Compagnie du Bois Sauvage (COMB) H1 2024 earnings summary

Executive summary

• Chocolate division sales grew 6.8% year-over-year, led by Jeff de Bruges and Neuhaus, with improved results and higher volumes; first half is seasonally weaker for this segment.

• Property division experienced a persistent slowdown in sales, prompting a cautious approach despite asset quality.

• Industry and Services division, notably Umicore, faced headwinds from a slowdown in electric vehicle demand.

• Strong cash and debt management supports ongoing investments and future opportunities.

Financial highlights

• Operating income before disposals, changes in fair value, and depreciations was €4.4M, down from €6.9M in H1 2023.

• Net result (Group share) was -€57.1M, compared to -€29.6M in H1 2023.

• Intrinsic value per share fell to €497.7 from €543.7 at year-end 2023.

• Shareholder equity at €520M, down from €597M at year-end 2023.

• Net debt improved to -€13M (net cash surplus) from -€17M at year-end 2023.

• Basic and diluted EPS: -€34.40 vs. -€17.80 in H1 2023.

Outlook and guidance

• Board remains confident in asset quality but maintains a cautious short- and medium-term outlook due to market uncertainties.