LSF9 Balta Issuer S.à r.l

Senior Secured Notes due 2024

Annual Report ended 31 December, 2020

2020

ANNUAL REPORT

Registered office: 15, Boulevard Friedrich Wilhelm Raiffeisen, L-2411 Luxembourg R.C.S. Luxembourg: B 198084

TABLE OF CONTENTS

THE GROUP AT A GLANCE

MANAGEMENT REPORT

SUMMARY OF MAIN RISKS

FINANCIAL REPORT

Consolidated statement of comprehensive income for the period ended 31 December

Consolidated statement of financial position as at 31 December

Consolidated statement of cash flows for the period ended 31 December

Consolidated statement of changes

in equity for the year ended 31 December

  • Notes to the Consolidated Financial Statements 30

Note 1. Accounting policies

30

12

Note 2. Critical accounting estimates

and judgements

43

Note 3. Reconciliation of non-GAAP measures

45

20

Note 4. Segment reporting

46

Note 5. Goodwill

47

Note 6. Employee benefit expenses

48

26

Note 7. Other income and expenses

49

Note 8. Depreciation / amortisation

50

Note 9. Integration and restructuring expenses

50

26

Note 10. Finance expenses

50

Note 11. Income tax benefit / expense

51

Note 12. Other intangible assets

52

27

Note 13. Property, plant and equipment

53

Note 14. Deferred income tax assets and liabilities

55

Note 15. Inventories

58

28

Note 16. Trade and other receivables

58

Note 17. Cash and cash equivalents

60

29

Note 18. Share capital and share premium

60

Note 19. Other comprehensive income

60

Note 20. Retained earnings

61

Note 21. Senior Secured Notes

61

Note 22. Senior Term Loan Facility

62

Note 23. Bank and other borrowings

63

Note 24. Leases

65

Note 25. Net debt reconciliations

66

Note 26. Additional disclosures on

financial instruments

67

Note 27. Financial risk management

68

Note 28. Employee benefit obligations

74

Note 29. Other payroll and social related payables

75

Note 30. Provisions for other liabilities and charges

75

Note 31. Trade and other payables

76

Note 32. Share based payments

76

Note 33. Government grants

76

Note 34. Earnings per share

77

Note 35. Dividends per share

78

Note 36. Commitments

78

Note 37. List of consolidated companies

78

Note 38. Related party transactions

79

Note 39. Fees paid to the Group's auditors

79

Note 40. Events after the reporting period

80

Audit Report

81

BALTA ANNUAL REPORT 2020

1

State-of-the-art weaving looms

THE GROUP

AT A GLANCE

Balta is a leading producer of textile floor coverings. With a consolidated revenue of € 562m and 3,838 employees, our products are manufactured in 8 production facilities and sold to 136 countries globally.

REVENUE 2020

ADJUSTED EBITDA 2020

PER REPORTING SEGMENT

PER REPORTING SEGMENT

34%

45%

3%

1%

TOTAL

TOTAL

ADJUSTED

REVENUE 2020

EBITDA 2020

561.8

68.0

30%

26%

33%

28%

RUGS

RESIDENTIAL

COMMERCIAL

NON-WOVEN

2

BALTA ANNUAL REPORT 2020

REPORTING SEGMENTS

RUGS

woven and tufted area rugs, under the Balta home brand.

RESIDENTIAL

wall-to-wall carpet and carpet tiles for private use, through the brands Balta carpets, ITC and Balta carpet tiles.

COMMERCIAL

wall-to-wall carpet and carpet tiles for commercial use under the brands arc edition, Bentley and modulyss.

NON-WOVEN

needle felt, carpet backing and technical non-wovens under the Captiqs brand.

Our traditional core markets include the United States, the United Kingdom, Germany, France, and we have a significant presence in Central and Eastern Europe.

BALTA ANNUAL REPORT 2020

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Disclaimer

Balta Group NV published this content on 26 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2021 08:33:08 UTC.