Cash flow SIPEF

Stocks

SIP

BE0003898187

Food Processing

Market Closed - Euronext Bruxelles 11:55:00 2026-09-17 EDT			5-day change	1st Jan Change
108.20 ^EUR	-0.55%		+1.69%	+33.25%

09-08	Alerts on Sipef buying Tiabam repeat earlier story	RE
08-28	Ackermans & van Haaren leads in Brussels after raising targets

13379da164711.bKgBNopssj0reWqj0WkwmH7-yWk1TtEdxft7U8Q9Us0.VMRNZ7IG4FV-Gy37iwEF7jyV-iRAB7B1oMgWF5NkGYoW-zlD01TiTFomOw

Published financial data: SIPEF

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Revenues	416M	527M	444M	444M	570M
Total Revenues	416M	527M	444M	444M	570M
Cost of Goods Sold, Total	249M	308M	294M	287M	320M
Gross Profit	167M	219M	149M	157M	251M
Selling General & Admin Expenses, Total	36.89M	43.42M	46.2M	48.45M	57.62M
Other Operating Expenses	323K	-1.11M	-5.71M	5.53M	1.3M
Other Operating Expenses, Total	37.21M	42.31M	40.5M	53.98M	58.92M
Operating Income	130M	177M	109M	103M	192M
Interest Expense, Total	-3.1M	-1.92M	-1.68M	-2.55M	-1.67M
Interest And Investment Income	727K	1.3M	1.81M	1.59M	2.48M
Net Interest Expenses	-2.37M	-620K	132K	-964K	808K
Income (Loss) On Equity Invest.	-1.09M	-566K	-1.34M	-1.37M	-1.48M
Currency Exchange Gains (Loss)	-1.16M	-3.25M	1.11M	-5.28M	2.73M
Other Non Operating Income (Expenses)	749K	-1.88M	-400K	-399K	-781K
EBT, Excl. Unusual Items	126M	171M	108M	95.19M	193M
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	11.64M	-	-	-1.36M	-4.36M
Asset Writedown	-1.82M	1.36M	-1.01M	2.27M	236K
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	136M	172M	107M	96.1M	189M
Income Tax Expense	36.08M	59.54M	31.13M	25.85M	56.75M
Earnings From Continuing Operations	99.47M	112M	76.35M	70.25M	132M
Net Income to Company	99.47M	112M	76.35M	70.25M	132M
Minority Interest	-5.72M	-4.3M	-3.62M	-4.41M	-6.77M
Net Income - (IS)	93.75M	108M	72.74M	65.84M	125M
Net Income to Common Incl Extra Items	93.75M	108M	72.74M	65.84M	125M
Net Income to Common Excl. Extra Items	93.75M	108M	72.74M	65.84M	125M
Per Share Items
Net EPS - Basic	9	10.4	6.99	6.33	12.05
Basic EPS - Continuing Operations	9	10.4	6.99	6.33	12.05
Basic Weighted Average Shares Outstanding	10.42M	10.4M	10.4M	10.41M	10.41M
Net EPS - Diluted	8.99	10.36	6.98	6.32	12.02
Diluted EPS - Continuing Operations	8.99	10.36	6.98	6.32	12.02
Diluted Weighted Average Shares Outstanding	10.42M	10.44M	10.42M	10.42M	10.44M
Normalized Basic EPS	6.99	9.84	6.17	5.29	10.94
Normalized Diluted EPS	6.99	9.8	6.16	5.29	10.91
Dividend Per Share	2.27	3.21	2.21	2.07	5.05
Payout Ratio	4.74	20.6	46.42	34.07	18.24
Supplemental Items
EBITDA	178M	224M	161M	158M	246M
EBITA	130M	177M	109M	103M	192M
EBIT	130M	177M	109M	103M	192M
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	26.61	34.62	28.96	26.9	30.03
Total Current Taxes	34.72M	59.43M	33.17M	27.08M	58.17M
Total Deferred Taxes	1.35M	109K	-2.04M	-1.23M	-1.42M
Normalized Net Income	72.86M	102M	64.19M	55.09M	114M
Non-Cash Pension Expense	1.39M	1.37M	1.44M	1.43M	1.53M
Supplemental Operating Expense Items
General and Administrative Expenses	36.89M	43.42M	46.2M	48.45M	57.62M
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., Other (Total)	121K	140K	163K	201K	219K
Total Stock-Based Compensation	121K	140K	163K	201K	219K

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Assets
Cash And Equivalents	19.94M	34.15M	11.55M	19.88M	93.37M
Short Term Investments	38K	10.21M	1K	1K	1K
Total Cash And Short Term Investments	19.98M	44.36M	11.55M	19.88M	93.37M
Accounts Receivable, Total	32.28M	44.64M	29.88M	47.35M	24.52M
Other Receivables	51.35M	48.83M	56.42M	40.41M	47.84M
Total Receivables	83.63M	93.47M	86.29M	87.76M	72.37M
Inventory	48.02M	48.94M	47.18M	46.14M	48.22M
Other Current Assets, Total	24.84M	28.29M	27.38M	22.62M	23.97M
Total Current Assets	176M	215M	172M	176M	238M
Gross Property Plant And Equipment	1.06B	1.12B	1.2B	1.25B	1.32B
Accumulated Depreciation	-393M	-425M	-450M	-475M	-514M
Net Property Plant And Equipment	667M	697M	752M	779M	810M
Long-term Investments	3.69M	3.13M	1.81M	443K	129K
Goodwill	105M	105M	105M	105M	105M
Other Intangibles, Total	348K	226K	138K	119K	69K
Loans Receivable Long-Term	25.67M	-	-	-	-
Deferred Tax Assets Long-Term	13.55M	14.1M	15.21M	16.48M	15.7M
Other Long-Term Assets, Total	-	28.29M	34.23M	45.58M	41.38M
Total Assets	992M	1.06B	1.08B	1.12B	1.21B
Liabilities
Accounts Payable, Total	23.6M	29.86M	25.24M	28.51M	26.63M
Short-term Borrowings	12.48M	5.32M	22.32M	35.89M	2.94M
Current Portion of Long-Term Debt	18M	18M	18M	-	-
Current Portion of Leases	484K	590K	675K	626K	812K
Current Income Taxes Payable	19.35M	33.44M	10.6M	6.6M	14.13M
Other Current Liabilities	38.27M	35.2M	36.12M	36.58M	42.25M
Total Current Liabilities	112M	122M	113M	108M	86.75M
Long-Term Debt	36M	18M	-	-	-
Long-Term Leases	2.21M	2.32M	1.97M	1.45M	1.26M
Pension & Other Post Retirement Benefits	22.29M	20.45M	23.52M	23.8M	27.57M
Deferred Tax Liability Non Current	46.95M	48.13M	52.45M	52.69M	50.02M
Other Non Current Liabilities	5.96M	766K	523K	427K	1.54M
Total Liabilities	226M	212M	191M	187M	167M
Common Stock, Total	44.73M	44.73M	44.73M	44.73M	44.73M
Additional Paid In Capital	108M	108M	108M	108M	108M
Treasury Stock	-11.52M	-11.59M	-11.68M	-10.63M	-8.96M
Comprehensive Income and Other	586M	677M	713M	756M	858M
Total Common Equity	727M	818M	854M	898M	1B
Minority Interest	38.85M	32.34M	35.04M	37.36M	41.61M
Total Equity	766M	850M	889M	936M	1.04B
Total Liabilities And Equity	992M	1.06B	1.08B	1.12B	1.21B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	10.4M	10.41M	10.4M	10.42M	10.42M
ECS Total Common Shares Outstanding	10.4M	10.41M	10.4M	10.42M	10.42M
Book Value / Share	69.94	78.56	82.1	86.24	96.09
Tangible Book Value	622M	713M	749M	794M	897M
Tangible Book Value Per Share	59.83	68.47	72.01	76.17	86.03
Total Debt	69.17M	44.23M	42.97M	37.97M	5.01M
Net Debt	49.19M	-123K	31.42M	18.09M	-88.36M
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	38.85M	32.34M	35.04M	37.36M	41.61M
Equity Method Investments, Total	3.6M	3.03M	1.7M	331K	-
Account Code - Inventory Valuation	3	-	3	3	3
Inventories - Raw Materials, Total	21.51M	24.18M	24.68M	27.03M	26.15M
Inventories - Finished Goods, Total	26.51M	24.76M	22.5M	19.1M	22.08M
Land - (BS)	332M	360M	391M	419M	448M
Machinery, Total	295M	310M	329M	350M	373M
Full Time Employees	21.23K	-	21.9K	16.57K	17.38K

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Net Income	93.75M	108M	72.74M	65.84M	125M
Depreciation & Amortization - CF	48.42M	47.8M	52.62M	55.61M	54.1M
Amortization of Goodwill and Intangible Assets - (CF)	194K	141K	104K	232K	235K
Depreciation & Amortization, Total	48.62M	47.94M	52.72M	55.85M	54.33M
(Gain) Loss From Sale Of Asset	1.24M	162K	1.64M	8.97M	6.4M
(Gain) Loss on Sale of Investments - (CF)	-11.64M	-	-	-	-
Asset Writedown & Restructuring Costs	-2.4M	-1.77M	-186K	-6.24M	-464K
Stock-Based Compensation (CF)	121K	140K	163K	201K	219K
Other Operating Activities, Total	39.15M	17.12M	-20.52M	6.66M	21.1M
Change in Other Net Operating Assets	-8.52M	-6.46M	16.08M	1.77M	15.23M
Cash from Operations	160M	165M	123M	133M	222M
Capital Expenditure	-68.65M	-79.29M	-107M	-86.82M	-89.4M
Sale of Property, Plant, and Equipment	5.52M	1.52M	889K	571K	262K
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	-	-	-
Sale (Purchase) of Real Estate properties	-	-	-	-	-
Sale (Purchase) of Intangible assets	-40K	-	-9K	-40K	-
Investment in Marketable and Equity Securities, Total	24.71M	-3.5M	-2.92M	-4.18M	-1.67M
Other Investing Activities, Total	-9.58M	-4.5M	-7.8M	-4.28M	-1.36M
Cash from Investing	-48.04M	-85.78M	-117M	-94.75M	-92.17M
Short Term Debt Issued, Total	-	106K	17.67M	13.58M	626K
Long-Term Debt Issued, Total	-	755K	182K	398K	593K
Total Debt Issued	-	861K	17.85M	13.97M	1.22M
Short Term Debt Repaid, Total	-73.71M	-7.15M	-590K	-50K	-33.4M
Long-Term Debt Repaid, Total	-18.08M	-18.64M	-18.53M	-18.92M	-778K
Total Debt Repaid	-91.79M	-25.8M	-19.12M	-18.97M	-34.18M
Issuance of Common Stock	1.03M	109K	608K	1.17M	3.46M
Repurchase of Common Stock	-2.19M	-176K	-701K	-118K	-1.79M
Common Dividends Paid	-4.44M	-22.28M	-33.76M	-22.43M	-22.88M
Common & Preferred Stock Dividends Paid	-4.44M	-22.28M	-33.76M	-22.43M	-22.88M
Other Financing Activities, Total	-4.69M	-7.85M	-3.5M	-3.58M	-2.43M
Cash from Financing	-102M	-55.13M	-38.62M	-29.96M	-56.6M
Foreign Exchange Rate Adjustments	-	-	-	-	-
Miscellaneous Cash Flow Adjustments	-	-	-	-1K	2K
Net Change in Cash	10.19M	24.38M	-32.81M	8.33M	73.49M
Supplemental Items
Cash Interest Paid	-	631K	285K	-	-
Cash Income Tax Paid (Refund)	9.96M	-	-	31.62M	46.17M
Levered Free Cash Flow	69.98M	81.25M	-3.71M	36.16M	107M
Unlevered Free Cash Flow	71.92M	82.45M	-2.66M	37.75M	108M
Change In Net Working Capital	-10.87M	-3.07M	16.68M	-4.07M	-23.26M
Net Debt Issued / Repaid	-91.79M	-24.94M	-1.26M	-5M	-32.96M

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Profitability
Return on Assets	8.36	10.77	6.36	5.86	10.28
Return on Total Capital	9.7	12.79	7.46	6.77	11.86
Return On Equity %	13.81	13.91	8.78	7.7	13.36
Return on Common Equity	13.73	14	8.7	7.51	13.2
Margin Analysis
Gross Profit Margin %	40.09	41.57	33.68	35.42	43.96
SG&A Margin	8.87	8.23	10.41	10.92	10.1
EBITDA Margin %	42.73	42.52	36.3	35.69	43.06
EBITA Margin %	31.2	33.57	24.58	23.3	33.67
EBIT Margin %	31.15	33.55	24.55	23.25	33.63
Income From Continuing Operations Margin %	23.91	21.32	17.2	15.83	23.18
Net Income Margin %	22.53	20.51	16.39	14.83	21.99
Net Avail. For Common Margin %	22.53	20.51	16.39	14.83	21.99
Normalized Net Income Margin	17.51	19.4	14.46	12.41	19.97
Levered Free Cash Flow Margin	16.82	15.4	-0.84	8.15	18.8
Unlevered Free Cash Flow Margin	17.29	15.63	-0.6	8.51	18.98
Asset Turnover
Asset Turnover	0.43	0.51	0.41	0.4	0.49
Fixed Assets Turnover	0.62	0.77	0.61	0.58	0.72
Receivables Turnover (Average Receivables)	13.87	13.71	11.91	11.49	15.87
Inventory Turnover (Average Inventory)	6.42	6.36	6.13	6.14	6.78
Short Term Liquidity
Current Ratio	1.57	1.76	1.53	1.63	2.74
Quick Ratio	0.92	1.13	0.87	0.99	1.91
Operating Cash Flow to Current Liabilities	1.43	1.35	1.09	1.23	2.56
Days Sales Outstanding (Average Receivables)	26.32	26.62	30.64	31.84	23
Days Outstanding Inventory (Average Inventory)	56.87	57.41	59.58	59.58	53.86
Average Days Payable Outstanding	30.68	31.57	34.37	34.45	31.27
Cash Conversion Cycle (Average Days)	52.51	52.46	55.85	56.98	45.59
Long Term Solvency
Total Debt/Equity	9.03	5.2	4.83	4.06	0.48
Total Debt / Total Capital	8.28	4.95	4.61	3.9	0.48
LT Debt/Equity	4.99	2.39	0.22	0.15	0.12
Long-Term Debt / Total Capital	4.57	2.27	0.21	0.15	0.12
Total Liabilities / Total Assets	22.75	19.97	17.72	16.62	13.81
EBIT / Interest Expense	41.86	92.16	64.99	40.42	114.72
EBITDA / Interest Expense	57.56	117.13	96.43	62.3	147.22
(EBITDA - Capex) / Interest Expense	35.39	75.83	32.64	28.29	93.75
Total Debt / EBITDA	0.39	0.2	0.27	0.24	0.02
Net Debt / EBITDA	0.28	-0	0.19	0.11	-0.36
Total Debt / (EBITDA - Capex)	0.63	0.3	0.78	0.53	0.03
Net Debt / (EBITDA - Capex)	0.45	-0	0.57	0.25	-0.56
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	51.83	26.78	-15.84	-0.02	29.29
Gross Profit, 1 Yr. Growth %	170.69	31.44	-31.82	5.15	59.64
EBITDA, 1 Yr. Growth %	140.54	26.13	-28.15	-1.69	55.06
EBITA, 1 Yr. Growth %	320.6	36.44	-38.4	-5.19	85.68
EBIT, 1 Yr. Growth %	321.86	36.54	-38.41	-5.32	85.87
Earnings From Cont. Operations, 1 Yr. Growth %	514.89	13.05	-32.1	-8	88.21
Net Income, 1 Yr. Growth %	563.85	15.37	-32.75	-9.48	90.54
Normalized Net Income, 1 Yr. Growth %	392.71	40.47	-37.28	-14.19	106.8
Diluted EPS Before Extra, 1 Yr. Growth %	563.29	15.24	-32.63	-9.46	90.19
Accounts Receivable, 1 Yr. Growth %	16.41	38.29	-33.08	58.5	-48.21
Inventory, 1 Yr. Growth %	61.96	1.91	-3.59	-2.21	4.53
Net Property, Plant and Equip., 1 Yr. Growth %	-0.5	4.4	7.9	3.58	4.08
Total Assets, 1 Yr. Growth %	4.77	7.1	1.7	3.9	7.84
Tangible Book Value, 1 Yr. Growth %	16.64	14.56	5.06	5.96	13.01
Common Equity, 1 Yr. Growth %	13.88	12.44	4.4	5.23	11.48
Cash From Operations, 1 Yr. Growth %	118.82	3.11	-25.81	8.49	67.06
Capital Expenditures, 1 Yr. Growth %	32.75	15.5	34.91	-18.84	2.98
Levered Free Cash Flow, 1 Yr. Growth %	341.99	16.1	-104.57	-1.07K	196.59
Unlevered Free Cash Flow, 1 Yr. Growth %	278.06	14.64	-103.23	-1.52K	186.82
Dividend Per Share, 1 Yr. Growth %	431.27	40.96	-31.05	-6.34	143.83
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	29.44	38.74	3.29	-8.27	13.36
Gross Profit, 2 Yr. CAGR %	114.45	88.63	-5.34	-15.33	29.51
EBITDA, 2 Yr. CAGR %	96.65	74.18	-4.8	-15.95	23.46
EBITA, 2 Yr. CAGR %	456.57	139.55	-8.32	-23.58	32.68
EBIT, 2 Yr. CAGR %	465.61	140	-8.29	-23.63	32.66
Earnings From Cont. Operations, 2 Yr. CAGR %	266.58	163.66	-12.39	-20.96	31.59
Net Income, 2 Yr. CAGR %	242.28	176.74	-11.92	-21.98	31.33
Normalized Net Income, 2 Yr. CAGR %	585.75	163.08	-6.14	-26.64	33.22
Diluted EPS Before Extra, 2 Yr. CAGR %	241.69	176.47	-11.89	-21.9	31.23
Accounts Receivable, 2 Yr. CAGR %	-1.52	26.88	-3.8	2.99	-9.4
Inventory, 2 Yr. CAGR %	35.25	28.47	-0.88	-2.9	1.1
Net Property, Plant and Equip., 2 Yr. CAGR %	0.14	1.92	6.14	5.72	3.83
Total Assets, 2 Yr. CAGR %	2.55	5.93	4.37	2.79	5.85
Tangible Book Value, 2 Yr. CAGR %	9.03	15.6	9.71	5.51	9.43
Common Equity, 2 Yr. CAGR %	7.56	13.16	8.34	4.81	8.31
Cash From Operations, 2 Yr. CAGR %	124.22	50.21	-12.54	-10.28	34.63
Capital Expenditures, 2 Yr. CAGR %	1.69	23.83	24.83	4.64	-8.58
Levered Free Cash Flow, 2 Yr. CAGR %	60.68	126.53	-76.97	-33.29	437.53
Unlevered Free Cash Flow, 2 Yr. CAGR %	74.26	108.19	-80.76	-32.33	537.62
Dividend Per Share, 2 Yr. CAGR %	-	173.65	-1.41	-19.64	51.12
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	14.76	28.55	17.44	2.18	2.65
Gross Profit, 3 Yr. CAGR %	30.98	82.16	34.36	-1.96	4.57
EBITDA, 3 Yr. CAGR %	28.62	69.59	29.67	-3.78	3.08
EBITA, 3 Yr. CAGR %	42.43	248.33	52.34	-7.29	2.74
EBIT, 3 Yr. CAGR %	42.46	252.18	52.52	-7.31	2.73
Earnings From Cont. Operations, 3 Yr. CAGR %	46	147.67	67.74	-10.95	5.54
Net Income, 3 Yr. CAGR %	46.06	138.21	72.7	-11.11	5.07
Normalized Net Income, 3 Yr. CAGR %	45.46	304.24	63.13	-8.9	3.64
Diluted EPS Before Extra, 3 Yr. CAGR %	46.18	137.84	72.69	-11.08	5.08
Accounts Receivable, 3 Yr. CAGR %	-2.66	10.28	2.51	13.62	-18.1
Inventory, 3 Yr. CAGR %	9.8	23.07	16.75	-1.32	-0.49
Net Property, Plant and Equip., 3 Yr. CAGR %	1.38	1.54	3.88	5.28	5.17
Total Assets, 3 Yr. CAGR %	1.86	4.04	4.5	4.21	4.45
Tangible Book Value, 3 Yr. CAGR %	4.88	10.84	11.97	8.45	7.95
Common Equity, 3 Yr. CAGR %	4.11	9.16	10.16	7.3	6.99
Cash From Operations, 3 Yr. CAGR %	68.21	73.07	18.73	-6.03	10.37
Capital Expenditures, 3 Yr. CAGR %	4.4	6.1	27.42	8.14	4.08
Levered Free Cash Flow, 3 Yr. CAGR %	53.23	44.18	-38.34	-19.76	9.7
Unlevered Free Cash Flow, 3 Yr. CAGR %	61.36	51.56	-48.07	-19.33	9.52
Dividend Per Share, 3 Yr. CAGR %	53.43	-	72.84	-3.08	16.34
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	9.28	10.4	10.03	12.32	15.79
Gross Profit, 5 Yr. CAGR %	19.71	12.59	15.03	34.08	32.4
EBITDA, 5 Yr. CAGR %	21.03	12.17	14.03	28.07	27.15
EBITA, 5 Yr. CAGR %	26.72	14.23	19.42	89.88	44.15
EBIT, 5 Yr. CAGR %	26.71	14.23	19.45	91.08	44.24
Earnings From Cont. Operations, 5 Yr. CAGR %	18.43	-5.39	19.02	56.84	52.22
Net Income, 5 Yr. CAGR %	18.65	-4.98	19.31	52.42	54.78
Normalized Net Income, 5 Yr. CAGR %	22.21	15.43	22.08	104.26	50.43
Diluted EPS Before Extra, 5 Yr. CAGR %	14.84	-6.1	19.38	52.35	54.73
Accounts Receivable, 5 Yr. CAGR %	-4.39	4.13	-3.12	7.31	-2.43
Inventory, 5 Yr. CAGR %	15.11	11.12	5.4	11.94	10.22
Net Property, Plant and Equip., 5 Yr. CAGR %	9.96	2.55	3.25	3.19	3.86
Total Assets, 5 Yr. CAGR %	10.02	3.21	2.86	3.54	5.04
Tangible Book Value, 5 Yr. CAGR %	6.86	6.05	6.79	8.68	10.95
Common Equity, 5 Yr. CAGR %	10.17	5.2	5.78	7.4	9.42
Cash From Operations, 5 Yr. CAGR %	25.63	6.64	29.49	33.07	24.85
Capital Expenditures, 5 Yr. CAGR %	10.85	5.94	12.14	5.51	11.57
Levered Free Cash Flow, 5 Yr. CAGR %	188.05	39.99	-28.2	5.93	46.61
Unlevered Free Cash Flow, 5 Yr. CAGR %	225.61	36.95	-31.07	9.77	41.6
Dividend Per Share, 5 Yr. CAGR %	11.5	10.78	28.55	-	63.8