Financial Performance - Fiscal 2024 revenue reached EUR 1.8 billion, a 21% increase on a reported basis and 22% on a constant currency basis, exceeding the guidance of 20% growth [3] - Adjusted EBITDA for fiscal 2024 was EUR 555 million, up 15% year-over-year, with an adjusted EBITDA margin of 30.8%, surpassing the targeted range of 30-30.5% [3] - Net profit for fiscal 2024 was EUR 192 million, a 155% increase year-over-year, with EPS of EUR 1.02, up 149% year-over-year [3] - Total revenue for the year ended September 30, 2024, reached €1,804,690 thousand, representing a 21% increase compared to €1,491,911 thousand in 2023 [25] - Gross profit for the same period was €1,060,677 thousand, up from €925,793 thousand, indicating a growth of 14.5% [25] - Net profit for the year ended September 30, 2024, was €191,602 thousand, compared to €75,022 thousand in 2023, reflecting a significant increase of 155.5% [25] - Earnings per share (EPS) for the year was €1.02, compared to €0.41 in the previous year, marking a 148.8% increase [25] - Adjusted Net profit for the same period rose to €240,331 thousand, compared to €207,153 thousand in 2023, reflecting a growth of approximately 16% [31] - EBITDA for the year ended September 30, 2024, reached €522,373 thousand, up from €344,101 thousand in 2023, indicating a year-over-year increase of about 52% [36] - Adjusted EBITDA for the year was €554,955 thousand, compared to €482,706 thousand in 2023, representing an increase of approximately 15% [36] Revenue Breakdown - Direct-to-consumer (DTC) revenue grew by 21% and business-to-business (B2B) revenue increased by 23% on a constant currency basis [3] - Direct-to-Consumer (DTC) revenue grew by 20% year-over-year, reaching €716,687 thousand, while Business-to-Business (B2B) revenue increased by 22% to €1,083,721 thousand [30] - Revenue growth in the Americas was 19%, in Europe 21%, and in the APMA region 42% on a constant currency basis [3] - The Americas region generated €943,710 thousand in revenue, a 17% increase from €804,690 thousand in 2023 [30] Operational Highlights - The company opened 20 new owned stores, bringing the total to 67, enhancing its retail footprint [7] - Capital expenditures for fiscal 2024 were approximately EUR 74 million, primarily for expanding production capacity and retail presence [11] - The company reported a net cash flow from operating activities of €428,701 thousand for the year, compared to €358,733 thousand in 2023, an increase of 19.4% [28] - Total assets as of September 30, 2024, amounted to €4,884,939 thousand, slightly up from €4,827,470 thousand in 2023 [26] - Shareholders' equity increased to €2,625,019 thousand from €2,400,588 thousand, reflecting a growth of 9.4% [26] Future Guidance - Guidance for fiscal 2025 includes revenue growth of 15-17% on a constant currency basis and an adjusted EBITDA margin of 30.8-31.3% [5] - The company plans to continue expanding its market presence and investing in new product development to sustain growth momentum [30] Debt and Leverage - The company ended fiscal 2024 with cash and cash equivalents of EUR 356 million and a net leverage ratio of 1.8x [12] - Net debt decreased to €1,006,085 thousand in 2024 from €1,608,694 thousand in 2023, showing a reduction of about 38% [39] - Net leverage improved to 1.8x in 2024, down from 3.3x in 2023, indicating a stronger balance sheet [39] Other Financial Metrics - Average Selling Price (ASP) increased by 8% on a constant currency basis, supported by a favorable product mix and targeted pricing actions [6] - The company reported a foreign exchange loss of €19,641 thousand for the year, compared to a loss of €36,056 thousand in 2023, indicating improved currency management [36] - Share-based compensation expenses for the year were €3,591 thousand, significantly lower than €65,393 thousand in 2023, suggesting a reduction in management investment plan costs [36] - The secondary offering related costs amounted to €1,890 thousand, associated with the completion of the offering on June 28, 2024 [33]
Birkenstock plc(BIRK) - 2024 Q4 - Annual Report