital

154.297

154.297

                            Undistributed profit

344.366

439.042

                            Reserves

6.866

3.730

 Non controlling interest

32.691

33.153

Liabilities          

185.808

162.666

 Non-current liabilities

94.342

76.405

                            Financial debt

34.332 

22.979 

                            Lease debt

54.017 

48.345 

                            Provisions

571 

483 

                            Deferred tax liabilities 

3.082 

4.134 

                             Other non-current liabilities

2.340 

464 

 Current liabilities

91.466

86.261

                            Financial debt

15.964

17.501

                            Lease debt

11.290

9.307

                            Provisions

1.807

1.777

                              Suppliers and other creditors

50.993

48.196

                             Tax liabilities payables

9.716

7.656

                           Other liabilities

1.696

1.824

                                   Total liabilities and shareholders's equity

724.028

792.888

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

FINANCIAL CALENDAR

March 5, 2025

2024 annual results

April 23, 2025

Annual General Meeting

May 2, 2025

Ex-dividend date (ex-date)

May 5, 2025

Record date of the dividend

May 6, 2025

Dividend payment

September 4, 2025

Publication of 2025 half-year results

CONTACT (PRESS & INVESTORS)

Benoit DECKERS, CEO – 0475 44 15 96

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