UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the Month of May 2024

Commission file number: 001-41836

Birkenstock Holding plc

(Translation of registrant's name into English)

1-2 Berkeley Square

London W1J 6EA

United Kingdom

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F Form 40-F

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Birkenstock Holding plc

Unaudited Interim Condensed Consolidated Financial Statements

as of March 31, 2024 and for the three and six months ended March 31, 2024 and 2023

1

Unaudited Interim Condensed Consolidated Statements of Financial Position

(In thousands of Euros)

Notes

March 31, 2024

September 30, 2023

Assets

Non-current assets

Goodwill

1,576,895

1,593,917

Intangible assets (other than goodwill)

1,676,609

1,705,736

Property, plant and equipment

6

303,871

286,053

Right-of-use assets

7

164,121

122,984

Other assets

50,621

38,234

Total non-current assets

3,772,117

3,746,924

Current assets

Inventories

8

650,963

595,092

Right to return assets

1,395

1,132

Trade and other receivables

200,206

91,764

Current tax assets

9,734

10,361

Other current assets

37,650

37,789

Cash and cash equivalents

175,728

344,408

Total current assets

1,075,676

1,080,546

Total assets

4,847,793

4,827,470

Shareholders' equity and liabilities

Shareholders' equity

Ordinary shares

9

-

182,721

Share premium

9

2,524,149

1,894,384

Treasury shares

9

(343,645 )

-

Other capital reserve

9

69,092

65,394

Retained earnings

9

290,473

225,976

Accumulated other comprehensive income

9

14,033

32,114

Total shareholders' equity

2,554,102

2,400,589

Non-current liabilities

Loans and borrowings

11

1,298,763

1,815,695

Tax receivable agreement liability

12

345,302

-

Lease liabilities

139,203

103,049

Provisions for employee benefits

2,923

2,716

Other provisions

2,088

2,074

Deferred tax liabilities

112,252

109,794

Deferred income

13

13,477

10,634

Other liabilities

4,927

4,338

Total non-current liabilities

1,918,935

2,048,300

Current liabilities

Loans and borrowings

11

29,105

37,343

Lease liabilities

34,136

27,010

Trade and other payables

121,323

123,012

Accrued liabilities

30,489

38,645

Other financial liabilities

4,542

7,085

Other provisions

21,320

36,495

Contract liabilities

9,878

7,018

Current tax liabilities

108,627

83,332

Deferred income

13

-

2,680

Other current liabilities

15,336

15,961

Total current liabilities

374,756

378,581

Total liabilities

2,293,691

2,426,881

Total shareholders' equity and liabilities

4,847,793

4,827,470

2

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income (Loss)

Three months ended

Six months ended

March 31,

March 31,

(In thousands of Euros, except share and per share

Notes

2024

2023

2024

2023

information)

Revenue

14

481,244

395,683

784,168

644,173

Cost of sales

15

(210,084 )

(160,233 )

(328,140 )

(255,403 )

Gross profit

271,160

235,450

456,028

388,770

Operating expenses

Selling and distribution expenses

15

(113,155 )

(86,748 )

(216,639 )

(172,867 )

General administration expenses

15

(19,986 )

(32,391 )

(54,377 )

(54,524 )

Foreign exchange gain (loss)

(5,483 )

(16,924 )

(17,138 )

(47,754 )

Other income (expenses), net

(25 )

3,945

206

3,945

Profit from operations

132,511

103,332

168,080

117,570

Finance cost, net

(27,389 )

(29,566 )

(63,439 )

(54,664 )

Profit before tax

105,122

73,766

104,641

62,906

Income tax benefit (expense)

16

(33,470 )

(24,373 )

(40,144 )

(22,699 )

Net profit

71,652

49,393

64,497

40,207

Other comprehensive income (loss)

Items that may be reclassified to profit (loss)

in subsequent periods (net of tax):

Cumulative translation adjustment gain

(loss)

20,015

(17,963 )

(17,601 )

(99,667 )

Net position of fair value changes of the

481

-

(480 )

-

cash flow hedge

Other comprehensive income (loss)

20,496

(17,963 )

(18,081 )

(99,667 )

Total comprehensive income (loss)

92,148

31,430

46,416

(59,460

)

Earnings per share

Basic

17

0.38

0.27

0.34

0.22

Diluted

17

0.38

0.27

0.34

0.22

3

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit)

Ordinary shares

Accumulated other

comprehensive income (loss)

Number of

Share

Treasury

Other Capital

Cumulative

Cash flow

Shareholders'

(In thousands of Euros, except share and per share

Notes

Amount

Retained Earnings

translation

hedge

information)

shares

Premium

Shares

Reserve

adjustment

reserve

equity

Balance at September 30, 2022

182,721,369

182,721

1,894,38

-

-

150,954

129,759

-

2,357,819

4

Net profit

-

-

-

-

-

40,207

-

-

40,207

Other comprehensive income (loss)

-

-

-

-

-

-

(99,667 )

-

(99,667 )

Total comprehensive income (loss)

-

-

-

-

-

40,207

(99,667 )

-

(59,460 )

Equity-settledshare-based compensation expense

3,268

3,268

182,721,369

182,721

1,894,38

3,268

191,161

30,092

2,301,627

Balance at March 31, 2023

4

-

-

Balance at September 30, 2023

182,721,369

182,721

1,894,38

-

65,394

225,976

32,459

(345 )

2,400,589

4

Net profit

-

-

-

-

-

64,497

-

-

64,497

Other comprehensive income (loss)

-

-

-

-

-

-

(17,601 )

(480 )

(18,081 )

Total comprehensive income (loss)

-

-

-

-

-

64,497

(17,601 )

(480 )

46,416

Equity-settledshare-based compensation expense

18

-

-

-

-

3,698

-

-

-

3,698

Conversion to no par value ordinary shares

9

-

(182,721 )

182,721

-

-

-

-

-

-

Shares re-purchased in consideration of TRA

12

(5,648,465 )

-

-

(343,645 )

-

-

-

-

(343,645 )

Issuance of share capital, net (of total transaction costs

10,752,688

-

447,044

-

-

-

-

-

447,044

€22.7 million)

9

187,825,592

2,524,14

(343,645 )

69,092

290,473

14,858

(825 )

2,554,102

Balance at March 31, 2024

-

9

4

Unaudited Interim Condensed Consolidated Statements of Cash Flows

Successor

Six months ended March 31,

(In thousands of Euros)

2024

2023

Cash flows from operating activities

Net profit

64,497

40,207

Adjustments to reconcile net profit (loss) to net cash flows from operating

activities:

Depreciation and amortization

47,384

40,574

Change in expected credit loss

(128 )

1,056

Finance cost, net

63,439

54,664

Net exchange differences

17,138

48,255

Non-cash operating items

2,394

3,380

Income tax expense

40,144

22,699

Income tax paid

(10,153 )

922

MIP personal income tax paid

(11,426 )

-

Changes in working capital:

- Inventories

(65,902 )

(89,079 )

- Right to return assets

(278 )

1,162

- Trade and other receivables

(109,140 )

(111,436 )

- Trade and other payables

21

(3,649 )

- Accrued liabilities

(7,809 )

8,137

- Other current financial liabilities

863

(8,566 )

- Other current provision

(14,982 )

(6,934 )

- Contract liabilities

2,874

2,096

- Prepayments

(8,231 )

-

- Other

(6,094 )

592

Net cash flows provided by operating activities

4,611

4,080

Cash flows from investing activities

Interest received

2,164

-

Purchases of property, plant and equipment

(34,931 )

(50,297 )

Purchases of intangible assets

(2,303 )

(728 )

Proceeds from sale of assets

-

556

Receipt of government grant

8,739

-

Net cash flows (used in) investing activities

(26,331 )

(50,469 )

Cash flows from financing activities

IPO Proceeds, net (of underwriting commission fees €19.8 million)

449,214

-

Repayment of loans and borrowings

(525,278 )

(3,844 )

Interest paid

(49,453 )

(58,632 )

Payments of lease liabilities

(16,656 )

(13,664 )

Interest portion of lease liabilities

(3,928 )

(2,364 )

Net cash flows (used in) financing activities

(146,101

)

(78,504

)

Net increase (decrease) in cash and cash equivalents

(167,821

)

(124,893

)

Cash and cash equivalents at beginning of period

344,408

307,078

Net foreign exchange difference

(859 )

(10,522 )

Cash and cash equivalents at end of period

175,728

171,663

5

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. GENERAL INFORMATION

Organization and principal activities

Birkenstock Holding plc (together with its subsidiaries referred to herein as the "Company" or "Birkenstock") was formed under the name of BK LC Lux Finco 2 S.à r.l. on February 19, 2021, as a limited liability company organized under Luxembourg law, with its business address at 40 Avenue Monterey, Luxembourg. On October 4, 2023, the Company converted to a public limited company organized under Jersey law and changed its name to Birkenstock Holding plc. The Company's current business address is 1-2 Berkeley Square, London W1J 6EA, United Kingdom. The Company is registered at the Jersey Financial Services Commission under number 148522.

The Company's controlling shareholder is BK LC Lux MidCo S.à r.l. ("MidCo") and the Company's ultimate controlling shareholder is LC9 Caledonia AIV GP, LLP ("L Catterton").

The Company manufactures and sells footbed-based products, including sandals and closed-toe silhouettes, and other products, such as skincare and accessories, for everyday leisure, and work. The Company operates in four operating segments based on its regional hubs: (1) Americas, (2) Europe, (3) Asia, the South Pacific, and Australia ("ASPA"), and (4) the Middle East, Africa, and India ("MEAI") (see Note 5 - Segment information for further details). All segments have the same operations. The Company sells its products through two main channels: business-to- business ("B2B") (comprising sales made to established third-party store networks), and direct-to-consumer ("DTC") (comprising sales made on globally owned online stores via the Birkenstock.com domain and sales made in Birkenstock retail stores).

Seasonality

Revenue of our products are affected by a seasonal pattern that is driven in large part by the weather given the nature of our product mix. The seasonal nature of our business is similar across geographies and sales channels with B2B seeing an increase in revenue in the spring months, while revenue in the DTC channel increasing in the summer. Between October and March, we manufacture our products for the B2B channel, and during the first few months of the calendar year, we rely on our built-up inventory for our revenue to B2B partners. Starting in April and during the warmer months of the year, demand for our products from the DTC channel increases. While these consumer buying patterns lead to a natural seasonality in revenue, unseasonable weather could significantly affect revenue and profitability. Our geographical breadth, customer diversity and our strategic focus on expanding certain product categories and entering new territory helps to mitigate part of the effect of seasonality on results of operations.

2. BASIS OF PRESENTATION

Basis of preparation and consolidation

These interim condensed consolidated financial statements were authorized for issuance by the Company's Audit Committee on May 30, 2024.

These interim condensed consolidated financial statements as of March 31, 2024 and for the three and six months ended March 31, 2024 and 2023 have been prepared in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting", as issued by the International Accounting Standard Board ("IASB"). These interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the fiscal year ended September 30, 2023, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the IASB, taking into account the recommendations of the International Financial Reporting Standards Interpretations Committee ("IFRIC").

These interim condensed consolidated financial statements have been prepared on a historical cost basis except for derivative financial instruments and the initial recognition of assets acquired and liabilities assumed in a business combination which are recorded at fair value.

The interim condensed consolidated financial statements comprise the financial statements of Birkenstock Holding plc and its subsidiaries. All intercompany transactions and balances have been eliminated.

All amounts have been rounded to the nearest thousand, unless otherwise indicated.

6

The fiscal year of the Company ends on September 30.

The companies consolidated in these interim condensed consolidated financial statements are disclosed in the notes to the annual consolidated financial statements for the fiscal year ended September 30, 2023.

Functional and presentation currency

The functional currency of each of the Company's subsidiaries is the currency of the primary economic environment in which each entity operates. The presentation currency of the Company is Euros.

3. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies applied in these interim condensed consolidated financial statements are predominantly the same as those applied by Birkenstock in its consolidated financial statements for the fiscal year ended September 30, 2023.

The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Change in accounting estimate

The Company distributes its footwear produced predominantly in Germany and Portugal to its own (distribution) legal entities around the world with an intercompany margin, which is eliminated on consolidation. Commencing with the fiscal year ending September 30, 2024, the Company has refined its calculation of this intercompany profit elimination ("ICP") to more precisely reflect the turnover of inventory. This more accurate computation also has a foreign currency impact on the Cost of Sales converted to the reporting currency Euro. If the prior ICP model computation had still been applied in this fiscal year, the Company would have recorded an incremental expense (Cost of Sales) of €10.6 million for the six months ended March 31, 2024. For the three months ended March 31, 2024, €2.9 million less Cost of Sales would have been recorded under the previous method.

New and amended standards and interpretations adopted by the Company

The following amended standards became effective for the Company's fiscal year beginning on October 1, 2023, but did not have a material impact on the unaudited interim condensed consolidated financial statements of the Company:

  • IFRS 17 - Insurance Contracts (effective for annual periods beginning on or after January 1, 2023).
  • Amendments to IFRS 17 - Insurance Contracts (effective for annual periods beginning on or after January 1, 2023).
  • IFRS 17 and IFRS 9 - Initial application of IFRS 17 and IFRS 9 - Comparative Information (effective for annual periods beginning on or after January 1, 2023).
  • Amendments to IAS 8 - Definition of Accounting Estimates (effective for annual periods beginning on or after January 1, 2023).
  • Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting Policies (effective for annual periods beginning on or after January 1, 2023).
  • Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective for annual periods beginning on or after January 1, 2023).
  • Amendments to IAS 12 - International Tax Reform - Pillar 2 Model Rules (effective for annual periods beginning on or after January 1, 2023, however a temporary exception from accounting for deferred taxes arising from the implementation of the OECD's Pillar Two model rules is to be applied retroactively). The mandatory temporary exemption to account for deferred taxes has been applied.

New and amended standards and interpretations issued but not yet effective

The following standard amendments will be effective for the Company's fiscal year beginning October 1, 2024, or thereafter, and are not expected to have a material impact on the unaudited interim condensed consolidated financial statements of the Company:

  • Amendments to IAS 1 - Non-currentliabilities with Covenants (effective for annual periods beginning on or after January 1, 2024).
  • Amendments to IAS 1 - Classification of Liabilities as current or non-current(effective for annual periods beginning on or after January 1, 2024).

7

  • Amendments to IFRS 16 - Lease liability in a sale and lease back (effective for annual periods beginning on or after January 1, 2024).
  • Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements (effective for annual periods beginning on or after January 1, 2024).
  • Amendments to IAS 21 - Lack of Exchangeability (effective for annual periods beginning on or after January 1, 2025).
  • Amendments to IFRS 10 and IAS 28 - Sale or contribution of assets between an investor and its associate or joint venture (available for optional adoption/ effective date deferred indefinitely).

IFRS 18 - Presentation and Disclosure in Financial Statements will be effective for periods beginning on or after January 1, 2027 and the Company is currently assessing the potential impact of the new standard.

4. SIGNIFICANT ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGMENTS

The preparation of Birkenstock's consolidated financial statements in accordance with IFRS requires management to make estimates and judgments in applying the Company's accounting policies that affect the reported amounts and disclosures made in the interim condensed consolidated financial statements and accompanying notes. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The estimates and underlying assumptions are subject to continuous review.

During the three and six months ended March 31, 2024, the Company made significant estimates and assumptions to determine the Company's contractual obligations and its fair value under the Tax Receivable Agreement entered into, between the Company and MidCo, on October 10, 2023 (the "Tax Receivable Agreement" or "TRA"). These significant estimates and assumptions include forecasting taxable income and estimating the timing of when certain taxable benefits will be realized in future years. For details on the TRA please refer to Note 12 - Tax Receivable Agreement.

In preparing the interim condensed consolidated financial statements, no significant changes in accounting estimates, assumptions and judgments have occurred compared to the significant accounting judgments, estimates and assumptions discussed in the consolidated financial statements as of and for the fiscal year ended September 30, 2023, except for the change in estimate described above.

5. SEGMENT INFORMATION

The Company's operating segments are reported in a manner consistent with the internal reporting provided to and regularly reviewed by the chief operating decision maker ("CODM"), the Chief Executive Officer ("CEO"), and are aligned to the four geographical hubs that the Company operates in: Americas, Europe, ASPA, and MEAI. Due to the materiality, ASPA and MEAI are aggregated into one reportable segment APMA ("Asia Pacific, Middle East, Africa"). As such the Company has three reportable segments - Americas, Europe and APMA. Additionally, the Company has a Corporate / Other revenue and expenses, which primarily consists of non-core activities from the cosmetics and sleeping systems businesses, as well as other administrative costs that are not charged to the operating segments and realized foreign exchange gains and losses. The CODM uses the measure of adjusted EBITDA to assess operating segments' performance to make decisions regarding the allocation of resources.

The adjustments to EBITDA relate to realized and unrealized foreign exchange gain / (loss), initial public offering ("IPO")-related costs, share-based compensation and other adjustments relating to non-recurring items.

As of March 31, 2023, the Company changed its internal reporting to the CODM to report results prepared in accordance with IFRS.

Assets and liabilities are neither reported nor reviewed by the CODM at the operating segment level.

8

Attachments

Disclaimer

Birkenstock Holding plc published this content on 30 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2024 10:50:09 UTC.