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Depreciation is an accounting term which is used to spread the cost of an asset over its useful life. It is a method of allocating the cost of an asset over a period of time. It is used to match the cost of the asset to the revenue it generates. Depreciation is a non-cash expense and is used to reduce the value of an asset on the balance sheet. It is important to understand how depreciation works and how it affects the financial statements of businesses. Read the latest news and articles on depreciation below.
Caledonia Mining Corporation Plc: Results for the year ended December 31, 2024 - ForexTV
Restated previous financial statements and non-reliance to the extent set out in this announcement Details of investor and analyst presentation Record Profit, Stable Production and Exploration Success ST HELIER, Jersey, March 31, 2025 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces its operating and financial results for the year ended December 31, 2024 (the "Year"). Caledonia also announces the restatement of previous financial statements due to an error that was identified in the accounting interpretation related to the calculation of deferred tax liabilities of Blanket Mine (“Blanket”). The restatement has no effect on historic reported cash or cashflow statements and has no effect on historic income tax calculations or submissions to the tax authorities. Further information on the financial and operating results for the Year and the quarter ended December 31, 2024 (the "Quarter" or "Q4"), as well as the restatement, can be found in the Management Discussion and Analysis ("MD&A"), and the Consolidated Audited Financial Statements (“Financial Statements”), which are available on the Company's website and are being filed on SEDAR+ and EDGAR. Financial Highlights Gross revenue of $183.0 million, up from $146.3 million in 2023, reflecting higher gold prices.Record gross profit of $77.0 million, up 86% from 2023 driven by a combination of higher gold prices and lower production costs at the Bilboes oxide mine (2023: $41.5 million).Net attributable profit of $17.9 million (2023: net loss of $7.9 million).Substantially stronger operating cash flow of $42.0 million compared to $14.8 million in 2023.Basic IFRS earnings per share (“EPS”) of 91.2 cents (2023: loss per share of 43.6 cents).Adjusted EPS1 of 125.2 cents (2023: loss per share of 10.3 cents).Net cash and cash equivalents improved to negative $8.7 million (31 December 2023: negative $11.0 million).As set out in news releases issued on March 24 and 28, 2025, Caledonia has declared a quarterly dividend of 14 cents per share, payable on April 17, 2025. Operating Highlights Blanket performed well with gold production of 76,656 ounces (2023: 75,416 ounces), within guidance.Bilboes oxide mine gold production of 1,645 ounces (2023: 3,050 ounces), reflecting the decision to place the mine on care and maintenance from September 30, 2023.Consolidated average realised gold price per ounce2 of $2,347 (2023: $1,910).On-mine cost per ounce2 of $1,073 (2023: $1,097).All-in sustaining cost (AISC)2 per ounce of $1,506 (2023: $1,499).In May 2024, the Company announced a 63% increase in measured and indicated mineral resources and a 26% increase in inferred mineral resources at Blanket.Encouraging results announced in November 2024 from the initial exploration programme at Motapa with more exploration work planned at the site in 2025. ______________________________1 Adjusted EPS excludes net foreign exchange movements (including the deferred tax effect and the non-controlling interest thereon) and deferred tax. A reconciliation of IFRS EPS to Adjusted EPS is set out in section 8 of the MD&A2 Non-IFRS measures such as “On-mine cost per ounce”, “All-in sustaining cost per ounce”, “average realised gold price per ounce” and “adjusted EPS” are used throughout this announcement. Refer to section 3.2 of the MD&A for a discussion of non-IFRS measures. Update on Bilboes Feasibility Study As announced on March 27, 2025, Caledonia, with the support of DRA Projects (Pty) Ltd and other technical consultants, has been making good progress on the Feasibility Study (“FS”) for the Bilboes project. While the FS was initially targeted for completion in Q1 2025, the Company has decided to extend the timeline to fully explore several material optimisation opportunities that have the potential to enhance project economics and reduce upfront capital requirements. Key areas of optimisation currently under review include: Engaging with the authorities to explore the potential sale of concentrate, which could significantly reduce upfront capital expenditures by deferring the capital expenditure on a BIOX processing circuit, at least in the first few years of production;Evaluating the potential relocation of the Tailings Storage Facility to a more efficient site, including on Caledonia’s Motapa property adjacent to Bilboes, where the topography could lead to lower initial construction costs; andIncorporating near-term opportunities at Motapa into the FS, following encouraging exploration results in 2024 and the additional exploration and development work planned at Motapa this year. In addition, Caledonia continues to assess near-term revenue opportunities across its portfolio. In particular, high-grade mineralisation recently identified at Blanket could make a meaningful contribution to the initial capital requirements for Bilboes, providing further flexibility around funding. The board remains fully committed to maximising shareholder value: this means ensuring that Bilboes is optimised both technically and financially, while continuing discussions with funding partners and relevant authorities in Zimbabwe. The optimisation work is advancing well, and the Company will provide a further update on the expected timing of the FS in due course. Board and Management Changes On February 14, 2025, Mr. Stefan Buys and Ms. Lesley Goldwasser joined the board as independent non-executive directors.As previously announced on February 19, 2025 and March 21, 2025, Mr. Chester Goodburn steps down as CFO today and is succeeded by Mr. Ross Jerrard.Mr. Johan Holtzhausen is not putting himself forward for reappointment as a director at the next annual general meeting in May 2025. Ms. Tariro Gadzikwa will take over as chair of the Audit Committee provided she is reappointed as a director at the annual general meeting. Strategy and Outlook Capital investment for 2025 is budgeted at $41.0 million, with $34.1 million allocated to Blanket and $6.3 million for the Bilboes and Motapa projects.Strong start to 2025 with 11,782 ounces produced at the end of February.Caledonia’s strategic focus remains on: Maintaining stable production at Blanket while investing in modernising operations to improve efficiency;Continuing to optimise Bilboes to maximise net present value per share;Continued exploration activities at Blanket and Motapa; andBecoming a multi-asset, Zimbabwe-focused gold producer. Mark Learmonth, Chief Executive Officer, commented: “2024 was a year of significant progress for Caledonia, both financially and operationally. We delivered solid gold production at Blanket, achieving 76,656 ounces, towards the upper end of our guidance. Our financial performance benefited from a higher gold price environment, which resulted in a significant increase in gross profit and operating cashflows. “Bilboes remains a highly attractive project, and we are confident that we will find the optimal development method to maximise returns for shareholders. We continue to refine the feasibility study, exploring ways to enhance project economics and reduce upfront capital requirements. We are confident that by taking a disciplined approach we can develop the project in a way that creates long term value while maintaining financial prudence. “Our strategic vision remains to become a multi-asset, Zimbabwe-focused gold producer that delivers sustainable value for shareholders and respective stakeholders. I would like to thank our team and shareholders for your continued support, and I look forward to another year of progress and growth.” Restated previous financial statements In preparation of the Financial Statements, an error was identified in the accounting interpretation related to the calculation of deferred tax liabilities at Blanket. The restatement has no effect on historic reported cash or cashflow statements and has no effect on historic income tax calculations or submissions to the tax authorities. The restatement of financial statements due to this error is summarised below and is qualified in its entirety by the more comprehensive disclosure relating to the restatement in Caledonia’s MD&A. In October 2018, the local Zimbabwe currency known as RTGS$ was introduced in Zimbabwe at 1:1 to the USD. The RTGS$ was deemed the only legal tender in Zimbabwe, and all liabilities held previously were to be denominated in RTGS$. In 2019, Practice Note 26 (as described in note 3.1.5 of the Financial Statements) required all income tax returns to be calculated in RTGS$ for transactions occurring prior to introducing the multi-currency regime in 2023. Blanket’s deferred tax liabilities were incorrectly calculated in RTGS$ and accounted for as a monetary item where RTGS$ deferred tax temporary differences were translated to the USD functional currency. Gains related to the devaluation of the deferred tax liabilities were realised in profit or loss. Transactions from 2019 to 2022 affected the deferred tax liability calculation and continued to be denominated in RTGS$ in accordance with the legislated tax regime after the multi-currency regime was introduced. The accounting for the deferred tax liabilities in RTGS$ with the translation to USD remained consistent in all previous consolidated financial statements, yet the carrying value of the deferred tax liabilities should have been denominated in USD rather than RTGS$. The error, stemming from January 1, 2019, was corrected from the earliest period presented in the Financial Statements, as presented in the table below. Consolidated statements of profit or loss and other comprehensive income($'000's)December 31, 2023 December 31, 2022 As previously reported Adjustment As restated As previously reported Adjustment As restated Net foreign exchange (loss) profit(2,550)(4,222)(6,772)4,411 (10,088)(5,677)Tax expense(12,810)– (12,810)(16,770)2,411 (14,359)(Loss) profit for the year(618)(4,222)(4,840)22,866 (7,677)15,189 Total comprehensive income for the year(1,240)(4,222)(5,462)22,404 (7,677)14,727 Non-controlling interests3,580 (558)3,022 4,963 (1,013)3,950 Basic (loss) earnings per share ($)(0.24)(0.20)(0.44)1.36 (0.51)0.85 Diluted (loss) earnings per share ($)(0.24)(0.20)(0.44)1.35 (0.50)0.85 Consolidated statements of financial position ($’000’s) December 31, 2023January 1, 2023As previously reportedAdjustment As restatedAs previously reportedAdjustment As restatedRetained loss63,17233,971 97,14350,22230,307 80,529Non-controlling interests24,477(6,021)18,45622,409(5,463)16,946Deferred tax liabilities6,13139,992 46,1235,12335,770 40,893 Remediation efforts are ongoing and are expected to be completed in the second quarter of 2025. Going forward, management plans to reconsider critical accounting interpretations every 3 years. The remediation efforts to-date have included engaging and consulting with the external accounting advisors, considering authoritative and non-authoritative guidance available in the accounting literature, and conducting a detailed analysis of deferred tax accounting rules. The management team, including the Chief Executive Officer and Chief Financial Officer, have reaffirmed and re-emphasized the importance of internal control, control consciousness and a strong control environment. Should these remedial measures be insufficient to address the material weakness described above, or additional deficiencies arise in the future, material misstatements in our interim or annual financial statements may occur in the future. Material weakness and non-reliance on previous financial statements In the preparation of the Financial Statements, management identified the prior period error and determined that the restatement of financial information presented was necessary. As a result, management has determined that the control over accounting for deferred tax liabilities did not operate effectively and constitutes a material weakness for the annual and interim filings for the period January 1, 2019 to December 31, 2024. Based on the foregoing, each of the previously filed annual and interim financial statements for the annual and interim periods between January 1, 2019 and September 30, 2024 should not be relied upon in respect of the items set out in the tables above. Commentary Financial Performance In 2024, Caledonia achieved a significant financial turnaround, reporting a net attributable profit of $17.9 million, an improvement from the net loss of $7.9 million in 2023. This positive shift was driven by a 23% increase in the average realised gold price, rising to $2,347 per ounce from $1,910 per ounce in 2023 and cost improvements. Gross profit for the year reached $77.0 million, up from $41.5 million in the previous year, reflecting both the higher gold prices and effective cost management. Operating cash flow also saw an increase to $42.0 million compared to $14.8 million in 2023. This improvement in cash generation has strengthened the company’s financial position, with net cash and cash equivalents improving to negative $8.7 million from negative $11.0 million in the prior year. Outlook for 2025 Looking ahead, Blanket’s production guidance for 2025 is between 73,500 and 77,500 ounces of gold. On-mine cost per ounce is expected to be between $1,050 and $1,150, reflecting anticipated increases in labour and operating expenses. All-in sustaining cost per ounce is expected to be between $1,690 to $1,790 due to a high level of sustaining capital expenditure as Caledonia continues to invest in Blanket’s future. Capital investment for 2025 is budgeted at $41.0 million, with $34.1 million allocated to Blanket and $6.3 million designated for the Bilboes and Motapa projects. These investments aim to enhance operational efficiency and support the Company’s growth objectives. Details of Investor and Analyst Presentation A presentation for investors and analysts will be held as follows: When: March 31, 2025 at 2:00pm London time Topic: Full Year and Q4 2024 Results Call for Investors Register in advance for this webinar: https://brrmedia.news/CMCL_Q4 Enquiries: Caledonia Mining Corporation PlcMark LearmonthCamilla HorsfallTel: +44 1534 679 800Tel: +44 7817 841 793 Cavendish Capital Markets Limited (Nomad and Joint Broker)Adrian HaddenPearl KellieTel: +44 207 397 1965Tel: +44 131 220 9775 Liberum Panmure (Joint Broker)Scott MathiesonAilsa MacMasterTel: +44 20 3100 2000 Camarco, Financial PR/ IR (UK)Gordon PooleElfie KentFergus YoungTel: +44 20 3757 4980 3PPB (Financial PR, North America)Patrick ChidleyPaul DurhamTel: +1 917 991 7701Tel: +1 203 940 2538 Curate Public Relations (Zimbabwe)Debra TatendaTel: +263 77802131 IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)Lloyd MlotshwaTel: +263 (242) 745 119/33/39 This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014 (“MAR”) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Cautionary Note Concerning Forward-Looking Information Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia's current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "target", "intend", "estimate", "could", "should", "may" and "will" or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, our plans and timing regarding further exploration and drilling and development, future costs, the development of Bilboes and Motapa, our strategic vision, the potential sale of concentrate, the potential relocation of the Tailings Storage Facility, the high-grade mineralisation at Blanket, the publication of the Bilboes feasibility study, the timing and ability to remediate the deficiency in control over accounting for deferred tax liabilities and the potential of being unable to prevent misstatements from occurring in the future. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company's title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations, risks related to potentially being unable to remedy the deficiency in control over accounting for deferred tax liabilities and risks related to potentially being unable to prevent financial statements misstatements in the future. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Craig James Harvey is a "Qualified Person" as defined by each of (i) the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of Regulation S-K of the U.S. Securities Act. Condensed Consolidated Statements of profit or loss and Other comprehensive income($'000's)3 months ended12 months endedDecember 31December 312024 2023 2024 2023 2022 *Restated *Restated *Restated Revenue47,515 38,661 183,018 146,314 142,082 Royalty(2,432)(1,987)(9,263)(7,637)(7,124)Production costs(20,239)(21,681)(80,744)(82,709)(62,998)Depreciation(3,915)(4,437)(16,021)(14,486)(10,141)Gross profit20,929 10,556 76,990 41,482 61,819 Other income725 136 1,090 263 60 Other expenses(2,862)(1,567)(6,940)(4,367)(11,782)Administrative expenses(5,429)(5,539)(15,658)(17,429)(11,941)Cash-settled share-based expense278 (165)(201)(463)(609)Equity-settled share-based expense(269)(76)(1,054)(640)(484)Net foreign exchange profit (loss)474 (494)(9,722)(6,772)(5,677)Net derivative financial instrument expense(335)(529)(831)(1,119)(1,198)Operating profit13,511 2,322 43,674 10,955 30,188 Net finance cost(787)(653)(3,131)(2,985)(640)Profit before tax12,724 1,669 40,543 7,970 29,548 Tax expense(5,208)(4,258)(17,489)(12,810)(14,359)Profit (loss) for the year7,516 (2,589)23,054 (4,840)15,189 Other comprehensive income Items that are or may be reclassified to profit or loss Exchange differences on translation of foreign operations(779)156 (116)(622)(462)Total comprehensive income (loss) for the year6,737 (2,433)22,938 (5,462)14,727 Profit (loss) attributable to: Owners of the Company5,865 (3,402)17,899 (7,862)11,239 Non-controlling interests1,651 813 5,155 3,022 3,950 Profit (loss) for the year7,516 (2,589)23,054 (4,840)15,189 Total comprehensive income (loss) attributable to: Owners of the Company5,086 (3,246)17,783 (8,484)10,777 Non-controlling interests1,651 813 5,155 3,022 3,950 Total comprehensive income for the year6,737 (2,433)22,938 (5,462)14,727 Earnings (loss) per share (cents) Basic earnings (loss) per share29.7 (18.7)91.2 (43.6)84.8 Diluted earnings (loss) per share29.7 (18.7)91.2 (43.6)84.7 Adjusted earnings per share (cents) Basic44.3 2.1 125.2 (10.3)217.7 Dividends paid per share (cents)14.0 14.0 56.0 70.0 50.0 * Refer to section 10 and section 11 of the MD&A. Summarised Consolidated Statements of Financial Position ($’000’s)As atDec 31Dec 31Dec 31 202420232022 *Restated*RestatedTotal non-current assets287,046274,074196,764Income tax receivable3551,12040Inventories23,76820,30418,334Derivative financial assets–88440Trade and other receivables12,6759,9529,185Prepayments6,7482,5383,693Cash and cash equivalents4,2606,7086,735Assets held for sale13,51213,519–Total assets348,364328,303235,191Total non-current liabilities68,50563,97045,061Cash-settled share-based payment6349201,188Income tax payable2,958101,324Lease liabilities95167132Loans and borrowings1,174––Loan note instruments8556657,104Trade and other payables26,64720,50317,454Derivative Financial Liabilities–––Overdrafts12,92817,7405,239Liabilities associated with assets held for sale104128–Total liabilities113,900104,10377,502Total equity234,464224,200157,689Total equity and liabilities348,364328,303235,191 * Refer to section 10 and section 11 of the MD&A. Condensed Consolidated Statements of Cash Flows ($`000)2024 2023 2022 Cash inflow from operations55,438 26,398 49,657 Interest received26 39 17 Finance costs paid(2,864)(2,462)(192)Tax paid(10,645)(9,206)(6,866)Net cash inflow from operating activities41,955 14,769 42,616 Cash flows used in investing activities Acquisition of property, plant and equipment(27,477)(28,556)(41,495)Acquisition of exploration and evaluation assets(3,835)(1,837)(2,596)Proceeds from derivative financial instruments– 178 – Acquisition of Put options(743)(946)(478)Proceeds from call options– – 416 Acquisition of call options– – (176)Net cash used in investing activities(32,055)(31,161)(44,329) Cash flows from financing activities Dividends paid(12,302)(11,099)(8,906)Payment of lease liabilities(182)(184)(150)Shares issued – equity raise (net of transaction cost)– 15,569 – Proceeds from loans and borrowings3,000 – – Repayments of loans and borrowings(326)– – Loan notes - Motapa payment– (7,250)– Loan notes - solar bond issue receipts (net of transaction cost)1,970 6,895 – Repayment of gold loan– – (3,698)Proceeds from share options exercised37 – – Net cash (used in) / from financing activities(7,803)3,931 (12,754) Net increase / (decrease) in cash and cash equivalents2,097 (12,461)(14,467)Effect of exchange rate fluctuations on cash and cash equivalents267 (67)(302)Net cash and cash equivalents at the beginning of the year(11,032)1,496 16,265 Net cash and cash equivalents at the end of the year(8,668)(11,032)1,496
DEKUPLE: SOLID FULL-YEAR RESULTS FOR 2024 DESPITE THE INTENSITY OF STRATEGIC INVESTMENTS - ForexTV
SOLID FULL-YEAR RESULTS FOR 2024 DESPITE THE INTENSITY OF STRATEGIC INVESTMENTS_____ Net sales: €218m (+ 9.1%) Gross margin: €169m (+ 4.8%) EBITDA margin1: 13.9% of the gross marginNet income (Group share): €10.1m, representing 6.0% of the gross margin Proposed dividend: €0.76 per shareDevelopment in line with the Ambition 2025 plan Paris, 31 March 2025 (8:00am) - ADLPartner, the parent company of the DÉKUPLE Group, a European leader for data marketing and communication, is reporting its full-year earnings for 2024. Bertrand Laurioz, Dékuple Chairman and CEO: “2024 was a positive year for our Group, despite a difficult economic environment. The political and fiscal uncertainty led a number of businesses to be more cautious with their marketing investments. However, thanks to our leadership for Artificial Intelligence and our technological expertise, we maintained our strong competitive edge and confirmed our roadmap for growth. Our consolidated net sales are up + 9.1%, driven by the development of Digital Marketing, which now represents 65.6% of our total net sales, versus 36.5% in 2020, with + 15.8% growth in its gross margin year-on-year. Despite the increase in our investments, our net income (Group share) came to €10.1m, representing 6.0% of the gross margin, highlighting the relevance of our offers and the solidity of the Group's transformation. The Group continues to benefit from a robust balance sheet, with nearly €55m of shareholders’ equity and €58m of gross cash. The ramping up of investments for external growth is aligned with the Group's effective financial management, maintaining a positive net cash position and securing the resources needed for its sustainable development. The Group is looking ahead to 2025 with confidence, convinced that the digitalization and datafication of businesses will accelerate. Our teams are working to continue building on our profitable growth, driven by the strong development of digital marketing, which will continue to become increasingly important within the Group. Our strategy is based around sustained organic growth and targeted acquisitions, in France and across Europe. Alongside this, we are further strengthening our capacity for innovation by fully capitalizing on our technological expertise, particularly through the platformization of our services. We are also consolidating our societal and environmental commitments to supporting employability, training, responsible consumption, workplace wellness and promoting diversity, in line with our status as a European group with over 1,000 employees. While finalizing our Ambition 2025 plan to become a leading player in Europe for data marketing and communication, we are preparing the Horizon 2030 plan, which will structure our vision over the long term, with a view to strengthening our creative and technological leadership to help brands drive their transformation. Our Group benefits from a stable family shareholding structure, deep expertise, a network-based organization around multi-entrepreneurs, and a long-term vision. 2025 will be another year of success. Thank you to our employees, partners, clients and shareholders for their confidence, trust and loyalty”. KEY DEVELOPMENTS In 2024, DÉKUPLE made solid progress, thanks to the ramping up of its BtoB Digital Marketing activities, which now represent 65.6% of consolidated net sales, compared with 60.0% one year ago. Their gross margin, up + 15.8%, was supported by the development of consulting activities, the strengthening of marketing solutions and agencies, the international expansion and the acquisition of new expertise, including the full-year contribution by Le Nouveau Bélier (expert advertising strategy agency for Retail), as well as the integration of Ereferer (automated netlinking platform), GUD.Berlin (German communications agency) and Coup de Poing (expert BtoB client loyalty agency). On a like-for-like basis, our Digital Marketing activities recorded sustained organic growth, with their gross margin climbing + 7.4%, outpacing the market. This robust development helped offset the slowdown in BtoC activities, which, despite a challenging consumption environment, are continuing to roll out their investments with a view to acquiring recurring clients. In a press market that shows a marked decrease, the Magazine business limited its contraction to - 6.7%, while the Insurance business continued to perform well thanks to its innovative marketing approach. EARNINGS Consolidated net sales2 came to €217.8m, up + 9.1% compared with 2023, while the gross margin3 is up + 4.8% to €169.0m. Against a backdrop of sustained investments, restated EBITDA came to €23.6m, representing 13.9% of the full-year gross margin. Income from ordinary operations totaled €16.4m, representing 9.7% of the gross margin, compared with 10.8% in 2023. This change reflects contrasting trends: on the one hand, the decrease in EBIT for the Magazine business due to sustained commercial investments; on the other hand, the positive contribution by the Insurance business and the solid progress with results for Digital Marketing, making it possible to offset these effects. EBIT came to €14.1m, including -€2.3m of non-current expenses linked primarily to the partial depreciation of goodwill for the subsidiaries Groupe Grand Mercredi and Dékuple Ingénierie Marketing B2B (formerly AWE). Following a €4.6m tax expense, consolidated net income represents €10.3m, down - 19.8% from 2023, with a net margin rate of 6.1%, versus 8.0% in 2022. After deducting minority interests, net income (Group share) totaled €10.1m, compared with €12.4m in 2023. (€m)20242023Change 2024/2023 Net sales217.8199.7+9.1%Gross margin169.0161.2+4.8%Restated EBITDA23.624.9-5.6%% of gross margin13.9%15.5%-154 bpIncome from ordinary operations16.417.5-6.2%% of gross margin9.7%10.8%-115 bpEBIT14.117.5-19.4%% of gross margin8.3%10.8%-251 bpNet financial expenses / income0.80.4 Tax expense(4.6)(4.5) Share of net income from associates0.0(0.6) Consolidated net income10.312.9-19.8%% of gross margin6.1%8.0%-187 bpNet income (Group share)10.112.4-19.1%% of gross margin6.0%7.7%-176 bp BALANCE SHEET Consolidated shareholders’ equity at 31 December 2024 is up +€3.7m year-on-year to €54.8m. At 31 December 2024, the Group had €58.0m of cash, compared with €63.6m one year earlier, in line with the increase in investments for external growth, which reached €11.6m in 2024, compared with €4.6m in 2023. Financial debt totaled €55.0m, compared with €44.4m at 31 December 2023, including commitments to buy out minority interests in the Group’s subsidiaries. It also includes €21.3m of bank borrowings set up in 2022 at favorable interest rates to support the Group’s development. Cash net of financial liabilities4 at 31 December 2024 came to €3.0m, compared with €19.2m one year earlier. OUTLOOK In an uncertain economic environment, DÉKUPLE is continuing to move forward with its strategy to consolidate its European leadership for data marketing and communication. With its sound financial foundations, the Group is continuing to invest in its Magazine and Insurance activities to develop its portfolios generating recurrent revenues. Alongside this, the expansion of Digital Marketing is being ramped up, driven by organic growth and targeted acquisitions. Moving forward with its active approach to monitoring developments, DÉKUPLE is continuing to explore new opportunities for growth to expand its areas of expertise and further strengthen its support for brands in France and around the world. DIVIDEND Considering the results achieved in 2024 and the investments planned for 2025, ADLPartner’s Board of Directors will submit a proposal at the General Shareholders’ Meeting on 13 June 2025 for a dividend of €0.76 per share for FY 2024, to be paid out on 20 June 2025. ADDITIONAL INFORMATION The corporate and consolidated financial statements for 2024 were approved by the Board of Directors on 28 March 2025. The statutory auditors have completed the audit procedures on the corporate and consolidated accounts. The certification report will be issued once the necessary procedures have been finalized for publishing the full-year financial report. NEXT DATES 2024 annual financial report on 16 April 2025 before start of trading;2025 first-quarter net sales on 20 May 2025 before start of trading. About DÉKUPLE DÉKUPLE is a European leader for data marketing and communication. Its expert capabilities combining consulting, creativity, data and technology enable it to support brands with the transformation of their marketing to drive their business performance. The Group designs and implements client acquisition, loyalty and relationship management solutions for its partners and clients across all distribution channels. The Group works with more than 500 brands, from major groups to mid-market firms, in Europe and around the world. Founded in 1972, DÉKUPLE recorded net sales of €218m in 2024. Present in Europe, North America and China, the Group employs more than 1,000 people guided by its core values: a conquering spirit, respect and collaboration. DÉKUPLE is listed on the regulated market Euronext Paris – Compartment C. ISIN: FR0000062978 – DKUPL.www.dekuple.com ContactsDÉKUPLE Investor Relations & Financial Informationtel: +33 (0)1 41 58 72 03 - relations.investisseurs@dekuple.comACTUS FINANCE & COMMUNICATIONCyril Combe - tel: +33 (0)1 53 65 68 68 - dekuple@actus.fr 1 EBITDA (earnings before interest, tax, depreciation and amortization) is restated for the IFRS 2 impact of bonus share awards and the IFRS 16 impact relating to the restatement of lease charges.2 Net sales (determined in line with the French professional status for subscription sales) only include the amount of remuneration paid by magazine publishers; for subscription sales, net sales therefore correspond to a gross margin, deducting the cost of magazines sold from the amount of sales recorded. For acquisition and management commissions linked to sales of insurance policies, net sales comprise current and future commissions issued, acquired by the accounting reporting date, net of cancellations.3 For the digital marketing business, the gross margin represents the total amount of net sales (total invoices issued: fees, commissions and purchases charged back to clients) less the total amount of costs for external purchases made on behalf of clients. It is equal to net sales for the magazine and insurance business lines.4 Cash position on the balance sheet net of all financial liabilities. Attachment DEKUPLE_CP_resultats_annuels_2024_E
Pound Soars to 6-Month High - ForexTV
The British pound advanced to 1.3 per USD, marking its highest point in around six months, driven by a sharp depreciation in the US dollar. This development emerged as traders responded to the latest series of reciprocal tariffs unveiled by Donald Trump. The US plans to impose a 10% tariff on all imports, with significantly higher rates for specific nations, while UK imports will face the 10% rate. The announcement prompted a move towards safe-haven assets and a cautious approach, as investors grew increasingly apprehensive about the potential repercussions on the global economy. UK Minister Reynolds emphasized the US remains the UK's "closest ally," stating that the government's strategy is to "stay calm and committed to securing this deal, which we hope will alleviate the impact of today’s announcement."The material has been provided by InstaForex Company - www.instaforex.com
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In China, the PBoC set the USD/CNY fixing at 7.2066 this morning. This marks the fifth consecutive adjustment higher, reinforcing the view that a controlled weakening of the yuan (albeit not a devaluation) is part of China’s policy response to tariffs, ING's FX analyst Francesco Pesole notes
Zepto nearing $4 billion in annualised gross order value, cash burn down by half: Aadit Palicha | Zee Business
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The Children’s Place Reports Fourth Quarter and Full Year 2024 Results - ForexTV
Reports Third Consecutive Quarter of Adjusted Operating Profits Net Sales of $409 million for Fourth Quarter and $1.386 billion for Full Year Significant Improvement in Gross Profit Margin to 29% for Fourth Quarter and 33% for Full Year Lowest Level of SG&A Spending in more than 15 Years during Fourth Quarter and Full Year Improvement in Operating Income of $68.6 million for Fourth Quarter 2024 versus 2023 Significant Improvement in Liquidity Position with Completion of $90 Million Rights Offering subsequent to Year-End SECAUCUS, N.J., April 11, 2025 (GLOBE NEWSWIRE) -- The Children’s Place, Inc. (Nasdaq: PLCE), the largest pure-play children’s specialty retailer in North America with an omni-channel portfolio of brands and an industry-leading digital-first model, today announced financial results for the fourth quarter ended February 1, 2025. Muhammad Umair, President and Interim Chief Executive Officer said, “During the fourth quarter, we continued our efforts to expand gross margin, reduce inefficient SG&A spending and remain laser-focused on improving the profitability of the business, which has enabled us to achieve a third consecutive quarter of adjusted operating profits. As expected, along with the ongoing transformation of our business model, these strategic changes and other macroeconomic headwinds have continued to put pressure on top-line sales. However, we remain extremely pleased with the resulting sequential improvement in the gross profit margin for all four quarters this year.” Mr. Umair added, “With the recent completion of our rights offering, we were also successful in deleveraging our balance sheet. We were able to raise additional capital of $90 million, with $29.8 million in gross cash proceeds, and the remaining $60.2 million being used to pay down a substantial portion of our first term loan from Mithaq. A pro forma balance sheet has been presented in this press release to reflect the impact of the rights offering on our balance sheet, had it been settled prior to the close of our fiscal 2024 year-end.” Mr. Umair continued, “Looking ahead for fiscal 2025, we remain determined to deliver profitable top-line sales as we continue to refine our omni-channel strategy and rebalance our product mix, by offering relevant product that resonates with parents. As we continue to optimize our marketing spend, we will re-invest in a revitalized loyalty program with a best-in-class unified customer database that will allow us to acquire, retain and reactivate our customers. As part of our reimagined business strategy, we are committed to strengthening and enhancing our store portfolio by improving the performance of our existing store fleet, while developing innovative designs to be used in targeted store openings for both The Children’s Place and Gymboree brands in the back-half of 2025 and beyond. Our Executive Chairman, Turki S. AlRajhi, provides a long-term outlook for the Company, with further details on these strategic initiatives and other business priorities, in his letter to shareholders that can be found on our corporate website at: https://corporate.childrensplace.com/chairmans-letters.” Mr. Umair concluded, “At a time when many families are already feeling pressure on their wallets, potential tariffs could represent additional headwinds for the apparel sector. We do expect margin pressure as a result, though we believe our existing country migration and diversification strategies have us well-positioned to partially offset potential impacts. At the same time, we see an opportunity as families grow increasingly value-conscious to continue to deliver quality at accessible prices, which can position us to capture trade-down traffic and support our customers when they need us most.” Fourth Quarter 2024 ResultsNet sales decreased $46.4 million, or 10.2%, to $408.6 million in the three months ended February 1, 2025, compared to $455.0 million in the three months ended February 3, 2024. The decrease in net sales was driven by a combination of the anticipated decrease in e-commerce revenue, as the Company proactively rationalized its unprofitable promotional strategies, inflated marketing spending and “free shipping” offers to improve profitability. The Company also experienced a decrease in brick-and-mortar revenue due to a lower store count and lower sales volume. This was partially offset by an increase in wholesale revenue, as we continue to strengthen relationships with our partners. We are exploring opportunities to expand our wholesale relationships and identify new revenue streams that can drive further revenue growth and profitability. Comparable retail sales decreased 15.3% for the quarter, largely driven by the planned decrease in e-commerce revenue, as the Company proactively sacrificed unprofitable sales to improve profitability. Gross profit increased $17.7 million to $116.6 million in the three months ended February 1, 2025, compared to $98.9 million in the three months ended February 3, 2024. The gross margin rate increased 680 basis points to 28.5% during the three months ended February 1, 2025, compared to 21.7% in the prior year period. The increase in margin was caused by a combination of factors, including reductions in product input costs, including cotton and supply chain costs, which negatively impacted margins in the prior year. These improvements in input costs were combined with the success of the Company’s strategies to rationalize profit-draining promotions and limit unprofitable shipping offers, in addition to optimized shipping carrier rates, which resulted in a significant reduction in freight costs. Selling, general, and administrative expenses were well-controlled at $100.6 million in the three months ended February 1, 2025, compared to $117.6 million in the three months ended February 3, 2024. Adjusted selling, general, and administrative expenses were $99.5 million in the three months ended February 1, 2025, compared to $118.7 million in the comparable period last year, and leveraged 170 basis points to 24.4% of net sales, despite the planned lower sales. This decrease was due to significant reductions in marketing expenses, as the Company eliminated inflated and unprofitable marketing costs and to a lesser extent, due to reductions in store payroll and corporate payroll. Similar to the third quarter, this represents the lowest level of Adjusted selling, general, and administrative expenses in more than 15 years for the fourth quarter of a fiscal year. Operating income was $6.8 million in the three months ended February 1, 2025, compared to Operating loss of $(61.8) million in the three months ended February 3, 2024. Adjusted operating income was $8.3 million in the three months ended February 1, 2025, compared to an Adjusted operating loss of $(30.9) million in the comparable period last year, and leveraged 880 basis points to 2.0% of net sales. Net interest expense was $8.7 million in the three months ended February 1, 2025, compared to $8.5 million in the three months ended February 3, 2024. The increase was due to the higher amortization of deferred financing costs associated with the unsecured loans entered into with the Company’s majority shareholder, Mithaq Capital SPC (“Mithaq”), partially offset by lower average interest rates associated with the Company’s revolving credit facility. Provision for income taxes was $6.1 million in the three months ended February 1, 2025, compared to $58.6 million during the three months ended February 3, 2024. The decrease was primarily driven by the establishment of a valuation allowance against the Company’s net deferred tax assets in the comparable period last year. The Company continues to adjust the valuation allowance based upon its ongoing operating results. Net loss was $(8.0) million, or $(0.62) per diluted share, in the three months ended February 1, 2025, compared to $(128.8) million, or $(10.24) per diluted share, in the three months ended February 3, 2024. Adjusted net loss was $(9.6) million, or $(0.75) per diluted share, compared to $(92.7) million, or $(7.37) per diluted share, in the comparable period last year. Fiscal Year 2024 ResultsNet sales decreased $216.2 million, or 13.5%, to $1.386 billion in the twelve months ended February 1, 2025, compared to $1.603 billion in the twelve months ended February 3, 2024. The decrease in net sales was primarily due to anticipated declines in e-commerce demand due to the rationalization of promotions, reductions in inflated and unprofitable marketing spend and the strategic decision to change “free shipping” offers, as the Company proactively sacrificed unprofitable sales in an effort to improve profitability. The Company also experienced a decrease in brick-and-mortar revenue due to a lower store count and lower sales volume. This was partially offset by an increase in wholesale revenue, as we continue to strengthen relationships with our partners. Comparable retail sales decreased 13.4% for the twelve months ended February 1, 2025, largely due to the planned decrease in e-commerce revenue. Gross profit increased $14.2 million to $459.5 million in the twelve months ended February 1, 2025, compared to $445.3 million in the twelve months ended February 3, 2024. The gross margin rate increased 530 basis points to 33.1% during the twelve months ended February 1, 2025, compared to 27.8% in the prior year period. The increase in margin was primarily due to reductions in product input costs, including cotton and supply chain costs, which negatively impacted margins in the prior year. These improvements in input costs were combined with the success of the Company’s strategies to rationalize profit-draining promotions and limit unprofitable shipping offers, in addition to optimized shipping carrier rates, which resulted in a significant reduction in freight costs. Selling, general, and administrative expenses were $405.6 million in the twelve months ended February 1, 2025, compared to $447.3 million in the twelve months ended February 3, 2024. Adjusted selling, general, and administrative expenses were $370.3 million in the twelve months ended February 1, 2025, compared to $432.5 million in the prior year, and leveraged 30 basis points to 26.7% of net sales. This decrease was due to significant reductions in marketing expenses, as the Company eliminated inflated and unprofitable marketing costs and to a lesser extent, due to reductions in store payroll, corporate payroll and professional fees. The Company was successful in reducing Adjusted selling, general, and administrative expenses by $62.3 million despite an increase in incentive compensation and equity compensation of $11.1 million. This represents the lowest level of Adjusted selling, general, and administrative expenses in more than 15 years for a full fiscal year. Operating loss was $(13.7) million in the twelve months ended February 1, 2025, compared to $(83.8) million in the twelve months ended February 3, 2024. Operating loss was impacted by incremental expenses of $66.4 million, which included an impairment charge of $28.0 million on the Gymboree tradename, primarily due to reductions in Gymboree sales forecasts, restructuring costs of $11.7 million primarily due to changes in the senior leadership team, several charges due to the Company’s change of control due to the investment in the Company by Mithaq, including $10.8 million of non-cash equity compensation charges and $3.8 million in other fees, and $7.0 million of financing-related charges related to several new financing initiatives. These charges have been classified as non-GAAP adjustments leading to a shift back to profitability with an Adjusted operating income of $52.7 million in the twelve months ended February 1, 2025, or an improvement of $85.2 million compared to an Adjusted operating loss of $(32.5) million in the prior year, and leveraged 580 basis points to 3.8% of net sales. Net interest expense was $35.7 million in the twelve months ended February 1, 2025, compared to $30.0 million in the twelve months ended February 3, 2024. The increase in interest expense was primarily driven by higher interest-equivalent charges from loans entered into with Mithaq, and higher average interest rates associated with the Company’s revolving credit facility due to the impact of refinancings, partially offset by lower average borrowings on the revolving credit facility. Provision for income taxes was $8.4 million in the twelve months ended February 1, 2025, compared to $40.7 million during the twelve months ended February 3, 2024. The decrease was primarily driven by the establishment of a valuation allowance against the Company’s net deferred tax assets in the prior year and a shift in the jurisdictional earnings mix. The Company continues to adjust the valuation allowance based upon its ongoing operating results. Net loss, which included certain non-cash impairment charges, restructuring charges, and charges due to the Company’s change in control, was $(57.8) million, or $(4.53) per diluted share, in the twelve months ended February 1, 2025, compared to $(154.5) million, or $(12.34) per diluted share, in the twelve months ended February 3, 2024. Adjusted net income was $5.5 million, or $0.43 per diluted share, compared to an Adjusted net loss of $(103.3) million, or $(8.25) per diluted share, in the prior year. Store Update During the fourth quarter, the Company opened its first new store in more than two years, which was a Gymboree stand-alone store located in Garden State Plaza Mall. The Company closed 16 stores in the three months ended February 1, 2025, and ended the year with 495 stores. Balance Sheet and Cash FlowAs of February 1, 2025, the Company had $5.3 million of cash and cash equivalents, $40.2 million of borrowing availability under its revolving credit facility and an additional $40.0 million of availability under the unsecured Commitment Letter provided by Mithaq, representing total liquidity of $85.5 million. The Company had $245.7 million outstanding on its revolving credit facility and has not drawn down on its Mithaq credit facility. Additionally, the Company used $117.6 million in operating cash flows in the twelve months ended February 1, 2025. Inventories were $399.6 million as of February 1, 2025, compared to $362.1 million as of February 3, 2024. On February 6, 2025, the Company raised $90 million in capital and issued 9.2 million shares of Common Stock, pursuant to the completion of its rights offering. The shares issued were settled through the receipt of $29.8 million in cash, which was substantially used to prepay amounts owed under our revolving credit facility with Wells Fargo and other bank lenders, and a reduction of $60.2 million in the amount owed by the Company under its first term loan from Mithaq. Had the transaction been completed on February 1, 2025, the cash available to prepay our revolving credit facility would have increased to $35.2 million and our aggregate long-term debt due to Mithaq would have decreased to $106.8 million, as of the end of the fiscal year. Refer to the “Pro forma Balance Sheet” presented later in this press release which reflects the impact of the rights offering on the Company’s financial position. Non-GAAP ReconciliationThe Company’s results are reported in this press release on a GAAP and as adjusted, non-GAAP basis. Adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted gross profit, adjusted selling, general, and administrative expenses, and adjusted operating income (loss) are non-GAAP measures, and are not intended to replace GAAP financial information, and may be different from non-GAAP measures reported by other companies. The Company believes the income and expense items excluded as non-GAAP adjustments are not reflective of the performance of its core business, and that providing this supplemental disclosure to investors will facilitate comparisons of the past and present performance of its core business. Please refer to the “Reconciliation of Non-GAAP Financial Information to GAAP” later in this press release, which sets forth the non-GAAP operating adjustments for the 13-week period and 52-week period ended February 1, 2025, and for the 14-week period and 53-week period ended February 3, 2024. About The Children’s PlaceThe Children’s Place is the largest pure-play children’s specialty retailer in North America with an omni-channel portfolio of brands and an industry-leading digital-first model. Its global retail and wholesale network includes two digital storefronts, 495 stores in North America, wholesale marketplaces and distribution in 13 countries through six international franchise partners. The Children’s Place designs, contracts to manufacture, and sells fashionable, high-quality, head-to-toe outfits predominantly at value prices, primarily under its proprietary brands: “The Children’s Place”, “Gymboree”, “Sugar & Jade”, and “PJ Place”. For more information, visit: www.childrensplace.com and www.gymboree.com. Forward-Looking StatementsThis press release contains or may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s strategic initiatives and results of operations, including adjusted net income (loss) per diluted share. Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate,” “believe” and similar words, although some forward-looking statements are expressed differently. These forward-looking statements are based upon the Company’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Part 1, item1A. Risk Factors” section of its annual report on Form 10-K for the fiscal year ended February 3, 2024. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unable to achieve operating results at levels sufficient to fund and/or finance the Company’s current level of operations and repayment of indebtedness, the risk that changes in trade policy and tariff regimes, including newly imposed U.S. tariffs and any responsive non-U.S. tariffs, may impact the Company’s international manufacturing and operations or our customers’ discretionary spending habits, the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by changes in economic conditions (including inflation), the risk that changes in the Company’s plans and strategies with respect to pricing, capital allocation, capital structure, investor communications and/or operations may have a negative effect on the Company’s business, the risk that the Company’s strategic initiatives to increase sales and margin, improve operational efficiencies, enhance operating controls, decentralize operational authority and reshape the Company’s culture are delayed or do not result in anticipated improvements, the risk of delays, interruptions, disruptions and higher costs in the Company’s global supply chain, including resulting from disease outbreaks, foreign sources of supply in less developed countries, more politically unstable countries, or countries where vendors fail to comply with industry standards or ethical business practices, including the use of forced, indentured or child labor, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, various types of litigation, including class action litigations brought under securities, consumer protection, employment, and privacy and information security laws and regulations, risks related to the existence of a controlling shareholder, and the uncertainty of weather patterns, as well as other risks discussed in the Company’s filings with the SEC from time to time. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Contact: Investor Relations (201) 558-2400 ext. 14500 THE CHILDREN’S PLACE, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts)(Unaudited) Fourth Quarter Ended Fiscal Year Ended February 1, 2025 February 3, 2024 February 1, 2025 February 3, 2024 Net sales$408,562 $455,034 $1,386,269 $1,602,508 Cost of sales 291,977 356,123 926,808 1,157,234 Gross profit 116,585 98,911 459,461 445,274 Selling, general and administrative expenses 100,574 117,587 405,550 447,343 Depreciation and amortization 9,206 11,652 39,612 47,186 Asset impairment charges — 31,429 28,000 34,543 Operating income (loss) 6,805 (61,757) (13,701) (83,798)Related party interest expense (1,939) — (6,493) — Other interest expense, net (6,778) (8,518) (29,254) (30,000)Loss before provision for income taxes (1,912) (70,275) (49,448) (113,798)Provision for income taxes 6,078 58,561 8,371 40,743 Net loss$(7,990) $(128,836) $(57,819) $(154,541) Loss per common share (1) Basic$(0.62) $(10.24) $(4.53) $(12.34)Diluted$(0.62) $(10.24) $(4.53) $(12.34) Weighted average common shares outstanding (1) Basic 12,805 12,577 12,766 12,522 Diluted 12,805 12,577 12,766 12,522 (1) In connection with the completion of the rights offering on February 6, 2025, the Company’s weighted average common shares outstanding and basic and diluted loss per share were retroactively adjusted for all periods presented by a factor of 1.002. THE CHILDREN’S PLACE, INC.RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO GAAP(In thousands, except per share amounts)(Unaudited) Fourth Quarter Ended Fiscal Year Ended February 1, 2025 February 3, 2024 February 1, 2025 February 3, 2024 Net loss$(7,990) $(128,836) $(57,819) $(154,541) Non-GAAP adjustments: Fleet optimization 571 1,546 1,428 3,086 Restructuring costs 498 (225) 11,678 10,458 Accelerated depreciation 432 597 2,246 1,959 Asset impairment charges — 31,429 28,000 34,543 Change of control — — 14,589 — Contract termination costs — — 7,008 2,961 Credit agreement / lender-required consulting fees — 1,012 2,390 1,762 Canada distribution center closure — — 781 — Professional and consulting fees — — 580 — Provision for legal settlement — 3,000 (2,279) 3,000 Settlement payment received — (6,461) — (6,461)Aggregate impact of non-GAAP adjustments 1,501 30,898 66,421 51,308 Income tax effect (1) (3,113) 5,228 (3,113) (80)Net impact of non-GAAP adjustments (1,612) 36,126 63,308 51,228 Adjusted net income (loss)$(9,602) $(92,710) $5,489 $(103,313) GAAP net loss per common share$(0.62) $(10.24) $(4.53) $(12.34) Adjusted net income (loss) per common share$(0.75) $(7.37) $0.43 $(8.25) (1) The tax effects of the non-GAAP items are calculated based on the statutory rate of the jurisdiction in which the discrete item resides, adjusted for the impact of any valuation allowance. THE CHILDREN’S PLACE, INC.RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO GAAP(In thousands, except per share amounts)(Unaudited) Fourth Quarter Ended Fiscal Year Ended February 1, 2025 February 3, 2024 February 1, 2025 February 3, 2024 Operating income (loss)$6,805 $(61,757) $(13,701) $(83,798) Non-GAAP adjustments: Fleet optimization 571 1,546 1,428 3,086 Restructuring costs 498 (225) 11,678 10,458 Accelerated depreciation 432 597 2,246 1,959 Asset impairment charges — 31,429 28,000 34,543 Change of control — — 14,589 — Contract termination costs — — 7,008 2,961 Credit agreement / lender-required consulting fees — 1,012 2,390 1,762 Canada distribution center closure — — 781 — Professional and consulting fees — — 580 — Provision for legal settlement — 3,000 (2,279) 3,000 Settlement payment received — (6,461) — (6,461)Aggregate impact of non-GAAP adjustments 1,501 30,898 66,421 51,308 Adjusted operating income (loss)$8,306 $(30,859) $52,720 $(32,490) THE CHILDREN’S PLACE, INC.RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO GAAP(In thousands, except per share amounts)(Unaudited) Fourth Quarter Ended Fiscal Year Ended February 1, 2025 February 3, 2024 February 1, 2025 February 3, 2024 Gross profit$116,585 $98,911 $459,461 $445,274 Non-GAAP adjustments: Change of Control — — 905 —Aggregate impact of non-GAAP adjustments — — 905 — Adjusted gross profit$116,585 $98,911 $460,366 $445,274 Fourth Quarter Ended Fiscal Year Ended February 1, 2025 February 3, 2024 February 1, 2025 February 3, 2024 Selling, general and administrative expenses$100,574 $117,587 $405,550 $447,343 Non-GAAP adjustments: Fleet optimization (571) (1,546) (1,428) (3,086)Restructuring costs (498) 225 (11,678) (10,458)Change of control — — (13,684) — Contract termination costs — — (7,008) (2,961)Credit agreement / lender-required consulting fees (1,012) (2,390) (1,762)Canada distribution center closure — — (781) — Professional and consulting fees — — (580) — Provision for legal settlement — (3,000) 2,279 (3,000)Settlement payment received — 6,461 — 6,461 Aggregate impact of non-GAAP adjustments (1,069) 1,128 (35,270) (14,806) Adjusted selling, general and administrative expenses$99,505 $118,715 $370,280 $432,537 THE CHILDREN’S PLACE, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited) February 1, 2025 February 3, 2024* Assets: Cash and cash equivalents$ 5,347 $ 13,639 Accounts receivable 42,701 33,219 Inventories 399,602 362,099 Prepaid expenses and other current assets 20,354 43,169 Total current assets 468,004 452,126 Property and equipment, net 97,487 124,750 Right-of-use assets 161,595 175,351 Tradenames, net 13,000 41,123 Other assets 7,466 6,958 Total assets$ 747,552 $ 800,308 Liabilities and Stockholders’ Deficit: Revolving loan$ 245,659 $ 226,715 Accounts payable 126,716 225,549 Current portion of operating lease liabilities 67,407 69,235 Accrued expenses and other current liabilities 78,336 94,905 Total current liabilities 518,118 616,404 Long-term debt — 49,818 Related party long-term debt 165,974 — Long-term portion of operating lease liabilities 107,287 118,073 Other long-term liabilities 15,584 25,032 Total liabilities 806,963 809,327 Stockholders’ deficit (59,411) (9,019)Total liabilities and stockholders’ deficit$ 747,552 $ 800,308 * Derived from the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended February 3, 2024. THE CHILDREN’S PLACE, INC.PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET(In thousands)(Unaudited) February 1, 2025 Pre-Rights Offering Adjustments Post Rights Offering (in thousands)Cash and cash equivalents$ 5,347 $ 29,813 $ 35,160Total assets 747,552 29,813 777,365 Related party long-term debt 165,974 (59,148) 106,826Total liabilities 806,963 (59,148) 747,815 Stockholder's equity (deficit) (59,411) 88,961 29,550Total liabilities and stockholder’s equity (deficit)$ 747,552 $ 29,813 $ 777,365 Number of shares of Common stock outstanding 12,782 9,231 22,013 THE CHILDREN’S PLACE, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited) Fiscal Year Ended February 1, 2025 February 3, 2024 Net loss$(57,819) $(154,541)Non-cash adjustments 160,143 197,448 Working capital (219,918) 49,893 Net cash provided by (used in) operating activities (117,594) 92,800 Net cash used in investing activities (15,830) (27,790) Net cash provided by (used in) financing activities 128,398 (68,268) Effect of exchange rate changes on cash and cash equivalents (3,266) 208 Net decrease in cash and cash equivalents (8,292) (3,050) Cash and cash equivalents, beginning of period 13,639 16,689 Cash and cash equivalents, end of period$5,347 $13,639
Depreciating the Rupee can help counter any dumping by China going ahead: Saurabh Mukherjea - The Economic Times
Saurabh Mukherjea suggests that China's manufacturing advantage, stemming from artificially lowered costs, poses a challenge to democracies. He anticipates China will attempt to flood global markets, including India, necessitating currency depreciation as a countermeasure. Mukherjea believes that India, along with other nations, will negotiate favorable trade deals with America, potentially benefiting the Indian economy.
Tariffs Are Bad Medicine - Cafe Hayek
TweetHere’s a letter to the Wall Street Journal. Editor: Shyam Sankar and Julia Dimon offer some sound advice to increase U.S. production of pharmaceutical products, such as renewing (as they put it) “the bonus depreciation for capital equipment included in the 2017 Tax Cuts and Jobs Act and extend it to commercial structures such as […]
EUR: 1.20 discussion now open – ING
The latest round of dollar depreciation has sent EUR/USD through the 1.150 level. Now, there isn’t any other key resistance until 1.20. Picking a top in the pair has proven a frustrating exercise, and Trump’s attack on the Fed is likely extending the confidence crisis on the dollar.