Strauss Group's Reports First Quarter 2024 Results
The group's revenues totaled c2.6 billion shekels, the operating profit was c204 million shekels, and the net profit was c159 million shekels
President and CEO of the Group,
PETAH TIKVA, Israel,
Results |
Q1 2024 |
Q1 2023 |
Sales |
|
|
% change |
+1.4 % |
|
Operating profit |
|
|
% change |
-2.4 % |
|
% of sales |
7.8 % |
8.1 % |
Net profit |
|
|
% change |
+18.7 % |
|
First Quarter Summary by Business Segment:
Sales in the Fun & Indulgence segment for the quarter were
Strauss Coffee International – Increase in Revenue and Market Share Growth in
The coffee operations in
Sabra and Obela – Market Share Increase in the US and Continued Growth Trend
The International Dips and Spreads segment continued its gradual recovery with an improvement in market share in the US and continued revenue growth. Sabra sales for the quarter totaled
Non GAAP Figures (1) |
|||
|
|
|
|
First Quarter |
|||
|
2024 |
2023 |
Change |
Total Group Sales (NIS mm) |
2,589 |
2,554 |
1.4 % |
Organic Sales Growth excluding FX |
-0.7 % |
7.9 % |
|
Gross Profit (NIS mm) |
874 |
837 |
4.3 % |
Gross Margins (%) |
33.7 % |
32.8 % |
+90 bps |
EBITDA (NIS mm) |
318 |
310 |
2.6 % |
EBITDA Margins (%) |
12.3 % |
12.1 % |
+20 bps |
EBIT (NIS mm) |
204 |
208 |
-2.4 % |
EBIT Margins (%) |
7.8 % |
8.1 % |
-30 bps |
Net Income Attributable to the Company's Shareholders (NIS mm) |
159 |
134 |
18.7 % |
Net Income Margin Attributable to the Company's Shareholders (%) |
6.2 % |
5.3 % |
+90 bps |
EPS (NIS) |
1.37 |
1.15 |
18.6 % |
Operating Cash Flow (NIS mm) |
-115 |
-226 |
50.9 % |
Capex (NIS mm) (2) |
-163 |
-74 |
120.3 % |
Net debt (NIS mm) |
2,789 |
2,787 |
0.1 % |
Net debt / annual EBITDA |
2.3x |
3.1x |
(0.8x) |
(1) The data in this document are based on the company's non-GAAP figures, which include the proportionate consolidation of jointly controlled |
|||
(2) Investments include the acquisition of fixed assets, investment in intangible assets and proceeds from the sale of fixed assets. |
|||
Note: Financial data were rounded to NIS millions. Percentages changes were calculated on the basis of the exact figures in NIS thousands. |
Non GAAP Figures (1) |
||||||||
|
|
|
|
|
|
|
|
|
|
First Quarter |
|||||||
Sales and EBIT by Operating |
Sales |
Sales |
Organic |
EBIT |
NIS |
% |
EBIT |
Change in |
|
|
|
|
|
|
|
|
|
Health & Wellness |
731 |
-1.6 % |
-1.6 % |
74 |
-11 |
-12.2 % |
10.2 % |
-120 bps |
Fun & Indulgence Snacks and |
361 |
18.1 % |
18.1 % |
42 |
18 |
70.9 % |
11.5 % |
+360 bps |
Fun & Indulgence Coffee Israel |
217 |
-8.7 % |
-8.7 % |
35 |
-4 |
-8.7 % |
16.3 % |
NM |
Total |
1,309 |
1.7 % |
1.7 % |
151 |
3 |
2.3 % |
11.6 % |
+10 bps |
|
|
|
|
|
|
|
|
|
Strauss Coffee International (2) |
954 |
0.3 % |
-4.5 % |
38 |
922 |
-36.3 % |
4.0 % |
-230 bps |
|
193 |
3.0 % |
2.8 % |
24 |
3 |
10.2 % |
12.3 % |
+80 bps |
Other (2)(3) |
133 |
3.0 % |
3.0 % |
-9 |
12 |
-51.9 % |
-6.8 % |
-4510 bps |
|
2,589 |
1.4 % |
-0.7 % |
204 |
-4 |
-2.4 % |
7.8 % |
-30 bps |
(1) The data in this document are based on the company's non-GAAP figures, which include the proportionate consolidation of jointly |
Condensed financial accounting (GAAP) |
|||
First Quarter |
|||
|
2024 |
2023 |
Change |
Sales |
1,726 |
1,713 |
0.8 % |
Cost of sales excluding impact of commodity hedges |
1,090 |
1,106 |
-1.4 % |
Adjustments for commodity hedges |
71 |
-53 |
|
Cost of sales |
1,161 |
1,053 |
10.3 % |
Gross profit |
565 |
660 |
-14.5 % |
% of sales |
32.7 % |
38.6 % |
|
Selling and marketing expenses |
353 |
330 |
7.0 % |
General and administrative expenses |
129 |
121 |
6.8 % |
Total expenses |
482 |
451 |
6.9 % |
Share of profit of equity-accounted investees |
36 |
45 |
-19.6 % |
Share of profit (loss) of equity-accounted incubator investees |
-2 |
-8 |
-70.1 % |
Operating profit before other expenses |
117 |
246 |
-52.7 % |
% of sales |
6.8 % |
14.4 % |
|
Other expenses, net |
-50 |
70 |
|
Operating profit after other expenses |
67 |
316 |
-78.7 % |
Financing expenses, net |
-17 |
-11 |
62.9 % |
Income before taxes on income |
50 |
305 |
-83.6 % |
Taxes on income |
21 |
-59 |
-134.7 % |
Effective tax rate |
-41.4 % |
19.5 % |
|
Income for the period |
71 |
246 |
-71.3 % |
Attributable to the Company's shareholders |
51 |
231 |
-77.9 % |
Attributable to non-controlling interests |
20 |
15 |
34.1 % |
Conference Call
The conference call will be hosted by company management and will be followed by a question and answers session.
To participate in the online call please use the following link:
https://strauss-group.zoom.us/j/93795628461?pwd=Q29iZGxDMEpYcVVBVWk0ZjJ1aHBjQT09
Passcode: 641169
The conference call will be accompanied by a presentation which will be available on the Investor Relations section of our website on Monday,
https://ir.strauss-group.com/company-presentations/quarterly-presentations/
https://ir.strauss-group.com/financial/
https://ir.strauss-group.com/earning-releases/
A recording of the call will be available on the company's website.
For further information, please contact :
Director of Communications and PR 972-54-609-1600 972-3-675-2584 |
Director of Investor Relations 972-54-577-2195 972-3-675-2545 |
Telem Yahav
Director of 972-52-257-9939 972-3-675-6713 |
View original content:https://www.prnewswire.com/news-releases/strauss-groups-reports-first-quarter-2024-results-302155862.html
SOURCE