B&S Group FY 2020 results
Financial strength and agility ensure business resilience during the pandemic while planning and investing for future growth.
Mensdorf, Luxembourg – February 22, 2021 (07:00 CET)
B&S Group S.A. (“B&S Group” or the “Group”), global distribution partner for consumer goods, today publishes its full year 2020 results (“FY 2020”).
Highlights FY 2020 (compared to FY 2019)
• Driven by the impact of Covid-19, overall turnover decreased by 5.9% to € 1,861.8 M (-4.9% on a constant currency basis);
• Organic turnover decrease of 8.1% (7.1% at constant currency);
• The effect of lower sales and gross profit was partly counterbalanced by scaling down (temporary) staff costs and utilising government support measures, resulting in an EBITDA of € 90.3 M (FY 2019: € 114.4 M);
• Net cash from operations amounted to € 147.0 M (FY 2019: € 113.4 M), which was the result of strong focus on matching inventory inflow with sales outflow;
• As a result of strong cash flow, net debt / EBITDA at December 31, 2020 stood at 2.3 (pre IFRS 16), well within (waived) covenants;
• Net profit amounted to € 40.6 M (FY 2019: € 60.3 M);
• Proposed cash dividend of € 0.10 per share, corresponding to a pay-out ratio of 40% of profit attributable to the owners of the Company.
Tako de Haan, CEO: “In 2020, the Covid-19 pandemic has brought challenges we have never seen before – it has altered our ways of working and forced us to rethink the everyday. As a business, an important priority in 2020 has been to recognise these challenges and utilise them as a catalyst for change.
When Covid-19 hit globally in Q1 2020, we had the financial strength and agility to implement strict control measures to keep our people safe while ensuring business continuity. We also implemented various measures related to working capital and cost control that were concentrated on aligning net debt and EBITDA levels to allow the group to keep operating within its covenants."