Ontex aims for 3x debt ratio after falling to 3.3x from 6.4x in 2023

By Devika Patel

Knoxville, Tenn., Feb. 9 – Ontex Group NV plans to get its leverage ratio down to 3x by the end of 2024.

Leverage nearly halved over the course of 2023 to 3.3x from 6.4x and net debt fell 23%.

“The net financial debt came down by 23% to a level of €665 million,” chief financial officer Geert Peeters said on the company’s fourth quarter and year ended Dec. 31, 2023 earnings conference call on Thursday.

“This brought our leverage ratio to a safe 3.3x from 6.4x last year,” Peeters said.

“Our leverage ratio is anticipated to reduce further to below 3x by year-end, giving us comfortable headroom,” chief executive officer Gustavo Calvo Paz added on the call.

Full year adjusted EBITDA was €174 million, compared to €104 million for 2022; adjusted EBITDA was €47 million for the quarter.

Cash and cash equivalents were €97.2 million as of Dec. 31, 2023, compared to €149.1 million as of Dec. 31, 2022.

Net debt was €665 million at the end of 2023, compared to €867 million at the start of the year.

Gross debt fell to €834 million at year-end from €1,076,000,000 at the end of 2022.

Ontex is an Aalst, Belgium-based manufacturer and distributor of hygienic disposable products.

© 2015 Prospect News.
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