Quarterly report 2023
Page 1
CVR: 36440414
INTERIM REPORT Q1
2023
Accounting period:
1. January – 31. March 2023
Revenue
(DKKm)
129.4
(+34.8%)
Up from 96.0 in Q1 2022
EBIT before special items
(DKKm)
7.8
(+39.3%)
Up from 5.6 in Q1 2022
EBIT margin before special items
6.1%
(+0.3pp)
Up from 5.8% in Q1 2022
ROIC
17.1%
(+5.9%)
Up from 11.2% in Q1 2022
Order backlog
(DKKm)
202.6
(+32.4%)
Up from 153.0 in Q1 2022
Quarterly report 2023
Page 2
This document contains forward-looking statements. Words such as believe, expect, may, will, plan, strategy, prospect, foresee, estimate, project,
anticipate, can, intend, outlook, guidance, target and other words and terms of similar meaning in connection with any discussion of future operation
of financial performance identify forward-looking statements. Statements regarding the future are subject to risks and uncertainties that may result in
considerable deviations from the outlookset forth. Furthermore, some of these expectations are based on assumptions regarding future events which
may prove incorrect
Important notice about this document
CONTENTS
Quarterly report 2023
Page 2
1 Q1 2023 IN BRIEF 3
2 KEY FIGURES AND FINANCIAL RATIOS 4
3 FINANCIAL REVIEW Q1 2023 8
4 SKAKO CONCRETE 11
5 SKAKO VIBRATION 16
6 FINANCIAL STATEMENTS 21
6.1 STATEMENT BY MANAGEMENT 22
6.2 CONSOLIDATED INCOME STATEMENT 23
6.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 24
6.4 CONSOLIDATED BALANCE SHEET 31 MARCH 25
6.5 CONSOLIDATED CASH FLOW STATEMENT 27
6.6 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 28
6.7 SEGMENT INFORMATION 30
6.8 QUARTERLY KEY FIGURES AND FINANCIAL RATIOS 32
Quarterly report 2023
Page 3
1. Q1 2023 IN BRIEF
Order intake
(DKKm)
Order backlog
(DKKm)
Revenue
(DKKm)
EBIT before special items
(DKKm)
EBIT margin
before special items
Earnings per share
(DKKm)
Employees ROIC
116.8
(-7.8%)
202.6
(32.4%)
129.4
(+34.8%)
7.8
(+39.3%)
6.1%
(+0.3pp)
1.09
(-6.8%)
207
(+2.0%)
17.1%
(+5.9%)
Down from 126.7 in Q1 2022 Up from 153.0 in Q1 2022 Up from 96.0 in Q1 2022 Up from 5.6 in Q1 2022 Up from 5.8% in Q1 2022 Down from 1.17 in Q1 2022 Up from 203 in Q1 2022 Up from 11.2% in Q1 2022
Quarterly report 2023
Page 3
SKAKO Concrete
69.1 (mDKK)
EBIT margin 4.7%
SKAKO Vibration
61.9 (mDKK)
EBIT margin 9.3%
Revenue split by
Concrete &
Vibration
After sales
43.8 (mDKK)
Plant sales
85.5 (mDKK)
Revenue split
by plant sales
and aftersales
Quarterly report 2023
Page 4
2. KEY FIGURES AND FINANCIAL RATIOS
DKK thousands
Q1 2023 Q1 2022 FY 2022
INCOME
STATEMENT
Revenue
129,360 96,017
437,920
Gross
profit
28,794 25,329
114,637
Operating profit (EBIT)
before special items
7,828 5,555
30,842
Special items
(1,934) -
(1,650)
Operating
profit (EBIT) after special items
5,894 5,555
29,192
Net
financial items (1,034) (472)
(4,962)
Profit
before tax 4,860 5,083
24,230
Profit
for the year 3,374 3,616
25,074
BALANCE
SHEET
Non
-current assets
92,780 80,084
88,599
Current
assets
304,346 241,942
295,458
Assets
397,126 322,025 384,057
Equity
150,256 135,923 146,167
Non
-current liabilities 28,652 32,770 26,473
Current liabilities
218,218 153,332 211,417
Net debt
23,355
27,819
20,997
Net working capital
113,514
114,973
110,681
OTHER KEY
FIGURES
Investment in intangible assets
33
235 4,153
Investment in tangible assets
6,826 465
3,179
Cash flow from operating activities (CFFO)
4,883 (110)
28,850
Free cash flow
(1,976) (810)
20,183
Average number of employees
207 203
205
Quarterly report 2023
Page 5
KEY FIGURES AND FINANCIAL RATIOS CONTINUED
DKK thousands
Q1 2023 Q1 2022 FY 2022
FINANCIAL
RATIOS
Gross
profit margin
22.3% 26.4%
26.2%
Profit
margin (EBIT margin) before special items
6.1% 5.8%
7.0%
Liquidity ratio
139.5% 157.8%
140.1%
Equity ratio
37.8% 42.2%
38.3%
Return
on equity
17.4% 10.9%
17.9%
ROIC
17.1% 11.2% 16.5%
Financial leverage
15.5% 20.5% 14.2%
Net debt to EBITDA
0.7 0.9 0.5
NWC/Revenue
24.1% 30.8%
25.3%
Earnings per share
1.09 1.17
8.13
Equity value per share
48.7 44.1 48.0
Share price
81.0 56.4 62.6
Price
-book ratio
1.7 1.3 1.3
Market capitalization
251,620 175,202 194,461
Order backlog
202,608
152,985
215,202
Page 5
Quarterly report 2023
Page 6
KEY FIGURES AND FINANCIAL RATIOS – EUR
EUR thousands
Q1 2023 Q1 2022 FY 2022
INCOME
STATEMENT
Revenue
17,365 12,905
58,883
Gross
profit
3,865 3,404
15,414
Operating
profit (EBIT) before special items
1,051 747
4,147
Special items
(260) -
(222)
Operating profit (EBIT)
after special items
791 747
3,925
Net
financial items (139) (63)
(667)
Profit
before tax 652 683
3,258
Profit
for the year 453 486
3,371
BALANCE
SHEET
Non
-current assets
12,455 10,764
11,913
Current
assets
40,856 32,519
39,728
Assets
53,310 43,283 51,640
Equity
20,170 18,289 19,654
Non
-current liabilities 3,846 4,405 3,560
Current liabilities
29,294 20,609 28,430
Net debt
3,135
3,739
2,824
Net working capital
15,238
15,453
14,884
OTHER KEY
FIGURES
Investment in intangible assets
4
32 558
Investment in tangible assets
916 62
427
Cash flow from operating activities (CFFO)
655 3
3,879
Free cash flow
(265) (91)
2,714
Average number of employees
207 203
205
Quarterly report 2023
Page 7
KEY FIGURES AND FINANCIAL RATIOS – EUR CONTINUED
EUR thousands
Q1 2023 Q1 2022 FY 2022
FINANCIAL
RATIOS
Gross
profit margin
22.3% 26.4%
26.2%
Profit
margin (EBIT margin) before special items
6.1% 5.8%
7.0%
Liquidity ratio
139.5% 157.8%
140.1%
Equity ratio
37.8% 42.2%
38.3%
Return
on equity
17.4% 10.9%
17.9%
ROIC
17.1% 11.2% 16.5%
Financial leverage
15.5% 20.5% 14.2%
Net debt to EBITDA
0.7 0.9 0.5
NWC/Revenue
24.1% 30.8%
25.3%
Earnings per share
0.15 0.16
1.09
Equity value per share
6.54 5.92 6.45
Share price
10.87 7.58 8.42
Price
-book ratio
1.7 1.28 1.3
Market capitalization
33,778 23,549 26,150
Order backlog
27,198
20,563
28,939
Quarterly report 2023
Page 8
3. FINANCIAL REVIEW Q1 2023
DKK thousands
Q1 2023 Q1 2022 Change
Plant sales revenue
85,534 54,567 56.8%
Aftersales revenue
43,826 41,450 5.7%
Total revenue
129,360 96,017 34.8%
Production costs
(100,566) (70,688) 42.3%
Gross profit
28,794 25,329 13.7%
Gross profit margin
22.3% 26.4% -4.1pp
Distribution costs
(11,672) (11,384) 2.5%
Administrative expenses
(9,294) (8,390) 10.8%
Operating profit (EBIT)
7,828 5,555 39.3%
Operating profit margin (EBIT margin)
6.1% 5.8% 0.3pp
Special items
(1,934) - NA
Operating profit (EBIT)
after special items 5,894 5,555 6.1%
Operating profit margin (EBIT margin)
after special items 4.6% 5.8% -1.2pp
Profit for the period
3,374 3,616 -6.7%
Order backlog beginning of period
215,202 122,309 75.9%
Order intake
116,766 126,693 -7.8%
Revenue
129,360 96,017 34.7%
Order backlog end of period
202,608 152,985 32.4%
0
1
2
3
4
5
6
7
8
9
10
0
20000
40000
60000
80000
100000
120000
140000
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023
EBIT %
tDKK
SKAKO Group revenue and EBIT margin
Plant revenue Aftersales revenue EBIT margin
Quarterly report 2023
Page 9
The markets of SKAKO continue to show high level of activity, in line with what
we saw in the second half of 2022.
As expected, SKAKO delivered a strong Q1 with high order intake and improved
profitability. The order backlog continues to increase with new orders in both
Concrete and Vibration. This gives SKAKO a good outset for delivering strong
results in 2023 in accordance with our guidance. For a detailed financial review
of each business unit, please see section 4 for SKAKO Concrete and section 5 for
SKAKO Vibration.
Revenue
Revenue increased for the fourth consecutive quarter ending again above DKK
100m. Revenue in Q1 2023 was DKK 129.4m which is an increase of 34.8%
compared to the same period in 2022. Revenue from plant orders increased by
56.8%, whereas revenue from aftersales in the same period increased by 5.7%,
compared to Q1, 2022.
Gross profit
Gross profit was DKK 28.8m in Q1 2023 which is an increase of 13.7% compared
to Q1 2022, driven by higher revenue. The gross profit margin in Q1 2023 has
decreased by 4.1 percentage points compared to Q1 2022 which is due to higher
share of plant sales with lower margin.
Capacity costs
In Q1 2023, capacity costs increased by DKK 1.2 or 6.0% compared to Q1 2022.
The main reasons are more personnel to support the high growth in activities.
Operating profit
Operating Profit (EBIT) before special items increased by 39.3% to DKK 7.8m
compared to Q1 2022.
This was driven by the higher revenue and improved EBIT margin of 0.3pp to
6.1%.
Special items
Special items consist of transaction costs for the terminated transaction process
with Zefyr Invest and amount to DKK 1.9m.
Net financial items
Net financial items consist of interest income, interest expenses, along with
realized and unrealized foreign exchange gains and losses and amount to an
expense of DKK 1.0m for the period compared to an expense of DKK 0.5m in Q1
2022.
Profit for the period
Profit after tax amounted to DKK 3.4m in Q1 2023 compared to DKK 3.6m in the
same period in 2022. Profit after tax was impacted negatively by the special
items of DKK 1.9m.
Order intake and backlog
Order intake in Q1 2023 amounted to DKK 116.8m compared to DKK 126.7m in
Q1 in 2022, a decrease of 7.8% but still at a high level. During the financial year
2022, the order intake has been at a high level, and the order backlog increased
by 32.4% end of Q1 2023 amounting to DKK 202.6m compared to DKK 153.0m
at the end of Q1 2022. The pipeline of new orders remains strong for both
SKAKO Vibration and SKAKO Concrete and gives a strong outset for the rest of
the year.
Financial highlight
Quarterly report 2023
Page 10
Cash flow developments
Cash flow from operating activities (CFFO) amounted to DKK 4.9m compared to
DKK 0m last year.
Free cash flow amounting to DKK (2.0)m relating to investment in intangible and
tangible assets.
Equity
Group equity was DKK 150.3m on 31 March 2023 (DKK 135.9m on 31 March
2022) corresponding to an equity ratio of 37.8% (42.2% on 31 March 2022).
ROIC
As of 31 March 2023, return on invested capital (rolling four quarters) amounted
to 17.1% compared to 11.2 as of 31 March 2022. The increase in return on
invested capital is due to strong results in the last three quarters compared to
the previous quarters.
Balance sheet
As of 31 March 2023, Group’s total assets were DKK 397.1m (31 March 2022:
DKK 322.0m) Non-current assets increased by DKK 12.7m and amounted to DKK
92.8m (31 March 2022: DKK 80.1m) while current assets increased by DKK
62.4m to DKK 304.3m (31 March 2022: DKK 241.9m).
Net debt of DKK 23.4m decreased by DKK 4.4 compared to Q1 2022. The ratio of
net debt to EBITDA amounted to 0.7 compared to 0.9 on 31 March 2022. It is
our ambition to keep the ratio of net debt to EBITDA below 2.5.
Events after the balance sheet date
There have been no events that materially affect the assessment of this interim
report after the balance sheet date and up to today.
Outlook 2023
Guidance for 2023 is as follows:
• Operating profit (EBIT) before special items is expected to be DKK 33-38m
• Cost under special items is expected to be DKK 2.0-2.5m and is related to
transaction costs in connection with the terminated process with Zefyr
Invest.
The guidance is based on a continued normalization of the market conditions
during 2023, with no new material adverse events affecting the global
economies. Due to the war in Ukraine, increased geopolitical tension and high
inflation, this guidance is subject to a higher-than-normal degree of
uncertainty.
Accounting policies as well as financial estimates and assumptions
The interim report has been prepared in accordance with IAS 34, Interim
financial reporting, as adopted by the EU and further Danish disclosure
requirements in respect of interim reports for listed companies.
The accounting policies used for the interim report are the same as the
accounting policies used for Annual Report 2022 to which we refer for a full
description. The Group has adopted all new, amended and revised accounting
standards and interpretations as published by the IASB and adopted by the EU
effective for the accounting period beginning on 1 January 2023. We refer to the
notes to the annual report for a description of material estimates and
assumptions.
Compared with the description in Annual Report 2022, there have been no
changes in the accounting estimates and assumptions made by Management in
the preparation of the interim report.
Financial highlight
Quarterly report 2023
Page 11
4. SKAKO CONCRETE
Quarterly report 2023
Page 11
Quarterly report 2023
Page 12
Q1 2023 FINANCIAL REVIEW SKAKO CONCRETE
DKK million
Q1 2023 Q1 2022 Change
Plant sales revenue
41.9 17.1 145.0%
Aftersales revenue
27.2 25.1 8.4%
Total revenue
69.1 42.3 63.4%
Gross profit
11.3 8.9 27.0%
Gross profit margin
16.3% 21.1% -4.8pp
Operating profit (EBIT)
3.2 1.6 100.0%
Profit margin (EBIT margin)
4.7% 3.7% 1.0pp
Order backlog beginning of period
142.7 72.2 97.6%
Order intake
50.7 52.1 -2.7%
Order backlog end of period
124.3 82.1 51.4%
-1
0
1
2
3
4
5
6
7
0
10000
20000
30000
40000
50000
60000
70000
80000
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023
EBIT %
tDKK
SKAKO Concrete revenue and EBIT margin
Plant revenue Aftersales revenue EBIT margin
Quarterly report 2023
Page 13
FINANCIAL PERFORMANCE IN Q1 2023
Financial performance in Q1 2023
The market of SKAKO Concrete continue to show high level of activity, in line
with what we saw in the second half of 2022.
SKAKO Concrete continued the positive development on key markets resulting in
very strong growth in revenue, operating profit and order backlog.
Thus, in Q1 2023 SKAKO Concrete continued to experience a higher demand for
plants from both existing and new customers.
Financial results
Below, the key financials for SKAKO Concrete in Q1 2023:
• Revenue increased by 63% amounting to DKK 69.1m driven by an increase
in the plant sales of 145% and 8% in aftersales, respectively.
• Gross profit increased by 27% amounting to DKK 11.3m while gross profit
margin decreased with 4.8pp. The decrease in margin was driven by the
higher share of the plant sales with a lower margin than aftersales.
• Operating profit (EBIT) doubled to DKK 3.2m driven by the growth in
revenue and an increase in EBIT margin from 3.7 to 4.7%.
• Order intake in Q1 2023 was DKK 50.7m compared to DKK 52.1m in the
same period of 2022 fueling an order backlog of DKK 124.3m at the end of
Q1 2023, an increase of 51.4% compared to last year.
Quarterly report 2023
Page 14
BUSINESS UPDATE
Preparation for further growth
Both our American and French departments are going through some changes to
increase growth.
In the USA, we have employed new people to strengthen the management, and
we have moved our premises from San Diego to Pennsylvania to get closer to
most of our customers.
The government is planning to upgrade the infrastructure with more roads,
bridges, etc. Combined with industry trends like automated factories and
reduction of emissions, water, and energy, which fits perfectly into the agenda
of SKAKO Concrete, we believe that our growth opportunities in the American
market are great.
To increase our market share in the USA, value-creation is the keyword when
we approach the customers. We use our CRM system to provide the customers
with the best service possible, and we have a high level of aftermarket service
with support through the full lifecycle of the plant.
This is also the case in France, where we have employed a new Area Sales
Manager. He will meet the market with an increased focus on customer care,
advising, and plant solutions. He is based in Lyon and will embrace the French-
speaking market, which also includes Belgium.
At the same time, we have sharpened our strategy and strenghtened our
aftersales organization focusing on existing and new customers with support
within our core products and solutions.
ESG
Sustainability is an important part of our strategy, for which reason ESG is on the
agenda at SKAKO Concrete.
Our first priority has been the E (Environment). In the year 2021, we published a
"Green Plant Vision“. As a part of the Green Plant Vision, we have implemented
initiatives like:
• Developing more sustainable plants with reduced need for cement
• Minimizing water consumption in the plants by using ecofrog recycling
systems
• Reduced consumption of power and water in our offices and production
We have more E initiatives in the pipeline, like refurbishing our products and
starting up a test centre to improve our knowledge about our equipment, which
will enable us to supply even better and more sustainable products.
On the S (Social) part, we also do quite a bit. For instance, we:
• Make an employee satisfaction survey every year
• Have employed part-time workers through the project Code of Care.
• Have implemented OfficeFit in our Danish department to make it possible
to be more active during the workday
• Allow work from home two days a week
• Have signed up for the ReBuild Ukraine project
To keep improving, we have an internal culture group that promotes a better
work environment and a more sustainable way of thinking among the
employees.
We are now facing the G (Governance) part of ESG, and we are considering
what initiatives to take. For instance, we have a supplier code of conduct to
ensure compliance with human rights, a respectful approach to the environment
etc., and we want more similar governance initiatives to ensure that SKAKO
Concrete is sustainable all way around.
Quarterly report 2023
Page 15
ESG - DEVELOPMENT TIMELINE
We help our customers
produce more
sustainable concrete
products by making their
plants more sustainable.
In addition, we reduce
SKAKO's own emissions
through a sustainable
work culture.
To keep our employees
for as many years as
possible and attract new
talents, we want SKAKO
to be a great place to
work! To be so, we
continuously develop our
organization focusing on
respect, work/life
balance, well-being,
health, and the
community around us.
SKAKO has strong
opinions about
sustainability. We take
action on those by
forming them into
tangible politics and tasks
and recruiting new
resources when
necessary.
ecofrog recycling systems
More sustainable plants
More sustainable product range
Paperless production
Refurbishment
Reduced consumption of power and water in
our offices and our production
Test centre
Long-lasting products
Code of care
Culture group
OfficeFit
Ergonomically correctly designed equipment
Rebuild Ukraine
Work from home
Employee satisfaction survey
Supplier code of conduct
Building up a foundation to enable ESG
reporting
Supply Chain Manager
Improving the employee's knowledge about
concrete
Zero tolerance with inappropriate behaviour
E
S
G
2022 2023 2024
Quarterly report 2023
Page 16
5. SKAKO VIBRATION
Quarterly report 2023
Page 16
Quarterly report 2023
Page 17
Q1 2023 FINANCIAL REVIEW SKAKO VIBRATION
DKK thousands
Q1 2023 Q1 2022 Change
Plant sales revenue
44.2 37.6 17.6%
Aftersales revenue
17.7 17.3 2.3%
Total revenue
61.9 54.9 12.8%
Gross profit
18.3 16.7 9.6%
Gross profit margin
29.5% 30.4% -0.9pp
Operating profit (EBIT)
5.8 4.7 23.4%
Profit margin (EBIT margin)
9.3% 8.6% 0.7pp
Order backlog beginning of period
72.6 53.9 34.7%
Order intake
67.3 73.7 -8.7%
Order backlog end of period
78.0 72.7 7.3%
0
2
4
6
8
10
12
14
16
0
10000
20000
30000
40000
50000
60000
70000
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023
EBIT %
tDKK
SKAKO Vibration revenue and EBIT margin
Plant revenue Aftersales revenue EBIT margin
Quarterly report 2023
Page 18
FINANCIAL PERFORMANCE IN Q1 2023
Financial performance in Q1 2023
For SKAKO Vibration, the first three months of 2023 ended with the same
momentum as the year-end of 2022, with a revenue more than 12 % higher
than the previous first quarter and an increasing backlog.
We have started the year with a refreshed focus on the structure of our matrix
organization and how we can combine the resources of each department and
share knowledge about the main segments where we operate. This enables us
to better meet the specific needs of our customers. All major segments of
SKAKO Vibration were strengthened during this quarter.
The Mineral sector has been largely supported by the construction market in
Europe, while large investment projects are becoming more certain in Africa.
We were able to profit from our reputation in the Fastener industry, both on the
European market and in the USA, driven by the rebound of the automotive
sector.
The Recycling sector is following its strong upward trend, and we are continuing
to develop our sales throughout Europe in line with our strategy.
Financial results
Below, the key financials for SKAKO Vibration in Q1 2023:
• Revenue increased by 13% amounting to DKK 61.9m driven by an increase
in the plant sales by 18% and 2% in aftersales, respectively.
• Gross profit increased by 10% amounting to DKK 18.3m due to growth in
revenue and a decrease in gross profit margin of 0.9pp. The decrease in
margin was driven by the higher share of the plant sales with lower margin
than aftersales.
• Operating profit (EBIT) on DKK 5.8m increased with 23% from DKK 4.7m last
year by growth in revenue and an increase in EBIT margin of 0.7pp to 9.3%.
• Order intake in Q1 2023 was DKK 67.3m compared to DKK 73.7m in the
same period of 2022 fueling an order backlog of DKK 78.0m at the end of
Q1 2023, an increase of 7.3% compared to last year.
Quarterly report 2023
Page 19
BUSINESS UPDATE
Growth in the three segments of SKAKO Vibration
For SKAKO Vibration, the first three months of 2023 ended with the same
momentum as the year-end of 2022, with a revenue more than 12 % higher
than the previous first quarter and an increasing backlog.
We have started the year with a refreshed focus on the structure of our matrix
organization and how we can combine the resources of each department and
share knowledge about the main segments where we operate. This enables us
to better meet the specific needs of our customers. All major segments of
SKAKO Vibration were strengthened during this quarter.
The Mineral sector has been largely supported by the construction market in
Europe, while large investment projects are becoming more certain in Africa.
We were able to profit from our reputation in the Fastener industry, both on the
European market and in the USA, driven by the rebound of the automotive
sector.
The Recycling sector is following its strong upward trend, and we are continuing
to develop our sales throughout Europe in line with our strategy.
ESG
SKAKO Vibration is currently working on a brand manifesto focusing on how to
help customers use and reuse the planet's resources in the best possible way.
When we brand our company in this way, it is essential to act sustainably all the
way around, for which reason SKAKO Vibration has ESG on the agenda too.
Obviously, being part of the recycling industry is an essential part of living up to
the E (Environment) in ESG. We are planning to expand our development in the
recycling industry by improving the sorting efficiency of our equipment and
entering new markets.
In addition, we have made several other initiatives for the environment, like:
• Promoting the use of electric cars among the employees
• Producing our own electricity by means of solar panels in SKAKO Vibration
France (since the beginning of Q2, 2023)
• Supporting BeeFuture in Germany
• Tending towards paperless production
• Always producing long-lasting products - and providing our customers with
service appointments to make them last even longer
We also do much to live up to the S (Social) in ESG. For instance, we give our
employees training in material handling by vibration, allow work from home,
host internal employee events across countries, make employee satisfaction
surveys every year, and we have implemented OfficeFit in Denmark and
Germany. We are also planning to strengthen the cooperation between the
departments by means of culture training.
The next step in our work with ESG is to move on with the G (Governance) part
and build a foundation to enable ESG reporting.
We already have a supplier code of conduct to ensure compliance with human
rights, a respectful approach to the environment, etc., as well as an employee
code of conduct to ensure fair and proper behaviour towards customers,
suppliers, and partners - and between the employees. The employees are
trained in the employee code of conduct once a year. The aim is to ensure
corporate thinking as well as fair and social behaviour of everyone in the
company.
In France, we have ISO certifications within quality, environment, social
responsibility, as well as health and safety, which is also a way to cope with ESG.
We have several other G initiatives on their way.
Quarterly report 2023
Page 20
ESG - DEVELOPMENT TIMELINE
We help our customers
make the best use and
reuse of planet’s
resources. In addition,
we reduce SKAKO's own
emissions through a
sustainable work culture.
To keep our employees
for as many years as
possible and attract new
talents, we want SKAKO
to be a great place to
work! To be so, we
continuously develop our
organization focusing on
respect, work/life
balance, well-being,
health, and the
community around us.
SKAKO has strong
opinions about
sustainability. We take
action on those by
forming them into
tangible politics and tasks
and recruiting new
resources, when
necessary.
Expanding the development in the recycling segment
Long-lasting products
Paperless production in Denmark
Producing our own electricity by means of solar panels in
France
100% recycling of waste in France
Improving test center in Spain to increase sorting
efficiency
Promoting use of electric cars
Employee training in material handling by vibration
Dream plans for the Danish employees
OfficeFit in Denmark and Germany
Work from home
Employee satisfaction survey
Celebration of special birthdays and anniversaries
Reinforcing cross-cultural links between the different
companies of SKAKO Vibration
Internal events across countries
Employee code of conduct
Building up a foundation to enable ESG reporting
Zero tolerance on inappropriate behavior
Supplier code of conduct
ISO certifications in France
E
S
G
2023 20242022
Quarterly report 2023
Page 21
6. FINANCIAL STATEMENTS
Quarterly report 2023
Page 21
Quarterly report 2023
Page 22
EXECUTIVE BOARD
BOARD OF DIRECTORS
Quarterly report 2023
Page 23
6.2 CONSOLIDATED INCOME STATEMENT
DKK thousands
Q1 2023 Q1 2022 2022
Revenue from contracts with customers
Production costs
(100,566 ) (70,688 )
(323,283 )
Gross profit
Distribution costs
(11,672 ) (11,384 )
(43,923 )
Administrative expenses
(9,294 ) (8,390 )
(39,872 )
Operating profit (EBIT)
Special items
(1,934 ) -
(1,650 )
Operating profit (EBIT)
after special items
Financial income
Financial expenses
(1,264 ) (472 ) (5,878 )
Profit before tax
Tax on profit for the period
(1,486 ) (1,467 )
Profit for the period
Profit for the period attributable to SKAKO A/S shareholders
Earnings per share (EPS), DKK
Diluted earnings per share (EPS), DKK
Quarterly report 2023
Page 24
6.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
DKK thousands
Q1 2023 Q1 2022 2022
Profit for the period
Other comprehensive income:
Items that have been or may subsequently be reclassified to the income statement:
Foreign
currency translation, subsidiaries 545 17
Value
adjustments of hedging instruments 6 1
Other comprehensive income
Comprehensive income
Comprehensive income attributable to SKAKO A/S shareholders
Quarterly report 2023
Page 25
6.4 CONSOLIDATED BALANCE SHEET 31 MARCH
DKK thousands
Q1 2023 Q1 2022 2022
Intangible assets
Intangible assets under development
Intangible assets
Leased assets
Land and buildings
Plant and machinery
Operating equipment, fixtures and fittings
Leasehold improvements
Tangible assets under construction
Property, plant and equipment
Other receivables
Deferred tax assets
Other non
-current assets
Total non
-current assets
Inventories
Trade receivables
Contract assets
Income tax
Other receivables
Prepaid expenses
Cash
Current assets
Assets
Quarterly report 2023
Page 26
CONSOLIDATED BALANCE SHEET 31 MARCH CONTINUED
DKK thousands
Q1 2023 Q1 2022 2022
Share capital
Foreign currency translation reserve
Hedging reserve
(43 ) (48 )
(49 )
Proposed dividends
Retained earnings
Equity
Other payables
Leasing
Loans and borrowings
Provisions
Non
-current liabilities
Loans and borrowings
Bank loans and credit facilities
Leasing
Provisions
Contract liabilities
Trade payables
Income tax
Other liabilities
Current liabilities
Liabilities
EQUITY AND LIABILITIES
Quarterly report 2023
Page 27
6.5 CONSOLIDATED CASH FLOW STATEMENT
DKK thousands
Q1 2023 Q1 2022 2022
Profit
before tax 4,860 5,083 24,230
Adjustments
Changes
in receivables, etc.
(25,890 )
Change
in inventories (4,366 ) (5,195 )
(9,367 )
Change
in trade payables and other liabilities, etc. (2,343 ) 2,930
Cash flow from operating activities before financial items and tax
Financial
items received and paid
(1,034 ) (472 )
(4,710 )
Taxes
paid and received
(418 ) 607
(2,105 )
Cash
flow from operating activities 4,883 26 28,850
Investment
in intangible assets (33 ) (234 ) (4,153 )
Investment
in tangible assets
(6,826 ) (466 )
(6,174 )
Acquisition of entities
Cash
flow from investing activities
(6,859 ) (700 ) (8,637 )
Change in
borrowings
Repayments
Paid
dividends
Change
in short-term bank facilities
(24,538 )
Cash flow from financing activities
(23,152 )
(12,258 )
Change in cash and cash equivalents
Cash and cash equivalents beginning of the period
Foreign exchange adjustment, cash and cash
(382 )
(158 ) (1,888 )
Cash and cash equivalents at the end of the period
Breakdown of cash and cash equivalents at the end of the year:
Cash and other investments
Cash
and cash equivalents at the end of the year:
Quarterly report 2023
Page 28
6.6 CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Shared capital
Foreign currency
translation reserve
Hedging reserve
Retained
earnings
Proposed
dividends
Equity
Equity 1 January 2023
Comprehensive
income in Q1 2023
Profit for the period
Paid dividends
Other comprehensive income:
Foreign currency translation adjustments, subsidiaries
Value adjustments of hedging instruments
Other
comprehensive income 545
Comprehensive income, period
Share
-based payment, warrants
Equity 31 March 2023
(43 ) 103,076 15,532 150,256
Quarterly report 2023
Page 29
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONTINUED
Shared capital
Foreign currency
translation reserve
Hedging reserve
Retained
earnings
Proposed
dividends
Equity
Equity 1 January 2022
Paid dividends
(12,335 ) (12,335 )
Comprehensive
income in 2022:
Profit for the period*
Other comprehensive income:
Foreign currency translation adjustments, subsidiaries
Value adjustments of hedging instruments
Other
comprehensive income - 533 - - - 533
Comprehensive income, period
Share
-based payment, warrants
- -
- 658 - 658
Equity 31 December 2022
(49 ) 99,538 15,532 146,167
Quarterly report 2023
Page 30
6.7 SEGMENT INFORMATION
Q1 2023
Concrete Vibration
Not distributed including
parent company
Eliminations Group total
Revenue, external
69,109 60,251 129,360
Revenue, internal
3 1,622 (1,625) -
Total revenue
69,112 61,873 129,360
Depreciations
(819) (881) (1,700)
Operating profit (EBIT)
3,237 5,766
(1,175)
7,828
Order backlog, beginning
142,651 72,551 215,202
Order intake
50,749 67,357 (1,340) 116,766
Order backlog, ending
124,288 78,034
286 202,608
Segment non
-current assets
38,623 42,566
176,989 (165,398) 92,780
Segment assets
216,092 239,381
184,977 (243,324) 397,126
Segment liabilities
216,092 239,381
184,977 (243,324) 397,126
Investments in intangible and tangible asset
1,794 5,065
6,859
Average number of employees
96 111
207
Quarterly report 2023
Page 31
SEGMENT INFORMATION CONTINUED
Q1 2022
Concrete Vibration
Not distributed including
parent company
Eliminations Group total
Revenue, external
42,244 53,773 96,017
Revenue, internal
6 1,113 (1,119) -
Total revenue
42,250 54,886 (1,119) 96,017
Depreciations
(767) (777) (1,545)
Operating profit (EBIT)
1,560 4,716 (721) 5,555
Order backlog, beginning
72,177 53,884 (3,752) 122,309
Order intake
52,133 73,737 (1,804) 126,693
Order backlog, ending
82,060 72,729
(1,804) 152,985
Segment non
-current assets
32,487 42,483
(5,114) 80,084
Segment assets
122,262 227,449
(27,686) 322,025
Segment liabilities
122,262 227,449
(27,686) 322,025
Investments in intangible and tangible asset
394 306
700
Average number of employees
90 113
203
Quarterly report 2023
Page 32
6.8 QUARTERLY KEY FIGURES AND FINANCIAL RATIOS
DKK thousands
Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Full year 2022
INCOME STATEMENT
Revenue
129,360 124,254 111,065 106,584 96,017 437,920
Gross profit
28,794 36,682 26,292 26,334 25,329 114,637
Operating profit (EBIT) before special items
7,828 10,881 9,136 5,270 5,555 30,842
Operating profit (EBIT)
after special items 5,894 10,881 9,136 3,620 5,555 29,192
Net financial items
(1,034) (3,470) 246 (1,266) (472) (4,962)
Profit before tax
4,860 7,411 9,382 2,354 5,083 24,230
Profit for the year
3,374 11,117 8,119 2,222 3,616 25,074
BALANCE SHEET
Non
-current assets
92,780 88,599 80,776 79,865 80,084 88,599
Current assets
304,346 295,458 253,727 246,078 241,942 295,458
Assets
397,126 384,057 334,503 325,943 322,025 384,057
Equity
150,256 146,167 133,454 127,923 135,923 146,167
Non
-current liabilities
28,652 26,473 29,640 30,056 32,770 26,473
Current liabilities
218,218 211,417 171,413 167,965 153,332 211,417
Net debt
23,355 20,997 28,444 30,171 27,819 20,997
Net working capital
113,514 110,681 113,387 106,488 114,973 110,681
OTHER KEY FIGURES
Investment in intangible and tangible assets
6,859 4,557 296 1,779 700 7,332
Cash flow from operating activities (CFFO)
4,883 13,731 4,687 10,542 (110) 28,850
Free cash flow
(1,976) 7,840 4,390 8,763 (810) 20,183
Average number of employees
Quarterly report 2023
Page 33
QUARTERLY KEY FIGURES AND FINANCIAL RATIOS CONTINUED
DKK thousands
Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Full year 2022
FINANCIAL
RATIOS
Gross
profit margin 22.3% 29.5% 23.7% 24.7% 26.4% 26.2%
Profit
margin (EBIT margin) before special items 6.1% 8.8% 8.2% 5.0% 5.8% 7.0%
Profit margin (EBIT margin) after special items
4.6% 8.8% 8.2% 3.4% 5.8% 6.7%
Liquidity ratio
139.5% 139.8% 148.0% 145.6% 157.8% 140.1%
Equity ratio
37.8% 38.1% 39.9% 39.0% 42.2% 38.3%
Return
on equity 17.4% 18.0% 14.4% 10.6% 10.9% 17.9%
ROIC
17.1% 16.8% 13.6% 11.1% 11.2% 16.5%
Financial
leverage 15.5% 14.4% 21.3% 24.2% 19.2% 14.2%
Net debt to EBITDA
0.7 0.5 0.8 1.0 0.9 0.5
NWC/revenue
24.1% 25.1% 27.0% 27.3% 30.8% 25.3%
Earnings per share
1.09 3.61 2.63 0.72 1.17 8.13
Equity value per share
48.72 47.40 43.28 41.48 44.08 48.0
Share price
81.0 62.6 50.00 55.00 56.40 62.6
Price
-book ratio 1.66 1.32 1.16 1.33 1.28 1.3
Market capitalization
251,620 194.462 155,321 170.853 175,202 194,461
Quarterly report 2023
Page 34
FINANCIAL RATIO
• Financial ratios are calculated as follows:
• Gross profit margin = Gross profit x 100 / Revenue
• Profit margin = EBIT x 100 / Revenue
• EBIT margin before special items = EBIT before special items x 100
/ Revenue
• EBIT after special items = EBIT after special items x 100 / Revenue
• Liquidity ratio = Total current assets x 100 / Total current liabilities
• Equity ratio = Total equity x 100 / Total assets
• Return on equity = Profit for the period x 100 / (Equity this year +
equity prior year) / 2*
• Financial leverage = Net interest-bearing debt x 100 / Equity
• Net debt to EBITDA = Net debt / EBITDA (EBIT less depreciations)*
• NWC/Revenue = Net working capital x 100 / Revenue*
• Earnings per share = Profit for the period / Shares in free flow
• Equity value per share = Equity / Total shares
• Share price = Share price at end of period
• Price-book ratio = Share price / Equity per share
• Market capitalization = Total number of share x Share price
• ROIC = NOPAT / (Invested capital this year + invested capital prior
year) / 2*
• NOPAT = Profit for the period +/- net financial income*
• Invested capital = Total assets - net cash and credits - deferred tax
* Measured over a 12-month period
Quarterly report 2023
Page 35
Bygmestervej 2
DK-5600 Faaborg
Denmark
Tel.: +45 6311 3860
CVR No. 36440414