Regulatory News:

Azelis (Brussels:AZE):

H1 2024 Highlights

• Revenue in the first half of 2024 was stable relative to the prior year, at EUR 2.1bn. In Q2, total group revenue increased by 4.4% to EUR 1.1bn, driven by M&A growth contribution and stable organic revenue.

• Gross profit of EUR 526.5m represents year-on-year growth of 1.8%, supported by positive mix effect and improved performance from recent acquisitions. Gross profit margin of 24.5% reflects a 39 bp expansion over the prior year.

• Adjusted EBITA of EUR 254.0m, representing a decline of 3.6% compared to the strong comparable performance in the prior year. Adjusted EBITA margin was 11.8%, resulting in conversion margin of 48.2% for the period.

• Net profit of EUR 100.1m represents a year-on-year decline of 8.3%, due mainly to lower operating profit and the full year impact of higher debt level and interest expense.

• Free cash flow was EUR 136.5m in H1 2024, representing a 44.3% decrease compared to the prior year, due to lower EBITDA and higher investments in working capital.

• Leverage ratio was 2.7x at the end of June 2024, versus 2.5x at the end of December 2023 and 2.6x at the end of June 2023.

• Four acquisitions were completed during the period. Two further acquisitions have been announced year to date. The combined annual revenue of these six companies were over EUR 70m in the prior year.

• The management of Azelis will provide an update on the Group strategy, including its midterm outlook, at the third edition of its Annual Investor Lab Tour on the 17th of September.

(in millions of €)

H1 2024

H1 2023

Reported Change

Constant Currency

Life Sciences

1,348.4

1,316.9

2.4%

3.8%

Industrial Chemicals

797.3

824.4

-3.3%

-2.3%

Revenue

2,145.7

2,141.2

0.2%

1.5%

Gross Profit

526.5

517.1

1.8%

3.2%

Gross Profit Margin

24.5%

24.1%

39 bp

42 bp

Adjusted EBITDA1

274.8

279.2

-1.6%

0.5%

Adjusted EBITDA Margin

12.8%

13.0%

-23 bp

-13 bp

Adjusted EBITA1

254.0

263.4

-3.6%

-1.5%

Adjusted EBITA Margin

11.8%

12.3%

-46 bp

-36 bp

Conversion Margin1

48.2%

50.9%

-269 bp

-235 bp

Net Profit

100.1

109.2

-8.3%

-8.7%

Cash earnings per share1

0.56

0.60

-7.5%

-7.9%

Earnings per share

0.39

0.44

-11.2%

-17.2%

Operating Cash Flow

153.4

250.2

-38.7%

 

Free Cash Flow1

136.5

245.2

-44.3%

 

FCF Conversion ratio1

53.3%

92.2%

-3891 bp

 

Net Working Capital / Revenue normalized for acquisitions1

15.4%

15.4%

0 bp

 

Leverage Ratio1

2.7x

2.6x

+ 0.1x

 

1 Refer to the definitions of Alternative Performance Measures in the 2023 Integrated Report

Comment from Anna Bertona, CEO: "Our results in H1 2024 reflect our focus on delivering strong performance for all our stakeholders. While challenges remain in a number of our markets, we believe we are very well positioned to capture the emerging opportunities as the market moves from stabilization to recovery.

We continue to execute on our growth strategy, whilst also remaining steadfast in our focus on our costs. We will balance our objective of generating growth while maintaining our strong conversion margins.

I look forward to providing an update on our strategy and the outlook for the Group at our annual investor lab tour on the 17th of September."

CONFERENCE CALL

The management of Azelis invites you to a conference call and live webcast at 09:00 CET to discuss the operating trends and outlook for the remainder of the year. Please click here to view the webcast.

OPERATIONAL REVIEW

Headline results

Q2 2024

Q2 2023

Organic Growth

Total Growth

(in millions of €)

H1 2024

H1 2023

F/X Trans-lation

M&A Growth Contri- bution

Organic Growth

Total Growth

457.1

443.5

-0.9%

3.1%

EMEA

917.2

944.4

-2.1%

4.2%

-5.0%

-2.9%

415.3

376.5

0.4%

10.3%

Americas

786.7

734.9

1.2%

9.8%

-4.0%

7.1%

222.2

228.4

-1.1%

-2.7%

Asia Pacific

441.8

461.9

-3.5%

2.8%

-3.6%

-4.4%

1,094.6

1,048.4

-0.5%

4.4%

Group Revenue

2,145.7

2,141.2

-1.2%

5.8%

-4.4%

0.2%

 

 

 

 

 

 

 

 

 

 

 

119.4

122.8

-5.4%

-2.8%

EMEA

240.6

252.5

-2.2%

4.6%

-7.2%

-4.7%

101.4

85.3

7.2%

18.8%

Americas

193.7

176.2

0.7%

10.9%

-1.8%

9.9%

45.1

43.2

4.3%

4.3%

Asia Pacific

92.2

88.3

-3.3%

4.1%

3.6%

4.4%

265.9

251.3

0.5%

5.8%

Group Gross Profit

526.5

517.1

-1.4%

6.7%

-3.5%

1.8%

 

 

 

 

 

 

 

 

 

 

 

62.3

67.6

-10.1%

-7.9%

EMEA

128.1

140.2

-2.8%

4.0%

-9.8%

-8.6%

53.3

51.2

-6.8%

4.1%

Americas

98.5

100.0

0.5%

10.1%

-12.1%

-1.5%

22.6

19.8

14.4%

14.4%

Asia Pacific

44.8

41.2

-3.3%

3.8%

8.0%

8.6%

129.7

129.4

-5.2%

0.2%

Group Adjusted EBITA1

254.0

263.4

-2.1%

6.6%

-8.1%

-3.6%

1 Total Adjusted EBITA includes Holding companies.

Azelis delivered revenue of EUR 2.1bn in H1 2024, in-line with revenue achieved in the same period last year, with revenue growth contribution from acquisitions offsetting organic revenue decline and the impact of FX translation. In Q2, revenue increased by 4.4% to EUR 1.1bn, supported by growth contribution from acquisitions and stable organic revenue.

In H1 2024, revenue in Life Sciences increased by 2.4% to EUR 1.3bn, supported by revenue contribution from recent acquisitions, notably Gillco and Vogler in the Americas. Results in Industrial Chemicals remain under pressure, with revenue declining 3.3% to EUR 797.3m, as volume improvement continues to be offset by pricing impact. Overall, we see a sustained recovery in volumes, tempered by the impact of continuing price pressure across many of our markets.

EMEA

Q2 2024

Q2 2023

Reported Change

(in millions of €)

H1 2024

H1 2023

Reported Change

Constant Currency

457.1

443.5

3.1%

Revenue

917.2

944.4

-2.9%

-0.8%

119.4

122.8

-2.8%

Gross Profit

240.6

252.5

-4.7%

-2.5%

26.1%

27.7%

-157 bp

Gross Profit Margin

26.2%

26.7%

-51 bp

-47 bp

66.9

70.8

-5.5%

Adjusted EBITDA

136.6

146.6

-6.8%

-4.0%

14.6%

16.0%

-134 bp

Adjusted EBITDA Margin

14.9%

15.5%

-63 bp

-51 bp

62.3

67.6

-7.9%

Adjusted EBITA

128.1

140.2

-8.6%

-5.8%

13.6%

15.3%

-163 bp

Adjusted EBITA Margin

14.0%

14.8%

-88 bp

-76 bp

52.2%

55.1%

-293 bp

Conversion Margin

53.2%

55.5%

-226 bp

-192 bp

EMEA revenue declined by 2.9% (-0.8% in constant currency) to EUR 917.2m in H1 2024, driven by organic revenue decline of 5.0% as price volatility limits the benefit of volume recovery across many of our markets, notably in Agricultural & Environmental Solutions (A&ES). Revenue growth contribution from acquisitions was 4.2%, while FX translation represented a 2.1% headwind during the period.

During the first half of the year, we completed the acquisition of Oktrade and DBH, strengthening our lateral value chain for the Personal Care market in Turkey, and the Advanced Materials & Additives market in the DACH region respectively.

Gross profit declined by 4.7% year-on-year (-2.5% in constant currency) to EUR 240.6m in H1 2024, translating to a 51bp contraction in gross profit margin to 26.2%, driven by the mix shift towards Industrial Chemicals during the period, as well as time lag in pricing. Adjusted EBITA decreased by 8.6% to EUR 128.1m, resulting in conversion margin of 53.2%.

Americas

Q2 2024

Q2 2023

Reported Change

(in millions of €)

H1 2024

H1 2023

Reported Change

Constant Currency

415.3

376.5

10.3%

Revenue

786.7

734.9

7.1%

5.8%

101.4

85.3

18.8%

Gross Profit

193.7

176.2

9.9%

9.1%

24.4%

22.7%

175 bp

Gross Profit Margin

24.6%

24.0%

63 bp

76 bp

57.1

53.9

5.8%

Adjusted EBITDA

106.2

105.3

0.9%

0.3%

13.7%

14.3%

-58 bp

Adjusted EBITDA Margin

13.5%

14.3%

-83 bp

-73 bp

53.3

51.2

4.1%

Adjusted EBITA

98.5

100.0

-1.5%

-2.0%

12.8%

13.6%

-77 bp

Adjusted EBITA Margin

12.5%

13.6%

-109 bp

-98 bp

52.6%

60.0%

-745 bp

Conversion Margin

50.9%

56.7%

-588 bp

-572 bp

Revenue in the Americas was EUR 786.7m in H1 2024, representing a year-on-year growth of 7.1% (5.8% in constant currency). The Group's activities in the Americas reported a 4.0% organic revenue decline, as volume recovery in US CASE and improvement in the broader market in Latin America supported a stabilization in organic revenue in Q2. Revenue growth contribution from acquisitions was 9.8%, whilst FX translation represented a 1.2% tailwind during the period.

In H1 2024, Azelis completed the acquisition of Localpack, reinforcing our footprint in Colombia.

Gross profit in the region increased by 9.9% to EUR 193.7m, with gross profit margin expanding 63 bps to 24.6%. The uptick was driven largely by improved margin performance across our businesses in Latin America, offsetting the continued softer margins in the US Industrial Chemicals due to continued price pressure in CASE. During the period, Adjusted EBITA declined by 1.5% to EUR 98.5m, mainly due to lower benefit of cost control measures compared to H1 2023, resulting in Adjusted EBITA margin of 12.5%. The 109 bp Adjusted EBITA margin contraction also reflects the impact of dilution from Latin America as we work to integrate our recent acquisitions. The lower Adjusted EBITA resulted in conversion margin of 50.9% in H1 2024.

Asia Pacific

Q2 2024

Q2 2023

Reported Change

(in millions of €)

H1 2024

H1 2023

Reported Change

Constant Currency

222.2

228.4

-2.7%

Revenue

441.8

461.9

-4.4%

-0.9%

45.1

43.2

4.3%

Gross Profit

92.2

88.3

4.4%

7.7%

20.3%

18.9%

137 bp

Gross Profit Margin

20.9%

19.1%

176 bp

171 bp

24.9

21.7

14.3%

Adjusted EBITDA

49.0

45.0

9.0%

12.3%

11.2%

9.5%

167 bp

Adjusted EBITDA Margin

11.1%

9.7%

136 bp

134 bp

22.6

19.8

14.4%

Adjusted EBITA

44.8

41.2

8.6%

11.9%

10.2%

8.7%

152 bp

Adjusted EBITA Margin

10.1%

8.9%

121 bp

119 bp

50.2%

45.8%

441 bp

Conversion Margin

48.6%

46.7%

186 bp

186 bp

Revenue in APAC declined by 4.4% to EUR 441.8m in H1 2024, driven by organic revenue contraction of 3.6% and a negative impact from FX translation of 3.5%, partly mitigated by a 2.8% revenue growth contribution from recent acquisitions. The organic revenue contraction in the region follows a strong performance in the comparable period last year, when the region delivered 36.0% revenue growth, of which 6.9% was organic.

During the first half of the year, we completed the acquisition of Agspec, a leading distributor of crop nutrition, crop protection and specialty agricultural products in Australia.

Gross profit in the region grew 4.4% to EUR 92.2m, representing gross profit margin of 20.9%. The 176 bp expansion in gross profit margin was driven by improving profitability of recent acquisitions. Adjusted EBITA increased by 8.6% to EUR 44.8m, reflecting continuous margin improvement initiatives. The improvement in both gross profit and Adjusted EBITA margin resulted in a 186 bp expansion in conversion margin to 48.6% during the period.

Holding companies

Q2 2024

Q2 2023

Reported Change

 

H1 2024

H1 2023

Reported Change

Constant Currency

-8.5

-9.2

-7.2%

Adjusted EBITA (in millions of €)

-17.4

-18.0

-3.4%

-3.4%

-0.8%

-0.9%

10 bp

As % of Group Revenues

-0.8%

-0.8%

3 bp

4 bp

Operating costs at the Group’s holding companies, relating to the Group’s non-operating entities as well as the head office in Belgium, were EUR 17.4m in H1 2024, compared to EUR 18.0m in the previous year. Relative to revenue, Operating costs at the Group’s holding companies remained stable at 0.8% of revenue.

OUTLOOK

Azelis' strategy of driving growth is underpinned by a consistently strengthening lateral value chain, supported by continuous investments in innovation capabilities and digitalization, as well as a commitment to sustainability to create long-term value.

As global political and economic uncertainty persists, we remain committed to managing our costs whilst also ensuring that we are well-positioned to benefit from a market recovery, the timing of which remains uncertain.

The Group has expanded its operational and geographic footprint over the last three years, strengthening its commercial and technical network and developing new competencies within the specialty chemical & food ingredients distribution. Management will provide an update on our strategy at our annual investor laboratory event in September.

FINANCIAL REVIEW

Q2 2024

Q2 2023

Reported Change

(in millions of €)

H1 2024

H1 2023

F/X Translation

M&A Growth Contribution

Organic Growth

Total Growth

1,094.6

1,048.4

4.4%

Revenue

2,145.7

2,141.2

-1.2%

5.8%

-4.4%

0.2%

265.9

251.3

5.8%

Gross Profit

526.5

517.1

-1.4%

6.7%

-3.5%

1.8%

129.7

129.4

0.2%

Adjusted EBITA

254.0

263.4

-2.1%

6.6%

-8.1%

-3.6%

Q2 2024

Q2 2023

Reported Change

(in millions of €)

H1 2024

H1 2023

Reported Change

Constant Currency

679.6

647.9

4.9%

Life Sciences

1,348.4

1,316.9

2.4%

3.8%

415.0

400.5

3.6%

Industrial Chemicals

797.3

824.4

-3.3%

-2.3%

1,094.6

1,048.4

4.4%

Group Revenue

2,145.7

2,141.2

0.2%

1.5%

265.9

251.3

5.8%

Gross Profit

526.5

517.1

1.8%

3.2%

24.3%

24.0%

32 bp

Gross Profit Margin

24.5%

24.1%

39 bp

42 bp

140.5

137.5

2.2%

Adjusted EBITDA

274.8

279.2

-1.6%

0.5%

12.8%

13.1%

-28 bp

Adjusted EBITDA Margin

12.8%

13.0%

-23 bp

-13 bp

129.7

129.4

0.2%

Adjusted EBITA

254.0

263.4

-3.6%

-1.5%

11.8%

12.3%

-50 bp

Adjusted EBITA Margin

11.8%

12.3%

-46 bp

-36 bp

48.8%

51.5%

-273 bp

Conversion Margin

48.2%

50.9%

-269 bp

-235 bp

106.8

106.1

0.7%

Operating Profit

214.7

225.0

-4.6%

-2.9%

55.6

50.7

9.6%

Net Profit

100.1

109.2

-8.3%

-8.7%

Revenue

Revenue in H1 2024 was stable compared to the prior year at EUR 2.1bn, with revenue growth contribution from acquisitions offsetting the decline in organic revenue, as well as the negative impact of FX translation. During the period, Group organic revenue declined by 4.4%, as ongoing pricing pressure offset the impact of volume recovery in many end markets across our regions. Revenue from acquisitions represented topline growth contribution of 5.8%, while FX translation represented a 1.2% headwind.

Revenue in Life Sciences was EUR 1.3bn, up 2.4% compared to the prior year, as revenue growth contribution from acquisitions offset the organic decline during the period. Revenue in Industrial Chemicals declined by 3.3% to EUR 797.3m, with the ongoing pricing pressure offsetting the impact of volume recovery in our end markets.

Profitability

In H1 2024, gross profit increased by 1.8% to EUR 526.5m. Gross profit margin expanded by 39 bps to 24.5%, supported by positive mix effect from improved performance from recent acquisitions. Adjusted EBITA was EUR 254.0m, representing a 3.6% year-on-year decline, due largely to lower benefit from cost control measures compared to the prior year. Adjusted EBITA margin was 11.8% in H1 2024.

Net financial expense in H1 2024 was broadly stable at EUR 72.4m despite the higher interest expense due to the full year impact of higher gross debt with higher interest rates, as this was partly mitigated by higher interest income on our cash balance. Our result for the period also includes a non-cash charge of EUR 12.2m from the impact of hyperinflation accounting in Turkey. Tax expense for the period was EUR 42.2m, implying an effective tax rate (ETR) of 29.6%, versus 29.0% in the prior year.

Net profit was EUR 100.1m, and cash earnings per share was EUR 0.56 for H1 2024.

(in millions of €)

H1 2024

H1 2023

Operating profit

214.7

225.0

Net Financial Expense

-72.4

-71.2

Financial Income

15.3

3.4

Financial Expense

-87.7

-74.6

Interest Expense on Bank Loans and Overdrafts

-49.4

-40.2

Interest Lease Commitments

-4.2

-2.0

Other Financial Cost

-34.1

-32.4

Profit Before Tax

142.3

153.8

Tax Expense

-42.2

-44.6

Net Profit

100.1

109.2

 

 

 

Earnings per share

0.39

0.44

Cash earnings per share

0.56

0.60

Cash Flow and Financing

Net working capital to revenue normalized for acquisitions was 15.4% at the end of June 2024, versus 13.4% at the end of December 2023, and 15.4% in June 2023. The working capital intensity during the period is seasonally in-line with prior years.

Free cash flow decreased by 44.3% to EUR 136.5m, driven by lower EBITDA, and higher investments in working capital as volumes begin to recover. This resulted in a 39 percentage point contraction in FCF conversion ratio to 53.3% in H1 2024.

Net debt was EUR 1.4bn and leverage ratio stood at 2.7x at the end of June 2024, versus 2.5x in December and 2.6x in June 2023. At the end of the period, the Group had liquidity of EUR 734.5m in cash and unused revolving credit facility (RCF).

(in millions of €)

H1 2024

H1 2023

Operating Cash Flow

153.4

250.2

Free Cash Flow

136.5

245.2

FCF Conversion

53.3%

92.2%

 

 

 

Net Working Capital / Revenue normalized for acquisitions

15.4%

15.4%

Net Indebtedness

1,393.7

1,430.2

Leverage Ratio

2,7x

2,6x

ALTERNATIVE PERFORMANCE MEASURES

Throughout its financial communication (Annual and Interim reports, website, press releases, presentations, etc.), Azelis presents certain financial measures and adjustments that are not in accordance with IFRS, or any other internationally accepted accounting principles. Certain of these measures are termed 'alternative performance measure' ("APM's") because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using financial measures that are not calculated in accordance with IFRS. For more information regarding these APM's, including definitions and calculation methodology, refer to the section 'Alternative performance measures' in the Integrated Report 2023.

APPENDIX

All figures and tables contained in this appendix have been extracted from Azelis' unaudited condensed consolidated interim financial statements for the first six months of 2024, which have been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by the European Union.

The statutory auditor, PwC Bedrijfsrevisoren BV / Reviseurs d’Entreprises SRL, represented by Peter Van den Eynde, has reviewed these condensed consolidated interim financial statements and concluded that based on the review, nothing has come to the attention that causes them to believe that the condensed consolidated interim financial information is not prepared, in all material respects, in accordance with IAS 34, as adopted by the European Union.

For the condensed consolidated interim financial statements for the first six months of 2024 and the review report of the statutory auditor we refer to Azelis' website.

Consolidated income statement for the period ended 30 June

(in thousands of €)

Jan-June 2024

Jan-June 2023

Revenue

2,145,661

2,141,225

Other operating income

12,832

12,559

Total income

2,158,493

2,153,784

Costs for goods and consumables

-1,632,026

-1,636,681

Gross profit

526,467

517,103

Employee benefits expenses

-153,210

-149,709

External services and other expenses

-102,445

-94,002

Depreciation of tangible assets

-20,829

-15,796

Amortization of intangible assets

-35,300

-32,637

Operating profit / loss (-)

214,683

224,959

Financial income

15,321

3,404

Financial expenses

-87,718

-74,603

Net financial expense

-72,397

-71,199

Profit / loss (-) before tax

142,286

153,760

Income tax income / expense (-)

-42,156

-44,579

Net profit / loss (-) for the period from continuing operations

100,130

109,181

 

 

 

Attributable to:

 

 

Equity holders of the parent

94,822

103,458

Non-controlling interests

5,308

5,723

Net profit / loss (-) for the period

100,130

109,181

 

 

 

 

in €

in €

Basic earnings per share

0.39

0.44

Diluted earnings per share

0.39

0.44

Consolidated statement of financial position

(in thousands of €)

June 30, 2024

December 31, 2023

Assets

 

 

Goodwill

2,473,548

2,409,251

Intangible assets

1,366,913

1,349,133

Property, plant and equipment

68,636

73,577

Right of Use assets

170,682

123,048

Investments in associates

285

285

Other financial assets

1,518

7,749

Deferred tax assets

17,305

15,693

Total non-current assets

4,098,887

3,978,736

 

 

 

Inventories

607,014

562,790

Trade and other receivables

677,404

521,896

Income tax receivables

8,465

23,872

Other financial assets

4,717

60

Cash and cash equivalents

384,492

484,874

Total current assets

1,682,092

1,593,492

Total assets

5,780,979

5,572,228

 

 

 

Equity

 

 

Share capital

5,880,000

5,880,000

Reserves

-3,954,893

-3,927,077

Retained earnings

669,904

459,372

Unappropriated result

94,822

177,704

Issued capital and reserves attributable to owners of the parent

2,689,833

2,589,999

Non-controlling interests

88,305

86,579

Total equity

2,778,138

2,676,578

 

 

 

Loans and borrowings

1,553,323

1,550,634

Lease obligations

144,894

100,347

Employee benefit obligations

12,846

13,637

Provisions

2,731

3,158

Other non-current liabilities

30,117

69,816

Deferred tax liabilities

222,840

218,306

Total non-current liabilities

1,966,751

1,955,898

 

 

 

Bank overdrafts

28,834

18,286

Loans and borrowings

43,125

80,560

Lease obligations

28,236

26,271

Provisions

3,118

3,670

Income tax payables

19,360

11,495

Trade and other payables

913,417

799,470

Total current liabilities

1,036,090

939,752

Total liabilities

3,002,841

2,895,650

Total equity and liabilities

5,780,979

5,572,228

Consolidated statement of cash flows

(in thousands of €)

Jan-June 2024

Jan-June 2023

Cash flows from operating activities

 

 

Net profit / loss (-) for the period

100,130

109,181

Adjustments for:

 

 

Depreciation, amortization and impairment expenses

56,128

48,432

Net financial expense

72,397

71,199

Cost of share-based payment

989

861

Income tax income / expense

42,156

44,579

Change in inventories

-37,361

37,147

Change in trade and other receivables and other investments

-160,204

-35,814

Change in trade and other payables

81,070

-28,030

Change in provisions

-1,906

2,676

Cash flow from operating activities

153,399

250,231

 

 

 

Interest received

9,279

2,243

Income tax paid

-22,196

-47,666

Net cash flow from operating activities

140,482

204,808

 

 

 

Cash flow from investing activities

 

 

Acquisition of property, plant and equipment and intangible assets

-5,469

-5,771

Acquisition of subsidiaries, net of cash acquired

-122,033

-557,640

Net cash flow from investing activities

-127,502

-563,411

 

 

 

Cash flows from financing activities

 

 

Payments of lease obligation

-18,572

-13,168

Dividend payment to shareholders of the group

-

-47,690

Purchase of treasury shares

-2,507

-3,408

Capital increase

-

200,000

Expenses related to capital increase

-

-2,223

Interest paid

-62,287

-36,663

Proceeds from loans and borrowings

29,558

623,864

Repayments of loans and borrowings

-64,203

-204,810

Transaction costs related to loans and borrowings

-

-7,715

Other cash flows from financing activities

-4,432

2,126

Net cash flow from financing activities

-122,443

510,313

 

 

 

Net (decrease) increase in cash and cash equivalents

-109,463

151,710

 

 

 

Effect of exchange rate fluctuations on cash held

-1,467

581

Cash and cash equivalents minus Bank overdraft at beginning of the period

466,588

237,748

 

 

 

Cash and cash equivalents minus Bank overdraft at June 30

355,658

390,039

NOTES AND DISCLAIMER

About Azelis:

Azelis is a leading global innovation service provider in the specialty chemical and food ingredients industry present in 65 countries across the globe with over +4,200 employees. Our knowledgeable teams of industry, market and technical experts are each dedicated to a specific market within Life Sciences and Industrial Chemicals. We offer a lateral value chain of complementary products to more than +63,000 customers, supported by +2,800 principal relationships, creating a turnover of €4.2 billion (2023). Azelis Group NV is listed on Euronext Brussels under ticker AZE.

Across our extensive network of more than 70 application laboratories, our award-winning staff help develop formulations and provide technical guidance throughout the customers’ product development process. We combine a global market reach with a local footprint to offer a reliable, integrated and unique digital service to local customers and attractive- business opportunities to principals. Top industry-rated by Sustainalytics, Azelis is a leader in sustainability. We believe in building and nurturing solid, honest and transparent relationships with our people and partners.

Impact through ideas. Innovation through formulation.

Important disclaimer:

This announcement may contain statement relevant to Azelis Group NV (the “Company”) and/or its affiliated companies (collectively “Azelis” or the “Azelis Group”) which are not historical facts and are hereby identified as “forward-looking statements”. Such forward looking statements, include, without limitation, those relating to the future business prospects, revenue, working capital, liquidity, capital needs, interest costs and income, in each case relating to the Azelis Group.

The forward-looking statements and estimates contained herein represent the judgement of and are based on the information available to the Company’s management as of the date of this announcement. They involve a number of known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by the forward looking statements.

These forward-looking statements should not be considered as guarantees for future performance of the Azelis Group and should, therefore, be considered in light of various important factors that could cause actual results to differ materially from estimates or projections contained in the forward looking statements. These include without limitation economic and business cycles, the terms and conditions of the Azelis’ financing arrangements, foreign currency rate fluctuations, competition in Azelis’ key markets, acquisitions or disposals of businesses or assets and trends in Azelis’ principal industries or economies.

The foregoing list of important factors is not exhaustive. When considering forward looking statements, careful consideration should be given to the foregoing factors and other uncertainties and events, as well as factors described in any other document published by the Company with the Belgian Financial Services and Markets Authority (“FSMA”) or on the Azelis website (www.azelis.com/investor-relations) from time to time, including the prospectus related to the admission to trading of the securities of Azelis Group NV on the regulated market of Euronext Brussels dated 14 September 2021. No undue reliance should be placed on such forward looking statements which are relevant only as of the date of this announcement. Except as required by the FSMA, Euronext or otherwise in accordance with applicable law, the Company undertakes no obligation to update publicly or revise any forward looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240731676844/en/

Azelis Investor Relations T: +32 3 613 01 27 E: investor-relations@azelis.com