EX-99.1 2 birk-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

 

 

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.

 

2

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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

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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

 

4

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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).

 

5

BIRKENSTOCK HOLDING PLC || RECAST FINANCIAL INFORMATION