Birkenstock Holding plc

01/16/2025 | Press release | Distributed by Public on 01/16/2025 05:01

Birkenstock Holding plcRecast Financial Information Segment Revenue, Adjusted EBITDA, EBITDA and Net Profit Form 6 K

Birkenstock Holding plc
Recast Financial Information -

Segment Revenue, Adjusted EBITDA, EBITDA and Net Profit

(Unaudited, in thousands of Euros)

Selected financial data by segment (unaudited)

Fiscal year ended September 30, 2024

Year ended September 30, 2024

(In thousands of Euros)

Americas

EMEA

APAC

Total Reportable Segments

Corporate / Other

Total

Net Profit (loss)

191,602

Add (Less):

Income tax expenses (benefit)

102,180

Finance cost, net

127,300

Depreciation and amortization

101,291

EBITDA

-

-

-

-

-

522,373

Add (Less) Adjustments:

Realized and unrealized FX gains / losses (1)

19,641

IPO-related costs (2)

7,460

Share-based compensation expenses (3)

3,591

Secondary Offering related costs (4)

1,890

Adjusted EBITDA

301,266

230,840

53,199

585,304

(30,349

)

554,955

Revenue

943,710

687,891

168,807

1,800,408

4,282

1,804,690

(1)
Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.
(2)
Represents IPO-related costs, which include consulting as well as legal fees.
(3)
Represents share-based compensation expenses relating to the management investment plan.
(4)
Represents costs associated with the secondary offering on behalf of the selling shareholder. The secondary offering was completed on June 28, 2024.

Fiscal year ended September 30, 2023

Year ended September 30, 2023

(In thousands of Euros)

Americas

EMEA

APAC

Total Reportable Segments

Corporate / Other

Total

Net Profit (loss)

75,022

Add (Less):

Income tax expenses (benefit)

78,630

Finance cost, net

107,036

Depreciation and amortization

83,413

EBITDA

-

-

-

-

-

344,101

Add (Less) Adjustments:

Realized and unrealized FX gains / losses (1)

36,056

IPO-related costs (2)

30,603

Share-based compensation expenses (3)

65,393

Other (4)

6,553

Adjusted EBITDA

291,712

175,526

36,369

503,607

(20,901

)

482,706

Revenue

804,690

561,805

120,126

1,486,621

5,289

1,491,911

(1)
Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.
(2)
Represents IPO-related costs, which include consulting as well as legal fees.
(3)
Represents share-based compensation expenses relating to the management investment plan.
(4)
Represents non-recurring expenses that we do not consider representative of the operating performance of the business, primarily comprised of relocation expenses of € 4.6 million for fiscal 2023, restructuring expenses of €2.0 million for fiscal 2023.

Three months ended September 30, 2024

Three months ended September 30, 2024

(In thousands of Euros)

Americas

EMEA

APAC

Total Reportable Segments

Corporate / Other

Total

Net Profit (loss)

52,464

Add (Less):

Income tax expenses (benefit)

25,781

Finance cost, net

19,283

Depreciation and amortization

29,098

EBITDA

-

-

-

-

-

126,626

Add (Less) Adjustments:

Realized and unrealized FX gains / losses (1)

(1,654

)

Adjusted EBITDA

66,693

55,452

14,222

136,367

(11,394

)

124,973

Revenue

225,346

181,796

47,947

455,088

675

455,763

(1)
Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.

Three months ended June 30, 2024

Three months ended June 30, 2024

(In thousands of Euros)

Americas

EMEA

APAC

Total Reportable Segments

Corporate / Other

Total

Net Profit (loss)

74,640

Add (Less):

Income tax expenses (benefit)

36,255

Finance cost, net

44,578

Depreciation and amortization

24,809

EBITDA

-

-

-

-

-

180,282

Add (Less) Adjustments:

Realized and unrealized FX gains / losses (1)

4,157

Secondary Offering related costs (2)

1,890

Adjusted EBITDA

89,922

88,232

18,126

196,280

(9,952

)

186,329

Revenue

282,865

229,048

52,044

563,957

801

564,758

(1)
Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.
(2)
Represents costs associated with the secondary offering on behalf of the selling shareholder. The secondary offering was completed on June 28, 2024.

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BIRKENSTOCK HOLDING PLC || RECAST FINANCIAL INFORMATION

Three months ended March 31, 2024

Three months ended March 31, 2024

(In thousands of Euros)

Americas

EMEA

APAC

Total Reportable Segments

Corporate / Other

Total

Net Profit (loss)

71,652

Add (Less):

Income tax expenses (benefit)

33,470

Finance cost, net

27,389

Depreciation and amortization

24,137

EBITDA

-

-

-

-

-

156,648

Add (Less) Adjustments:

Realized and unrealized FX gains / losses (1)

5,483

IPO-related costs (2)

166

Adjusted EBITDA

93,097

62,689

9,996

165,783

(3,486

)

162,297

Revenue

254,046

189,519

36,732

480,297

947

481,244

(1)
Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.
(2)
Represents IPO-related costs, which include consulting as well as legal fees.

Three months ended December 31, 2023

Three months ended December 31, 2023

(In thousands of Euros)

Americas

EMEA

APAC

Total Reportable Segments

Corporate / Other

Total

Net Profit (loss)

(7,154

)

Add (Less):

Income tax expenses (benefit)

6,674

Finance cost, net

36,050

Depreciation and amortization

23,247

EBITDA

-

-

-

-

-

58,817

Add (Less) Adjustments:

Realized and unrealized FX gains / losses (1)

11,655

IPO-related costs (2)

7,294

Share-based compensation expenses (3)

3,591

Adjusted EBITDA

51,553

24,466

10,855

86,874

(5,518

)

81,356

Revenue

181,453

87,528

32,084

301,065

1,859

302,924

(1)
Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.
(2)
Represents IPO-related costs, which include consulting as well as legal fees.
(3)
Represents share-based compensation expenses relating to the management investment plan.

3

BIRKENSTOCK HOLDING PLC || RECAST FINANCIAL INFORMATION

Comparison Revenue by segment

Twelve months ended September 30,

(In thousands of Euros)

2024

2023

Change

% Change

Americas

943,710

804,690

139,020

17

%

EMEA

687,891

561,805

126,085

22

%

APAC

168,807

120,126

48,681

41

%

Total Reportable Segment

1,800,408

1,486,621

313,787

21

%

Corporate/Other

4,282

5,290

(1,008

)

-19

%

Total

1,804,690

1,491,911

312,779

21

%

Three months ended September 30,

(In thousands of Euros)

2024

2023

Change

% Change

Americas

225,346

187,238

38,108

20

%

EMEA

181,796

153,222

28,574

19

%

APAC

47,947

32,624

15,323

47

%

Total Reportable Segment

455,089

373,084

82,006

22

%

Corporate/Other

675

1,459

(784

)

-54

%

Total

455,764

374,543

81,222

22

%

Three months ended June 30,

(In thousands of Euros)

2024

2023

Change

% Change

Americas

282,865

244,102

38,763

16

%

EMEA

229,048

191,089

37,959

20

%

APAC

52,044

36,904

15,139

41

%

Total Reportable Segment

563,957

472,096

91,860

19

%

Corporate/Other

801

1,099

(298

)

-27

%

Total

564,758

473,196

91,562

19

%

Three months ended March 31,

(In thousands of Euros)

2024

2023

Change

% Change

Americas

254,046

213,551

40,494

19

%

EMEA

189,519

151,378

38,141

25

%

APAC

36,732

29,284

7,448

25

%

Total Reportable Segment

480,297

394,213

86,084

22

%

Corporate/Other

947

1,470

(523

)

-36

%

Total

481,244

395,683

85,561

22

%

Three months ended December 31,

(In thousands of Euros)

2024

2023

Change

% Change

Americas

181,453

159,799

21,654

14

%

EMEA

87,528

66,117

21,411

32

%

APAC

32,084

21,313

10,771

51

%

Total Reportable Segment

301,065

247,229

53,836

22

%

Corporate/Other

1,859

1,261

598

47

%

Total

302,924

248,490

54,434

22

%

Non-IFRS Financial Measures

We report our financial results in accordance with IFRS; however, management believes that certain non-IFRS financial measures provide useful information in measuring the operating performance and financial condition of the Company and therefore uses them to make decisions. Management believes this information presents helpful comparisons of financial performance between periods by excluding the effect of certain non-recurring items.

We use non-IFRS financial measures, such as Adjusted EBITDA to supplement financial information presented in accordance with IFRS. We believe that excluding certain items from our IFRS results allows management to better understand our consolidated financial performance from period-to-period and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare IFRS-based financial measures. Moreover, we believe these non-IFRS financial measures provide our stakeholders with useful

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BIRKENSTOCK HOLDING PLC || RECAST FINANCIAL INFORMATION

information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period-to-period comparisons.

These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other companies, and they should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS.

Adjusted EBITDA is defined as net profit for the period adjusted for income tax expense, finance cost net, depreciation and amortization, further adjusted for the effect of events such as:

•
Share-based compensation expenses relating to the management investment plan;
•
Relocation expenses relating to the move of our products from a warehouse to a different provider which are considered non-recurring expenses and not representative of the operating performance of the business;
•
Restructuring expenses not relating to the operating performance of the business;
•
IPO-related costs consisting of consulting as well as legal fees;
•
Costs associated with the secondary offering on behalf of the selling shareholder; and
•
Realized and unrealized foreign exchange gain (loss).

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BIRKENSTOCK HOLDING PLC || RECAST FINANCIAL INFORMATION