FY2023 Results: Azelis Delivers Record Free Cash Flow
Azelis (Brussels:AZE):
2023 Highlights
-
Revenue of
EUR 4.2bn , representing year-on-year growth of 1.0% (5.3% on a constant currency basis), as resilient performance in Life Sciences offset weakness in Industrial Chemicals.
-
Gross profit of
EUR 984.1m represents year-on-year growth of 2.4% compared to the prior year. Gross profit margin expanded by 32 bp to 23.7%, reflecting positive mix effects across our businesses.
-
Adjusted EBITA of
EUR 466.3m represents a 2.1% year-on-year increase and 11 bp margin step-up. Conversion margin remains robust at 47.4%, reflecting our ability to maintain profitability despite the challenging environment.
-
Free cash flow increased by 37.3% to
EUR 601.2m , implying a cash conversion ratio to 127.4%. FCF per share wasEUR 2.5 , compared toEUR 1.9 in the previous year.
-
Reported net profit of
EUR 189.3m includesEUR 21m of non-cash financial charges related to the impact of hyperinflation accounting as well as adjustments in the fair value of certain derivative instruments.
-
Seven acquisitions were completed during the year, representing combined prior year revenue of over
EUR 400m . Three further acquisitions with combined prior year revenue of overEUR 30m were announced in the fourth quarter and are expected to close in Q1 2024.
- Leverage ratio was 2.5x at the end of the year, compared to 2.6x at the end of June, and 2.2x at the end of 2022.
- Industry-leading ESG ranking confirmed in most recent Sustainalytics assessment and reflected in Azelis’ inclusion in the Euronext BEL®ESG Index.
-
Proposal for a dividend of
EUR 53.3m , representing 30% of distributable net profit, and impliesEUR 0.22 (rounded) dividend per share.
- Despite political and economic uncertainty persisting globally, we remain steadfast in our focus on controlling costs, cash conversion and driving growth. We expect to return to organic growth during 2024, although the timing of the recovery remains uncertain.
(1) Based on 2023 Net Profit attributable to equity shareholders of
(in millions of €) |
2023 |
2022 |
Reported
|
Constant
|
Revenue |
4,152.2 |
4,109.1 |
1.0% |
5.3% |
Gross Profit |
984.1 |
960.7 |
2.4% |
6.5% |
Gross Profit Margin |
23.7% |
23.4% |
32 bp |
28 bp |
Adjusted EBITDA1 |
500.6 |
484.7 |
3.3% |
7.8% |
Adjusted EBITDA Margin |
12.1% |
11.8% |
26 bp |
30 bp |
Adjusted EBITA 1 |
466.3 |
456.9 |
2.1% |
6.6% |
Adjusted EBITA Margin |
11.2% |
11.1% |
11 bp |
15 bp |
Conversion Margin1 |
47.4% |
47.6% |
-18 bp |
7 bp |
Net Profit |
189.3 |
218.9 |
-13.5% |
-10.9% |
Cash earnings per share1 |
1.07 |
1.18 |
-9.5% |
-6.9% |
Earnings per share |
0.74 |
0.91 |
-18.8% |
-18.7% |
Proposed dividend per share |
0.22 |
0.29 |
-24.5% |
|
Operating Cash Flow |
617.6 |
458.9 |
34.6% |
|
Free Cash Flow1 |
601.2 |
438.0 |
37.3% |
|
FCF Conversion ratio1 |
127.4% |
94.8% |
3258 bp |
|
|
13.4% |
13.8% |
-38 bp |
|
Leverage Ratio1 |
2.5x |
2.2x |
+ 0.3x |
|
- Refer to the definitions of Alternative Performance Measures in the 2023 Integrated Report
Comment from
Our achievements illustrate the expertise and dedication of our teams as valued partners to our customers and principals, and as we execute our long-term strategy of becoming the reference solutions provider in our industry. Over the last three years, we have outperformed the midterm guidance set during the IPO, delivering 23% average revenue growth and 90 bps average adjusted EBITA margin expansion per year.
As I embark on my new role as Group CEO, I am excited to work with the entire Azelis team to build on the strengths we have developed over these last few years to fuel our success in the future. We continue to execute our strategy, expanding our footprint and strengthening our capabilities to ensure that we are well-positioned to accelerate growth in our existing markets and benefit from emerging opportunities across our businesses.
I look forward to presenting an update on our strategy in September.”
RESULTS PRESENTATION BY MANAGEMENT
The management of Azelis invites you to a webcast at
OPERATIONAL REVIEW
Headline results
(in millions of €) |
2023 |
2022 |
F/X
|
M&A
|
Organic
|
Total Growth |
EMEA |
1,793.9 |
1,811.6 |
-4.9% |
6.5% |
-2.7% |
-1.0% |
|
1,454.3 |
1,549.9 |
-2.6% |
8.9% |
-12.4% |
-6.2% |
|
904.0 |
747.5 |
-5.9% |
27.3% |
-0.5% |
20.9% |
Group Revenue |
4,152.2 |
4,109.1 |
-4.2% |
11.2% |
-5.9% |
1.0% |
|
|
|
|
|
|
|
EMEA |
468.1 |
432.9 |
-4.7% |
8.2% |
4.5% |
8.1% |
|
344.3 |
385.2 |
-2.7% |
7.8% |
-15.7% |
-10.6% |
|
171.7 |
142.6 |
-5.8% |
25.5% |
0.7% |
20.4% |
Group Gross Profit |
984.1 |
960.7 |
-4.1% |
10.6% |
-4.1% |
2.4% |
|
|
|
|
|
|
|
EMEA |
237.6 |
215.4 |
-5.1% |
7.3% |
8.1% |
10.3% |
|
184.6 |
211.9 |
-3.0% |
7.1% |
-17.0% |
-12.9% |
|
78.4 |
58.1 |
-6.1% |
31.1% |
9.9% |
34.9% |
Adjusted EBITA 1 |
466.3 |
456.9 |
-4.6% |
10.7% |
-4.1% |
2.1% |
- Total Adjusted EBITA includes Holding companies
Azelis achieved revenue of
The Group recorded a 3.7% year-on-year revenue growth in Life Sciences (+7.7% in constant currency), supported by strong performance in Pharma across all regions and revenue contribution from recent acquisitions. Revenue in Industrial Chemicals declined by 2.9% (+1.6% in constant currency) compared to the prior year, as demand remained weak across most end-markets, particularly in CASE in the US.
EMEA
(in millions of €) |
Q4 2023 |
Q4 2022 |
Reported
|
2023 |
2022 |
Reported
|
Constant
|
Revenue |
415.2 |
440.6 |
-5.8% |
1,793.9 |
1,811.6 |
-1.0% |
3.9% |
Gross Profit |
100.8 |
102.2 |
-1.4% |
468.1 |
432.9 |
8.1% |
12.8% |
Gross Profit Margin |
24.3% |
23.2% |
108 bp |
26.1% |
23.9% |
220 bp |
215 bp |
Adjusted EBITDA |
46.3 |
48.0 |
-3.5% |
251.7 |
226.8 |
11.0% |
16.2% |
Adjusted EBITDA Margin |
11.2% |
10.9% |
27 bp |
14.0% |
12.5% |
152 bp |
155 bp |
Adjusted EBITA |
42.4 |
44.4 |
-4.7% |
237.6 |
215.4 |
10.3% |
15.4% |
Adjusted EBITA Margin |
10.2% |
10.1% |
12 bp |
13.2% |
11.9% |
136 bp |
139 bp |
Conversion Margin |
42.0% |
43.5% |
-146 bp |
50.8% |
49.8% |
101 bp |
125 bp |
Revenue in EMEA for the full year remained broadly stable at
Organic revenue for the full year contracted by 2.7%, compared to the record organic revenue growth of 27% in the prior year. Performance varied across geographies, with MEA delivering robust growth, offsetting the slightly weaker demand in
We completed four acquisitions in EMEA during the year. In January, we completed the acquisition of Smoky Light, a distributor of specialty smoke ingredients in Benelux. In April the acquisition of Lidorr Elements, a leading specialty chemical distributor for crop-protection, industrial materials, and care & nutrition in
Gross profit in EMEA was
(in millions of €) |
Q4 2023 |
Q4 2022 |
Reported
|
2023 |
2022 |
Reported
|
Constant
|
Revenue |
338.8 |
351.0 |
-3.5% |
1,454.3 |
1,549.9 |
-6.2% |
-3.5% |
Gross Profit |
82.1 |
84.5 |
-2.8% |
344.3 |
385.2 |
-10.6% |
-7.9% |
Gross Profit Margin |
24.2% |
24.1% |
17 bp |
23.7% |
24.9% |
-118 bp |
-116 bp |
Adjusted EBITDA |
41.3 |
46.0 |
-10.1% |
196.1 |
221.1 |
-11.3% |
-8.4% |
Adjusted EBITDA Margin |
12.2% |
13.1% |
-90 bp |
13.5% |
14.3% |
-78 bp |
-74 bp |
Adjusted EBITA |
38.0 |
43.4 |
-12.4% |
184.6 |
211.9 |
-12.9% |
-9.9% |
Adjusted EBITA Margin |
11.2% |
12.4% |
-114 bp |
12.7% |
13.7% |
-98 bp |
-93 bp |
Conversion Margin |
46.3% |
51.3% |
-504 bp |
53.6% |
55.0% |
-139 bp |
-124 bp |
Revenue in the
During the year, we completed two strategic acquisitions in the region that generated combined annual revenue of over
Gross profit in the region declined by 10.6% to
(in millions of €) |
Q4 2023 |
Q4 2022 |
Reported
|
2023 |
2022 |
Reported Change |
Constant
|
Revenue |
218.8 |
209.7 |
4.3% |
904.0 |
747.5 |
20.9% |
26.8% |
Gross Profit |
41.1 |
38.0 |
8.3% |
171.7 |
142.6 |
20.4% |
26.2% |
Gross Profit Margin |
18.8% |
18.1% |
70 bp |
19.0% |
19.1% |
-8 bp |
-10 bp |
Adjusted EBITDA |
20.7 |
16.8 |
22.9% |
86.3 |
64.5 |
33.9% |
39.9% |
Adjusted EBITDA Margin |
9.5% |
8.0% |
143 bp |
9.5% |
8.6% |
92 bp |
94 bp |
Adjusted EBITA |
18.6 |
15.1 |
23.2% |
78.4 |
58.1 |
34.9% |
41.0% |
Adjusted EBITA Margin |
8.5% |
7.2% |
130 bp |
8.7% |
7.8% |
90 bp |
92 bp |
Conversion Margin |
45.2% |
39.8% |
546 bp |
45.7% |
40.8% |
490 bp |
503 bp |
APAC revenue was
In 2023, revenue growth in the region was driven by a 27.3% contribution from acquisitions. During the year, we closed the acquisition of
Gross profit in APAC grew by 20.4% to
Holding companies
|
Q4 2023 |
Q4 2022 |
Reported
|
2023 |
2022 |
Reported
|
Constant
|
Adjusted EBITA (in millions of €) |
-7.9 |
-6.1 |
30.4% |
-34.3 |
-28.5 |
20.6% |
20.6% |
As % of Group Revenues |
-0.8% |
-0.6% |
-21 bp |
-0.8% |
-0.7% |
-13 bp |
-10 bp |
Operating costs at the group’s holding companies, relating to the group’s non-operating entities as well as the head office in
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.
Despite political and economic uncertainty persisting globally, we remain steadfast in our focus on controlling costs, cash conversion and driving growth.We expect to return to organic growth during 2024, although the timing of the recovery remains uncertain.
Notwithstanding the current market volatility, we continue to execute on our strategic programs, and will provide an update on the strategy at our annual investor laboratory event in September.
FINANCIAL REVIEW
Revenue
(in millions of €) |
2023 |
2022 |
F/X
|
M&A Growth
|
Organic
|
Total Growth |
Revenue |
4,152.2 |
4,109.1 |
-4.2% |
11.2% |
-5.9% |
1.0% |
Gross Profit |
984.1 |
960.7 |
-4.1% |
10.6% |
-4.1% |
2.4% |
Adjusted EBITA |
466.3 |
456.9 |
-4.6% |
10.7% |
-4.1% |
2.1% |
(in millions of €) |
Q4 2023 |
Q4 2022 |
Reported
|
2023 |
2022 |
Reported
|
Constant
|
Life Sciences |
600.1 |
613.8 |
-2.2% |
2,565.5 |
2,474.6 |
3.7% |
7.7% |
Industrial Chemicals |
372.6 |
387.5 |
-3.9% |
1,586.7 |
1,634.5 |
-2.9% |
1.6% |
Group Revenue |
972.7 |
1,001.4 |
-2.9% |
4,152.2 |
4,109.1 |
1.0% |
5.3% |
Gross Profit |
224.0 |
224.7 |
-0.3% |
984.1 |
960.7 |
2.4% |
6.5% |
Gross Profit Margin |
23.0% |
22.4% |
60 bp |
23.7% |
23.4% |
32 bp |
28 bp |
Adjusted EBITDA |
100.6 |
105.0 |
-4.1% |
500.6 |
484.7 |
3.3% |
7.8% |
Adjusted EBITDA Margin |
10.3% |
10.5% |
-14 bp |
12.1% |
11.8% |
26 bp |
30 bp |
Adjusted EBITA |
91.0 |
96.8 |
-6.0% |
466.3 |
456.9 |
2.1% |
6.6% |
Adjusted EBITA Margin |
9.4% |
9.7% |
-31 bp |
11.2% |
11.1% |
11 bp |
15 bp |
Conversion Margin |
40.6% |
43.1% |
-246 bp |
47.4% |
47.6% |
-18 bp |
7 bp |
Net Profit |
33.4 |
8.2 |
305.8% |
189.3 |
218.9 |
-13.5% |
-10.9% |
Group revenue increased slightly to
Revenue in Life Sciences increased by 3.7% (+7.7% in constant currency) to
Weaker demand across our geographies was reflected in a 5.9% contraction in group organic revenue in 2023, following organic growth of 15.7% and 20.1% in 2021 and 2022 respectively. The organic revenue contraction and the 4.2% FX headwind was offset by revenue growth contribution from acquisitions of 11.2% for the year.
Profitability
In the fourth quarter, gross profit was stable compared to the prior year at
Adjusted EBITA in the fourth quarter was
Net financial expense for the year was
Reported net profit for 2023 was
(in millions of €) |
2023 |
2022 |
Operating profit |
386.9 |
388.4 |
Net Financial Expense |
-139.8 |
-73.8 |
Financial Income |
17.7 |
6.0 |
Financial Expense |
-157.4 |
-79.8 |
Interest Expense on Bank Loans and Overdrafts |
-92.8 |
-34.8 |
Interest Lease Commitments |
-4.6 |
-3.4 |
Other Financial Cost |
-60.1 |
-41.6 |
Share of associates' result |
0.1 |
0.1 |
Profit Before Tax |
247.2 |
314.7 |
Tax Expense |
-57.9 |
-95.8 |
Net Profit |
189.3 |
218.9 |
|
|
|
Earnings per share |
0.74 |
0.91 |
Cash earnings per share |
1.07 |
1.18 |
Cash flow and financing
(in millions of €) |
2023 |
2022 |
Operating Cash Flow |
617.6 |
458.9 |
Free Cash Flow |
601.2 |
438.0 |
FCF Conversion |
127.4% |
94.8% |
|
|
|
|
13.4% |
13.8% |
Net Indebtedness |
1,275.4 |
1,161.9 |
Leverage Ratio |
2.5x |
2.2x |
Net working capital to revenue normalized for acquisitions was 13.4% at the end of 2023, a further improvement from the 13.8% achieved at the end of the prior year. The reduction in working capital reflects partly the weaker demand in the industry, but also our focus on continuously improving working capital management and cash generation, as reflected in the reduction in DIO from 52 to 48 days, and total working capital from 50 to 49 days of normalized revenue.
The improvement in working capital also reflects our progress in integrating acquired companies, as financial practices align with the group. Although still well above group level, the net working capital to revenue of 2023 acquisitions improved from 34.2% at the end of 2022 to 23.1% at the end of 2023.
Operating cash flow increased by 34.6% to
Free cash flow increased by 37.3% to
At the end of
NON-FINANCIAL PERFORMANCE
Our sustainability strategy, Action 2025, sets out our commitment to become the world’s leading provider of sustainable solutions and services in the specialty chemicals and food ingredients distribution industry, and is structured around four pillars: People, Products and Innovation, Governance, and Environment. Azelis’ industry-leading ESG ranking has been confirmed in the latest Sustainalytics assessment in 2023.
Our progress towards our Sustainability agenda can be found in our Integrated Report 2023, which contains information on both financial and non-financial performance.
POST-CLOSING EVENTS
On the 31st of January, Azelis completed the acquisition of Agspec, a leading distributor of crop nutrition, crop protection and specialty agricultural products in
On the 1st of February, Azelis completed the acquisition of Localpack, a specialty chemicals and ingredients distributor in
On the 1st of
FINANCIAL CALENDAR
Date |
Event |
|
Q1 2024 trading update |
|
Annual General Meeting 2024 |
|
Ex-dividend date |
|
Dividend record date |
|
Dividend payment date |
|
Half year 2024 results |
|
Q3 2024 trading update |
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 the appendix have been compiled in accordance with the IFRS accounting and valuation principles, as adopted within the
Statutory auditor’s note on the consolidated financial information the year ended
The statutory auditor,
The statutory auditor has issued an unqualified report without emphasis of matter paragraph dated
For the Integrated Report 2023 and the full audit report of the statutory auditor we refer to Azelis' website.
Consolidated income statement for the period ended 31 December
(in thousands of €) |
2023 |
2022 |
Revenue |
4,152,225 |
4,109,102 |
Other operating income |
23,448 |
15,795 |
Total income |
4,175,673 |
4,124,897 |
Costs for goods and consumables |
-3,191,553 |
-3,164,155 |
Gross profit |
984,120 |
960,742 |
Employee benefits expenses |
-303,793 |
-284,952 |
External services and other expenses |
-192,325 |
-202,632 |
Depreciation of property, plant and equipment |
-34,339 |
-27,845 |
Amortization of intangible assets |
-66,760 |
-56,887 |
Operating profit / loss (-) |
386,903 |
388,426 |
Financial income |
17,674 |
6,008 |
Financial expenses |
-157,439 |
-79,823 |
Net financial expense |
-139,765 |
-73,815 |
Share of result of associates |
100 |
59 |
Profit / loss (-) before tax |
247,238 |
314,670 |
Income tax income / expense (-) |
-57,926 |
-95,791 |
Net profit / loss (-) for the period from continuing operations |
189,312 |
218,879 |
|
|
|
Attributable to: |
|
|
Equity holders of the parent |
177,704 |
213,193 |
Non-controlling interests |
11,608 |
5,686 |
Net profit / loss (-) for the period |
189,312 |
218,879 |
|
|
|
|
in € |
in € |
Basic earnings per share |
0.74 |
0.91 |
Diluted earnings per share |
0.74 |
0.91 |
Consolidated statement of financial position
(in thousands of €) |
|
|
Assets |
|
|
|
2,409,251 |
2,174,256 |
Intangible assets |
1,349,133 |
1,170,486 |
Property, plant and equipment |
73,577 |
57,884 |
Right of Use assets |
123,048 |
96,982 |
Investments in associates |
285 |
235 |
Other financial assets |
7,749 |
11,758 |
Deferred tax assets |
15,693 |
20,605 |
Total non-current assets |
3,978,736 |
3,532,206 |
|
|
|
Inventories |
562,790 |
627,735 |
Trade and other receivables |
521,896 |
538,381 |
Income tax receivables |
23,872 |
9,963 |
Other financial assets |
60 |
280 |
Cash and cash equivalents |
484,874 |
268,160 |
Total current assets |
1,593,492 |
1,444,519 |
Total assets |
5,572,228 |
4,976,725 |
|
|
|
Equity |
|
|
Share capital |
5,880,000 |
5,680,000 |
Reserves |
-3,927,077 |
-3,701,231 |
Retained earnings |
459,372 |
192,570 |
Unappropriated result |
177,704 |
213,193 |
Issued capital and reserves attributable to owners of the parent |
2,589,999 |
2,384,532 |
Non-controlling interests |
86,579 |
55,145 |
Total equity |
2,676,578 |
2,439,677 |
|
|
|
Loans and borrowings |
1,550,634 |
1,178,394 |
Lease obligations |
100,347 |
81,168 |
Employee benefit obligations |
13,637 |
8,525 |
Provisions |
3,158 |
4,597 |
Other non-current liabilities |
69,816 |
98,264 |
Deferred tax liabilities |
218,306 |
190,755 |
Total non-current liabilities |
1,955,898 |
1,561,703 |
|
|
|
Bank overdrafts |
18,286 |
30,412 |
Loans and borrowings |
80,560 |
125,323 |
Lease obligations |
26,271 |
20,390 |
Provisions |
3,670 |
3,544 |
Income tax payables |
11,495 |
23,989 |
Trade and other payables |
799,470 |
771,687 |
Total current liabilities |
939,752 |
975,345 |
Total liabilities |
2,895,650 |
2,537,048 |
Total equity and liabilities |
5,572,228 |
4,976,725 |
Consolidated statement of cash flows
(in thousands of €) |
2023 |
2022 |
Cash flows from operating activities |
|
|
Net profit / loss (-) for the period |
189,312 |
218,879 |
Adjustments for: |
|
|
Depreciation, amortization and impairment expenses |
101,099 |
84,733 |
Net financial expense |
139,765 |
73,815 |
Cost of share-based payment |
1,373 |
839 |
Income tax income / expense |
57,926 |
95,791 |
Share of result of associates |
-100 |
-59 |
Change in inventories |
123,604 |
-65,751 |
Change in trade and other receivables and other investments |
79,347 |
27,194 |
Change in trade and other payables |
-77,762 |
22,340 |
Change in provisions |
3,011 |
1,140 |
Cash flow from operating activities |
617,575 |
458,921 |
|
|
|
Interest received |
10,689 |
621 |
Income tax paid |
-103,166 |
-90,327 |
Net cash flow from operating activities |
525,098 |
369,215 |
|
|
|
Cash flow from investing activities |
|
|
Acquisition of property, plant and equipment and intangible assets |
-15,485 |
-18,443 |
Acquisition of subsidiaries, net of cash acquired |
-584,570 |
-553,665 |
Net cash flow from investing activities |
-600,055 |
-572,108 |
|
|
|
Cash flows from financing activities |
|
|
Payments of lease obligation |
-28,704 |
-22,795 |
Dividend payment to shareholders of the group |
-67,772 |
-7,012 |
Purchase of treasury shares |
-3,408 |
-2,999 |
Capital increase |
200,000 |
- |
Expenses related to capital increase |
-2,234 |
- |
Interest paid |
-99,337 |
-41,795 |
Proceeds from loans and borrowings |
768,147 |
640,621 |
Repayments of loans and borrowings |
-453,376 |
-217,377 |
Transaction costs related to loans and borrowings |
-8,074 |
-2,193 |
Other cash flows from financing activities |
-320 |
-6,031 |
Net cash flow from financing activities |
304,922 |
340,419 |
|
|
|
Net (decrease) increase in cash and cash equivalents |
229,965 |
137,525 |
|
|
|
Effect of exchange rate fluctuations on cash held |
-1,125 |
-546 |
Cash and cash equivalents minus Bank overdraft at beginning of the period |
237,748 |
100,769 |
|
|
|
Cash and cash equivalents minus Bank overdraft at |
466,588 |
237,748 |
NOTES AND DISCLAIMER
Notes to the editor
About Azelis:
Azelis is a leading global innovation service provider in the specialty chemical and food ingredients industry present in 63 countries across the globe with +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).
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
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
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
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Azelis Investor Relations
T: +32 3 613 01 27
E: investor-relations@azelis.com
Source: Azelis