Compagnie du Bois Sauvage (COMB) H2 2024 earnings summary

Executive summary

• Operating income before disposals, changes in fair value, and depreciations rose to €50.1M from €32.9M in 2023, driven by strong performance in the Chocolate segment and positive contributions from Berenberg and Eaglestone.

• Net result Group's share was €-69.8M (2023: €-27.8M), mainly due to a €-59.1M fair value loss on Umicore and other negative revaluations.

• Net Asset Value per share decreased to €498.9 from €543.7 at year-end 2023.

• A gross dividend of €8.40 per share is proposed, up from €8.20 in 2023.

Financial highlights

• Sales increased to €283.8M (2023: €265.8M), with operating income before special items at €50.1M (2023: €32.9M).

• Net income Group's share was €-69.8M, with basic EPS at €-42.26 (2023: €-16.77).

• Group equity at year-end was €505.5M, down from €597.1M in 2023.

• Consolidated net cash surplus (excl. IFRS 16) was €0.7M, down from €17.3M.

Outlook and guidance

• Continued investment in the Chocolate segment and supply chain is planned for 2025.

• Eaglestone is expected to benefit from a recovering real estate market.

• Ongoing review of asset performance and strategic relevance.