Income Statement Spadel SA

Stocks

SPA

BE0003798155

Non-Alcoholic Beverages

Real-time Euronext Bruxelles Other stock markets 05:30:11 2026-07-08 EDT			5-day change	1st Jan Change
448.00 ^EUR	+1.82%		+16.06%	+96.49%

05-31	Spadel SA announces Annual dividend, payable on June 05, 2026	CI
03-31	Spadel FY profit EUR 52.2 million	RE

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Published financial data: SPADEL SA

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	282M	321M	346M	379M	400M
Total Revenues	282M	321M	346M	379M	400M
Cost of Goods Sold, Total	174M	216M	223M	227M	229M
Gross Profit	108M	105M	123M	153M	171M
Selling General & Admin Expenses, Total	65.16M	69.57M	76.31M	86M	94.88M
Depreciation & Amortization - (IS)	20.02M	21.69M	22.62M	22.6M	24.17M
Other Operating Expenses	-12.96M	-6.62M	-10.32M	-3.45M	-9.49M
Other Operating Expenses, Total	72.22M	84.64M	88.61M	105M	110M
Operating Income	36.03M	20.2M	34.2M	47.63M	61.44M
Interest Expense, Total	-193K	-89K	-271K	-261K	-163K
Interest And Investment Income	277K	144K	1.07M	2.85M	1.48M
Net Interest Expenses	84K	55K	797K	2.59M	1.31M
Income (Loss) On Equity Invest.	-150K	-577K	-	-	-
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-93K	-3.06M	1.38M	552K	1.23M
EBT, Excl. Unusual Items	35.87M	16.62M	36.38M	50.77M	63.98M
Restructuring Charges	19K	154K	-418K	-136K	-145K
Gain (Loss) On Sale Of Investments	-	-	-1.52M	-	-
Gain (Loss) On Sale Of Assets	443K	408K	147K	926K	110K
Asset Writedown	-241K	-	-	-	-
EBT, Incl. Unusual Items	36.09M	17.18M	34.58M	51.56M	63.95M
Income Tax Expense	9.44M	4.39M	6.35M	10.53M	12.76M
Earnings From Continuing Operations	26.65M	12.79M	28.24M	41.03M	51.18M
Net Income to Company	26.65M	12.79M	28.24M	41.03M	51.18M
Minority Interest	-	-	-	-4K	5K
Net Income - (IS)	26.65M	12.79M	28.24M	41.03M	51.19M
Net Income to Common Incl Extra Items	26.65M	12.79M	28.24M	41.03M	51.19M
Net Income to Common Excl. Extra Items	26.65M	12.79M	28.24M	41.03M	51.19M
Per Share Items
Net EPS - Basic	6.42	3.08	6.8	9.89	12.33
Basic EPS - Continuing Operations	6.42	3.08	6.8	9.89	12.33
Basic Weighted Average Shares Outstanding	4.15M	4.15M	4.15M	4.15M	4.15M
Net EPS - Diluted	6.42	3.08	6.8	9.89	12.33
Diluted EPS - Continuing Operations	6.42	3.08	6.8	9.89	12.33
Diluted Weighted Average Shares Outstanding	4.15M	4.15M	4.15M	4.15M	4.15M
Normalized Basic EPS	5.4	2.5	5.48	7.64	9.64
Normalized Diluted EPS	5.4	2.5	5.48	7.64	9.64
Dividend Per Share	2	1.5	2.2	3.2	4
Payout Ratio	31.15	64.92	22.09	22.26	25.94
Supplemental Items
EBITDA	54.69M	39.76M	54.59M	69.52M	84.96M
EBITA	38.38M	22.5M	36.35M	50.7M	64.28M
EBIT	36.03M	20.2M	34.2M	47.63M	61.44M
EBITDAR	55.96M	41.37M	56.39M	72.42M	87.98M
Effective Tax Rate - (Ratio)	26.16	25.55	18.35	20.42	19.96
Total Current Taxes	9.06M	-	7.12M	11.46M	14.24M
Total Deferred Taxes	376K	-	-771K	-934K	-1.47M
Normalized Net Income	22.42M	10.38M	22.74M	31.73M	40M
Interest on Long-Term Debt	-	45K	260K	203K	135K
Non-Cash Pension Expense	55K	-74K	71K	103K	129K
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	1.67M	1.42M	1.39M	1.65M	1.61M
Net Rental Expense, Total	1.27M	1.61M	1.81M	2.89M	3.03M
Imputed Operating Lease Interest Expense	82.07K	102K	823K	1.33M	723K
Imputed Operating Lease Depreciation	1.19M	1.51M	983K	1.57M	2.3M
Maintenance & Repair Expenses, Total	7.08M	7.07M	7.97M	8.49M	9.42M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	87.87M	82.91M	114M	150M	173M
Short Term Investments	17K	17K	17K	17K	17K
Total Cash And Short Term Investments	87.89M	82.93M	114M	150M	173M
Accounts Receivable, Total	49.44M	43.73M	44.45M	49.66M	52.32M
Other Receivables	1.06M	7.98M	7.33M	9.17M	7.59M
Total Receivables	50.5M	51.71M	51.78M	58.84M	59.92M
Inventory	18.16M	21.64M	23.31M	24.78M	28.45M
Other Current Assets, Total	1K	1.6M	1.7M	1.76M	2.72M
Total Current Assets	157M	158M	191M	235M	264M
Gross Property Plant And Equipment	425M	442M	460M	482M	513M
Accumulated Depreciation	-306M	-323M	-342M	-360M	-381M
Net Property Plant And Equipment	119M	119M	119M	122M	132M
Long-term Investments	500K	-	1.25M	1.45M	3.1M
Goodwill	44.92M	44.92M	44.92M	44.92M	44.92M
Other Intangibles, Total	75.89M	72.15M	69.36M	66.74M	64.56M
Accounts Receivable Long-Term	1.52M	-	-	-	-
Loans Receivable Long-Term	-	1.54M	-	-	-
Deferred Tax Assets Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	-	625K	865K	555K	450K
Total Assets	399M	396M	426M	471M	509M
Liabilities
Accounts Payable, Total	46.71M	43.79M	51.96M	60.6M	55.61M
Accrued Expenses, Total	16.44M	19.09M	21.24M	25.44M	31.68M
Short-term Borrowings	10.5M	-	-	-	-
Current Portion of Leases	1.28M	1.48M	1.08M	1.86M	2.08M
Current Income Taxes Payable	1.43M	2.23M	2.09M	3.39M	3.32M
Unearned Revenue Current, Total	15K	-	-	-	-
Other Current Liabilities	32.04M	37.54M	37.78M	37.72M	38.38M
Total Current Liabilities	108M	104M	114M	129M	131M
Long-Term Debt	-	-	-	-	-
Long-Term Leases	5.14M	4.12M	2.82M	3.34M	3.65M
Pension & Other Post Retirement Benefits	5.4M	2.43M	2.79M	2.92M	2.35M
Deferred Tax Liability Non Current	24.6M	23.92M	22.71M	21.6M	19.91M
Other Non Current Liabilities	3.56M	3.54M	4.27M	3.56M	3.73M
Total Liabilities	147M	138M	147M	160M	161M
Common Stock, Total	5M	5M	5M	5M	5M
Additional Paid In Capital	1.88M	1.88M	1.88M	1.88M	1.88M
Retained Earnings	233M	238M	260M	291M	341M
Comprehensive Income and Other	12.07M	12.59M	12.65M	12.35M	-
Total Common Equity	251M	258M	279M	310M	348M
Minority Interest	51K	54K	56K	60K	55K
Total Equity	252M	258M	279M	310M	348M
Total Liabilities And Equity	399M	396M	426M	471M	509M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	4.15M	4.15M	4.15M	4.15M	4.15M
ECS Total Common Shares Outstanding	4.15M	4.15M	4.15M	4.15M	4.15M
Book Value / Share	60.59	62.11	67.24	74.78	83.93
Tangible Book Value	131M	141M	165M	199M	239M
Tangible Book Value Per Share	31.48	33.9	39.7	47.88	57.55
Total Debt	16.92M	5.61M	3.9M	5.2M	5.72M
Net Debt	-70.97M	-77.32M	-110M	-145M	-167M
Debt Equivalent of Unfunded Proj. Benefit Obligation	4.68M	2.4M	2.9M	2.96M	2.97M
Debt Equivalent Oper. Leases	10.18M	12.9M	14.45M	23.15M	24.21M
Minority Interest, Total (Incl. Fin. Div)	51K	54K	56K	60K	55K
Equity Method Investments, Total	500K	-	-	-	-
Account Code - Inventory Valuation	5	5	5	5	6
Inventories - Raw Materials, Total	11.73M	14.08M	14.88M	15.49M	18.28M
Inventories - Work In Process, Total	7.93M	-	-	11.57M	-
Inventories - Finished Goods, Total	-	9.26M	10.33M	-	12.68M
Land - (BS)	133M	136M	141M	147M	153M
Machinery, Total	251M	260M	270M	281M	296M
Full Time Employees	1.26K	1.33K	1.31K	1.36K	1.42K
Accumulated Allowance for Doubtful Accounts (Supple)	-	854K	1.37M	1.36M	1.23M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	26.65M	12.79M	28.24M	41.03M	51.19M
Depreciation & Amortization - CF	17.52M	19.11M	18.24M	18.82M	20.67M
Amortization of Goodwill and Intangible Assets - (CF)	2.35M	2.3M	2.15M	3.07M	2.84M
Depreciation & Amortization, Total	19.87M	21.41M	20.39M	21.89M	23.52M
Amortization of Deferred Charges, Total - (CF)	1.22M	1.66M	1.51M	338K	539K
(Gain) Loss From Sale Of Asset	-443K	-408K	-147K	-926K	-111K
Asset Writedown & Restructuring Costs	416K	87K	203K	924K	511K
Other Operating Activities, Total	-491K	73K	2.25M	-4.02M	-1.35M
Change In Accounts Receivable	-873K	-1.08M	1.31M	5.93M	-202K
Change In Inventories	-1.59M	-3.58M	-1.86M	-1.85M	-3.91M
Change In Accounts Payable	1.63M	5.26M	9.93M	5.21M	1.06M
Cash from Operations	46.39M	36.22M	61.81M	68.53M	71.24M
Capital Expenditure	-15.82M	-15.79M	-20.12M	-22.81M	-31.53M
Sale of Property, Plant, and Equipment	510K	427K	416K	393K	-
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-2.09M	-380K	-1.5M	-683K	-1.21M
Investment in Marketable and Equity Securities, Total	-900K	-1.93M	-1.25M	-600K	-1.63M
Other Investing Activities, Total	1K	-	-	-	-
Cash from Investing	-18.3M	-17.67M	-22.46M	-23.7M	-34.36M
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Long-Term Debt Repaid, Total	-15.64M	-12.23M	-2.31M	-2.18M	-2.42M
Total Debt Repaid	-15.64M	-12.23M	-2.31M	-2.18M	-2.42M
Common Dividends Paid	-8.3M	-8.3M	-6.24M	-9.13M	-13.28M
Common & Preferred Stock Dividends Paid	-8.3M	-8.3M	-6.24M	-9.13M	-13.28M
Other Financing Activities, Total	-466K	-2.98M	338K	2.28M	2.1M
Cash from Financing	-24.41M	-23.51M	-8.21M	-9.04M	-13.6M
Foreign Exchange Rate Adjustments	-	-	-	-	-
Miscellaneous Cash Flow Adjustments	-1K	-	-	1K	-
Net Change in Cash	3.68M	-4.96M	31.15M	35.79M	23.28M
Supplemental Items
Cash Interest Paid	786K	3.19M	848K	733K	623K
Cash Income Tax Paid (Refund)	8.59M	5.24M	5.81M	12.45M	11.42M
Levered Free Cash Flow	24.33M	19.18M	30.08M	33.84M	25.75M
Unlevered Free Cash Flow	24.46M	19.23M	30.25M	34.01M	25.85M
Change In Net Working Capital	1.24M	294K	-8.6M	-5.5M	3.87M
Net Debt Issued / Repaid	-15.64M	-12.23M	-2.31M	-2.18M	-2.42M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	5.69	3.18	5.2	6.64	7.84
Return on Total Capital	8.51	4.75	7.82	9.94	11.47
Return On Equity %	11.07	5.02	10.52	13.92	15.54
Return on Common Equity	11.07	5.02	10.52	13.92	15.54
Margin Analysis
Gross Profit Margin %	38.36	32.68	35.5	40.27	42.8
SG&A Margin	23.1	21.69	22.06	22.67	23.75
EBITDA Margin %	19.38	12.39	15.78	18.33	21.27
EBITA Margin %	13.6	7.01	10.51	13.37	16.09
EBIT Margin %	12.77	6.3	9.88	12.56	15.38
Income From Continuing Operations Margin %	9.44	3.99	8.16	10.82	12.81
Net Income Margin %	9.44	3.99	8.16	10.82	12.81
Net Avail. For Common Margin %	9.44	3.99	8.16	10.82	12.81
Normalized Net Income Margin	7.94	3.24	6.57	8.36	10.01
Levered Free Cash Flow Margin	8.62	5.98	8.69	8.92	6.45
Unlevered Free Cash Flow Margin	8.67	6	8.74	8.96	6.47
Asset Turnover
Asset Turnover	0.71	0.81	0.84	0.85	0.82
Fixed Assets Turnover	2.38	2.69	2.91	3.15	3.15
Receivables Turnover (Average Receivables)	5.81	6.88	7.85	8.06	7.83
Inventory Turnover (Average Inventory)	9.97	10.85	9.93	9.42	8.59
Short Term Liquidity
Current Ratio	1.44	1.52	1.67	1.82	2.02
Quick Ratio	1.28	1.29	1.45	1.62	1.78
Operating Cash Flow to Current Liabilities	0.43	0.35	0.54	0.53	0.54
Days Sales Outstanding (Average Receivables)	62.85	53.01	46.52	45.4	46.59
Days Outstanding Inventory (Average Inventory)	36.62	33.64	36.77	38.84	42.51
Average Days Payable Outstanding	84.57	75.28	77.74	90.33	91.35
Cash Conversion Cycle (Average Days)	14.89	11.38	5.55	-6.09	-2.25
Long Term Solvency
Total Debt/Equity	6.73	2.17	1.4	1.67	1.64
Total Debt / Total Capital	6.3	2.13	1.38	1.65	1.62
LT Debt/Equity	2.04	1.6	1.01	1.07	1.05
Long-Term Debt / Total Capital	1.91	1.56	1	1.06	1.03
Total Liabilities / Total Assets	36.9	34.89	34.46	34.07	31.57
EBIT / Interest Expense	186.66	226.92	126.18	182.48	376.95
EBITDA / Interest Expense	289.63	467.52	201.43	266.36	521.21
(EBITDA - Capex) / Interest Expense	207.64	290.12	127.19	178.98	327.8
Total Debt / EBITDA	0.3	0.13	0.07	0.07	0.07
Net Debt / EBITDA	-1.27	-1.86	-2.02	-2.08	-1.97
Total Debt / (EBITDA - Capex)	0.42	0.22	0.11	0.11	0.11
Net Debt / (EBITDA - Capex)	-1.77	-2.99	-3.2	-3.1	-3.13
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.83	13.68	7.85	9.66	11.82
Gross Profit, 1 Yr. Growth %	5.84	-2	18.97	26.26	14.08
EBITDA, 1 Yr. Growth %	5.64	-27.31	37.3	27.36	22.2
EBITA, 1 Yr. Growth %	11.81	-41.38	61.57	39.5	26.79
EBIT, 1 Yr. Growth %	12.68	-43.94	69.32	39.28	29.01
Earnings From Cont. Operations, 1 Yr. Growth %	-2.51	-52.01	120.8	45.32	24.74
Net Income, 1 Yr. Growth %	-2.51	-52.01	120.8	45.31	24.77
Normalized Net Income, 1 Yr. Growth %	12.9	-53.68	90.29	39.56	26.06
Diluted EPS Before Extra, 1 Yr. Growth %	-2.53	-52.02	120.78	45.39	24.72
Accounts Receivable, 1 Yr. Growth %	3.61	-11.56	1.65	11.73	5.35
Inventory, 1 Yr. Growth %	8.48	19.21	7.68	6.32	14.79
Net Property, Plant and Equip., 1 Yr. Growth %	1.09	-0.35	-0.22	2.83	8.09
Total Assets, 1 Yr. Growth %	1.6	-0.67	7.55	10.57	8.12
Tangible Book Value, 1 Yr. Growth %	21.63	7.68	17.11	20.59	20.2
Common Equity, 1 Yr. Growth %	9.41	2.5	8.26	11.22	12.23
Cash From Operations, 1 Yr. Growth %	-5.13	-21.93	70.66	10.87	3.96
Capital Expenditures, 1 Yr. Growth %	-15.83	-0.22	27.43	13.37	38.22
Levered Free Cash Flow, 1 Yr. Growth %	11.45	-17.08	73.61	12.53	-23.92
Unlevered Free Cash Flow, 1 Yr. Growth %	10.99	-17.27	74.03	12.43	-23.98
Dividend Per Share, 1 Yr. Growth %	0	-25	46.67	45.45	25
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-2.76	9.69	10.73	8.75	7.47
Gross Profit, 2 Yr. CAGR %	-0.89	1.25	7.15	21.66	18.88
EBITDA, 2 Yr. CAGR %	-0.06	-12.37	-0.1	32.24	24.75
EBITA, 2 Yr. CAGR %	-0	-19.04	-2.68	50.13	32.99
EBIT, 2 Yr. CAGR %	-0.07	-20.52	-2.57	53.57	34.04
Earnings From Cont. Operations, 2 Yr. CAGR %	-0.61	-31.6	2.93	79.13	34.64
Net Income, 2 Yr. CAGR %	-0.61	-31.6	2.93	79.12	34.65
Normalized Net Income, 2 Yr. CAGR %	-0.14	-27.68	0.71	62.96	32.64
Diluted EPS Before Extra, 2 Yr. CAGR %	-0.62	-31.62	2.92	79.16	34.66
Accounts Receivable, 2 Yr. CAGR %	-5.22	-4.27	-5.18	6.57	8.5
Inventory, 2 Yr. CAGR %	8.31	13.72	13.3	7	10.48
Net Property, Plant and Equip., 2 Yr. CAGR %	2.08	0.37	-0.28	1.29	5.43
Total Assets, 2 Yr. CAGR %	1.3	0.46	3.36	9.05	9.33
Tangible Book Value, 2 Yr. CAGR %	20.04	14.44	12.3	18.83	20.39
Common Equity, 2 Yr. CAGR %	9.04	5.9	5.34	9.73	11.72
Cash From Operations, 2 Yr. CAGR %	7.78	-13.94	15.43	37.55	7.36
Capital Expenditures, 2 Yr. CAGR %	-9.9	-8.36	12.76	20.19	25.18
Levered Free Cash Flow, 2 Yr. CAGR %	38.11	-6.28	14.04	39.77	-7.47
Unlevered Free Cash Flow, 2 Yr. CAGR %	36.52	-6.57	14.06	39.88	-7.55
Dividend Per Share, 2 Yr. CAGR %	0	-13.4	4.88	46.06	34.84
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-3.54	2.44	9.07	10.37	7.59
Gross Profit, 3 Yr. CAGR %	0.12	-1.65	6.29	12.62	18.32
EBITDA, 3 Yr. CAGR %	-9.56	-10.12	1.78	8.33	28.81
EBITA, 3 Yr. CAGR %	-12.49	-16.31	1.93	9.73	41.91
EBIT, 3 Yr. CAGR %	-12.8	-17.58	2.27	9.75	44.9
Earnings From Cont. Operations, 3 Yr. CAGR %	-11.15	-22.03	1.09	15.47	58.77
Net Income, 3 Yr. CAGR %	-11.15	-22.03	1.09	15.47	58.78
Normalized Net Income, 3 Yr. CAGR %	-12.23	-22.7	4.62	12.27	49.59
Diluted EPS Before Extra, 3 Yr. CAGR %	-11.16	-22.04	1.07	15.48	58.78
Accounts Receivable, 3 Yr. CAGR %	-1.46	-7.38	-2.34	0.15	6.16
Inventory, 3 Yr. CAGR %	-0.12	11.83	11.67	10.92	9.54
Net Property, Plant and Equip., 3 Yr. CAGR %	2.24	1.26	0.17	0.74	3.51
Total Assets, 3 Yr. CAGR %	0.96	0.64	2.77	5.71	8.73
Tangible Book Value, 3 Yr. CAGR %	22.25	15.77	15.32	14.99	19.29
Common Equity, 3 Yr. CAGR %	9	6.82	6.68	7.26	10.55
Cash From Operations, 3 Yr. CAGR %	3.01	-3.21	8.12	13.89	25.29
Capital Expenditures, 3 Yr. CAGR %	-4.82	-6.78	2.29	12.96	25.93
Levered Free Cash Flow, 3 Yr. CAGR %	9.55	14.55	11.27	13.53	14.12
Unlevered Free Cash Flow, 3 Yr. CAGR %	8.87	13.6	11.14	13.52	14.15
Dividend Per Share, 3 Yr. CAGR %	0	-9.14	3.23	16.96	38.67
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	2.42	2.11	1.93	4.92	8.43
Gross Profit, 5 Yr. CAGR %	4.72	-0.56	2.63	6.75	10.83
EBITDA, 5 Yr. CAGR %	8.67	-4.02	-5.89	4.89	10.41
EBITA, 5 Yr. CAGR %	9.37	-8.48	-8.69	5.73	13.37
EBIT, 5 Yr. CAGR %	8.3	-9.28	-8.85	5.71	13.96
Earnings From Cont. Operations, 5 Yr. CAGR %	9.13	-13.5	-5.77	8.75	13.37
Net Income, 5 Yr. CAGR %	9.13	-13.5	-5.77	8.75	13.37
Normalized Net Income, 5 Yr. CAGR %	7.7	-11.95	-7.27	7.13	15.03
Diluted EPS Before Extra, 5 Yr. CAGR %	9.12	-13.5	-5.78	8.75	13.36
Accounts Receivable, 5 Yr. CAGR %	-0.34	-4.5	-2.97	-2.03	1.86
Inventory, 5 Yr. CAGR %	4.07	1.67	5.05	9.87	11.19
Net Property, Plant and Equip., 5 Yr. CAGR %	5.63	1.45	1.22	1.27	2.24
Total Assets, 5 Yr. CAGR %	6.68	0.15	1.91	3.92	5.35
Tangible Book Value, 5 Yr. CAGR %	0.41	29.62	18.16	16.99	17.33
Common Equity, 5 Yr. CAGR %	11.91	9.6	7.52	7.97	8.67
Cash From Operations, 5 Yr. CAGR %	8.74	-3.92	7.81	11.4	7.82
Capital Expenditures, 5 Yr. CAGR %	11.75	-5.53	1.86	3.19	10.89
Levered Free Cash Flow, 5 Yr. CAGR %	4.2	0.29	10.19	21.55	3.35
Unlevered Free Cash Flow, 5 Yr. CAGR %	4.31	-0.4	9.8	20.98	3.25
Dividend Per Share, 5 Yr. CAGR %	4.56	-3.58	1.92	9.86	14.87