REGULATED PRESS RELEASE

from COMPAGNIE BOIS SAUVAGE (EBR:COMB)

Cie du Bois Sauvage : Results H1 2024

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PRESS RELEASE

CONSOLIDATED RESULTS FOR THE FIRST HALF OF 2024

2 September 2024

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Trusted partners for true growth.

Compagnie du Bois Sauvage (COMB) est une société à  Compagnie du Bois Sauvage is a family-owned, stable caractère patrimonial, cotée sur Euronext Brussels, company listed on Euronext Brussels.

dont l’actionnaire principal est familial et stable.

    INFORMATION RÉGLEMENTÉEREGULATED INFORMATION  

www.bois-sauvage.be

FOREWORD BY THE CEO

Dear Shareholders,                                                                                       

imageOur published half-year results for 2024 show that Compagnie du Bois Sauvage’s investment fundamentals are strong. The Chocolate Division sales growth of 6.8%, thanks in particular to Jeff de Bruges and Neuhaus, which have improved their results. The persistent slowdown in sales in the property division has prompted us to maintain our cautious approach, but we remain convinced of the quality of the assets. In the Industry and Services

division, Umicore is operating in an environment impacted by the slowdown in demand for electric vehicles.

Our sound cash and debt management will also enable us to seize promising opportunities for the future, in particular by continuing to support our investments in the industry of the future.

In this way, we are staying true to our DNA as a stable, trusted partner for entrepreneurs.

Benoit Deckers

CEO

 

 

Key Financial Data

30/06/2024

30/06/2023

Operating income before disposals, changes in fair value and depreciations

EUR 4,4 million

EUR 6,9 million

Net Result, Group’s share

EUR -57,1 million

EUR  -29,6 million

Intrinsic value (Net Asset Value) per share

EUR 497,7

EUR 543,7

 

30/06/2024

31/12/2023

Shareholder’s equity

EUR 520 millions

EUR 597 millions

Market Capitalisation

EUR 415 millions

EUR 461 millions

Intrinsic Value

EUR 811 millions

EUR 898 millions

Net Debt

EUR (13) millions

EUR (17) millions

 

FINANCIAL CALENDAR

                                                                                            HALF-YEAR IFRS FINANCIAL STATEMENTS

5 March 2025             Annual           results                On 2 September 2024, the Board of Directors approved

2024

the IFRS consolidated financial statements of Companie

23 April 2025           Annual         General         Meeting

                               

du Bois Sauvage (1st half of 2024). These accounts have not been subject to a limited review by the company’s auditor. This financial communication as of 30 June 2024, is in accordance with IAS 34.

Contact (investors and press) :

Benoit Deckers, CEO

+32 475 44 15 96

Find all our reports and publications on our website

 :  www.bois-sauvage.be

CONTENTS

FOREWORD BY THE CEO............................................................................................................... 2

INTERIM MANAGEMENT REPORT................................................................................................ 4

COMPARATIVE TABLE – CONSOLIDATED ACCOUNTS (IFRS).......................................................... 5

INTRINSIC VALUE.......................................................................................................................... 6

DECLARATION OF ACCOUNTABLE EXECUTIVES............................................................................ 7

RISK FACTORS................................................................................................................................ 7

OUTLOOK FOR THE CURRENT FINANCIAL YEAR........................................................................... 7

CONSOLIDATED FINANCIAL STATEMENTS (IFRS).......................................................................... 8

             

INTERIM MANAGEMENT REPORT

Compagnie du Bois Sauvage started the year with an increase in turnover of the Chocolate Group

(Neuhaus, Jeff de Bruges, Corné Port Royal and Artista) of 6,8% compared to the first half of 2023.

This increase was accompanied by an improvement in the operating income by Jeff de Bruges. By Neuhaus, a slight increase in the half-year results was recorded, mainly due to higher sales volumes. Consolidated earnings of Chocolate Group companies increase slightly compared with June 2023. As a reminder, the first half of the year is traditionally less significant than the second half. 

Sales of the main property investments slowed in the first half of the year.

The Company has pursued its strategy of concentrating on a limited number of participations, reserving the resources necessary for the development of the Group's companies. A positive net cash position enables the company to seize investment opportunities.

In this context, until 30 June 2024, the Company has mainly:

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Received an earn-out payment of EUR 4M on the sale of its participation in Ogeda in 2017, following the completion of the last Milestone, 

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Repurchased 22.962 own shares for EUR 6,0M, or 1,4% of the capital

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Received repayments of capital and distributions of profits from the FRI 2 Fund for a total of EUR 6,7M

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Paid up EUR 2M in the capital of the real estate fund Merep 3 in accordance with its commitments,

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Subscribed to a capital increase of EUR 0,5M in Maash,

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Subscribed to a capital increase of EUR 1M in Noosa,

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Lent an additional amount of EUR 0,5M to Futerro.

The Group has a consolidated net cash surplus excluding IFRS 16 of EUR 12,8 million at 30 June 2024 compared to a consolidated net cash surplus of EUR 17,3 million at 31 December 2023.

1. COMPARATIVE TABLE – CONSOLIDATED ACCOUNTS (IFRS)

image 

 

 

(1)      Figures not modified Vs press release of 04/09/2023.

« Operating income before disposals, changes in fair value and depreciations » at EUR 4,4 million compared to EUR 6,9 million for the first half of 2023.

It takes into account in 2024 :

•       a growth in the turnover influenced by both price and volume increases in the chocolate division,

•       the results of companies consolidated using the equity method at EUR -1,9 million in 2024 compared to EUR -5,1 million in 2023, mainly linked to Noël Group (EUR -0,9 million)

•       the reduction in the Berenberg Bank dividend linked to certain cyclical business segments and interest on liquid assets.  

In 2024, the ‘Income from Disposals’ is linked to the receipt of an additional amount on the sale of the participation in Ogeda for EUR 4 million. 

The «Changes in fair value and impairments» sectionmainly takes into account in 2024 the change in the valuation of Umicore (EUR -43,0 million), Berenberg Bank in accordance with the valuation model used (EUR -16.3 million) and Ageas (EUR +1,7 million).

The «Global Result of the Group» amounts to EUR -55,8 million compared to EUR -30,4 million in June 2023. 

The elements in the global result relate mainly to the exchange rate differences in US dollar at Surongo America. 

After allocation of the result for the year, payment of the dividend (EUR -13,4 million) and the repurchase of own shares, the «Group’s equity» amounts to EUR 520,8 million.

In the context of the renewal of the authorization given by the Extraordinary General Meeting of 28 April 2021 to buy back its own shares, Companie du Bois Sauvage bought back 22.962 of its own shares in the first half of 2024 for a total of EUR 6,0 million. 

INTRINSIC VALUE

The intrinsic value per share on 30 June 2024 amounts to EUR 497,6 compared to EUR 543,7 on 31 December 2023.

The valuation rules of assets are based on:

-   the stock exchange prices at 30 June 2024 for all listed companies, 

-   an expert valuation for the various funds held and for the real estate or an accepted acquisition offer, 

-   an internal valuation based on market criteria for the participations in the chocolate division and Berenberg Bank,

-   and the net assets (IFRS) or subscription price of the last capital increases for the other participations.

 

DECLARATION OF ACCOUNTABLE EXECUTIVES

To the best of our knowledge,

i)      the summarized financial statements shown below have been drawn up in accordance with the IAS 34 standard and present a true and fair view of the company’s assets, financial situation and results of the Company and consolidated companies;

ii)     the interim management report integrated in this document contains an accurate presentation of key events and significant transactions with affiliated parties during the first six months of the financial year, post-balance sheet events and their impact on the summarized financial statements, as well as a description of the outlook for the second half of the financial year. 

Hubert Olivier                                                                                                     Benoit Deckers 

Chairman of the Board of Directors                                                            General Manager 

RISK FACTORS

The risks specific to Companie du Bois Sauvage as of 30 June 2024 are detailed in the 2023 annual report (page 19 and following of the French version).

Compagnie du Bois Sauvage should remain subject to the same risks during the second half of 2024.

OUTLOOK FOR THE CURRENT FINANCIAL YEAR

The Board remains confident in the quality of the assets but it is cautious about the short and medium-term outlook considering .

CONSOLIDATED FINANCIAL STATEMENTS (IFRS)

1. Consolidated Financial Statements

x € 1.000

Note

30-06-2024

31-12-2023

Non-current assets

535.015

617.218

Tangible assets

59.974

56.021

Investment buildings

11.754

11.757

Goodwill

11.003

11.003

Intangible assets

24.008

24.289

Right-of-use assets

6

47.355

53.163

Shareholdings consolidated using equity method

Available-for-sale shareholdings via P&L

Other assets

Deferred tax assets

Current assets

Inventories

Customers and other debtors

Tax assets payable

Financial assets designated at fair value through

Other assets

Cash and cash equivalents

Non-current assets held for sale

Total assets

x € 1.000

7

11

12

Note

142.765

155.431

72.255

10.470

175.795

43.214

43.190

5.798

10.557 14.778

58.258

0

710.811

30-06-2024

151.530

216.739

84.889

7.827

175.672

27.824

78.573

5.660

11.454

5.843

46.318

0

792.890

31-12-2023

Equity

Group equity

Capital

Undistributed profit

Reserves

Non controling interest

Liabilities

Non-current liabilities

Interest-bearing liabilities

Lease liabilities

Provisions

Deferred tax liabilities

Other non-current liabilities

Current liabilities

Interest-bearing liabilities

Lease liabilities

Provisions

13

14

6, 14

14 6, 14

555.532

520.763

154.297

367.394

-928

34.769

155.279

66.256 21.867

40.717

392

3.069

211

89.023

34.143

7.409 1.608

38.847

5.359 1.657

710.811

630.223

597.070

154.297

439.042

3.731

33.153

162.667

76.405 22.979

48.345

483

4.134

464

86.262

17.501

9.307 1.777

48.196

7.656 1.825

792.890

Suppliers and other creditors

Tax liabilities payable

Other liabilities

Total liabilities and shareholder's equity

(1) Figures not modified Vs the version from the 2023 annual report.

2. Consolidated Global Results

x € 1.000

Note

30-06-2024

30-06-2023

Operating income

3 & 4

116.002

111.875

Sales

105.994

99.324

Interest and dividends

8.693

11.320

Rental income

322

276

Other income

993

955

Operating expenses

5

-109.778

-99.822

Purchasing

6

-54.562

-51.472

Personnel cost

-33.827

-33.576

Amortisations, impairments and provisions

6

-17.907

-11.014

Financial expenses

6

-3.055

-3.116

Other expenses

-427

-644

Share in the profit of shareholdings consolidated using the equity method

7

-1.870

-5.125

Operating income before disposals, changes in fair value and depreciations

Earnings on disposals

Changes in fair value and depreciations

8

9

4.354

3.609 -64.767

6.928

85 -34.251

Pre-tax profits

Income taxes on profits

-56.804 1.349

-27.238 -704

Profit for the year

Other elements of the comprehensive income

Elements that will not be reclassified subsequently to result

Share in the comprehensive income of shareholdings consolidated using the equity method

Elements that may be reclassified subsequently to result

Available for sale shareholdings

Change in fair value

Transfer to profit and loss following depreciation

Transfer to profit and loss following disposal

Exchange differences on the conversion of activities abroad Share in the comprehensive income of shareholdings consolidated using the equity method Others

-55.455

1.315

5

5

1.310 0

0

1.310

0

0

-27.942

-839

77

77

-916 0

0

-916

0

0

GLOBAL RESULT FOR THE YEAR

-54.140

-28.781

Profit for the year

Group's share

Non controling interest

-55.455

-57.054

1.599

-27.942

-29.557

1.615

Global result for the year Group's share

Non controling interest

-54.140

-55.757

1.617

-28.781

-30.379

1.598

Earnings for the year per share (x €)

             Basic earnings per share                                                                    15                        -34,40                             -17,80

            Diluted earnings per share                                                                  15                        -34,40                             -17,80

(1)      Figures not modified Vs press release of  04/09/2023.                                                                   

3. Consolidated treasury flow

 

               x € 1.000                                                                                                                            30-06-2024        30-06-2023

Income before taxes

-56.804

-27.238

Adjustments

Income from disposals

-3.609

-85

Changes in faire value

64.767

34.251

Share of income from participating interests using the equity method

1.870

5.125

Financial charges

3.055

3.116

Income from interest and dividends

-8.693

-11.320

Depreciations, write-down and provisions

9.945

3.775

Depreciation rights of use (IFRS 16)

7.962

7.239

Others

-3.160

1

Changes in need for revolving funds Elements of current assets

19.993

12.036

Elements of current liabilities

-9.379

-9.459

Interest paid

-1.035

-1.802

Interest received

866

8.978

Dividends received

Participating interests using the equity method

136

161

Other shares

5.692

7.659

Taxes paid / to be received Cash flow from operational activities

-4.794

-5.533

26.811

26.904

(Acquisitions) / disposals of shareholdings consolidated using the equity method

-988

-8.767

(Acquisitions) / disposals of available-for-sale shareholdings

-656

0

(Acquisitions) / disposals of shareholdings at fair value though income statement

4.005

-13.451

(Acquisitions) / disposals of other financial instruments

12.646

-9.221

(Acquisitions) / disposals of investment real property

4.012

15

(Acquisitions) / disposals of other tangible fixed assets

-13.037

-4.234

(Acquisitions) / disposals of other intangible fixed assets

-1.873

-5.294

(Acquisitions) / disposals of other financial fixed assets

Cash flow from investment activities

241

-4.938

4.350

-45.890

Loan issuance

15.685

10.570

Loan repayments

-156

-2.323

Debt repayment of lease liabilities

-9.525

-4.592

Dividends paid to shareholders

-13.433

-13.268

Dividends paid to non controling interest

0

0

Sales (Purchase) of own shares

-5.956

-1.195

Capital increase

0

0

           Others                                                                                                                                  -5.836                 -679

Cash flow financing activities

Net cash flow for the financial period

Cash and cash equivalents at begining of the financial period

Effect of changes on cash and equivalents in currency

Cash and cash equivalents at the end of the financial period

-19.220

11.940

46.318

0

58.258

-11.487

-30.473

152.984 0

122.511

4. Consolidated table of own capital variations

               x € 1.000                                                                                                                            30-06-2024        30-06-2023

Income before taxes

-56.804

-27.238

Adjustments

Income from disposals

-3.609

-85

Changes in faire value

64.767

34.251

Share of income from participating interests using the equity method

1.870

5.125

Financial charges

3.055

3.116

Income from interest and dividends

-8.693

-11.320

Depreciations, write-down and provisions

9.945

3.775

Depreciation rights of use (IFRS 16)

7.962

7.239

Others

-3.160

1

Changes in need for revolving funds Elements of current assets

19.993

12.036

Elements of current liabilities

-9.379

-9.459

Interest paid

-1.035

-1.802

Interest received

866

8.978

Dividends received

Participating interests using the equity method

136

161

Other shares

5.692

7.659

Taxes paid / to be received Cash flow from operational activities

-4.794

-5.533

26.811

26.904

(Acquisitions) / disposals of shareholdings consolidated using the equity method

-988

-8.767

(Acquisitions) / disposals of available-for-sale shareholdings

-656

0

(Acquisitions) / disposals of shareholdings at fair value though income statement

4.005

-13.451

(Acquisitions) / disposals of other financial instruments

12.646

-9.221

(Acquisitions) / disposals of investment real property

4.012

15

(Acquisitions) / disposals of other tangible fixed assets

-13.037

-4.234

(Acquisitions) / disposals of other intangible fixed assets

-1.873

-5.294

(Acquisitions) / disposals of other financial fixed assets

Cash flow from investment activities

241

-4.938

4.350

-45.890

Loan issuance

15.685

10.570

Loan repayments

-156

-2.323

Debt repayment of lease liabilities

-9.525

-4.592

Dividends paid to shareholders

-13.433

-13.268

Dividends paid to non controling interest

0

0

Sales (Purchase) of own shares

-5.956

-1.195

Capital increase

0

0

           Others                                                                                                                                  -5.836                  -679

Cash flow financing activities

Net cash flow for the financial period

Cash and cash equivalents at begining of the financial period

Effect of changes on cash and equivalents in currency

Cash and cash equivalents at the end of the financial period

-19.220

11.940

46.318

0

58.258

-11.487

-30.473

152.984 0

122.511

5. Notes
1. Accounting principles and methods

The accounting principles and methods used to set up these half-year financial statements are identical to those adopted on 31 December 2023 and detailed in the 2023 annual report.  

2. Seasonality

The two main seasonality factors for the Group are : 

-   the activity of the chocolate division (Neuhaus, Jeff de Bruges, Corné Port Royal and Artista Chocolates), that usually registers a higher second half of the year than the first half,

-   and the collection of dividends from participations and assets which takes place mainly in the first half of the year. 

3. Segment information

                                                                                                                           Income                                Pre-tax profits

                                                                                                              30-06-24            30-06-23             30-06-24            30-06-23

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Industrial                                                                                                       112.343              106.850               -52.487                 -24.949

Real Estate                                                                                                       2.849                  3.155                -2.415                   -2.595

Treasury Investments                                                                                           810                  1.870                -1.901                      306

image

                                                                                                                   116.002              111.875               -56.803                 -27.238

The increase in the income of the industrial pole is mainly linked to the recovery of the activity of the chocolate division by Jeff de Bruges (EUR 59,1 million) and Neuhaus (EUR 44,9 million). The change in the pre-tax profit of the industrial division is also related to the combined change in fair value of Umicore (EUR -43,0 million), Berenberg Bank (EUR -16,3 million) and Ageas (EUR +1,7 million). The results are also impacted by the impairment booked on Noël Group (EUR -6.9 million).

The income from the real estate division are relatively stable. 

The pre-tax income of the treasury division is the consequence of the evolution of stock prices in its securities portfolio. 

 

4. Operating revenue

Sales, up compared with the first half of 2023, are almost exclusively generated by the chocolate division.

Interest and dividends are detailed as follows:

x € 1.000                                                                                               30-06-24           30-06-23

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Dividends on shareholdings at fair value through income statement                        5.090                    6.997

Dividends on trading securities                                                                             642                       662

Vairous interests                                                                                              2.961                    3.661

image

                                                                                                                                Total               8.693                  11.320

The decrease in dividends on participations at fair value through profit or loss is mainly related to the reduction of the Berenberg Bank dividend. The decrease in miscellaneous interest relates mainly to the decrease in available-for-sale cash investments. 

5. Operating charges

The operating expenses increase mainly in line with the evolution of the chocolate division’s turnover. 

6. Rights-of-use assets and leases

For its chocolate division, the Group leases several sales locations for its own stores and managed retail stores. These leases are generally taken out for a contractual period of 9 to 12 years. Marginally, some car rental contracts are added to these store rental contracts. The lease payments are discounted using the marginal borrowing rate. Since the implementation of IFRS 16 as of 1 January 2019, the Group uses a progressive approach by taking as a starting value a riskfree interest rate, adjusted by a theoretical credit spread applied by banking institutions in its recent financings. It should be noted that the incremental borrowing rate has also taken into account lease-specific parameters such as duration, country and currency. As of 30 June 2024, the incremental borrowing rate used is between 4,03% and 4,90%, depending on the factors mentioned above. 

The ratio commitments included in the bank loan contracts exclude the application of IFRS 16. 

7. Shareholdings consolidated using equity method

x € 1.000                                                                                               30-06-24           30-06-23

image

Balance at 1 January

151.530

146.455

Acquisitions

988

8.767

Disposals

0

0

Result for the period

-1.870

-5.125

Distribution for the period

-136

-161

Depreciations

-6.940

0

Reversal of depreciations

0

0

Conversion differences

904

-564

Others

-1.711

69

image

Balance at 30 June                                                                                      142.765                149.441

The section « Acquisitions » relates to the increased percentage interest in Futerro. 

The section « Result for the period » mainly relates to Noël Group and Vinventions, which realized losses of EUR -0,9 million and EUR -0,5 million respectively.

The impairment loss relates to Noël Group, for which goodwill was impaired mainly due to the delay in improving the “Herculean” division.

 

 

 

 

 

 

8. Earnings on disposals

0

0

0

0

0

0

0

       30-06-24             30-06-23

0

0

15

-656 0

0

253

0

4.012

70

Loss on disposals (x € 1.000)                                                                  30-06-24            30-06-23

Real Estate

Investment at fair value through income statement

Derivatives and shares held for transactions

Gain on disposals (x € 1.000) Real Estate

Participations held to be sold

Financial assets at fair value through income statement

Derivatives and shares held for transactions

Others

                                                                                                                                                               3.609                       85

                                                                                                                                 Total               3.609                       85

In 2024, the gain on disposals relates mainly to the payment of an earn-out of EUR 4 million on the sale of the stake in Ogeda.

image9. Changes in fair value and depreciations

The evolution of the section «Changes in fair value and depreciations » mainly includes:

-          changes in investments at fair value through profit or loss, mainly Umicore (EUR -43,0 million), Berenberg Bank (EUR -16,3 million) and Ageas (EUR +1,7 million).

-          impairment of EUR 6,9 million on the participation in Noël Group.


10. Financial Instruments

 


Financial assets

Investments available for sale

Investments available for sale

Investments available for sale Other non current assets

Other non current assets

Financial assets at fair value through profit or loss

Other current assets


Financial liabilities

Non-current borrowings

Lease liabilities

Other non-current liabilities

Current borrowings

Current Lease liabilities

Derivative instruments

Other current liabilities

30-06-24                31-12-2023 Carrying          Carrying

amount               Fair value               amount               Fair value             Category

76.424

76.424

118.697

118.697

1

0

0

0

0

2

79.007

79.007

98.042

98.042

3

67.116

67.116

78.491

75.791

2

5.139

5.139

6.399

6.399

3

10.557

10.557

11.455

11.455

1

0

0

0

0

2

238.243

238.243

313.084

310.384

Carrying amount

Fair value

Carrying amount

Fair value

Category

21.866

21.866

22.980

24.181

2

40.717

40.717

48.344

48.344

2

8

8

7

7

2

34.143

34.143

17.501

17.501

2

7.409

7.409

9.307

9.307

2

6

6

6

6

2

0

0

0

0

2

     104.149                 104.149                    98.145                  99.346                               


IFRS 7 level of fair value

1.       Identical assets and liabilities listed on active markets and valuated at closing price.

2.       Non-listed assets and liabilities in which transactions have taken place and valuated at the price of the last known and significant transactions. Fair value has been determined by actualizing future cash flows based on market interest rates for fixed rate loans and derivatives and has not been considered different, measured at amortized cost for the other assets/liabilities and variable rate loans. 

3.       Other valuations are not based on observable market information (see also the section « Intrinsic Value » of this press release).

4.       The fair values of financial instruments are determined  at the year-end.

Assets of fair value level 3

Berenberg Bank has been valued based on an average of (i) net assets plus goodwill net of risk capital and (ii) revalued net assets through “price-to-book ratio” average on a group of comparable companies. The first valuation method uses the average « price/earnings ratio » of this same group of comparable companies to measure goodwill from the profits generated by the Bank. A discount of 25% is applied to the final result to take into account the illiquidity of the participation. To this is added a discount of 16% to take account of statutory distributions in case of sale of this participation.  As the valuation is not based on discounted projected cash flows, the use of a discount rate is not relevant. 

 

11. Available-for-sale participations

x € 1.000                                                                                 30-06-24        30-06-23

image

Balance at 1 January

216.739

243.692

Acquisitions

2.690

18.394

Disposals

-6.695

0

Change in fair value

-57.837

-34.916

Depreciations

0

0

Foreign exchange rate differences

533

-318

Transfers

4.943

Others

0

0

image

Balance at 30 June                                                                       155.431          231.795

The acquisitions in 2024 concern the release of capital in MEREP 3 for EUR 2 million also the capital increases in  Maash and Noosa.

The changes in fair value recognized since 1st January 2024 impact the income statement in accordance with  IFRS 9 and are mainly related to Umicore (EUR -43,0 million), Berenberg Bank (EUR -16,3 million) and Ageas (EUR +1,7 million).

12. Financial assets at fair value through profit and loss

The Group’s financial assets listed under «equities held for transactions» concern mainly Belgian and European shares quoted on Euronext or other European stock exchanges. 

13. Equity

The Group’s consolidated statement of changes in equity is included in point 4 of this press release.

These are mainly influenced by the result of the period (EUR -57,0 million), by the 2023 dividend (EUR -13,4 million) paid by Compagnie du Bois Sauvage and by the movements on own shares due to their purchase for EUR 6,0 million.

14. Loans

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In 2024, the increase in current borrowings relates to Neuhaus' seasonal cash requirements and a loan for investment projects. 

15. Result per share on 30 June

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For the calculation of the diluted result per share, the net result has not been adjusted with the dilutive effect resulting from the potential exercise of options reserved for employees as there are no longer any such options outstanding.

The weighted average number of shares is the number of shares outstanding at the start of the period, less own shares, adjusted for the number of shares redeemed or issued during the period, multiplied by a time-weighting factor. 

It should be noted that during the first half of 2024, 22.962 shares have been purchased by  Compagnie du Bois Sauvage.

16. Related party

During the first half of 2024, Compagnie du Bois Sauvage has increased its percentage interest in Futerro for an amount of EUR 0,5 million and has subscribed in capital increases in Noosa for an amount of EUR 1 million and in Maash for EUR 0,5 million.

 

             

 

17. Rights and commitments

Existing commitments at 31st December 2023 were mainly impacted by the repayment of EUR 4 million linked to the receipt of an earn-out for the sale of the Ogeda stake, following the completion of the last milestone.

18. Subsequent events

 

Compagnie du Bois Sauvage has subscribed to a capital increase of EUR 2 million in Maash. This capital increase enabled Maash to buy back the plant built by Metex-Noovista when it went into liquidation. 

19. Intrinsic Value (Net

Asset Value)

 

imageThe intrinsic value is Participations June 2024 2023 calculated as              (KEUR) (KEUR) described below : Listed Participations 86.982 129.244

                                                    Umicore                                                                                                         55.520                   98.536

                                                   Ageas                                                                                                             20.904                   19.254

                                       Syensqo                                                                                                            3.761                    4.242

                                                   Solvay                                                                                                               1.479                    1.248

BNP        2.578 2.931 AB Inbev                541 584

                                                   Orange                                                                                                                 598                       540

                                                   Engie                                                                                                                 1.600                    1.910

                                                   Total                                                                                                               86.982                 129.244

                                                  Check                                                                                                                                                                                        0                                         0

                                                        Private Equity Participations                                                                    506.766                 540.307

                                                     Groupe  Chocolat                                                                                        404.000                 412.800

                                                    Berenberg                                                                                                      45.804                   62.137

                                                      Noel Group - Vinventions                                                                             18.103                   25.908

                                                    Other private                                                                                                 38.860                   39.462

Real Estate              210026 227720 Eaglestone       76.805 89.497

                                                      Fidential Belux Office                                                                                    44.140                   44.539

                                                   FRI2                                                                                                                14.263                   20.549

                                                     Praça de Espanha                                                                                          22.308                   22.344

                                                    Esch 404                                                                                                         14.997                   14.996

                                                     Site Bois Sauvage                                                                                          11.097                   11.049

                                                     Other Real Estate                                                                                          16.111                   14.089

                                                    US real Estate                                                                                                10.304                   10.657

Portfolio (excluding Chocolate Pole) 803.774 897.270 Treasury  and equivalent of Treasury 9.908 6.752

                                                    Gross Debt                                                                                                    -20.504                  -21.068

                                                       Other  (deferred taxes,…)                                                                             18.170                   15.178

Adjusted Net Asset Value       811.348   898.132 Net Asset Value per share (EUR)   497,66     543,24 Number of shares (excluding own shares)            1.630.328 1.653.290

 

20. Alternative indicators and glossary

 

Intrinsic value (Net Asset Value)

Intrinsic Value corresponds to consolidated equity corrected by the difference between market value and book value of globally consolidated holdings. Caution : Compagnie du Bois Sauvage reminds to investors that the calculation of the intrinsic value is subject to uncertainties and to the inherent risks in this kind of evaluation and that it does not constitute a measurement of the current or future value of the Company’s shares.

Intrinsic value "in the money"

Intrinsic value which assumes the exercise of warrants and options if their conversion price or exercise price is below market price.

Intrinsic value "fully diluted"

Intrinsic value which assumes the exercise of all outstanding warrants and options.

Consolidated cash flow :

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

Consolidated net debt excluding IFRS 16 – Consolidated net cash surplus (if positive) excluding IFRS 16

Consolidated net debt (surplus if positive) is the consolidated cash flow from which current and non-current « borrowings », excluding borrowings relating to lease-related debts recognized in accordance with IFRS 16, are subtracted. 

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 income » (sales, interests and dividends, rental income and other income) and « operating expenses » (purchasing, personnel expenses, amortizations, impairments, provisions, financial expenses and other expenses) increased by the « Share in the profit of shareholdings consolidated using the equity method». 

 

 

 

 

 

This press release is translated from the French version. In case of divergence, the French version shall be final.

 

 

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