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Discover Latest #Energy Prices News, Articles and Videos with Contenting
The energy industry is constantly changing and evolving, and with it comes energy price news, articles, and videos. Energy price news, articles, and videos can help you stay informed about the latest trends in the energy market and how they may affect your utility bills, energy consumption, and overall energy costs. Whether you are a homeowner, business owner, or just someone looking for more information about energy, you can find energy price news, articles, and videos to help you make more informed decisions about your energy usage. Energy price news, articles, and videos can provide valuable insight into the energy market, including information on the latest energy price trends, changes in energy regulations, and the best ways to save money on your energy bills. In addition, energy price news, articles, and videos can provide information on energy efficiency improvements and energy-saving tips. With energy price news, articles, and videos, you can learn about the various types of energy sources, such as renewable energy sources, and how they may affect your energy bills. You can also find out more about energy-related government incentives, such as tax credits, and how they can help you save money on energy costs. In addition to energy price news, articles, and videos, you can also
Weekly Focus - Tariff Fears are Back on the Agenda - Action Forex
Signs of weaker economic growth in the US have hit a nerve in markets, and the constant political uncertainty is certainly not providing any help. US equities fell and energy prices declined with Brent now trading around USD73/bbl. - the lowest level since late December. European equities continued to outperform after the German elections despite Trump threatening the EU with broad-based 25% tariffs.
Declining crude prices adds elbow room for rate cuts amidst weakening rupee - The Economic Times
Indias central bank may have room for monetary easing due to falling global crude prices offsetting risks from a weaker rupee. Despite concerns over imported inflation affecting the consumer price index, easing energy prices could help lower import costs, thereby supporting further rate reductions.
Dollar Remains in Downtrend: More Weakness to Come After Rally - Action Forex
We saw another big drop in the stock market yesterday, with SP500 pulling back now around 10 percent from all-time highs. This type of correction has always been proved to be a healthy one since 2023, as each similar pullback was later fully reversed. This suggests we could still see some price stabilization this week. As discussed in yesterday’s webinar, tomorrow could bring interesting price movements, especially if inflation data in US softens due to lower energy prices since mid-January.
Cabka shows resilience in 2024 despite challenging markets - ForexTV
PRESS RELEASE Online investor presentation and Q&A at 10.30 CET on 18 March 2025 via:OnlineSeminar | Cabka N.V. Full Year 2024 Preliminary results Amsterdam, Netherlands - 18 March 2025 - Cabka N.V. (together with its subsidiaries “Cabka”, or the “Company”), a company specialized in transforming hard to recycle plastic waste into innovative Reusable Transport Packaging (RTP), listed at Euronext Amsterdam, announces its preliminary non-audited 2024 full year results. Cabka shows resilience in 2024 despite challenging markets Key financial developments 2024 Sales of €181.9 million, 8% lower than prior year (2023: €196.9 million).Gross profit margin significantly improved with 3pp to 50.9% (2023: 48.3%)Operational EBITDA decreased to €20.5 million in 2024 (2023: €24.4 million), reflecting a margin deterioration of 1pp to 11.3% (2023: 12.4%).Net Income from operations declined to €-4.5 million (2023: €2.3 million), driven by lower sales.Net Working Capital at €26.5 million or 14.6% of sales (2023: €27.1 million, or 13.7% of sales), the movement was the result of a decrease in our trade receivables, partially offset by an increase in inventories and a decrease in trade payables.Net debt amounted to €72.0 million including lease obligations (2023: €56.8 million),Total CAPEX of €18.7 million (2023: €30.9 million); which includes investments in maintenance & replacement CAPEX amounting to €7.7 million, or 4% of sales.In August 2024, Cabka successfully negotiated with the bank to waive and adjust certain financial covenants.Dividend: In light of the challenging market conditions and financial headwinds, the company proposed not to pay a dividend for the financial year of 2024. Cabka CEO Alexander Masharov, commented: “2024 was a transformative year for Cabka, in which we made significant progress in our strategic efforts to rebuild and reinforce our foundation, with increased global economic uncertainty and shifting geopolitical landscapes. We enhanced our operational gross margin by refocusing on our in-house production capabilities, the introduction of new raw material processing technology in the US, increased automation and robotization at our plants, and a gradual shift towards higher value-add products. In addition, our Portfolio Business made solid progress with our European and US operations showing close to double digit growth rates, after implementing intentional price reductions and strengthening our sales force. In other segments, ECO delivered robust growth, and European Customized Solutions business remained resilient. However, US Customized Solutions and Contract Manufacturing declined substantially due to weak end market demand. We foresee market circumstances to remain challenging with our customers continuing to be cautious with their capex spending. Under these circumstances we expect sales and EBITDA in 2025 to be at least at the same level as 2024. Our strategy for 2025 focuses on cash generation, operational excellence and investments in next-generation solutions. We aim to build a stronger and more resilient Cabka.” Business Segments and Geographical Markets PortfolioEU Portfolio sales grew by 8% year-over-year, driven by securing new contracts. Meanwhile, US portfolio sales grew by 10% due to the successful commercial strategy to regain market share, as we strengthened our sales force in the region. Customized SolutionsEU Customized Solutions remained resilient to market conditions, primarily driven by co-development programs launched during the year with key customers, while US Customized Solutions faced significant challenges due to adverse market conditions, as key customers refrained from further capital expenditures, resulting in a significant decline of €13.4 million. Contract ManufacturingWeak demand in our customer end markets led to a sales decline of €11.4 million, which includes an impact of €1.1 million attributed by the exit of the PVC business (Non-RTP legacy products). ECO BusinessECO delivered robust growth of sales growth of 4% year-over-year. DividendGiven the challenging market conditions and financial headwinds experienced throughout 2024, we have thoroughly reassessed our capital allocation strategy to ensure long-term business sustainability and growth. As a result, we have decided not to pay a dividend for the financial year 2024. This decision underscores our commitment to maintaining financial stability, strengthening our balance sheet, and ensuring sufficient cash generation to support ongoing operational and strategic initiatives. While we acknowledge the importance of shareholder returns, the current financial climate necessitates a prudent approach to capital distribution. After evaluating with the Supervisory Board and consulting major shareholders, the company decided not to pay a dividend for 2024. Outlook 2025Market circumstances remain challenging given the current macro environment, with our customers remaining cautious with their capex spending. Nevertheless, we expect a continued shift towards reusable plastic packaging as a result of the recently adopted Packaging & Packaging Waste Regulation (PPWR) legislation and other legislative requirements. Combined with our integrated approach to circularity we expect to gain market share. We have implemented a cash saving and operational excellence program program, SHIFT, which is designed to reduce our cost base and increase our operational excellence. Capital expenditures will be below last year and will focus on next generation solutions. We expect sales and EBITDA in 2025 to be at least at the same level as 2024. Guidance 2030Cabka reiterates its guidance for high single-digit sales CAGR, aiming to outperform market growth in order to reach €300 million in revenues by 2030. The company targets an EBITDA margin of 15-17%, with annual CAPEX spending of less than €20 million, split equally between growth and replacement & maintenance. Net working capital is expected to be approximately 20% of sales, and the pay-out ratio of net profit is projected to be around 30-35%. Condensed bridge from operational to IFRS consolidated statement of profit and loss, 2024 preliminary unaudited1 in € million20242023 (restated)2Change Revenues 181.9 196.9(8)% Other operating income items 10.6 1.7 528% Total Operating Income 192.4 198.6 (3)% Expenses for materials, energy and purchased services (99.8) (103.4) (4)% Gross Profit 92.6 95.1 (3)% Operating expenses (72.1) (70.7) 2% Operational EBITDA 20.5 24.4 (16)% Depreciation, amortization and impairment of intangible and tangible fixed assets (20.2) (17.1) 18% EBIT /Operating Income 0.4 7.3 (95)% Financial results (4.9) (4.2) 16% Earnings before taxes (4.6) 3.0 (251)% Taxes — (0.8) (106)% Net income from operations (4.5) 2.3 (300)% Non-operational items Other IPO related expenses (0.7) (1.0) St. Louis Flooding3 (0.1) (3.2) Tax on non-operational items — 0.4 Non operational restructuring costs4 (1.2) — Fair value of Special shares and Warrants 0.9 — Release of Deferred tax asset in US5 (4.1) — Net result reported IFRS (9.8) (1.5) COMPREHENSIVE OVERVIEW 2024 Sales performance Full-year sales for 2024 amounted to €181.9 million, reflecting an 8% decrease compared to the previous year (2023: €196.9 million). From the 8% decline, 4% was due to the intentional price reductions we implemented in our customer pricing strategy during the year, passing on the benefits of declining raw material and energy prices to our customers. The remaining decline was the result of lower volumes in our US Customized Solutions and continued soft demand in our Contract Manufacturing segment. In Europe, our Portfolio business grew by 8% year-over-year, reaching €77.5 million (2023: €71.6 million6). The customized solutions business in Europe remained relatively resilient to market conditions, showing a €0.2 decrease in revenue to €34.5 million compared to €34.7 million4 in 2023. Contract Manufacturing (both strategic and non-strategic business) experienced very weak demand throughout the year. This led to a sales decline of €11.4 million, bringing total sales to €18.3 million (2023: €29.7 million). In the US, our Portfolio business demonstrated notable growth, increasing by 10% year-over-year to €19.9 million in 2024. This growth underscores the success of our commercial strategy to regain market share, as we strengthened our sales force in the region. Conversely, the Customized Solutions segment faced significant challenges due to adverse market conditions, where key customers refrained from committing to further capital expenditures for the time being, resulting in a significant decline of €13.4 million in sales. Lastly, the ECO business delivered robust growth of 4% year-over-year, resulting in €26.3 million sales in 2024 (2023: €25.3 million). Cost developmentsIn 2024, the company achieved a significant improvement in its operational gross margin, which increased with 3pp to 50.9%, compared to 48.3%7 in 2023. Throughout 2024, the company maintained a strong emphasis on its internal production capacity and strategic cost management across all segments. With the US plant fully operational since the second half of 2023, we were able to refocus on our in-house production capabilities. The introduction of a new raw material processing technology in the US, coupled with increased automation and robotization at our plants, and a gradual shift towards higher value-add products, collectively contributed to the margin improvement. Operating expenses remained relatively stable compared to last year, with the main increase noted in personnel costs. This increase was driven by the expansion of our sales force, with key vacancies filled towards the end of 2023, and the impact of inflation on personnel costs. Depreciation and amortization increased by 18% to €20.2 million, primarily attributable to the capitalization of assets we installed to reopen and expand our plant in the US. EBITDAThe company reported an operational EBITDA of €20.5 million for the full year of 2024, which is €3.9 million lower compared to last year (2023: €24.4 million2). The reduction in EBITDA is predominantly attributable to the decrease in sales for the year, followed by inflationary pressures on our fixed cost base. Debt FacilityIn August 2024, Cabka successfully negotiated with the bank to waive and adjust certain financial covenants until end of Q2 2025. Net Working Capital Net Working Capital (NWC) position remained well within our medium-term guidance, amounting to €26.5 million or 14.6% of sales as per 31 December 2024. This is mostly in line with the previous year’s position which was €27.1 million or 13.7% of sales as per December 2023. NWC showed a small movement of €0.6 million in 2024. The positive movement is the result of an €8.0 decrease in trade receivables, partially offset by a €4.2 million increase in inventories and a decrease in trade payables of €3.5 million. The increase in inventory value during 2024 related to the optimization of idle production capacity during the periods of lower demand. Recognizing the shift in customer demand in shorter order cycles, the company took a proactive decision to build up inventory. This decision ensured that we can fulfil customer orders promptly and efficiently, meeting their expectations for timely stock availability in the upcoming period. The decrease in trade payables was mainly due to final settlements made towards machinery and equipment installed in our US plant, which were committed during 2022. The significant decrease in trade receivables at the end of 2024 resulted from the factoring implemented in December. Cash flows and cash positionCash flows from operating activities amounted to €16.2 million (2023: €27.2 million). Cash flows used in investing activities amounted to €18.0 million (2023: €30.7 million) of which €18.7 million was related to capital investments in property, plant and equipment and intangible assets (2023: €30.9 million). Cabka disposed of certain assets contributing €0.3 million of cash during 2024. In addition, interest earned on short term deposits amounted to €0.4 million. Cash flows from financing activities amounted to €0.6 million (2023: €-11.1 million). Main cash inflow resulted from the funding receipt out of the debt facility amounting to €15.5 million (2023: nil). This inflow was almost completely offset by the repayment of debt facilities and interest totaling €-6.8 million (2023: €-7.2 million), followed by the settlement of lease facilities in 2024 amounting to €-4.4 million (2023: €-2.7 million) and dividend payments of €-3.7 million (2023: €-1.2 million). The total cash balance at 31 December 2023 was €4.4 million (31 December 2023: €7.3 million). CAPEX Total CAPEX for 2024 amounted to €18.7 million (2023: €30.9 million). Included in this total is investments in maintenance & replacement CAPEX amounting to €9.4 million. Excluding the US investments related to the flood, maintenance & replacement CAPEX was €7.7 million, or 4% of total sales. Total investment in 2024 for our St. Louis plant to reopen and expand, amounted to €1.7 million (2023: €12.1 million). In our ECO business we invested €1.7 million (2023: €2.3 million). ESGCabka is committed to making a positive impact with its operations and ultimately with the product it supplies to the market. We are the circularity leader in the RTP industry, with 88% of our raw material intake coming from recycled materials in 2024, 100% of products being reusable with take-back clauses for recycling, and with supporting the collection of additional plastics for recycling. For comparison, the average plastic waste recycling rate for Europe in 2021 was only at 14% targeting to get to 33% by 20308. For its management of ESG topics, Cabka achieved “gold” status in the EcoVadis assessment for the second year in 2024. The Gold rating from EcoVadis is a testament to Cabka’s commitment and excellence across the various sustainability categories and demonstrates the significant progress that has been made in one year, moving Cabka to the top 5% of rated companies, and placing it amongst the top 2% in the plastic products industry. Cabka participated for the second time in the assessment by the Carbon Disclosure Program (CDP), a non-profit organization that runs a global disclosure system for companies on climate impacts. Cabka was able to hold its B score on a scale from A to D-, with A being best practice. The B score reflects the importance Cabka gives to climate issues and proves that we are well on track with other European businesses on the topic. In 2024, Cabka continued to work on implementing new ESG-related legislation in its ESG strategy and will publish its first CSRD-compliant ESG statement in the 2024 Integrated Annual Report, following an extensive stakeholder analysis and re-assessment of material impacts, risks, and opportunities. In addition, we are currently focusing on the PPWR and national regulations related to packaging, which will play a crucial role in shaping the future of the packaging industry. Cabka closely follows the regulatory process and will proactively handle the secondary legislation framework upon its establishment in the coming months and years to further inform our strategies. Share price On 31 December 2024 the Cabka shares closed at € 2.10. Cabka share capital per 31 December 2024SharesISIN Ordinary Shares issued24,710,600 CABKA / NL00150000S7Ordinary Shares in treasury 15,994,378 DSC2S / NL00150002R5 Total Ordinary Shares40,704,978 Special Shares 97,778 Total shares40,802,756 Tax positionsDeferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Management’s assessment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits. Management reassessed the deferred tax asset which was accumulated in the US including the effects of the devastating flooding of 2022. The company adopts a conservative stance by only recognizing a deferred asset where there is a high degree of certainty regarding the future profits. Management decided based on the strict guidelines from IFRS and out of prudence to reduce the deferred tax asset. This adjustment has no impact on the fiscal position of the company as it aims for building a growing and profitable US operation. At the moment of publication of this preliminary unaudited financial results report, the assessment of current and deferred tax positions has not been fully finalized and might be revised ahead of the publication of the Annual Report 2024. Relevant events after 31 December 2024After the balance sheet date of December 31, 2024, there have been no significant events. Financial Calendar 2025 April 15 Publication Annual Report 2024 and Trading Update 2025Q1 May 29 Annual General Meeting of Shareholders August 12 Half-Year Results and Half-Year Report 2025 October 21 Trading Update 2025Q3 For more information, please contact:Nadia Lubbe, Investor & Press contactIR@cabka.com, or n.lubbe@cabka.com;+49 152 243 254 79www.investors.cabka.comCommercial contact: info@cabka.com www.cabka.com About CabkaCabka is in the business of recycling plastics from post-consumer and post-industrial waste into innovative reusable transport packaging (RTP), like pallets- and large container solutions enhancing logistics chain sustainability. ECO product are mainly construction and road safety products produced exclusively out of post-consumer waste. Cabka is leading the industry in its integrated approach closing the loop from waste, to recycling, to manufacturing. Backed by its own innovation center it has the rare industry knowledge, capability, and capacity of making maximum use bringing recycled plastics back in the production loop at attractive returns. Cabka is fully equipped to exploit the full value chain from waste to end-products. Cabka is listed at Euronext Amsterdam as of 1 March 2022 under the CABKA ticker with international securities identification number NL00150000S7. DisclaimerAll results in the press release are based on regular operations excluding extraordinary items, unless mentioned otherwise. The qualification extraordinary item is a management accounting term to indicate this is not part of regular operations. The financial statements in the appendix are based on IFRS and do not distinguish between operational or extraordinary items. See appendix I. for definitions of operational items by management. The content of this press release may include statements that are, or may be deemed to be, ‘’forward-looking statements’’. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms ‘’believes’’, ‘’estimates’’, ‘’plans’’, ‘’projects’’, ‘’anticipates’’, ‘’expects’’, ‘’intends’’, ‘’may’’, ‘’will’’ or ‘’should’’ or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s business, results of operations, financial position, liquidity, prospects, growth, or strategies. Readers are cautioned that any forward-looking statements are not guarantees of future performance. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this press release. The Company undertakes no obligation to publicly update or revise the information in this press release, including any forward-looking statements, except as may be required by law. This document contains information that qualifies as inside information within the meaning of Article 7(1) of Regulation (EU) No 596/2014 on market abuse. FINANCIAL OVERVIEW APPENDIX I. Definitions of operational items by management Gross Margin Gross Profit divided by Revenue EBITDA or Earnings Before Interest, Taxes, Depreciation, and Amortization is an important measurement of the Company's financial performance before taking the cost of capital, depreciation and taxes into consideration. EBITDA margins provide a view of operational efficiency and enable a more accurate and relevant comparison between peer companies.EBIT or Earnings Before Interest and Taxes, is a measure of a company's profitability that excludes interest expenses and tax payments. It represents the company's core, recurring business income before the impact of its capital structure and tax obligations. EBIT is also known as operating income and is calculated as revenue minus operating expenses, excluding interest and taxes.Gross Profit Profit as Revenue for the period plus changes in inventory and other operating income for the period, minus raw material costs, energy costs and purchased services Maintenance and Replacement Capital Expenditures The expenses incurred by the company that are related to the maintenance and replacements of assets like plants, machinery and buildings Maintenance and Replacement Capital Expenditures as a percentage of revenue: Maintenance and Replacement Capital Expenditures divided by Revenue Net Working Capital Trade accounts receivables plus inventories net of trade accounts payables Net Working Capital as percentage of revenue Net Working Capital divided by Revenue.Net Income from operations Net Income reported for the period, being adjusted for non-operational activities.Non-operational Indicates that this is not part of regular operational activities.Operational EBITDA Net Result reported for the period, adjusted for non-operational activities, before depreciation and amortization, interest expenses and income, taxes and share option plan accruals II. Condensed bridge from operational to IFRS consolidated statement of profit and loss, 2024 preliminary unaudited Condensed income statement bridge operational to IFRS9 in € million20242023 (restated)10Change Revenues 181.9 196.9 (8)% Other operating income items 10.6 1.7 528% Total Operating Income 192.4 198.6 (3)% Expenses for materials, energy and purchased services (99.8) (103.4) (4)% Gross Profit 92.6 95.1 (3)% Operating expenses (72.1) (70.7) 2% Operational EBITDA 20.5 24.4 (16)% Depreciation, amortization and impairment of intangible and tangible fixed assets (20.2) (17.1) 18% EBIT /Operating Income 0.4 7.3 (95)% Financial results (4.9) (4.2) 16% Earnings before taxes (4.6) 3.0 (251)% Taxes — (0.8) (106)% Net income from operations (4.5) 2.3 (300)% Non-operational items Other IPO related expenses (0.7) (1.0) St. Louis Flooding11 (0.1) (3.2) Tax on non-operational items — 0.4 Non operational restructuring costs12 (1.2) — Fair value of Special shares and Warrants 0.9 — Release of Deferred tax asset in US13 (4.1) — Net result reported IFRS (9.8) (1.5) III. Condensed consolidated statement of profit and loss 2024 preliminary unaudited Condensed statement of profit and loss in € million 20242023 (restated)14 Revenues 181.9 196.9 Change in inventories of finished goods and work in progress 1.9 (7.4)Other operating income items 8.7 9.0Total Operating income 192.4 198.6 Material expenses / expenses for purchased services (99.8) (106.6)Personnel expenses (44.9) (42.6)Amortization/depreciation and impairment of intangible and tangible fixed assets (20.2) (17.1)Other operating expenses (29.2) (29.4)Total Operating expenses (194.1) (195.6) Interest income 1.9 0.6Interest expenses (5.9) (4.7)Financial Result (4.1) (4.1) Result before taxes (5.7) (1.2) Income tax expense (4.1) (0.3)Net Result (9.8) (1.5) IV. Consolidated Balance Sheet 2024 preliminary unaudited Consolidated Balance Sheet in € million 12.31.2024 12.31.2023 ASSETS Non-current assets Intangible assets 2.7 2.8 Property, plant and equipment 83.9 80.8 Right of Use assets 11.6 10.2 Long-term financial assets 0.1 0.1 Other long-term assets — — Deferred tax assets 9.7 8.0 108.1 101.9 Current Assets Inventories 36.2 32.1 Trade receivables 19.5 27.6 Short-term financial assets — — Other short-term assets 9.1 12.6 Cash and cash equivalents 4.4 7.3 69.3 79.5 177.3 181.4 LIABILITIES Equity Share capital 0.4 0.4 Treasury shares (0.2) (0.2) Share premium 74.0 77.7 Other reserves 6.9 7.8 Retained earnings (19.3) (13.6) Foreign currency translation reserve (1.4) (1.4) 60.5 70.7 Non-current liabilities Long-term financial liabilities 38.9 43.3 Other long-term liabilities 0.5 — Deferred tax liabilities — 0.1 39.4 43.3 Current liabilities Short-term financial liabilities 37.5 20.8 Provisions 0.8 0.8 Contract liabilities 3.1 4.4 Trade payables 29.0 32.6 Other short-term liabilities 7.0 8.7 77.5 67.3 177.3 181.4 V. Condensed consolidated statement of cash flow 2024 preliminary unaudited Consolidated statement of cash flow in € million20242023 Cash flows from operating activities Net result after tax (9.8) (1.5) Adjustments for: Amortization/depreciation of intangible and tangible fixed assets 20.2 17.1(Loss) on disposal/profit on sale of property, plant & equipment (0.3) 1.4Share-based payment expense (0.3) 0.5Other non-cash transactions (0.1) — Finance income (1.3) (0.3)Finance expenses 4.8 4.2Income tax expenses 4.1 0.3Net foreign exchange differences 0.6 0.3 Changes in working capital: Increase (-) / decrease (+) of inventories (4.2) 9.7Increase (-) / decrease (+) trade receivables and other current assets 11.6 0.3Increase (+) / decrease (-) of trade payables and other current liabilities (7.4) (3.6)Cash generated/(utilized) from operations 17.8 28.4 Income taxes paid (1.6) (1.2)Net cash from/(used in) operating activities 16.2 27.2 Cash flow from investing activities Cash outflow for investment in intangible assets (0.6) — Cash inflow from sale of intangible assets — — Cash inflow from sale of property, plant and equipment 0.3 0.7Cash outflow for investment in property, plant and equipment (18.1) (31.6)Interest received on cash and equivalents 0.4 0.2Net cash from/(used in) investing activities (18.0) (30.7) Cashflow from financing activities Cash inflow from sale of treasury shares — 0.1Cash outflow for dividend payments (3.7) (1.2)Cash outflow for the repayment of liabilities to banks (2.3) (3.3)Cash inflow from receipt of liabilities to banks 15.5 — Cash outflow for the repayment of lease liabilities (2.9) (2.5)Cash inflow from rental purchase liabilities 0.7 2.5Cash outflow for the repayment of rental purchase liabilities (2.2) (2.7)Interest paid (4.5) (3.9)Net cash from/(used in) financing activities 0.6 (11.1) Changes in cash and cash equivalents (1.2) (14.6)Cash and cash equivalents at the beginning of the period 7.3 21.0Net foreign exchange difference (0.1) 0.1Effect of changes in foreign exchange rates (1.6) 0.7Cash and cash equivalents at the end of the period 4.4 7.3 VI. Restatement as a result of material reclassification As previously disclosed in the interim report for the first half year of 2024, the company performed a comprehensive reassessment on the classification of certain costs within our financial statements, in order to enhance the transparency and accuracy of our financial reporting. As a result of this reassessment, the company made two reclassifications in the statement of profit and loss. These reclassifications were deemed necessary to better represent the financial results of our operations. Transportation cost related to finished goods sold, previously included within operating expenses, has been reclassed to expenses for materials, energy and purchased services, given that these costs better reflect the direct costs involved in production and sale of our goods. In addition, gains related to FX, previously included within other operating income, have been reclassed to financial income, and losses related to FX, previously included within operating expenses, have been reclassed to financial expenses. These reclassifications have been adjusted in the 2023 comparative years disclosed in condensed consolidated financial statements for the year 2024. These restatements did not impact the company statement of profit or loss nor equity. The impact of the restatement is disclosed in the table below: Condensed statement of profit and loss (extract) in Euro million2023Restatement2023 (restated) Revenue 196.9 196.9 Change in inventories of finished goods and work in progress (7.4) (7.4)Other operating income 9.3 (0.3) 9.0Total Operating income 198.9 (0.3) 198.6 Material expenses / expenses for purchased services (102.2) (4.4) (106.6)Personnel expenses (42.6) (42.6)Amortization/depreciation and impairment of intangible and tangible fixed assets (17.1) (17.1)Other operating expenses (34.3) 4.9 (29.4)Total Operating expenses (196.2) 0.5 (195.6) Finance income 0.3 0.3 0.6Finance expenses (4.2) (0.5) (4.7)Net Financial Result (3.9) (0.3) (4.1) Result before taxes (1.2) — (1.2) Income tax expense (0.3) (0.3)Result for the period (1.5) — (1.5) 1 The condensed income statement provides operational and non-operational result items for insight on underlying operational performance. The attached statements II to VI provide integral IFRS statements without this distinction. 2 The presentation of the prior year income statement of has been adjusted to reflect the new classification of transportation cost and FXgains & losses. For more information refer to Section VI. 3 In 2023 this relates to higher costs resulting from temporarily outsourcing production to tollers. 4 Non operational restructuring costs includes one-off costs related to employee severance packages totaling €0.7 million and costs related to the small fire that occurred in our operating plant in Weira amounting to €0.5 million.5 Refer to tax positions on page 6.6 Prior year segmentation has been updated to align with the updated segmentation of certain customer products, as a result, prior year revenue for Portfolio Europe increased by €3.6 million compared to the published numbers over 2023, and Customized Solutions Europe decreased with the same amount.7 The presentation of the prior year income statement of has been adjusted to reflect the new classification of transportation cost and FXgains & losses. For more information refer to Section VI. 8 Systemiq April 2022 report Reshaping plastics. Pathway to a circular climate neutral plastics system in Europe 9 The condensed income statement provides operational and non-operational result items for insight on underlying operational performance. The attached statements II to V provide integral IFRS statements without this distinction. 10 The presentation of the prior year income statement of has been adjusted to reflect the new classification of transportation cost and FXgains & losses. For more information refer to Section VI. 11 In 2023 this relates to higher costs resulting from temporarily outsourcing production to tollers. 12 Non operational restructuring costs includes one-off costs related to employee severance packages totaling €0.7 million and costs related to the small fire that occurred in our operating plant in Weira amounting to €0.5 million.13 Refer to tax positions on page 6.14 The presentation of the prior year income statement of has been adjusted to reflect the new classification of transportation cost and FXgains & losses. For more information refer to Section VI. Attachment 20250318 Cabka 2024FY preliminary results release v2
LPG, BioLPG or Oil? A Homeowner’s Guide to Heating Costs in Ireland
Heating your home is a year-round concern for many households in Ireland, especially during the colder seasons. With energy prices on the rise, knowing how to calculate your heating costs and choose the most efficient fuel source has never been more important.
French Government Budget Deficit Widens Significantly in February - ForexTV
In a concerning development for the French economy, the government's budget balance has seen a substantial increase in its deficit for February 2025. According to recently updated data as of April 2, 2025, the deficit stood at -40.3 billion euros, a significant widening from the -17.3 billion euros reported in January 2025.This marked deterioration in the fiscal position raises questions about the economic strategies being employed by the French government, as it grapples with expanding expenditures and potentially insufficient revenues. The nearly 23 billion euro increase in the deficit within a single month is likely to intensify scrutiny from financial markets and policymakers alike.The figures come amidst a challenging period globally, with many economies battling with inflationary pressures, fluctuating energy prices, and ongoing post-pandemic economic adjustments. The French government will face mounting pressure to address these fiscal challenges to reassure investors and maintain economic stability. Experts suggest that strategic fiscal reforms and potentially reassessing spending allocations may become imperative as the country seeks to bring its budget deficit back under control.The material has been provided by InstaForex Company - www.instaforex.com
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