UNDERSTANDING COATS
Financial performance
Understanding Coats
Financial performance
| Continuing operations | FY 2022 | FY 20213 | FY 2022 vs FY 2021 | ||
| Reported | 4CER | 4Organic | |||
| Revenue* | $1,584m | $1,447m | 9% | 16% | 10% |
| Adjusted4 | |||||
| Operating profit* | $235m | $198m | 19% | 27% | 22% |
| EBITDA* | $284m | $243m | |||
| Basic earnings per share* | 8.2c | 7.2c | |||
| Free cash flow* | $114m | $124m | |||
| Net debt (excl. IFRS 16) | $394m | $147m | |||
| Pro forma leverage*2 | 1.4x | 0.7x | |||
| Reported1 | |||||
| Operating profit | $181m | $178m | 2% | 9% | 9% |
| Basic earnings per share | 4.8c | 5.8c | |||
| Net cash generated by operating activities | $96m | $129m | |||
| Final dividend per share | 1.73c | 1.50c | |||
| Total dividend per share | 2.43c | 2.11c | |||
1. Reported metrics refer to values contained in the IFRS column of the primary financial statements in either the current or comparative period.
2. Leverage calculated on a pro forma and frozen GAAP basis and therefore excludes the impact of IFRS 16 on both adjusted EBITDA and net debt and includes a full 12 months of EBITDA for Texon and Rhenoflex.
3. Restated to reflect the results of the Brazil and Argentina business, divested in 2022, as a discontinued operation.
4. Alternative Performance Measures – see note 37.
2023 HIGHLIGHTS
Organic revenue decline
Recycled sales growth
Strategic projects savings in 2023
On track to deliver $70 million in 2024
Adjusted EBIT
Adjusted EBIT margin
Adjusted Free cash flow
Rajiv Sharma
Group CEO
“Despite unprecedented industry-wide destocking, by focussing on our customers, flexing our operating model and the delivery of strategic projects, productivity and procurement savings, Coats has increased market share, strengthened margins, and delivered another year of strong cash flow.”