Brief: Believe Sees Organic Growth Of +18% And Positive FCF In 2023

Believe SA

15/03/2023 17:05

March 15 (Reuters) - Believe SA  BLV.PA :
    * FY REVENUES OF €760.8 MILLION, UP +31.8% AT CURRENT RATE
WITH AN
ORGANIC GROWTH OF +32.2%.
    * FY DIGITAL REVENUE GROWTH OF +33.8% OUT OF WHICH +34.7%
ORGANICALLY
    * FY ADJUSTED EBITDA AT €34.7 MILLION OR A MARGIN OF 4.6%
(VERSUS
4.0% IN FY’21).
    * POSITIVE FREE CASH FLOW GENERATION OF €52 MILLION (VERSUS
NEGATIVE FREE CASH FLOW IN FY’21)
    * FY EBIT LOSS OF EUR 22.3 MILLION IN FY’22,  COMPARED WITH
A LOSS
OF €19.6 MILLION IN FY’21
    * BELIEVE EXPECTS TO LEVERAGE ITS CASH TO RESUME ITS
ACQUISITION
STRATEGY IN FY'23
    * BELIEVE IS ALSO READY TO ACCELERATE INVESTMENTS IN CASE OF
BETTER MACRO-ECONOMIC CONDITIONS.
    * FY 2023 OUTLOOK: ORGANIC GROWTH OF +18%
    * NET CASH AT THE END OF DECEMBER’22 JUST ABOVE €300 MILLION
    * FY 2023 OUTLOOK: FURTHER PROGRESSIVE IMPROVEMENT IN
ADJUSTED
EBITDA MARGIN: C. 5.0%
    * FY 2023 OUTLOOK: POSITIVE FREE CASH FLOW
    * IN FY'23, GROUP WILL CONTINUE TO DRIVE A PROFITABLE GROWTH
STRATEGY TOWARDS ITS LONG-TERM TARGET OF 15% ADJUSTED EBITDA
MARGIN.
    * FOR FY'23, GROUP IS ORGANIZED TO DELIVER PROFITABLE GROWTH
IN A
BASE SCENARIO OF DEGRADED ECONOMIC ENVIRONMENT

Source text for Eikon:  ID:nGNEbRNNvH 
Further company coverage:  BLV.PA 

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